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2025-03-31-accounts

Charity registration number 1203867 (England and Wales)

LYRITA NIMBUS ARTS

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

LYRITA NIMBUS ARTS

CONTENTS

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 18

LYRITA NIMBUS ARTS

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity' governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

Objectives and activities

The objectives of the Trust are:

Achievements and performance

Significant activities and achievements against objectives

The Trustees are satisfied that during this year all aspects of transition from the Lyrita Recorded Edition Trust and The Nimbus Foundation have been successfully achieved. All aspects of ongoing trading have been maintained as have all charitable endeavours. Ongoing expenses and liabilities from both charities have been fully transferred and budgeted for. Bank deposits and investment portfolios have been merged and independent financial advice has been received.

LNA Activity

The Wyastone Studio was hired for ninety-three days by the twelve record labels, producers and engineers, and was used as a recording venue by seventy-six artists.

Both pianos were serviced by the Steinway senior concert technician, and both were brought back to excellent working condition. Continuing to schedule annual services from Steinway will reserve both pianos in the highest studio performance capacity for another three to five years.

We granted eleven "gift days", which are available to artists who are seeking financial support to make important repertoire recordings or who are struggling to afford the cost while they begin their musical careers. The value of these charitable "gift days" totalled £4,675. LNA supported the production of five premier recordings employing more than 500 musicians, 12 soloists and four engineering teams.

Gavin Higgings from Horn Concerto, BBC National orchestra of Wales

Grace Williams, Missa Cambrensis, BBC National Orchestra and Chorus

George Lloyd Chamber music works, Simon Callaghan and Ruth Rogers

LYRITA NIMBUS ARTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Eleanor Alberger Chamber Music, Thomas Bowes

Richard Blackford Cello Concerto, Prague Symphony Orchestra

LNA attended three conferences - Association of British Orchestras, Association of British Choral Directors and Audio Classique promoting recordings on the Lyrita label and scores from the George Lloyd publishing project.

Releases

This was the busiest release year ever for Lyrita as we reissued all of the George Lloyd catalogue alongside a significant catalogue of new titles including highly prestigious premiers.

George Lloyd Symphonies 1-6, 4 CD Box Set

George Lloyd works for Choir and Orchestra, A Litany, A Symphonic Mass

George Lloyd the Piano Concertos, 2 CD Set

George Lloyd the Violin & Cello Concertos

George Lloyd Solo and Duet Piano Works

George Lloyd The Works for Brass

George Lloyd The Works for Violin and Piano

George Lloyd Seven Extracts from the Serf for Violin and Piano

Richard Blackford Sagrada Familia Symphony, Babel a Cantata

Danza Gaya, works by female composers for two pianos

Kenneth V Jones, Chamber Works

Charles Villiers Stanford Te Deum, Elegiac Ode

Graham Hair the Complete Piano Music

William Bush Chamber Music

Gavin Higgins Horn Concerto and The Faerie Bride Cantata

British Cello Works

Grace Williams Missa Cambrensis

George Lloyd Publishing

During this period Lyrita published all Chamber music and Piano Music works along with the Conductors Scores and Study Scores for all orchestral works including twelve symphonies, four concertos and eight choral works. The ongoing work is now to scan and publish all parts for performance of the orchestral works.

Financial review

The charity has made an unrestricted deficit of £200,710 (2024: £116,277) after losses on investments of £11,271 (2024: gains of £171,637) for the period ended 31 March 2025. Excluding the investment movement, a deficit of £189,439 (2024: £287,914) was made.

The charity received the transfer of assets, liabilities and reserves from The Lyrita Recorded Edition Trust and The Nimbus Foundation on 1 April 2024.

LYRITA NIMBUS ARTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Reserves policy

The trustees recognise that the principal source of income, which is used to re-invest in projects and charitable donations, is derived from investments. To manage its current obligations the trustees have set the minimum value of those investments at £2,675,000. The trustees believe that this policy remains appropriate as a resource primarily intended to provide for a high profile recording and release programme of two to five titles per year along with supporting a number of national and international initiatives. This policy runs in line with LNAs Risk Management Policy and is reviewed annually.

Investment policy

At founding Lyrita Nimbus Arts (LNA) received a cash donation from The Nimbus Foundation with no limitations or restrictions expressed and a cash donation from Lyrita Recorded Edition Trust with no limitations or restrictions expressed. The LNA trust deed expresses that the charity has the power to invest in any way the trustees wish. It is unanimously decided by Trustees to maintain a mixed portfolio with the aim to deploy all sales revenue and investment returns (interest, dividends and portfolio growth) to fund new projects. No action is recommended in respect of the management of funds. We aim to invite an independent investment advisor, currently Saltus, to attend two Trustee meetings for market clarity, strategic planning, advice and information regarding our investments and the wider global markets. This policy runs in line with LNAs Risk Management Policy and is reviewed annually.

Structure, governance and management

The charity is a Charitable Incorporated Organisation. The charity is governed by its constitution which was adopted on 5 July 2023. It is registered as a charity with the Charity Commission (charity number 1203867).

Recruitment and appointment of trustees

The power of appointing new trustees is vested in the surviving trustees in office. The current trustee group were appointed as successors of the donating charities The Nimbus Foundation and Lyrita Recorded Edition Trust, to continue the work and ethics established by each of the aforementioned donating parties whilst also looking forward to new opportunities and needs within the sector. Trustees aim to balance skill sets, recruiting members with compositional, performance and management credentials.

Organisational structure

The LNA board of trustees is required to be not less than two and not more than ten members to administer the charities ongoing and future obligations and interests. The board meets quarterly and makes all decisions by a majority vote of the trustees present. The Trust has no staff members and has entered a rolling three year Licence Agreement with Wyastone Estate Limited to provide all manufacturing, sales, distribution, administrative functions, management and support for the Charity and Trustees day-to-day operations as authorised by the board.

Induction and training of trustees

New trustees will typically already be familiar with one or more aspect of the Recording, Publishing, Composing, Performance or Release activities currently being undertaken by the charity. A full tour of the Wyastone Studio and the Itter Off Air Archive will be provided along with detailed discussions of all papers, minutes, proposals and charitable support offered during the previous five years before their appointment. Current in year budgets, finances, strategies and projects are discussed in detail. New trustees are also invited to attend recording sessions and concert performances being supported by the Charity.

LYRITA NIMBUS ARTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Other matters

Trustees are required to identify and review the strategic, operational, regulatory, people, political and environmental risks to which the organisation is exposed and to assess the likelihood of such risks and the possible level of impact they would have. Trustees must be satisfied that risk management is embedded in the organisation and adequate systems are in place to monitor, manage and, where appropriate, mitigate the Grassroots Trust’s exposure to the major risks. The designated Safeguarding officer/s must perform a detailed review of the risk, feedback, complaint and accident logs. All Trustees, any employees or any contracted staff or companies must comply with risk management policy and processes and foster an environment where risks can be identified and reduced to a minimum. Open conversations must be encouraged to decide as to whether risk alleviation policies need to be introduced, amended or replaced in light of external events or operational challenges. Risk management must be promoted throughout the organisation and transparency encouraged in reporting and risk escalation.

Risk is embedded within the organisation and risk management is factored into all the organisation does and all projects/partners that it supports. All projects and partners look at risks specific to their particular context and those managing the relationship between Lyrita Nimbus Arts, its commercial and charitable partners. Risks that could have a major impact on Lyrita Nimbus Arts operations, fundraising and reputation are those reviewed by trustees.

Reference and administrative details

Trustees

Antony David Smith Charlotte Henrietta de Rothschild Adrian John Farmer Dr Richard Clive Blackford Ph.D Lynda Elizabeth Farmer

Principal Office Wyastone Leys Ganarew Monmouth Monmouthshire NP25 3SR

Charity Number: 1203867

Bankers

NatWest 250 Bishopsgate London EC2M 4AA

Fund manager

Saltus Spaces Castle Park Programme Building The Pithay Bristol BS1 2NB

Solicitors

Geldards 4 Capital Quarter Tyndall Street Cardiff CF10 4BZ

LYRITA NIMBUS ARTS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The trustees' report was approved by the Board of Trustees.

Antony Smith - Trustee

12 March 2026

Adrian Farmer - Trustee

12 March 2026

LYRITA NIMBUS ARTS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LYRITA NIMBUS ARTS

I report to the trustees on my examination of the financial statements of Lyrita Nimbus Arts (the charity) for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Katherine Parkin FCA

Azets Audit Services

Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB

12 March 2026

LYRITA NIMBUS ARTS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Unrestricted
funds funds
2025 2024
Notes £ £
Income from:
Charitable activities 3 96,480 63,213
Investments 4 37,185 52,778
Total income 133,665 115,991
Expenditure on:
Raising funds 5 40,418 46,076
Charitable activities 6 282,686 357,829
Total expenditure 323,104 403,905
Net gains/(losses) on investments 11 (11,271) 171,637
Net expenditure and movement in funds (200,710) (116,277)
Reconciliation of funds:
Fund balances at 1 April 2024 3,299,798 3,416,075
Fund balances at 31 March 2025 3,099,088 3,299,798

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

LYRITA NIMBUS ARTS

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Income Funds
Unrestricted funds
17
Unrestricted funds - revaluation
17		 2025
£
£
318,617
2,792,530
3,111,147
31,201
64,654
95,855
(107,914)
(12,059)
3,099,088
3,302,315
(203,227)
3,099,088		 2024
£
£
326,438
-
326,438
41,977
3,036,509
3,078,486
(105,126)
2,973,360
3,299,798
3,503,025
(203,227)
3,299,798

The financial statements were approved by the trustees on 12 March 2026

Antony Smith - Trustee

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Lyrita Nimbus Arts is a charitable incorporated organisation. The principal address of the charity is Wyastone Leys, Ganarew, Monmouth, NP25 3SR.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Merger accounting

The financial statements represent the combined financial position of The Lyrita Recorded Edition Trust (Charity number: 299635) and The Nimbus Foundation (Charity number: 802708).

On 1 April 2024 the assets, liabilities and operations of The Lyrita Recorded Edition Trust and The Nimbus Foundation were transferred into Lyrita Nimbus Arts Charitable Incorporated Organisation. In accordance with the SORP, as the conditions of this charity combination being treated as a merger were met, the principles of merger accounting have been adopted to account for this transaction.

Current reporting period

Lyrita Recorded The Nimbus Lyrita Nimbus Total
Edition Trust Foundation Arts
Pre-Merger Pre-Merger Post-Merger
£ £ £ £
Total income - - 133,575 133,575
Total expenditure - - 323,085 323,085
Net income/(expenditure)
-		 - (189,510) 189,510)
Other gains/(losses)
-		 - (11,271) (11,271)
Net movement in funds
-		 - (200,781) (200,781)

Previous reporting period

Lyrita Recorded The Nimbus Lyrita Nimbus
Total
Edition Trust Foundation Arts
£ £
£
£
TotaliIncome
71,184		 44,807
-		 115,991
Total expenditure
320,810		 83,095
-		 403,905
Net income/(expenditure)
(249,626)		 (38,288) - (287,914)
Other gains/(losses)
165,263		 6,374
-		 171,637
Net movement in funds (84,363) (31,914)
-		 (116,277)
Analysis of net assets at the date of merger
Lyrita Recorded The Nimbus Lyrita Nimbus
Total
Edition Trust Foundation Arts
£ £ £ £
Net assets 2,662,192 637,606 - 3,299,798
Represented by:
Unrestricted funds 2,662,192 313,244 - 2,975,436
Designated funds - 324,362 - 324,362
Total funds 2,662,192 637,606 - 3,299,798

1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Hall hire is recognised in the period in which the hire takes place. Any amounts invoiced in advance are deferred.

Income from royalties is recognised in the period in which it was generated.

Rental income is recognised in the period in which the service is provided.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs.

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 2% SL Plant and equipment 10% / 25% RB Fixtures and fittings 10% SL

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

Derecognition of financial assets

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from charitable activities
Royalties 25,659 23,395
Studio hire 70,821 39,818
96,480 63,213

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 35,094 49,849
Interest receivable 2,091 2,929
37,185 52,778
Expenditure on raising funds
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Investment management 40,418 46,076

5 Expenditure on raising funds

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Depreciation and impairment 8,819 8,978
Licensing 2,000 -
Miscellaneous 2,490 588
Origination costs 109,366 188,706
Artist expenses 5,305 1,641
Piano tuning 17,105 -
Property repairs 18,913 43,556
Other concert costs - 8,134
Advertising 21,195 18,271
Technical support/software 2,013 96
Patents and trademarks 119 144
Subscriptions 159 330
Insurance 5,375 6,727
Donations 16,561 7,266
Light and heat 22,087 29,242
Rent, rates and water 28,491 27,950
259,998 341,629
Share of support and governance costs (see note 7)
Support 11,103 6,286
Governance 11,585 9,914
282,686 357,829
Analysis by fund
Unrestricted funds 282,686 357,829
7 Support costs allocated to activities
2025 2024
£ £
Administration costs 10,827 6,123
Bank charges 276 163
Governance costs 11,585 9,914
22,688 16,200
Analysed between:
Charitable activities 22,688 16,200

Governance costs include amounts payable to the independent examiners totalling £2,485 (2024 - £1,810) in respect of other accountancy services provided.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Net movement in funds 2025 2024
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 4,550 4,165
Depreciation of owned tangible fixed assets 8,819 8,978

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than £60,000.		 2025
Number
-		 2024
Number
-

11 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (14,938) -
Sale of investments 3,667 171,637
(11,271) 171,637

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 April 2024
325,000
Additions
-
At 31 March 2025
325,000
Depreciation and impairment
At 1 April 2024
6,500
Depreciation charged in the year
6,500
At 31 March 2025
13,000
Carrying amount
At 31 March 2025
312,000
At 31 March 2024
318,500		 Plant and
equipment
Fixtures and
fittings
£
£
3,523
294,326
999
-
4,522
294,326
1,447
288,465
769
1,550
2,216
290,015
2,306
4,311
2,076
5,862		 Total
£
622,849
999
623,848
296,412
8,819
305,231
318,617
326,438

Land and buildings with a carrying amount of £325,000 were revalued at 8 Februrary 2023 by Lamberts Chartered Surveyors, independent valuers not connected with the charity on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 March 2025. had the revalued assets been carried at historic cost less accumulated depreciation and - accumulated impairment losses, their carrying amount would have been approximately £476,057 (2024 £502,142).

14 Fixed asset investments

Listed
investments
£
Cost or valuation
At 1 April 2024
-
Additions
2,862,375
Valuation changes
(14,938)
Cash movement
-
Disposals
(103,929)
At 31 March 2025
2,743,508
Carrying amount
At 31 March 2025
2,743,508
At 31 March 2024
-		 Cash in
portfolio
£
-
-
-
(58,574)
107,596
49,022
49,022
-		 Total
£
-
2,862,375
(14,938)
(58,574)
3,667
2,792,530
2,792,530
-

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by associate undertakings
Other debtors
Prepayments and accrued income		 2025
£
17,047
(3,599)
16,189
1,564
31,201		 2024
£
14,391
-
24,943
2,643
41,977

16 Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2025
£
7,827
90,849
9,238
107,914		 2024
£
8,042
88,376
8,708
105,126

17 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Fixed asset
fund
General funds
Revaluation
reserve		 At 1 April
2024
Incoming
resources
Resources
expended
£
£
£
324,362
-
(8,820)
3,381,890
133,665
(314,284)
3,706,252
133,665
(323,104)
(406,454)
-
-
3,299,798
133,665
(323,104)		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
3,075
-
318,617
(3,075)
(11,271)
3,186,925
-
(11,271)
3,505,542
-
-
(406,454
-
(11,271)
3,099,088		 Transfers
Gains and
losses
At 31 March
2025
£
£
£
3,075
-
318,617
(3,075)
(11,271)
3,186,925
-
(11,271)
3,505,542
-
-
(406,454
-
(11,271)
3,099,088
3,505,542
(406,454
3,099,088

LYRITA NIMBUS ARTS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

17 Unrestricted funds

Unrestricted funds
Previous year:
Fixed asset
fund
General funds
Revaluation
reserve		 At 1 April
2023
Incoming
resources
Resources
expended
£
£
£
332,411
-
(8,049)
3,286,891
115,991
(395,856)
3,619,302
115,991
(403,905)
(203,227)
-
-
3,416,075
115,991
(403,905)		 (Continued)
Transfers
Gains and
losses
At 31 March
2024
£
£
£
-
-
324,362
-
171,637
3,178,663
-
171,637
3,503,025
-
-
(203,227)
-
171,637
3,299,798

In order to fulfil its objectives the charity needs the centre and other assets. These properties, although they are unrestricted assets cannot be realised without undermining the charity's work, and the trustees feel that it is therefore appropriate to reflect the investment in fixed assets by means of a designated fund.

18 Related party transactions

All trustees of the charity are trustees of The Lyrita Recorded Edition Trust. At 1 April 2024 the activities, assets and liabilities of The Lyrita Edition Trust were gifted to Lyrita Nimbus Arts. At the year end £24,281 (2024: £nil) was owed by the charity.

The Lyrita Recorded Edition Trust received no amounts (2024: £83,150) from Wyastone Estate Limited to assist with short term cashflow. Repayments of these amounts totalling £nil (2024: £105,000) were made to Wyastone Estate Limited in the period (2024: £nil). At the period end £nil was owed by the charity (2024: £1,456 owed to the charity).

Trustee Adrian Farmer is also a trustee of The Nimbus Foundation. At 1 April 2024 the activities, assets and liabilities of The Nimbus Foundation were gifted to Lyrita Nimbus Arts. At the year end there were no amounts outstanding (2024: £nil).

Two trustees of the charity are directors of Wyastone Estate Limited. During the year the charity raised sales invoices to Wyastone Estate Limited in relation to royalties due totalling £24,345 (2024: £25,896). At the year end there were no amounts outstanding (2024: £nil).

During the year the charity raised no invoices to Wyastone Estate Limited in relation to hall hire (2024: £1,638). At the year end £nil (2024: £nil) remained outstanding.

During the year the charity raised no sales invoices to Wyastone Estate Limited in relation to services or a contribution towards a donation (2024: £55,592). At the year end £nil (2024: £nil) remained outstanding.

The charity received purchase invoices from Wyastone Estate Limited totalling £126,058 (2024: £110,083) in relation to rental and management charges. At the year end £85,195 remained outstanding (2024: £34,202).

Wyastone Estate Limited made payments on behalf of the charity totalling £6,426 (2024: £nil) At the year end £6,426 remained outstanding (2024: £nil).