LYRIC THEATRE HAMMERSMITH LIMITED (A Company Limited by Guarantee) Registered Company No.1443809 Registered Charity No.278518 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 'AAJK6)6Q' 17112Q021 COMPAthIIES HOUSE
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Lyric Theatre Hammersmith Limited Trustees. Report For the year ended 31 March 2021 The Trustees of the Lyric Theatre Hammersmith are pleased to present their rePt together with the financial statements for the year ended 31 March 2021 . 4REFERENCE'AND?ADMINIST,RAT.IVE.DE.T.AILIS"'_: Company Details Registered Name: Lyric Theatre Hammersmith Limited Registered Charity No.: 278518 Registered Company No.: 1443809 Re9lStered Address.. Lyric Hammersmith Theatre Lyric Square King Street London W6 OQL Chief Executive: Rachel O'Riordan Advisers Auditors.. Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE Bankers: Barclays Bank Knightsbridge Business Centre PO Box 32014 London NW1 2ZG Solicitors.. Harbottle and Lewis 14 Hanover Square London Wl R OBE Farrer and Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Constitution The Lyric Theatre Hammersmith is a registered charity and a company limited by guarantee, governed by its Memorandum and Articles of Association dated 14 August 1979 and last updated in 2004.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 STRATEGIC REPORT Objectives The objectives of the charity as set out in the Lyric's Memorandum and Articles of Association are.. The advancement of the education of the public. and in particular of people living or working in the London Borough of Hammersmith and Fulham and in West London, in the arts The provision of facilities for recreation and other leisure time occupations for the public and in particular persons living and working in the London Borough of Hammersmith and Fulham. Activities ARTISTIC PROGRAMME 2020-21 After a successful launch of our new Artistic Director. Rachel O'Riordan's, first season starting with the critical & financial success ofA Doll s House we were fOrd to close Love, Love, Love following strong reviews on March 2020 by the government lockdown announcement. We quickly introduced streamlining measures- our building closed (minimising overheads) and a skeleton staff remained working. Difficult decisions were made to cancel Antigone. our large- scale musical Sammy. pantomime. the Little Lyric programme of shows and all in-person Young Lyric activity. Our artistic programme moved onto our digital platform and in May we digitally streamed A Doll s House. offered online masterclasses in directing and celebrated the 5 anniversary of our Rueben Foundation Wing via zoom. Participating in BBC Radio's Lockdown Theat Festival with Love, Love. Love in May was another opportunity to continue our digital artistic delivery. July 2020 was our 125 birthday and we were disappointed not to have been able to celebrate with a planned year programme of events and shows. However. thanks to the support of people from the Lyric's history we produced digital content used across our channels to celebrate the people. shows and achievements from our 125 years. In November we filmed a bespoke version of our co-production with Pins & Needles Productions of Raymond Briggs, Father Christmas engaging SUCssfUllY with family audiences nationwide i a digital partnership with Damen Theatre, Oxford Playhouse, Tobacco Factory Theatres Bristol, and Wales Millennium Centre. This was the ninth year of this popular classic which we f ilmed in the main house and were delighted to distribute free tickets to local residents in Hammersmith. Despite the November lockdown, the team continued to prepare for socially-distanced productions of Iphigenia In Splott by Gary Owen and Sancho.. Act of Remembrance by Paterson Joseph. announced in October. planned for January 2021. These shows were programmed for their low origination costs in order to minimise financial risk. This cautious approach mitigated the impact of the January 2021 lockdown which sadly forced their cancellatlon. In December. we held an open Zoom call to seek participants aged 18-25 and living in West London to help create and perform in our first community production. Heart of Hammersmith.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 From January 2021 we began working with the participants in our community through Heart of Hammersmith rehearsals and we were delighted to be able to help participants in the post- pandemic healing prosS. and bring people of all ages together out of isolation. While we began 2021 in lockdown with further enforced cancellations we were able to commission and begin our production of Out West. a trilogy of new monologues by Tanika Gupta, Simon Stephens and Roy Williams (which opened in June 2021). We also programmed family events in preparation for reopening with Lyric Fest Iwhich took place in July 2021) and The Very Hungry Caterpillar to restart our Little Lyric programme for families. YOUNG LYRIC 2020-21 Our commitment to support and nurture young people in our West London catchment area (the ten surrounding boroughs to Hammersmith & Fulham) continued throughout lockdown in 2020 via.. Young Lyric facilitators remaining in pupil referral units to support particularly vulnerable young people during lockdown. Stories Irom the Future digital project. a series of plays written by primary school students and funded by the Greater London Authority as part of our continued support of local schools 'Acting Up, classes resumed again January (online) for more than 500 participants per week. OLJr Young Lyric team ran the 'Lyric Line. regularly calling our members and targeted groups to check in on them and offer them support. Continuing our work with the Local Authority and IrKal schools on the Lccal Cultural Education partnership (LCEP) via zoom. We waived the fee of our Young Lyric membership making it more accessible for young people in West London. Our Letters from Lockdown digital project engaged key workers. children to respond to the pandemic through creative writing. which was shown online and on the screen in Lyric Square through summer 2020. We led online classes in Theatre making and Directing during the autumn and four weeks of summer projects based on filmmaking. We marked our 125, Birthday by launching 'Bom in the Borough'_ a commitment to provide 25 years of free arts opportunities to babies born in the theatre's home borough of Hammersmith & Fulham during the theatre's birthday year. COMMUNITY & PARTNERSHIPS The Young Lyric partnership is a vital element in our ability to engage and interact with our local community. In 2020-21 we continued to work with eight like-minded organisations to the benef it of people from all parts of our cofflmunity. The partners are.. Action on Disability. Amici Dance Theatre, Dance West. Musiko Musika, New English Ballet Theatre. Tri-borough Music Hub. Turtle Key Arts and Zoo Nation. As restrictions eased in September 2020 we reopened our building for partners. commercial tenants and higher education theat students.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 More than ever, during the Covid crisis we have aimed to be a resour and support for our West London community. We were able to offer this as a Hammersmith Food Bank host. donating catering supplies and collecting clothing for local charities. DIVERSITY AND INCLUSION In August 2020 we announced our'commitment to Change, to be an actively anti-racist organisation. Led by our CEO and Trustees. in consultation with current and past alumni and staff and supported by expert consultants. we have been overhauling our commitment ta access and diversity organisation-wide with our 'Action Plan for Change, which is reviewed monthly at staff and Board level. Progress includes'.- recruitment of four new Board mefflbers (August 2021) to ensure our Board make up is truly representative of our audience. community and artists. appointment of new Associate Director and Literary AsscKiate positions.. a new Nominations Committee to lead trustee recruitment., ally partnership with Inc Arts.. all staff participation in an Anti-Racism programme and unconscious bias training which will be offered to all future staff and freelancers: formation of a staff-led Oiversity Development Group- current offer of Studio Residencies offering free space, bespoke Lyric staff support and resources for West London theatre companies led by ethnically diverse artists and theatre makers: formation of Young Lyric Associates: updating our Equality Policy (including diversifying our recruitment platforms) to support a target of 40% of people of colour (from 31 %) & 9% disabled Ifrom 5%) team representation. We are creating a career development programme for underrepresented groups which aims for management representation of people of colour to reach 20%. and creating pathways into technical roles. Our Young People's work prioritises 0-25 year olds with protected characteristics & disadvantaged backgrounds (20% of participants are from 10% of the most depriv wards and 75% from the most deprived 50%). 100% of classes offered cost £10 or less. with 20% bursary places for most classes. We will work with our disability-led partners to ensure intersectionality. 50%+ of our 'Next Generation. participants age 18-25 are people of colour. We are increasing access to our programmes through our updated acsSible website. and audience diversity through relevant programming. data-informed marketing. accessible tickets and performances Icaption/AD/BSL). 25% of all tickets will be £15 or less. Building on. and learning from. the demographic audience shift generated by Tanika Gupta's A Doll s House which increased audience membership of people of colour from 15% to 30Yo, we will pragramme a Black Lives Festival (For the Culiure.- Celebrations of Blackness) in 2022 celebrating Black success & amplifying Black History. ENVIRONMENTAL SUSTAINABILITY Our commitment to environmental sustainability has continued as we have navigated the lockdowns. In December 2020 we were delighted to be awarded Julie s Bicycle 5 Star Creative . Green certification from arts and environment agency Julie's Bicycle for 2019/20. improving our score on the previous year.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 Once again. we achieved maximum scores for our environmental commitment and understanding and our total carbon footprint in 2019/2020 was 316 Tonnes C02e. FUNDRAISING The Trustees take their responsibilities under the Charities Act (Protection and Social Investment) Act 2016 seriously and have considered the implications of their activities. Our Development Director leads a dedicated, permanent fundraising team who are supported by a (volunteer) Development Committee and overseen by our Board. No commercial fundraisers were contracted in 2020-21. We have Fundraising, Ethics and Whistleblowing and Anti-Bribery policies in place outlining the standards and practices for all Lyric representatives to adhere to. We are a member of the Fundraising regulator and follow the Code of Fundraising Practice. In February 2021 we updated our Terms of Reference for our Development Committee members. Our Board of Trustees are regularly updated on fundraising progress and the Fundraising Policy outlines the prOsS lor accepting and soliciting donations to ensure maximising fundraised income in accordance with our policies and the Code of Fundraising Practice. The Development Director and Executive Director have reviewed and monitored all fundraising activity in the f inancial year 2020-21 against these policies and can report that there has been no negligence. There have been no complaints to date about fundraising at the Lyric. The Lyric has created Guidelines for Fundraising involving Vulnerable People to advise all Lyric representative involved in fundraising. The Lyric seeks to ensure that a supporter is equipped with the appropriate information in order to make an infonned decision about donations. and where the Lyric has reason to believe that a donor may be experiencing vulnerable circumstances, we will not accept those donations at that time. The Lyric is fulty compliant with GDPR legislation in how we use data and communicate with our database. Our Privacy Policy states how we use data in fundraising in order to ensure we are only soliciting gifts from those who are willing and able to support us. Our ability to deliver our reopening plans has been underpinned by continued successful fundraising through emergency trusts and foundation grants and the Arts Council England Covid Recovery Fund. Future plans We have put in place a cautious return to all operations in line with government guidelines from spring 2021. with the plan to retum to full audiences in the Main House from Autumn 2021. We successfLJ11y reopened the theatre in June 2021 to a socially distanced audien with our production of Out West., this was followed by Little Lyric show The Very Hungry Caterpillar and our first large-scale community production Heart of Hammersmith. Our co-production with Chichester Festival Theatre. The Beauty Queen of Leenane, will be the first full run production in the Main House presented at full capacity, this will be followed by the postponed 2020 pantomime Aladdin.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 Following the success of our summer Little Lyric show we plan to return to a programme of regular shows for under 8s from October Half Term in the Studio Theatre. including the 10" year of Raymond Briggs Father Christmas. Our plans are to open our 2022 season with a For the Culture.. Celebrations ol Blackness and new play Running with knons written by Sian Carter in a co.production with Talawa Theatre Company. For the new 2022 season our commitment is to serve our community of West London with big stories that matter bringing exceptional talent to the Lyric. From Autumn 2021 we returned to Young Lyric activity in the building including our classes. we plan to build and develop further our work for young people in West London through 2021-22 to build on the essential work from 2020-21 with a particular focus on pathways into the industry for under.represented groups across the theatre industry. FINANCIAL REVIEW FINANCIAL REVIEW The group s total expenditure in 2020-21 was £2.9m. This was £4m less than our 2019-20 expenditure of £6.9m, due to the impact of the coronavirus pandemic on our charitable activities and the actions we took to reduce overheads while maintaining both the level of activity outlined above and the building itself. These actions included restructuring the staff team, sadly including a small number of redundancies. furloughing staff. and all staff working part-time and at reduced salaries for periods during the year. for which the Trustees are extremely grateful. Total income for 2020-21 was £3.6m. Earned income from charitable activities was £3m less than in 2019-20 (£0.1 m compared to £3.1 m). and income from other trading activities was £1.1 m less (£0.1 m compared to £1.2m). both as a result of closing the theatre's operations during the pandemic. Income from donations and grants towards charitable activities, however, was £1.6m higher than in 2019-20 (£3.2m compared to £1.6m) as a result of reIving £1.2m in coronavirus-related public funding, £0.3m from Trusts & Foundations towards aiding our recovery from the pandemic. and £0.1 m of donations towards the Lyric Recovery Fund and the 'Save the Lyric. appeal. Publi funding including £821 k of restricted grants from the Coronavirus Job Retention Scheme towards furloughed staff and £377k from the government's Culture Recovery Fund towards supporting the theatre during closure. The resulting net movement in funds for the year was an increase of £744k. However, this includes an increase of £786k in funds designated hy t.hp. Trii.qtp.ps towards our Building Capital Reserve. Programme Development Fund and Re-opening Fund 2021. the latter a result of designating £565k unrestricted income received since March 2020 toward the costs of re- opening the theatre and to offset the low levels of charitable trading income expected during the recovery from the pandemic over the next two years.
Lyric Theatre Hammersmith Limited Trustees. Report For the year ended 31 March 2021 RESERVES At 31 March 2021 the group held total funds of £10.947.875. of which £8.229.693 are restricted funds comprising.. £7.933.237 from capital projects represented by £7.823.103 net book value of the associated fixed assets and £110.134 cash: and £296.456 restricted grant income towards activities in 2021-22. A total of £2,718.182 unrestricted funds includes £2.169.747 held as designated funds. comprising.. £565,000 income received towards re-opening the building and resuming normal activities after the pandemic- £494.449 representing the net book value of fixed assets.. and £1 ,110,298 held towards specific purposes as detailed in our reseNes policy (below). The remaining unrestricted funds of £548.435 are general funds held as a contingency against unexpected income shortfalls. as per our reserves policy. The Trustees Reserves Policy is to hold reseNes as follows". A Building Capital ReseNe to provide funds for essential replacement and renewal of equipment. Fixtures and fittings and match funding for larger capital investment in the building in the next one to f Ive years. The Trustees. initial assessment is that this fund should maintain a balance between £5CKI.000 and £l.000.000. and it currently holds £660.000. A Building Emergency Reserve of at least £1 W,CQO to provide funds for emergency repair and replacement of essential plant and equipment. against which vve hold £100,000. Strategic ReseNes of c.£350.000 to support the development over one to four years of the organisation s artistic programme (£200.000). work with young people 1£100.000), business model (£25.000) and environmental sustainability (£25.000). against which we hold £350.298. At least three months of average staff and overhead expenses (in normal operating conditions). currently c.£700.000. against which we hold £548.435 general funds. Our total reserves requirements are therefore £1,650,000 - £2.150.000, against which we held reserves of £1 .658.733 {including general funds) at 31 March 2021. From time to time the Trustees may designate additional funds to provide for investment in particular areas of strategic importan. In reviewing the required level of reseNes the Trustees have taken account of the ongoing impact of the coronavirus pandemic and designated £565,000 towards re-opening the building and resuming normal activities across 2021 and 2022. For more detailed analysis of our reseNes see Notes 15-17 of the Financial Statements. RISK MANAGEMENT The company has a risk management strategy which including a Risk Register and a Crisis Management and Disaster Recovery Plan. The Register assesses the major risks faced by the company, and an outline of strategies to mitigate each risk and reduce its impact. The Register is regularly reviewed by the Finance & Resour committ and specific risks brought to the attention of the Board. The most signif icant risks that the company currently faces are:
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 Risk of the impact of the coronavirus pandemic on our operations Although all businesses have been significantly affected by the coronavirus pandemic, theatres are particularly at risk due to the nature of the live performance experience. both for audiences and those involved in making work. which has a significant impact on all of our earned income streams. The Trustees considered a programme for 2021-22 that reduces this risk by not returning to full audiences in the Main House until Autumn 2022. and continuing to implement operational and staffing savings which reflect the reductions in activity. Risks around income targets As a publicly-funded theatre committed to the pr[UCtion and presentatFon of new and innovative work we face an inherent risk in the potential failure to reach box office targets. To manage this risk. we set realistic targets and reforecast annual budgets to take account of shows which under- or over-perform against these targets. We aim for a balanced programme and seek opportunities to maximise revenue wherever possible when a show is successfLbl. Prior to the pandemic we raised an increasingly significant amount of our total income from trusts. companies and individual donations. and from our commercial activity. We set realistic targets which are regularly monitored against confirmed income and we reforecast according to our performance irs this area. Flisks around economic instability and generation of earned income The potential for economic instability and recession following Brexit and the coronavirus pandemic may result in an increasingly challenging funding climate and a reduction in audiences and businesses, spending power. We aim to mitigate this risk by maintaining strategic reserves which can be used to support ongoing work or new initiatives which we believe will be of benefit to our beneficiaries but which would not be viable withoLtt additional funding. STRUCTURE. GOVERNANCE AND',MANAGEMENT The group consists of the Lyric Theatre Hammersmith charity and two wholly-owned subsidiaries= Lyric Hammersmith Enterprises Limited and Lyric Hammersmith Worldwide Lirllited. The charity is a Company Limited by Guarantee. the Trustees of the charity being the Directors of the Company. governed by its Memorandum and Articles of Ass¢xiation. Board of Trustees The Articles of Association require that the Board comprise between ten and sixteen members as follows.. up to four persons nominated by the London Borough of Hammprsmith and Fiilham whn hold current office as Councillors of the Borough up to eight persons who in the opinion of the Directors are specially qualified for such office by virtue of their particular expertise or experience in the promotion or encouragement of the lively arts and or theatre management. of which up to four persons the Directors will endeavour to nominate from the local community.. and up to four persons who in the opinion of the Directors are specially qualified for such offi by virtue of their particular involvement engagement or employment in or with the community or voluntary sectors or other local organisation or group within the Borough.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 Board Members are required to retire at the first Annual General Meeting after the third anniversary of their appointment. Board Members may be re-appointed unless they have served for more than six consecutive years (expt by Special Resolution). The Trustees who have served since 1 April 2020 are- Lisa Burger (Chair) David Sharkey (Deputy Chair) Rondette Amoy Smith (from 6 September 2021) Sade Banks (to 28 September 2020J Councillor Jonathan Caleb-Landy Lameya Chaudhury (from 6 September 2021) Liz Elston Mayhew Councillor Sue Fennimore David Grieg (from l O December 2020) Farah Karim-cooper (from 6 September 2021J Councillor Bora Kwon Kamran Mallick Julie Molloy Councillor Patricia Quigley Derek Richards (from 25 October 2021) ObseNers may also attend.Board meetings. subject to the approval of the Board. as representatives of the London Borough of Hammersmith & Fulham, Arts Council England. and the company's employees. The Board met six times during the year in order to oversee the direction of the company. the day to day management of which is delegated to the Executive Team (comprising the Artistic Director and Executive Director) within terms agreed by the Board. The Trustees are exceptionally grateful to Lisa Burger. whose term as Chair of the Board comes to an end in January 2022. A new Chair is being sought through an open recruitment process led by the Nominations Committee (see below), and with the assistance of external consultants Green Park, between October 2021 and January 2022. Recruitment, induction and training of Trustees The Nominations Committee (see below) oVerSS the recruitment. induction and training of Trustees. The Committee worked with BAME Recruitment in 2021 to identify four new Trustees through a process of open advertisements and interviews in order to maintain a broad range of skills reflecting the various different aspects of the charity's work and business needs and to ensure that appointments reflected contemporary society and the theatre's local cornmunity. All new Trustees are provided with an induction pack and paired with an existing Trustee to assist with their induction. Ongoing training is provided by inviting Trustees to attend relevant courses.
Lyric Theat Hammersmith Limited Trustees. Report For the year ended 31 March 2021 Committees A Finance & Resources Committee, comprising at least three Board members and reporting to the Board, meets prior to Board meetings in order to oversee the company's finances, building and HR matters. The members of the Committee during 2020-21 were.. David Sharkey (Chair) Sade Banks (to 28 September 2020) Lisa Burger Julie Molloy A Nominations Committee, comprising at least three Board members. was formed in 2020 to make recommendations to the Board regarding the structure. size and composition of the Board, and to plan for the recruitment. appointment. induction and SLJccession of Board members. During 2020-21 the Committee focused on the skills and diversity of the Board, working with consultants BAME Flecruitment on an open recruitment process leading to four new Trustees being appointed in Autumn 2021. Alongside this the Committee began planning the succession process for the Chair of the Board (see above). The members of the Committee during 2020-21 were.. Lisa Burger (Chair to l O Dernber 2020) David Sharkey Ichair from 10 December 2020) Li2 Elston Mayhew Councillor Bora Kwon Related parties The Lyric Theatre Hammersmith's core funders are Arts Council England and the London Borough of Hammersmith and Fulham. who provide funding to enable the company to carry out its charitable activities. The London Borough of Hammersmith and Fulham is also the theatre's landlord. The freehold of the Lyric is owned by Ingka. who lease it to the Borough on a 999 year term. A new 125 year lease was signed in November 2018. which was drawn up as part of the Agreement to develop the site with the freeholder and the theatre's landlord. The Lyric Theatre Hammersmith has two wholly-owned subsidiaries.. Lyric Hammersmith Enterprises Limited, which was established to operate the events. bar and catering facilities of the theatre. The prof its of the subsidiary are donated to the Lyric. Lyric Hammersmith Worldwide Limited. which was originally established for the transfer of Lyric productions to the West End and any commercial exploitation of work and is now used as the vehicle to produce all Lyric productions and co-productions. maximising the benefit of theatre production tax relief. Any profits of the subsidiary are donated to the Lyric. Remuneration Policy The Board of Trustees do not re1ve any remuneration. Remuneration for the Executive Team is considered by the Chair and Deputy Chair. and for other key management personnel is set with referen to benchmarking of pay and benefits for similar subsidised organisations. Annual pay increments are considered by the Finance & Resources Committee as part of its regular monitoring of budgets and approved by the Board. io
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 ACKNOWLEDGEMENTS This year has been one of the most challenging in our 125 year history. We have been able to survive with the support of our Trustees. our incredible team. our funders. Young Lyric partners and the people of West London. We are very grateful to them all.
Lyric Theatre Hammersmith Limited Trustees, Report For the year ended 31 March 2021 STATEMENT OF T.RUSTEES: RESPONSIBILITIES. The Trustees (who are also directors of Lyric Theatre Hammersmlth Limited for the purposes of company law) are responsible for preparing the Trustees. Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure. of the charitable group for that period. In preparing these f inancial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statefftents cofftply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. AUDIT.INFORMATION In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware., and the trustees have taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's aLJditor is aware of that information. APPROVAL The Trustees. Annual Report was approved by the Board of Trustees (in their capacity as Company Directorsl on 1 December 2021 . Lisa Burger. Director 12
Lyric Theatre Hammersmith Limited Independent Auditor's Report to the Members For the year ended 31 March 2021 Opinion We have audited the financial statements of Lyric Theatre Hammersmith Limited (the 'parent charitable company,) and its svbsidiaries (the 'group') for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities. the Group and Charity Balance Sheets, the Consolidated Cash flow statement and the notes to the financial statements. including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the f inancial statements: give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 March 2021 and of the group's incoming resources and application of resources, including its income and expenditure. for the year then ended- have been properly prepared in accordan with United Kingdom Generally Accepted Accounting practi.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the f inancial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group or the parent charitable companls ability to continue as a going concern for a peri of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information 13
Lyric Theatre Hamrnersmith Limited Independent Auditor's Report to the Members For the year ended 31 March 2021 and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the f inancial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify SLJch material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information,. we are required to report that fact. We have nothing to report in this regard. Other matters prescribed by the Companies Act 2(K)6 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees Annual ReF)ort which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the Trustees, Report which includes the Directors, Report and the Strategic Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit. we have not identified material misstatements in the Trustees. Report and Strategic Report. We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been reiVed from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities. the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of the f inancial statements that are free from material misstatement. whether due to fraud or error. In preparing the f inancial statements. the trustees are responsible for assessing the group and the parent charitable company's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the 14
Lyric Theatre Hammersmith Limited Independent Auditor's Report to the Members For the year ended 31 March 2021 truslees either intend to liqidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2¢))6 and report in accordance with regulations made under that Act. Otjr objectives are to obtain reasonable assuran about whether the group and parent financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. Identifying and assessing risks related to irregularities_" We assessed the susceptibility of the group and parent charitable company's financial statements to material misstatement and how fraud might occur. including through discussions with the trustees. discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate. Laws and regulations of direct Significan in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified-. We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulations. minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and 15
Lyric Theatre Hammersmith Lirnited Independent Auditor's Report to the Members For the year ended 31 March 2021 regulations or knowledge of any actual. suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensLJring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-complian with laws and regulations and fraud. There are inherent limitations in the audit ProdureS described above and the further removed non-compliance with laws and regulations is from the events and transactions ref lected in the financial statements, the less likely we would become aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate COnalment by. for example. forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solety to the parent charitable company's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2(X)6 Our audit work has been undertaken so that we might state to the parent charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company's members as a body, for our audit work. for this reF)Ort. or for the opinions we have formed. Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP Chartered Accountants Statutory Auditors 71 Queen Victoria Street London EC4V 48E Date: 16 1021 Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006 16
Lyric Theatre Hammersmith Limited Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 31 March 2021 General Destgnated Funds Funds Restricted Funds Tot81 2021 Tot81 2020 Note Income from= Donations Charitable activities Theatre & Young People's Activity Grants Other trading activities Intest recewed 31a) 2C6.298 148.907 118.059 1.514.764 118.133 2,135 118,059 3.193.01 118.133 2,135 3.058. 143 1.631,193 1.225,075 7.607 3(bl 1.678.247 Total incomè 1.959,389 1.678.247 3.P7,636 6.070.919 Expenditure ort-. Raising fund5 Charitable activities 478.329 514.549 478.329 2,421.496 1.478.857 5,452,686 89.025 1,817.922 Total expetNliture 992.878 89.025 1,817.922 2.899.825 6.931.543 Nel income/(&xpenditure) before taxation Taxation Transfers between funds 966.511 6,145 (852.703) (89,025) (139,6751 737.811 6.145 (860,624) 257.829 75,16 875.178 122.4751 Net movement in funds 119.953 786,153 (162.1501 743.956 (602. 795J Reconciliation of funds". Total funds brought forward 428.482 1.383.594 8.391,843 10.203,919 10,806, 714 Total funds carried forward 548,435 2,169.747 8.229,693 10,947,875 10,203,919 These results derive From continuing actwities and all gains and 1055e5 recognised in the year are included in the above statement. The notes on pages 20 to 32 Form part of the fi'nancial statements.
Lyric Theatre Hammersmith Limited Registered Company No.1443809 Balan Sheet For the year ended 31 March 2021 Group Company Note 2021 2020 2021 2020 Fixed assets.. Tangible fixed assets Investments 8.317.552 &842. 707 8,317.552 8.842. 707 Total fixed assels 8.317.552 8.842. 707 8.317.555 8,842.710 CUnt assets: Stock and work in progress Debtors Cash at bank and in hand 66,536 240.977 2.947.588 44.082 516.337 1. 726,423 61.876 5170,663 2,641.870 32.993 757, 794 1.405.559 13 Total curnt a&8et$ 3,255,101 2.286.842 3,2?1,409 2, 196,346 Liabilities.. Creditors.. Amounts falling due thin one year (624.778) (925.630) (591,089) (835. 137) Net Current assets 2.630.323 1.361.212 2.630,320 1,361.209 Total net assets 10.947.875 10.203.919 10.947.875 10.203.919 The funds of the charity.. Restricted funds 8.229.693 8.391.843 8,229.693 8.391.843 Unrestricted funds.. Designated funds General funds 16 16 2,169.747 548.435 1.383.594 428.482 2.169.747 548,435 1.383.594 428.482 Total UnstrIcted funds 2.718.182 1.872.076 2.718,182 1,872.076 Total fvnds 10.947.875 10.203.919 10.947.875 10,203.919 No separate company Statement of Financial Activities (SOFA) has been prepared by the company. as permitted by Section 408 of the Cownpanies A¢t 21K)6. The CharItS net surplus/deFicit For the year. excluding restricted funds, was a surplus of £957.170 12020.. deficit of £136.9331_ The notes on pages 20 to 32 form part of the h"nan¢ial statements. The financial stslements were aF)priived by the board and authorised for issue and signed on l December 2021. Lisa Burger, Director 18
Lyric Theatre Hammersmith Limited Consolidated Statement of Cash Flows For the year ended 31 March 2021 Consolidated statement of cash flows 2021 2021 2020 2020 Net cash provided by operaling activities 1.219.030 132,852 Cash flows from investing actNities: Interest ceiVed Pur¢hase of tangible fixed assets 2.135 7,601 (36.594J Net cash provided by investment activities 2.135 (28,993) Increase in cash Opening cash balance at 1 April 1.221.165 1.726.423 103.859 7,622,564 Cbsing cash balan at 31 March 2,947,588 1,726,423 Reconciliation of net income/expenditure to net Gash flow from operating ¥¢ti¥ities 2021 2021 2020 2020 Net income/lexpenditure) Adjustments for: Depreciation charge5 Interest received Ilncreasel/decrease in stc¢k and work in progress Decrease in debtors De¢aSe in ¢reditors 743.956 (602. 195) 525.155 12.135) 525.341 (7.60 1) 122.454) 275.360 (3O),852) 121.596 370,365 (274.054) Net cash provided by operating activities 1.219.030 132.852 Analysis of changes in cash and ¢hanges in net debt At 1 April 2020 At 31 March 2021 Cash flow Cash at bank and in hand 1.726.423 1.221.165 2,947.588 1.726.423 1,221,165 2,947,588 The rte5 on pages 20 to 32 form part of the financial statements. 19
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 l. Accounting policies Cornpany slalus The charity is a Company limited by guarantee. registered in England and Wales. The registered off ice is Lyri¢ Theatre, KiThg Street. Hammersmith. London, W6 OQL. The members of the company have seNed as directors or are currently setving as directors as named on pages 8-9. In the event of the company being wound up. the liability in respect of the guarantee is limited to £1 per member of the Company. Basis of aecounting The financial statements have been prepared under the historical cost convention. The accounts (financial statemerntsl have beell prepared in accordance with the second editi of the Statement ol Recommended Practice.. Accounting and Reporting by Chanties pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic OF Ireland IFRS 1021 an¢J the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Companies Act 20C and UK Generally Accepted Practice as it applies from 1 st January 2019. The Charity constitutes a public benefi't entity as defined by FRSI 02. The financial statements are prepared in sterling. vthich is the fiJnctM)nal currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. Consolidation The SOFA and Balance Sheet consolidate the financial statements of the charitable company and its subsidiary undertakings. The results of the subsidiaries are Consolidated on a line by line basis. Going concern At the tirne of approving the h"nancial statements the Trustees have a reasonable expectation that the Charity has adequate sOurceS to continue in operational existence For the foreseeable future. thus the TnFStees continue to adopt the going concern basis of accounting in preparing the h"nancK41 statements. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which are not designated for other purposes. Designated funds Comprise unrestricted funds set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financtal statements. Restflcted funds are funds which are to be used in accordance with specific striCt10n5 imposed by donors or which have been raised by the charitable company for particular purposes. The aim and use of each restricted fund is sel out in the notes to the financlal statements. Transfers between funds are made at the discretion of the Board. Income Income from theatre admission fees is included in iomIng resources in the period in which the levant performance takes place. Where a series of prodLtctions straddles the end of the accounting period the income is recognised in the period in which the majority of thp. r.rfnrrnanCes tèks plaoe. Inoomc related to producLiiJiib or lettings in a subsequent period is treated as deferred income. Income from commercial activities is included in the periTrl in which the actNity takes pla. Income from donations and grants. includinq Capital gronts. is inr.Iiidpd in incoming resour whcn there is entitlement, reasonable certainty of receipt and the amount Can be measured with sufficient reliability. unless the donor has specified that the donation or granl relates to a Future period or that certain pre-conditions must be fullilled before use. In these cases amounts recewed are recc¥3nised in the relevant perth or when the pre-
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 conditions have been met and until then treated as deFerred incorne. t)onations and grants for particular purposes are incILed in incoming res(yJrces as restricted funds. Income from the Coronavirus Job Retentton Scheme (CJRSI has been included in incoming resources as a restrieted furnd. atched against the staff costs it has offset. Gifts in kind have been realised at cost. Expenditu Expenditure is recognised when a liability is incurred. Costs of raising funds are those costs incurred in attracting donations and those incurred in the operation of tr(ling activities that raise fvnds. Charitable activities irnclude expenditure as5wiated with the operation of the theatre and such directly asso¢iated actiwties as touring and educational programmes. Cost of charitable acIN1t include both the direct cost of actiwties and related support costs. Support costs Include central functions and have been allocated to activity costs on a basis consistent with the use of resources. This is on the basis OF the relative proportion of direct costs Incurred. Govemance costs are the costs incurred in the governance of the charity and assctiated constitutional and statutory requirements. These cosls are allocated between the charitable activities. Where perfom)ances of a prOduCtn straddle the balan sheet date. produclion costs are allocated to the period in which the greater ntjrnber of perforfflances fall, this matches the allocation of income related to productions. Tangible fixed assets Individual fixed assets consisting of amounts greater than £2.500 for IT purchases and £5,ODO for fixtures. fittings and equipment with a useful life in excess of one year ale capitalised at cost. Tangible fixed assets are depreciated over their anticipated vseFul Iwes in equal instalments. The periods used are.. Leasehold improvements the life of the lease Reuben Foundation Wing improvements 20 years Roof Garden 12 years Efficiency improvements 10 years Technical eqvipmenl 8 years Computer equipment 3 years Other 4 years Investments The Statement of Recommended Practice lre$ investments to be stated at market value. The investments of the Lyr Theatre Hammersmith COnSt of two subsidiaries. Lyric Hammersmith Enterprises Limited and Lyric Hammersmith Woddwide Limited. Both cornpanies are not quoted and the directors consider it appropriate lo include the investments at cost. Financial Instrurnents Financial assets are recognised in the Charily's statement ol financi81 position when the Charity becomes party to the contractual provisions OF the instrument. The Charity has elecied to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Finan¢ial Instruments Issues. of FRS 102 to all of its financial instwments. Financial assets are classified into specilied categories. The claSsitIon depends on the nature and purpose of the financial assets and is determined at the time of recc¥3nition. Basic financial assets Basic Financial assets, which in¢lude trade and other r[vable$ and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carrieil at amortised cost Using 21
Lyric Theatre Hammersrnith Limited Notes to the Financial Statements For the.year ended 31 March 2021 the effective interest method, unless the arrangement constitutes a linancing transaction. where the transaction is measured at the present value of the futijre receipts discounted at a mart(et rate of interest. Other financial assets classified as fair value through the statement of linancial activities are measured at fair value. Other financial assets Trade debtors. loan$ and other receNables that have fixed or detemiinable payments that are not quoted in an active market are Classified as 'loans and receivables.. Loans and receivables are measured at amortised cost using the effective interest method. less any impairnient. Interest is recognised by applying the effective interest rate. except for short-temi receivables when the recognition of interest would be immaterial. The eFFective interest method is a method of calculating the amortised cost of a debt instrument ènd of allocating the Interest incorne over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts throwJh the expe¢ied life of the debt instwment to the net carrying amount on initial recognition. Impairment of financial assets Finan¢ial assels, other than those held at fair value through the statement of financial actNities. are assessed for indicators of impairment at each reporting end date. Financial a&8ets are impaired where there is objecttve evidence that. as a result of one or more events that occurred after the initial cognItion of the financial asset. the estimated future cash Flows have been affected. The impairment 1055 is rec(xJnised In the statement of Financial activities. De-recLYJnition of fin8w818ssets Financial assets are de-recognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Classification of finar18[ IK4bilities Basic financial liabilities Basir financial liabilities a initially rec(MJnised at transaction price. unless the arrangement Constitutes a financing transaction. where the debi instrument is measured at the present value of the Future receipts discourbted at a market rate of interest. Other financial liabilities classifie(l as fair value through the statement of financial activities a measured at fair value. Other financial liabilities Other financial liabilities are initialty measured at fair value. net of transact¢on costs. They a subsequently measured at amortised cost using the effective Interest method. with interest expenses recognised on an effective yield basis. The effective interest method is a methoy of calculating the amortlsed cost of a Financial liability and of allwaling illteresl expense over the leYt period. The effective interest rate is the rate that exactly discounts estimated futu cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. Financial liabilities ar equity instruments are classified according to the substance of the ¢ontra¢tual arrangements entered into. eouity instrument is any contracl that eviden a residual interest in the assets of the Charity after deducting all of its liabilities. De-nItion of financial liabilities Financial liabilities are de-re¢ognise(I when. and only when. the Charity obligatKJns are discharged. cancelled. or they expire. 22
Lyric Theatre Harnmersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 2. Income from ¢haritab activities 2021 2020 Ticket sales Touring income Co-production incorne Royalties income Front of trlouse sales Income from partners Young People's income Other incorne 16.512 21.5 17.144 6,589 (201 29.173 20.146 7,015 2.382.904 93.593 258,863 24.260 88.069 94,695 89.304 26.455 118,059 3.058. 143 3. (a) Incoffle frorn donatK)ns 2021 2020 Total income from donations 206,298 148.907 No income from donations was restricted (2020.. £268). Ib) Income from eharitable &tNities.' grants 2021 2020 PtJbli¢ funding.. CO funding.. Arts Council England - National Portfolio Organisath)n funding London Borough of Hammersmith & Fulham- 3rd Sector Investment Funding coronavirus-1ated lunding.. Coronavirus Job Fletention Scheme grants (reStried) Culture Recovery Fund grant Irestrictedl Lal Restrictions Support Grants Closed Business Lockdown Payment 1.120,240 i.ioo.000 230.C((J 230.000 820,840 377.361 15,524 29.965 Trusts & Foundations Restricted grants." Young People's Programme activities Theatre productions actNities Unrestricted grants 286,056 193,990 140,(0 241,228 30.CX)O Total income from charitable 8ctNities.' grants 3,193,01 1.631. 193 Included in note 3 above are government grants of £230.(KK) from the London Borough of Hammersmith & Fulham 12020.. £230,IXKJ). £820.840 from the Coronavirus Job Retention Scheme (2020.. £29,965), Local Restrictions Support Grants of £15.524 (2020.. nil) and the Closed Business Lock¢Jown Payment of £9.000 (2020.. nil). 23
Lyric Theatre Hammersmith Limited Notes to the Financial Ststements For the year ended 31 March 2021 4. Incorne from other trading acliwties 2021 2020 Fundmising events Corporate fundraising Commercial trading operalions (note 5) 3,752 38.057 76.324 157,045 109.984 958,046 118.133 1.225.075 5. Commercial irading operations Lyri¢ Hammersmith Enterprises knmited The wholly owned trading subsidiary Lyric Hammersmiih Enterprise5 Limited. incorporated in England and Wales. pays all its profits to the charilable company by Gift .. Lyric Hammersmith Enterprises Limited manages c8tering, hires and event$ at the Lyric Hammersmith Theatre. The company 0S the entire issued share capital of 2 ordinary share5 of £1 eh. A Summary of the trading results is shown below. Summarypmfit and loss account.. 2020 Turnover Other operating income Interest received Cost OF sales AdMinistiation expenses Management fees 76.324 B8.661 958.045 7.619 850 (806.397) (I OS.936) (32,286) (8.371) (103.109) (53.565) Net profit Arnount gifted to charity 20.895 (20,895) Profit retained in the subsidiary The assets and liabilities of the substdiary at 31 March 2021 were-. Current assets Creditors.. amounts falling due wrthin one year 347.205 (347.203) 382. 785 (382. 783) Total net assets Profit and loss accounl Aggregate share capital and reserves Total Funds Lyric Hammersmith Worldwide Limited The wholly owned trading subsidiary Lyric Hammersmith Worldwide Limited. incorporated in England and Wales provides pructIon services to Lyric Theat Hammersmith Limited. The company owns the entire issued share capitsl of 1 ordinary shère of £1. A Summary of the trading results is shown below. 24
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 Surnmaryprofit and loss account.. 2021 2020 Turnover Cost of sales 32.327 (38.472) 1.935,273 (2, 193. 102) Net profit/llossl Taxation 16.145) 6.145 (257,829) 257.829 Profit retained in the subsidiary The asseis and liabilities ol the sUbslary al 31 March 2021 were.. Current assets Creditors.. amounts falling due within one year 6,145 16.144) 257.829 (257,828) Total net assets Profit and loss account Aggregate share capitsl and reserves Total funds 6. Expenditure on activities for raising fund$ 2021 2020 Trading companies staff costs Trading Companies other costs Fundraising staff costs Other dI¢t fundraising ¢osts Support costs Inote 81 93,844 16.531 162,629 3.554 201,771 S41.864 411.919 89,295 84.328 351.451 478.329 1,478. 857 7. Charitable aetmties ActNlties undertaken directly Support costs Total 2021 Theatre productions Young People's programme 1.166.207 233.847 850.833 170.609 2.017.040 404.456 1.4c(1.054 1.021.442 2.421.496 Total 2020 Theatre productftons Young People's programme 3.692.211 438.348 1.188.241 133,886 4.880.452 572.234 4. 130.559 1.322.127 5.452.686 25
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 8. Support costs Cost of raising fLmd$ Charitable activities Tot81 2021 Stafl costs Building costs Administration costs Depreciation Irrecoverable VAT on overheads Governance costs.. Audit fees Legal fees 187,784 164,663 205,990 438,530 37.094 32,527 40,690 86.625 1.706 224.878 197,190 246.680 525.155 10.342 15,(M)4 2.964 17,968 I,(x)o 1.021,442 201,771 1,223,213 Total 2020 Staff costs Building costs Administration costs DepCiatIon Irrecoverable VAT on overheads Governance costs.. Audit fees Legal fees 226.431 353.939 242.833 475.019 69.234 60.191 94.085 64.550 110,322 18.403 286,622 448.024 307.383 525.341 87.637 14.023 648 3. 728 172 77,751 820 1.322. 127 351,451 1.673.578 Support costs a allocated on the basis of the relatwe proportion of direct costs incurred. 9. TaXatn 2021 2020 Domestic current year tax UK Corporation Tax (6,1451 (257.829) 16,1451 (257,829) Income From UK Corporation Tax relates to a credits for Theat Tax Relief. 10.Stafl costs and directors. tBmuneration 2021 202U Salaries and wages Employers, National Insurance Contributions Employers. pension contributions 1.557.683 131.657 37,385 2.277.217 787.813 49.648 1.726,725 2.508.678
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 These costs are included as folk)ws'. Activities for raising funds Theatre productions Young People's programme Support Costs 256.473 1.044.985 200.389 224,878 631, 159 1,342,863 248.034 286. 622 1.726.725 2.508. 578 The average number OF employees during the year *KdS as follows". 2021 2020 Full time Part time and casual 39 43 47 S5 82 112 The number of full time equivalent employees vrds 53 (2020.. 76) in the following categories.. Activities for raising funds Theatre productions Young People's programme Support activities 10 31 23 39 53 16 Redundancy and temiination payments totalling £32.787 are included within salaries and wages. One employee's total employee benelits fell wthin the range of £7O.LK)1..(Nj and one within the range of £90.001.£100.000 (202Q.. two wftthin the rarwe of£70.007-£80.000). Key management personnel comprise the Senior Management Team.. Artistic DItor. Executive Director, Senior Producer, Director of Young Lyric. Director of Communications and Culture. Commercial Director, Director of Development, Director of Finance and ReSoUrS and Head of Pr¢Jduction. The total employee benefits of the key management personnel were £466,021 (2020_. £480. 769). 27
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 11.Tangible fixed 8s¥ets All assets relate to the charitable company and are used for charitsble purposes. Leasel*)Id improvemerbts Equipment and furniture To181 Cost At l April 2020 12.808.851 2,170,784 14,979.635 At 31 March 2021 12.808.851 2,170,784 14,979,635 Depreciation At l April 2020 Charge for the year 4.141.339 468.471 1,995,589 56,684 6,136,928 525.155 At 31 March 2021 4.609.810 2,052,273 6.662,083 Net book value At 31 March 2021 8,199.041 118,511 8.317,552 At 31 March 2020 8,667.512 175.195 8,842.707 Legal charges exist over ihe long-term leasehjld properties lo secure the interests of Arts Council England, which funded their redevelopment. 12.Inve$tments Group Compary 2021 2020 2021 2020 Irwestment in subsidiary undertakings Investments are included at cost and are unlisted. In the opinM)n of the directors the market value of the investment is not Material different from the cost. Number of shares % of issued share capital 100% loo% Cost of shares Lyric Hammersmith Enterprises Limited Inote 5) Lyric Hammersmith Worldwide Limited (note 51 13.Debtors Grnup Company 2020 2027 u20 Trade debtors Subsidiary undertakings Other debtors Prepayments Accrued income 52.315 97.448 16.973 319,659 17,166 35.318 128,547 67.751 541,818 80.889 5.490 61.846 24,797 35.318 128.547 339. 104 17.939 61,846 240.977 S16.337 517.663 757. 794 28
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 14.Creditors: amounts falling due wthin one year Group Company 2021 2020 2021 2020 Trade Creditors Subsidiary undertakings Taxation and social security Other creditors Accruals Deferred income 114.377 171.893 113,890 158.392 8.687 38.560 49.596 231,252 348,650 11.038 37.898 286.508 174,957 73,051 64.912 258.523 357.251 11.038 16.298 283,507 166,356 624.778 92&630 591,089 835,137 15.Restricted funds 31 March 2020 Net I[mi /(outgoing) 31 March 2021 Transfers Capital grants- extension 2(X14 (1 } Young People s fund (2) Capital project 2015 (31 Capital project 2018 (4) Restricted activity fund (5) 1.099.684 191.622) 77.366 (286.351) 158,1 $8) 219.090 l.(KJ8,062 77.366 6.385,790 539,385 219,090 6.672,141 620.018 (22.475) 8,391,843 (139.675) 122.475) 8,229.693 (1) The Capital grants- extension 2¢J)4 furKI rebtes to the extension built in 2004 and represents Fixed assets. The movement on the fund represents depreciation charges. (2) The Young People's furKI represents income received to support young people's actiwly and the related expenlliture. The babnce at 31 March 2021 preSentS in¢ome reNed tovrfard activities to be undertaken in 2021-22. (3) The Capital project 2015 fund preSentS amounts for the building OF the Reuben Foundation Wing. This fund represents fixed assets and funds allocated to supporting our work with young people. The movement on the fund represents clepreciation charges. (4) The Capital project 2018 fund lateS to the refurbishment OF the auditorium and Studio in 2018 and repSentS hxed assets. The movement on the fund represents depreciations charges.. the transfer of £22.475 represents the return of unspent funds which had ten transferred from the Building capital reserve fund in the year ending 31 March 2019. (5) The Restricted actwity fund iepresents income receNed to support specific charitable activities and the related expenditu. The balance at 31 Mar¢h 2021 preSentS income received toward activities to be undertaken in 2021-22. 31 March 2019 Net incoming /(outyoing) 31 March 2020 Transfers Capital grants- extension 2004 11) Young People s Fund (2) Capital project 2015 (3) Capital pmject 2018 (4) 1.191.306 30.000 6,958,491 677.908 (91.622) 1.099.684 (30,000) (286,350) (57.890) 6.672,147 620.018 8.857.705 (435.862) (30.OOOJ 8.391.843 29
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 16.Unreslricted funds 31 March 2020 Net incoming /loutgoingl 31 March 2021 Transfers De$ignated fund$ Building emergency seNe Building Capltal reseNe 12) New buildirbg 2015 131 Floof garden reserve {41 Fixed asset fund (51 Programme development fund 161 Organisation81 development hjnd 171 Green fund (8) Next generation fund Igi Re-opening fund 2021 (10) 100.( 398.802 536,967 19,249 27,258 151.020 25.001 25.0 ICYJ.297 I c),0 660,(K)O 474.563 261.19B (62.4041 (19,2491 {7.3721 19,886 21XJ.OQXJ 25,001 25,OCK) l (K),297 565,000 48.980 Total designated Funds Other UnStriCted funds General funds 1,383.594 (89.025) 875,178 2.169,747 428,482 972.656 1852.7031 548,435 Total unrestricted funds 1,812.076 ,631 22.475 2,718,182 {1) The Building emergency reserve fund provides funds for errergency repair and replacement of essential plant and eouipment. 12) The Building capital reseNe fund pnwides funds for the necessary replacemenl and renewal of equipment, fixtures and fittings and match funding for larger capital investment in the building in the next one to fwe years. During the year a transfèr of £238.723 was made from General fijnds to bring the fund within the range identilied by the Trustees In their Reserves policy. and £22.475 was retumed from LFnspent funds previously transferred to the Capital project 2018 fund. (3) The New building 2015 fund represents the net book vaSue of fixed assets fvnded from the Building capital reserve fund during the building of the Reuben Foundatw)n Wing. The movement on the fund represents depreciation charges. (41 The Roof garden reserve fund represents the net bcx)k value of gifted assets from Hammersmiih London in 2009. which was transferred from restricted fvnds when received. The fflovernent on the fund represents depreciation charges.. the useful life of the Roof Garden was 12 years, hence the assets have now been Fully depreciated aThJ the fund expended. (51 The fixed asset fund represents the net book value of other tangible fixed assets. The movement on the fvnd repSentS depreciation charges. (61 The Programme development fund pSentS an amount designated by the Trustees to support the Future development of the artistic programme. The Truslees expect this fund will be fully spent within the three years alter the theatre re-opens in 2021. A transfer of £48,980 was made from General funds to bring the funtJ to the level identih.ed by the Trustees in their Reserves policy. (71 The Organisational development fund represents an amount that the Trustees have designated to invest in planned organisational development work to support the future growth of the Lyric over the next one to three years. (8) The Green fund preSentS an amount that the Tnjstees have designated, from savings on utilities. for future investment in projects that support the Lyr'S environmehtal sustelnablllty and wurk tuwdidb carbon net zero. The Trustees expect to spend this fund wthin ihe next two years. (9) The Next generation fund represents an individu81 donation, which has Iieen designated by the Trustees to support our work with young people over the next four years. (101 The Re-opening fund 2021 was designated by the Trustees during the year to recognise the significant amount of income reIVed toward re-opening the bulldlng and resuiiiiiiy Iioiii)81 activities after the coronavirus pandemic. A total of £565,0(M) was transferred to the fund. which is expected to be fully spent on charitable a¢twities in 2021-22. (111 General Funds represent the Chaiity's free reser.. a total of £852.703 was transferred to designated funds during the year as detailed above.
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 31 March 2019 Net Incoming /(outgoing) 31 March 2020 Transfer5 Designated lunds Building emergency serve 8uilding capital reseThe New building 2015 Rool garden reserrfe Fixecl asset lund Programme development lund (6) Organisational development fund (7) Gen lund Next generat? lund (i) (2) (3) (4) (5) 498.802 (398.802) 398.802 loo.000 398.802 536.967 19.249 27.258 151,020 25.001 25,000 100.297 599.370 38.499 186 151.020 37.355 25.000 100.297 (62.403) (19.250) 27.072 (12,354) (8) (9) Total deswnated lunds Other UnstrICted funds General lunds I.4.529 (81.653) 14,718 1.383.594 (11) 498.480 (85,280) 15.282 428.482 Total unrestricted funds 1.949.009 (166,933) 30.000 1.812.076 17.Analysis of group nel assets bet¥en funds Unrestrted funds General De5ign8ted fvnd funds Restricted funds Total 2021 Fixed assets and investments Current assets Creditors 494.449 1.675,298 7,823,103 406.590 8.317.552 3.255.101 1624.7781 1.173,213 1624.778) 548.435 2.169.747 8,229,693 10.947.875 Unrestricted lunds General Designated unds funds RestrTCted funds Total 2020 Fixed asset5 and investments Current assets Creditors (i) 1.354.113 (925.630) 583.474 800. 120 8.259.234 132.609 8.442.707 2,286.842 (925.630) 428,482 1.383,594 8.391,843 10.203,919 18.Conlingent lease obligalions- charity and group Group Charity 2021 2020 2021 2020 Land and buildings One year Two to five years More than five years 40.QCN) 160.C 4.640.LKK) 40.000 160.000 4.680.000 40,000 160.000 4.640,000 40.000 I so.000 4.680.000 4.840,OCKI 4,880.000 4,840.000 4.880,01)0 31
Lyric Theatre Hammersmith Limited Notes to the Financial Statements For the year ended 31 March 2021 19.Related party transacti$ No trustees nor any persons connected with them have received remuneration or exwses (2020.. niu. During 2020-21 trustees made donatir)ns to the Charity totslliThJ £16,483 (2020.. £15,805). At 31 March 2021 the following amounts re owed to the Charity by its subsidiary companies.. Lyric Hamfflersmith Enterprises Limited: £313.514 comprising management fees for 2018-19 to 2020- 21. The subsidiary has agreed to repay the majority of this balance during 2021-22 with ary outstanding balance to be oonverted into a loan or additional Sha capital to cover the sub8idi8ry'$ operating cashfbw requirements. Lyri¢ Hammersmith Worldwide Limtted.. £6.144 comprising payment for pruCtion ServeS. Transactions between Lyric Theatre klammersmith and its subsidk8ries are detailed in tKJte 5. 20.Comp8ratwe Consolidated statement of financial tiv[tieS for the year erd 31 Mareh 2020 General Deswnated Restsicted Funds Funds Fund$ Total 2020 Note Income Irorn.. Donations Ch8rAlable actiwties The81 & Young People's Activity Grartts Other trading activities Interest eed 3(aJ 148.639 148.907 3.058, 143 1.325.OC 7.225,075 7.601 3.058. 143 1,631,193 1.22&075 7.601 3(b) 306, 793 Total InMe 5, 764,4S9 306.461 6.070.919 ExperKliture on." Raising fiinds Charitable 8Ctivities 1.478.857 4.628.710 1.478.857 5,452.686 81.653 742.323 Total expendtlure 6, 707,567 81.653 742,323 6.931.543 Net intt*me/(expenditure) before taxation Taxation Transfers between lunds (343. 109) 257.829 15.282 (81.653) (43&86W (860.624) 257.829 15.16 14.718 (30.000) Net movement tn funds (69,998) (66.935) (465.862) (602, 795) Reconciliation of fvnds.. To181 lunds brought lOard 498.480 1.450.529 8.857.705 10.806.714 Total lunds Carr fonyard 428.482 1.383.594 8.391.843 10,203,919 32