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
#237

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 reP￿t 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 fOr￿d 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 SUC￿ssfUllY 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 pro￿sS. 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 ac￿sSible 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 prO￿sS 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 re￿Iving £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 (ex￿pt 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) oVerS￿S 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 De￿rnber 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 re￿1ve 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 re￿iVed 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 liq￿idate 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 Pro￿dureS 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 COn￿alment 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
Inte￿st 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.P￿7,636
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
CU￿nt 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 cur￿nt 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 Un￿strIcted 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 CharIt￿S 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 r￿te5 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 p￿parIng 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 i￿omIng 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 incIL￿ed 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 prOduCt￿n 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 COn￿St 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 claSsi￿tIon 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 finar￿18[ 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 ￿leY￿￿t 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 (reStri￿ed)
Culture Recovery Fund grant Irestrictedl
L￿al 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 0￿S the entire issued share capital of 2 ordinary share5 of £1 e￿h. 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 pr￿uctIon 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 sUbs￿lary 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
Dep￿CiatIon
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. TaXat￿n
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 DI￿tor. Executive Director,
Senior Producer, Director of Young Lyric. Director of Communications and Culture. Commercial Director,
Director of Development, Director of Finance and ReSoUr￿S 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 re￿Ned 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
rep￿SentS hxed assets. The movement on the fund represents depreciations charges.. the transfer of
£22.475 represents the return of unspent funds which had t￿en 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 Un￿StriCted 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 rep￿SentS depreciation charges.
(61 The Programme development fund ￿p￿SentS 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 re￿IVed 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)
G￿en 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 Un￿strICted 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
Unrestr￿ted 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 pr￿uCtion Serv￿eS.
Transactions between Lyric Theatre klammersmith and its subsidk8ries are detailed in tKJte 5.
20.Comp8ratwe Consolidated statement of financial ￿tiv[tieS for the year er￿d 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 ￿e￿ed
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 In￿Me
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 lO￿ard
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