2022-03-31-accounts - Lyric Theatre Hammersmith Limited

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Company	Details
Registered	Name:			Lyric Theatre Hammersmith		Limited	(The)
Registered	Charity	No.:		278518
Registered	Company		No.:	1443809
Registered	Address:			Lyric Hammersmith	Theatre
				Lyric Square
				King Street
				London W6 OQL
Chief Executive 8
Artistic Director:				Rachel O'Riordan
Executive	Director:			Amy Belson
Advisers
Auditors:				Saffery Champness	LLP
				71 Queen Victoria Street
				London EC4V 4BE
Bankers:				Barclays Bank
				Knightsbridge Business Centre
				PO Box32014
				London NW1 2ZG
Solicitors:				Harbottle and Lewis
				14 Hanover Square
				London W1R OBE
				Farrer and Co LLP
				66 Lincoln's Inn Fields
				London WC2A 3LH

			General	Designated	Restricted	Total	Total
		Note	Funds	Funds	Funds	2022	2021
							E
Income from:
Donations		3(a)	115,774			115,774	206,298
Charitable activities
Theatre 8 Young
People's Activity		2	1,278,159			1,278,159	118,059
Grants		3(b)	1,405,419		662,657	2,068,076	3,193,011
Other trading activities		4	495,475			495,475	118,133
Interest received			2,247			2,247	2,135
Total income			3,297,074		662,657	3,959,731	3,637,636
Expenditure on:
Raising funds		6	747,867			747,867	478,329
Charitable activities		7	2,388,900	544,595	1,209,878	4,143,373	2,421,496
Total expenditure			3,136,767	544,595	1,209,878	4,891,240	2,899,825
Net income/(expenditure)
before taxation			160,307	(544,595)	(547,221)	(931,509)	737,811
Taxation		9	253,714			253,714	6,145
Transfers between	funds	15,16	(225,164)	225,164
Net movement in funds			188,857	(319,431)	(547,221)	(677,795)	743,956
Reconciliation of funds:
Total funds brought	forward		548,435	2,169,747	8,229,693	10,947,875	10,203,919
Total funds carried forward			737,292	1,850,316	7,682,472	10,270,080	10,947,875

				For th	e year ended	31 March 20	22
						Group		Company
				Note	2022	2021	2022	2021
						E
Fixed assets:
Tangible fixed assets				11	7,879,435	8,317,552	7,879,435	8,317,552
Investments				12			3	3
Total fixed assets					7,879,435	8,317,552	7,879,438	8,317,555
Current assets:
Stock and work	in	progress			224,385	66,536	211,603	61,876
Debtors				13	491,027	240,977	567,658	517,663
Cash at bank and		in	hand		2,836,508	2,947,588	2,697,058	2,641,870
Total current assets					3,551,920	3,255,101	3,476,319	3,221,409
Liabilities:
Creditors: Amounts			falling due
within one year				14	(1,161,274)	(624,778)	(1,085,676)	(591,089)
Net current assets					2,390,646	2,630,323	2,390,643	2,630,320
Total net assets					10,270,081	10,947,875	10,270,081	10,947,875
The funds of the	charity:
Restricted funds				15	7,682,472	8,229,693	7,682,472	8,229,693
Unrestricted funds:
Designated funds				16	1,850,316	2,169,747	1,850,316	2,169,747
General funds				16	737,292	548,435	737,292	548,435
Total unrestricted		funds			2,587,608	2,718,182	2,587,608	2,718,182
Total funds					10,270,080	10,947,875	10,270,080	10,947,875

					2022	2022		2021	2021
						E
Net cash provided by/(used				in)
operating activities						(25,745)			1,219,030
Cash flows from investing			activities:
interest received					2,247			2,135
Purchase of tangible	fixed	assets			(87,582)
Net cash provided by/(used				in)
investment activities						(85,335)			2,135
Increase/(decrease)	in cash					(111,080)			1,221,165
Opening cash balance at		1	April			2,947,588			1,726,423
Closing cash balance	at 31			March		2,836,508			2,947,588
Reconciliation of net	income/expenditure				to net cash flow	from operating	activities
						2022			2021
Net income/(expenditure)						(677,795)			743,956
Adjustments For:
Depreciation charges						525,699			525,155
Interest received						(2,247)			(2,135)
Increase in stock
and work in progress						(157,849)			(22,454)
(Increase)/decrease	in debtors					(250,050)			275,360
Increase/(decrease)	in creditors					536,497			(300,852)
Net cash provided by/(used				in)
operating activities						(25,745)			1,219,030

						At	1 April		At 31 March
							2021	Cash flow	2022
							E
Cash	at	bank	and	in	hand	2,947,588		(111,080)	2,836,508
							t
						2,947,588		(111,080)	2,836,508

Leasehold improvements	Leasehold improvements		28-30years
Reuben Foundation	Wing improvements		20 years
Auditorium, Studio	and	FOH improvements	15-20years
Roof Garden			12years
Fixtures and fittings			5-8years
Technical and computer		equipment	3-8years

2.	Income from charitable activities	Income from charitable activities	Income from charitable activities
							2022	2021
							E	B
	Ticket sales						937,675	16,512
	Touring income							21,500
	Co-production income						145,508	17,144
	Royalties income							6,589
	Front of House sales						42,747	(20)
	Income from partners						59,923	29,173
	Young People's income						29,660	20,146
	Other income						62,646	7,015
							1,278,159	118,059
3.	(a) Income from donations
							2022	2021
							E	E
	Total income from donations						115,774	206,298
	No income from donations	was restricted (2021:none).
	(b) Income from charitable	activities:			grants
							2022	2021
	Public funding:
	Core funding:
	Arts Council England —National			Portfolio Organisation		funding	1,120,240	1,120,240
	London Borough of Hammersmith				&Fulham—
	3'~ Sector Investment	Funding					230,000	230,000
	Coronavi rus-related funding:
	Culture Recovery Fund	(restricted)					188,680	377,361
	Coronavirus Job Retention		Scheme (restricted)				98,513	820,840
	Restart Grant						18,000
	Additional Restrictions Grant						20,000
	Omicron Hospitality and	Leisure		Grant			6,000
	Local Restrictions Support		Grants				1,179	15,524
	Closed Business Lockdown		Payment					9,000
	Project funding:
	Arts Council England —National			Lottery Project Grant			49,000
	British Council —Cultural	Exchange			Programme		29,890
	Department for Work and		Pensions		—Kickstart Scheme		29,840
	Trusts &Foundations
	Restricted grants:
	Young People's Programme		activities				257,434	286,056
	Theatre productions activities						9,300	193,990
	Unrestricted grants						10,000	140,000
	Total income from charitable		activities: grants				2,068,076	3,193,011

Income from other trading	Income from other trading	Income from other trading	activities
				2022	2021
Fundraising	events			29,135	3,752
Corporate	fundraising			65,663	38,057
Commercial	trading	operations	(note 5)	400,677	76,324
				495,475	118,133

			2022	2021
Turnover			400,677	76,324
Other operating	income			88,661
Interest received			74	60
Cost ofsales			(69,938)	(8,371)
Administration	expenses		(185,961)	(103,109)
Management fees			(144,852)	(53,565)
Net profit
Amount gifted	to charity
Profit retained	in the subsidiary
The assets and	liabilities ofthe subsidiary	at 31 March 2022 were:
Current assets			187,468	347,205
Creditors: amounts falling due within one		year	(187,466)	(347,203)
Tota I net assets
Profit and loss	account
Aggregate share capital and reserves
Total funds

	Summary profit	and loss	and loss	and loss	account:
								2022	2021
								E
	Turnover							1,338,563	32,327
	Cost of sales							(1,592,277)	(38,472)
	Net profit/(loss)							(253,714)	(6,145)
	Taxation							253,714	6,145
	Profit retained	in the subsidiary
	The assets and	liabilities			ofthe subsidiary		at 31 March 2022 were:
	Current assets							259,859	6,145
	Creditors: amounts		falling due within			one	year	(259,858)	(6,144)
	Total net assets
	Profit and loss account
	Aggregate share capital				and reserves
	Total funds
6.	Expenditure on	activities			for raising funds
								2022	2021
	Trading companies		staff		costs			136,788	93,844
	Trading companies		other		costs			115,561	16,531
	Fundraising staff costs							209,687	162,629
	Other direct fundraising			costs				35,747	3,554
	Support costs (note		8)					250,084	201,771
								747,867	478,329
7.	Charitable activities
							Activities
							undertaken	Support	Total
							directly	costs	2022
							E		E
	Theatre productions						2,417,853	1,214,723	3,632,576
	Young People's	programme					339,988	170,809	510,797
							2,757,841	1,385,532	4,143,373

					Total
					2021
	Theatre productions		1,166,207	850,833	2,017,040
	Young People's programme		233,847	170,609	404,456
			1,400,054	1,021,442	2,421,496
8.	Support costs
				Cost of
			Charitable	raising	Total
			activities	funds	2022
				E	E
	Staff costs		216,513	39,080	255,593
	Building costs		379,388	68,478	447,866
	Administration	costs	259,747	46,884	306,631
	Depreciation		445,321	80,379	525,700
	Irrecoverable	VAT on overheads	59,721	10,779	70,500
	Governance costs:
	Audit fees		21,741	3,924	25,665
	Legal fees		3,101	560	3,661
			1,385,532	250,084	1,635,616
					Total
					2021
					E
	Staff costs		187,784	37,094	224,878
	Building costs		164,663	32,527	197,190
	Administration	costs	205,990	40,690	246,680
	Depreciation		438,530	86,625	525,155
	Irrecoverable	VAT on overheads	8,636	1,706	10,342
	Governance costs:
	Audit fees		15,004	2,964	17,968
	Legal fees		835	165	1,000
			'I,021,442	201,771	1,223,213

Taxation
		2022	2021
			E
Domestic current	year tax
UK Corporation	Tax	(253,714)	(6,145)
		(253,714)	(6,145)

.Staff costs and direc		tors'	remu	ner	ation
							2022	2021
							E	E
Salaries and wages							1,658,571	1,557,683
Employers' National		Insurance		contributions			146,017	131,657
Employers' pension	contributions						38,080	37,385
							1,842,668	1,726,725
These costs are included			as follows:
Activities for raising		funds					346,475	256,473
Theatre productions							1,049,861	1,044,985
Young People's programme							190,739	200,389
Support costs							255,593	224,878
							1,842,668	1,726,725
The average number		of employees			during	the	year was as follows:
							2022	2021
Full time							33	39
Part time and casual							51	43
							84	82
The number of full time equivalent					employees		was 65 (2021:53) in the following categories:
Activities for raising	funds						9	10
Theatre productions							41	31
Young People's programme							9	6
Support activities							6	6
							65	53

	Leasehold	Equipment
	improvements	and furniture	Total
Cost
At 1 April 2021	12,808,851	2,170,784	14,979,635
Additions		87,582	87,582
At 31 March 2022	12,808,851	2,258,366	15,067,217
Depreciation
At 1 April 2021	4,609,810	2,052,273	6,662,083
Charge for the year	446,776	78,923	525,699
At 31 March 2022	5,056,586	2,131,196	7,187,782
Net book value
At 31 March 2022	7,752,265	127,170	7,879,435
At 31 March 2021	8,199,041	118,511	8,317,552

.Investments
									Group		Company
								2022	2021	2022	2021
								R	E	E	E
Investment	in subsidiary		undertakings
Investments	are included		at	cost and		are unlisted.		In the	opinion of the directors the market value of the
investment	is not	materially		different		from the cost.
									Number	%of issued	Cost of
									ofshares	share capital	shares
Lyric Hammersmith		Enterprises			Limited		(note 5)			100%
Lyric Hammersmith		Worldwide			Limited		(note 5)			100%
.Debtors
									Group		Company
								2022	2021	2022	2021
Trade debtors							120,971		52,315	88,058	16,973
Subsidiary	undertakings									371,727	319,659
Other debtors							269,575		24,797	9,715	17,166
Prepayments							47,410		35,318	45,087	35,318
Accrued income							53,071		128,547	53,071	128,547
							. 491,027		240,977	567,658	517,663

14.Creditors: amou	nts falling	due wi	thin one	year
					Group		Company
				2022	2021	2022	2021
					E		E
Trade creditors				399,547	114,377	387,028	113,890
Taxation and social security				25,022	11,038	5,844	1'i,038
Other creditors				156,446	37,898	127,755	16,298
Accruals				336,624	286,508	321,414	283,507
Deferred income				243,635	174,957	243,635	166,356
				1,161,274	624,778	1,085,676	591,089
15.Restricted funds
				31 March	Net incoming		31 March
				2021	/(outgoing)	Transfers	2022
Capital grants —extension		2004	(1)	1,008,062	(91,622)		916,440
Young People's	fund		(2)	77,366	105,556		182,922
Capital project 2015			(3)	6,385,790	(286,351)		6,099,439
Capital project 2018			(4)	539,385	(55,714)		483,671
Restricted activity fund			(5)	219,090	(219,090)
				8,229,693	(547,221)		7,682,472

			31March	Net incoming		31 March
			2020	/(outgoing)	Transfers	2021
				E	E
Capital grants —extension 2004		(1)	1,099,684	(91,622)		1,008,062
Young People's	fund	(2)		77,366		77,366
Capital project	2015	(3)	6,672,141	(286,351)		6,385,790
Capital project	2018	(4)	620,018	(58,158)	(22,475)	539,385
Restricted activity fund		(5)		219,090		219,090
			8,391,843	(139,675)	(22,475)	8,229,693

						F	or t	he	year ended	31 March 20	31 March 20	22
									31 March	Net incoming			31 March
									2020		/(outgoing)	Transfers	2021
									E		E	E	E
Designated funds
Building emergency				reserve			(1)		100,000				100,000
Building capital		reserve					(2)		398,802			261,198	660,000
New building 2015							(3)		536,967		(62,404)		474,563
Roofgarden reserve									19,249		(19,249)
Fixed asset fund							(4)		27,258		(7,372)		19,886
Programme development					fund		(5)		151,020			48,980	200,000
Organisational	development					fund	(6)		25,001				25,001
Green fund							(7)		25,000				25,000
Next generation		fund					(8)		100,297				100,297
Re-opening fund			2021				(9)					565,000	565,000
Total designated			funds						1,383,594		(89,025)	875,178	2,169,747
Other unrestricted			funds
General funds							(10)		428,482		972,656	(852,703)	548,435
Total unrestricted			funds						1,812,076		883,631	22,475	2,718,182
17.Analysis of group			net	assets		between		funds
									Unrestricted		funds
									General		Designated	Restricted	Total
									funds		funds	funds	2022
													E
Fixed assets and			investments								490,018	7,389,417	7,879,435
Current assets									1,898,566		1,360,298	293,055	3,551,919
Creditors									(1,161,274)				(1,161,274)
									737,292		1,850,316	7,682,472	10,270,080
									Unrestricted		funds
									General		Designated	Restricted	Total
									funds		funds	funds	2021
									E		E	E
Fixed assets and		investments									494,449	7,823,103	8,317,552
Current assets									1, 173,213		1,675,298	406,590	3,255,101
Creditors									(624,778)				(624,778)
									548,435		2,169,747	8,229,693	10,947,875

.Contingent lease obligations —c	harity and group
		Group		Charity
	2022	2021	2022	2021
				E
Land and buildings
One year	40,000	40,000	40,000	40,000
Two to five years	160,000	160,000	160,000	160,000
More than five years	4,600,000	4,640,000	4,600,000	4,640,000
	4,800,000	4,840,000	4,800,000	4,840,000

			General	Designated	Restricted	Total
		Note	Funds	Funds	Funds	2020
			E	E	E
Income from:
Donations		3(a)	206,298			206,298
Charitable activities
Theatre 8 Young
People's Activity		2	118,059			118,059
Grants		3(b)	1,514,764		1,678,247	3,193,011
Other trading activities		4	118,133			118,133
Interest received			2,135			2,135
Total income			1,959,389		1,678,247	3,637,636
Expenditure on:
Raising funds			478,329			478,329
Charitable activities			514,549	89,025	1,817,922	2,421,496
Total expenditure			992,878	89,025	1,877,922	2,899,825
Net income/(expenditure)
before taxation			966,511	(89,025)	(139,675)	737,811
Taxation		9	6,145			6,145
Transfers between	funds	15,16	(852,703)	875, 778	(22,475)
Net movement in funds			119,953	786,153	(162,150)	743,956
Reconciliation offunds:
Total funds brought	forward		428,482	1,383,594	8,391,843	10,203,919
Total funds carried	forward		548,435	2,169,747	8,229,693	10,947,875

			Unrestricted	Restricted	Total
		Note	Funds	Funds	2022
			E		E
Income from:
Donations			115,774		115,774
Charitable activities
Theatre 8 Young
People's Activity			1,531,873		1,531,873
Grants			1,405,419	662,657	2,068,076
Other trading activities			239,650		239,650
Interest received			2,173		2,173
Total income			3,288,255	662,657	3,950,912
Expenditure on:
Raising funds			491,968		491,968
Charitable activities			2,933,495	1,209,878	4,143,373
Total expenditure			3,425,463	1,209,878	4,635,341
Net income/(expenditure)
before transfers			(130,574)	(547,221)	(677,795)
Transfers between	funds
Net movement in funds			(130,574)	(547,221)	(677,795)
Reconciliation offunds:
Total funds brought	forward		2,718,182	8,229,693	10,947,875
Total funds carried	forward		2,587,608	7,682,472	10,270,080