LYRIC THEATRE HAMMERSMITH LIMITED (THE) IA Company Limited by Guarantee) Registered Company No.1443809 Registered Charity No.278518 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
Lyrlc Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 The Trustees of the Lyric Theatre Hammersmith are pleased to present their report together with the financial statements for the year ended 31 March 2025. REFERENCE AND ADMINISTRATIVE DETAILS Company Details Registered Name.. Lyric Theatre Hammersmith Limited (The) Registered Charity No.: 278518 Registered Company No.: 1443809 Registered Address: Lyrlc Hammérsmrth Theatr8 Lyric Square Klng Street London W6 OQL Joint Chief Executive & Artlstk 05reclor'. Rachel O'Riordan Jolnt Chlef ExecutlV8 & Executive Dlr8ctor'. Amy Belson Advlsers Audltors.. Saffery LLP 71 Queen Victori8 Street London EC4V 4BE BankeTS'. Barclays Bank Knightsbridge Business Cenlre PO Box 32014 London NW12ZG Solicitors.. Harbottle arid Lewig 14 Hanover Square London W1 R OBE Farr8r and Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Constitution The Lyric Theatre Hammersmllh is a registered charity and a company limited by guarantee, governed by ils Memorandum and Articles of Association dated 14 August 1979 and last updated in 2004.
Lyric Theatre Hammersmith Limited {The) Trustees, Report For the year ended 31 March 2025 STRATEGIC REPORT Objectlves The objectives of the charity as sel out in the Lyric's Memorandum and Articles ol 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 Hammersmilh and Fulham. Mission & strategic objectlvos UK Prime Minister Kelr Starmer, then Lead8r of the Opposition, on his visit to the Lyri¢ Hammersmilh Theatre during Ihe election campaign on the 25 June 2024, said: "Today, I have had the pleasure of vlsltlng the Lyric Hammersmlth Theatro - a cultural venu8 deeply embedded into its local West London communlty through their work on stsge as well as extensive creative engagement wlth young people. The Lyrlc's commltment to supporting thelr local community18 t&8tament to the posltlve Impact a thrlving theatre sector can and does make Sn our country. My Labour Party wlll always stand squarely behlnd organlsatlons1Ske the Lyrlc who are so key to drivlng growth and Investment in thls country." Mlssion We are the Lyric Hammersmilh Theatre. W8 are the artlsllc and civlc heart of Wesl Landon. In our blg, beaulrful Ihealre, we present world-class theatre and tell stories that matter. We bring the best artistic talent lo Hammersmith lo make ambitious theatre for our audlence that entertains and Insplres. We believe theatre is for everyone and support tomorrow's artists to discover the power of creativity and realise thelr potential lo shape the future of theatre. A local theatre with a national Impact. The Lyric - 130 years young. Valués Work wlth Integrlty and r8spect We support each other with kindness, openness and integrity. Together we celebrate our achievements and work collaboralively through our challenges. Every day we learn and grow We continue to ask qu8Stions, seek answers and share our learning with each other for the benefrt of the Lyric. Be ambltlous and action-focused We believe in excellence,. wo have a can-do attitude, go the extra mile and ensure our ideas become actions. 8erve our West London communlty We are here for the people of West London, every decision we make and action we lake should benefit our community
Lyrlc Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 Strate ic ob'ectives for 2024125.. In 2023 the Lyric Hammersmith Theatre launched the theatrè's strategic vision, defining organisational ambitions through to 2026. It forms the foundations of all strategic work and planning across the organisation. Fundamenlal to the strategic Work is a continued commitment lo Change. whlch is artlculaled Ihrough our Anli-Racism Strategy. The vision is infomed by the delivery requlrements of our major funders - Art5 Council England and the London Borough of Hammersmith & Fulham - alongside creative and organisalional priorities Ihal wlll ensure the future success of the Lyric. Strategic Strands.. OUR WORK & IDENTITY Positioning the Lyric in the UK theatre landscape OUR BUSINESS DEVELOPMENT & SUSTAINABILITY Developing and delivèring against the Lyric's business model OUR AUDIENCE & COMMUNITY Engaging and growing the Lyric's audience and wider Community OUR PEOPLE & CULTURE Supporting staff, young people and artists lo excel Aclivilies & Achievements.. Deliverin Ihe slrale ic ob'eclives Productions in 2024125 included.. Artistic Director, Rachel O'Rlordan directed a major revival of Brlan Frlel's masterpiece Faith Healer. David Haig'$ Minority Report, based on the short Story by Philip K. Dick, directed by Max Webster, Mlnorlty Report was co-produced with Nottlngham Playhouse and Birmingham Rep, in association with Slmon Frlend Entertalnment. A new production of Allco Chlldre$s' seminal play Weddlng Band." A Lovo/Hate Story In Black and White, directed by Monique Touko, who returned to the Lyric following the success of the 2023 production of School Girls,. Or, the Afrlcan Mean Glrts Play. The UK premlere of the hit AuslraSian musical, FANGIRLS, by award-wirbning playwright and comp05er Yve Blake, dir8Ct8d by Palge Rattray. co-produced with Sonla Frledman Productions. The world premiere of The Promise, a brand new production by award-winning Deaflnltely Theatre about dementia in the Dldeaf community, written by Paula Garfield and Melissa Moslyn for Dldeaf and hearing audiences in the Studio Theatre in a co-production with Birmingham Rep and Deafinitely Theatre. Artistic Dlrector Rachel O'Riordan diiecled Timberlake Wertenbaker's Olivier Award-winning modern classic, Our Country's Good. wlth the award-winning playwright revisiting the piece for this major London revival.
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 Lorralne Han5berry'5 American classic, A Raisin in the Sun, directed by Lyric Artistic Associate Tinuke Craig in a co-production with Headlong. Leeds Playhouse and Nottingham Playhouse. For the Culture.. Celebrations of Blackness Festival returned IN conjunctlon wlth A Ralsin in the Sun. This three day festival featured music, art, workshops, celebrating and honouring the Black Brillsh diaspora. Sonia Jalaly wrote the Lyric's 2024 Panto, Aladdin, direct8d by Associate Director, Nicholai La Barrie. Play Onl, a major touring musical based on Shakespeare's Twelfth Night, directed by Michael Buffong, set in New York's Cotton Club and featuring Duke Ellington's timeless music. In a co- production with Talawa, Belgrade Theatre, Blrmlngham Hippodrome, Bristol Old Vic, Llverpool's Everyman Playhousé. The Lyric hosted Engllsh Touring Theatre with their touring production of Shakespeare's Macbeth direcled by their Artistic Director Rlchard Twyman. OUR WORK & IDENTITY | Positioning the Lyric In the UK thèatre landscape Highlights of work achieved in 2024/2025.. The Lyrlc Is a producing theatre wlth thè abllily lo be genuinely eclectlc., the programme for 202412025 includ8d new plays alongside classlcs, musicals, and com8dy. Wé wer8 bold. Innovative and welcoming In our programme. Our work In 202412025 told big stories from our blg beautiful stage transporting audiences to different worlds. We welcomed thèatre eompanS8s, producers and leading artists from across the world lo mak8 Ih8atre in Hammersmilh with us for the people of Wesl London and beyond lo great critical ac¢lalm. Quietly spellbinding, beautlfully acted stgging (Fallh Healer l Financial Times) "An important, affecting revival" (Wedding Band | The Guardian) A musical that feels unlike anythlng else" IFANGIRLS | The Independent) "Explores the power of theatre as a humanising force" (Our Country's Good |The Observer} "A magisterial revival" (A Raisin in the Sun | Evening Standard) "The Lyric Hammersmilh pantomime is firing on all cylinders" (Aladdin | The Times)
"Charming. enchanting, laugh-out-loud funny" {Play Onl I Whatsonslagel In the Autumn of 2024, our For the Culture biannual Ihree-day festival returned. For the Culture is a programme of work that celebrates Black British artisls and ¢ulluTe. This programme seeks to honour the legacy of Black British Artists whi18 fostering creativity, representation, and new artislic voices. It also seeks lo build audiences from the black diaspor8 and more locally from our West London community. It also seeks to enhance the audlence experience of the Lyric's artistic programrne and introduce new and Emerging Black British talent lo a wider audience. The festival was curated by three-tim8 BAFTA-nominated screenwriter, Sunday Times best-selling aulhor and Young Lyric alumni Nathan Byron and Lyric Associate Direclor Nicholai La Barrie with 13 evenls and 1,856 attenders with 940A of audiences first time attenders.
Lyric Theatre Hammersmlth Llmlted (The) Trustees, Report For the year ended 31 March 2025 Our work with young people is sector leading. 2024 saw the end of our three-year pllol of our ambitious flagship programme Springb08rd, which has made a bold intervention into how theatre addresses the lack of affordable drama training and subsequent impact on our industry. A total of 31 trainees took part in Springboard between 2021-2024,. 52°k of trainee5 identified as Global Majority, 80.10 were from the top 50°/o of deprived wards in West London and 32./¢ identified as having a medical condition or acce55 requirement. 81 Vts of trainees completed the programm8, Wlth 680/u securing professional representation and 84 /0 of alumni have found professional employment in the Greative sector to dale. The programme addressed the financial, geographical and inslilutional barriers to engagement, reflecting the challenges fae8d by thè p8rfomiing arts sector in diversifying and training new entrants to the workforce. "SPRINGBOARD provides you with a professional working environment.. We've seen 8 productions come in, rehearse and b8 Put on the stage, on top of other rehearsals that we have sal Inon We've seen artists . and we're seeing the real working mechanics of thls industry whilst learning it really does pul it above and beyond olher training programm8s.' SPRINGBOARD Trainee We are very grateful to Esmée Fairbairn Foundation and The Emmanuel Kaye Foundatlon for funding the first three years of SPRINGBOARD. Thls generous support has provided young asplrirbg cr8atives in Wesl London with bespoke and high-qualily industry training, respondlng lo individual needs and énsurlng each Irainee had a toolkit to confidently move forward in their career. Looking ahead, we aim to train arsolher 30 young peop18 over the next three years, generously supported by John Lyon's Charity. The success of SRINGBOARD now and for futur8 years Is entlre5y dependent on the vislon and generosity of our funders. OUR BUSINESS DEVELOPMENT & SUSTAINABILITY | Dèvèloping and delivering against Ihe Lyric's busine55 model Hlghllghts ol work achiev8d in 2024/2025.. We have further developed the Lyric's buslness model to provide greater financial security and suslainabilily for the theatre. Most notably wlth the creation of a Lyric Model Year, with the int8ntlon of including quantitalive and financial measures to compare the Lyric's activities and budget lo each year to highlight the ways in which that year varies. The Model Year will allow us to work morè efficlenlly utilising our available resources lo achieve our mlssion and objectlves. The further development of our Building Use Strategy has ènsured 9reater integration of our space usage to allow us to grow both our commercial hires business, artisllc work and Young Lyrlc projects. In close collaboration wlth our Landlord Hammersmith & Fulham Council we ar@ developing a capital plan that will protect the Lyric as an asset for the people of our Borough for the future. Our commitment to environmental sustainability has been further strengthened this year as we lake the important steps to becoming a Carbon Literate organisation,. with training completed by our nominated Environment Champion al Trustee level, Joint CEOIExecutive Director, Head of Production and Head of Buildings & Facilities. Through our Environmental Sustainability Action Plan and Taskforce, our collaborations with other London Theatres and locally with the H&F Climate Alliance, we are making direct actions to ensure we are minimising our impact on the environment.
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 OUR AUDIENCE & COMMUNITY Engaging and growing the Lyric's audience and wider community Highlights of wort achieved in 2024/2025.. Through 202412025 we have had 29,901 unique bookers. 56Vu of patrons were new lo the Lyrlc. Survey responders described the Lyric as entertaining. affordable and crgalive. This year w8 launched our new Ihree-year audience development strategy to continue centring u5 as an audlence-first organisation. In 2024 we celebrated the 30" anniversary of Free First Night, we distributed 3,539 fr8è tlckels to people who live or work in Hammersmith & Fulham to our Main House first previews enabling equity of opportunity by ensuring everyone can experience theatre made in their home Borough log8lh8r. SinGe 2008 22,439 schoolchildren have benefilted from our free Panto ticket scheme and in 2024, we provided an additional 1,874 free tickets to schoolchlldren in Hammersmilh & Fulham - ensuring every child in Hammersmrth & Fulham get5 the opportunity to experience theatre before they leave primary school. The impact of this programme not only enriches schoolchildren's creativity and accass to culture bul has a positive impact on educational potential. We achieve Ihis through cross-¢urricular learning aclivilies, supporting ¢hildren's laarnlng Inside and outside of the classroom. 'Absolulely fantasllc experiencel" IFANGIRLS l Audlence comment) 'Movlng inspirational un8XP8Cted" {Th8 Promise | Audiènce comment) 'An engaging and thought provoking èvening.. (Our Country's Good | Audience comment) 'It was fabulousl A wonderful play and a mesmerlslng performancel Many thanks to everyone Involvedl" IA Raisin in Ilie Sun | Audience comment) 'Evèryone enjoyed the show and the theatre staff were èxcèptional." (Aladdin l Aud¢ence commenll "Free, at a Ilme when many theatre tickels {not necessarily the Lyric} are unaffordable. This also gives the event a sense of community, warmth, generosity & inclusiveness., (Free First Night attender) .1 like the atmosphere and the way locals come together.. (Free FITSI Night attender) 'Thank you so very, very much lo you and all the staff al the Lyric. The families that came with me to watch the Father Christmas show on Monday had such a lovely time - A lot of Ihe families we work wlth are not privileged and some are very vulnerable so it was so lovely to see the delight on their little faces during th6 show. Once again. thank you for making our families Christmas a little brighter.. LBHF Children's Centre Coordinator OUR PEOPLE & CULTURE Supportirbg staff, young people and artists lo excel Highlights of wort 8chieved in 2024/2025.. The Lyric can only succeed with the right people and culture to drive it. If the Lyric is the heart of Wesl London, then it is the people who are the blood thal keep tt pumping. We have focused on growing and supporting the besl talent of the UK theatre industry - onstage and off, freelance and
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 employed - and provide them with the culture that will allow them lo thrive and succeed, embedded within thls Is our commitment lo change articulaled through our Anli-Racism Stralegy. Our priority areas to achieve this have and continue ta be= Transparent culture.. we embrace the new working culture lo Ihe benefit of the Lyric, placing our valu8s at the heart of that Gullure. We have ensured our policies are clear and accessible to all. Proud and confident.. we inslil collaborative working and in all areas working as One Lyric team towards our shared missior). Through our Quarterly Staff Meetings, we share ideas and come together to learn and grow. NetWOTks.' we have brought people into the One Lyric community who we want to WOTk with strengthening our organisalion capabilities and ensuring we are representative of the people we serve in our home Borough with 46010 of our workforce identifying as Global Majority. Supporting freelancers.. we have worked with tha very best artists and creativ8 praclilioners, employing 120 artists in 24125, an increase on the previous year, demonslraling the ambition we have in our work and our positty)n as the leadlng cultural venue in West London. Fundraisin We rals8 money from a range of sourc85 Including grants from trusts and foundatlons, corporate partnerships, corporate support, individual memberships, major donors, crowdfunding appeals, and SP8clal events. In an Increaslngly difficult fundraising environment, particularly for the arts, we remain grateful for the ongoing - and in some cases- increased support of our current donors across a51 philanthropic income streams. Tfram The team was without a dedlcaled Trusts & Foundations fundraiser for the entire flnancial year due to the dlfficull recrultmenl market, The Director of Development, Nalhalie Brislow, who seNed in post for four years. dèparted In Odober 2024 and her replacement, Zosha Nash. took up the role in January 2025. However, despite these ¢hallenges there were numerous succèsses for the team and philanthropic income remained steady. Trusts and Foundatlons fundraising remains a challenge given thè Increasing demand on these organisalions, many of whom have paused glvlng or re-evaluated their funding criteria. A small number of reliable larger foundation5 have now sp8nt out, leaving gaps in the prospect pool. However, there is an increasing understanding of the lleed for core arid multi-year funding from trusts and foundations, enabling the team to plan ahead with confidence and ensure our on and off-stage work - especially Yourbg Lyric's demonstrably impactful work wilh underrepresented young people - can continue. Individual support is a growing area for the thealre. Our membershlp scheme has been a key focus for expansion and we are heartened by major donor support towards both core and projects, which has made a signrficanl difference lo the Lyric's ability to maximise the impact of creatlV8 and education work. Events are an increasing opportunity to fundraise and spread the charitable messaging of the organisation. The team have rurn successful and financially beneficial events including quiz nights, comedy nights and Merry Lyric Christmas. There will be more events, including a ticketed birthday party performance and gala dinner in 2025 to celebrate the Lyric's 130, anniversary (Lyric 130), as
Lyrlc Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 well as Other events that will contribute to the malor capital campaign to replace Ihe main auditorium lights. We have a busy calendar of events around each of our shows lo engage our members and generous donors and cuttivate new supporters. Corporate remain8 the Iheatr8s least active stream of philanthropic support, however we have ongoing support from a number of local buslness&s and have reached more through corporate workshops and opportunitie5 around Panto. Fundraising activity is delivered in-house by our Development team with the support of a (volun16er) Development Committee and the wider Lyric team. In 2024125 we recruited an experienced freelance Direotor of Lyric 130 who is overs88ing preparations for all fundraising events In our birthday year. We ensure that our fundraising staff are trained in OUT fundraising policies and procedures, supported with controls to ensure compliance. We operate according to an agreed strategy and report back to the Financè & R@sources Committee and Trustees at regular Board meetings through the Board member who chairs our Developmènt Committee. Our financial goals in 2024125 were revised respondlng to recruitment challenges and some disappolnting bid outcomes. The Trustees take their responsibllllles under the Charllles (Protection and Social Investmenl) Act 2016 Seriously arnd have oonsidered the Impllcalions of their activities. 11 is possible that our fundraisers may come into conla¢t wllh vulnerable people. We are especially careful and sensitive when engaging with vulnerable people, and have a Safeguarding Policy, procedures and processes In place to ensure we are doing all wè can lo prote¢t vulnerable people. Our Guidelines for Fundraising Involvlng Vulnerable People was LFpda18d in January 2022. We are commltted lo followlng the Code of Fundralslng Practice and volunlarily subscrlbe to the Fundraising Regulator. We have complied wllh relevant laws and regulations, includlng the Proceeds of Crime Act, Dat8 Protection, Tax and Gift Aid leglslation, and Charity Commisslon guidance, as well as our policies, such as Fundraising Policy and Ethics Policies both of which were updated in December 2023. The Development Director and Executive Dir8clor have reviewed and monltored all fundraising activity in this financlal year against these policies and can report that there has beèn no negligence. There have been no complaints to date about fundraSsing at the Lyric. Th8 Lyric Is fully compliant with GDPR legislation Sn how we use data and communicate with our database. Our Privacy Policy stales how we use data in fundraising in order to ensure we are only soliciting gifts from those who arè willing and able to support us. Future plans 2025 marks the 130, birthday of the Lyric Hammersmith Theatre. Our work on stage will show¢ase the bold, original storytelling that has kept our Frank Matcham auditorium al the heart of West London and UK theatre for over a century. Productions and projects include: Artistic Director Rachel O'Riordan reunites with writer Gary Owen Ilphigenia in Splottl in reimagining of Henrik Ibsen's Ghosts. The stage adaptation of Marriage Materlal by Gurpreet Kaur Bhatti, based on the critically aGclaimed novel by Sathnam Sanghera, direcled by Iqbal Khan. The UK prpmlere of the critically-acclaimed stage adaplalion of Slng Street in a brand new production from Tony-Award winning creative leam, including writer Enda Walsh (Once), with music and lyrics by Gary Clark and John Carney, direcled by Rebecca
Lyrlc Theatre Hammersmith Llmlted {The) Trustee5' Report For the year ended 31 March 2025 Tai¢hman. A brand new adaplalion of Dracula, based on the novel by Bram Stoker. adapted by Morgan Lloyd Malcolm (Emilia) and directed by Emma Baggott. The launch of The Bill Cashmore Award: One Act Play Prize, run in conjunction with the Lyric as a nationwide opportunity for playwrights aged 18 30 to develop a one-act play from the page to professional stag8. The Lyric collabor81es with Hammersmith & Fulham Council's Gangs, Violence and Exploitation Unlt IGVEUI for the touring theatre intervention production Cross the Llna with the aim to support reducing future crime amongst young people within the borough. As we celebrate the Lyric's 130 birthday, the Development team's focus is on a major capital campaign lo complete vital work to replace the outdated lighting system with energy-efficient LED fixtures, called Light Up the Lyric. Our current lighting infrastructure, inst811ed in 2005, is not only inefficient bul also costly to maintain, environmentally unsustainable and on the brink of becoming obsol8te, meaning that our on-stage work, and the off-stage work that directly responds to it- is al risk if we do not undertake the works in the next eighteen months. Additionally, upgrading to LED liohting will also significantly reduce our energy consumption, cut el&ctricily Costs, and lower our carbon foolprinl, aligning wlth our commltment to envSronmental sustalnability. The Reuben Foundation Wlng - which houses our Young Lyric classes, much of our talent development and work with vulnerable young people, plus our rehearsal, meeting and office spaces- is now len years old and requires capital work lo ensure It is flt for purpose. This is also a priority for the team as fundraising is r8quir8d to cover al least 50m8 of the costs of this work, which includes nèw lighting systems, updated equipment, and repairing general wear and year after a decade of intensive use. Addltlonal Inlllallves in fundraising will focus on expandlng our membership scheme at all levels from Bronze to Artistic Director's Circle., membership offers vital unrestricted funding which can bè allocated where il is needed most in the organisalion, and enables members lo see behind the curtain lo the ¢reats've h&art of th8 Ih8alr8, hearing from writer8, directors and actors around each production. Finally, we intend to run two médium scale crowdfundlng ¢ampalyns - a Big Give Chrlslmas Challenge around START, which will enter its 20, year in 2026. and one around Llght Up the Lyric. This next year the Lyric will continue lo grow and strengthen Ils poslllon as the cre8tlve heart of West London a major producing house delivering for our audiences with creative engagement and opportunity al our core. FINANCIAL REVIEW Thé group's total income for the year was £6,741,434, a 60/0 increase on 2023124. This represents our highest level of annual income (excluding grants towards the refurbishment of the theatre's Maln House in 2018119}, after reduced audience numbers during and after the Coronavirus pandemic from 2020 10 2023 resulting in Income falling lo between £3.6m and £4.9m. Of this income, £3.8m was from charitable aclivilies, £1.4m from public funding, £0.9rn from commercial activity (bars, catering, hires and events) and £0.6m from grants, donations and other fundraising.
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 Total expendilure for the year was £8,125,439. This represents our highest ever level of expenditure, reflecting our most ambitious seasor¢ of theatrical productions to date. Of this expenditure, £7.1 m was on charitable aclivities1£6.5m on theatre produ¢tion$ and £0.6m on our Young People's programme), £0.6m on commercial activity, £0.2m on support costs and £0.2m on fundraising. Afler receipt of Theatre Tax Relief of £814,318, the net movement of funds for the year was a deficit of £569,689. The nel movement of funds includes £472,193 of depreciation from reslricled and designaled funds. The charty's net deficit for Éhe year, excluding restricted funds, was £114,681. The group's total funds al 31 March 2025 were £8,216,737, comprislng £6,091,140 fixed assets held in restricted funds. £522,230 fixed assets held in designated funds, £137,031 re5tricled funds for activities in 2025-26, £1,458,146 in designated reserves (see below) and £8,190 general funds. Reserves As part of the chartty's rlsk management strategy (see below) the potential financial impact of each risk is assessed and weighted according to its Ilkellhood. The Trustees, reserves pollcy Is to maintain a designated ReseNe8 Fund lo cover this overall level of risk. The current requiTemenl, aocordlng lo this policy, is for the ReS8e$ Fund to hold belween £1.1 m and £1.5m, against which £1.1m was held at 31 March 2025. During the year a transfer of £30,000 was made from the Reserves Fund into General Funds. The Trustees have also Identified thè need lo hold a designated Bulldlng Rénewal Fund for the essential replacemenl and renewal of equlpment, fixtures and fillings over the short term, and for thè larger capital expenses which will be required lo maintain the theatre over the long term. The Trustees, initial assessment is that this fund should rnainlaln a balance of beeen £0.2m and £0.6m during the next 4-5 years, with a vléw to increasing this level ov&r the subsequent decade. Total movement on the Fund during the year was £124,633, reducing the Fund balance from £0.5m to £0.4m. Of this, £80,503 was a transfèr lo th8 Fixed Asset Fund (for fixed assets btsught during the year nol funded by restricted income), including a new Building Management System. For detalled analysis of reseN8s see Notes 15-17 of the Financial Statèments. Risk Mana emen The Gompany has a risk management strategy whlch includes an Organisatlonal Risk Register and a Disaster Recovery Plan. The Reglster assesses the major risks faced by the company, and an outline of actions laken to mitigate each risk. The Reglster is reviewed quarterly by the Senior Managemenl Team, the Finance & Resources Committee and Ihe Board. The mosl slgnificant areas of risk that the company currently faGes are.. Box office income targets As a publicly-funded theatre committed lo th6 produdion and presentation of new and innovative work we face an inherent risk In the potential failure to reach box office targets. To manage this risk, we sel realistic targets and reforecasl annual budgets lo lake account of shows which under- or over-perform against these targets. We aim for a balanced programme and seek opportunitie5 lo maximise revenue wherev8r possible when a show is successful. io
Lyric Theatre Hammersmlth Llmlted (The) Trustees, Report For the year ended 31 March 2025 Fundralslng targets We raisè a significant proporlion of our total income from trusts, companies and individual donatlDns, and from our commercial activity. We sel realistic largels which are regularly monitored against confirmed inGome and we reforecast according to our performance in this area. Bulldlng, equlpment and facilltles maintenance and renewal Damage or breakdown of essential equipmenl or infraslruclure could have a significanl impact on the Lyric's ability to undertake its charitable activities. TD manage this risk a schedule of planned preventative maintenance is undertaken,. close communication is maintained wilh our landlord (the London Borough of Hammersmith and Fulham) regarding shared obligations,. and a capital plan is in place for renewal and refurbishment in order lo maintain the building to a standard befitting its use as a theatre and community hub. STRUCTURE. GOVERNANCE AND MANAGEMENT The group eonsists of the Lyric Thèatre Hammersrnilh charity and two wholly-owned subsidiaries.. Lyric Hammersmilh Enlerpiises Limited and Lyric Hammersmith Worldwide Llmited. The charity is a Company Limlted by Guarantee, th8 Trustees of thè charlly being thé Direelors of thè Company, governed by ils Memorandum and Articles of Association. Board of Trustees The Artlclés of Association require th81 the Board comprise between ten and slxleen members as follows.. up to four persons nominated by the London Borough of Hammersmlth and Fulham who hold current office as Councillors of the Borough up to eight persons who in thè opinion of thè Directors are specially quallfied for such offlce by virtue of thelr particular expertlse or experience in the promotion or encouragement of the lively arts and or theatr8 management, of whioh up to four persons the Dlrectors will endeavour to nominate from Ihe local community., and up lo four persons who In the opinion of the Directors are specially qualified for such office by virtue of their partScular involvement engagement or employment in or with the community or voluntary sectors or other local organisalion or group within the Borough. Board Members are required lo retire al the first Annual General Me8ting after the third enniversary of their appointment. Board Members may be re-appolnled unless they have served for more than six consecutive years. The Trustees who have served since 1 April 2024 and to the dale of this report are: Lorraine Heggessey (Chairl David Sharkey (Deputy Chairl Councillor Emma Apthorp (to 8 January 2025) Lameya Chaudhury Liz Elston Mayhew David Greig Shivani Jaswal Farah Karim-cooper (to 12 June 2024) Councillor Bora Kwon Oliver Mackwood Julie Molloy Lisa Popham Harbinder Singh Birdi Councillor Nikos Souslous (to 14 March 2025) Councillor Nicol8 Tr8hy
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 Susan Whiddinglon (frofft 25 September 2024) Councillor Lydia Paynter (from 27 March 2025) Councillor Callum Nimmo (from 27 March 2025) Adedoyin Olayiwola Adepitan (fmm 4 June 2025) Observers may also attend Board meelings, subject lo the approval of the Board, as represenlatlv8s of the London Borough of Hammersmilh & Fulham, Arts Council England, and the company's employees. The Board mel four times during the year in order to oversee the direction of the company. th6 day to day management of which is delegated lo the Executive Team (comprising the ArtistlG Director and Execullv8 Director) within terms agreed by the Board. Recruitment, induction and trainlng of Trustees The Nominations Committee {see below) oversees the recrultmenl, induction and training of Trustees. All new Trustees are provided wllh an induction pack and meetlngs wSth relevant senior slaff member5, and ongoing training is provided by inviting Trust88s to all8nd re18vanl course5. ommlttees A Finance & Resour¢e$ Committee, comprising the ChaSr of the Board, al least two other Board members, and co-opted ex-officio members, reports lo the Board. It meets prior to Board meetings in order to oversee the company's fSnances, building and HR matters. Membeis of the Committee during 2024125 were.. David Sharkey (Chair) Lorrairse Heggessay Bishin Ho (to 17 January2025J Julie Molloy Harbinder Slngh Blrd Counclllor Nlkos Souslous Shlvanl Jaswal A Nominations Comm11188, comprising at least three Board members, makes Tecommendalions to the Board regarding the 5truGlure, size and composition of the Board, and to plan for the recruitment, appolnlmenl, Inductlon and succession of Board members. The members of the Committee during 2024125 were.. David Sharkey (chair} Lamèya Chaudhury Lorraine Heggessey Liz Elston Mayhew Julie Molloy Councillor Bora Kwon Related partles The Lyric Theatre Hammersmllh's core funders are Arts Council England and the London Borough of Hammersmilh and Fulham, who provide fundlng lo enable the company to carry out ils charitable activilies. 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 Ihe Iheatre's landlord. 12
Lyric Theatre Hammersmith Limited (The) Trustees, Report For the year ended 31 March 2025 The Lyric Theatre Hammersmith has two wholly-owned subsidiaries.. Lync Hammersmith Enterprises Limited, which was established lo operate the events, bar and calering facilities of Ihe Ihealre. The profits of the subsidiary are donated to the Lyric. Lyric Hammersmith Worldwide Limited. which was originally established for the transfer of Lyric productlons to the West End and any commercial exploilalion of work and Is now used as the vehicle to produ all Lyric productions and co-productions, maximising the benefit of theatre production lax relief. Any profits of th8 subsidiary are donated to the Lyric. Remuneration Policy The Board of Trustees do not receive any remuneration. Remuneration for the Artistic Director. Executive Director, and Director of Finance & Resources is reviewed and set annually by the Nominations Commlllee. Other employees, remuneration is sel with reference lo the Lyric's Pay Policy and annual increases are considered by the Finance & Resources Cornmillee as part of its iegular monitoring of budgets and approved by the Board. 13
Lyrlc Theatre Hammersmtth Limited (The) Trustees, Report For the year ended 31 March 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also dlrectors of Lyric Theatre Hammersmith Limiled for the purposes of company law) are responsible for preparing the Trustees, Annual Report (including Ihe Strategic Report) and the financial statements In accordan with applicable law and United Klngdorn Accountlng Standards (United Kingdom Generally ACpted Ac¢ountlng Practice). Company law requ1$ the trustees to prepare financlal 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 expenditur8, of the charitable group for that period. In preparing these financlal statements, the trusteés are required to.. select sultablè accounting pollcles and then apply tham consistently: observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether appllcable UK Accounting Standards have been followed, subject to any m8terlal departures dlsclosed and explained in the financial statements., and preparé the financlal statem8nts on the going concem ba61s unless It Is Inapproprlata to presume that the chariiable company will continue In business. Th8 trustees are responslble for keeplng adequate ac¢ountlng records thal disclose with reasonable accuracy at any time the financlal position of the charitable company and enable them to ensure that the financial statèments comply wh the CompanSes Act 2006. They are also responslble for safeguardlng the assets of the charllable company and the group and hence for taking reasonable steps for th8 prevention and detectlon of fraud and other Irregularfties. The dlrectors are re$ponslble for the malntènance and integrity of the corporate and flnanclal Information Included on th8 company'8 website. Leglslation in the United Klngdom governlng the preparation and di588rnination of flnancial statements may differ from leglslation In other lurlsdictlons. AUDIT INFORMATION In so far as the trustees are aware: there Is no relevant audrt Infomatlon 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 charttable company's audttor Is aware of that Infomiation. APPROVAL The Trustees, Annual Report was approved by the Board of Trustees (in thelr capacity a8 Com Directors on 24 September 2025. Lorraine Heggessey, 14
Lyric Theatre Hammersmith Llmited (The) Independent Auditor's Report to the Members For the year ended 31 March 2025 Oplnlon We have audited the financial statements of Lyric Theatre Hammersmith Limited (the 'parent charitable company,) and its subsidiaries (the 'group'} for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash fiow statement and th8 notes to the financial statements, including significant accounting policies. The financial reporting framewofk that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republlc of Ireland (United Kingdom Generally Accepted Accounting PractiC8>. In our opinion the financial stalem8nts: give a true and falr view of the state of the affairs of the group and the parent charitable company as at 31 March 2025 and of the group's incoming resources and application of resourcés, including its income and expendrture, for the year then ended., have been properly prepared In accordance with United Kingdom G8nerally Accepted Accounting Practice., and have been prepared In accordance with the requlrements of th8 Companle8 Act 2006. Basls for oplnlon We conducted our audlt In accordsnce with Intematlonal Standards on Audltlng (UK) (ISAS (UKI) and 8pplicabl& law. Our responslbilities under those standards are further described in th8 Audltor's responsibilities for the audit of the financlal Statements section of our report. We are Independent of the group and parent charitable company in accordance wlth the ethical requirements that are r•l&vant to our audlt of the financial statements in th8 UK, in¢ludlng the FRC'S Ethlcal Stsndard, and we have fulfilled our other ethical responsibilities in accordance wlth these requiremenls. We believe that the audit evldence we have obtained18 sufficient and approprlate to provlde a basis for our opinion. Concluslon8 relatlng to golng concern In auditing the flnanclal stalements, We have concluded that Ihe trustees, use of the going concem basis of accountlng in the preparatlon of the financial statements Is appropriate, Based on the work we have performed, we have not Identlfied any material unGertaintie5 relating to events or condltlons that, individually or collectively, may cast slgnificant doubt on th8 group or the parent charitable company's ability to contlnue as a going concern for a perlod of at least e1ve months from when the financial statements are authorlsed for Issue. Our responsibilities and the responsibilities of the trustees wlth respect to golng concem are described In the relevant sections of thls report. other infonnatlon The trustees are responsible for the other Information. The other infomation comprises the information Included in the annual report, other than the flnanclal statements and our auditols report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expr8S5 any fotm of assurance conclusion thereon. Our responsibilty is to read the other InfoatIon and, in doing 50, consider whether the other informatlon is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwlse appears to be materially misstated. If we identify such material 15
Lyri¢ Theatre Hammersmith Limited (The) Independent Auditor'5 Report to the Members For the year ended 31 March 2025 inconsistencies or apparent material misslatemenls, we are r8quired to delermine whether this gives rise lo a material misslalemenl in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatem8nt of Ihis other information., we are QUIred to report that fact. We have nothing to report irÈ this regard. Other matters pre$¢ribed by thè Companlas Act 2006 In our opinlon, based on the work undertaken in the Course of the audit.. the information given in the Trustees, Annual Report which includes the Directors, Report and the Strategic Report for the financial year for which the financial statements are prepared is Gonsistenl with the financial statements-, and the Truslees, Report whSch includes the Dlrectors, Report and the Slralegie Report has been prepared In accordance wllh applicable legal requirements. Matters on which we arè r8qulr8d to report by exceptlon In the light of the knowledge and undèrstanding of the group and the parent charitablè company and their environment obtained irb the course of the audit, wè hav8 not identified material misslalements in th8 Trustees, Report and Strategic Report. We have nothing to report in respect of the followlng mallers where the Companies Act 2006 require us to report lo you if, in our opinion.. adequate accounting records have not been kept by the parent charltable company, or returns adequate for our audit have not been recelved from branches not visited by us., or the parent Charitable company financial slalements are not In agreemerbl wlth the accounting records and returns; or c@rtain disclosures of Iruslees, remunerallon specified by law are not made., or We have not received all th6 information and explanations we requlre for our audit. Responslbllltles of trustee8 As explained rn0 fully In the Stat6m8nt of Trustees, ResponslbSlltles, the trustèes (who are also the directors of the parent charitable company for the purposes of company lawl are responsible for the preparation of the financial st8temÈnls 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 financial slalements Ihal are free from material misslalement, whether due lo fraud or error. In preparing the financlal stalemenls, the trustees are responsible for 88se8slng the group and the parent charitable company's ability to continue as a going concern, dlsclosing, as applicable, matters related lo going concern and using the going ¢oncern basis of accounting unless the trustees either intend to liquidate the group or thè parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responslbilities for the audlt of the flnancial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assuran about whether the group and parent financlal statemenls as a whole are free from malerial misslatemenl, whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance Is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK) will always 16
Lyric Theatre Hammersmith Limited (The) Independent Auditor's Report to the Members For the year ended 31 March 2025 detect a material mlsstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if, individLJally 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 irb line with our responsibilities, oulllned above. to delecl material misslalem8nts in respect of irregularities, including fraud. The specrfic procedures for this engagement and the extent to which these are capable of dele¢ling iegUlar1ties, including fraud are detailed below. Identifying and assessing risks related to irregularities.. We assessed the susceplibilily of the group and parent charllab18 company's financlal 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 conlrols operated as intended. We evaluated possible inntiVeS and opportunfcies for fraudulent manipulation of the financial st8temenls. We identified laws and regulations Ihal are of significance in the context of the group arbd parent charitabl8 company by discussions with Iru5tees and updating our understanding of the sectors in which the group and parent charllable company operate. Laws and regulations of direct sSgnificance in the context of the group and parent charitable company Includ8 The Companles Act 2006 and guidance Issued by the Charlty Commlssion for England and Wales. Audlt response to risks Id&nllfled'. W@ consldered the extent of complSanc& wllh these laws and regulations a$ part of our audit procedures on the r81ated financial statement118ms Including a revlew of financial statement disclosures. We reviewed the parent charitable company's records of breaches of laws and regulatlons. minutes of meetings and correspondence wilh relevant authorities to identify poter)tial rnalerial misslalgments arlsing. We discuss8d the parent charilable company's policiès and procedurés for compliancè with laws and regulations with members of management responsible for cornpliance. During the planning meèting with the audll team, the engagement partner drew attention to the k8y areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of nor¢-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraL2d. We addressed the risk of fraud through manauement ovorride of controls by testing the appropriateness of journal entries and identifying any significant transactions that wére 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 ensuring that the tearn had approached their work with appropriate professional scepticism and thus the capaclty to Identify non-compliance with laws and regulations and fraud. There are inherent Ilmitations in the audit procedures described above and the further removed non-compliance with18ws and regulations is from the ev8nls and Iransaotions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not d&lecling a material misslalemenl due to fraud Is hlgher than the risk of not detecting one resulting frorn errol. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentatlons. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. 17
Lyrlc Theatre Hammersmith Limited (The) Independent Auditor's Report to the Members For the year ended 31 March 2025 U58 of our report This report is made solely to the parent charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state lo the parent charitable company's members Ihose matters we are requlred to State to them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the parent charitable company and the parent charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Cara Turtinglon (Senlor StalLttory Auditor) for and on behalfof Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Date.. Saffery LLP is ellglble to act as an auditor in terms of section 1212 of the CompanSes Act 2006 18
Lyrlc Theatre Hammersmlth Llmltsd (The) Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 31 March 2025 General Designated Rostrlcted Funds Funds Funds Total 2025 Total 2024 Note Incomfrlrom: Donation8 Charbtable act4vitie8 Theatre & Young Peoplè's Activ Gran15 Olher trading aclivlli8s Intere81 received 3(al 165,157 136,464 301,621 242.430 3,806,T19 1,371,400 953,312 42,574 3,806,779 1,637,148 953.312 42,574 3,428,949 1,642,770 969,628 69,788 3(bl 265,748 Total Income 8,339,222 402.212 6,741,434 6,353,565 Expendlture on: Raising funds Charitable acliviti8s 1,051,669 6.160,474 1,061,889 7,073,770 1,060,819 6,378.235 104,076 809,220 Totsl expondlturo 7.212,143 104,076 809,220 8,12S,439 7,439.054 Net1088es on Inve5tm8n16 Not expondltur• bofore tsxatlon T8x81ion Transfgr8 botween funds 12 (3,OOOJ (872,9211 (104,0761 1407,0081 11,384,005) (1,088,489) 814,316 814,316 583,497 15,16 53.000 15,000) {48,0001 {5,605} (109,076) 145S,008J {569,889) {504.992) Nèt movement In fund• Reconclllatlon of fund$: Total lunds brought fo¢ward 13,795 2,089,4S2 8,683.179 8,786,426 9,291,418 Totsl fund8 carrled forw•rd 8,190 1,980,378 8.228,171 8,216,737 8, 786,426 These resu115 derive from contlnuing a¢tMtles and all galn8 8nd1068•8 recognlsed In the year are Included In the above statement. The notes on pages 22 to 34 fom part oftho Jnancial statements. 19
Lyrlc Theatre Hammersmith Limited (The) Registered Company No.1443809 Balance Sheet For the year ended 31 March 2025 Group Company Note ¥J25 2024 2026 Flxed assets: Tangible fixed assets Investments 11 12 6,613,370 6,980,060 6,613,370 6,980,060 Total fixed assets 6,613,370 6,980,060 6,613,373 6,980,063 Current as8¢ts: Stock and work in progress Debtors Cash on deposit Cash al bank and in h8nd 197.880 1,253,236 168,000 1,394,104 201,225 i. t71. 144 495,874 1,323,786 185,219 1.464,401 168,ofy) 1,061,922 186,599 1,241,043 495,874 1, 139.924 13 Totsl Gurrent as80ts Llabilitigs: Credf(ors: Amoun18 falling due wllhln one year 3,013,220 3, t92,029 2,879,542 3,063,440 14 (1,409,853) (1,385,663) 11.276.178) (1,257,077) Net current a88818 1,603.387 1.806.366 1.603,4 1,806,363 Total net assots 8,216,737 8.786,426 8,216,737 8, 786,426 Tho funds ofthe charlty: Raslricted fund8 Unrestricted funds.. Designated funds General funds 15 6,228,171 6,683, 179 6,228,171 6,683, 179 1,980,378 8,190 2,089,452 13.795 1,980,378 8,190 2,089,452 13,795 16 Total unrestrlcled fund6 1,988,566 2, 103,247 1,988,588 2, 103,247 Total fund$ 8,216.737 8, 786,426 8,216,737 8,786,426 No separate Gompany Statement ol Flnan¢lal Actlvities ISoFA} has been prepared by the company. as permittsd by Section 408 of the Gompanies Act 2006. The Charity's nat surplusldeflclt for the year, ex¢luding restricted funds, was a deticit of £114,681 12024.. surplus of £55,7921- The notè5 On pages 22 to 34 fonn part olthe flnancial statements. The financial slal 2025. ments were approved by the board and aulhorisgd for issue and 81gned on 24 S•plemb8r Lorraine Heg sey. Direc 20
Lyric Theatre Hammersmlth Llmlted (The) Consolidated Statement of Cash Flows For the year ended 31 March 2025 Consolidatad stat&ment of cash flows 2025 2026 2024 2024 Net cashlused Inll provlded by operatlng activities 1194,6271 108,035 Cash flows from investlng actlvSttes: Interest received Proceeds from sale ol fixed assets Purchase of fixed asse15 Purchase of investments Disposal of Investments 42,574 69, 788 2,500 (161,276) (25.000) 22,000 {105,5031 Net cash used in Investment a¢tlvltles 162,9291 (91,988J IDecreasellSncrease in cash Opening cash bglanc8 al 1 Apri 1257,5561 1,819,660 76,047 1,803, 673 Closlng cash b8lanc8 at 31 March 1,562,104 1,819,660 Reconclllatlon of not Incomèlexpendlture to net cash flow from operatlng a¢tlvltles 2025 2024 Net expendlture AdJustm8nts for.. Depreciation Gharges Nel losses on investments Interest recelv$d Loss on disposal ol fixed assels Incr8aselldecr8as81 in slcxk and work In progrgss Increase in Qeblors Increase in creditOT8 1569,6891 (504,992) 472,193 498.8f 3 3,000 (69, 788) 114,810 142,5741 3,346 182,0921 24,189 (54,386) (49.358) 169,936 Nèt Cash Iu$9d Inll provld•d by opèratlng aetlvltlos 1194,6271 108,035 Analysls of change8 Sn ¢a¥h and Ghange¥ In net debt At 1 April 2024 At 31 March 2025 Cash flow Cash al bank and in hand 1,819,660 1257,556} 1,562,104 1.819,660 1257,5561 1,562,104 The notes on pages 22 10 34 form part of the financial ststemenls. 21
Lyrlc Theatre Hammersmith Limsted (The) Notes to the Financial Statements For the year ended 31 March 2025 1. Accountin9 pollcles Company status The charity is a Company limitèd by guarantee, registered in England and Wales. The registered office is Lyric Th8atr8, King Street. Hammersmith, London, W6 OQL. The member5 of the company have served as directors or are currently serving as directors as named on page 9. In th8 &venl of the company being wound up, the liabillly in respect of the guarantee is limited to £1 per memljer of the company. Basis ot accounting The financial statements have been prepared under the historical cost convention. The aGcounls (financial slal8montsl have been prepared in accordance wEth the second eéilion ot the Slalemenl of R8commended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financiol Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting standard applicable in the United Kingdom and Republie of Ire18nd IFRS 1021 and the Companie8 Act 2006 and UK Generally Accepted Pracllce as11 applies from 1 st January 201 Y. The Charlty constilules a public baneh'l enlily as delined by FRS102. The flnancrdl slatem8nls are prepared in sterling, whlGh Is the functional currency of thè Charlty. Monolary amounts in these financial slatem¢n18 are rounded lo the neAr¢$l £. Consolldation The SOFA and Balan Sheet consolldale the financlal slalemenl8 of th8 charitable company and118 subsidiary undertaking$, The re3uII8 of the subsidiaries are consolldaled on g lin¢ by Ilne basi8. Golng concern Al the lime of approving the financial 8181emenls the Trustees havè a r&asonable exp¢¢lation that the Charlly ha8 adequate re80ui¢es to continue In operallonal exislencg for the fores8èable future, thus the Trustees conllnue to adopt the golng concern basis of accounting in preparing tho financlal stalemenls. Fund accountlng General funds ar8 unreslriclèd funds whbch are gvailable for use al the cJlscr@tion of the Iruslees in furtherance ol th8 general objectivès of the charitable company and whlsh are not designal8d for ether purposes. D8slgnaled fvnds comprise unrestricted funds sel aslde by the trustees for partlcular purposes. The aim and use of each designated fund Is sel out In the notes lo the flnanc181 slatemgnls. Reslricled funds are fundj whleh are to be used in accordance with specif reslrietlons Imposed by donors or which have been raised by the charitable company lor particular purpose8. The aim and use of gach re51ricled fund Is set out in th8 notes lo the financial slalemenl5. Transfers belween funds are rnade al the discretion of the Board. Income Income from theatre odmission feès Is Included in inGoming resources in the pgriod in which the relevant performance t8kes place. Income related lo productions or lellinus In a subsequent period is Irealed as delerred inGome. Income from commerclal actlvities is inGluded in the pgriod in which the actlvlty lakes pla. Income Irom donations and grants, including capital grants. is included in incoming resouIGes when there is enlitlemenl, reasonablg certainty of receipt and the amount can be measured with sufficient rellabilrty, unless the donor ha8 spe¢ified that the donation or grant relates lo a future p8riod or that rtain pre-conditions musl be fulfilled before use. In these cases amounts received afe recognised in the relevant period or when the pre-conditions have been met and until then treated as deferred incotne. Donations and grants for p¥ticular purposes are included in incoming resources as restricted funds. Gifts in kind have been alIsed at cost. 22
Lyrlc Theatre Hammersmith Limited (Th8) Notes to the Financial Statements For the year ended 31 March 2025 Expenditure Expenditure 18 recognised when 8 liability is incurred. Costs of r8ising lunds are those costs incurred in attracting donallons and those Incurred in the operation of trading adivities that raise funds. Charitable activities Include expenditure a550ciated with the operation of the theatre and such directly associated aclivili&s as tDuring and @ducalional programmes. Cost of charitable activities Include both the direct Gosl ol activities and related support cosis. Support costs include Genlral functions and have beèn allocated to activity costs on a basis consislenl with th8 usè of resources. Thls Is on the basls of the relative proportion of direct costs incurred. Governance costs are the costs incurred in the governance of the charity and 88sociated conslilulion81 and slatulory requirements. These Costs are alloGated belween the charltable aclivilles. )ere performances of a produdion straddle the balance sheet dale dlrecl Costs are 8110¢8ted lo th8 period in which the performance tak8s place., royaltles and simllar costs are apportioned between the periods bas9d on the production's theatre admissions InMe. Tanglble flxed assets Individual fixed asse15 conslsllng of 8moun18 greater than £2.500 for IT purchases and £5,000 for fixtures, fittings and equlpm&nt with a useful life in excess of one year are capilalised al cost. Tanglble flxed assels are depr9Glat8d over thèir anticlpaled u8eful Ilves In equal instalmenls. The p8riod$ used are.. Loasehold Improvgmenls Reuben FoundalSon Wing improvement¥ Audilorlum, Studio and FOH Improvem@ntS Roof Garden Flxlures and flttSngs Technical and cornpuler equlpmenl 28-30 year8 20 years 4-20 yèxrs 12 years 3-15 years 3-8 years Investments Inve¥lmgn15 In the charity's wholly.owned subsSdlaries, LYTIC Hammersmllh Enterpri585 Limited and Lyrlc Hamm8rsmlth Worldwide Llmil8d, are inveslm&nls in shar8s which cannot be publicly traded and the directors thergforg cor$5ider il appropriate lo Include the investment5 al Gost. The charlly invèslg in theatrical productlon8 whlch the dir8clor8 con8ider to have value In fulfilling ils ch8rSlable oblecls and these are therefore classed as mlxed motlve investments. They a accounted for al fair valu8 based on the charity's share of underlying net assets when information18 available. When information is not available, they wll be accounted for al cost less a provision for impairment. Any movement In falr value is a¢¢¢unl$d for a5 an unrealised investment gain or loss In the slalement of financial aclivitios. Flnanclal In$trLEments Financial &ssels are cOgnISed In the Charity's slalement of financial p08ilion when the Charity becom&8 paty to the conlractLJal provisions of the instrument. The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrurnenl8' and SeGtion 12 '01her Financial Inslrum8nts Issues, ol FRS 102 10 all of ils financial Instruments. FinancSal ass8tS 8re cl8sslffied into speclfled c81ègorl8s. Th8 classific2llon d&pends on the natLJf8 and purpose of the financial assgls and is determined 01 the limg of recognition. Basic financial assets Basic linancial assets, which Include Iracle and other receivables and cash and bank balances, are Initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method. unless the arrangement constitutes a financing Iransaclion, where the transaclion is measured al the present value of the future receipt5 discounted al a market rale of interest. Other financial assets Classified as fair value through the statement of financial activities are measured at fair value. 23
Lyric Theatre Hammersmlth Llmlted (The) Notes to the Financial Statements For the year ended 31 March 2026 other financlal ass&ts Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are ¢lassified as 'loans and re¢éivablès'. Loans and receivables are measurecf al amortised st using the effective interest method, less any impairment. Interest is recognised by applying the effective interest rate, except for short-lerm receivables when the recognition of interest would be immaterial. The effe¢tlV8 interest method is a method of calculating the amortised cost of a d&bl instrument and of allocating the interest in¢ome over the relevant period. Th8 8ffective interest rale is the rale that exactly discounts eslimaled future cash receipts through the expectgd lif& of the debt instrument lo the nel carrying amount on Initial r8cognilion. Impalmient of flnancial a$$ets Financial 8SS8ls, oth&r than those held al fair value through the stalemènl of financial aclivilies, are OS5essed for indicators of impairment at each reporting end date. Financial assets are impaired where Ih8r8 Is obj&ctlve evidence that, as a result of one or more 8V8nls that occurred after the Inllial recognition of the financial asset, the @slimated future cash flow8 have been affected. The impairment t088 is recognised in the slalemenl of financial aclivilies. De-r8cognltlon of flnanclal agsèts Financial ass@Is arè de.recognlsed only when the ¢onlraclual rights to the c8sh flows from the a5sel explre. or when il transfers th8 financlal 888et and subslanlially all the rlsks and rewards of ownership to gnother enllly. lasslflcatlon of flnanclal Ilab511tles Baslc flnanclal Ilabllltle¥ Basic financial liabiliti@$ are initially recognlsed al transaction prbce, unless the arrangement constllules a financlng transaction, where the debt instrument Is maBsur@d al the present value ol the future receipts diBcounled al a markel rale of inlere¥l. Other financlal liabilities clossified as lair value through the slalÈmenl of finanGlal aclivllies are measured al fair value. Other fSnanclal Ilabllltlfrs Other financial li8bililies are Inillally measured at farr value, net of transaction costs. They are subsequently measured al amortised cost uslng the effective inlerosl mglhod, with interest expenses recognised on an effecllve yield basis. The effective interest method Ss a method of calculating the amortised cost of a financial Ilabllity and ol allocaling interest Èxpens& over the relevant period. The offective interest rale is the rale that exactly discoun18 estimated fvluro ¢osh payments through the expected life of the financial liability lo the net carrying amount on Inlllal recognition. Financlal liabilltle$ and equlty Instruments arg classified according lo the substance of the conlraclual ariangemenls entered into. An eqully Instrument Is any contract that evidences a residual intere81 in the assèts ol the Charlty after deduding all of ils liabilities. Dè-recognltlon of flnanclal liabilitiès Finan¢ial liabilities are de-recognlsed when, and only when, the Charty obligallons ar9 dS$charg8d, cancelled, or they expire. 24
Lyric Theatre Hammersmith Limited (The) Notes to the Financlal Ststements For the year ended 31 March 2025 I Income from charitable actSvltles 2026 2024 Ticket sal85 Touring income Co-production income Royaf(ies income Front of House sales Income from partners Young People's Income Other in¢ome 2,811.498 95,400 436.789 11.547 134,186 89,021 53,178 175,160 2,808.239 102,500 139, 222 25,449 107,218 92, 783 29,894 123.644 3,808,779 3,428,949 la) Income from donatlon¥ 2025 2024 Tol81 in¢ome from donallon8 301,621 242,340 Included within the lot81 income from donation5 is £13e,464 of restricted Income (2024.. £127, 757J. Ibl Income from Gharltable actlvltles: grants 2026 2024 PubllG fundlng: Ctsro fundlng.. Arts Council England.. Nallonal Portfolio Organl$alion fundlng London Borough ol Hamm8rsmilh & Fulham,. 31d Sector Inva8lmenl Funding 1,120,240 1, 120,240 251,160 241,500 Project funding.. London Borough of Hammersmilh & Fulham., King Charles111 Coronation Youth Fund The Bri118h Council 27,792 1,000 Trusts & Foundatlon$ Restricted grants.. Young People's Programme aclSvllSes Theatre productions activities 117,948 146,800 164, 692 84.396 Unrestricted grants 150 Total Income from charllable aclivilios.. grants 1.637.148 1,642, 770 Included in note 3 above are government gTanls of £251,160 from the London 8orough ol Hammersmllh & Fulham12024.' £269,292). 25
Lyrlc Theatre Hammersmith Limited (The) Notes to the Financial Statements For the year ended 31 March 2025 4. In¢omg from other trading activities 2025 2024 Fundraising events Corporate funrlraising Other trading Commerclal Iradlng operations Inole 51 16,665 10,401 144 926,102 24,858 T6,468 138 868, 764 933,312 969. 628 S. Commerclal tradlng operatlon8 Lyrlc Hammersmlth Enterprlses Llmlted The wholly owned trading subsidiary Lyric Harnmèrsmilh Entèrprises Limitèd, incorporated In Enoland and Wales, pays all ils profits to the charitable company by Gift Aid. Lyric Hammersmilh Enlerprlses Llmiled manag8s catering, hires and 8vent5 al th& Lyfic Hammersmllh Theatre. The company owns tha entire issued share capital of 2 ordinary shares of £1 each. A summary of the Iradlng results l¥ shown below. Summary profil snd loss a¢counl.' 2026 2024 Turnover Other opèratlng income Interest recelved C081 of sales Admini$lralion exp8nse8 Management fees Net gainslllossesl on Investment¥ 926,102 866, 664 1,500 4,990 (179,560) (361,608) (180,OOOJ (3,000) 2,838 1177,0851 1372,2321 1219,9841 Net profil Amount glfted lo chgrlly 159,639 1159,6391 148,986 (748,986) Profil relalned In the subsldlary The 8ssels 8nd Ilabillts of the subsidiary 8131 March wer8.. Current assets Creditors.. amounts falling due wf(hin on& yggr 402,025 1402,0231 275,468 (275,466) Totsl nel asBels Profil and loss account Aggregate share capital and reserves Total funds 26
Lyrlc Theatre Hammersmith Limited (The) Notes to the Financial Statements For the year ended 31 March 2025 Lyrlc Hammersmlth Wot1dwlde Llmited The wholly owned trading subsidiary Lyric Hammersmilh Worldwide Limited. incorporated in England and Wales provid8s production serviGeS ID Lyric Theatre Hammersmith Limited. Tha Company own5 the entire issued share capf(al of 1 ordlnary share of £1. A summary ofthe trading results is shown below. Summarypmfit and loss account.. 2025 2024 Turnovèr Cost Df sales 2.214,280 13,028.8511 1,650,602 (2,234,09gJ Ng1 proflvllossl Taxatlon 1814.571} 814,571 (583,497) 583,497 Profil r81aln8d in the subsldlary Thg assgls 8nd118bllilles of th8 subsldi&ry at 31 Ma were.. Current assets Credltors.. amounts falllng due wilhln one year 814,571 1814,5701 583,497 (583,496) Total nel a88et8 Profit and loss account Aggregate share capf(al and reserve8 Total funds 6. Expèndltur6 on actlvltle8 for ralslng funds 2025 2024 Tradlng companles, slaff co818 Trading compani8s' other costs Commercial staff costs Fundraising staff costs Other direct fundraising cosls Support costs Inole 81 331,048 210,514 62.210 127.635 47,490 272.772 325, 668 208,235 55,197 131, 885 77,814 376, 020 1,051.689 1,060,819 2T
Lyric Theatre Hammersmith Limited (The) Notes to the Financial Statements For the year ended 31 March 2025 7. Charitable aGtlvities Activities undertaken dlrèetly Support costs Total 2025 Theatre productions Young People's prografflme 4.788.118 458,879 1,681,912 146,881 6,4e8.030 605,740 5,244,997 1,828,773 7,073,770 Total 2024 Thealre productions Young People's prograrnme 4,090,522 462,604 1,653, 164 171,945 5. 743, 686 634, 549 4,553, 126 1,825, 109 6,378,235 8. Support ¢o$ts Cost of ralslng funds Charltable acllvltle¥ Total 2026 Staff cosls Building cost5 Admini81ralion cost$ Depreeiatlon Disposals Irrecoverable VAT on overheads Governanc9 costs.. Audit fe88 404,284 420,058 312,388 410,904 60,301 62,654 46,595 61,289 464,585 482,712 358,983 472,193 245,121 36,561 281,682 36,018 5,372 41,390 1,828,773 272,772 2,101,545 Total 2024 S18ff costs Building costs Adminislr&lion costs Depreciation Disposals Irrecoverable VA T on overl)eads Govem8nc8 costs.. Audit fges 309.428 494,561 342,614 425, 191 99.996 125,369 53,578 85,634 59,324 73,622 17,314 21. 708 363,OQ6 580, 195 407, 938 498,813 117,370 147, 077 27,950 4,840 32, 790 1,825, f 09 316,020 2. 141, 129 Support costs are allocated on the basls of the relative PTOPOrtion of dirgd costs incurred. 28
Lyric Theatre Hammersmith Limited (The) Notes to the Financial Statements For the year ended 31 March 2025 9. Taxatlon 2025 2024 Domestic current ypar tax UK Corporallon Tax 1814.3161 (583,49T) 1814.3161 (583,497) Income from UK Corporallon Tax relates lo a credit for Theatre Tax Rellef. 10.Staff costs and dlrpctors, remun•ratlon 2026 2024 Salaries and wages Employers, National Insurance eonlribullons Employers. pension contributions 2,499.528 223,634 59.180 2,323,373 206, 773 56,549 2.762.342 2,586, 635 Th9se costs are included as follows.. Theatre productions Young P8ople's programm Fundraising Othèr acllvSlles for generallng fund8 Support cos18 1,580,489 218,374 127,635 393,258 464,585 1,494,562 210,31T 137,885 380,865 363,006 2,782,342 2,586,635 The average number of employees durlng the year was as follows.. 2026 2024 Full limé Part time and casual 43 57 103 103 Th& numb8r of full limg equiva19nl gmployges was 72 (2024.- 82) In the followlng categories.. Thè8lr8 productlons Young P&ople's programme Fundralslng Other activities for generating funds Support activlllas 42 53 10 72 82 One 8mployees' total 8mployÈé bènèflls lell wlthin the range of £60,001-£70,000, one within the Tange of £70,001-£80,000 and on¢ within tho rangtr Df £80,001-£90.000 (2024.. one in the nge of £60,001-£70,000. one in th8 range £70,001-£80,000 and one in the nge of £80,001-£90.000). Key management personnel CDmprise the Senior Management Team of 10 employ88s (2024.. 10 employees).. Artisllc Director I Chl&f Exeeullve, Exeeulive Director, Associate Director, Commercial Director, Director of Communications and Sales. Director of Development, Director Df Finance and Resources. DiTeclor of Young Lyric, Head of Produclion and S8nior Producer_ The total employee benefits of the key managemanl personnel were £672.326 (2024.- £597,056). 29
Lyric Theatre Hammersmith Limited (The) Notes lo the Flnancial Statements For the year ended 31 March 2025 11.Tangible flxed assets All assets relat8 to the Gharilable company are used for charitable purposes. Leasehold Improvements Equipment and furnlture Total Cost At 1 April 2024 Additions Disposals 12,784,040 105,503 2.333.621 15,117,661 105,503 Al 31 March 2025 12,889,543 2,333,621 15,223.164 Depreciation Al 1 April 2024 Disposals Chargè for the year 5,891,338 2.246,265 8,137.801 454.574 17,619 472,193 Al 31 March 2025 6,345,910 2.263.884 8,609,794 NÈt book value Al 31 March 2025 8,543,632 69,737 6,e13.370 Al 31 March 2024 8,892,704 87,356 6,980,080 Legal charges exist over the long-term leasehold properties to sgcure the interests of Art8 Council England, whlch contributed grant funding towards their redevelopment. 12.lal Inv•stments In subsldlary undertaklngs Group ompany 2026 2024 2026 2024 Investment In subsldiary undèrtaklng8 Investments In subsidiary undertaklngs are included al cost and are unlisted. In thè oplnlon of the dlrectors the mark81 valu6 of the investment is not materially dlfferenl from the CDSI. Number of shares % of issugd shar• capltal 100% 100% Cost of ghares Lyric Hammersmilh Enlerprlses Llmiled (note 51 Lyric Hammersmilh Worldwide Limited Inole 51 Ibl Mixod motlve Investments 2026 2024 Purchase of investments Disposal of Investments (25,000) 22.QOO Nel losses on Investments (3.000) 30
Lyric Theatre Hammersmith Limited (The) Notes to the Financial Statements For the year ended 31 March 2025 13.Debtors Group Company 202S 2024 2025 2024 Trade d8btors Subsidiary undertakings other d@blors Prepayments Accrued income 210.586 257,417 166,813 1,070,543 110,424 45,293 71,328 198,852 730,377 150,573 69. 680 91.561 924.995 45.293 72,362 734,070 88,096 91,561 1,253,236 1, 171,144 1,4e4,401 1.241,043 14.Credltorg: amounts falllng due wlthln one year Group Company 2026 2024 2026 2024 Trade cr8ditor$ Subsidiary undertaklngs Tax8tion and social security Other cr¢dltors Accruals Deferred Income 186,493 270,087 174,210 2,376 86,586 8,316 366,704 637,986 256, 775 132,538 34,234 381,869 674,719 75,188 68,492 484.820 487,076 43,071 35,832 434,323 487,076 1,409,853 1.385,663 1,276,178 1,257,077 16.R69trlctsd funds 31 March 2024 Incomlng Outgolng Transfers 31 March 2026 Capltsl 8xlenslon 2004 Capll81 prolecl 2015 Capitsl project 2018 Young People's fund Reslrlcled activity fund 733,196 5,394,806 375,385 141,792 38,000 191,6221 1268,0581 152,5871 284.264 1299,6501 117,948 197,3231 148,0001 641,574 5,126,748 322,818 128,406 10,625 121 131 141 151 8,683,179 402,212 1809,2201 148,oooI 6,228,171 11} The Capital extension 2004 fund relates lo the extension bullt In 2004 and represents fixed assets. The movement on the fvnd represents depreclalion charges. 12} The Capital project 2015 fund Gomprises income received for the buildlng of the Reuben Foundation Wng and represènts fixed assets. The movernenl on the fund represents depreciation charges. 13} The Gapilal project 2018 lund relate¥ lo the refurbishment of the auditorium and Studio in 2018 and represents fixed ass81s. The mov9menl on the fund represents depreciation charges. 14) The Young People's fund preSeNtS inGome r¢Geivod to suppart young people's activity ané the related expenditure. The balance at 31 March 2025 represents income recelved toward acllvilles to be undertaken in 2025-56. 15} The Reslricled acllvlly fund represents Income recelved to support speclfic charftable activities and the related @xpenditura. The transfer represents expenclilure on capital. The balance at 31 March 2025 reprosenls income rtsceived toward8 activit8 lo be undertaken in 2025-26. 31
Lyric Theatre Hammersmlth Llmlted (The) Notes to the Financial Statements For the year ended 31 March 2025 31 March 2023 Incoming Outgoing 31 March 2024 C&pit81 extension 2004 Capllal project 2015 Capital project 2018 Young People s fund Reslrieled aclivlly fund (l) (2) (3) (4) (5) 824.818 5,813.088 427,957 155, 700 22,400 (91, 622) (418,282) (52,572) (251, 677) (155,268) 733, 196 5,394,806 375,385 141, 792 38,OQO 237, T69 170,868 7,243,963 408,637 (969,421) 6.683, 179 16.Unr8Stricted funds 31 March 202d 31 March 2025 Incomlng Outgolng Transfgrs Deslgnated fundg Flxed Asset Fund Building Renewal Fund Reserv8s Fund 476,673 121 487,779 131 1,125,000 2,089,452 159.9461 144.1301 105,503 522,230 180.5031 363,146 130.0001 1,095,000 Total d8Slgnaled funds Other unrestrlcted funds General fund8 1104,0761 5,0001 1,980,376 141 13,79S 7,153,538 17,212,143) 53,000 8,190 Total unTeslricled funds 2,103,247 7,153,538 17,318,219) 48,000 1.988,568 111 The Flxed Asset Fund represents the net book value of tangible fixed 88sels. Th8 axpenditure from the fund represents depreclallon charges and durin9 the year £105,503 was transferred Into the fund from th6 Bulldlng Renewal Fund for additions lo the charity's fixed assets Isee note 111. 121 The Building Renewal Fund provldes funds for the essential replacement and renewal of equlpm8nt. flxlures and filling5 over the short lemi, and for the larger capllal gxpenses which will be requlred lo maint8in the Lyrlc Theatre over th8 ltsng term. During the year £44,130 was expended on non- capilalised renewal ol fixtures and flllings and a transfer was made lo the Fixed Asset Fund lor capilalised assets of £80,503. 131 The ReseTves Fund h88 bgen deslgnaled by tha Trusl*ès to cover the level ol financial risk Inherent In the charity's op@ralions, as Idenllfied In the risk management slrolegy (see page 101. {41 General funds represent the Charity's free reserves. During the year a transfer of £30,000 wa8 made from the designated Reserye Fund (see above). 31 March 2023 Incoming OutgoiTng Transf•rs 31 March 2024 Deslgnated funds FixedAssel Fund Building Renewal Fund ReseN8s Fund 479, 175 594,945 965,000 (49, 727) (59,943) 47,225 (47,223) 160,000 476,673 487, T79 1, 125,000 Total d8signaled funds other unrestrlcted funds Gen&r81 funds 2,039. 120 (109, 670J 160,002 2,089.452 8,335 6,528,425 (6,362,963) {160,002) 73, 795 Tolal unreslrfcled funds 2,047.455 6,528,425 (6,472, 633) 2, 103,247 32
Lyric Theatre Hammersmith Lirnited (The) Notes to the Financial Statements For the year ended 31 March 2025 17.Analysis of group net assets been funds Unrestricted funds G&n8ral Dosignated funds tunds Restrlcted funds Total 2025 Fixed assets and Investments Current assets Creditor8 S22,229 1,458,147 6.091.141 137.030 6,613,370 3,013,220 11.409,8531 1,418.043 11.409.853) 8,190 1.980,376 6,228,171 8,216,737 Unrèstrlcted lunds General Designated funds funds Restrictgd funds Total 2024 Fix8d assets 8nd Inveslments Cuff&nl assets Credito 476,673 1,672,779 6,503,387 179, 792 6,980,060 3, 792,029 (1,385,663) 1,399,458 (1,385,6S3) 73, 795 2,089,452 6, 683, 179 8. f86.426 18.Lease obllgatlons - charlty and group The total of futur& mlnlmum1888e paymgnls under the charity'8 non-cancellable 125-year operating lease for the Lyrlc Theatre Is as follows.. Group Charfty 2026 2024 2026 2024 Land and bulldlngs One year Two to five year8 More than fiv8 y8ars 40,000 160,000 4,545,653 40,000 160, LWO 4,585,544 40,000 160,000 4,545,653 40,000 160, 000 4,585,544 4,745,653 4, 785,544 4,745,653 4, 765,544 19.Related party tran$actlons During the year ended 31 March 2025 trustees and persons connected with them recelvgd no rgmun8ralion 12024.. nlll and £500 8XP@ns8s (2024.. £250). Durfng the year 8nded 31 March 2025 trustees and p8rsDns connected with them made donation5 to the Charity lotalling £9,625 (2024.. £9,331). At 31 March 2025 thé following amounts were owed lo the Charlty by its subsldlary compani8s'. Lyric Hammersmith Enterprises Limited.. £253,596 comprising a donation of £1 $9.639 and a ng1 amount of £93,957 foT inlercompany recharges. Lyrlc Hammersmlth Worldwlde Limited,. £814,57Q comprising paymonts for productK)n services. Transactions btheen Lyfic Theatre Hamtnersmilh and its 3ub8idiari¢s are detsiled in note S. 33
Lyric Theatre Hammersmlth Llmlted (The) Notes to the Financial Statements For the year ended 31 March 2028 20. Comparative consolldat8d statement of flnanclal aGtlvlties for the year ended 31 March 2024 General Deslgnated RestriTCted Funds Funds Funds Total 2024 Note Income from.. Don8tions Chanlable eclivilies Thea1 & Young People's Aclivily Grnnts Other Ir8ding 8ctivitl8S Inl8f8sI Trceived 3fa) 114.673 127. 757 242,430 3.428,949 1,361,890 969,628 69,788 3,428,949 1.642, 770 969, 628 69,788 3fb) 280.880 Total income 5,944,928 408,637 6,353,565 Expenditure on.. Raising funds Chant8ble aclivitlès 1,060,819 5,299, 744 1.060,819 6.378,235 109,670 969,427 Totel expendlture 6,359,963 109.670 969.421 7,439,054 Net Iossgs on investments 12 (3,OOOJ (3,000) Net Ineome/(expendlturn) bgfore taxatlon Taxation Transfers betwèèn funds (418,035) (109,670) (560, 784) (1,088,489) 583,497 583,497 1416 (160,002) 160,002 Not movement In fund$ 5,460 50,332 (560, T84) (504,992J Reconclllatlon of funds.. To181 funds brought fonvard rotel funds carrled fonvard 8,335 2.039, 120 7,243,963 9,291,478 13, 795 2,069.542 6,fj83, 179 8, 786,426 34