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 ReS8￿e$ 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 be￿een £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 AC￿pted 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 w￿h 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 Info￿atIon 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 i￿egUlar1ties, 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 in￿ntiVeS 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 In￿Me.
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 Ilabillt￿s 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 activit￿8 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 be￿en 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