Charity registration number 299635 ## THE LYRITA RECORDED EDITION TRUST # ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 THE LYRITA RECORDED EDITION TRUST ## CONTENTS ||Page| |---|---| |Trustees’ report|1-4| |Statement oftrustees’ responsibilities|5| |Independent examiner's report|6| |Statement offinancial activities|7| |Balance sheet|8| |Notestothefinancialstatements|9-18| ## THE LYRITA RECORDED EDITION TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 ## The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ## Objectives and activities The objectives of the Trust are: - The recording and preservation of premier and rare classical music works by British, Irish and Emigré composers who composed after 1860 and for their ultimate release to the public on the Lyrita Recorded Edition record label, which is wholly owned by the Trust. ; - ¢ The preparation and possible publishing of British, Irish and Emigré compositions who composed after 1860 so that other performers, record labels and broadcasters can benefit from these discoveries. - * The preparation and possible publication of British, Irish and Emigré composer biographies and pamphlets who composed after 1860 so that students and a wider public can better know their musical contributions. - ¢ The transfer, preparation and preservation of the “off-air’ recordings made by the Trusts founder Mr. A. R. Itter and their subsequent gifting to the BBC Trust so that they may be broadcast and enjoyed by listeners worldwide. - To work with other companies and charitable organisations who have likeminded objectives and where appropriate consider purchasing or taking over these entities. The Trust has also seen its activities contributing significantly to the cultural life of the United Kingdom by working closely with other composer charities including the International Women In Music Festival, BBC Worldwide Trust and, BBC National Orchestra and Chorus of Wales and trusts who pursue similar aspirations. ## The strategies employed to achieve the Trusts objectives are: - e Research and recommend recording projects that meets the Trusts objectives. - To sustain a level of release activity throughout the year which will maintain and enhance the profile of the Lyrita record label. - ¢ To secure, know and make new links with composer trusts and charities who are working in similar fields. - ¢ To encourage national and international recording and broadcasting organisations to programme works by British composers. - ¢ To research and investigate other record labels that work in similar fields that may at some future time need or want to sell their catalogues. Lyrita Trust will engage in this activity to increase its profile and to preserve these recordings for future generations. - * To maintain a sustainable investment programme that generates sufficient funds to enable an ongoing recording programme. - ¢ To pursue the proposal to merge with The Nimbus Foundation, registered charity or to form a new, combined charity which will enable Lyrita to broaden its charitable objectives and embrace worldwide and emerging markets. The charity is very fortunate to have the partnership with Wyastone Estate Limited (WEL) for support in administration, sales, manufacturing and marketing. During the lockdown months and restricted travel, WEL staff remained healthy and highly supportive for all of Lyrita’s constantly changing needs. The trustees would like to formally thank the WEL team and estimate that without this support an addition of at least two full time staff members would be required during the year. -1- ## THE LYRITA RECORDED EDITION TRUST ## TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## Achievements and performance Throughout the period under review the Trust has worked actively to implement the policies it has formulated for achieving its objectives. These activities continued to fall into four main areas: - Releasing on Lyrita from the Itter Archive Collection — The archive releases have been deemed highly successful being well received by customers and critics. In most cases, this endeavour is returning rare and otherwise unavailable recordings to the CD catalogue and at the same time making them available for download and streaming. Wyastone have ensured all titles are also presented to students via the Naxos Music Library, which is available in all major universities and colleges worldwide. Release selections were made on the quality of performances, quality of recordings and that the items were either the only recording now available or were premier performances. In 2020 we made no releases from the Itter archive but concentrated on transferring many titles so that they can be released in 2021 and beyond if lockdown and disruption of live recordings continue. - ¢ Releasing on Cameo Classics from the Itter Archive Collection — Having completed the extensive assessment of the Itter Archive tapes it was discovered that a great many highly regarded non-British archive recordings were also contained within the collection. Since these cannot be released via Lyrita it was decided to buy the failing label Cameo Classics. “The mono recording is excellent, though the final broadcast, on 9 December 1954 with the E flat major, sounds just marginally less forward. Itter's recording equipment, as is well known, was top class and the acetates have been excellently transferred by the Wyastone team, with Adrian Farmer's notes setting the seal on a very welcome restoration.” MusicWeb-Internatinal - New Studio Recording delivered nine premier releases including Elgar Reimagined with English String orchestra and Raphael Wallfish, Violin concertos of British Caribbean composer Eleanor Alberga, the complete songs Cecil Armstrong Gibbs, a four CD set featuring Charlotte de Rothschild, Nathan Vale and Adrian Farmer, British Piano Concertos Volume 3 featuring Simon Callaghan, Mirror of Perfection and Vision of a Garden, choral works by Richard Blackford with the Bach Choir, Piano duos by Elias Parish Alvars, Piano works of Daniel Jones with Martin Jones, songs of William Busch with Diana Moore, Roderick Williams and Robin Tritschier, Complete piano music of Rebecca Clark with Simon Callaghan, - ¢ Publishing — Lyrita assisted in the publishing of three works which had previously been unpublished and unperformed. All works were recorded for release on Lyrita. Publishing was essential to enable the recording and means these rare works can now be more widely performed, which will raise the profile of these composers and preserve the compositions for future generations. Piano music by Elias Parish Alvars, Piano music of Daniel Jones. ## Financial review The trustees have maintained a sustainable recording and release policy which is fully achievable without having to regularly consume the Trusts capital. We were able to create a forward annual budget based on cash reserves from saies of Lyrita CD’s and Downloads plus the interest and growth from the Investments. ## Investment Policy Under the trust deed of 23 June 1988, the charity has the power to invest in any way the trustees wish. It is decided to maintain a mixed portfolio so that all of the sales revenue and investment returns can be used to fund new recording projects. No action is recommended in respect of the management of funds. We held two Zoom meetings with Brunel Capital Partners, who provided us with advice and information regarding our investments and the wider global markets. ## Reserves Policy The trustees recognise that the principal source of income is from investments. To manage its current obligations the trustees have set the minimum value of those investments at £2,000,000. The trustees believe that this policy remains appropriate as a resource primarily intended to provide for the continued recording and release programme that is sustainable and that is not over or underwhelming the Classical Music market. -2- ## THE LYRITA RECORDED EDITION TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## Plans for the Future The Trust believes that a sustainable recording and release programme which utilises the Itter Archive of Off Air tapes plus new studio recordings of Orchestral and Chamber Music best serves the intentions of the Trusts Founder. Premier recordings of lesser known or forgotten composers continues to enrich the cultural heritage of British Classical Music, whilst returning master recordings to the BBC Trust ensures that these rare performances can and will be enjoyed by future generations via broadcasts, CD’s, Downloads and Streaming or via any yet to be known formats. The trustees are pleased with the general agreement between Lyrita and Trustees of The Nimbus Foundation, who operate a studio for classical music recordings, with the plans to create a new joint charity with both existing entities being gifted to create a modern, global, more impactful entity which can still fulfil the objectives of both sets of founders. ## Structure, governance and management ## Governing document The Lyrita Recorded Edition Trust is an unincorporated charitable trust governed by a trust deed of 13th May 2016. it is registered as a charity with the Charity Commission. ## Appointment of trustees The power of appointing new trustees is vested in the surviving trustees in office. The current trustee group, who were appointed as successors by the founder, seek to make new appointments that will ensure an independent, balanced and objective view of the Trusts’ activities. ## Trustee induction and training New trustees will typically already be familiar with the Recording and Release activity of The Trust. A full disclosure of all papers is made including minutes, current finances and the business plan. ## Organisation The board of trustees, which is required to be not less than two and not more than 10 members, administers the charity. The board meets quarterly and makes all decisions by a majority vote of the trustees present. The Trust has no staff members and has entered into a medium term Licence Agreement with Wyastone Estate Limited to provide all manufacturing, sales, distribution, administrative functions, management and support for the Trusts day-to-day operations as authorised by the board. ## Related Parties Wyastone Estate Limited is an independent privately owned company operating a Business Park, printing, CD manufacturing and distribution business in Monmouth, UK. The company has a written agreement with The Trust to supply all administrative functions relating to the management of the record label and recording. ## The company and the Trust currently have two director/trustees in common. ## Risk Management The Trustees reviewed and adopted a risk management policy. Due to the low-level risk associated with the charity and its activities it was deemed unnecessary to create a Risk register at this time. The charity bases its annual spending and its budget from monies earned in the previous year. These funds are not dependant on public giving and are generated from our own trading and from our own investments. We only budget and only spend the interest and growth and do not ever commit sums which are not already earned and already at hand in the bank. The trustees have given consideration to other potential risks and identified none. It is noted that the recorded music industry has entered a period of change with digital sales from downloading and streaming having an impact on the sale of physical CD and DVD. Wyastone has ensured that ail Lyrita recordings are properly represented on all current and known platforms to maximise their sales. The Trustees have decided to limit the budget for new recordings and marketing to the profits from sales, and from returns on investments. This will maintain the invested capital and eliminate risk. -3- ; ii j ## HE LYRITA RECORDED EDITION TRUST **----- Start of picture text -----**
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## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 NN—————————— ## Reference and administrative detalls ; ; ## Charity name ## The Lyrita Recorded Edition Trust ## Charity number 299635 ## Trustees Adrian Farmer Antony Smith Charlotte de Rothschild Dr Richard Clive Blackford Ph.D - appointed 26/01/22 Lynda Elizabeth Farmer - appointed 26/01/22 ## Principal office Wyastone Leys Ganarew Monmouth NP25 3SR Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB ## independent Examiner The trusteeS'7eport **----- Start of picture text -----**
was ap ¢ by the Board of Trustees.
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» ° Antony Smith - Trustee Dates csvssiccicrccccccrsesevs 30/10 (202% re «Hw ## THE LYRITA RECORDED EDITION TRUST ## STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. aiBjen ## THE LYRITA RECORDED EDITION TRUST ## INDEPENDENT EXAMINER'S REPORT ## TO THE TRUSTEES OF THE LYRITA RECORDED EDITION TRUST | report to the trustees on my examination of the financial statements of The Lyrita Recorded Edition Trust (the charity) for the year ended 31 December 2022. ## Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). | report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. | have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 2 __ the financial statements do not accord with those records; or 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. | have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Cl C1k Thar[=] Claire Thompson FCCA DChA Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB ## Dated: 3ihe123 ‘ -6- THE LYRITA RECORDED EDITION TRUST ## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT ## FOR THE YEAR ENDED 31 DECEMBER 2022 |||Unrestricted|Unrestricted| |---|---|---|---| |||funds|funds| |||2022|2021| ||Notes|£|£| |Income from:
Donations and legacies|3|1,950|-| |Charitable activities|4|21,818|23,067| |Investmenis|5|32,764|27,213| |Total income||56,532|50,280| |Expenditure on:|||| |Raising funds|6|35,066|37,351| |Charitable activities|7|163,982|159,723| |Total expenditure||189,048|197,074| |Net gains/(losses) on investments|11|(105,918)|280,145| |Netmovement in funds||(238,434)|133,351| |Fund balances at 1 January2022||2,984,989|2,851,638| |Fundbalancesat 31December2022||2,746,555|2,984,989| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. -7- ## HE LYRITA RECORDED EDITION TRUST ## BALANCE SHEET ## AS AT 31 DECEMBER 2022 **----- Start of picture text -----**
|||||| |---|---|---|---|---| |2022|2021| |Notes|£|£|£|£| |FixedTangible assetsassets|13|672|895| |Investments|14|2,714,666|2,872,893| |2,715,338|2,873,788| |CurrentDebtors|assets|15|28,478|85,982| |Cash|at bank and in hand|31,281|106,126| |59,759|192,108| |Creditors: amounts falling due within| |16|(28,542)|(80,907)| |one|year| |31,217|411,201| |Net current|assets| |Total assets less current liabilities|2,746,555|2,984,989| |Income funds|2,746,555|2,984,989| |Unrestricted funds| |2,746,555|2,984,989| |TheI), by|theTrUSt@eS ON ....-..-ssseeerseeree| |lf|,|30/10/2023| |Antony Smith|-|Trustee| **----- End of picture text -----**
-8- ## THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 - 1 Accounting policies ## Charity information The Lyrita Recorded Edition Trust is an unincorporated charity whose governing document is a settlement deed dated 13th May 2016. The principal address of the charity is Wyastone Leys, Ganarew, Monmouth, NP25 3SR. - 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income from royalties is recognised in the period in which it was generated. Rental income is recognised in the period in which the service is provided. Dividend income is recognised in the period in which it is awarded. -9- ## THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 - 1 Accounting policies ## (Continued) - 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities includes all costs relating to the furtherance of the charity's objectives as stated in the trustees report and their associated support costs. Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: ## Plant and equipment ## 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settie on a net basis or to realise the asset and settle the liability simultaneously. -10- ## THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## 1 Accounting policies ## (Continued) ## Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset inits entirety to an unrelated third party. ## Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## Derecognition of financial liabilities Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## 2 Critical accounting estimates and judgements In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## 3 Donations and legacies ||||Unrestricted|Total| |---|---|---|---|---| ||||funds|| ||||2022|2021| ||||£|£| |Donations|and|gifts|1,950|~| -11- ## THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2022 ## 4 Charitable activities **----- Start of picture text -----**
||||| |---|---|---|---| |2022|2021| |£|£| |Royalties|21,818|22,867| |Sundry|income|~|200| |21,818|23,067| |5|Investments| **----- End of picture text -----**
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||||||| |---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2022|2021| |£|£| |Income|from|listed|investments|32,493|27,014| |Interest|receivable|271|199| |32,764|27,213| **----- End of picture text -----**
6 Raising funds Investment management **----- Start of picture text -----**
||| |---|---| |Unrestricted|Unrestricted| |funds|funds| |2022|2021| |£|£| |35,066|37,351| |35,066|37,351| **----- End of picture text -----**
S40 THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## 7 Charitable activities ||2022|2021| |---|---|---| ||£|£| |insurance|1,005|988| |Advertising|4,129|1,659| |Origination costs|127,417|135,867| |Patents and trademarks|-|1,087| |Property repairs|182|4,694| |Rent and rates|13,200|10,880| |Travel and subsistence|293|39| |Subscriptions|203|179| |Technical support / software|-|499| |Training|115|51| |Depreciation|223|297| ||146,767|156,240| |Share ofsupport costs (see note 8)|78|43| |Share ofgovernance costs (see note 8)|7.137|3,440| ||153,982|159,723| -13- | | = Ss ee? o o 2 [oh] ao 2 8385 5 8o =3. _5 a2EEE8 : ; : gees § E § 88866 ©& i 2 88 8 = gee 8 ~o (2 7 g6 ~~sae: 3cp =; | a 3 : 53° oefap) rot | on | oO7 fae) a8 28 : a eo© 8s lt a ba, 5eANn | aN| ral. | ) : | FE ) a | ae eee < hm Oo / ov] | BS : 3 6 mw ua WNS BS xr 2sEN : za6 2G eeao i } ; ; ° ra — TT |||| |---|---|---| |2022|2021| |Number|Number| |Total|-|-| **----- End of picture text -----**
There were no employees whose annual remuneration was more than £60,000. ## 11. Net gains/(losses) on investments **----- Start of picture text -----**
||||| |---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2022|2021| |£|£| |Revaluation|of investments|(105,918)|280,145| **----- End of picture text -----**
## 12 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 214 Gin THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) ## FOR THE YEAR ENDED 31 DECEMBER 2022 ## 13 Tangible fixed assets |Tangible fixed assets|| |---|---| ||Plantand equipment| ||£| |Cost|| |At 1 January 2022|1,191| |At 31 December 2022|1,194| |Depreciation and impairment|| |At 1 January 2022|296| |Depreciation charged in theyear|223| |At 31 December 2022|519| |Carrying amount|| |At 31 December 2022|672| |At31December2021|895| -16- ## THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## 14 Fixed asset investments ||Listed
investments|Cash in
portfolio|Total| |---|---|---|---| ||£||£| |Costorvaluation|||| |At 1 January 2022|2,806,371|66,522|2,872,893| |Additions|114,937|-|114,937| |Valuation changes|(105,918)|.|(105,918)| |Charges|-|(35,066)|(35,066)| |Cash movement|-|35,117|35,117| |Disposals|(167,297)|-|(167,297)| |At 31 December2022|2,648,093|66,573|2,714,666| |Carrying amount|||| |At 31 December2022|2,648,093|66,573|2,714,666| |At31December2021|2,806,371|66,522|2,872,893| |15|Debtors||| |---|---|---|---| |||2022|2021| ||Amounts falling duewithin one year:|£|£| ||Trade debtors|22,945|75,079| ||Otherdebtors|5,034|10,485| ||Prepayments and accrued income|499|418| |||28,478|85,982| |16|Creditors: amounts falling duewithin oneyear||| |||2022|2021| |||£|£| ||Othertaxation and social security|(8,465)|(8,833)| ||Trade creditors|6,074|67,515| ||Other creditors|20,517|18,875| ||Accruals|10,416|3,350| |||28,542|80,907| fie ## THE LYRITA RECORDED EDITION TRUST ## NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 ## 17 Analysis of net assets between funds |Analysis of net assetsassets between funds||| |---|---|---| ||Unrestricted|Unrestricted| ||funds|funds| ||2022|2021| ||£|£| |Fund balances at 31 December2022 are represented by:||| |Tangible assets|672|895| |Investments|2,714,666|2,872,893| |Current assets/(liabilities)|31,217|411,201| ||2,746,555|2,984,989| ## 18 Related party transactions Two trustees of the charity are directors of Wyastone Estate Limited. During the year the charity raised sales invoices to the company in relation to royalties due totalling £29,802 (2021: £28,754). At the year end £27,979 (2021: £85,564) remained outstanding. The charity received purchase invoices from Wyastone Estate Limited totalling £58,562 (2021: £26,290) in relation to rental and management charges. At the year end £nil (2021: £50,283) remained outstanding. Trustee Adrian Farmer is also a Trustee of The Nimbus Foundation. During the year the Foundation invoiced the charity £4,200 (2021: £13,860) of which £4,200 (2021: £13,860) remained outstanding. - 18 -