Charlty reglstratfion number 299635 THE LYRITA RECORDED EDITION TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
THE LYRITA RECORDED EDITION TRUST CONTENTS Page Tnjstees. feport Independent examiners report Statement of financjal activities Balance sheet Notes lo the fin8n¢ial stslemenls 9-18
THE LYRITA RECORDED EDITION TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The trustees present their annual report and finanaal statements for the period ended 31 March 2024. The finanaal statements have been prepared in accordance with the accounbng poliaes set out in note 1 to the financial ststements and cornpty with the charity's goveming document. the Charibes Act 2011 and "Accounting and Reporting by Charibe5." Statement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Fin8nci81 Repoiting Standatd appliG4ble in the UK and R8public of Iieland IFRS 1021 leffective 1 January 20191" Oblectlve8 and actlvltles The objectives ol the Trust 8re'. The cording and preservation of premier and rare dassical music works by 8ritish, Irish and Émigré composers wtto composed after 1860 and for their ulbmate rekase to the public on the Lyrita Recorded Edition record label. which 15 wholty owned by the Trust. The preparation and possible publishing ol Brit15h. Iiish and Érnigré composits'ons who composed after 1860 $0 th81 othèr performers, re¢ord labels antl broad¢aslers ¢an benefii from thesè dis¢ovèrie$. The preparation an¢J possible publication ol Bribsh, Irish and Éfflré composer biographies and pamphlèts 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-airf cordIng$ made by the Trusts founder Mr. A. R. liter and their subsequenl gifting lo the BBC Trust so thal Ihey may be broadcast and enjoyed by listeners worldwide. To work with other companies and charitable or9anisalion$ vkno have like-minded objectives and where appropriate considèr purchasing or taking over Ihese entities. During 2023 the Trust also Identified an opportunrty to make rtsew longer lemi sustainable and to modernise its charitable potential by merging rts assets wth Ihose ol The Nimbus Foundation and forming a new charity. The Trust has also seen its activities contribubng SnifiCanty lo the cullural life of Ihe United Kingdom by working closely wrth other composer charits'e5. including Ihe Intemalional Wornen in Music Festival. BBC Vvorfdwide Trust and BBC Nation81 Orchestr8 and Chorus ol Wales and Irusts who pursue similar •$piralion$. The strategies employed to achieve the Trusts obiedwes are-. Research and recommend recording projecls thal meets the Trusts objectives. To 5UStain a level of release activity Ihroughoul the year which will maintain and enhance the profile of the Lyrrta record label. To Seeure, know antl make nèw link$ with ¢ompo$èr Iwu$ts and thariti&S who are working in Similar fields. To encourage national and intemats.onal recording and broadcasting organisations to programme works by British composers. To research and investigate other record labels Ihat work in similar fields that may at some future time need or want to sell their catalogues. Lyrita Trust wll engage in this activity to increase its profile and to PSerVe these recordings lor fvlure generations. To maintain 8 SUSt8inable inveslrnenl programme thal generates Sufficient ftjnds lo en8ble an ongoing recording programme. To pursue the proposal to merge with The Nimbus Foundation, giste charity or to form a new, combined charrty which will enable Lyrita lo broaden rts charitable obJ"ectives and embrace wortdwde and emerging markets. The charity 15 Very fortunate to have the parlnership vnth W8slone Estate Limited (WELI for support in administration, sale5. rnanufacturin9 and marketing. During the lockdown months and restricted travel WEL staff remained healthy and highly supportive foi all of Lyrtta's constanuy changing needs. The trustees wtsuld like to fomially thank the WEL team and estsmate that wthout this support an addilion of al least fv40 full time staff members would be required during the year.
THE LYRITA RECORDED EDITION TRUST TRUSTEES, REPORT ICONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Achl8¥èm•nts and pèrfomiane• Throughout the period under review Ihe Twst has worked actfftty to implement the polKies it has ftsmulated for achieving its objectives. These activrties continued to fall into four main areas". Releaslng on Lyrita from the ltter Archive Collection The archive releases have been deemed highly successful being well received by customers and uitycs. In most cases this endeavour is returning rare and othenwise unavailable recordings to the CD c8¢alogue and 8t the $8me time making them 8vailable for download and strearning. mastone have ensured all trfes are also presented to students via the Naxos Music Library, whith is available in all major universities and colleges worfdwide. Release selections were made on the qualty ol perfomances, quality of recordings and that the Items we either the On recording now available or were premier perfomiances. Releasing on Cameo Clas•lcs frorn the ltter Archlve Collection - Having completed the extensive assessment ol the ltter Arthive 13pes rt was discovered thal a great many highty regarded non-Britlsh archive recordings w8r8 also contained wrthin the collection. Since these cannot be released via Lyrita il was decided lo buy the failing label Cameo Classics. "Th• mono r•cordlng is excellènt, though th8 flnal bn)adcast, on 9 D•c•mb•r 1954 wlth th• E Ilat major, sounds Just marylnally loss fonvgrd. ltter's rncording equipment, as is w1 known, was top class and the acetates have been excellently transferred by the Wyastone team with AdTi4n F4mi•rfs not•s sethng the Soal on very wel¢om• r•stora¢ion." MusicWeb-Inlem8tional During this period Lyrita released nine pfoJe¢ts of pfemief fe¢ofdin9s a¢ro$s 15 albums antj putyli$h&d a Composer biography. SRCD412 Lionel Handy. Bribsh Cello Sonats Vol 2 SRCD413 Jonathan Dove. 'In Exile, SRCD414 Malcolm Lipkin Piano Mu51¢ SRCD416 British Piano Concertos Vol. 2 SRCD2431 Christophtsr Brown Preludes & Fugue$13CDI PLAYLIST Chnstopher Brown DiscoverBaroquery SRCD2417 George Lloyd. Symphonies 1414CDI SRCD433 English Piano Duos lcallaghanaken0uCh1 SRCD432 Richard Blackford Gaudi l Babel G•orge Lloyd - Lyrita Trustees ne9Otialed exdusive right$ to release and publish the enti recordings And published works of British composer Gètsige Lloyd. Thi$ includes 26 albums of orchestral, opèra, choral and chamber music alongside more than 1LX) indNidual items to be published for sale or hire. This catalogue will form a signrficant part of Lyrita's activity in 2024 and 2025 along with using the skills and resources of the WEL team. Publlshlng Lyrita published a book of Ihe composer biography of Arthur Butterworth SRCD9415 Buttetworth Biography IBookl in print, and on the e-reader Kindle, which iec8ived widèsprèad a¢¢laim in the music press.
THE LYRITA RECORDED EDITION TRUST TRUSTEES, REPORT ICONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Flnanelal re¥l•w The trustees have rnaintained a sustainable recording and rease policy which is fully achievable without having to regularly consume the Tru5f5 ¢APrtal. We were able to create a fotwaid annual budget based on cash reserves from sales ol Lyrita CDS and tlownloads plus the interest and grovAh from the Investments. The charity has made an unrestricted defiul of £84.36312022.' deficrt of £238.4341 after gains on disposals of investments of £165,263 12022.. losses 01 £105.9181 for the perio(l ended 31 March 2024. Exduding the investrnent rnovement, 8 defirjt of £249.62412022.. deficit of £132.5161 w85 made. The charity's activities, assets and liabilrties will be transle(red along vrith The Nimbus Foundation Icharity number 8027081 to a newty formed Charitable Incorporatet1 Organisation ICIOI Lyrita Nimbus Arts Icharty number 12038671 on 1 April 2024. Investment Pollcy Under the trust deed 0123 June 1988. the charity has the p¢)wer to invest in any way the trustees wsh. It 18 decided to maintain a mixèd portfolio $0 Ihat all of the sales revenue and investment returns can be usèd to fijnd new recording projects. No action is recommended In respect ol the management of funds. We held two Zoom meetings with 8runel Capital Partners, who provided us wrth ave and Infomiakn'on regarding our investments and the wider global markets. It was agreed that the investment portfolio would be Iwuidated lo cash in March 2024 and gifted lo Lyrrta Nimbus Art8 unincumbered and with no restrictions 81 that time. R•8•rvo8 Polley The trustees recognise Ihat the principal Source of income is from investments. To manage its current obligations the trustees have set the minimum value ol Ihose investmenls at £2.000.000. The trustees believe that this policy remains appropriate as a resource primarily intended lo prO¥e for the continued recording and release programme lttat IS Sustsinable and thal 15 nol over or underwhelming the Classical Music rnarket. This infomalion has been passed lo Ihtr Truslees of Lyrit8 Nimbu$Art$ for their underst8nding. Plan8 lor th• Futur• The Trust believes that a sustainable recording and release programme which utilises the ltter Archive of Off Alr tapes plus new studio recordings ol Orchestral and Chamber Music best serves the inlentions ol Ihe Trust's Founder. Premier recordings ol lesser known or forgotten composers continues to enrich Ihe cultural heritage of British Classical Music whilst relurning rnasier recording5 lo the BBC Trusl ensu$ that these rare perforrn8n¢es Can 8nd will be enjoyed by luture generation$ via broad¢a$t$, CD$. Oownload$ and Streaming or via any yet lo ba known lomats. The trustees are pleased wth the general agreement befvRen the charity and Trustees ol The Nimbus Foundation, who operale a studio for dassical music recordings. Wlth Ihe plans to ¢ate a new joint charity with both existing entities being gifted to create a modem. global. more impac1 entity which can still fulfil the objeclNe8 of both sets of founders.
THE LYRITA RECORDED EDITION TRUST TRUSTEES, REPORT ICONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Structure. gov•mane• and managèm•nt Gov•mln9 docurnent The Lyrrta Recorded Edition Trust Is an unincorpofated chanty govemed by a Injst deed dated 13 May 2016. It is registered as a charity wth the Charty Commission. Appointment of tru8te The power of appointing new trustees 15 vested in the surviving truslees in office. The current trustee group. who were appointed as successors by the foundei. seek to Make new appointments that Wbll ensure an independent, balanced and objective view of the Tfusl's activrties. Trustee Inductlon and training New trustees will typicalty alrea¢ty be familiar wth the Recording and Release activity of The Trust. A fvll disclosure of all papers is made induding minules. Current finances and the business plan. Organlsatlon The board of trustees, which is required to be not less Ihan and nol more than 10 members, administers the charity. The board meets quarterfy and makes all decisions by a majority vote of the trustees present. The Trust has no staff members and has entered into a medium tem) LIn Agreement with Wastone Estate Limited to provide all Manufacturing, sales. distribution. administratNe fijnctions. management and support for the Trusvs day-to-day operation5 as authorised by the board. R•lotod Partl¢¥ aslone Estate Limited is an inJ&p•nd•nt piivatety owned ¢ompany op•rating a Bu$ines$ Park, printing, CD manufacturing and dlstribution business in Monmoulh. UK. The company has a wntten agreement wrth The Trust to supply all adrninistrali¥e functions relating lo the management ol the record label and recording. The cornpany and the Trust currenty have iwo directorllrustees in common. Th¥ Trust Currently have three Trustees who ar& nol involved vnth Ihtr mpanY. Rl8k Manag•m•nt The Trustees reviewed and adopted a risk management poliry. Due to the low level risk associated wth the charity and its activities it was deemed unnecessary lo create a Risk register at this lime. The charity bases rts annual spending and rts budget from rTbonies eamed in Ihe previous year. These funds are not dependanl on public giving 8nd are generated from our own Ir•ding and from our own inveslments. We onty budget and only spend the inlerÈst 8nd growth and do noi e¥er ¢ommrt sums whi¢h are noi alrèady tramtrd and already at hand in thè bank. The trustees have given consideration lo other potential risks and identified none. It is noted that the recorded music industry has entered a period ol change with digital 58les from downloading and slrearning having an irnpact on the sale of physical CO and DVD. Waslone has ensured Ihat all Lyrila recording5 are properly represented on all current and known pl8fforms lo maximise their s81es. The Truslees have decided lo limit the budget for new recordings and marketing to the profits from sales, and from retums on investments. This will maintain the invested capital an¢J eliminate risk.
THE LYRITA RECORDED EDITION TRUST TRUSTEES, REPORT ICONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 R•lèr8nc• and admlnlstratlv• d•talls Charlty name The Lyrita Recorded Edition Trust Charity number 299635 Tru8tt•s Adrian Fawmer Anlony SmTth Chartotte de Rothschild Dr Richard Clive Blackford Ph.D Lynda Elizabeth Famier Prlnclpal offlce astone Leys Ganarew Monmouth NP25 3SR Ind•p•ndent Examlner Kalherine Parkin FCA &t$ Audrt S¥rvi¢e TyDe Lime Tree Court Cardrfy Gate Business Park Cardrff CF23 8Ae Bankèr8 Lloyds Bank 25 Greshaffl Street London EC2V 7HN Solleltor• Geldards 4 Capilal Quarter Tyndall Street Cardrff CF104BZ Fund Manager Saltus Spaces Casde Part Programme Buildin9 The Pilhay Bristol BS12NB The trustees. report was approved by the Board of Trustees. Antony Smlth- Trustee Dated.. 31 January 2025
THE LYRITA RECORDED EDITION TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LYRITA RECORDED EDITION TRUST I report to the trustees on my examinats.on of the financial statements of The Lynta Recorded Edits"on Trust Ithe charityl for the period ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for Ihe preparat¥)n of the finanual statements in accordance with the requirements of the Charities Act 2011 Ithe 2011 Acll. I report in respect of my examination of the charity's finanryal slatements carried out under section 145 01 the 2011 Act. In carrying out rny examination I have followed all the applicable Directy'ons given by the Ch8rty Commission undei seth'on 14515llbl of the 2011 ACL Independent examlnels statement Your attention is drawn to the fact Ihat the charty has prepared financial slatements in accordance with Accounting and Reporting by Charrtie5 preparing their accounts in accordance with the Fin8nci81 Reporting Standard applicabl8 in the VK and Rèpublic of Ireland IFRS 1021 in pieferen¢e to the A¢¢ounling and Reporting by Charities". Slalement of Recommended Pfactice issued on 1 Apnl 2005 which is referred to In the extant regulations bul has now been withdrawn. l understand that this ha5 been done in order for financial statemenis to provide a true and fair view in accordance wrth Gener81ty Accepted Accounbng Pracbce effective for reporting periods beginning on or after 1 January 2015. I h8ve completed my •xaminabon. I nTIMi thal no matters have ¢om& to my attent in ¢onne¢tlon wlth th& examination giving me cause to believe thal in any material respect.. 8¢counting re¢ords w&re nol kepi in r&spe¢t ol the ¢h8wty 8$ required by se¢lion 130 of the 2011 Act,. or the financial statements do not accord with Ihose records.. or thè fin8naal statemènt$ do not compty with thè applicablè rèquifemènts eone•ming th• fom) and contènt ol accounts set out in the Chanties (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter cOndered as part of an Independent examinats'on. I have no concerns and have come across no other matters in connection with Ihe examination lo which attention should be drawn in this report in order to enable a proper understandin9 of Ihe financial 5t8tements 10 be reached. Kath•rino Parkin FCA Azets Audlt Servlces Ty Derw Lime Tree Gourt Cardiff Gate Business Park Cardiff CF23 8AB Dated.. 31 January 2025
THE LYRITA RECORDED EDITION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 MARCH 2024 Unrestrlcted Unrestrlcted funds funds 2024 2022 Notès Donations and legacies Charitable activitiès Investments 1,950 21,818 32,764 23,395 47,789 Total Incom? 71.184 56.532 endltur Raising funds 41,542 35,066 Chorlt8ble o¢tivltles 279,268 153,982 Total exp•ndltuM 320,810 189,048 Net gain110$80$I on Inv&$tmgnts 11 165,263 1105,9181 N•t mov•m•nt In lund$ 184,3631 1238,4341 Fund balances at 1 January 2023 2,746,555 2,984,989 Fund balanc•8 at 31 Mareh 2024 2,662,192 2.746,555 The st8tement of fln8ndal activities indudes all gains and losses recognis8d In the period. All income and expenditure derive from continuing achvth"es.
THE LYRITA RECORDED EDITION TRUST BALANCE SHEET AS AT31 MARCH 2024 2024 2022 Notes Flx•d assèts Tangible assets Investments 13 14 2.076 672 2,714,666 2,076 2,715,338 Curren¢ a8Jets Debtors Cash at b8nk and in hand 15 25,C63 2.680,166 28,478 31,281 2,705,229 59,759 Credltor8'. amounts falllng du• vAthln one yoar 16 145.1131 {28.5421 Net current assets 2.660.116 31,217 Totsl a$$•t$ 1•88 ¢urr¢nt 11obllbtl•$ 2,662,192 2,746,555 Income funds Unrestricted funds 2,862,192 2,746,555 2.862.192 2,746,SS5 The financial statements were approved by the Trustees on 31 January 202S Antony Smlth- Trustee
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Aecountlng pollel•s Charfty Snforniatlon The Lyrrta Recorded Edrtion Trust is an unincory)orated charrty vthose goveming dtscument Is a trust deed dated 13 May 2016. The principal address of the chanty is astOne Leys, Ganarew, Monmouth, NP25 3SR. 1.1 Reporting period These financial statements arè for thè r)d 1 January 2023 to 31 March 2024, 3 15 month perlod. Thè reporting period has been extended in preparatson for the transfer of the activrties, assets and liabilities ol the charity into Lyrita Nimbus Arts on l April 2024. as disdosed in the TnJslees' report and the Events after the reporting date note. For this reason Ihe comparative amounts presented in the finanaal statements are not entirely comparable. Chanty Commission approval has been obtained in respecl of the change in the charrty's reporting period. 1.2 A¢eountlng ¢onvèntlon The financial staternents have been prepared in arLordance with the charity's goveming document, the Charities Act 2011 and 'Accounting and Reporting by Ch81ilies'. Stalement of Recommended Practice applicable lo charities preparing their 8¢counls in accordance with the Finanryal Reporting Standard applicable in IA8 UK and Republic of If¢land IFRS 1021 leffedive 1 January 20191.. The ¢h8rty 1$ a Publlc enefit Entity as defined by FRS 102. The charity has taken advantage of the Provisions in the SORP for charrties apptying FRS 102 Update 8ulletin 1 not lo prepare a Statement of Cash Flows. The financial $tslemenls hav& departed from Ihtr Charities IA¢¢ounls and Reports) Regulations 2008 only lo the extent r¥quired to provKl¥ a true and fair view. This Jepartur& ha$ involved followng th¥ Sl8temenl of Re¢omm&ndgd Pra¢ticè lor ¢haribes apptying FRS 102 rather Ihan the vgrsion of the Stsl¥menl of Recommended Practice which is referred to in the Regulalions but which has since been wthdrawn. The financial statements are prepa in steding. which is the funcb'onal ojrrenry of the charity. Monetsry arnounts in these financjal statements are rounded lo the nearest £. The financial Stslemenls have been prepared under the historical ¢o$l convention. modified lo include ¢&rt8in flnanual Instruments at fair value. The pnncipal accounbn9 policies adopted afe set out b&low. 1.3 Golng eonc•m The charity ceased Irading on 31 March 2024 and Iran$ferred its 8clivilies. 8$$et$ and li8bililite$ lo 8 newty formed Charrtable Inwrpor8ted Organisation LlIa Nimbus Arts ltharity number 12038671 on 1 April 2024. As such the financial statements have been prepad C a basis other than Ihat of a going concem which includes, where appropriale. writing down the charity's assels to net realisable value. The financial statements do not indude any provision for the Ivlure costs of terniinaling Ihe aclivilies of the charrty except to the extent that such Costs were commrtled at Ihe balance sheet date. 1.4 Charttable funds Unrestricted funds are available for use at the discreb.on of the Irustees in furtherance of their charitable objectives. 1.5 Income Income is recognised when the charity is legalty enlitled to it after any perfomTrnce condilions have been mel, the arnounts can be rneasured reliabty. and rt is probable thal income will be received. Cash donations are recognised on receipt. Other donaiions a recognised once the charty has been notified of the donation. unless performance condilions require deferral of Ihe amount.
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Accounting policies (Continuedl Income from royatties is recognise(l in Ihe peiiod in which it was geneiated. Rental income is recognised in the per)d in whth the service is provided. Dwidend income is recognised in the period in wthich it is awarded. 1.6 Expendlture Expenditure is rew9nised on¢e ther¢ 1$ 8 le901 or ¢onstru¢tNe obligation lo make # payrnent lo a third party, il is probable that settlement will be required and the amount of the obligabon can be measured reliably. Expenditu on charitable actwities includes all costs relating to the furtheran of the charity's objectives as stated in the trustees report and their associated support ujsts. Support costs have been allocaled beiween govemance c05ts and other support. Govem8nce costs comprise all ¢o$ls involving public a¢counlability of Ihe tharty and rts ¢omplian¢e with regulation and good practice. Irrecoverable VAT is charged as a cost againsl the aclNity for which the expenditure was incurred. 1.7 Tanglblè Ilxèd a•8•t8 Tangible fixed assets are inilialty measured al $1 and subsequenty rne88urèd 81 $t or valuation. nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values tsver their useful liyes on the followin9 bases.. Plant and equipment 25% redvrAng balance The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the assel. and is recognised in the slatement of financial activrties. 1.8 Flx•d a88•t Inv•8tm•nts Fixed asset inveslments are inilialty rnea3ured 8t transact)n price exduding Iransaclion costs. and are subsequently measured al fair value al eath reporting date. Changes in fair ¥alue artr re¢ogni$ed in nel Incomellexpendrturèl for the year. Transaction costs are expensed as incurred. 1.9 Impalnnent of Ilxed as¥ets At each reporting end (Jale, the charity vIewS the carrying amounts of its tangible assets to detemine whether there is any indication that Ihose assets have sUffed an impaimient loss. If any such indication exists. ttte recoverable amount of the assel is esbmated in order to detemiine the extent ol the impaiment loss lil any). 1.10 Cash and cash equlvalents Cash and cash equivalents Indude cash in hand, deposrts held at call with banks, other short-temi liquid investments wrth original maturtties of Ihree monlhs or less, and bank overdrafts. Bank overdrafts a shown wrthin borrowngs in current liabilities. 10-
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Accounting policies (Continuedl 1.11 Flnanelal Instrnm•nts The charity has elected to appty the provisions of Section 11 'Basic Financial Instwments, and Sects'on 12 'Other Finanri81 Instruments Issues. of FRS 102 to all of its financial instruments. Flnancial instruments are recognisefl in the chanty's balance sheet when the chailty becomes party to the contractual provisions of the instrument. Financial assets and liabilitEs are offset. wth the net amounts presented in the financial statements, when there is a legalty enforceable right lo set off the recognised amounts and there is an intention lo settle on a net b8515 or to realise the asset and 5elUe the liability simuhaneou5ty. Basle finanelal •ss•ts Basic financial asset5. whKh indude debtor5 and cash and bank balances. a initially measured at tr8ns8Ction price induding Iransaction costs and are subsequentty carried at 8morty.sed c05t Using the effective interest method unles5 the 8rr8ngemenl wnstilules a finann9 transaction. where the transaction 1$ measured at the present value of the lulure receipls discounl•d at a market rate of interest. Finanaal assets classified as r1Vable within one yeai ale not amortbsed. D•rncognitlon olflnanclal assets Financial assets are derecognised onty when Ihe ¢ontra¢tual rights to the ¢a$h flows from the a$$el explo or are settled, or when the chanty transfers the finanual asset and substantially all the risks and rewards of ownership to another entrty, or rf some significanl risks and rewards of ownership are retained but control of the asset has transferred lo another party Ihal is able to sell the assel in rts entlty to an unrelated third party. Baslc flnanclal 11obllltio5 Basic financial liabilities. induding credrtors and bank loans are 1nrtlal recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instnjment is measure(J at the present value ol the future payments discounted at a market rate of inle$t. Finanaal liabilities classified as payable wrthin one year are not amortised. Debt inslwmenl$ ¥re subsequ¥nlty ¢arried al amorti$¢d cost, using the $ffe¢tiv& inl¥f¢sl fal¥ method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable a dassified as current liabilrties if payment is due wthin one year or less. 11 nol. they are presented as non-currenl liabililies. Trade credrtors are recognised initially at trans8c¢K)n price and subsequentty measured at arTh)rtised Cost using the effeclive interest rnethod. Dere¢ggnitign of financial lisbilitie Financial liabilities are derecognised when the chaiity's contractual obligations expire or are discharged or cancelled. Crltlcal accounting e¥timate$ and judgements In the application of the charity's accounb.ng policies. the trustees a required to make judgements, estimates and assumpts.ons about the carrying amount of assets and liabilrties thal a not readily apparent from other sources. The estimates and assouated assumplions are based on historical experience and other factors that are considered (o be relevant. Aclual resuRs may differ from Ihese estimates. The estimates and underlyin9 8S5umption5 are reeWed on an ongoing basis. Revisions to accounting estimate5 are recognised in the period in which the esb"rnate is iew5ed where the revision affecis onty that period, or In the penod of the re¥ision and future pen¢)ds vA)ere the revision affects both current and future periods.
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Donatlons and 18gacl•s Total Unrestrlcted funds 2024 2022 Donations and grfts 1,950 Charltabl8 actlvltlès 2024 2022 RoyaltS&$ 23,395 21,818 Inve8tfflent• Unre8trlctsd Unrnjtrlcted fund8 funds 2024 2022 Income from listed investments Interest re¢eivable 45,268 2,521 32,493 271 47,789 32,764 Ral¥lng lunds Unr•8trictèd Unrestricted funds nds 2024 2022 Investment management 41.542 35.066 41.542 35.066 12_
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 7 Charltabla aetlvltl•s 2024 2022 Insurance Advertising Origination cos15 Patenls and trademarks Property repairs Rent and rates Travel and subsisl&n¢& Subscriptions Donations Technical sUPPOrt I software Training Depreciation Sundry 1.289 16,271 188.706 144 32,324 25,575 1,641 330 4,947 96 1.005 4,129 127,417 182 13,200 293 203 11S 223 928 $88 272,839 148,767 sha o15UPPOrt costs Isee nole 81 Shgre ol govemon¢& ¢o$ts (see not¥ 81 140 6,289 78 7,137 279,268 153,982 13-
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THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 Trust••s During the current or prior period. no Injstees were remuneraled for their role as a trustee. No trustees were reirnbursed for expenses during the period 12022.. no twstees were reimbursed for expen$1. 10 Employees The average monthty number of employees during the period was.. 2024 Number 2022 Number Totsl There were no employees whose annual reffluneratn was more than £80.IXJO. 11 N•t 04ln¥ll1*I on Inv•$tm•nl• Unr¢$trletèd Unmtrlet•d fvndo fund8 2024 2022 Revaluation of investmen16 Galnlllossl on sale ol investments 1105,9181 165,263 165,283 1105,9181 12 Taxatlon The charty is exempt from tax on income and gains falling within section $05 of Ihe Taxes Act 1988 or section 252 01 the Taxats'on ol Chargeable Gains Act 1992 to Ihe extenl thal these are applied lo its charitable objects. 15-
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 13 Tanglblè (lx ass•ts PWnt8nd equlpmont Cost At 1 January 2023 Additions 1.191 2,332 At 31 March 2024 3,523 Oepreclation and impainnent At 1 January 2023 Depreciabon charged in the period 519 928 Al 31 March 2024 1.447 Corrylng amount At 31 March 2024 2,076 At 31 December 2022 672 16-
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 14 Flx•d ass•t Inv•stm•nts Llst In¥esthiÈnts Cash In portfollo Total Cost or valuatlon Al 1 January 2023 Disposals 2.648,093 12,648,093) 66,573 2.714.666 166,5731 12,714,666> At 31 March 2024 Carrylng amount At 31 March 2024 At 31 December 2022 2.848,093 66,573 2.714.666 15 Oebtors 2024 2022 Amounts lalllng due wlthln one year: Trade debtors Amounts owed by related parl Other debtors Prepayments and a¢¢wed inM 22,945 2,157 22,683 223 5,034 499 25,063 28,478 18 Credltors.. afflounts falllng due wbthln one year 2024 2022 Othèr taxation and social securrty Trade creditors Amounts owed to related parties Other credrtors Accruals 18,4651 8.074 20,394 123 10,416 5,340 34,202 338 5,233 45,113 28,542 17_
THE LYRITA RECORDED EDITION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024 17 Analysls of nèt assèts b•tw••n funds Unrestricted Unrnstrlcted funds funds 2024 2022 Fund balances 8t 31 March 2024 are represented by.. Tangible assets Investments Current assetsllliabilities 2,076 672 2.714,666 31,217 2,660,116 2.682.192 2.748.555 18 Ev•nt8 oft•r th8 r•portlng d•t• As noted in the trustees report a new chanty has been fom)ed to combine the activ+ty of The Lyrita Recorded Edition Trust and The Nimbus Foundatn. The newty Cate¢j charity Is called Lyrrta Nimbus Arts which is a Charitable Incorporated Organisation and was wislered wilh the Charity Commission on S July 2023. The activities, assets and liabilities of Ihts ch8nty were giftèd to Lyrit8 Nimbus Arts l¢harty numbtrr 12038671 wrth effect from 1 April 2024. 19 Relotgd party tran•a¢tlon8 Two trustees ol the charity are directors ol Wastone Estate Limited. During the period the charity raised sales invoices to Wastone Estale Limiled in relalion to royatb.es due totalling £25,896 12022.. £29,802). At the period end £nil12022.' £nill rna1ned outstanding. The charity received pur¢h8se invoices from Wastone E$lale Limiled lolalling £110.083 12022.. £58.5621 in relatlon to rantal and managemènt chargas. At thè period end £34,20212022". £nill rèmaln•d outstandin9. The charity received amounts lo(alling £83.150 12022.. £1.9081 from astOne Eslale Limited to assist with short term cashflow. Repayments ol Ihese amounls totalling £105.000 were made to Wastone Estate Limited in the period 12022.. £nill. At the penod end £1.456 was owed to the Charity 12022.. £20,394 owed by the ch8rityl. Trustee Adrian Fam)er Is also a Trustee ofThe Nimbus Foundation. During the period The Nlmbus Foundation invoiced the charrty £4,392 in respect ol concert hall and piano hire 12022.. £4,200) of which £nil 12022." £4,2001 remained outstanding at the per end. During the period The Nirnbus Foundation made payments on behalf of the charity in respect of purchase invoices totalling £701 12022." £nill ol which £701 {2022." £nill was owed to The Nimbus Foundation at the pariod end. 18-