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 Éffl￿ré 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 S￿nifiCanty 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 P￿SerVe
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 $8me time making them
8vailable for download and strearning. mastone have ensured all trfes are also presented to students
via the Naxos Music Library, whith is available in all major universities and colleges worfdwide. Release
selections were made on the qualty ol perfomances, quality of recordings and that the Items we
either the On￿ recording now available or were premier perfomiances.
Releasing on Cameo Clas•lcs frorn the ltter Archlve Collection - Having completed the extensive
assessment ol the ltter Arthive 13pes rt was discovered thal a great many highty regarded non-Britlsh
archive recordings w8r8 also contained wrthin the collection. Since these cannot be released via Lyrita il
was decided lo buy the failing label Cameo Classics. "Th• mono r•cordlng is excellènt, though th8
flnal bn)adcast, on 9 D•c•mb•r 1954 wlth th• E Ilat major, sounds Just marylnally loss fonvgrd.
ltter's rncording equipment, as is w￿1 known, was top class and the acetates have been
excellently transferred by the Wyastone team with AdTi4n F4mi•rfs not•s sethng the Soal on
very wel¢om• r•stora¢ion." MusicWeb-Inlem8tional
During this period Lyrita released nine pfoJe¢ts of pfemief fe¢ofdin9s a¢ro$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$13CDI
PLAYLIST Chnstopher Brown DiscoverBaroquery
SRCD2417 George Lloyd. Symphonies 1414CDI
SRCD433 English Piano Duos lcallaghan￿aken0uCh1￿
SRCD432 Richard Blackford Gaudi l Babel
G•orge Lloyd - Lyrita Trustees ne9Otialed exdusive right$ 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 re￿ase 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 $0 Ihat all of the sales revenue and investment returns can be usèd to fijnd
new recording projects. No action is recommended In respect ol the management of funds. We held two Zoom
meetings with 8runel Capital Partners, who provided us wrth a￿v￿e and Infomiakn'on regarding our investments
and the wider global markets.
It was agreed that the investment portfolio would be Iwuidated lo cash in March 2024 and gifted lo Lyrrta Nimbus
Art8 unincumbered and with no restrictions 81 that time.
R•8•rvo8 Polley
The trustees recognise Ihat the principal Source of income is from investments. To manage its current obligations
the trustees have set the minimum value ol Ihose investmenls at £2.000.000. The trustees believe that this policy
remains appropriate as a resource primarily intended lo prO¥￿e for the continued recording and release
programme lttat IS Sustsinable and thal 15 nol over or underwhelming the Classical Music rnarket. This
infomalion has been passed lo Ihtr Truslees of Lyrit8 Nimbu$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 impac￿1 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) LI￿n￿ 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 cOn￿dered 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 gain￿110$80$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 L￿lIa Nimbus Arts ltharity number 12038671 on 1 April 2024.
As such the financial statements have been prepa￿d 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 sUffe￿d 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 finan￿n9 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 r￿1Vable 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 entl￿ty 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 re￿eWed 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-

888
c c c
> > >
00 o
o¥)
ooaj
) N ¢0
¢4Nr
cw c
TJ o
Ill 11 I

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￿$1.
10 Employees
The average monthty number of employees during the period was..
2024
Number
2022
Number
Totsl
There were no employees whose annual refflunerat￿n was more than £80.IXJO.
11 N•t 04ln¥ll1￿*￿I on Inv•$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 in￿M
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 Foundat￿n. The newty C￿ate¢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-