The Lyrlc Theatre (Nl) Company Llmlted by Guarantee Annual Report & Flnanclal Statements Year Endod 31 March 2023 Company No: N1066152 Charity No: NIC100173 HMRC Charlty No: XN47868
The Lyric Theatre (Nl) Company Limited by Guarantee Table of Contents Year Ended 31 March 2023 Paga Company Infomiation Truste8s Annual R8port 3-11 Independent Audltors Report to the member8 12-14 Con801idated Statement of Flnandal Activiti88 15 Consolidated Balance Sh8et 16 Balance Sheet 17 Consolldated Cash flow statament 18 Notes to the Flnanclal Ststements 19-31
The Lyrlc Theatre (Nl) Company Llmlted by Guarantee ComDanv Informatlon Twstees Sir Bwce Robinson (Chair) Stephen Douds (Vice Chairl (Resigned 31° July 2023) Patricia McBrid8 (Resigned 8 February 2023) Mark Phelan Michael Mullan Nuala Donnelly (Resigned 8 August 2023) Paul Hayes {Appoint8d 19 October 2022) Jean Horstman (Appointed 1 9th October 2022) Loulse Warde-Hunter (Appointed 19th October 2022) Rosl8 Tlmoney (Appolntsd 2, Janu8ry 2023) Secretary Miche81 Meegan Reglstered Offlc• 55 Ridg8way Street Belf88t Antrim 8T9 5FB Extarnal Audltor FPM Accountants Ltd Chartered Accountants 1-3 Arthur Stre8t Belfast 8T14GA Prlnclpal 8ankern Ulster Bank 11-16 Donegall Squar8 East 88lfast 8T15UB Sollcitorn Cleaver Fulton Rankin Limited 50 Bedford Street Belfast BT2 7FW Reglstered Charlty No. NIC1001731XN47868 Reglstered Company No. N1066152
Tha Lyrlc Theatre (Nl) Report of the Truste08 Year Ended 31 March 2023 The trustees. who ar8 a150 directors for the Purposes of company law, present their report and the fin8ncial statements ofthe company for the year ended 31 March 2023. 1. Structure, Governance and Management Goveming Docum8nt The company was incorporated on 3 September 2007 as Lyrlc Theatre Nl. The company commenced trading on 1 December 2007 and wa5 recognlsed as a charlty by HM Revenue and Customs on comméncement of trading. The company is constituted under a Memorandum and is governed under Its Articles of Association, There have been no amendm8nts to the gov8mlng documènts Sn the year. The company has been reglstered wlth the Charlty Commission for Northern Irdand from 26 January 2015 under regSstratlon number NIC100173. Legally. the prfnclpal actlvitles of tha charily are to promote, malntain, Improve and advance the educallon of the general publSc in the arts generally. wth a special emphasis on theatre in all its multifarlous forrns. These princSpal activlties form the basis for this report. Organisational Structure Lyric Theatre Nl has a Board of Trustees of up to Iw8lv8 members who meet at least 6 times per year and ar6 responsible for the strategic dlrectlon and policl8s of the charity. At present the commlttee has sevgn members from a variety of professional backgrounds relevant to the work of the charlty. The charity has one wholly owned trading subsldiary, Lyric Players Theatre Productions Limited. The subsSdlary deals with the production and $18glng of plays and other performances and operates the theatre's c8fé, bar and kiosk services. The charity licences the use of the theatre to its subsSdlary under a non-exclusive Iic8nce for the purpos6 of slaging producllons and provldes financial support to the subsidiary for the purpose of producing th8atr8. Any profils are gifted to the charity in thélr 8ntir8ty. The Trustees who held office durlng Ihe year were.. Sir Bruce Robinson (Chalrl Stephen Douds (Vice Chalr) IR8sianed 31. Julv 2023) Patricia McBride IResiqned 8, February 20231 Mark Phelan MSchael Mullan Nuala Donnelly IRe3iqned 8 Auqust 2023> Paul Hayes (Appointed 19 October 2022) Jean Horstman (Appointed 19th Octob8r 2022) Louise Warde-Hunter {Appointed 19th October 20221 Rosie Timoney (Appointed 2 January 2023) A scheme of delegation is in place and day to day responsibility of the services rest wth the Executive Producer and the Senlor Management Team. The Executive PrOdur is responsible for 8nsuring the charlty delivers the services specified and that key perfomiance Indicator5 are met. Sub-committees are in place to revi8w som8 areas in gr8at&r detail, including Programming, Finance and HR (including Audit & Risk), Marketing & Development. and Building & Maintenanc8.
The Lyrlc Theatre {Nl) Report of the Trustee8 Year Ended 31 March 2023 Recniitment and Induction of Truslees Under the requirements of the M8morandum and Articles of Association. Trustees are 81ected to serve for a term of three years after which they rnust be re-elected at the next General Meeting. Normally a trust88 will seNe no more than three temis. Trustees are dravm from people who have shown a keen interest in the8tre and demonstrate expertise and knowledge in relevant professional disciplines, giving due consideration to the requlred skills, experi8nc8 and diversity of the board body. New trtsstees are recomrnended by the Chair and Executive Producer and are approved by Ihe board. When first appointed TTUSt8es are given an induction and are briefed by the Chalr and the Executive Producèr, as well as meeting other key staff members. 2. ObJectlv•8 and Actlvlt1•8 Ex8CUtive Summary Th15 proved lo be another exceptionally importanl year in the life of the L¢ Th8atre. In hlndsight the trustees are dellghted to report it was a very successful year, but it did not feel like that until the very end of th8 year due lo the slgnificanl challenges experlenced. The threat of Covld to our productlons and e5peclally to audlence numbers w8S the omnlpresent challenge. Our programming response w8s bold, with 6 of the 7 major in-house productlons being new wrftlng, and our audiences responded magnificently with wholehearted support. Notwithstanding the loss of a number of perfomiances due to Covid by the end of the year we could confldently report live theatre in Belfast was In rude good h8alth! There were many highlights in this great nèw wrfllng programme particularly The G8p Year. Prop8gand8.' A N8w Musical and Agreement. We had started the year wlth an ambitlous and successful Covproductlon with the Abbey Theatre, Dublln, of Brian Frtel's Translations. Other major collaboratlons in the year included further work with the BBC on Rough Girls and wlth the Brftlsh Councll and Rage Productions on the pioneering Culture through Indi8 project. In 8ddltlon, we continu8d our commitment to supporting independent producers by hosted 37 visiting shows during the year. All of Ihese productions ontributed lo the rich and v8ried programme that Ihe theatre presented durlng the year. We continued to encourage newwriling through our New Work Open Call, recelvlng an amazing 188 8ppllc8tlons for supportl Our Literary Manag8r worked with some 100 writers and through some 80 projects provided dramalurgical, developmental or mentorship support. Seed commissions supported 13 proposals and 4 writers were selected for our new PlaghtS Programme. Over the past year, the educatlon and outreach programme led by our Creatlve Learnlng Departrnent reached 12,816 young people in schools, community grokJP5 and other organisations, including thosg in are85 of disadvantage or social exc4usion. Our flagshlp actor-training programme, Dr8ma Studlo, which is also led by our Creatlve Leaming Department, had 14 participant5 on its 14-week course. We are delighted that 3 of the participant5 have taken up places in Drama schools. We were especially pleased that 8 former members of Drama Studio were in the cast of Romeo and Juliet which was directed by Philip Crawford on the main stagg during the year. We were thrilled to be named by The Stage in December 2022 as UK Theatre of the Year in r8cognition of the work we do on and off Ihe stages, our work in schools and community groups with young people, our work wth young actors, and in particular wth writers, supporting hundreds of writers each year and platforming new writing. In addition. we won a UK Theatre Award for Best Play Revival for The Lyric and Abbey Theatre co-produdion of Translations, and a UK Theatre Award for Excellence in Arts Education for Lyric Drama Studio.
The Lyric Theatre {Nl) Report of the Trustees Year Ended 31 March 2023 All of these achievements took place against the backdrop of another very significant challenge, that of rapidly increasing costs. Core running costs jumped signiflcantly and relentlon of staff became much more difficult for understandable reasons in the face of the cost-of-living crisls. The theatre has been able to cope with this crisis so far due to a combination of tight cost control, a sound box office performance and continued sound and flexible financial support from our stakehold8rs. Whi18 ticket prlces hav& increased, we remain commltted to making the theatre accessSble for èveryone and so we retained our £15 tickets for all Lyric shows and discounts for community groups and students. Across the full roster of Lyric productlons and Vislting Companles perfomiances. we played to 90.614 audlence members, Offerlng support Dr employrnent to 277 freelancers during the year. Our Creative Learning Department engaged wlth 12,816 young people in schools, community groups and other organisations. Our programme also generated gross ticket venue of £1.6rn during the y8ar. The Trustees are véry appr8clatlv8 of thé continued significant financial 8UPPOrt that Is provided by Ihe Arts Councll of Northem Ireland and by Belf8St Clly Council. The very powerful impact that the theatr8 makes, and its contribution to the wider needs of this society, remalns Invaluable. and was only possible thls year wlth that signiflcant fln8nclal support. Th8 trustees are also highly appreciativ8 of the contn'bulion from Gaffleld Weston Foundallon. wh08e assSstance to develop our digital and archiving slrategy has proved invaluable. NolthstandIng th8 level of granl funding from the Arts Council, the current operating environment has inforced concems about the funding Tequired. In addition, the lack of an on-going multi-annual funding cycle. frustrates the the8tre's ability to engage In 8ffectlve financlal and creative plannlng. The Trustees 8re especially appreciallve of the outstandlng le8dershlp of the Ex8CUtIV8 team over the last year which has been so challenglng. Each of whom has made a Major contribullon lo the th8atr8 in this period. However, the successfvl perfomiance of the theatre in the last year is also due in very large maasura to the dedlc8ted, committed and axceptlonally hard-working staff of the Lyric. We remain fully committed to the prlnciples of inclusion, diversity, equity and access IIDEAI. In furtherance of these principles, w8 establisheé thls year our IDEA Council which engages staff and Trustees to work together on these issues. For many years tha Lyrlc h8s been exceptionally w811 served by very c8P8ble 8nd competent individuals in Ihe role of trustee. In the last year, three of the trustees have stepped back and the Board would like to place on record Its deep thanks to them for their malor contributions to the success of the Lyrfc Theatre. Stephen Douds has stepped down as Vice Chair,. h8 and Patricia McBride have been trustees for a 5igniflcant number of years through the conslructlon of the present bullding until now. Both hav6 a deep knowledgè of theatre on this island and graclously hav8 d8ployed that knawledge and experience fully in seNce of the Lyric. Nuala Donnelly has also been most genorous wlth her lime and advi on markelSng and development. We also welcome the new Iruslees to the Board. CREATE- make ¢hallenglng and entertaSnlng crfratlve work The past year has showcased the breadth of 5ki11s, talenl and creative ambition the Lyric Theatre can deliver to audiences and stakeholders. Across the period we have maintalned our position as the most 5ucc855ful full time produ¢ing theatre in Northem Ireland and are increasingly being recognised for the quality of those production5. The year commenced with an ambib'ous co-production with the Abbey Theatre, Dublin. of Brian Friel's Tr8nsl81ions. The production garnered exGellent reviews and cuslom8r feedback here before touring to 3 Irish venues. reinforcing our standing within theatre across the island. The production won the UK Theatre Award for Best Play Revival.
The Lyric Theatre (Nl) Report of the Trustees Year Ended 31 March 2023 CreatlV6 Leaming staged Blug Stockings as their annual show in Spring, a brilliant piec8 of new writing about women's right to graduate at Cambridge University. With a cast of over twenty Students, it was as ever a vèry successful production wth sold out shows. Our in-house production recommenced wilh The Gap Year. This script, developed pre-pandemic in assoclation with Commedia of Errors, was a huge success and played to full houses. Propag8nda.' A New Muslcal a co-production wth Belfast Ensemble. was a formldable project which required all departments within the theatre to deliver the creative ambitions to a mosl exacting standard. It recelved excellent critical reviews and positive audience feedback. The show was successful in attracting a numb6r of national press features Including BBC Radio 4 Front Row. The Guardlan and The Irish Times. It was nominated for an Irish Times Theatre Award. and its set design by Conor Murphy has been nominated for Best Design in the upcoming UK Theatre Awards. 8ig Man by Paul MGVeigh whlle smaller in sc8le delivered a powerful one-man performance from Tony Flynn. Innovative lightlng deslgn on th6 production was recognised with Jame8 McFetrldge wnning lh8 Irlsh Time8 Theatre Award. Chrlslfflas 2023 offered our audiences a wide range of cholces to suit all. The Snow Queen a new famlly muslcal by Paul Boyd brought contrastlng worlds of sun and snow to the stage wth a talented cast of actorlmuslcl8ns. Grimes & McKee's Christm88 Craic-er atlracled sell out audiences for their two-man sketch show, accompanied by Rod Mcvey. The retum of Paul Currf8's anarchic punk cabaret in the Naughton topped off the f8StIV8 Ilne up. Philip Crawford took on the role of dlrector for the biggest production of the year, staging Romeo and Juliet in modem day Verona, the first major Shakespeare production staged by the Lyric Theatre In ten years. A cast of 12 professional actors was ably joined by 4 Drama Studio sludenls for their first professlonal roles on the main stage. This wonderful opportunlty was facilltated by a unique agreement between the Lyrlc Theatre and UK Equlty. The year endad with the tremendous production of Owen McCaff8ty's new play Agreement. Comrnlssioned by the Mlchael Grandage Company, the LYTIC Thealre produc8d the premiere in Spring 2023 to coincide wth the Iwenly fifth anniversary of the Good Friday l Belfast Agreement. Its impact went far beyond cdtlcal acclaim and s611 out shows and offered our audiences an opportunity to celebrate the anniversary in a shared civic space. As a partner on Queen's Universltls GFA25 programme, we showcased the theatr8 to the world 8nd welcomed dignltartes, politicians and the worldwide medla to the theatr8. Vlsiting Productions The Trustees consider an irnportant 818m8nl of the Lyric's remit is to contribute to strèngthening of th8 Iheatre seclor both locally and across the island. To fulfil that remit Ihe management team has sought to develop a theatrical eco-syslem with the Lyric at the hub. The programrne of vi51ting productions is the pivotal component of this eco-system. In this year we have been successful In attracting 8 wde range of work frorn 37 independent producers to the stages at the Lyric. We have collaborated with rnany loe21 companies io suppcrt th8lr ambillons and expand the number of local artists taklng to our stsges. INSPIRE- ensure our team. artlsts and audiences are insplred by evorythlng we do. New Writing New Writing played a central role in OUT programme thi5 year, with 6 out of 7 of Lyric productions brand new WTiting. This included The Gap Year, Big Man, Propaganda.. A New Music81 and Agreem8nt, as w811 as an eclectic Christmas programme across both spaces. We offered a vast Tange of opportunities to the writing community throughout the year.
The Lyric Theatre (Nl) Report of the Trustees Year Ended 31 March 2023 with our New Work Open Call receiving 188 applications for support. With the support of our Literary Manager. 100 writers receiving support through., 80+ projects receiving dramaturgical, development or mentorship support, 13 projects receiving seed commissions and 4 artists selected for our New Plawrights Programme. Creatlve Leaming Our Creative Learning department, which rèprasents the Lyrlc's education. social and communlty engagement strategy, engaged with 12,816 young pèople in schools, C¢ynmunlty groups and other organisations, including those In areas of disadvantage or social éxclusion. They once again produced a comprehensive and inclusivè programme of events, plays and workshops. This included Summer School workshops, which were available for young people aged 6-18 in August 2022. A programme of 6 week long, live workshops was delivered with 129 partlcipants. Ther8 were also 3 seasonal Workshops arranged at Halloween for 40 partlclpants. Throughout the year over 25 workshops took plac8 in both prlmary and s8condary schools across Northern Ireland viith total of 386 participants taking part. In collabor8tlon wlth DAERA, w8 tour8d for 4 weeks to Primary Schools, pr8S8ntlng a new environmentally themed musical, WasteBust8rs. This played to over 3,600 pupi15 across Northern Ireland. Our malor secondary school outreach programme was centred around the mainslag8 productlon of Romeo & Juliet, whlch featured 4 current and 4 past participants of Drama Studio. In addition, we engaged wlth a number of extern81 organisations including DAERA and Frantlc Assembly dèlivering a rang8 of creatlve prqects. In total the Creative Learning Department delivered 556 events, involvlng 6,312 partlclpants. For the tenth successive year. the Lyric hosted th8 National Theatre's Connections festival: a 2-day ev8nt In March vthich featured 6 Youth Theatre groups from across the island of Ireland performing live in the Naughlon Studlo. Our Orama Studio Actor Training Programme was able to take place with 14 new participants in September 2022. The participants worked with 15 different vlslling praclilloners during the course. Rehearsals began in the spring of 2022 for a pr¢Jduction of J8ssica Swale's Blue StOGklng8. Accessiblllty The theatre remains strongly commlttÈd to accessible pricing for everyone. A$ part of our stralegic goal to develop new audlences and make the theatre accessible for evèryone, we offered £15 tickets for all Lyric shows, and dlscounts for Communlty groups, students and Artl8t Ambassadors. The theatre is committèd to the prSnGlples ol Inclusion, diverslty, equlty and acc8ss (IDEA). This includ8d an open policy for all practitloners, as evidenced through our New plaright$ Programme, an open casting proc8SS, an open call for new work and open recruitment practices, and additional work within the community and wilh community partners. We strive to make the theatre accessible to customers with additional needs, and we provld8d captioning for our digital content and offer a captloned, audio described, and a sign language performance of every Lyrlc produced show. We worked wlth the deaf community, and with our community groups, and we continue to provide free tickets to carers. We partnered with Goliath Trust to offer almost 400 children from disadvantaged areas a free performance of our Chrislmas show, The Snow Queen. Wè continued our work in providing accessible pathways to careers in the arts while nurturing the up5killing and development of the workforce. We ran an assiste(J Mental Health and well-being programme for staff and 'Maker Masterclasses, free of charge for artists, including facilitated sessions in Shakespeare, and Intimacy of Set Guidelines. During the year the theatr8 established a joint staff and trustee IDEA council to build further on our commitment to the principles of inclusion, diversity, equity and access IIDEA)-
The Lyric Theatre (Nl) Report of the Trustees Year Ended 31 March 2023 GENERATE- build and develop multiple revenue streams Audiences Our audiences are vital to the Lyric, and we rely on them for the majority of our income.. 8round iwtrthirds of our income comes direcuy from ticket sales, and food and drink sales. We have an audience-focused approach to our strategic plan as our future success depends on even greater audlence loyalty. In addition to a multi-buy loyalty initiative, we introduced a new 4-level membership scheme, Lle+ which creates a deeper and more meaningful relationship with our most loyal audiences. In the first year we have almost 200 Lyric+ members, at all levels from Ensemble, through to Director's Circle. While 81tendance figures wer8 Initially lower than pre Covid at the start of the season, ticket sales grew steadily throughout the year in line with audience confidence, reaching peak audienc85 and full capacity tiGket sales many times. Audience demand for our large-scale produGlions on the Main Stag8 was extremely strong, and high8r than UK theatre benchmarks, However, the ongolng Impact of COVID-19 was stlll evSdent durlng the Chrlstmas period and reflected In nlne cancelled performance5 for our Christmas family show, The Snow Queen. Thls was forecast to have been our most successful Christmas family show ever. Despite these cancellati¢Jns, Th8 Snow Queen overall attracted 13,988 children and th8Sr families. Overall, we welcomed back 84,110 audiences this year, at overall capacty of 69%. This was hlgh8r than 2018119 at 60% and only slightly behind 2019120 at 73%. We devised key education and outr8ach actlvStl8s for our young people. partlcularfy thosg m05t in need of our support. We provided valuabl8 online r8sourc8s for teachers and students and moved our Drama Studio to a hr1d of online and socially distanced workshops. All key educ81ion resources were filmed and made available online. Through thls, 12.760 wewers and participants engaged directly with our outreach projects, which was only 8 10% decrease on pre-pendemic numbers. We continued to be the largest employer of theatre practltioners in the Northern Ireland, wlth over 277 freelancers supported or employed by the theatre durlng the year. Overall, as the theatre welcomed back live audiences across the full roster of Lyrlc productlons, Vlsitlng Companies, and Creaii've Leamlng performances, totalling 90,614 audience members. SUSTAIN - drlvo Ilfolong 8U8talnablllty of th8 Lyrlc Theatro. Lyric Sc8nic Construction The Lyric Scenic Workshop, whlch wè establlsh8d In 2021, has play8d a vital role in supporting the theatre and changing the way we deliv8r sets and scenery for our productions. It was conceived as a way to take control of our raw materials and resources and move to a GIUlar m¢Jdg1 forthe delivery of our own scenery. Our ambition is to become a resource capable of delivering benefrts lo the wider all-lreland thoatre and arts sectors. Initially stsffed with a workshop manager using mostly contracted laLx)ur, in 2022 we introduced a lead carpenter and fabricator to bring 811 aspects of scenic delivery within this department. We also hired an 8dditional sceni¢ construction apprentice demonstrating our commltment to nurturSng th8 n8Xt g8n8ration of scenic construction talent. In 2022123 the Scenic construction department delivered all aspects of set construction and scenic art on Blue StoGkings, The Gap Year, Propaganda.. A New Musical (nominated for UK Th8atre award for best set design). Big Man. Th8 Snow Queen, Romeo and Juliet, and Agreement.
The Lyric Thèatre (Nl) Report of the Twstees Yèar Ended 31 March 2023 We have completely transformed how we build and create scenery at the LyTiC', our production targets have met the Theatre Gre6n Book standard {50'h of materials used in the production having had a previous life and 65°h of materials havé a futur8 life after the production), and we are committed to embédding this as our standard going foDNard. We are continuously reviewing Ihese and how we can reduce the percèntage of wastage in productions. We have réceived overwhelmingly posltive feedback from all designers engaged on LyTlc productions. In 2023 we began offering services to other companies, building scénery for Replay Theatre Companvs production of Mirrorball, and Bruiser Theatre's tour of Mojo Mickeybo brlnglng in addltional earned income for the organisation. Future plans As we look forward to th8 next e1ve months. the trustees remain committ8d to fulfilllng the theatres mission to create, entertain and inspire, offering a Creative hub for theatre-making, nurturing talent and promoting the Critical role of the arts in society. This includes a bold and varled programme of in-house productlons wlth new writing 8t Its core, offerlng challenging and exciting live experiences for our audiences. This will be supplemented by a diverse vSsiting company prograrnme, presenting work from independent producers both locally and across the island of Ireland. Th8 theatre will further establish ils touring ambitions as we present local stories on an international stage, with a planned tour to th8 Irish Art6 Centre in New York. Educatlon 8nd Outreach will continue to be at the core of the theatres plans as further develop the Crèatlvé Learning programme to engage and Insplre young people. The trustees remain mlndful of the financial challenges facing the theatre, and a key priority will be advocating for an increase in core funding for the thealre, and while developing further incremental income streams through our box officè, café bar, scenic construction workshop, and fundraising and development activities. The trustees are also aware of the ne8d to r8view and 8Stablish a reseNes pollcy sullable for the current and future needs of theatre. 3. Flnancial Review Funds and Reserv8S The Stat6rnent of Financial Activities (SOFA) shows the extent of and movernent In, all charltable funds differenilatlng betW86n restricted funds (monies provided for specific purposes) and unrestricted funds (monies that can be applied to any charitable objectives Within the organisatlon's oblectlvesl. Unrestricted funds Include funds designated by the Trustees lor speclfic future Investment In the organisation. The total fund5 at 31 March 2023 are £12,812,001 (2022.. £13,133,812}. Of this £12,398,986 is represented by c8pit81 funds (2022., £12,592,011). Total Incoming resources for the year w8r8 £3,534,60812022: £2,570,454). Our main source of income contlnues to be Ihe Arts Council of Northern Ireland of £1,383,422, Belfast Clty Councll funding of£161,873, Garfield Weslon of£243,192 and ¢r8atlv8 leamlng programme of £118,214, Expenditure in the year has been committed to mounting a comprehensive live programme, the provision of creative learning and creative writing activrties as well as core staffing and the upkeep and running of Ihe theatre. The Trustees wll continue to seek ways to strengthen th8 balance sheet, noting Ihe unrestricted funds of £12,812,001 {2022'. £13,113,812) with £12,398,98612022= £12,592,011) of thes8 classified as capital funds, mostly repres8nt8d by the Ih8atre building itself. The total urbrestrided income funds at 31 March 2023 is £413,015 (2021-. £541,801), which is below the level required as per our the current Reserv85 Policy.
The Lyrfc Theatre (Nl) Report of the Trustees Year Ended 31 March 2023 Given the financially challenging year, there has been reduction in our unrestricted Income serve18V01s, whlch are currently insufficient to mitigate the rlsks associated wllh operatlng and producing liv8 theatre. The Lyric's role wthin the portfollo of clients fund8d by the Arts Council of Northern Ireland and th8 Drama Strategy for Northern Ireland means that the programme of activities will not always f811 within the genre of popular 8ntertainment. We continue to deal with the impact of a bullding, technlcal and staging equipment whlch is no longer brand new. Consideration therefore must remain on funding more extensiv81y the maintenance of the building and investment in équipment and infraslructuré, through the expansion of our capital reserves. The current operatSng environment has r81nforced concems 8bout the level of funding requid, thus pulting Greater reliance on grant funding. The truste8s r8cognlse the need to furthor develop and diversify Income streams, explore and develop new and existing partnerships, and continued investment in key areas such as the website, tlcketing system and the Lyrlc Scenlc Construction Workshop. NOlth$tandIng the strategy of the Trustees, th8 Lyrfc remalns tholly dependent on ongolng grant lunding from The Arts Councll of Northern Iraland and Belfast City Council, which needs to be kept under 8Gtive review, with vlew to moving to multi-annual year fund which would be benefid81 to 811 partles. Investments Investments are primarily held for exp8ndSture Sn the foreseeable future rather than as Inve6tments. The ch8rity ha8 a small reserve from its capltal fundralslng carnpaign. Monies are placed on short term d8PO8It wlth reputsble banking Institutions withln the UK. Risk Management The board receive regular reports from the executive team at their board meetings and give due conslderalion to the risks affecting the chadty. This includes the provision of an org8nlsational rtsk reglster, reviewed regularly by the board, with an update on the progress of any oulstanding actions. The board have Identlfied the primary risk8 to the charity as the almost perrnanent danger associated with the theatre's funding pcsltSon along with the current cost inflationary environment, and the impact thls 11 have both financially and op8rationally over on the next e1ve months. There is also an ongolng rlsk of dependency on specific income streams, prlmarlly tlck8t sales and core fundlng r8ceived from the Arts Council of Northern Ire12nd, which remains unable to offer an on-going multi-annual fvnding cycle. This fruslrat8s the theatre's ability to engage In effective financial and creative planning and forces short-term year-by-year planning to match year-by-year funding. Trustees have a constructiv6 on-goSng relallonshlp with their principal funders who recognlse Ihe theatre as a key partner at the heart of thelr Drama Strategy for Northem Ireland and would welcom8 any movement towards multi-year funding whlch would further enhance the delivery of that Drama Strategy. Trustees. rgsponsibilities statement The trustees (who are also the directors of th8 Lyric Th6atr8 (Nl) for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires Ihe truste85 to prepare financial staternent5 for each financial y8ar. Under that law the trustees have elected to prepare the financial statements in accordance wth United Kingdom Generally Accepted Accounting Practice (United Klngdom Accounting Standards and applicable lawl. io
The Lyric Theatre (Nl) Report of the Trustees Year Ended 31 March 2023 Under company law the trustees must not approve the financial Statements unless they are salisfied that they give a true and fair view of the state of affairs of the company and the income and expenditurè of the company for that perlod. In preparing these fin8ncial statèments, the trustees are required to: select sultable accounting pollclès and then apply thern consistèntly, observe the methods and principles in the Charities SORP., make judgements and accounting estlmates that are reasonable and prudent; and prepare the financlal statements on the golng Concern basls unless it is Inappropriate to presume that the company will continue in operation. The trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the ¢ornpanls Iransactlons and disdose with reasonable accuracy at any time the financial p08ition of Ihe company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assèts of th8 company and hence for tsking rèasonable steps for the preventlon and detectlon ol fraud and other irregularltles. Auditor The auditors, FPM A4B Accountants hav8 expressed their wllllngness to contlnu8 in office and a resolutlon to re-appolnt them wlll be proposed at th8 annual general meeting in accordanc8 section 485 of the Companies Act 2006. Each of the persons who is a tru8tse at the date of approval of this report confims that.. 80 far as each twstee is aware, there Is no relevant audit Infomatlon of whlch the company's auditor Is unaware., and each trustee has taken all steps that they ought to have taken as a trustee to make themself aware of any relevant audit information and to astabllsh that the compan$ auditor Is aware of that information. Registered office.. 55 Ridgeway Street 8elfa5t Antrim BT9 5FB Signed by order of tho trustees: Mike Mullan Director li
The Lyrle Theatr8 INI) Company Llmited by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2023 Oplnion We have audited the group and parent charitable company financial 5tstem8nls of The Lyrice Theatre {Nl) for th& year ended 31 March 2023 which comprisas the consolidated Statement of Financial Activities. the consolidated and charity Balance Sheets, the coftsolidaled cash flow statement and the notes to th8 account5 Including a summary of significant atuntIng policies. The financial reporting framework that has been applied In thelr preparatlon Is applicable law and United Klngdom Accounting Standards, Includlng Financial Reporting Standard 102 The Financial Reporting Standard applicable In the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion The Lyric Theatre INI) group financial stai@mlS and parent charltable company financial Slalements.. - give a true and fair view of the slate of the group and parent charitable CDmpanrfs affairs as al year ended 31 March 2023 and of the group and parent charitable companys incomlng r950urGe¥ and appllcatlon of resources, including ils income and expenditure. for the ye8r then ended., have been properfy prgp8red in ac¢ordanc8 wlth Unlted KSngdom Generally Accepted Aceountlng Pracllc?; and - have been prepared in accordance with the requirements of the Compani88 Act 2006. Basls for oplnlon We conducted Dur 8udlt in aGcordance with Intemational Standards on Auditlng IUKI IISAS (UK)) and appllcable law. Our responsibilities under those standards are further described in the AudlloV8 respon8ibililies for the audit of the accounts secllon of our report. We are independent of the charity in accordancg wlth the ethical requirements that are r81ev8nt to our audit of the accounts in the UK, includlng the FRC'S EthiGal Standard, and we have fulfilled our other elhlcal responslbllltles In accordance wth these requlrements. We belleve that the audit evldenco hbvè obtaSned Is sufficlenl and approprlate to provide a basls ft)r our oplnion. Concluslons relatlng to golng con¢•rn In auditing the finan¢iÉl $latemenls, we have concluded that the Trustees, u6e of tha going concem basis of accountlng In the prepar81ion of the flnanclal statements is appropriate. We note in the pyior year a malerfal uncertalnty rel8tlng to golng concem was noted, largely due to Ihe uncertain nature of the Arts Council grant funding. See note 1 for detalled di8clo8ure8 ralatlng lo golng concem. W8 bèllav8 the trustees have taken 8ppropri8te steps both in finan¢ial year 2023 and post year end in order lo reduca the reliance of Arts Council funding. Those steps include slrenglhening relations with other key funders and addlng the security of new multl year grant fundlng. W8 also note that the Arts Councll have confirmed upllfts of funding for the 23124 financl81 year which will ease pressures on rising costs. Although the Arts Council funding is not multi annual and thus some uncertainty does exist surrounding the rellance on this, the theatre has been a corè part of the Arts Councils funding portfolio for many décadas and remalns a vital part of the arts Infostruclure in Northern Ireland. Given this there is no reason to 5ugg8St that material uncertainty 8X8ts du8 lo Ihls fundlng. Based on Ihe wk we hava parformed, we have not identified any matèrial unc&rtalnli8s relatlng to evenls or conditions that, individually or co51ectively. may cast significant doubt on the group and charitys ability to continue as 8 going ¢oncern for a pgriad of at least e1ve months from wh9n Ihe financlal stslements are aulhori5ed for issue. Our responsibilities and the responsibllltles of the Trustees with respect lo going concem are described In the relevant sections of Ihls report. Other infomiatlon The other informatlon comprlses the information included in the annual report, other than the accounts and our audltoffs report. The Trustees are responsible for the other infomiation. Our opinion on the accounts does not over the other information and, excèpt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 12
The Lyrlc Theatre INI) Company Limlted by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2023 Other Information (continued) In connection with our audit of the accounts, our responsibilty is to read the other infomation and, in doing so, consider whether the other information is materially inconslstent with the accounts or our knowledge obtained in the audit or otherwise 8ppeaTS to be materially misstated. If we identify such material inconsistencies or apparent material missiatements. we are required to determine whether there is a material misstatement in the accounts or 8 material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material rnisstatement of this other informatlon, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrfbed by the Companles Act 2006 In our oplnlon, based on the work undertaken in Ihe course of our audit= - th8 infomiation given in Ihe Twstees Report for the financial year for which the accounts are prepared is consistent with the accounts,. and - the Trustees. Report has been prepared in accordance th applicable legal requirements. Matters on whlch wo are required to rnport by exceptlon In the light of the knowledge and understanding of the Trustees and its environment obtained In th8 course of the audit, we have not identified material misstatements in the Trustee5 Report. We have nothing to report in respect of the followlng matters In relallon to whlch the Companies Act 2006 requires us to report to you if, in our opinion: - 8dequ8te accounting records have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us; or - the accounts are not in agreement wlh the accounting records and retums., or ertain disclosures of trustees, remuneration specified by law 8re not made. or - we have nol received all the information and explanatlons we require for our audiL Respon8lbllltles of Trustees As explained more fully Sn the Slatement of Trustees Responslblllties, the Trustees are responsible for Éhe preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary io enable the preparation of accounts that are free from matertal misslatement, whether due to fraud or error. In preparing the accounts. the Trustees ar8 responsible for assessing the charitys ability to continue as going concem, disclosing, as applicable, matters re18ted to going concem and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to ¢eas8 operations, or have no realistlc a118mative but to do so. Audltorf8 respon8lbllltles for the audll of th• flnanclal statements Our objectlves ar8 to obtain 8$Onable assuranc8 about thether the accounts as a whole are fr88 from material misstaternent. whether due to fraud or error, and to issue an auditor's report that includes our opinlon. Reasonable assuran is a hlgh level of assurance, but is nol a guarantee that an audit conducted in a¢cordance with ISAS (UK) will always detect a material misstaternent when it exlsts. Misstatements can arise from fraud or emr and ar8 considered material if. individually or in the aggregat8, they could reasonably be expected to infiuence th8 economic decisions of users taken on the basis of these accounts. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of dgtecting irregularities. including fraud, is detailed below. 13
The Lyrlc Theatre INI) Company Limlted by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2023 Audltor's respon51bllltles for the audit of the flnancial statement5 (continued) We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management. sector research and the application of cumulative audit knowledge. We identffied the following principal laws and regulations relevant to the company- Companies Act 2006, Charities Act (Northem Ireland) 2008 and the Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019). We developed an understanding of the k8y fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements vthich may be susceptible to management bias. Our understanding was obtained through r8view of the financial statsments for significant 8ccountlng 8stimatss. analysis of loumal entrie5, walkthrough of the key Controls cydes In place and enqulry of managament. Our procedures to respond to those risks identified included, but were not limited to., Enqulry of manag8m8nl, and the enlivs solicitors around actual and potentlal litigatlon and claims. Enqulry of management to identify any instances of non-compliance with laws and regulations. Reviewing minutes of meetings of those charged wth governance. Reviewing financial statement disclosures and testing to supporting documentatlon to assess compliance with applicable laws and regulations. Audltlng the rlsk of rnanagement ov8rrkJe of conlrols, Includlng through testing Journal entries and other adlustment5 for appropriaten8ss, and evaluating the business rationale of slgnifiGant transactlons Outside the normal course of busin8SS. A further descrlptlon of our responsibilities for the audit of the accounts Is located on the Financial Reportlng Councll's website at.. http'.lkn.frc.org.uklauditOTsresponsibilities. Thls description forms part of our auditorfs reporL Thls report Is made solely to the charitable compan8 members, as 8 body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations m8de under that Act. Our audit work has been undertaken so that we might state to the charitable companls members those matters we ar8 required to state to them In an audllors, report and for no other purpose. To th8 fullesl extent pemiltted by law, we do not 8c¢ept or assume responsibility to anycne other than the charitable company and its mgmb8rs as a body, for our audit work, for this report, or for the opinions we have forrned. 2(J-11- JL Grant (Senlor Statutory Auditor) for and on behalf of FPM ACCOUNTANTS LTD Chartered Accountants & Statutory Audltor 14 Arthur Street, Belfast, B T14GA Data 14
The Lyrfc Theatre (Nl) Company Limited By Guarantee Con501idated Statement of Flnancial Actlvltles Year Ended 31 March 2023 Total Year 2023 Totsl Year 2022 Unrestrlcted Restrirted Funds Funds Capltal Funds Notes Income from: Donatlons & legacles 31.693 31,693 3,386 Charltable Actlvltles Grant Income Education Income 1.501.838 118,214 321,109 1.822.947 118,214 1.441,103 119,487 Acthiltles for qener•tlng funds 1,518,272 1.518.272 903,740 other Incomlng Resources 43,482 43,482 102.738 Total Income 1.593,447 1,620,052 321,109 3,534,608 2.570,454 ExpondIre on: Fundralsln8 Charltable activities Governance costs 24,237 998,035 12,153 24.237 3.817,779 14,403 1,552 2,900.914 9,879 2,305,610 2,250 514,134 Totsl Expendlture 2.307,860 1,034,425 514,134 3,856.419 2,912,345 Net {outgolngl/lncomlni resources before trinsfer$ 1714,413) 585,627 {193,0251 1321,811) 1341,8911 Tranfers between fiinds 585,627 (585,6271 Net 8alnlllos$l for the year 1128,7861 1193,0251 1321,8111 1341.8911 Recon¢illlation of funds: Total funds brought forward 541.801 12,592,011 13,133,812 13,475.703 Total funds carrled forward 413,015 12,398,986 12,812,001 13,133.812 All of the above amounts relate to continuing activities. The note5 on pages 19 to 31 form part of these financial 5taternents 15
The Lyric Theatre INI) Company Limited By Guarantee Consolldated Balance Sheet Year Ended 31 March 2023 2023 2022 Notes Flxed assets Tanglble Assets 12 13.263,122 13.564.491 Current assets Stocks Debtors Cash at Bank and In Hand 23,058 371934 21.372 377.222 344.990 743.584 395.992 Llabllltles Creditors- Falllng due wlthln one year 16 (847.113) 11,174.2631 Net current Ilabllltles (451,121) 1430.6791 Tot•1 Assets less Current Llabllltles 12,812,001 13,133.812 Nrt •S5ets 12.812,001 13,133.812 Funds RestrScted Income funds Unrestrlcted Income funds Capltal funds 19 19 413,015 12.398.986 541,801 12,592.011 12.812.001 13,133,812 11,23 The financlal statements were approved and author15ed for issue by members of the commlttee on .................. and were signed on Its behalf by: Mlke Mullan Dlrertor Company Reglstratlon: N1066152 All of the above amounts relate to continuing activities. The notes on pages 19 to 31 form part of these flnanclal statements 16
The Lyric Theatre {Nll Company Umlted By Guarantee Company Balance Sheet Year Ended 31 Marth 2021 2023 2022 Notes Flxed assets Tanglble Assets Investments 12 13 13,263,122 13,564.491 13,263.124 13.564.493 Current assets Stock5 Debtors Cash at 8onk and In Hand 14 15 5.817 169,061 3,731 207.235 237.395 448.361 174.878 Llabllltles Credltor5.' Falling due wlthln one year 16 1626,0011 1879.0421 Net current Ilabilities 1451,1231 1430.6811 Total Assets1•55 Current Llabllltles 12,812,001 13,133.812 Net assets 12,812,001 13,133.812 Funds Restrlcted Income funds Unrestrlcted Income funds Capital funds 19 19 413,015 11,398.986 541,801 12,592.011 12,812.001 13,133,812 The flnanclal statements were approved and authorised for issue by members of the commlttee on and were si8neé on Its behalf by.. Iq,11.13 Mlke Mullan Dlrertor Company Reglstratlon., N1066152 All of the above arnount5 relate to continuing actlvities. The note5 on pages 19 to 31 form part of these financlal staternents 17
The Lyrfc Theatre INI) Limlted By Guarantee Consolldated ststement of cash Ilows Year Ended 31 March 2023 2023 2022 Net tash {outllowllinllow from operatlng artl¥ltle5 {270,168) 166,557) Cash flows from Investlng Artlvlties Purchase of tan8lble flxed assets Receipt from sales of f]xed assets Cash provlded by lused Inl Investlng Actlvltles 1116,6281 1153.583) {116,6281 1153.5831 Incrnaselldecreasel In Cash and Cash Equlvalents In the year {386.796) 1220.1401 Cash and Cash Equlv•lenti 4t the beglnnlni of th• ye•r Totsl cash and cash equlvalents at the end of the year 344.990 141,8061 565.130 344,990 Net cash Inflowlloutllowl from operatlni actS¥ltles 2023 2022 Net out8olng resources DeprecSation of tanglble flxed assets Movement In stock Movement In debtors Movement In credltors lexcludlng overdrafts) {321,8111 417,997 11,6861 4,188 (368,9571 1341,8911 401,866 113,6641 175.0761 137.7921 Net Cash Oufflow from operatlng actlvltles {270,1681 166.5571 18
The Lyric Theatre {Nl) Company Limited By Guarantee Notes to the Financlal Statements Year Ended 31 Mar¢h 2023 l) Accountlng Pollcies The principal accountlng policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financlal statements are as follows: a) Basis of preparation The financi31 statements have been prepared in accordance with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their account5 in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191- (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Lyric Theatre INI) meets the definition of a public benefit entity under FRS 102. A55et5 and Ilabllltles are Initially recogni5ed at historical cost and transaction value unless otherwise stated in the relevant accounting policy notes. bl Preparatlon of the accounts on a 8olnK concern basls Desplte the on8olng challen8es faced by the theatre with Increasln8 operatlonal costs, the trustees remain positive with the directlon of the theatre and for the upcoming financial year. Flnancial year 2023 saw the theatre return to normal operations post pandemlc. The theatre enjoyed a full year of performances, engaglng In a number of successful production5 and co production5. Thi5 increased certalnty has had a positlve lrnpact on ticket 5ale5 Wlth full capacity audiences welcomed re8ularlv. The trustees identified that the fundlng model which focused heavily on Arts Council funding and box offlce sales was exasperated by the Inflationary c05t envlronrnent and thus have taken posltlve Steps to further diversify revenue stream5 8oln8 forward. The senior management team and trustees have continued to bulld relatlonships with multiple grant funders and from thls have secured a signlficant upllft In multl year grants through varlous funders. Further dlversification of revenue has been sought by confimiation of support from trusts and foundatlons wlth successful applicatlons on multi annual support. The theatre also have open communicatlon streams with key funders to ensure new opportunities are taken advantage off. Regarding Arts Councll fundlng an uplift ha5 been confirmed for FY 2024 which will signlflcantly ease Inflationary cost increases. Although the Arts Council Is not mult5 annual, the theatre retains letters of support noting that It Is a vital part of the arts infrastructure In Northern Ireland and Is a key cultural InstStutlon given Its commStment to performlng arts. This coupled with added securlty of new multl annual grant support, will allow the trustees to engage in effective flnanclal and creatlve plannlng for the next twelve months. The senior management team and the trustees will continue to work to generate additional and new sources of income whllst taking all actions necessary to mitigate the impa¢t of the current inflationary cost envlronment. The trustees have prepared forecasts for the year to 31st October 2024 whlch demonstrate that the theatre ha5 suff icient resources to meet its financial obligation5 as they fall due. Appropriate measures are in place such as a sufficient overdraft facility. Concems about risin8 ener8y Costs have been reduced with appropriate budget allocations. Given the above the trustees have no concerns over the ontlnued operations of the theatre and have adopted the golng concern basls of preparatlon In the financlal 5tatementS. c) Group financlal statement5 The financial statement5 consolidate the results of the company and its subsidiary Lyric players, 19
The Lyrlc Theatre INI) Company Limited By Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2023 c) Group financlal statements (continued) policies. As a consolidated Statement of flnancial activities is published. a separate statement of financial activitie5 for the parant charity is omitted from the group fin3ncial Statements by virtue of the Companies Act 2006. d) Incomlng Resources Income is recognised when the group has entitlement to the funds, any performance condltions attached to the items of income have been met, It Is probable that the Income will be received and the amount can be measured reliably, The speciflc basls used15 as follows: Government Gronts Revenue grants are credited to Incomlng resources on the earlier d3te of when they are received or when they are receivable, unless they relate to a specified future perlod, in which case they are deferred. Donotion5 Voluntary Income recelved by way of donatlons, glfts and gift aid to the charlty Is Included in full in the Statement of Financial Activities when recelved. Commerclal Tradlng Income Income from tickpt sale5 Is recogn15ed when received. Where payments are received In respect of advance tlcket sales, these amount5 are treated a5 deferred income untll the date of the performance. Investment Income Income from Inve5tment5 Is Included, together wlth the related tax credlts, In the Statement of Flnancial Artivitles on an accruals basis. e) Resources Expended Expendlture Is recognised once there is a legal or constructlve obllgatlon to make a payment to a thlrd party, it is probable that settlement wlll be requlred and the amount of the obligatlon can be measured rellably. All expendlture Is accounted for on an accruals basls and has been classified under headln8S that aggregate all costs related to the category. Where costs cannot be directly attributed to partlcular headings they have been allocated to activities on a ba515 con5i5tent with use of the resources. Staff costs are allocated to activitles on the basls of time spent on those activitles. Charitable activities These are costs incurred by the charity in the delivery of its activities and service5 for its benificiaries. It include5 both costs that can be allocated directly to such activities and those costs of an indirect nature necessaryto supportthem. Pension costs The group contributes to a defined contribution scheme on behalf of employees. The a55ets of the scheme are held separately from those of the group in an independently administered fund and contributions are charged to the Statement of Financial Activities In the period to which they relate to. Governance costs Governance c05t5 include those incurred in the governance of it5 355ets and are associated with constitutional. Statutory and strategic requirements. 20
The Lyric Theatre INI) Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2023 l) Accountlng Policies- (contlnued) e) Resources Expended (continued) Costs of Ralsing Fund5 These are costs associated with attracting voluntary income and, as such, include the cost of producing advertising and publicity materlals, the direct cost of fundraising events and salary costs. n Fund accountin8 The group has various types of funds for which It Is responsible and which require separate disclosure. Definltlon5 of the various types of funds are as follows: Restrlctedfunds Restricted fund5 are to be used for speclfied purposes as lald down by the donor. Expenditure whlch meet5 these crlteria 15 Identlfled to the fund. together with a fair allocatlon of overhead and 5UPPOrt costs. Unre5trictedfunds Unrestricted funds are donations and other incoming resource5 received or 8enerated which are expendable at the discretion of the charity in the furtherance of its objectives. Copltolfunds Capital funds are a form of unrectricted fund, consiting of amount5 which have been allocated or deslgn3ted for capital Spend by the charity. The use of such funds for thelr deslgnated purpose will remaln at the discretion of the board. gl Operatln8 leases Where assets are acquired under flnance leases, the capital element of the asset Is Included In flxed assets and amortised over the life of the asset. The outstanding capital element of the leasing obligation Is Included In creditors falling due. The interest element is written off over the primary period. All other leases are accounted for as operating leases and the rental charges are charged to the statement of flnancial activities on a straight Ilne basls over the Ilfe of the lease. h) Tanglble flxed assets Depreciation is calculated to wrlte off the original cost less the expected residual value of the assets over their estimated useful lives at the followlng annual rates:. Freehold Land Freehold Property Stage Sets Furniture, Fixtures & Fittings Equipment and Software Not depreciated 2% Straight Line 33% Straight Line 10%- 20% Straight Line 10%- 20% straight Line The carrying values of tangible fixed assets are reviewed for impainnent when events or changes in circumstances indicate the carrying value may not be recoverable. 21
The Lyrlc Theatre (Nl) Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2023 l) Accounting Pollcles- {continued) l) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. J) Cash at bank and In hand and current asset Investments Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term hi8hly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowing5 In current liabilltles. Deposits with orlginal maturities of greater than 3 months are shown as current asset or fixed asset investments dependln8 on the date of maturity, kl Credltors and provisions Creditors and provisions are recognlsed where the charlty has a present obligation resultln8 from a past event that wlll probably result in the transfer of funds to a thlrd party and the amount due to Settle the obligatlon can be measured or estimated reliably. Creditors and provlslon5 are norrnally recognised at their settlement amount after allowln8 for any trade dlscounts due. l) Stocks Stocks are stated at the lower of cost and net reallsable value. At each balance sheet date, stock are assessed for impairment. m) Foreign currency Foreign currency transactions are translated into the functional currency using the spot exchange rate5 at the dates of the transactions. At each perlod end forel8n currency monetary items are translated uslng the closlng rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transactlon and non-monetary Items measured at falr value are measured uslng the exchange rate when falr value was determlned. Forelgn exchange galns and losses result5ng from the settlement of transactlons and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Activities. Foreign exchange gains and losses that relate to borrowlng and cash and cash equivalents are presented in the Statement of Financial ActivSties. 22
The Lyrlc Theatre (Nl) Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2023 l) Accountlng Pollcles- (continued) n) Flnancial instruments The Charity has elected to apply the provisions of Section 11 '8asic 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 liabllities are offset, the net amounts are presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention to settle on a net b3s15 of to realise the asset and settle the Ilabllity slmultaneously. Baslc flnanclal assets Basic financial assets are initially measured at transaction price including tran53ctlon costs and are subsequently carried at amortlsed c05t using the effective interest rnethod 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. Flnanclal assets classified as receivable wlthln one year are not amort15ed. Basic financial liabllltles Basic financial liabilities are inltially recognlsed at transaction prlce unle55 the arrangement constitutes flnanclng transaction, where the debt instruments is measured at the present value of the future payments discounted at a market rate of interest. Financial113billties classified as payable within one vear are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligation5 to pay for goods or services that have been acqulred in the ordinary course of operations from suppliers. Amounts payable are classified as current Ilabllltles if payment is due wlthin one year or less. If not, they are presented as non current Ilabllltles. Trade creditors are recognised Inltially at transaction price and Subsequently measured at amortised cost using the effective Interest method. Derecognition of financial liabilities Financial liabilltles are derecognised when the Charity's contractual obllgatlons explre or are dischar8ed or cancelled. o) Employee Benefits The costs of short-term employee benefits are recogn15ed as a Ilabillty and an expense, unless those costs are required to be recogni5ed as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recogni5ed in the period in which the employee's services are received. Termination benefits are reco8ni5ed immediately a5 an expense when the company is demonstrably committed to terminate the employment of an employee orto provide termination benefits. 23
The Lyrlc Theatre (Nl) Company Llmited By Guarantee Notes to the Financlal Statements Year Ended 31 March 2023 pl Exemptions under Companies Act 2006 The Charity ha5 taken advantage of the following exemption: from preparing a Statement of Flnancial Artivitie5 on the basis that the Consolidated Statement of financial activities includes the Charity's statement. q) Critical accountln8 estlmates and jud8ements In the application of the Charlty's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 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 dlffer from these estlmates. The estimates and underlylng assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised In the period In whlch the estimate is revised where the revlslon affects only that period, or in the period of the revision and future perlod5 where the revlsion affects both current and future perlods. Criticaljudqements in applying the entity's accounting pollcle5 To determine when the performance related conditions associated wlth grant Income have been met. Going concern is discussed in detail above. In assessing the rea50nablene5s of the going concern basls, the Dlrector5 have used judgement in preparlng budgets 2nd cashflow forecasts for the upcoming 12 months. Crltlcal accountlng estlmotes ond ossumptlons Tangible fixed assets are depreciated over thelr useful Ilves taklng Into account residual values, where approprlate. The actual Ilves of the asset5 and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technoligical innovation, produrt Ilfe cycles and maintenance programmes are taken Into account. Residual value assessments consider Issues such as future market conditions, the remaining life of the asset and projected disposal values. 2) Legal Status of the Charlty The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 24
The Lyrlc Theatre INI) Company Llmited By Guarantee Notes to the Flnanclal Ststements Year Ended 31 March 2023 3. Donatlons & Ltlaties Unrestricted Restrlcted Funds Funds Capital Funds 2023 Totol 2022 Total Gift Ald other Donation5 4.382 27.311 4,382 27,311 3,386 31,693 The 2022 income tatal of £3,386 was spllt fully as unrestricted Income. 31,692 3386 4. Income Irom chafltable artlvltles Unre$trlctad Restrlrted Funds Funds Capltal Funds 2023 Total 2022 Total Arts Councll of Nl Belfast Clty Councll Garfleld Weston Theatre Trust & Wolfson Foundatlon Mlscellaneous Grants 1,147,275 150,CKIO 160,103 236,147 1,873 83,089 1,383,422 151,873 243,192 1,050,129 Iso,000 179,998 18,250 42,726 44,460 44,460 1,501,838 321,109 1.822,947 1.441,103 The 2022 Income total of £1,441,103 was split £1,380,732 restrlcted funds and £60,731 capltal funds, 5. Educ•tlon Income Restrlrted Funds 2023 Total 2022 Totsl Education Income 118,214 118,214 119,487 118,214 118,214 119,487 The 2022 Income total of £119,487 was splrt fully as restrSrted Income. 6. Actlvltles for 8eneratlni lunds Unrestrlcted Funds 2023 Total 2022 Total Tradlng Income 8enerat2d from Lyrlc Player5 Theatre Produrtlons Llmlted 1,518,272 1,518,272 903,740 1.518,272 1,518,272 903,740 The 2022 Income total of £903,740 was split fully as unrestrlcted Income. 7. Other Income Unrestrlcted Restrlcted Funds Funds 2023 Total 2022 Total Miscellaneous Income CJRS Govemment Grant Income 43,482 43,482 22,043 80,695 43.482 43,482 The 2022 income total of £102.738 was spllt £48,232 unrestricted funds and £54,506 restrlcted funds. 102.738 25
The Lyrlc Theatre {Nll Company Limited By Guarantee Notes to the Flnandal Ststements Year Ended 31 March 2023 8. Resources expended Bar and Café Creatlve Leamln8 Total 2023 Total 2022 Theatre Property Governance Dlrert Costs Fundr31sing Wages and salarles Purchases Sundry Travel and Subslstence Payments to Creatlves Educatlon Prolects Costs of Productlon 24,237 1,031,885 115,716 24,237 1.552 1.207,830 840.273 361,080 150.699 936 349 70,148 26,144 149,756 74,841 51,230 321,540 357,999 140,756 128,556 936 35,189 116,808 70,148 119,653 30.103 321,540 Indlrert Costs Wages and salarles Pension Costs Other Staff Costs Rent Payable Heat and Llght Repalrs and Malntenance Insurance Sundry Costs Travel and Subs15tance Legal and Professlonal Fees Telephone Statlonary and Postage Advertising and Marketing Depreclatlon Bank Charges Subscrlption5 Bad Debt Audlt Fees Trustee Expenses 331,519 26,700 16,492 14,956 116.769 40,593 1,204 2.528 4,405 47.959 156,525 1,204 2.290 I,ioi 20.591 528.637 29.108 22.903 29.669 205.910 424,575 22,570 18,170 37,842 151,777 1.593 9,207 20.591 74,886 21,763 2,873 1,157 32,553 21,763 3,578 159 454 5,441 1.955 3,636 55.712 5,441 2.052 118 163.605 54,408 10,458 5.070 120,339 54,483 8.657 3.018 6,192 13,241 2,737 I,S52 779 145 810 8.554 15,S78 3,188 18,020 8,620 2,691 1.558 159 147 144,067 7,495 8.820 160.382 417,997 46,306 4.660 55 10,794 3.609 100.160 401,866 24,401 2,190 ss 9.750 129 417,997 32,731 3,262 55 13,575 466 466 467 10,794 3.609 2,492,579 449,002 386,300 514,134 14,403 3,856,419 2,912,400 26
The Lyrlc Theatre INI) Company Llmited By Guarantee Notes to the Financial Statements Year Ended 31 March 2023 9. Results for the year This is stated after charglng.. 2023 2022 Staff penslon contributions Depreciation Auditors remuneration: Audit of financlal statements Tax compliance services 33,046 417.997 22,570 401,866 8,925 1.575 9,750 750 10. Employee Informatlon Totsl staff costs were as follows: 2023 2022 Wages and salaries Social securlty costs Other pen51on costs 1,204,328 112,211 33,046 1,349,585 1,183,687 81,161 22,570 1,287,418 Employee numbers: The aver3ge number of employees during the year, calculated on the basis of full time equivalents was as follows.. 2023 2022 Adminlstratlon staff 64 50 Staff Emoluments The number of employees whose emoluments exceed £60,000 were: 2023 2022 £60,001- £70,000 £70,()Jl-£80,000 There were no staff Salaries whlch exceeded £80,000. No trustees received remuneration from the company durlngthe year or prevlous year. 11. Key Management Personnel Key management personell are those persons having authority and responsibility for plannin& directing and controlling the activities of the group The key management personnell'5 aggregate remuneration in respect of qualifying services was: 2023 2022 Remuneration 130.500 115,001 27
The Lyrlc Theatre INI) Company Llmlted 8y Guarantee Notes to the Financial Statements Year Ended 31 Marth 2023 12. Tan8lble Fixed Assets Group & Company Freehold Flxiures & Flttlngs Stage Sets Equlpment & Software property Cost At l April 2022 Additions Dlsposals At 31 March 2023 16.868,474 59,864 257,066 8,414 47,475 9a3,158 48,350 18,076.173 116.628 16,928,338 265,480 47,475 951,508 18,192.801 Accumulated depreclatlon At l April 2022 Char8e for the perlod Depreciation on dlsposal At31 March 2023 3,673.947 335,532 166.748 18,072 47,475 623,512 64,393 4,511,682 417.997 4,009,479 184,820 47,475 687,905 4,929.679 Net book amount At 31 March 1023 At 31 March 2022 12,918,8S9 13,194,527 80,660 90,318 263.603 279.646 13,263.122 13,564,491 13. Investments Compami The company'5 Investrnent represents 10(N of the Issued ordlnary share capltal of Lyrlc Players, Theatre Productlons Llmlted, a tradin8 company Incorporated In Northern Ireland. The prlnclpal oddre55 Of Lyric Players, Theatre Productlons Llmlted 15 the same as The Lyrlc Theatre INII. 28
The IyricTheatre INI) Company Umited By Guarantse *t0 the Financlal Statements Year Ended 31 March 2023 14. Stocks Group 2023 Company 2023 2022 2022 Barand Café Stock 23A158 23.058 17.641 17,641 5,817 5,817 15. Debtors Group Campany 2023 2023 2022 2022 Trade debtors Other debtors Prepayments and OCCTued income 51.101 13.IS6 308.677 372.934 158,147 20,205 198,870 377.222 914 24.3S7 143,790 169.061 46,222 22.782 138.231 207,235 All debt Is due wlthln one year. 16. Cr•dltors: Amounts 14lllnK due wlthln one year Group Cornpany 2023 2023 2022 2022 Bank loans and overdrafts Trade credltors Amounts owed to 8roup undertaklngs PAYE and soclal securltv Other credltors Accruals and deferred Income 41.806 181.744 78,294 110,784 270,188 11,707 11,645 143.383 626,001 195,375 61.006 157.993 11,978 17,929 630,136 879.042 34,912 48,131 $40,520 847,113 26,151 25,221 927,516 1,174,263 Included withln accruals and deferred Income Is deferred income relatlng to 8rants where the performance related condltions have not met totallln8 £306,555.12022: £S80,4821. The deferred Incomels released to Income when the condltlon Is met. Arnounts owed by 5ub51dlary undertaklnls are unsecured, Interest free and are repayable on demand. 17. Employeè bèneflt• D•flned ¢ontrlbutlon plins The amount re¢ognised in proflt or loss as an expense In relation to defined contribution plans was £33,04612022'. £22,570) l& Restrlrted kncome fundi Group Balance at 01-Aprv22 Incomlng Re50urces Outlolng Resources B•lance at 31-Mar-23 Transfers Restricted Fund5 1,620,052 11.034,4251 1585.6271 Companv Balance at Oi.Apr.22 Incomlng Resources Out8oln8 Resources Balan¢e at 31-Mar-23 Tianslers Restrlcted Fund5 Z,070.052 12,040,0491 130,0041 29
The Lyrlc Theatre INI) Company Umlted By Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2023 19. Unrestrlrted ifftcome funds Group Balance at 01-Apr-22 Incomin8 RestyJrces OutBolni Resources Balante at 31-Mar-23 Translers Capltal funds Unrestricted funds 12,592,011 541,801 13,133,812 321.109 1.593.447 1,914.556 1514,1341 12,307,860) 12,821,994) 12,398.986 413,015 12,812.001 585,627 585,627 Compnv Balance at 01-Apr-22 Incomlni Resources Outlolni RE50urces Balance at 31-Mar-23 Transfers Capltal funds Unrestrlcted funds 12,592.011 541,801 13,133,812 321,109 31,693 352,803 1514,1341 1190,4831 1704,6171 12,398,986 413.015 12,812,001 30,004 30,004 20. Anatysls af n•t •sset5 between funds Group Tanglble flxed assets Net current Total Restrlcted fund5 Capltal funds Unrestrlcted funds 13.263,122 1864,1361 413,015 12,398,986 413,015 Total funds 13,263,122 1451,1211 12,812,001 Companv Tanglble flxed assets Nat current IIAbllltles Totsl Restricted fund5 Capltal funds Unrestrlcted funds 13,263,122 1864,1361 12,398,986 413,015 413.015 Total funds 13,263,122 1451,1211 12,812,001 21. Anafy51s of net funds Group Balance at 01-Apr-22 Balanre at 31-Mar-23 Cash flow Cash at bank and in hand 344,990 1386,7961 141.8061 Net fvnd$ 344,990 1386,7961 141,8061 30
The Lyrlc Theatre (Nl) Company Limlted By Guarantee Notes to the Financial Staternents Year Ended 31 March 2023 22. Reconcllliation of net cash flowto movement in net fvnds Group 2023 2022 IDecreasel/lncrease In cash in the financial year Net funds at l April 2022 1386,7961 344,990 1220,1401 565,130 Net fund5 at 31 March 2023 {41,8061 344,990 23. Fund transfers Fund transfers represent Management Charges paid between Lyric Players Theatre Productlons Limited and The Lyrlc Theatre INII, a subsidy provided by the Lyric Theatre INI) to Lyrlc Players Theatre Productions Limited and funds by the capltal project for general expenditure, 24. Taxatlon The company is reg15tered charlty, and as such is entitled to certaln tax exemptlons on Income and profit5 from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profit5 and 5urpluse5 are applied solely for charitable purposes. 25. Contlngencles There may be a contlngent Ilability to repay revenue and capital grants if the conditions under which they were awarded fail to be met. Due to the nature of these contln8encies it is not Possible to quantify the potential flnanclal effect or glve an Indlcatlon of timing as to the Ilabllitles as they arlse. 26. Related party tran5actlons The Lyric Theatre INI) Is under the control of its board of Trustees. Expenses were pald to Trustees of the charity, these totalled £23912022: £1291 27. Profit attributable to the parent company The company has taken advantage of the exemption allowed under section 408 of the Companles Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The group loss for the year includes a loss of £321,81112022.' £341,891) before transfers which is dealt with in the financial statements of the parent company. 31