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 PrOdu￿r 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 Pla￿￿ghtS 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. No￿lthstandIng 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 pla￿right$ 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, L￿le+ 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 h￿r1d
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 GI￿Ular 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 requi￿d, 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.
NO￿lth$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 at￿untIng 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@m￿lS 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 w￿k 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 compan￿8 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
ExpondI￿re 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