Th• Lyric Theatre (Nl) Company Llmlted by Guarantee Annual Report & Flnanclal Ststements Yoar Ended 31 March 2025 Company No: N1066152 Charlty No: NIC100173 HMRC Charfty No: XN47868
Th• Lyric Th•atr• (Nl} Company Limited by Guarantee Table of Contents Year Ended 31 March 2025 Page Company Infomiation Trustees Annual Report 3-10 Indep8nd8nt Audltors R8POrt to th8 m8mbar3 Consolidatsd Statement of Financial Activities 14 Consolidatsd Balance Sheèt 15 Balance Sheet 16 ccs011dated Cash flow statement 17 Notes to the Flnandal Statements 18-30
The Lyric Theatre (Nl) Company Llmlted by Guarantee Company Information Trustees Sir Bruce Robinson (Chairl Mark Phelan Michael Mullan Paul Hayes Jean Horstman Louise Warde-Hunter Rosie Timoney Hannah Crowdy Kirsty Black Ann M¢Gregor (Appointed 16th October 2024) Eoin Mcmullan (Appointed 16th October 2024) Secretary Michèal Meegan Registored Offlc• 55 Ridgeway Str88t Belfast Antrim 8T9 5FB External Auditor AAB Group Accountants Limit8d 1-3 Arthur Street Balfast BT14GA Prlnclpal Bankers Ulster Bank 11-16 Donegall Square East Belfast 8T15UB Sollcltors Cleaver Fulton Rankin Limited 50 Bedford Street Belfasl BT2 7FW Registered Charlty No. NIC1001731XN47868 Reglstered Company No. N1066152
The Lyrlc Theatre (Nl) Company Limited by Guarantse Report of the Trustees Year Ended 31 March 2025 The Irustees (in their capacity as bolh Trustees and Directors, for the purposes of mpanY13w} psent their annual report and th8 financial statements of the company for th& year @nded 31 March 2025. 1. Structure, Governance and Management Goveming Document The Lyric Theatre Nl was incorporated on 3 September 2007 and commenced trading on 1 December 2007. It was cognised as a charity by HMRC on commencement and has been registered with the Charity Commission for Northem Ireland slnce 26 January 2015 (NIC100173). The charity is constituted under a Memorandum and govemed by its Articles of Association, No amendments We made during the year. Legally, the prlnclpal acllvits'es of the charfty ar& to promote, maintaln, Improve and advance the educatlon of the gener81 public in the arts generally. with a speclal emphasis on theatr8 in all Its rnultifarious fomis. These prfnclpal activitl8s form the basls for Ihls report. Govern8nc8 Stmctur8 The Board of Trustees lup to 12 members. currently 111 me8ts al lèast six tlmes annually and Is r8sponslble lor the strategic diraolion and policies of the charity- Trustees normally Serve up to three terms of three years. Appolntments aré recommended by the Chair and Executive Producer, approved by the Board, and new trustees receive a full induction. The Board seeks a div8r5e membership with exp8rtise across discipllnes relevant to the charlty's work. The charity operates a wholly owned subsidiary, Lyric Players. Theatre Producllons Limited, which stages productlon5 and operates the Café Bar $ervice$. Profits are gifted in full to the charity under a non-exclusive licence agreement. Day-to-day op8r8tions are delegated lo the Executive Producer and Senior Managernent Team. Sub-commiltees for Programming, Flnanc& & HR (Audit & Risk), Markellng & Development, and Building & Maintenance report regulady to the Board. 2. Objectlves & Actlvltles Executlve summary The Irustees are ple8sed to report that 2024125 was a hlghly successful year for the Lyric, both artistically and financlally. A dlverse programme of in-house productions, touring work, and cr8atlve learnlng InltSatlves was d6liv&rad to wlde a¢¢lalm, reflècting th8 theatre's Commitment to arti$ti¢ excellen¢e, diversity, and 8CC8ssibilily. Audiences responde(i enthusiasllcally lo a season that included the Lyric's firsl-ever outdoor productlon, A Midsummer Night's Dream; a bold and Inclusive staglng of The Tragedy of Rlchard111; and the Inlemational lour of Agreement, whlch was seen by audiences in New York, Dublin, and across Northem Ireland. In total, 91,436 people attended performances at the Lyric, wlth a further 19.493 reached on lour. and the programme generated £2.1 million in ticket incom?. The Lyrfc staged 434 perfomances in total, presented work of local, natlon21, and intemational significance. and conllnued to be th8 largest employer of arts WOTkers in Northern Ireland, engaging 62 staff and 368 freelance 8rt15ts. Notably, productions achieved gender parity across creative roles, while the Lyri¢ Scene Shop reinforced its leadership in sustainable theatre practlces.
The Lyrlc Theatre (Nl Company Limited by Guarantee Report of the Trustees Year Ended 31 March 2025 The Lyric remains committed lo being 'a playhous& for all., ensurfng accessible pricing and broad participation. The £15 tlckel scheme was retained for all Lyric productions, with discounted tickets 8vailable for community groups. artists. and students. Beyond the stage, Creative Learning and Drama Studio programmes reached record levels, working direcuy with 21,364 young people across Northem Ireland, often in disadvantaged areas. Weekly Theatre School classes expanded to 4,500 participants, while the Drama Studio supported 14 emerging actors, iwo of whorn progressed to leading drama schools, adding to the more than 85 alumni who have gained places across the UK. Substantial bursary support was again provided through the Fishmongers and FinTru schemes. The LyrSc was grateful to DAERA for partneiing for a fifth consecutive year on Wastebusters, the eco-muslcal that toured all 11 council areas and reached 4,734 children, and w81comed DAERA'S commitment to multi-year funding until 2027. In total, the Lyric supported or employed 334 fr88lancers across the year. The trustees acknowledge with gralllude the essential support of the Arts Council of Northern Ireland and Belfast City Council. The achievements of the Lyric as Northern Ireland's premier producing Ihealre, and ils extensive social, employment, and economic Impact, were only possible this y&ar with their financlal support. They also recognise the vital contributlons of DAERA, Tourism Ireland, Tourism Nl. the Department of Foreign Affairs. Queen's University Belfast, Invest Nl, and the Nl Bureau to the success of the Lyric's louring, outreach, and oomrnunity programmes. Déspite these successes, the operating environment remains precarious. The continuing absence of mulli.year fundSng hamper5 long-term financial and creative planning, underfining the importance af sustained investment to secure the Lyrlc's fulurt. 3. Achlevmonts & P•rformance CREATE- fflake chall8nglng and ontertalnlng creative work In 2024125 th8 LyC d81ivorad a bold and wlde-ranging programme of original productlon8 and collaborallons that demonstrated It8 role as Northern Ireland'g leading produclng theatre. From international tours and festlval work lo innov8tive reimaginlng of classics, productSons combined artistic ambitlon with ¢ullur81 slgnificanc8, 8ngaging audlences at home and abroad. Agreement toured to the Irlsh Arts C8nter in New York- the Lyrlc's second US tour in188S than e1ve months- and lo the Gate Theatre In Dublln. The play dr8m8tlsed a hug8ly Important politic81 event in an acc8ssib18 way for audiences who lived through il and for a new generallon. It proved both a critical and commercial succ85s, achieving sell-out runs, flve- stsr vIews, and a feature In The New York Tim8s. Post-show disCU55ions were especially memorable as these included many of the original architects of the Good Frlday Agreement, President and Secretary Cllnton, Senator G80rge Mltchell. Bertie Ahem, Gerry Adam5, and Reg Empey. Patron Llam Neeson was among the VIP att8nde8s. Another highlight was Mldsummer at th8 Lyric, a flagship Belfast2024 project delivered with partner5 including Arts Ekta, Beyond Skin and Rogue Encounters. At its c8ntre was an outdoor production of A Midsummer Night's Dream gtaged In a newly imaglned amphitheatre overlooking the River Lagan. Despite ch811enging weatrer, 811 slx performance5 sold out, reaching almost 2,000 people, with a walting list for tickets. The production Included an all-ability cast of "Midsummer Faerles." a refugee orchestra frorn Beyond Skin, and a community procession with Arts Ekla. The Lyric also delivered large-scale community programme in partnership with eight community groups, engaging almost 350 families through workshops, a Community Day, and free tickets. The trustees acknowledge Belfast Clty Council for selecting this production as part of Belfast2024 and for the addltlonal financial supporL The staging of The Tragedy of Rich8rd 11 I, pffjsented as part of Belfast Intematlonal Arts FestlV81, was one of the Lyric's most incluslve productions to date. Fealurfng three disabled actors in lead roles, the production was acclaimed for both alistlc and social impact. Michael Patrick's perf0mnCe eamed The Stsge UK'S 2024 Judges, Award. The produclion demonstrated how ambitious, challenging work can include artists of all abilities while also aGhieving critical and commercial success.
The Lyrfc Theatre (Nl) Company Llmfted by Guarantee Report of the Trustees Year Ended 31 March 2025 Other programme highlights included Marie Jones's reimagined A Christfnas Carol, set in nineteenth-century Belfasl, wilh a stellar cast led by Dan Gordon as Scrooge, which delighted family audiences and became one of the Lyric's most successful festive shows lo date,. and the revival of Clare Mcmahon's The Gap Y88r, which reunited the original cast of Caroi Moore, Marion Dwyer and Libby Smyth - this combinab'on proved to be irresists'ble to our audiences provlding much- needed cheer. Creauve Leaming also made a significant artistic contribution, staging Radium Girls by DW Gregory as its annual Drama Studio production. This was successfully extended lo a two-week run with 90¥0 occupancy, offering a launch pad for the next generation of acting talent. Thanks to dedicated funding from the Arts Council of Northern Ireland, the departrnent also commissioned emerging writ&r Carley Magee to develop a new Theatre in Education piece exploring young people. mental health, and social media. Three actors were employed for Research and Oevelopment workshops, with additional funding being sought from the Department for Communities lo allow this piece to tour to s8condary schools across Northern Ireland. Visiting Productions The Lyric also continued its commitment to strengthening the wider theatre sector, we1corning thirty-51X V151tlng companles during the year. These included both establlshed organisatlons and amerglng volcas, pr8sentlng work that ranged from new writing and cornmunity theatre lo touring productions of national and international profile. Partner8hlp8 Wlth local companies provided vital opportunlties for Northern lrfsh artlsts to perform on the Lyrlc's stages, while visiting productions from acr08S the island brought new perspectives to B81fasl audiences and enriched the cultural dialogue. By offering It5 resources, éxpertise. and profile. the Lyric acted as a platfom for collaborallon and artistic exchange, supporting the ambitions of partner organ18atlons and ensuring auélences had acc885 to a Ylde varlety of theatrlcal experlences beyond its own productlons, INSPIRE- •nsurè our toarn, artl•ti and audlences are In8plred by everlg we do. Greative Learning Creative Leaffllng and outreach 8Ctlvily remained at the heart of our mission, engaglng 21,364 participants across school5, community groups, 8nd emerglng artist progr8mme8. Through workshops, partnerships, and long-s18nding inilialives 8uch as Drama Studio and Theatre Schtsol, tha Lyri¢ provided inclusive opportunities for learning, parb'cipatlan, 8nd professional development, often In communlt18s wlth the18ast accéss lo the arts. Summer School workshops for young people aged 6-18, together wlth a professlonal development course in Stage Combat. attracted a1rn031200 participants, while Theatre School on th8 Road, which successfully created opportunitles lo work with schools in areas of disadvantage or soclal excluslon, brought drama to over 500 pupils across 7 different schoo15 in areas of disadvantage or soclal exclu5Ion. The Drama Studlo's 14-we8k tralnlng programme sUPPOrted 14 asplring actor8, wllh 2 partsclpants progressing lo dram8 schools this year. Bursary places were also allocated in summer workshops to support promising pupils from dlsadvantaged areas to pursue their newfound interest in drama. In partnership with DAERA the department delivered W8Stebusters to 50 pdmary schools across Northem Ireland. The long- stsnding partnership with the all-ability drama group Rogue Encounters also continued, with weekly workshops and an annual showcase in the Naughton Studio. The department supported A Midsummer Night's Dream by organising a free community day event in conlunction with the production, which welcomed rn0 than 350 people to the theatre, many for the first time, ané offered workshops in Chinese calligraphy, breakdancing, arts and crafts, and storytelling. Throughout the year, ovér 55 workshops took placè in both primary and secondary schools across Northem Ireland with a total of 1,138 participants. The Lyric also hosted the National Theatre's Connections Festival for the eleventh consecutive year, welcoming 10 youth theatre groups lo perform newly commlssloned plays In the N8ughton Studio. In total, Creative Leaming delivered 757 workshops, productions. and event5 during the year across Northern Ireland.
The Lyric Theatre {Nl) Company Llmtted by Guarantee Report of the Trustees Year Ended 31 March 2025 Inclusion, Diversity, Equity & AcGes&bilty The Lyric is committed to the principles of inclusion. diversity, equity and accessibility IIDEAI, which are embedded across our values, programmSng, policies. and workforce development. The Senlor Management Team leads this work through our IDEA framework, supported by initiatives including Positive Mental Health & W811being in the Workplace, Mental Health First Aiders, and training in BSL and Disability Awareness. The Lyric continued to provide accessible pathways into careers in the arts, off8ring fiv& apprenticeships and enlry-level roles this year, alongside opportunities for upskilling the wider workforc8. The 2024125 programme reflected these principles of diversity and inclusion, reaching audiences and participants from underrepresented communities. The Tragedy of Richard 111 demonstrated inclusive casting and was recognlsed as one of the Lyric's most accessible productions., while A Mldsummer Nights Dream brought trjgelher diverse cornmunity groups and performers of all abilities. whlle lOnlerM and new partnerships wllh organisations such as Rogue Encountèrs, Arts Ekta. Beyond Skin, and the Chinese Welfar8 Association furth&r slrengthen8d th15 commllm8nl. Recordlgvels of participation were achieved across Creative Leaming, with many parbcipants drawn from disadvanlag8d Acce5sibllity remained central, a5 we striv8d to make the theatre accessible lo everyone. Th8 Lyrfc captioned it5 digital content and provSded captioned, audio-described, and BSL-inlerpreted perfornanc8s for every in-house production. Free tlck&ts for carers W8r8 provlded, and In partnershlp wlth the Goliath Trust almost 400 children from disadvantaged b8ckgrounds attended A Christmas Carol, many experiencing theatra for the first time. The Lyric 8160 remained strongly committed to a¢¢esslble pricing, with the £15 lickel scheme and discounts for students, community groups, and artists ensuring affordability. GENERATE - bulld and develop multlple revenue stre4ms Strong audlence demand, new partnershlps, and the contlnued growth of In¢ldgntal revenue streams underpinned the Lyric's financial perfomiance in 2024125. Tlckel and hospitslily income remalned our largest sources of revenue, representing around 0-third5 of lolal Income, whlle 8dditlonal partnerships and earned income streams, Including a c<Kporate partnership with KPMG and the Lydc Scene Shop, contributed to greater diversification and resilience. Audiences Thls year the Lyrlc welcomed 91,436 IIv8 audSences to performances at th8 Ihealre, wlth a further 19,493 att6ndees through touring work in New York, Dublin 8nd In Schools across Northem Ir&l8nd. Demand for large-scale Main Stage prJuCtIOnS was extremely strong. with almost half achlevlng sold-out runs. The programme attracted 8 broad and diverse audlence, with over 30U/o of attendees visiting the Lyric for the first tlme, and the theatre received the GNI Magazine 8usines8 Contribution to the LGBTQIA+ Community Award for the second consecutlve year. Famlly audiences also expanded sSgnlfic8nlly, with A Christmas Carol attracting 21,197 children 8nd famllles, the highest festive attendance in the Lyrfc's history. Younger audiences were reached through OLJlreach projects such as Wastebuslers which loud schools free of charge. The Lyri¢+ membership scheme conlinu8d lo grow, reaching 268 members in its third year and deepenlng engagement wllh the theatre's most loy81 audlences, Diversty of income While core funding from the Arts Council of Northgrn Ireland and Belfast City Council continues lo represent the majorfty of the Lyric's grant income, progress was made in diversifying income streams, with new funder5 and partners contributing to the theatre's resilience.
The Lyric Theatre (Nl) Company Limited by Guarantee Report of the Trustees Year Ended 31 March 2025 SUSTAIN - drlve IlfElong sustalnablllty of the LyTlc Theatre. Lyric Sc8nic Shop & Environrnental Sustainability The Lyric advancad its Gommilment lo environmenlal suslalnabillty and re5illence through the Lyrbc Scenlc Shop and its leadership role in Green Arts Nl. By prioritising recycling, resource 8ffici8ncy, and sector-wide collaboration, the LYTIC Ir8nsformed ils scenic practices while also supporting organisations including Bruiser Theatre Company. Replay Theatre Gompany, Northem Ireland Opera, and The Belfast Operats'c Society. Mor8 than 75¥0 of materials used in producliong were recycled, with many achieving Theatre Green Book advanced standard. The Lyric's sustainabllity credentials were recognised wlth a Bronze Green Tourlsm Award from Belfast City Council and shortlisting for Business in the Community's Responsibla BLSsiness Award for Climate Action. As a founding member of Green Arts Nl, the Lyric participates in a network of over 50 cultural oryanisations across Northern Ireland, wlth an Internal Gre8n T8am driving Inillatlves. ongsida these environmental initiatives, the Lyric MaInS focused on resilience through investment in Infraslru¢lure, systems, and skills to saf&guard the Lyrfc's long-tem futuro. 4. Plans for Futur• P•rlods Plans for Future periods In 2026, the Lyric will celebrat8 Its 75th 8nnivers8ry. a milestone that reflects the creativity, tenacity, and resilience of the generations of parti¢lpan15 who have buill and sustained one of the leading Independent theatres on these Isles. Throughout Ils history, the Lyric has shown itself to be resourceful and robust, maintalning its cultural signlncance as one of Northem Ireland's foremost artistic organisations. To rnark the anniversary, the Lyric will present a series of talks and readings, alongside a programme that blends classic producllons of historic significance with new writlng, which has always been central to the IheatTe'8 mlssion. Plans also include touring Owen McC8ffety'8 Agreement both locally and intemationally. Above all, the goal is to inspire and employ th8 n8Xt generation of Iheatr&mak8rs through partnerships wlth slsler organlsatlons, cr6atlng vlbrant work that reflects and Looklng to the next 12 months, the trustees remain committed to fulfilling the Lyric'5 misslon by dellvertng a bold and varlad prograrnm8 that blends new writing wSth established classics. The season wlll feature Our New Glrl, an inventive thriller by Nancy H8rf6, followed by Denouement by John Morton, a provocative pl8y Wlth a dystOP18n edge. Beeen these productions, the Lyric will stage an ambitious revival of The Importance of Being Earnest, warmly received by audiences ané critlC5 in ils previou5 run. The year wlll ¢on¢lude wlth the rnuch-anlicipated retum of A Chrlstmas Carol. building on th8 success of last yearfs producuon. Desplte recent progress, the trustees remain acutely aware of the fin8ncial challenges facing the theatre. Over the next 5 years, a key priority will be the implementation of a fundraising and development plan, known as Fund for tha Future, deslgned to secure the Lyric's lOng-te sustainability. This initiative will support investment in capital development, Including The Nest, and wlder enhan¢emenls to the theatre bullding; expand oppothnllles for young people through bursaries, apprenticeships, and professional pathways,. sustaln the commitment to new writing., and showcase Northernlrish cultural talent while reaching new audiences through programming and touring. In parallel, the trustees recognise the pressing need to build reseNes to meet both current and future requirements, whlch will remain a central focus in strategic and financial planning.
The Lyric Theatre (Nl) Company Llmited by Guarantee Rèport of Ihe Trustees Year Ended 31 March 2025 S. Flnan¢lal Revlew Funds and Reserves The Statement of Financial Activlties (SOFA) sets out th8 movement in all charitable funds, dlstinguishing between restricted fvnds (for specific purposes) and unrestricted funds (available for the charity's general objectives). Total incoming r8sources for the year were £4,647,18512024: £ 4,532,151). Our principal grant income comprised £1,400,000 from the Arts Council of Northern Ireland, £410,000 from Belfast City Council, and £61,915 from the Department of Agriculture, Environment and Rural Affairs {DAERAI. Other grants totalled £208,841. which comprised £43,899 of capital grants and £164,942 of miscellaneous grants. Within the miscellaneous Category, £79,344 5UPPOrted Creative Leaming activities and £85,589 related to other grants. Totsl expenditure for the year was £4,655.g1012024: £4,476,071), directed towards dellvering a comprehenslve Ilve programme, creative learning and wriling inilialives, core staffing, and the upkeep and runnlng of the Ihealre. Al 31 March 2025, restricted funds stood at £11,459,85312024.' £11,958,190), largely representlng the value of the theatre building. Unrestricted income funds totalled £1,319,942 (2024.. £830,330), comprising a éesignated reserve of £67.550 (the 'Fund for the Future'l end general unrèslricled funds of £1.252,392. The Fund for the Future has been establlshed by the tru8te88 to support futur8 developm8nl and ¢8pltal Inves1rn8nt and It Is Ihelr intention lo grow 8nd ub'lise thi5 fund steadily over the next five years in line with strategic prioriti88. Although improved from the prtor year, unrestricted reserves remaln below the lev81 requlred under lh& CUTf8nt Re8erve8 Policy. Th8 company's re6erves policy requires thal reserves are rnaintalned at 8 level sufflclent to ensur8 the theatre's cor8 aclivitias could continue for at least six months in the event of unforeseen dSfficulty, with a proportlon of reserves held in readlly reali5able form. The policy takes into account risks assocl8led with each income and expenditure stream, planned activlly levels, and the organisallon's ongoing commltmenls. The tnjslees consider that the most appropriate level of reserves, axcludlng r8stricted funds and unreslrlcted r888rves Invested In fixed assets, Is £1,350,000 Fin8nci£l Sust8lnability The Lyrfc's cèntral role within the Arts Councll of Northern Ireland'$ Drama Slralagy means It5 programme wlll not always fall within commercially popular genres. Al the same time, the theatre faces ongoing costs of m8inlainlng an ageing building and equlpmenl, maklng continued Investment in infrastructure essential to sustalnablllly. While recent increa5e5 in basellne funding are welcome, concems remaln that core grgnt levels are Insufficient. leaving the theatre reliant on other income sources. The Iruslees are therefore focused on diversifying revenue streams, 51rengthening partnershlps, and invesllng in key areas such as digital systems and the Lyric Scenic Shop. Despite these efforts, the Lyric remains heavily dependent on core support from the Arts Council of Northem Ireland and Belfast Clty Council, which needs to be kept under active review, with a view to moving lo multi-year funding which would be beneficial to all p8rties. Investments Investments are held prlmarily for short-lerm exp&ndilure r8ther than long-term return. Funds are placed on short-term deposit reputable UK banklng inslitutlons.
The Lyric Theatre INI) Company Limited by Guarantee Report of the Trustees Year Ended 31 March 2025 Risk PA8n8gem8nt The Lyric has a risk management 5trate9y cornprising an annual review of the risks faced by the cornpany and Its subsidiary, the establishment of systems and procedures lo mitigate those Tisks, and implementation of measures designed to minimise potential impact should those risks materialise. The Board weive regular reports from the Executive Team at its meeting5 and reewS a risk register. Key risks include: Stralegi¢'. dependence on public funding and ticket sales, lack of multi-year funding cycle Operational- building maintenance, technical systems. IT, staffing. Continuity.. succession planning and resilience against unforeseen events. The lack of multi-year funding from the Arts Council of Northem Ireland frustrates the Lyric'5 ability to engage in effective long-term planning and forces a year-by-year appro8¢h to match annual funding decisions. The trustees maintain a conslruclive r6latlonshSp wSth prfnclpal funders, who recognlse the LyrSc as a key partner In the Drama Strategy for Northern Ir61and, and would welcome movement towards multi-year arrangements. statement of Trustees'responsibilitles The Iruslees are responsible for preparing the Trustees, Annual Report and the financial slal8ments in accordance wilh appllcable law and regulations. Comp8ny law requir8s the trustees to prepare financial slalemenls for each financlal year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounilng Practoce (United Kingdom Accounting Standards and applicable lawl- Under company law the trustees must not approve the financial statements unless satisfied that they give a true and lair vlew of the State of affairs of the company and Its Income and expenditure for the y8ar. In pr&parSng these flnanclal statements, the trustees are required to: select sultablé accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP,. make Judgements and accounting eslim8tes that are reasonablé and prudènt; and prepare the financial statements on the going concem basis unless il is inappropriate to presum8 that th8 company will continue in operation. The trustees are responsible for keeping adequate accounting records sufficient to show and explain the company's transactions, disclose ils financial posltion with reasonable accuracy, and ensure complianGe wilh Ihe Companies Act 2006. They are also r8sponsible for safeguardlng the assets of the company and laklng reasonable 518P5 to pr8vent and detect fr8ud or other irregularities.
The Lyric Theatre (Nl) Company Llmited by Guarantee Report of the Trustees Year Ended 31 March 2025 Auditor The auditors. A48 Group Account8nts have expressed their wllllngness to contlnue in offlc8 and a resolution to re-appoint them will be proposed at the annual general meetlng In accordance with section 485 of the Companies Act 2006. Each of the parsL$ who Is a trust8e at the data of apwoval of thls report confimis thaL' so far a8 each trustee Is aware, there is no T8levant audlt Infornation of whlch the companvs audltor18 unaware.. and each trustee ha8 taken all steps that they ought to have tsk8n as a trustee to mak8 th8ms6lf awar6 01 any relevant audit infomHtSon and to establish that the companrfs auditor Is aware of that Informauon. The Tru8teas' Report epproved by tho trustees on .2o/.10!¥c Regi518red offlce.. 55 Ridgeway Streét Belfast AntrSm BT9 5FB Signed by order of thè trustees.. Slr 8 Roblnson Dlrector io
The Lyric Theatre (Nl) Company Llmlted by Guarantee Independent Audltorfs Report to the Members Year ended 31 March 2025 Opinion We have audited the group and parent ¢harltable company finart¢ial ststemenls of The LyriG Theatre INI) for the year ended 31 March 2025 which comprises the consolidated Statement of Financial Activities, the consolidated and charity Balance Sheets. the consolidated statement of cash flows and the notes to the accounts including a summary of slgnlficanl accounting policles. The financial reporting framework that has been applied in Iheif preparation is applicable law and United Kingdom Accounting Sland8rds, including Financial Reporting Standard 102 The Financial Reporttng Standard applicable In the UK and Republi¢ of Ireland {Unlted Kingdom Generally Accepted Accounting Practice). In our oplnlon The Lydc Theatre INI) group financial slatements and parent charitable company financial statements.. give a trua and fair vièw of the slate of the group and parent charitable companvs affairs as at year ended 31 March 2025 and of th8 group and p8rent ch8riL8ble company's incoming resources and application of resources. including its Income and expendlture, lor the year then ended,. have been properly prepared in a¢¢ordan¢e wSlh Unlted Kingdom GeneralSy A¢¢epled Ac¢ount5ng Practl¢e', and - have been pr8pared in accordanc8 Wth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accor¢on¢e with Intern8tlonal Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those Standards are further described in the Audllor's responsibilities for the audit of the accounts section of our report. We are independent of th8 charity in accordance with the ethical requirements that are relevant lo our audit of tha accounts in the UK, including the FRC'S Elhic81 standard, and w8 have fulfllled our other ethical rponsibIlitieS in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for OUT opinion. Concluslons r8latlng to 9olng concern In audlllng the flnanclal statements, we have concluded that the Trustees, use of the golng concern basi5 of accounting in the preparallon of the financl81 statements Is appropdate. Based on tha work we have performed, we have not identif18d any material uncertainties relating to events or condlllons that, individually or collecllvely, may cast significant doubt on the group and charlty's ablllty to continue as a going concem for a period of at least twelv6 months frcrfn when the financial statements are authorised for i89ue. Our responsibilities and th8 responslbllilies of the Trustees with respect to golng concern ar& descrlb8d In the relevant secllons of thig report. Other Informatlon The other information ¢ompri88S the informatlon Sn¢lud8d In tha annual report, other than th8 8c¢ounls and our audit0S report. Thè Trustees are responsible for the other infomiation. Our opinion on the accounts does not Gover the other informallon 8nd. except to the exlent olherwise expli¢iUy stated In our report, we do not express any form of assurance conclusion thereon. In connection with our audit of thé accovnts, our r&sponslbillty lo read tho olhar Informatlon and. In dolng so. consider whether the other infomiation is materially Inconslstent with the accounts or our knowled9e obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsistendes or apparent rnaterial mis5tatem8nts. we are rgquirgd to dBt8rrnine whether there is a material mlsstatem8nt in the accounts or a material misstatement of the other information. If, based on the work we have performed. we ¢onGlude that there is a material mi551alement of this other information. we are required to report that fact. We have nothin9 to report in this regard. li
The Lyric Theatre (Nl) Company Llmlted by Guarantee Independent Audltorfs Report to the Members Year ended 31 March 2025 Opinions on oth•r mattérs prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audlt: the information given in the Truste85 Report for the financial year for which the accounts ar8 pr8pared is consistent with the accounts., and - the Truslees, Report has been prepared in accordanc8 with applicable legal requirernents. Matters on whlch we are required to report by exceptlon In the light of the knowledge and understanding of the Trustees and its environment obtsined in the course of the audit, we have not Identified malarial mlsstatements in the Trustees Report. We have nothing to report in respect of the following matters in relation to whlch the Companies Act 2006 requires us to report to you if, in our oplnion: adequate accounting records havè not been kept, or retums adequate for our audit have not been received from branches not visited by us., or - the accounts are not in agreement with the accounting records and raturns., or C8rtain disclosures of Irustees, remunèration specified by law are not made: or - we have not received all the Infomatlon and explanations we require for our audit. Respon$lbllltl•$ of Trustees As 8xplained more fully in the Stat8m8nt of Truste88 R8sponslbilitles, the Truslees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the direclors determln8 15 necessary lo enable the preparation of accounts that ar8 fr88 from material misstatement, whether due to fraud or error. In preparing the accounts, the Trustees are responsible for ass8sslng the charIt5 ablllty to contSnue as 8 going concem, disclosing, as appllcable. matters related to golng concern and using the going concern basis of accounting unles5 the Trustees either intend to liquidate the company or to ce85e operations, or have no realistic alternative but to do so. Audltorfs re•ponslbllltles for the audlt of th• flnanclal 8tatèment8 Our objectives are to obtaln reasonable assurance about ether the accounts as a whol8 are fre8 from material mlsstatement, whether duè to fraud or error, and to Issue an auditor's report thal includes our oplnlon. Reasonable assurance Is a hlgh level of assurance, but is nol a guarantee that an audit conducted In accordance with ISA$ (UK) will always detect a malerlal mlsstaternent when It exists. Misstatements can arise from fraud or error and are con5ider8d materlal If, individually or in the aggregate, they could reasonably bè expected to influence the economic decision6 of users tsken on the basis of these accounts. Irregularities. including fraud, are inslances of non-compliance with laws and regulatlons. We design procedures In Ilne with our responsibilities, outlined above, to détect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of dglecting irregularities. including fraud, is detailed below. 12
The Lyrlc Theatre (Nl) Company Limited by Guarantee Independent Auditorfs Raport to the Members Year ended 31 March 2025 AuditoVs responsibilities for the audit of the financial statements (continued) We obtained an understsnding of the legal and regulatory framework applicable to the company through enquiry of management, sector research and the applicatlon of cumulatlve audit knowledge. We identified the following principal laws and regulatlons relevant to the company- Companies Act 2006, Charities Act (Northern Ireland) 2008 and the Accounting and Reporting by Charities= Ststement of ReGommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mih'gate those risks. and the accounts. balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant 8ccounling estimates, analysis of journal entries, walkthrough of the key controls cycles In plac8 and enqulry of management. Our procedures to respond to those risks identified included, but were not limited to: Enquiry of management, and the entity's solicitors around actual and potential litigation and claims. Enquiry of m8nagernent to Identify any instances of non-compli8nc8 Wlth laws and regulatlons. Revlewing mlnute5 of meetings of those charged with govemance. Reviewing financial statement disclosures and testing lo supporting documentstion to assess ¢ompli8nce with applicable laws and regulatlons. Auditing the risk of management override of controls. including through testing journal entries and other adlustments for appropriateness. and evaluating the business rationale of significant transactions outside the normal course of busin8SS. A further description of our responsibilities for the audit of the accounts is located on th8 Financial Reporting Council's website at.. http.1A.ffc.Org.uk1aud1tDrSr8SponsIbIIIti8s. This description fomis part of our audito¢s repo This r8POrt Is made solely to the charitable compan15 members, as a body, in accordance wlth Chapt8r 3 of Part 16 of the Companies Act 2006 and regulation5 made under that Act. Our audit Vrk has been undertaken so that we might slate to the charitable companls members those matters we are required to slate to them in an auditors, rep¢)rt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charltable company and Its members as 8 body, for our audit work, for this report. or for the opinions we have fomied. Ictr elc, ([i/hLa 20/10 ZO2 Teresa Campbell (Senlor Statutory Audltor) for and on behalf of AAB GROUP ACCOUNTANTS UMrfED Chartered Accountants & Statutory Audltor 1-3 Arthur Street, Belfast, BT14GA Datè 13
The LyricTheatre (Nl) Company Limited By Guarantee Consolidated Statement of Flnanclal Activities Year Ended 31 March 2025 Total Year 2025 Total Year 2024 Unrestricted Restrlcted Funds Funds Capltal Funds Notes Income from: Donatlons & legacles Donation5 Donations - fund for the future 24,525 67,550 24.525 67.550 40.225 Charftsble Attlvltles Grant Income Educatlon Income 2,036,857 43,899 2,080,756 73,077 1,830,528 54,345 73,077 Actfvltles for8eneratln¥ funds 1,970,881 1,970,881 2,449,207 Other Incomlng Resources 430,396 430,396 157,846 Total In¢om• 2,566,429 2.036,857 43,899 4,647,185 4,532.ISI Expendlture on: Fundralsing Charltable activltles Governance costs 26,112 2,001,337 9,408 26.112 4,618,140 11.658 22,833 4,519,958 12,841 2,074,567 2,250 542,236 Total Expendlture 2,076.817 2,036,857 S42,236 4.655.910 4.555.632 Net {outgolni)/lncomlng resources before transfers 489.612 1498,3371 18,7251 123,4811 Tranfers between fvnds Net 8aln/l10551 for the year 489,612 1498,3371 {8,725) 123,4811 Reconcllllatlon of funds.. Total funds brought forward 830,330 11,958,190 12,788,520 12,812,fy)1 Total fund$ carrled forward 1.319,942 11.459,853 12,779,795 12.788.520 All of the above amounts relate to contlnulng activitie5. The note5 on pages 18 to 30 form part of these finan¢lal statements 14
The LyrfcTheatre INI) Company Llmlted By Guarantee Con501idated Balan Sheet Year Ended 31 Marth 20ZS 2025 2024 Notes Flxed assets Tan8ible Assets Iz 12,631,155 12.947,055 Current a55et5 Stocks Debtors Cash at Bank and In Hand 14 Is 24,052 SS8,045 330,184 912,281 27.145 447,507 198,680 673,332 Llabllltles Creditors: Falllng due wlthln one year 16 1763,641) 1831,8671 Net Current a55et511liabilities1 148,640 1158,5351 Total AM•ts l•ss Current Llabllltles 11.779,795 12,788,520 Net assets 12,779,795 12,788,520 Funds Restricted Income funds Capltal funds Unrestrlcted Income funds 18 19 11,459,853 1.319.942 11,958,190 830,330 12,779,795 12,788,520 The flnanclal statements were approved and authorlsed for Issue by members of the committee on ¥o./!o/i¢z.5and were sl8ned on its behalf by.. Mlchael Mulla Dlrertor Company Registratlon: N1066152 All of the above amounts relate to contlnuln8 actlvitles. The notes on pages 18 to 30 form part of these financial statements 15
The Lyrfc Theatre INI) Company Llmited By Guarantee Charity Balance Sheet Year Ended 31 Marth 2025 2025 2024 Notes Fixed assets Tangible Assets Investments 12 13 12,631,155 12,947.055 12,631,157 12,947.057 Current assets Stocks Debtors Cash at Bank and in Hand 14 4.618 265,553 223,888 494,059 4,320 241,411 83,195 328,926 Llabllltl•s Credltors.. Fallln8 due wlthin one year 16 1345.4211 1487,463 Net current assetsllllabllitlesl 148,638 1158,5371 Total A5s•ts less Curr•nt Llabllltles 12,779,795 12,788,520 Net assets 11,779,795 12,788,520 Funds Restricted income funds Capital funds Unrestricted Income funds 18 19 11,459,853 1,319,942 11,958,190 830.330 12,779.795 12,788,520 The financlal statements were approved and authorSsed for155ue by members of the commlttee on Zo.!io!4"&nd were slgned on Its behalf by,. Mlchaal Mullan Dlrertor Company Re8iStratlon: N1066152 All of the above amounts relate to continuln8 activlties. The notes on pages 18 to 30 form part of these flnancial 5tatementS 16
The LyrlcTheatre {Nl) Limlted By Guarantee Consolidated statement of cash flows Year Ended 31 March 2025 2025 2024 Cash generated from operatlons 244,926 346,532 Cash flows from Investlni Actlvltles Purchase of tangible fixed a5set5 1113,4221 1106,0461 Cash used In Investlng ActSvltles 1113,4221 1106,0461 Increasel(decreasel In Cash and Cash EquS¥•lents In th• y•ar 131,504 240,486 Cash and Cash Equl¥alentS at the be8lnnlni of the year 198,680 141.8061 Total (h and c•sh equlvalents at the end of the year 330.184 198,680 C•5h flow from operatlni artlvltles 2015 2024 Net outgolng resources 18,7251 123.4811 Adjustments for: Depreclatlon of tanglble flxed assets Loss on disposal of flxed assets 429,322 421,873 240 m0Ment In worklni cipltal: Inuease In stock Increase In debtors IDecreaselllncrease In credltors 3,093 1110,5381 168,2261 {4,0871 174,5731 26.560 Cash generated from operations 244,926 346.532 17
The Lyrlc Theatre INI) Company Umited By Guarantee Notes to the Flnancial Statements Year Ended 31 March 2025 l) Accountlng Policie5 The principal accounting policies adopted) judgements and key sources of estimation uncertainty In the preparation of the financial statements are as follows- al Basls of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. ststement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective I January 20191- ICharitle5 SORP IFRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Lyric Theatre INI) meet5 the defTnitlon of a public benefit entity under FRS 102. Assets and liabilities are Inltially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy notes, b) Preparatlon of the accounts on a 8aln8 concern basls At the date of approving the financial statements. the trustees have a reasonable expectatlon that the charlty has adequate resources to contlnue to operational existence for the foreseable future. Thus the trustees continue to adopt the 8olng concern basis of accountlng in preparlng the financlal statements. c) Group flnanclal staternents The financial statements consolidate the results of the company and Its subsidiary Lyric players, theatre productlons lirnited. They are adjusted where approprlate. to conform to group accounting policies. As a con501idated statement of financial actlvitie5 15 published, a separate Statement of financial activitles for the parant charity is omitted from the group financial statements by vlrtue of the Companies Act 2006. The charities net loss for the year was £8.72512024.' £23,481). dl Incomln8 Resources Income Is reto8nised when the group has entltlement to the funds, any performance condltlons attached to the items of income have been met, it is probable that the Income wlll be received and the amount can be measured rellably. The specific basis used Is as follows: Government Gronts Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are recelvable, unless they relate to a speclfled future period, in whlch case they are deferred. Donations Voluntary income received by way of donations, gifts and gift aid to the charity is included in full in the Statement of Financlal Activities when received. Commerciol Troding Income Income from ticket sales Is recognised when received. Where payments are received in respect of advance ticket sales, these amounts are treated 35 deferred income until the date of the performance. Investment income Income from investments is included, together with the related tsx credits, in the Statement of Flnancial Activities on an acirua15 basis. 18
The Lyric Theatre (Nl) Company Llmlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2025 11 Accountlng Policies- {continued) el Resources Expended Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs are allocated to activities on the basis of time spent on those actlvities. Choritoble activities These are costs incurred by the charity in the delivery of its activities and seNices for its benificiaries. It includes both costs that can be allocated directly to Such activities and those costs of an indirect nature necessary to support them. 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 costs include those incurred in the governance of its assets and are assoclated wlth constitutional, statutory and strategic requirements. C05t5 of Ra151ng Funds These are costs assoclated wlth attracting voluntary income and, as such, include the cost of producing dvertising and publlclty materials, the direct cost of fundraising events and salary costs. n Fund accountlng The group has varlous types of funds for which it 15 responsible and which require separate disclosure. Definitions of the various types of funds are as follows- Restrictedfunds Restrlrted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criterla Is Identlfled to the fund, tO8ether wlth a falr allocatlon of overhead and support costs. Capitolfvnds Capital funds are a form of restrirted fund, consisting of amounts whlch have been used for the specific purpose of capital expenditure as laid down by the donor. Expenditure which meets thi5 criteria is identSfied to the fund. Unre5trictedfund5 Unrestrlcted funds are donation5 and other incoming resources received or generated which are expendable at the discretion of the charity in the furtherance of its objectives. 19
The Lyric Theatre INI) Company Limlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2025 11 Accountlng Policies- {continued) f) Fund accounting Icontlnuedl Designotedfunds Designated funds are a form of unrestricted fund, consiting of amounts which have designated for a specifric purpose by the charity. The use of such funds for their designated purpose will remain at the discretion of the board. 8) Operatln8 leases Where assets are acqulred under flnance leases, the capital element of the a55et is Included In flxed assets and amort15ed over the1Sfe of the asset. The outstandlng capital element of the leasing obligatlon Is included In credStors falling due, The Interest element is written off over the prlmary period. All other leases are accounted for as operating leases and the rental charges are charged to the statement of flnanclal activities on a strai8ht line basls over the life of the lease. h) Tan8lble flxed asset5 Depreciation is calculated to write off the orlginal c05t less the expected resldual value of the assets over their estimated useful lives at the following annual rates:_ Freehold Land Freehold Property Stage Sets Furniture, Fixtures & Fittings Equlpment and Software Not depreclated 2% Straight Llne 33% Straight Line 10%- 20% Stralght Line 10%- 20% Stralght Line The carryin8 values of tanglble fixed assets are reviewed for Impairment when events or chan8es In circumstances Indicate the carrylng value may not be recoverable. 11 Debtors Trade and other debtors are reco8nised at the settlement amount due after any trade dlscount offered. J) Cash at bank and In hand and current asset Investments Cash and cash equivalents Includes cash in hand, deposlts held at c311 with banks, other short-term highly liquld investments with orlginal maturltles of three months or less and bank overdrafts. Bank overdrafts, when appllcable, are shown withln borrowings in current liabilitles. Deposlt5 Wlth original maturities of greater than 3 rnonths are shown as current asset or fixed asset investments dependin8 on the date of maturity. k) Credttors and provlsions Credltors and provisions are recognised where the charlty ha5 a present obligation resultlng from a past event that wlll probably result In the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated rellably. Creditors and provlslons are normally recognised at their settlement amount after allowing for any trade discounts 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. 20
The Lyric Theatre INI) Company Llmlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2025 l) Accounting Policies- (continued) m) Forei8n currency Foreign currency transactions are translated into the functional currency using the 5POt exchange rates at the dates of the tran5actlons. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated usin8 the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Forelgn exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchan8e rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Financial Activities. Forelgn exchange gains and losses that relate to borrowing and cash and cash equivalents are presented in the Statement of Financial Activities. nl Financlal Instruments The Charlty ha5 elected to apply the provisions of Sectlon 11 'Basic Financial Instruments, and Sectlon 12 Other Flnancial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charlty's balance sheet when the Charlty becomes party to the contractual provisions of the instrument. Flnanclal assets and Ilabilitie5 are offset, the net amounts are presented In the finan¢lal statements, when there is a legally enforceable rl8ht to set off the recognised amounts and there is an intention to settle on a net basls of to reallse the asset and settle the Ilablllty slmultaneously. Basic financlal assets Basic financial assets are initially measured at transartion price including transaction costs and are subsequently carrled at amortised cost using the effectlve interest method unless the arrangement on5titutes a flnanclng transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortlsed. Baslc financial liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes financing transaction, where the debt instruments Is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 21
The Lyrlc Theatre {Nl) Company Limited By Guarantee Notes to the Flnancial Statements Year Ended 31 March 2025 l) Aceountin8 Pollcles- (eontinued) n) Finanual Instruments {continued} Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amount5 payable are classified as current liabillties if payment is due wSthin one year or le55. If not, they are presented a5 non current liabilities. Trade creditor5 are recognised initially at transaction prlce and subsequently measured at amortised c05t using the effectlve interest method. Derecognition of flnancial liabilities Financial liabillties are derecognised when the Charity's contractual obligatlons expire or are discharged or cancelled. o) Employee Benefits The costs of short-term employee beneflts are recognised as a Ilablllty and an expense, unless those costs are requlred to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement Is reco8nised in the period In which the employee's sep4ices are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide terrnination benefits. p) Exemptlons under Companles Act 2006 The Charity has taken advantage of the following exemptlon: from preparing a Statement of Financial Actlvltles on the basis that the Consolidated Statement of flnancial activitles Includes the Charity's statement. from preparing a Statement of Cash Flow on the basls that the Con501idated Statement of Cash Flow includes the Charity's statement. ql Crltlcal accounting estlmates and Judgements In the application of the Charity's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and a55ociated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlsion5 to accounting estlmates are recognised In the period in whlch the estlmate is revlsed where the revislon afferts only that period. or in the period of the revision and future perlods where the revlslon affects both current and future periods. Criticaljudgements in upplying the entity's accounting policies To determine when the performance related conditions associated with grant income have been met. 22
The Lyric Theatre (Nl) Company Limited By Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2025 q) Critical accountlng Èstimates and judgements (contlnued) In a55essing the rea50nableness of the going concern basis. the Directors have used judgement in preparing budgets and cashflow forecast5 for the upcoming 12 months. Critlcal accounting estimate5 and 055umption5 Tangible fixed assets are depreclated over their useful lives taking Into account residual values, where approprlate. The actual lives 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 technoll8lcal innovation, produrt life cycles and maintenance programmes are taken into account. Residual value assessments consider issue5 such as future market conditions, the remainlng 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 capltal. The Ilabllity of each member In the event of winding up Is limited to £1. 23
The Lyric Theatre INI) Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 Marth 2025 3. Donatlons & Legacies Unrestricted Restricted Funds Funds Capital Funds 2025 Total 2024 Ttstsl Gift Aid Other Donations Donations- fund for the future 4,161 20,364 67.550 92,075 The 2024 Income total Df £40,225 was spllt fully as unrestrlrted Income. 4,161 20,364 67.550 92.075 4.323 35,902 40,225 In¢omt Irom charltable artl¥ltles Unrestrlrted ftestrfcted Funds Fund$ Caplt•l Funds 2015 Total 2024 Total Arts Councll of Nl 8elfa5t Clty Councll Garfield Weston DAERA- Eco prolEct MISlIaneOUS Grants I,4c,000 410,000 1,400.000 410,000 1,515,003 152.0 4.845 50.000 108,680 1,830,528 61,915 61.915 164,942 43,899 208,841 2,036,857 43,899 2,080,756 The 2024 Income total of £1,830,528 was split £1,745,909 restricted funds and £84,619 Capital funds. 5. Educatlon Incom• Unr•strlcted Funds 2025 Total 2024 Total Education Income 73,077 73,077 73,077 73,077 54,345 54,345 The 2024 Income total of £54,345 was spllt fully as unrestrlcted Income. 6. Actlvttles forgeneratlni funds Unrestrlcted Funds 2025 Totsl 2024 Total Tradlng Income generated from Lyrlc Players Theatre Productlons Limlted 1,970,881 1,970,881 1,970.881 1.970.881 2,449,207 2,449,207 The 2024 Income total of £2,449.207 was split fully as unrestrirted Income. ?. Other Income Unre5trlct•d Funds Restrlrted Funds 2025 Totsl 2024 Total Mi5cellaneou5 Income Theatre tax rellef 265,164 163,724 1,508 430.396 The 2024 income total of £157,846 wa5 split fully as unrestrlcted funds. 265,164 163,724 1,508 430,396 157.837 Interest Income 157,846 24
The Lyrlc Theatre INI) Company Limited By Guarartee Notes to the Flnandal Statsments Year Ended 31 March 2025 8. Resources expended Bar and Creative Learnlnl Totsl 2025 Total 2024 Theatre Property Go¥eman¢e Dlrèct Costs Fundralslng Wages and salarSes Purchases Sundry Travel and Subslstence Payments to Creatlves Education Projects Costs of Produttlon 26,112 1,226,583 123,626 26.112 22.833 IA69.055 1,428,787 358,181 375,196 1.267 1,212 103.466 130,170 132,025 183.305 41,317 33,839 453.958 517,626 193,978 132,822 1,267 48,494 101,733 103,466 132,025 41,317 453,958 IndSrect Costs Wages and salarles Penslon Costs other Staff Costs Rent Payable Heat and Llght Repairs and Malntenance Insurance Sundry Costs Travel and Subslstance Legal and Professlonal Fees Telephone Statlonary and Postage Advertlsln8 and Marketlng Depreclation Bank Charges Subscrlptlons Bad Debt Audlt Fees Trustee Expenses 582,556 33,068 27,886 58,125 76,150 49,872 1,559 6,083 5,576 33,991 129,167 1,559 4,029 1,394 13,768 761,595 36,186 40,192 74,917 137,677 642,769 33,792 22,024 58,896 148,207 2,294 9,822 13,768 103,716 40.488 282 77.530 222,016 198,066 24,758 5,345 285 24,758 2,629 42 6.190 1,696 995 6,190 1.577 51 61,896 11,247 1,373 55,360 9,783 3,490 15,396 2.737 1.005 19,138 9.260 14,018 2,139 825 118 1,649 125 16,492 2,500 19,228 2,614 118 163,632 7.343 13.462 184,437 IS7,762 429,322 421,873 54,250 61.392 5.593 5,270 41 10,679 2,162 429,322 38,019 3,916 1601 16,231 559 559 559 10,620 1,038 10,620 1,038 3.214,719 520.878 366.419 542.236 11.658 4.655.910 4,555,632 25
The Lyric Theatre (Nl) Company Limlted By Guarantee Notes to the Flnancial Ststements Year Ended 31 March 2025 9. Results for the year This is stated after charging., 2025 2024 Staff pension contrlbutions Depreciatlon Loss on disposal of tangible flxed assets Auditors remuneration.. Audit of financial staternents Tax compliance services 36,186 429,322 33.792 421,873 240 8,925 1,575 8.925 1,575 10. Employee Information Total staff costs were as follows: Z025 2024 Wa8es and 5alarles Social security costs Other penslon costs 2,074,044 156,606 36.186 2.266,836 1,936,819 134,737 33,792 2,105,348 Employee numbers: The average number of employees during the year, calculated on the basls of full time equivalents was as follows: 2025 2024 Admlnlstration staff 63 63 Stsff Emoluments The number of employees whose emoluments exceed £60,000 were: 2025 2024 £70.001-£80,000 £80,001-£90,000 There were no staff salarles which exceeded £90,000, No tnjstees received remuneration from the company during the year or prevlou5 year. 11. Key Management Personnel Key management per50nell are those persons havlng authority and responsibility for plannln8, direttin8 and controlling the actlvlties of the group. The key management per50nnell'5 aggregate remuneration in respect of qualifyin8 services was: 2025 2024 Remuneration 153,009 146.230 26
The LyricTheatre {Nl)
Company Llmtted By Guarantee
Notes to the financial Statements
Year Ended 31 March 2025
12. Tangible FIMed Assets
Group & Company
Freehold
propeiti
Flxture5 &
Flttlnls
Stag•
Sets
Equlpment
& Software
Total
At l April 2024
Addltions
Di5posa15
At 31 March 2025
16,928.338
340,606
34,491
47,475
980,454
78,931
18,296,873
113,422
16,928,338
375,097
47,475 1,0SY,385
18,410,295
Accumulated depreclatlon
At l April 2024
Charge for the period
Depreciatlon on dlsposal
At 31 March 2025
4.345,183
335,732
204,774
28,165
47,475
752,386
65,425
5,349,818
429,322
4,680.915
232.939
47.475
817,811
5,779,140
Net book amount
At 31 Maf
Thè IyricTheatre INI)
Company Llmlted By Guarantee
Notes to the Finan¢lal Ststem•nts
Yéar Ended 31 M?rth 2025
14. St+xks
Group
2025
Company
2025
2024
2024
Bar and Café Stock
24.OS2
24,052
27,145
27,145
4,618
4.618
4.320
4.320
15. Debtors
Group
2025
Companv
2025
2024
2024
Trade debtors
Other debtors
Prepaym•nts and accrued income
83.713
11522
461,810
558,045
209,310
11,923
226,274
447,507
14.747
19.284
131,522
265.5S3
30.788
27.929
182.694
241.411
I debt Is due wlthln one year.
16. Cr•dltors: Amounts falllni du• wlthln one ye•r
Group
1025
Company
2025
2024
2024
Bank loans and ov?rdrafts
Trade credltors
Amounts owed to 8roup undertakln8S
Taxatlon & Soclal securlty
Other CdItOrS
Accruals and deferred Incorne
291.320
193,381
168,036
28.136
15,112
6.635
127.502
345,421
104,814
202,045
14.413
9,755
156,436
487,463
8Z.9B7
16.241
373.092
763.641
71,553
18.989
547,944
831.867
Included withln accruals and deferred income Is delerred Income relatin6 to 8rants where the performance
relaied condltlons have not been met. In the group thls totalled £37.37112024.' £244,691). In the company thi5 totalled
£37,37112024.. £99,691). The deferred income Is released to Income when the condltlon15 met.
Amounts owed by group undertaklngs are unsecured, Interest free and are repayable on demand.
17. Efflplo• beneftts
Deflned
The Lyrlc Theatr• (Nll Company Llmlted By Guarantee Note5 to the Financial Statements Year Ended 31 March 2025 19. Unrestritted in¢offle funds Group Balance at 01-Apr-24 Incoming Resources Out8oin8 Resources Balance at 31-Mar-25 Transfers Unrèstrlrted funds 830,330 2,498,879 12.076,8171 1,252,392 DeslBnated funds: Fund for the future 67.550 2.566,429 67,550 1,319.942 830,330 12,076,817) Company Bilance at 01-Apr-24 Incoml R•$ourc Out8oln8 R•sourcis B•l•n¢• It 31-Mar-25 Transfers Unrestricted funds 830,330 563,607 IS48,2211 406,676 1,252392 Desnated fund5.' Fund for the future 67,550 631,157 67,550 1,319,942 830,330 1548,2211 406,676 20. Analysls ol net assets between funds Group Tanilble flxed is5et5 Net ¢urrent Tot•1 Restrlcted funds Capltal funds Unrestrlcted funds 12,631.155 11,171,302) 1,319,942 11,459,853 L319,942 Total fvnd$ 12,631,155 148,640 12.779,795 C(xnpanv Tangltsle Ilxed assets Net current Tot•1 RestrlctÈd funds Capital funds Unrestricted funds 12,631,155 11,171,302) IIAS9,853 1,319.942 1.319.942 Total fvnds 12,631,155 148,640 12.779,795 21. Analysls of net funds Group Balance at 01-Apr-24 Balance at 31-Mar-25 Castt flow Cash at bank and in hand 198.68C 131,504 330,184 Net funds 198,680 131.504 330,184 29
The Lyric Theatre (Nl) Company Limited By Guarantee Notes to the Flnanelal Statements Year Ended 31 March 2025 22. Reconcilliation of net cash flow to movement in net funds Group 2025 2024 Increase in cash in the financial year Net funds at l April 2024 131,504 198,680 240,486 141,8061 Net funds at 31 March 2025 330,184 198,680 23. Fund transfer5 Fund transfers represent the element of restrlcted fundlng whlch is spent by Lyrlc Players Theatre Productions Limited. Restricted fundlng is received for the purpose of staging and producin8 theatre. Given that 3 large part of this activity is applled through the Lyric Player5 Theatre Productlon Limlted, part of the restricted spend will be incurred through this company. Thus in order to present restricted funding 35 spent appropriately in the financial statements, a transfer is applied. 24. Taxatlon The company is registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any tradin8 activities carried on in furtherance of the charity's prlmary objectlves, if these profits and surpluses are applied solely for charitable purposes. 25. Contlngencles There may be a contingent Ilability to repay revenue and capital grants if the conditions under which they were awarded fall to be met. Due to the nature of these contin8encies It is not possible to quantify the potential flnanclal effect or give an Indlcation of timing as to the liabilities as they arise. 26. Related party transactlons The Lyrlc Theatre INI) is under the control of Its board of Trustees. Expenses were paid to Trustees of the charity, these totalled £20312024: £1,102). The company has taken advantage of the exemption in FRS 102, Section 33.IA, from dlsclosln8 transactlons with wholly owned members of the group. There were no further related party transactions requlring dlsclosure in the financial statements. 30