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
cc￿s011dated 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} p￿sent 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 Ly￿C 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 perf0m￿nCe 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 ever￿l￿g 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 lOn￿lerM 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
pr￿JuCtIOnS 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 lou￿d 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. Be￿een 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 re￿ewS 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 r￿ponsibIlitieS 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
audit0￿S 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 charIt￿5 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 V￿rk 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
m0￿Ment 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
MIS￿lIaneOUS 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<h 202S
At 31 March 2024
12,247.423
12,583,155
142,158
135,832
241.574
228,068
12.631.155
12,947,055
13. Investments
Company
The compan*s Inv88tment represents 1 DO% of Ihe188U8d ordlnary 8har8 c8pIt81 of Lyrfc Players, The8tre
Pr(>ductlon8 Limitsd, a trading cornpany incorporated in Northem Ireland. The prlnclp81 addres8 of Lyric Playars.
Theatre Productlon8 Llmlled 58 the 8am& a8 The Lyrlc Theatre INII.
27

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 C￿dItOrS
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 <ontrlbutlon plans
The amotsnt reco8nlsed In proflt or10$5 as an expense Sn r•latlon to defined contrlbutlon plans was
£36,18612024.. £33,792>.
l& Restrkt•d In¢ome funds
GfOUP
Incoml
R•Murc•s
B•lanc• •t
31.M•rry25
01.Aw-24
R•soyr¢es
Transfers
Capltal funds
Restrfcted Funds
11.958,1
43.899
2,036.857
1542.2361
12.036.857>
11,459,853
Companv
Balan¢• at
01.ApTr24
Incoml
Resgurc
C*Jtyolng
Rewurc•s
Balance at
31-Mar-25
Transfers
Capital funds
Restricted Funds
11,958.190
43,899
2,036,857
1542,2361
11.630,1811
11,459,853
1406.6761
28

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•$ourc
Out8oln8
R•sourcis
B•l•n¢• It
31-Mar-25
Transfers
Unrestricted funds
830,330
563,607
IS48,2211
406,676
1,252392
Des￿nated fund5.'
Fund for the future
67,550
631,157
67,550
1,319,942
830,330
1548,2211
406,676
20. Analysls ol net assets between funds
Group
Tanilble
flxed is5et5
Net ¢urrent
Tot•1
Restrlcted funds
Capltal funds
Unrestrlcted funds
12,631.155 11,171,302)
1,319,942
11,459,853
L319,942
Total fvnd$
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