The Theatre Royal Bath Limlted IRogk¢eY*d Chzwliy Number.. 2717231 (Rpylstored Mumber. 014164481 Trustees, Report and Consolidated Financial Statements For the year ended 31 May 2023
The Theatre Royal Bath Limited Contents Page Trusts•s' F8POrt Ind•p•nd•nt audltor'fj roport 11 Con8011datgd $tatsm•nt of flnanclal •ctlvltl&B 15 Consolldatèd and charity balanco Bhoots 16 Con8olld•tèd cash Ilow statsmont 17 Not•s to tho fln*ncl•l stat•ments 18
The Theatre Royal Bath Limited Introduction The Trustees are pleased to present thebr annual report together wth the consolidated financial statements of The Theatre Royal Bath Limited l TR8. the "Charity l and its subsidiaries Ilhe 'Group'l for the year ended 31 May 2023. Theatre Royal Bath Limited is a reg151ered charity and these financial statements comply with the Charities A¢1 2011 as well as the CopanieS Act 2006 and Statement of Recommended Practice applicable to charities preparing their financial statements in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectii?es and Activities Our purposes and activiti88 The Group's purposes continue to be the advancement and promotion ol the arts for the benefit of the public. including theatre, music. dance and live performance and the encouragement ol artistic know]edge and appreclalion by providiny opportunities lor all lo experience live theatre and artlstic performance. together with the advan¢emenl and promotion of education in the arts for public beneflt by provlding opportunitie5 for particlpalion in the arts lo a wlde and diverse communlly. The Group's 51ralegy18 to maintain a financlally robust, enduring theatre business to support dellvery ol Ils objecliv8s for publSc benefit. It$ strategy is lo recover ils operating costs in the Main House from b'ckel sales and chargas, Any surplus generated by activity in the Main House, together with all profits frorn Theatre Royal Bath Productions Llmited ITRBPI, and Theatre Royal Bath (Tradingl Limited ITR8TI the Group's Commercial arm5, are used lo support the Ustinov and Egg theatres, the pre5enlalion of the Deborah Warner Ustinov Season and the Maln House Sumrner Season as well as a wlde varitly of educational and outreach projects. Vvhile the Group receives a limited number of grants and donallons, usually for specific projec18, 11 $lrives to be financially independent. Stratesric Report The strategies employed lo achieve the Group's objecllve5 are lo.. present a broad range of artl8tic work in the Main House, the Ustinov and the Egg for the education and entertainment of the local community and the gener81 public at large., offer opportunitie5 for a wde range of people ol all age5 and from all areas of our local community and beyond. lo appreclate and particlpate In the art5 through an exten$Sve programme of educational and outreach acllvily, lectures and workshop5', celebrate the diversity of cultures in our 50ciely by programming presentation5 by, and wlh, 8rtist5 of differenl culiural backgrounds., offer a range of subsidies including bursarie$ and dis¢ounled seals. events and projecly, to enable members of our community who otherwise might not have access lo the arts lo become involved and enjoy the programme$ on offer. The Group has three major areas of aclivily.. performances in the Main House and Ustinov audilDria," The Egg - performan¢&s. education and outreach work,. and touring and West End productions produced via TRBP.
The Theatre Royal Bath Limited Main House and Ustlnov p8rformances With over 172.000 people attending the 380 perfomances in the Main House, il ha5 been a brilliant year for the theatre and demonslrales a continued strong recovery from the Coronavirus closures. Attendance has Increased 1 so Dn the previous year and demonslrales the enticing programme that has been curated. The programme in the Main House presents a varied mix of drama, ballet, opera, musicals and comedy. It aims to suit a range of public 13sles with a focu5 on quality and arb.slic merit lo ensure that tho Main House 55 operationally self-funding. Highlights of the programme include a new production of Into the Woods by Stephen Sondheim and James Lapine and directed by Terry Gilliam and Leah H3usman, which has lo dale only been seen in 8alh. Audiencès in Bath were also trèated to Girl froin the North Country, The Oc8a17 at Ili& End olthg Lane. He8lh8rs the Musical and Prlde and PJUdIce. I'sort OQ, all direct from the Wast End. In the first year of Deborah Wamer'$ tenure as Artistic Dir•¢lor of the Ustinov, her season compromised a smorgasbord ol artforms, includlng Purce11's opera Dido and Aen88s, a new production of Shakespeare's The T&mpesl, a song and dance in double-bill of Benjamin Britten's Phaedra, sung by Chrlstlne Rice, and Minotaur, choreographed by Kim Brandstrup as well as lipsync performance jshowmanisml devised and performed by Dickie Beau. PhBedra and Minatour has been performed at the Edinburgh International Festival after the Year End followng ils run In the Ustinov, The Ustinov Studio also welcomed Elizabeth McGovem and Dougray Scott in Edward Albee's Who's Alraid ol Virginia wool and Kris Marshall in Ryan Craig's Charlorte and Theodor&, which was a150 toured by TRBP. The Egg, Educatlon and Outroach The Egg welcomed 4683 familie5 thi5 year wlh 2155 fir31 lime bookers vlsiling the Egg land perhap8 theatre in generall for the first lime. The Wonderfund ha5 been able lo give 3,742 free of ch8rge lickels lo local slate schools lo enable children lo access theatre where otherwise, they may not have had the means or opportunity lo do 50. Th• Bath Theatre Academy, a Level 3 dlplorna course dellvered in partnership with Bath College welcomed 75 students this yèar with a 960/0 pass rale and 8DQA of students receiving either 3 Merit or Dislincllon. Through their learning, BTA students worked with 82 freelance practitioners deliverlng their training and working with them on their productions, allowing them access lo professiona15 durlng Ihelr education. Oui Theatre School cont5nues to thrive with 449 members attending during the year. The Egg has also hosted an Acces5 Retreat for 20 makers of children's theatre to develop and innovate around the production of theatre both with and lor disabled perfomers and audiences. Thls Access Retreat has led to the Commissioning of Wendy." A Peter Pan Story for Christrnas 2023, embedding access fDr both audience and a'stS. Followng a period of limited activity during the Coronavirus pandemic, the Engage programme lo promote adult participation in theatre and the arts has resl8rted in earnest. The theatre has begun investigating the potential for a fourth venue space to house the Engage Programme's work, In March 2023, this was trialled in a space within the theatre with 27 lo¢al groups and Individuals presenting 28 productions across 5 art form5 a5 part of the Elevate Festival. In total 140 people participated with 579 audience rnember5 attending. The investigation into the design and positioning ol the fourth venue will continue into the next financial year, with this space allowing us to focus on delivering on our aim lo serve all ages in our participatory work.
The Theatre Royal Bath Limited Tourlng and West End Productions Touring and West End Productions are produced through TRBP, 8 wholly owned sub51diary ¢ompany, with a view lo generatin9 profits which are then gift-aided to TRB lo support the Group's objectives. TRep produced seven productions throughout the year, including Beautrful.. The Carol8 King Music81 and Th& Play What I Wrot6 continued touring from the previous year. To slarl the year, TRBP, alongside Kenny Wax and Birmingham Rep produced BLigsy Malone thich toured the country from June 2022 through lo February 2023. Michael Frayn's comedy Noisgs OM delighted audiences on 3 $ix-week Autumn lour before spending eight weeks al the Phoenix Theatre in the West End. Mrs W8rren s Profess and Relatively Speaking opened in November and January respectively In the Main House and bc>th toured throughout the Spring. Following a successful run al the Ustinov Studio, Ch8rlo116 and Theodore visited both Cambridge and Richmond. In total, TR3P producllons played lor 73 week5 across the country as well as providlng excellent shows for audiences in 8alh. Our volunteers Theatre Royal Bath is grateful for the 5UPPOrt il receives via a team ol dedicated voluntary fundraisers and volunteers. TRB Fundraisers generously donate their lime to raise iTllPOrtanl ftjnds. Trained volunteers normally assist wth audio-described performance$ for the visu8lly impaired.. and placements from universities, drama schools. and ¢olleges provlde support for the production and education deparbnents. No monetary amount has been included In the Group's Income for the perSod lo reflect the 'in kind, support provided by the Group's volunteers. Our artlstl¢ valu08 There is always a regard lo providing productions of the highest quality and art151ic merit and consideration is given to the appropriateness of potentially offensive or subverslve material. Unders18nding that freedorn of expression is totally subjecllve, we do not attempt lo censor productions, but indicate age range suilabllity where appropriat•. Any complaints or comments are responded to by the Theatre Director and. Ihrtsughout the year, there are variouB open post.show dis¢ussions held by the Education team where public comment is invrted. Monitoring and as•e$$lng performancè The Twstee$ as$e85 and monitor the Group's activities as follow5.. aud5ence numbers and average lickel prices of the performance5 In the Maln House, Ustinov and the Egg are analysed on a monthly basis against five years ol comparats've data., an annual budget Is produced, reviewed by the Finance and Risk Committee and approved by the Board in May each year., management accounts, where 3clual results Bre compared to budget and prior year, the variances are explained, and the year end results foreoagled are prepared rnonlhly and reported to the Finance and Risk Committee and the Board at their bi-monthly meetings", the Finance and Risk Committee, reporting to the Board, undertake5 risk assessment and analysis in rèlation to a variety of financial, operational and regulatory risks and review5 applicable Group policies and procedures on a regular basis., critics, and audiences. responses lo the Group's own productions and the shows programmed in the three auditoria are reported regularly to the Bo3rd', the Egg Director reports about the performance of the Egg programme lo the Board al each
The Tbeatre Royal Bath Limited me8ting', the General Manager reports lo the Board al their bi-monthly meetings on issues relating lo building maintenance and repairs. health and safety performance is reviewed annua51y and the result5, including three year5 of comparative data are reported to the Boaid., the child and vulnerable adu, and the adult safeguarding policies and procedures are reviewed at least annually and reported to the Board,. and people, diversity and accessibility issues are reported to the Finance & Risk Committee as and when they arise. Flnanclal revlew Princlpal Rlsks and Uncertalntl•s The The8tre Royol Bath Llmiled faces the following prlncipal risk5 and challenges.. welghing the promots'on and fostering of a'StIC knOedge wllh commerolal pressures to ensure conlinued financlal viability., continulng to attract attendees in sufficient number to Bchieve the Group's obleclives., making Sure that necessary funds are generated to enable maintenance and improvement of existing assets lo allow the Group lo meet ils artlslic and audience requirements". and the risk that the Group's acces5 to publicly and non-publiely funded grants, which enrich the rtistic development and outreach activities, Is reduc8d as a result of increased ¢ompelition because of the Continued and 51gnlficant cuts to public fundlng of th8 arts. The con501id8l*d statement of financial activities shows income from charitable actlvilie5 lor the year was £13.9 million12022.' £13.B million). Total Income lor the year was £14.5 milllon12022'. £14.3 million). Expenditure on charitable activities in the year lo 31 May 2023 wa5 £13.9 million12022'. £12.4 million). The nel income of the Group for the year was £544k12022'. £1.8ml. TRBP develops and produ¢es theatrlGal production$. TRBP ha5 generated a gross profil of t550k 12022." £668kl and a profil for the financial year of £323k12022". £487kl. TRBP has donated £494k 12022.. nil) in the year to TRB, Theatre Royal Bath Enterprises Limited l TRBE'I manages and runs certaln Ihealrical productions for both TRB and TR8P. It has a profil of £nil12022'. £nill, TRBT, the third wholly owned subsidiary, iy responsible for operating and overseelng all aspect5 of the bars and retail opeTalion wlhin the Ihealre, procuring 5pon50rship5 and running a ticket booklng agency for local events, 11 generated gross profits 01 £311 k12022'. £260kl. a profit for the financial year of £6k12022".£28kl and in the year il has donated £nll12022'. nlll lo TR8. The difference5 between the reported profit5 of the subsidiaries noted above and the amounts donated are a funth'on ot when donations are mad8. All profits of the subsidlaries are vltimalely donated to TRB. Overall, the Trustees are satisfied with the year's results which show a Strong recovery Irom the challenges of Coronavirus. On behalf of the Board, the Trustees thank Danny Moar and his staff for all their effort and commf(ment in this year 2022123. Subsidie5 and pricing policy In setting the rates for admisslon to the auditoria and participation in the educational programme, the Trustee5 have considered the Charity Commi55ion's gLJidance ¢n public benefit and fee charging. with a particular regard for those on low Incomes. Many standard discounts applirable lo generic groups such as under 168, $ludenls, JSA claimants, registered disabled patrons and their carers are offered in respect of tickets for all Shows.
The Theatre Royal Bath Limited In the Main House. there are 30 low cost seals available for every performanee and for sold-out performances, the theatre offers a standing ticket for around £5. Tickets for the Egg prices typically range Irom £8.00 10 £10,00 (Christmas 5how5 up lo £18.00>. Other discounts a available Financial assistance is also available for performances and participation in the Egg events through the Egg pov. The 'Egg pol. provides funds for disadvantaged young people to participate in the Egg events and proiecls. The 'Egg Pot" exists lo remove any obstacles that May prevent a school or young person taking part on the grounds of finance, geography. personal physlcal impairment or support needs. Similarly, the Wonderfund provides paid-for tickets for school groups to allend the theatre. To wew our prograrnme, and for fuller details of ty'cket prices and discount lemis and conditions, or lo e-book, visit our website wM.Ihealreroyal.org.uk or telephone our booklng office 01225 448844 or v151t our booking office, open 1 Oam until 8pm Mondays lo Saturdays and 12 noon to start of show on Sundays on show days. Investmant powers and policy The Trust?e$ have the pow?r lo Invest funds not Immediately required for operallonal use in such ways as they consider 8pprDpriate, Currently the funds are held with instant access at Barclays Bank PLC at a competitive interest rate. Rè8orve8 pollcy and golng ¢onc•rn The Trusteès consider that a re8erve$ policy 1$ necessary lo malntain Gufficient reserves to achleve twin objectives.. the presentation of high-qualily Ihegtre throughout the year,. and the maintenance ol the Grade 11 listed building in which the Group is housed, The Tru51ee8 regularly review the nature and level of the unrestricted reserves held to try and achieve balance in these objectiv&$. Total reserves as al the year-end are £9.1 million 12022.. £8.6 mlllionl comprfsing restricted funds of £1.4 million12022'. £1.5 milllonl and unreslricled lunds Df £7.6 million12022'. £7.1 milllonl. The unrestricted funds include deslgnaled funds of £3.2 rnillion12021.' £2.7 milllonl. The deslgnaled funds ar¢ described below.. The Group has increased the balance On ils production fund thls year to finance future productions for TR8 as rt has done in the past funding the Summer Season, the Ustinov Seasons and the Egg Christmas prodvclion. The balance to carry forward of £640k12022- £623kl. The stability fund provides s general buffer in the event ol a sudden decrease in income or increase in expenditure. The balance of the stability fund 18 al £150k12022.' £150kl. The Creative Fund awards grants to local arts organlsalion5. No grants were awarded during the financial year. This Fund is being re-designaled ID SUPPOrt access to the theatre to the Engage programme and into the Fourth Venue Space. The balance of the creative fund 55 al £52k12022. £52kl. The building levy fund is used by the Group lo maintain an(J run the building and equipment in the three auditoria. The Truslees recogni5e that significant expenditure is required for a building such as the Theatre Royal Bath and its three auditoria, and the current reserve
The Theatre Royal Bath Limited balance Is ¢f a size whereby annual planned expenditure as well as unpredictable works can be met. The balance of the building levy fund is at £1.4m12022'. £1,1ml. The Building Developrnenl Fund 18 designated funds for future capilal projects lo ImprDve and enhance the facilities within the building. The balance of the building development fund is £1 m12022.' 750kl. Free reserves as at 31 May 2023 gmounled lo £1.3 milllon 12022.. £1.6 million) and the Trustees aim lo maintain an adequate level of reserves in the comin9 years. The Trustees have considered the level of funds and cash held, the future budgeted income and expenditure and the levels ol reserves, such that they have determined that the Group 15 able lo continue as a going Goncern. The Charity provides funds lo the subsidiaries to fvnd their activities. primarily the cost of opening production5 in TRBP. Thi5 5UPPOrt is included as part of the going concern assumption. Plgns for future p•rlod8 Theatre Royal 88th will continue lo programme and produce work of the hlghesl quality for presentation lo audiences in Bath and beyond. TD this end, TRBP 15 undertaking a high level of activity, creating louring productions lor Theatre Royal Bath and then on lour Its UK theatres and the We51 End, The Egy Intends lo build on the success of its touring productlons nallonally and intemalionally and significantly to expand the development of new production5, While no expenditure ha$ been commttled at the year end, the Trustees are considering propo$a15 for Programme of Capital expenditure in the future lo improve significantly the toilet lacilib'es for women in the Main House, al least doubling the number of cubicles. The tttealre 18 a180 In the proce55 of investigating the potential for a lourth studio venue space for our Engage and Outreach work.
The Theatre Royal Bath Llmited Structure, Governance And Management Rgfgrenco and administrative detalls Charity number.. Company number.. Registered offi.. 277723 01416448 Theatre Royal Bath, Sawclose. Bath, BA1 1 ET Our advlsers Audrtor Haysmacinlyre LLP 1 D Queen Street Place, London, EC4R 1AG Banker Barclays Bank PLC 4 Queen Street. Bath, BA11 HE Solicitor Mogers Drewett The Square, Lower 8rlg10l Road, Bath, BA2 38H Dlroctors ènd Tru$t•eg The director8 of TRB (the Chadlyl are ils Trustee5 for the purpose ol Ch8rSly law. The Trustees and Officers serving during the year and since the year end were as follow8.. Koy manag•mont por8onn•l - Th•4tr• Royal Bath Llmltod: Trust••• and Dlrnctors Paul Heal Ichglrmanl Suresh Ariaratnam Margaret Cooke Cllr Sus8n Craig (resigned 4lh May 20231 Jayne Davis lappoinled 231d May 2023) Dominic Ealon Cosmo Fry Simon Holdsworth Kalja Kammerer Ruth Kelly lappoinled 23rd May 20231 Henry Meakin Chgrlotte Walker (Vice Chaimianl Finan¢? and Risk Commltte& Domin5c Ealon Paul Heal Charlotte Walktsr Henry Meakin Trust8e Trustee and Chalrmon of the Board of Trustges Truste? and Vice Chaimian of the Board of Trustees Trustee and Chair Df the Finance and Risk Committee Rgmuneration ¢ommltto0 Paul Heal Stephen Ros5 Henry Meakin Tru$lee and Chabrman of the Board of Trustees Chainnan The8tre Royal Bath Productlons Trustee and Chair of the FinanGe and Risk Committee
The Theatre Royal Bath Limited Key manag¢mgnt p•rsonno1.' Senior manag8rs of Theatre Royal Bath Limited Theatre Director and Chief Executive Financial Director General Mana9er Theatre Administrator D Moar M Cundy E Hibbert N Palmer Governing Document The Theatre Royal B81h Limf(ed is a company limited by guarantee (number 014164481 and a registered Gharily (number 277723 registered in May 19791 under the Charities Act 2011. Its governing Instrument is the Memorandum and Articles of A550ciation, which were 13St amended on 18th February 2021. All Trustèes are also the members and thus undertake to cenlribute the sum of £100 each lo the 38sets of TR8 in the event of il being wound up during the time that they are members or within one year Ihereafler. Appointment ol Tru•t•e8 The Charity's governing body is a Board of Directors (who are also the Trustees of the Charilyl whose members are invlled to serve on the Board and retire periodically by rotation. Reprèsentalive5 of local busine55e5, people involved In the wider arts world and council members from 8ath & North East Somerset are represented on the Board. When considerlng co-opting Tru51ee5, regard Is given lo the necessity for any spe¢iali$l skills so that the Board can call on a wide range of relevant knowledge and expertise. The counclllor board member 1$ subject to the appolnlment process of thè Bath & North E8St Sornerset council. Tnth Inductlon and tralnlng New Trustees are briefed on their légal and other responslbilllie$ as Tru81ee$ and an appfoprbale induction process is arranged by existing Trustees. There 15 3 fomal induction process pursuant to which new Trusloes are briefed by rnembers ol the executive team and existing Trustees. There is no sel policy for the provision ol Trustee training. However, where tralning need5 3re idenlilled. Suitable training is organised. Additionally, the Trustees are periodically reminded of their re8ponslbililies as Tru51ee$. Organlsatlon The Board of Trustees admin15ter3 the Charrty, The Board normally meets bl-monlhly. as does the Finance and Rlsk sub-commrtlee, The Theatre Dlrector 1$ appointed by the Trustees to manage the day-to-day operations with the senior managers. Rolated partles and co.op•rallon wlth other organlsatlons None ol our Trustees receive any remuneration or other benefit lor services to the Charity, Any connection between a Trustee or member ol key management with a supplier or conlra¢t¢d ptrrson must be disc105ed lo the full Board of Trustees. When cc>nnection5 are disclosed, the board consider the risk5 and impacts of such connections and appropriate safeguards are pul in place. In the ¢urrenl year, the following Telationship5 were disclosed.. Jayne D8vi5, appointed to the board on 23rd May 2023, is Principal and Chlef Executive of 8ath College. The Charity ha5 an Agreement with 8alh College to deliver two Level 3 courses in Performing and Production Arts. The Service Level Agreement wa8 negolialed and agreed on 1 August 2022 prior to Ms Davis joining the Board of Trustees. The Board is alert to any actual or perceived risk of confiicl in this regard and appropriate risk management procedure5 will continue to be lolloweij. During the year, the Charity presented the Jermyn Street Theatre's production of Farm Hall, which
The Theatre Royal Bath Limited was written by Katherine Moar, the daughter of Theatre Dirertor, Danny Moar. No payments were made between the Charity and Katherine Moar during the period. In order to enable the Trustees to carry out their dLJties to assess and support the Charity, they are abltr to receive a maxiwum of Imo complimentsry tickets to attend a performance of each of the Charity's own production5 Pay policy for senlor managers The Board of Directors, who are the Charity's Trustees, and the Senior management team comprise the key rllanagement personnel ol the Charity. All TrusleeslDirectors give ol their lime freely and no Tru51eelDirector received remuneration in the year. Details of Tru5teelDire¢lors' expense8 are disclosed in note 11 to the financial statements. The pay of the senior staff is reviewed annually and normally increased in accordance with CPI rale5 a5 approved by the Tru31ees. The Remuner31ian Committee considers the pay of the Chief Exeoulive in his Tole as both Group Chief Executive and Managing Oirector of TR8P, the Group'5 commercial arm. The Committee seeks lo bench mark his remuneration agalnst the executives of cornparable theatres. His remunerauon in relats'on 1¢ TRBP is wholly based on the profitability of that bu8iness. Other members of the senior m3nagement team a150 re¢eive remuneration in relallon lo TRBP wholly based on the profitability of that busine35. Fundraislng The Charlty has a Development team that raises funds from individu819, IruJts and corporate entllle8. It does not engage Ihird parties lo carry out fundraising activitie5 on Its behalf. No complaints Were received during the year by the Ch8rily 8bout fundraising activity, The Charity currently does not have any major fundraising campaigns and the biggest area of fundraislng is ils membership scheme for Friends and A550ciales. Once a year, Frlends 9nd Associates are reminded in writing Ihal their membership is up for renewal, If a member does not renew, they are informed in writing that that their membership ha5 lapsed th inlormats'on about applying for the mernbershlp if they would like lo join, Glven the limited nature of the Charity's fundraising aGtivilie5, the Charity has not signed up to a fundraising standard. Risk manag•ment The Trustees are alert to the wide range of risk factors which may arise in connection with the Charity and its operations. The Trustees are satisfied that policies and procedures are in place which address corporate governance risks Including such as confllcts of Interest and anli-corruplion and bribery, together wlh policies which address operational risks such as health and safety., child and young person protection issues.. adult safeguarding., disaster reeovery." insLJrance', and IT systems and d8la security. Certain financlal risks are provided for by way of the stability fund referred lo above. The Tru51ees regularly review these pollcies and procedures. In partlcular, the Trustees are aware of the risks posed by the fabric of the theatre as a historfc building and the possibility that unforeseen mainlenan¢e may be required. By means of a rolling repalrs programme and the Building Levy, the TTUStees are 5a115fied that ihey have adequately provided for this conlingen¢y. TTruste85' respon5ibilltles In relatlon to the flnanclal statemgnts The Charrty Trustees (who are also the Directors of the Theatre Royal Bath Lirnlled for the purposes of company lawl are responsSble for preparing a Trustees, annual report and financial statement5 in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracli¢el. Company law requires the Charily Trustee5 to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the Group and of the
The Theatre Royal Bath Limited incoming resources and application of resources, including the income and expenditure, of the charilabla Group for that period. In preparing the financial slalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and princlples in the Charities SORP., make judgements and eslimales that are reasonable and prudent., stale whether applicable UK accounting standards have been followed, sublecl lo any rnalerial departures disclosed and explalned In the financial stalemenls.. and prepare the financial slalemenls on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lirne the financlal position ol the Charity and lo enable them lo ensure that the financial slalemer)Is comply wllh the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and the Group and hence taking reasonable slaps for the prev&nlion and deleclion of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corF)orate and financial information included on the charitable company's websile, Legislallon in th8 United Kingdom governing the preparallon and dissemlnalion of flnancial slalemenl$ may drffer from 18gislalion in other jurisdlclions. Statom8nt as to disclosure to our audStor In so far as the Trusteés are aware al the lime of approvlng our Trustees, annual report.. there is no Televanl audit information, being information needed by the auditor In connecllon wllh preparing their report, of which the Group's auditor is unaware,. and the Trustee5, having made enquiries of fellow directors and the Group's auditor that they ought lo have indivldually taken, have each lakon all steps that helshe is obliged lo lake a5 a Oireclor in order lo make themselves aware of any relev8nl audit inforrnallon and lo establish that the auditor is aware of that informallon. By order of the Board of Truste85 Paul Heal Ichairmanl Dale.. Tuesday 20th February 2024 io
The The¥tre Royal Bath Limited INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THEATRE ROYAL BATH LIMITED FOR THE YEAR ENDED 31 MAY 2023 Opinion We have audlled the financial slalemenls of Theatre Royal Bath Limited for the year ended 31 May 2023 which comprise the Group Statement of Financial Aclivilies, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Sialemenl and notes lo the financlal slalemenls, Sncluding a summary of significant a¢counling policies. The financial reporting framework that has been applied in their preparation is applicable law and Unlled Kin9dom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard appliG8ble in the UK 8nd RepubliG of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our oplnion, the financial stalemenls.. glve a true and fair view of the slate of the group's and of the parent charllable company's affairs as al 31 May 2023 and of the group's and parent charitable company's nel movement In funds, Including the income and expenditure, for the year then ended,. have been propeAy prepared in a¢cordance with Unlled Kingdom Gen8rally Accepted Accounting Pra¢lice', and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for opinlon We conducted our audit in accordance with Inlernallonal Standards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those standards are further describgd In the Auditor's responsibilities for the audit of the financial slalernenls secllon of our report. We are independent of the group In accordance with the ethical requirements that 8re relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhlcal responsibilities in accordance with these requiremen15. We believe that the audit evidence we have obtained is sufflcienl and appropriate lo provide a basis for our opinlon. Concluslons relatlng to going concarn In audillng the financial slalemenls, we have concluded that the Iruslees, use of the going concern basis of aGcounllng in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any materi81 uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubl on the group and parent charllable cornpany'5 abllity lo continue as a going concern for a period of al least twelve month5 from when the financial statements are aulhorised for1ssue. Our responsibilities and the responsibilities of the trustees with respect lo golng concern are described in the relevant seclK)ns of this report. li
The Theatre Royal Bath Limited Other infomiation The Iruslees are responsible for the other information. The other information comprises the information included in the Report of the Trustees. Our opinion on the financial slalemenls does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audil of the financial slalements, our responsibility is to read the other information and, in doing so, consider whether the other information Is materially in¢onslstenl with the financial slalements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparenl material misstalemenls, we are required lo determine whether there is a rnalerlal misslalemenl in the financial statements or a malerlal misslalemenl of th8 other information. If, based on the work we have performed, we conclude that there is a material missla18ment of this other Information, we are required lo report that fact, We have nothing to report in this regard. Opinions on other matters pros¢rlb8d by the Companies Act 2006 In our opinion, based on the work undertaken in the Gourse of Ihe audit.. the information glven in the Report of the Trustees, (which Sncludes the strategic report and the directors, report prepared for the purp08es of company18wI for the financial year for whlch the financial $lalemenls are prepared is con8lStenl with the financial slalemenls,. and the slraleglc report and the directors, report included within the Report of the Trustees have been prepared In accordance with applicable legal requirements. Matter8 on whlch we are requlr8d to report by •xceptlon In the light of the knowledge and understanding of the group and tho parent charitable company an its envlronmenl obtained In the course of the audit, we have not identified material misslalemenls In the Trustees, Annual Report (which incorporates the slralegic report and the directors, reporll. We have nothing to report In respect of the following matters in relallon to whlch the Companies Act 2006 requires us lo report lo you if, In our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have nol been received from branche5 not visited by us,, or the flnancial statements are not In agreement with the accounting records and retums,, or certain disclosures of Iru51ees' remuneration specified by law are not made,. or we have not recelved all the information and explanations we require for our audit. Responslbllllles of trustees for the financlal statements A5 explained more fully in the trustees, responsibilities stalernent set out on pages 9 and 10 the Iruslees (who are also the dSreclor8 Df the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as ltte trustees determine is necessary lo enable the preparstlon of financial slalements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the group's and the 12
The Theatre Royal Bath Limited parent charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the group or the parent charitable company or lo cease operations, or have no realistic allernallve but to do so. Irregularities, including fraud, are instances of non-compllance with laws and regulations. We deslgn procedures in line with our responsibilities, oullined above, lo delecl material misstalemer)Is in respect of irregularities, including fraud. The exlenl lo which our PTocedures are capable of delecllng irregularities, including fraud is detailed below. Based on our understanding of the group and ¢harllable company and the environment in which they operates, w8 identified that the principal risks of non-compliance with laws and regulation8 related to revenue recognition and the completeness of expenditure, and we considered the extent lo which non-compliance might have a material effect on the financial slalemenls. We also considered those laws and regulations that have a direct irnpact on the preparation of the financial slalemenls such as the Companies Act 2006, the Charities Act 2011. payroll lax and sales lax. We evaluated management'5 incentives and opporlunllles for fraudulent manlpulalion of the financial statements (including th8 risk of overrlde of conlrolsl, and determined that the principal risks were related lo related lo posting inapproprlale journal entries lo revenue and management bia5 in accounting eslimales. Audit procedures performed by the engagement team included.. Inspeeling corr88pondence with regulators and tax aulhorilie8., Discussions with management Sncludlng conslderalion of known or Suspected Instance$ of non-compliance with law¥ and regulallon and fraud., Evaluating mana9emenl's Gontrols designed lo prevent and delecl Irregu1arilies,' Idenllfying and lesling journals., and Challenging assumptlons and judgements made by management In their critical accounting eslimales. Because of the Inherent limilalion3 of an audll, there is a risk that we will not detect all Irregularities, including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. Thls risk increases the rnore that compllance with a law or regulation is removed from Ihe events and transactions reflected in the financial slalemenls, as we will be less likely lo become aware of instances of non-compliance. The rlsk is also greater regardlng irregularllles occurrlng due to fraud rather than error. as fraud Involves inlenlSonal concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reportlng Council's website al.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable com panqs members, as a body, in accordance wllh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken 50 th81 we might slate to the charitable company's mernbers those mallers we are required to slate lo them in an Auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have formed. 13
The Theatre Royal Bath Limited Jano A8k•w (Senlor Statutory Auditor) For and on bohalf of Haysmaclntyro LLP statutory Audltor8 10 Queen Street Pla¢• London EC4R 1AG Date: 23 February2024 14
Consolidated Statement of Financial Activth8s lincluding in¢om8 and expenditure account) FOrlheyearend 31 May2023 2013 2023 Ur#Bsirl¢tgd Fund4 £'LW¥ Fund roo Fund¥ tOOO• Fundb ro(rfJts InCCtIr0ffi.. Charafde8tbvllS 13.5J? 20J 244 336 13068 330 244 57 14.499 206 2S2 Olhoi InveumeDI Intw T•tsi In¢om& 14.036 463 EXpndon'. l Dlfalslw funds 1581 113,3831 1441 15041 113.8871 Tolil •xptndllUF• tr4rt1ncom•ll•xpondiiuMI 10 595 513 FundStrSfer 2? tr4•tm0v•mlInludil1rth1 y••r 595 614 Recon¢110 olfundi Tot4 kj$ ixwuhlfon¥ 1,4é8 8.570 6,740 8.570 7,697 ¢tndeXpdIj dvE kLm¢oriJnulng ¥llbe&
Consolidated and Charity Balance Sheets For thè Y88r6ed 31 M3y 2023 Group 2D23 roDQI Group 2022 £'QOO• Ch• 2023 Ch•r 2022 £'oo No18 £'QOO¥ Flx8d A#s815 Inwible Sets T8llgib 888eis InvoStmènL8 Totsl Flx•d Assets Current A¥iet• in prr¥te88 Deblcrs Cashal bank and In h8nd Totsl Cwir•nl Alielb LIabIloI credthrylIIf4 du8wWnone year NcrrOnt ii1•ts Creditorylallkng duè anerrrntg Ihan ontrytsai itstA88•ts 16 17 4,486 4,300 4,470 4,283 10 4,295 4,495 4.302 4.489 303 2.440 7.927 10.£70 38 2.9 6.595 a,F02 61 1.025 6,404 7,490 1.776 7.875 9.838 19 4.968 4,784 15001 8.773 21 15WI 870 8,066 Th• lundi olth•Gh•rMy'. Vnr881rlcled Incomtr fvnds R881rlcled Incom• lund$ Totil Chaty 7,697 7.102 1.46B 6.570 7,35 1,466 8,16 23 ,T73 ThebwstBes have prop8r8d gmuplngn¢iql st8terMnts In &COrdart•1hEB¢n 398 Olths CtympansAth 2006ird ti3& Ofthech5AC12011. Th net Incon ollh8 tharky F07k12022 1.342kl Snod ar ouknJrf3•d forluwj rm ty&hllolthe Iru8l•es by Paul Hoal Apprmd bylhe truste on Tw8day20th Februgry2024 16
Consolidated Cash Flow Statement FNeyendBd 31 May 2023 Nole 2012 rooo Cuh qw•rntsd lumdthlllmm ty•Alln9 Ith1 25 601 $.274 hteTeSlrecewj Pwthèse oflni¥LgiYefixed 85Bets PLrt8se o1tg9xed a&seis Cuh ¥4•d In IrM•lln9 4cthIII 57 I1) 19Jl N*bk hw$ 12WI ith)) I1) Ndcoih flowfromfinin¢ln9 icU¥ltl•• lirmyJ¢l IdeL¥wèI 1Th¢85hjcah eqll 52 3,1 C•h End¢88h erfvwl8nb8tthebojh9 Dfthèy 7,875 Cmh oTrd •qu1ts •lth¢ tsftho yut 7,927 7,875 AnaSIS of Net Debt FuthEyèardQd 31 M8y2023 C••hnDW• IDrlh• Oth•rnoTru•h il l Jw• 2D27 y••r roool A• 1131 fiwlQ13 fDO tOD Cmh Ir •qulvkn 7,875 7.927 BkIDl-th due CfL8 2LbJ pool 200 15001 (TOO) I0? 6,975 2W Net Fundi 17
Notes lo the Financial Slaternenls A¢¢ounUng PoJl¢l•• Th2whdp81 prlldes adop.LeMentG andk jrofestiMthon uncertawty1ntheppapa ofthe areasltllons.. 8)Bsrep3tsQ Thpflnantia $wewtsw bpenprepaied In aLuYdcEvith and Repo by (Xties slat1 ol Pracl¢e apF4icB to thth1e$prepllg thrfinaNcial51alwty in Reportlry Stsndard UKd FepublicollTdand IFRS102) leffeujve l January2015 and 8suplaled Alh elfechvefth 1 20161- I•eSsORP IFRS 10211. the Fkn8ncL4 Siandd 8p14ab1e IntheUK and Repuycol 34(FRs 1021. the CmPe$ACl 2BEnd.1n to IhÈtoTrsoldaied ffinano9bsL4t[ts. the ClDe&A¢42Qjl. Theti po1deshè¥tbe4p1led $L2tr[mthew0ivaexCepI a8Wled bBlrw. TheTh88tse Bath LiTrMied(nèetts tho deffiniNon apubl1G wefitentyuder FR5102. Asyand 1th7e5 yrtrlrtuy1?c0lll8 alh1{81CO$L EacO¥a1ug uAe&5 cthe st&ted In rd8vanl xcoJnbngP(Icynoielsl. rAthPlntrl stsltments on •gring Theln•vJl thmentsh&¥e been piep8re¢ N agrlry cCerN bil. oMwderM8tthalewd rIfUnd$he bythe ChBrtty, ihe 8v•Wfj¢8sh hand, d9edirKQrnJdpdrtLlE sufflclenlforthe Chaity be eto wnliwea5 tCeM and IhatthBree Mmèrial LthcerfdnOES hi rfBtionlogt4nB 8. roUpaTla1 Thefinbyja the resulLs ollh? Ch8rtty ItsAolyNThd ThJstrB Thèth Rtyl Bh rriadlng) LinM18d, Theaire Rwpj 8ath Enietyr1s Trldnd Hohday 8alh L¥Diied. A swraie DI Finawal Inwe and Exp8nth1wèA¢UTrIkth8 Chanty h01ndb be&8 th? Chily ha%L4ken olthe èxèmpbDTh4ffoided bysoGllc4O8 0lthB GithpgTh1 Ad 200S. TM Chsrlty l¥ aw119 enl 15 dtffinedby FRS 1024n4, 81•N, odvwweofthèfol0lnonpkn1 yesendno g &tnl01 tsitityh ItMththeyiounLts 41 Iherde¥wl Inlorm¥Jw InLlud8d witrln thecLrI1QItfflitIon Ihtr• 'yesenUng Inst1$ ly8ck8&( Ihogrounts knallhe r4rtlnfL¥nWJon b kn(4L wlhln Ih0¢onsrl1Itd 8lih1n dllnwt licoM?iJwntd Ihe CW ha8enUU•mwl lhe kn1$, YmCOnl4S atte1 tothgiiernl51 oflKm hwe rwt,1115wrkn thaith•lrw)YTIII leCve0 trnea8W8d relat4y. Income troMgw¥nmIaffld olhwgrdnLs, ythether'cgp81' wanis or'revenue, gts,S ie¢ogris•dvJhen ChwhtyhBS rnIt0 8, any p•rrnanGtcthdts$ thhthj io1hegrh5vfj bolln mel.11 lsp1thththaLth8 Incom01 be lee£[wedd the rnntcaThbèm•8sui8d Fdbty. FNkgacs, qnUllpAnBfjllsiaken as Ihe ewlig10(tre de ch elBr thè Charity iswwate Prob•&¥eenfjran12d, theestthh88 been f1$ed and NlfiEbDTrh1ybeen md&bythegKeculaTlsl IDthe Chtyal8 ListhbudwthillbemadB. i&rècBived ftom ihe esiaie. RelpI0(alegaGy, in vJho1eor pal, is ow 31deld Ihe mnl w beme85urpd r£h8W and thè Ch8dtyh8s beennolfiBdollhe ex1,5 knbon lo rn8k08 dIsthMOn. WngIW5 hawfrb nOfied iD Ub2 Charity Dfiht ClY1$ ow¥ie oltheurEniry vl wobat2, and have IDc(fflererylved Ih dvcE 014 hpcal pth1lwncetytrthskn DfQtherSwifiY Il deterrndunth theperfNmmcthe keh&S 1seB nDte 1. 18
elDwaI8dsegdfI9lItse6 Dongw plofeOa d81ed Ie$lIe recDJnise¢ a5 cow011teM, aTryLXnlthxs383dth th& dl8 itemhave bn mel. the rerApl bgrIlOrn the usebylts Gharityofthe ilaniswLthbk8nd thaton1¢betsn bemtasuled TlIbly. In adCeth thochariles SORP IFRS 102).thegenera vdL¥£ei Nme olthe Frtends Isnotrer4nised., thetrusthS'8nnualieportgi¥e& (M TKEipI. dDni¢dprotswL Ser¥153 donaied I16 8FtFwnL%ed theb3%5rlthevauB Dftheyhllu QkntyVththislkeThr h8Cbarily ¥Id havetth lOp100b181n se5 or111 0l8quw1wbtecL1c b011 on IhÈ Op rnakeL a CUTBspMding 8ml Isthen recognised 8¥¥enlIUFQ¥I the olT#PI. LYnt8ieslT£CBNailB Inlyestis 1ndlld and the amoLrtcanbemeowred r&èNYbythÈ Chinty.. Is nLTralty 01th8lniewsl 0[pWty Bank. olFund0unry Lk¥Éstrlcled lundE a¥at iolptnd Ithloes Ihalfvrtwanyolthe ollhp chty. 0&tlnds0[1 lh8 Chanty tsusie85h8wede(ided ai lhwrdiycTe0 his&a51dDIouEe ILra spttific wrpoÈe. Re1d5&TedUa1ILrnsth Ihelrm h05swofi& ar•lg bè used p•lIoaraT ollhB chrtY'SWk LI3peO¢ 18ts"GwWL4bdn4und3Iw bythe Ch8nty. hlExwdiwe EywdiWI8 Isle¢nI8ed(c• thvre LWyOnMthe e parli0 O pty, ttl&prCl£blethatseWeml4l bt I1&d2nd the aMotale Ok419aN ran be relably. penthre d05¥fiodunderthèklhxlnll aclwyhe>JwB'. •CQBlsoltw$ry lunth-%Wch comp89th0¢0&tsQlMmWd tr19 kndudlng the cdng 4nd the 8650dth swortttsts," ••XpBnthturè c11•8¢6&-WcbIrKlude1ac•lUndts1akI lofv¥lheF trwpo$8& olth•Chty gTrJlho worithd W¢(ti. Iwlocayon oliurwtcrLI SupportCD51E artlhoBo nc$tha1 &8¥81 Iheth ¢hO Chlty LKbtdO NOI threciiy ¢hahWla¥lknbe5. Supffi IrKkQe b8¢k ren, perw, padIprOCeSSg gov8iD8nrcostswlch SUPPfflthe Ch&iVB art15 prryramm8ts ar thIUoB. TheBec08tsh8ve been all Gosi orrris9 fund$ and exp¥ndibJrew ¢haTtsbli aGiivilies. sUPPtyt hAv•bEen alkd ar58etlknn0f•9 IITwgt4eflx& 111& Indkndua ffixed4$88tsDO E200 orrrfft8recapl¢llsed 4t¢1 wedeprediied Wlhdi esornth u11¥1$0n aslr4Wllne ba&s as lullm.. AiirtCrt•gory Equlwwi Rat• 10%- 33% 26% 2% 2% LSehold Fteehdd pirwty Inytyemen I[eBhLqdprtyErtY 85 Ihe trthe5 donolb4wEits re1 ¥u810L s10n(arth lthywthanlts cost¢uBlo bag&and dre of8 bullfinu, andi15 locaiw in ihe aTeaofcBntsalBh. réview Lg talled wlannuatyby thtttruslees 10 8Wiemwlknthe ywln whlthlllB Idened. klwork in Pityress Wryk kn prryfess, iy95en15dKItsL% o1the1bk prodLth tha[ ytl al1h21rwHofcD51w reali5able¥ah IIDibtc4$ Tr8 &W(th[debr3 e rttoor18edEItM 5etYement Wrn1 3ftEr8nytrddBll¥W)toffuÉd. PrèpwtséVlu+JaIts amwntwep¢ neiofwy th5rnunL%. mlcashatbank andin hx Ca6h alba handin¢6$(th shortnr hlgNyliquld ashortlYOtth[ethSQrlStrCthI acqUi1 0[edeposrt(rf J9
n)CrèthLwsd Cr9jitS4nd Wo110n$?1ereCcPndIvh@th 188$ presenIrtAhl resuth'no frthr 8p8stew1thl1lpt0ba [1 In IhB tr•s(WolnIS1O Ird patyand rtl31Imc bfrmea5uTJesknd iellaNy. thditrrIsd pru$16 enormalyrec(qnL%ed attheirsddm¥ nlafter8l1w tredniS Th&ChaTrty onlyha5 fillanrAI assets and fininoal lab]lfje801a thal quamfy a5bdsiG ¢I311n8lUmts.' all suth assdsare wneni. Excgltlor ffflancw insbuvents. basic Inancil InstrumenL4we initillyqtst 81 $4On&e and Subseqty meJ5ureO al bleKseWewivthe. FlnandNJ arelrdlalyreAj%dj at•ed$1e¢ednet0f¢ireC1rs3nd areb$eIYTh4SLved tOIedcDt, Ing t em¥819[¢$l p>PsIOnS Thtp w1oe56rawgdbrrt$ plOya&s,1nud1fflg p8kyMld3yaTeMeLsad de¢Orthpekn an&. Shrnb8rts, indul ts)WSBllon lorl0sso1pMÉnL holSdtypay8n¢ olhernon-mDnBWkneffl, we BxpenÉeSThthe penThl whith the red. exlBllry loy10$ ara&itsmthalty enrdl•J knioadelned cor1r1lIon pensiM s¢htme unk8sihw have exwth0trI1Illhl 01Chorne berthlp. TheGrwp owale5 ? plw, theMbyth Grpp8vXId con1rfbullSknlO 8 enity. th¢rwbltthon& ha¥e bwi pld th &oup has p3ymeThirtllg8iioThs. ThtcortrtbjlwS2 rKtyni88088w t1pse1 p0dlOWhkth thqyfdaie.AmwLqndpald ar98hDW)In In the$ernl01ThaThti p0sOn. Ttr8ssei$oIthepMweh sy31elykn the Grwpln IndipendEnty ad51ed lunds. qITax8J Thochartty's cUTTltradIng 8nd thw•lcrfa. lo th•eithl thil lPIse6 aregpplèd lolL%(haril&Yeobi&. thè nol l1• lo ¢&x, nokYwFAon I$mtl¢TreI orde1effedoy chrrty. NoPr051£ 10r crf dele lax on Wy9r115 lntheyeai0werl tythe Ch•ity,8WbiIYth 8r••xpad•dtobeoNsettyth¢ rry back olluiwe 10 the Ch4Tity. The tleIl41 th8rge rwnlsed SUbBlar1e is bè58d on tri?M41Q tsx4bl?pFofillorthey8¥. Th• cLry4ny'5 haL¥lity kn wrini lax 16 l¢tel uynp thaiha¥£ be881 or 6ubstsntywdy 31•d¥ Ih&baLanc8sh£el dalè. hEr1h35 dEwfoel gbwe, Itferrel iaXiArecogntsa InreEpertdaN Ilndrty IwaLle PTofils and iiÈftdmo¥nunlln fvJndylh81 h (Igirle¢ bjl nrlrwvws8dAithe Èhètsi J81è. Delowedt8 8ssetyYiBrecognlged Oy101ht£lt£filtha1 h 1$ wobatd8 Ihailuiureiax&AewoffiivAII bt 44ilthapalnsivthl¢hlhe 1empwwldlknces¢anbell8eI. Oil¢Ntdtsl is altho rh81 w¢•xpeGtsd i08pp In th8 p81K whw lIabryI% 5ellie¢ orthe thieallsed. OeteNed Is¢hwued lo prthl Nlr&, excok4whll1at8Btott¥rffj or ErÈdiiéd to otherconyther4¥•lncLTh, 1$ ds0doa111h In OlheFthmprthen$fv•kncDme. The GrP[PttIV$Th81èl6tt R¥th1¢h Is6uryeDd¢red, risstolax payrnenlstoihe Grtyjp. Tr arislw uqdllk rwJnl$edh year in wthichthè ra8ted 8xpendlWpeL4 Incur. Th2 credii Is rned ID th1ri18b18 BXPtDdibJrelThtheCmBohdaled sIBlunl DfFinirtla1ALv.E&. io
KeylutsdWCe8c18SbrnaU Ullcety Thep[eparal 4wenlsin ionforu¥ty wih getseIty ac¢epteda¢BoMtinll pra¢b¢618ouirts M8wgenttQ estimafvih7t ff8Ctthe report amDunisolass81s and Ilable$3sIa5 theth5dDyyeolcDntingwI 85sets1IablI1eS atthe te10n8GIal ode twied anO[l¢venUes and expenses duringthe ieporflr¥ D8ri(l.The esthTraes sssou8ledsumptThS ebed h16tle1 experi1ced Gth fa5 Ihai WesIdeI0 beivani. ACIreiYIfflrIt0mthQSe èslbmates, In prepwkng theln3nu315tsts. the lyIUdgem2Trtsth had, h6h8d. amalerial efind$1eTrt isth6aopiiM ottheg(no cem b11hep1l1alion of Iheffinallual stal£Thgn16 la6 BKplalned above) the &sses$meDt ofwhetheralreehdd propety1h4115 currenltysueI shou btrLaassa asan eSImentptopety , as Isom¢nlythe rose, not. Ilinfulure picyetyis redas5thed as winvEDwINrwty, Ilm ne lobe d * IwTVa8 rathwih8n cost. Skdy IDfe5u11Th8n In the reprtd eOlhe Grwp. Th¢tyalea¢3ft18ry r&lhe ethnthdu5th1 Ilvèso188sets a8r2dualvalo8, dBEL¥lbpd a9. ThecIrTr4ng¥aWofe assets Iven In noth 16. Log siknJiolth•Chirtty Thè C111>1 pW&c{fflpanYNmk bywnniee and nDSh¥eUp. lis119111ed1n Ery1 and ltsfeqitstwel (lfi¢•lB Theatre Bbth, 88¥A05e, Bath, BA11ET Its Tegiswbd cunPynllntroI4l6I48. In Ihawonloltschaiitybdng wol¥ w, Iheliablilylnre%ptLtdilewwanWi8 Ilmitéd io £100 p¥mwnbwol Ihe fjbaty. Flmnclil P•rforNnc•of lh• CbirRy Thocon¥rlldil•ds1iTht olfiwciSd1ol1lndUde5Ihrls oftht cnwWtrllywed Thkn71. Th••uM•ryfknonGl p•rform•n¢• of Ih•Chllityilr•n• li.. 2D23 rooo 2022 roo0• 9.362 522 7.7Dg 27 7.23S ExpendltyTe t•chthbaII (9,1771 15,8941 NDtln¢om•ll•xp•ndNuN 707 T•iillunth brou9hllorwwd 6,724 T•lillndIC1Nkd1Orn•rd 47n RBprg3ted by.. UnrestrKled inrAwneknd RoEln¢ted IrKcrnefundB 7,356 8,773 8.066 TheCa1edinre(E14,4 PQ22' 14.mkl IheGhmj alw[22.' EF.1] tlus theIr1)MsUbslth1riE8,8w (X 21
Incom•lr4m£haiK•t4t M¥ 2023 Totsi Fuhd 2D22 Total FundB É'OOOB 5.732 465 R94trfthd Funth É'oc K4alnHous68 PerforrGe6 Th8 E. pBrfOrma, enWemen1d uutr8 Énd WesiEnd Produ1$ I Income 8.276 492 4,719 46 8,276 493 4,719 J80 334 33S 783 12,793 13,531 In¢omerr#md$•nd1eqlC 202J 2025 RMlrl¢tsd Fund• roooi 2023 Totil Fund¥ roo0• 2022 Fu Fundi £'OOOi Don411oniind L•o•cl mber6hlps Donati8 76 106 25 206 228 &?eB 203 330 The ch8rlwbene1igr8 Irom Ihe knvclwthiand enlhuwoiuc supwiollts vc4Jnt•ws, ieiai8olwhlth 8re llur4nDulrwrt. In accord¢8 FRS I IheChanbe$SORP IFRS1021, the8c1 nboOIvQ118 Isn(¢recognW In th¢ Inindl sw8meThts. Incom•lrom Olh•rirndlnq 1¢1Sv 2022 £IOO• ?62 262 Oth¥Ir1 InGo 244 244 AllnEomefrom Dlhtr8dlno xlvMI8Wfesbt1n boh 2023 •id 2022. 01 Ih?Inu¥Th, £74 k IZ021. £F5kl from I401bIlafiCot of 8wvk¥s.
Incom•lrom lAdIn9mi9$018ubBIdI2l The has Iradlng sLtsid1eS all ofthth aTeincNpLYaiedin the UK olthth hOvethr[eglke[BdoTrÈ atTheaireFwEJ 8ath. SEloso, 83th BA11Ef.The Twe Ruy318ath ITradkryl knmiiedowategthebatsllhin the Th2atre, proLue85wwship TrTh2atre Rryal 8th8n c<rates tre 1805Elltertaniw lIe. ThtrThBatreRoy Ba Productsons Limiied prewts p[{vr$. TheThÉatrèRoya Bath Entetpilses MIledmIn8Us 8Th&runsiheahrd pri1051{1TheTht&tytt Roya ar ITtTheatr8 Rorfal Bath ProdLIXIL Holld bath miied opeTsthe woduct1 Rom Hdday, These OJmpenie%thalethmyabIéWofts )Jpèy manag>T¢nlcharge510 TheThpatr8 Royal eath 18. AL11 the Regi%lrai of CnpanIeS A oll111adig results isshNDbth. kn th6coMclidth atern9ntoffinaWal aLiMies, ihetL¥nM otTh&3trBRoy Bah lirIng 8Ddwèsi end pi(lurlkns Incime. (XhttinGNne. 3ftere11maN 1ntytrg1ouptrsknQns.Is Included a&irttetr£ The wmary fftnandalpwkMm&t4th8 sLte$ ¥e'. 2025 TRB Rom•n Holid oductloni É'QOOI 5,023 Tr•dlng £'ODQ• 505 11941 Tpt4 É'OD 9,B86 (9,3) ÉYpJOi £'OOOi Tur Drh¥Exp8ndilwe NeiprofivOaI Theaweia¥ relel m4n41mL 14.8861 1548) 550 618 15331 49AI iJc61 lathe cth811 Reldnlld Insub5hJ 2022 Tur Oth¥EypdiIre NdprofiVI10581 The8trelax rehel M4n4em•it chwges AIddiEd lo thi thify e'lo 8,057 (7.3891 $88 £'OOQ¥ £'ODDJ £'OOOi £'QQOR 11561 260 (8,2021 339 590 68D 460 ?B 488 TrmoD4wlrhq[gesrvpdIgth•chllrity. The 858 9n0118bikieBdtswthKloriBy weT•'. TRB TRB TrDdkno TR8 R•min Holldiy Enl•Ypris B•¢h £'OOOi Pr¢dudn8 rDoD4 Totsl Cuirenias68ts cuwiriablli1188 nei868ets 497 89) IB9DI 2,158 403 357 2022 TRB TRB Tildkng £0 TRB Romin Molld Ente* B•th roooB £'DLb)4 ProductiD £'OOD¢ Tot41 FinedBsSWS Cutrwla&sèL% 1,463 ss I5) Tlrta neias88ts 475 29 23
Analys18 of 0xp0ndJre•r chuhabk4¢tI1 ThB Égg Ip?rftsrm4n¢e6, Miln Houe & engallemonl ad TOU1 & We u1n0V oulieachl End PdUdnI 2023 Cwtyve Fund £'OMI To e'ooo• 4.748 I'QQO¥ Cosi Dfpr(wJu8 4,443 537 822 448 588 Bux offKe Iionlofhouse M•evw Bulklinu ands AmrrisaiioThand dryFedaO SupportC0518 InDte101 GtrthTran¢erAisLs Inole 101 872 429 550 174 SD 28 39 345 248 1,794 65 46 7,919 1,144 4.624 13.881 The Egl M•ln Houig1 wywn•nt•nd Touilng &WMt Urtlr•v ou1rn4chl End Produ¢tloni roooi £'OOOi roool 6,872 2022 Totsl £'OOOi CD 0[prUL EdurAoTh ouir•8 ox andtronlrlhN40 341 656 273 466 6e9 29? 503 Building 8nd siage 39 anlE made Support£os1J Inoie91 83$ 34 160 242 91 th54btyèwéth, 5041 8gre8lrt¢hJ12022..1.576kl Ind An10190¥nmce ihd iupport ¢Mt• O•¥wn•n¢• funEOr 2023 Support £'OOOi e'ODOI 485 1.320 36 Adrnir1$tr8VeCo&ts Alffliristrabveslaff tee5 485 38 Legad ithk¥ole55bxb8lf8 Tol•l Govein4nc? luncuon 3Q22 Gon•r Suwort £'0005 306 T¢Jt•l roo0• 308 I,Q40 32 AthThrdstrth2CDSis AthrurMsts3tréeskM CCL8 ALKllleès stpmces wditherprofes¥rx*l lees 14 Totsl 53 1,3 24
10 Net In1{Xp9ndttrn1 lorihgy•v ThL414¥18ied •rtercharglng.' 2073 2022 ti005 knyiwtion olirtylblefix aESBts Oepleryabon of [anglfilA&sSerts ilLs rernunwa -AtsdilFe 182 28 11 fl¢wls.bu•t•o rntrat)tt4d oKp•nw,Ind th•cNI of krymihty•m•nip4rgonn 2D23 roD 2022 £IIOOi w4È secuity cos n51 C051 2,710 224 59 3.003 47 2,364 cMlfOJbonpayThenL4, we IndudwJinmslr488ff co&LHwd ghLlychwged LYwe5fvndB. The numberof re¢&W totd ery4oye•benfjflts [exdIty tmloywpenth r))51 0frnDr¢than£6 * 08 Icllfthy.. 2023 2022 NUrnr rooo s70 890 I6170 21&220 ThècharitysIwS4yernn01pJllQ[ recthed anyrther b011¥frOmDynllth the Chènty OritywlWE1n theyewl2O22..fnlllfthttblowtheY TEAthSed•xpÉnl the yeai12022.. £nlll. No Ch4rltytru5teerpEol¥Yd Frfohssknal ryghgr$w¥KesswpledtOihe Charfty12022,. £nll. TrkèynnagwnoTrtpw6onTr¥dLhe ptchthty Gomprlse e108&, TratreDIreCtry. tliBGtor, Mwweiw¢ThfjFeAdwth)lÈtratN. Theiot4 rIVE¢ oflh2kDy m8n4ennlperEMnelolthe Cthantywere E477k12022."£362kl. ThèktyffAn4gthMWrtperD Lrfthe gNpwe h05•011he (knty the keyM8wJemp8r8OrN1 o11tsofyry¥Wd SudiaryThJ8•Ral È pVc. TtskeyManaglp8rSoglOf TheavÈ Roya Bath Pr¢00 LinNlgdwg the BoardLIDke&L¥S, Iho Finw¢frOli8¢iY, Géner Th2stre Admki8lTalwthLE2 Employee benelisl(W£Ok13022. £Okl. The empbyee bEneTrtÉol keymwaJernenlDW5kn 4¥as blwelLY¢£477k I7?,. Wkl, TheNgheipadslaltthEdo&ur£sao¥earebssed [rdlv$ PaywnlIa1n]n paiiDtrpi*ediwfinart 25
17 SMMurnb?rs I3Ver£ monthtyhpa cLwnllS6 ststtl2021.. 123slaffj 202J Number 2022 Numb Fdrai1 Producti Main & u80nF1orH[e Box Omce 56 45 41 33 8n8gem¥ AdnIn1stro ThgEpg and Educth 10 23 13 R•li•d p•rty 1r•n•dc$ In 2023, th8fDl1ty b8NY8èNthèCh8rityd tsyMc41ywed SUblibE&.' -Oonadons IrwDthesubSil0the Parenlchanty .Thèpaymenlofmaiagtthwye$ Dit£ls0fkn8seirthon8 9re5hu& Infth7. InpdJloD, tho rthaty, bthaiofthe &wp, pIsa1 doff. Retharge$dS¢o6tsIoth$th1esWe £562k I?. ¢154kl. TRBE Laty•88 rnlMIng l•&fwpiOdurkn$woHdI b8halotTRe TRÈP, In 2D23,thtswx£4,33&¢120?2.' £10> 8al8ll¢èB duefrom wdio IhosubdIart1s arèshty¥Trln no ie and 19 resPthy. Jw8 Dwls. 8ppolnled tothe bMidM 23idM¥ 2023.15PThnTrpaId Chlo1Exwfvèl¥81h Cdknje. Thj ChultyhJs thAgreewl lih88th Ctllbaèto d211vertWD Le1 Jclse91n Prnno UC0 Art5. Tne A0reemlw5eQoIi6téd 8nd 8gr90don IslAUgU 2022pDorioM%Oayts Icrflno Ilie olTnJsle8s. The BLwd i&alEN1o wy Ocwalor p¢ed risk olLtsflkiwlhsr8ow¢ pTr0 llSkmèrb8gementprrxdvr8K wil Qmlinuè 10 be IdlDwBd. DL¥ko Ih•peFlts1. Bath CrAe wwglnvL4ced £157k 015¢h 19k w85 Nlslanding althe yow end. Frw thmelo Ikn&. Ck•11oth$]n lhdI11. Tr• prtceol th95¢ 1'Ckl$lhè$?me 88th81 PLtlk ihe Ie. t4 ¢IDwgmm•nt In tre y, tsCh8rty ItiJa9[antfrOrn th8Arts cr1 ts1£7k12022', £26kl 8nd4o Cutture RepGI8n0f£33Sk[?0z2. £669kl frThnthèArts d fv DOrtMent10[ Dknl. CuKuTe, M8dla aTrd Sprrtllndudedwltrln ChariL8b thli85-noto41. swdforilIrts kreC0nwGed b rykBtch wallfyln9 6xpwdihYeand WyOunt5ÈPÈtsl e hehJssresbtW lundK unwenl hjnds e iD fgrlI**d1nll boty. 15 IN91•1IX stoup inddwrhy SDftww• Al clyeai AdLI.( Al End ofy 42 AmDm531iDn Al beginniw ofyeai AddlOr Al Bnd Dlye 40 NstLthkv8lu6 ld olyè¥ Albelln dy8ai 26
1$ TaTrY1bflxld iHetB Lun9leag#hold Freehow lrnproveryNxts & IMprovqmFm rf)O¥ Group Ilot¢Jrvthlcl•B EqmInI £'OO•• AlbrynIng ofy 2,784 292 Jo 1.016 7,6 (41 1.177 Ald01year 3.076 3.738 32 8.023 ciJon olyB¥ 844 93 3P27 214 Alondofyi8r 1,735 855 933 3.537 Aiend olyear Albeginn olyew 2,883 244 4,486 22 Lang Idaiehold Fr•ohold pmp•rty lrnproveminh &lroyov4monl roo0¥ E'orth ¢hvrty r40terhIrIl¥ E4ulw¥Jnt £'OOOi Totsl ¢QOO• Alb8gknrlnB olfft• Addrtion5 2,784 292 3.7 7,5 392 98 AlorY 3,076 3,738 32 Oepi&ithO Atbrfwning oly Athlllon¥ Ch&poKaLE AlenOolye8r 3,28J 46 1,734 855 Nelbook Al8nd Dfyeal Al bwnnkng olv 1.342 2,883 2,929 228 4.470 4.283 ?2 Theorfglnd GI%01e (redI pIC¢th,%h8s noiegpfedaied.15£1.4 The (Teehold prrwtycan Wlybe5d1Icms8nl oftheB*hTh¢alri TTust, whi(h lstsfrethcloerol theatre, 4whlth theCh¥fity85eStr{the Tn. 27
17 th¥0gtrngnts Charlty Z023 roo0$ 2022 £'OOOi &¢01t1p undErtthknys' Albeynnry end ofyE81- &¢051 D8tsL%ofc4nx4dabJ i¢h8roal thi Ewland&nd W8le& 89ldlrM%. Suhlthiry unrt¢rtJklny', Prknclpil Theatyo W816ath {Tr¥IgI 023U880 Ibiabonoftht inealle ocur¢m¢nldsssry and Qt1805 SL4 dlrory1W% I&tr$ Roya BathEniwpHse$ Lknil-01640869 C11 ollhÈ8tre adu10& 100% Thgètr•Roy¥ Bath M]led.034565 rit0ftheCWCry 1W% Rom8n H&Y Bath Llmled-14444920 Cythn I% kllday Jolnl VIM1,, 4sy UK United ofa UK 0y50% Tr 18 D•btpr• Gioup 2023 2022 £'OOO• 1025 TrJ8 dtor Othei PlaymeN1& ac¢w& AmJn15 Lwed by9ioup ertn06 270 220 1,395 2,9 73 202 229 2140 1,776 1.025 19 Crndlorn.. irnoynts l•lllng du•¥A¢hth•n•yMr Group 2023 tOOO• Ch4ry Z023 E'DTr)i 2022 £'iDD4 2022 roo0¥ 8Ènk Iw (see note 211 Tre Cre¢iltyt Taxa115 and sodl knvAntstyknYt0grwpk1nll5 Shfwm ¢ww$Bted Ih(pwl 200 200 308 2M 330 264 75 63 323 75 41 Acuu8 Advonce et$Esd othwdBlwred irK 82J 2.Z70 S,551 2269 4.e70 28
•fèrr¥d Incom• Defewed gvor¥. GNtvoy¢hqr4 and otherdeftrr¢O Tot•1 rooos PrfOryr Al benn1 o1thepriYear 1.709 11,7091 1.474 1,474 1178) AMnt defwred h yB 1.352 1.352 CurMniy•ir Albe0Innr oltrrtykryeal AnvJJfft rale98•d wlnr ArfthDI defured k YB DDtsrred IncDm4S th&Y1j 1,352 11A521 Z,270 2,270 21 Cr•OoTh.' dUDknrmomn Moyor Oroup 2D23 rooDI Ch•rfty 2023 2022 eOOO• 500 500 500 500 700 7riJ ThJb8nk 1$rebyWvOl8 Nxed ind Charge18 011{•. Th5aTris i£p8yat4• kn m1h InthimwisLW apwioddfvo yws, ¢ommenr in 3021 andbw& InMie51 g mpwln ol 2.75%perwnum. The oÈ*in thaTr8iyearw56pa bythe G4&71. 29
22 An8lytholeh4TItAtlpfunds olffjovomenlin Unles¢¢¢d lynd Bthnce 1 Jun• 2022 Fundi 4131 IAlly 2023 20 £'O(kTr¥ 4.439 623 £'OOO• IfjZ,571 £'oc¥h 4,475 Fund DesignatedpruCdw lund DeBlynaled sithIIMyfwd 52 52 DÈ5uDalBd buildinolevy ObsD1[e0 building devdowwl(und Total 1325> 1,3 1.WO 7,697 750 250 14.OJ 113.44Jl 2022 roooi t'OOO• fllOO• 17501 era Fur De&ign81td plodwikn fvr 4,439 62J 47 1,585 Dewgn8wd buldinu I Dewgnafel buldkng Totsl 297 12941 750 13,429 111,6401 Dltilh olyTrrnWlcl•d lund Namtol unrlsliktedfurtd O•iulpdoni nknirtd purp0141 of Ih•fun¢ G•iwa Fund Ouipnthdkn Fund Ustinov 8nd Egg aLlIDrf bl D85Iynat&J8Wdltyld lo?naUe CLthLitykn XbYe% u e rwttof Fvnd 106signweo toenatrChWrtY Iuofftrwan 9¥#8FAkffls. CKaUv• Fwd BU1 Lwy andltrihrts aJdiioda. Dw¢k¥miFMd •? De51gn¢lEd tpallable clal wlecl8tolnh Ih•bLldkno 30
An41y5i5 of movembni In rt8iil¢t¢dfvn¢i BJtsnco 1 Jun¢ 2022 Furlt3 Ilay Z023 2023 Exp¢ndttuFe £'0005 12) Tramfer5 £'0005 £'ODOB roooi tOOOB ThDEgg ieseThie Art5 C01 c[eRe¢0yFu L¥ts ThDEgg appealrnS6 66 335 133 33 14 2010 app&alSeNe xed as8arese W(•oethd 72 1.468 92 464 IB91 75 2022 'OOOs £,01 £¥JQQi Rp5tor8btiThre8eNe ThtrEgg le5 Art& Cwndl CullureR8sow Fund Lkn& Eg9 appeal ieseNe Lllelwo learn9 2010 p?lre5? Flx•¢ aBsetrt$8Ne WtsidBrfund Tottsl 57 73 695 1641 1,335 36 1.297 76 72 D•tsll• olre¥trfcl•dfvnd N•m• DwilFIDh, NmInd purpg•tt oflh•lund UsdnD¥. FUndswaV fNthe suyprnofe Egg aThdiI$edu¢L•th ndlgiwLsthaarPnfrUM Ihè RecowFund. TrEgg reB Arts ¢r•RIcyFuThd Arts CultureR[wlFllTrd Gryrts wLlicEtykndèdbyb)e Deperf1 IwDlgSW, CUre. Media Spcrt Fun¢sr818fdloTinedèYèbpwi Dfiheegg kndPa uriNGalyfwchilc¥•Th8ndyww PPDF4e. Fun¢sryelve¥ ts theiuppLYtLl8dUraIY0IU8thjm8 The b3kn(eSSfwJforthe [avth ThèEgg 8ppo81 re¥th Ufekng 2010¥wr•s9• Flxed aBsies9 Wonoerfund Fun4sdon8led twllrdsthe pwth8$t ol eqpent. FUndsid5ioQmW1? SL*oolchl1 tree 8cceBSto1lvepeth. 31
24 An91 of group Aeitsets bètwèènfund8 Genernl Fund Dulqnd fundB R¢t£dnd¥ £'OOOs £'ODO• 1.252 Totsl È'QOOI 4,495 9,762 4.6UI FLYBdA5$ c1 assets C4JIrtItie5 Lrfflg Iabllllas Totsl 6,349 14.48n 3,250 115n 4.478 3,K2 2012 Fund D411gn•tsd fundb Rnlrfciod £'OODI ÉUO• roo0¥ 2.841 6.738 £'OD 4,3D2 9.838 FbxBdA6s1 4B6 Cutreniii8bllUes ierm ligbiiues 001 8,570 Toial 4.439 2.863 25 RqGoJCllion ot nmOv1Tht]ludll0 c41hg•n•Ahd trJllu••d Inl •p•rilloni 2O2J tQOO• 2027 roooi Neiww¢mBnl in lunds AddbakSlI0n tharo8 AdJb3cki4predOllon th8rg8 AddbaLIuss0Thdl$pos o1llX aÉie15 Deduu inier8siKtsTre¥hth¥Dln InveBllnp ecWW•s eni In In prow•ss 4w8meni In 4eblQl8 Kknbmenl In rAedkus yeAere&lused opw8b.no 8cN¥ibes 543 15n 118) 15641 3,274 FIn¢s4 Inthm•ht• Ch•rfty 2023 roo0 7D2Z £'OOOi 1022 roool FknInLa 81e dtht h&hJmwtsrr•8viedslamotsed 789 874 a18 gWltylnBNThnffjO8sUr 41awd£Tht Psna4 IlIilie5ffred al CUEt 754 Theib frcmlnand4In$Menp1IM8IyarigtttrOrn¢a6h 8tbwk.wWetheChadWk BXPD52d IDcMditriSk, TheGruJp 1sthoexpos lordi1 Irw ILE •Je dabth 8nd IhB Cha)ty1s 9KP05ed locraditriskrdary to Its ÈLthldl8rk%. 32
27 0pornrlI?B8$ knrvm¢ Je undm nonllcancq14blo opNIUt)u Sioup indCh¥rlty 2023 2022 QuetY Ouein 2 105 y8ws DUeaknr[rt than 5yea 64 256 256 undwth8tMth&le0Se$, therL1nColSsvbllt0peT1lldlc re. Th81ew5 p¥ethe IWLn0rifQfaCqUl5Ib, C•n¥olld4•d Stslommtol TranGl tMIl.p0rYtV Unm1CtI Fundb RMirfci•O Fun eo Tol Fundi fOOOi Inccm•lrDM'. 13.OJ1 762 DMaiiLY6 and legacie5.' oiww8ding 206 282 262 ov Income Tgt•l Incorni 13,42B 89) Exp•drI on.. Co51116g fvn¢ Ch¥iiaYe Brvvli T4tsl•ip•ndlly 1401 111.81K)I 1441 112.405 112A491 NDtlhc¢m&l*xp•ndiiur•l 41 Nm¥¥1m•tInluditQrIheYeIr 1,789 R•concllMonolfundi TlundS brh11¥ 6,740 ,468 33