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 Co￿panieS 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 P￿JUdIce. 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 knO￿edge 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
InCC￿tIr0ffi..
Char*afde8tbvll*S
13.5J?
20J
244
336
13068
330
244
57
14.499
206
2S2
Olhoi
InveumeDI Intw
T•tsi In¢om&
14.036
463
EXp￿nd￿on'.
l Dlfalslw funds
1581
113,3831
1441
15041
113.8871
Tolil •xptndllUF•
tr4rt1ncom•ll•xpondiiuMI
10
595
513
FundStr￿Sfer
2?
tr4•tm0v•m￿lInlu￿dil1rth1 y••r
595
614
Recon¢￿110￿ olfundi
Tot4 kj￿$ ixwuhlfon¥
1,4é8
8.570
6,740
8.570
7,697
¢￿t￿ndeXp￿d￿Ij d￿vE kLm¢oriJnulng ¥ll￿be&

Consolidated and Charity Balance Sheets
For thè Y88r6￿ed 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
LIabIl￿oI
credthryl￿IIf4 du8wWnone year
N￿c￿rrOnt 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
8￿70
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
8,1￿6
23
,T73
ThebwstBes have prop8r8d gmuplngn¢iql st8terMnts In &COrdart•￿1hEB¢￿n 398 Olths Ctympan￿sAth 2006ird ￿ti￿3& Ofthech￿￿5AC12011. Th net
Incon* ollh8 tharky F07k12022 1.342kl
S*nod ar￿ ouknJrf3•d forluwj rm ty&hllolthe Iru8l•es by
Paul Hoal
Apprmd bylhe truste￿ on Tw8day20th Februgry2024
16

Consolidated Cash Flow Statement
FN*eyendBd 31 May 2023
Nole
2012
rooo
Cuh qw•rntsd lumdthlllmm ty•Alln9 Ith1￿
25
601
$.274
hteTeSlrecew￿j
Pwthèse oflni¥LgiYefixed 85Bets
PLrt*8se o1t￿g￿9￿xed a&seis
Cuh ¥4•d In IrM•lln9 4cthIII
57
I1￿)
19Jl
N￿*b￿k hw$
12WI
ith))
I1￿)
Ndcoih flowfromfinin¢ln9 icU¥ltl••
lirmyJ¢l IdeL¥wèI 1Th¢85h￿jca￿h eqll￿￿￿
52
3,￿1
C•h End¢88h erfvwl8nb8tthebojh￿￿9 Dfthèy
7,875
Cmh oTrd •qu￿1￿ts •lth¢ tsftho yut
7,927
7,875
Ana￿SIS of Net Debt
FuthEyèar￿dQd 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
B￿kID￿l-￿￿th due CfL8
2LbJ
pool
200
15001
(TOO)
I￿0?
6,975
2W
Net Fundi
17

Notes lo the Financial Slaternenls
A¢¢ounUng PoJl¢l••
Th2whdp81 prlldes adop￿.￿L*eMentG andk￿ ￿jr￿ofestiMthon uncertawty1nthep￿papa￿￿ ofthe areasltllons..
8)B￿s￿￿rep￿3tsQ
Thpflnantia $wewtsw bpenprepaied In aLuYd*cEvith and Repo￿￿ by (X*ties slat￿￿1 ol Pracl¢e apF4ic*B to
thth1e$prep￿llg th￿rfinaNcial51al￿wty in Reportlry Stsndard UK*d FepublicollTdand IFRS102) leffeujve
l January2015 and 8suplaled *Alh elfechvefth 1 20161- I￿•￿eSsORP IFRS 10211. the Fkn8ncL4 Siand*d 8p14￿ab1e IntheUK and
Repuycol ￿￿3￿4(FRs 1021. the C￿mP￿e$ACl 2￿BEnd.1n to IhÈtoTrsoldaied ffinano9bsL4t￿[￿ts. the C￿lDe&A¢42Qjl.
The￿ti￿ po1deshè¥tbe￿4p1led ￿￿$L￿2￿￿tr[mthew0iva￿exCepI a8Wled bBlrw.
TheTh88tse Bath LiTrMied(nèetts tho deffiniNon ￿apubl1G wefiten￿tyu￿der FR5102. As*yand 1th7￿e5 yrtrlrtu￿y1?c0ll￿l8￿ alh￿1{￿￿81CO$L
￿E￿ac￿O￿¥a1ug uAe&5 cth￿￿e st&ted In rd8vanl xcoJnbngP(Icynoielsl.
rAthPlntr￿l stsltments on •gring
Theln•vJl thmentsh&¥e been piep8re¢ N agrlry c￿CerN bil￿.
oMwderM8tthalewd rIfUnd$he￿ bythe ChBrtty, ihe 8v•Wfj¢8sh hand, *d￿￿￿￿9￿edirKQrnJ￿d￿p￿drtLlE￿ sufflclenlforthe Chaity
be *eto wnliwea5 t￿CeM and IhatthBre￿e Mm*èrial LthcerfdnOES hi rfBtionlogt4nB ￿￿8￿.
roUp￿aT￿la1
Thefinbyja the resulLs ollh? Ch8rtty ItsA*olyNThd ThJstrB Thèth Rtyl B*h
rriadlng) LinM18d, Theaire Rwpj 8ath Enietyr1￿s ￿Tr￿l￿d￿nd Hohday 8alh L¥Diied. A swraie DI Finawal Inwe and
Exp8nth1wèA¢U￿TrIk￿th8 Chanty h01ndb￿ be￿￿&8 th? Ch*ily ha%L4ken olthe èxèmpbDTh4ffoided bysoGllc￿4O8 0lthB GithpgTh1
Ad 200S.
TM Chsrlty l¥ aw11￿￿9 enl* 15 dtffinedby FRS 1024n4, 81•N*, odvwweofthèfol0*lno￿￿npkn1
yesendno g &￿t￿n￿l01 tsitity￿h ItMththeyiounLts ￿41 Iherde¥wl Inlorm¥Jw ￿ InLlud8d witrln thecL￿rI1Q￿￿￿ItfflitIon Ihtr•
'yesenUng Inst￿￿1$ ly8ck￿8&(￿ Ihogrounts knallhe r*4rtlnfL¥nWJon b kn(4L￿ wlhln Ih0¢onsrl￿1Itd ￿8￿￿￿lih1n
dllnwt
licoM?iJwn￿td Ihe CW ha8enUU•mwl ￿lhe kn1$, *Y￿￿m￿COnl4￿￿S att￿￿e1 tothgiiernl51 oflKm hwe ￿ rwt,1115wrkn*
thaith•lrw)YT**III ￿leC￿ve0 t*rnea8W8d relat4y.
Income troMgw¥nm￿Iaffld olhwgrdnLs, ythether'cgp*81' wanis or'revenue, g￿￿ts,￿S ie¢ogris•dvJhen ￿ ChwhtyhBS ￿￿￿rnIt0 ￿￿￿8, any
p•*rrnanGtcthdts￿$ thhthj io1hegr￿￿h5vfj bolln mel.11 lsp1thth￿thaLth8 Incom0￿￿1 be lee£[wed￿d the rnntcaThbèm•8sui8d Fd*bty.
FNkgac*s, qnUllpAnBfjllsiaken as Ihe ewlig10(tre d￿e￿ ￿￿ch el￿Br thè Charity iswwate Prob￿•￿&¥￿eenfjran12d, theestthh88 been f￿￿1$ed and
N￿lfiE￿bDTrh1ybeen md&bythegKeculaTlsl IDthe Ch￿ty￿al8 ListhbudwthillbemadB. i&rècBived ftom ihe esiaie. R￿elpI0(alegaGy,
in vJho1eor￿ pal, is ow ￿￿31del￿d Ihe mnl w beme85urpd r£h8W and thè Ch8dtyh8s beennolfiBdollhe ex￿￿1￿,5 knbon lo rn8k08
dIsthM￿On. Wn￿￿￿gIW5 hawfrb￿ nO￿fied iD Ub2 Charity Dfiht C￿￿lY1$ ow¥ie oltheurEniry vl wobat2, and have
IDc(fflererylved Ih *dv*cE 014 hp*cal pth1lwncety￿trthskn DfQtherSwifi￿Y￿￿ Il* deterrndunth theperfNmmc*the ￿keh&S
1seB nDte ￿1.
18

elDwaI8dse￿￿g￿dfI9lItse6
Dongw plofe￿O￿a d￿81ed I￿￿￿e$lIe recDJnise¢ a5 cow01￿￿￿1teM, aTryLXnlthxs38￿3￿d￿th th&
dl￿8￿ itemhave b￿n mel. the rerApl b￿grIl￿Orn the usebylts Gharityofthe ilaniswLthbk8nd that￿on1¢be￿￿￿tsn bemtasuled
T￿lIbly. In a￿￿d￿Ce￿th thochariles SORP IFRS 102).thegenera vdL¥*£ei Nme olthe Frtends Isnotrer4nised., thetrusthS'8nnualieportgi¥e&
(M TKEipI. dDni¢dprotswL￿￿ Ser¥1￿53￿￿ donaied I￿1￿￿6 8FtFwnL%ed￿ theb3%5rlthevauB Dftheyhllu QkntyVththislkeTh￿￿r h8Cbarily
¥￿Id havetth lOp￿100b181n se￿￿5 or1￿11￿￿￿ 0l8quw1wbtecL￿￿1c b￿011 on IhÈ Op￿ rnakeL a CUTBspMding 8m￿l Isthen recognised
8¥¥en￿lIUFQ¥I the olT#*PI.
LYnt8ieslT£CBNailB
Inlyestis 1ndlld￿ and the amoLrtcanbemeowred r&èNYbythÈ Chinty.. Is nL*Tralty 01th8lniewsl 0[pW￿ty
Bank.
olFund￿0un￿ry
Lk¥Éstrlcled lundE a¥a￿t iolptnd ￿ Ithloes Ihalfvrtwanyolthe ollhp ch￿ty. ￿0￿&t￿l￿nds0[1
lh8 Chanty tsusie85h8wede(ided ai lhwrdiycTe0￿ his&a51dDIouEe ILra spttific wrpoÈe. Re￿￿￿1￿￿d5&TedU￿a1ILrns￿th Ihelrm h05swofi& ar•lg
bè used p•lIo￿araT￿ ollhB ch￿rtY'SW￿k LI￿3peO￿¢ *18ts"GwWL4bdn4und￿3Iw bythe Ch8nty.
hlExwdiwe
EywdiWI8 Isle¢￿nI8ed(￿c• thvre LWy*On￿Mthe e pa￿r￿li0 O pty, ttl&prCl£blethatseWem￿l￿4l bt I￿1&d2nd the
aMo￿tal￿e Ok419aN￿ ran be relably. ￿penth￿re *d05¥fiodunderthèklhxlnll aclwyhe>JwB'.
•CQBlsoltw$ry lunth-%Wch comp￿89th0¢0&tsQl￿MmW￿d tr￿1￿9 kndudlng the c*dng 4nd the 8650dth swortttsts,"
••XpBnthturè￿ c￿1￿1•8¢￿￿￿6&-W￿cbIrKlude1ac￿￿￿•lUndts1akI￿ lofv¥lheF tr*wpo$8& olth•Chty gTrJlho worithd W￿¢(￿ti.
Iwlocayon oliurwtcr*LI
SupportCD51E artlhoBo ￿nc￿￿$tha1 &8¥81 Ihe*th ￿¢hO Ch￿lty LKbtdO NOI threciiy ¢hahWla¥lknbe5. Supffi IrKkQe b8¢k
ren￿, perw￿, pa￿dIprOCeSS￿g gov8iD8nr*costsw*lch SUPPfflthe Ch&iVB art15￿ prryramm8ts ar￿ thIUoB. TheBec08tsh8ve been all￿￿
Gosi orrris￿9 fund$ and exp¥ndibJrew ¢haTtsbli aGiivilies. sUPPtyt ￿hAv•bEen alk￿d ar58et￿lknn0f•9
IITwgt4eflx& ￿111&
Indkndua ffixed4$88ts￿￿DO E200 orrrfft8recapl¢llsed 4t¢￿1 wedeprediied Wlhdi esornth u￿￿11¥1$0n aslr4Wllne ba&s as lullm..
AiirtCrt•gory
Equlwwi
Rat•
10%- 33%
26%
2%
2%
L￿Sehold
Fteehdd pirwty Inytyemen
I[eBhLqdprtyErtY￿ 85 Ihe tr￿the5 donolb4wEits re￿￿￿1 ¥￿u810L￿ s10n￿(arth lthywthanlts cost¢uBlo b*ag&and ￿d￿re of￿8
bullfinu, andi15 locaiw in ihe aTeaofcBntsalB*h. réview Lg talled wlannuatyby thtttruslees 10
8Wiemwlknthe ywln whlthlllB Iden￿ed.
klwork in Pityress
Wryk kn prryfess, iy95en15dK*ItsL% o1the1bk￿ prodLth* tha[￿ ytl al1h21r*wHofcD51w￿ reali5able¥ah
IIDibtc4$
Tr￿8 &W(th[deb￿r3 *e rttoor18edEItM 5etYement Wr￿n1 ￿3ftEr8nytrddBll¥W)toffuÉd. Prèpwtsé￿Vlu+JaIts amwntwep*¢ neiofwy
th5rnunL%.
mlcashatbank andin hx
Ca6h alba￿ handin¢￿￿6$(￿th short*nr hlgNyliquld ashort￿￿￿lYOtth[e￿￿thSQrl￿StrC￿thI ￿acqUi￿1￿
0[￿edeposrt(rf
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n)CrèthLws*d
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twied a￿￿n￿O[l¢venUes and expenses duringthe ieporflr¥ D8ri(l.The esthTraes sssou8led￿sumpt￿ThS ￿eb￿ed ￿h16t￿le1 experi1￿ce￿d Gth
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Ilmitéd io £100 p¥mwnbwol Ihe fjbaty.
Flmnclil P•rforNnc•of lh• CbirRy
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2D23
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(9,1771
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6,724
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21

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Totsi
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2D22
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465
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Th8 E￿. pBrfOrma￿, enWemen1￿d uutr8
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8.276
492
4,719
46
8,276
493
4,719
J80
334
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783
12,793
13,531
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2025
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2023
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76
106
25
206
228
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203
330
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Incom•lrom Olh•rirndlnq 1¢1Sv
2022
£IOO•
?62
262
Oth¥Ir￿1￿ InGo
244
244
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10 Net In￿￿￿1{￿Xp9ndtt￿rn1 lorihgy•v
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2,710
224
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2023
2022
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