iii The Theatre Royal Bath Limited (Reglstered Charity Numbgr. z777231 IRogi5ter£d Number oui64481 Trustees, Report and Consolidated Financial Statements th8yeJrerpded31 MGy2024
THEATRF. ROYA L BATH ljslinov SILidic. Contents Overview from the Chair of Trustee5 and Theatre Director A History of Theatre Royal Bath Mission The Operation Our Impact Financial Review io Governance 13 Independent auditor's report Consolidated staternent of financial activities 18 21 Consolidated and charity balance sheets Consolidated cash flow statement 22 23 Notes to the financial statements 24
Overview from the Chair of Trustees and Theatre Director During the Last year, the Theatre Royal Bath ha5 continued to be widely recognised as an institution of national and international importance. Not reliant on regular pUbC subsidy. it successfully navigates a path between commercial ambition. high quality art and community investment. The industry is challenged by a shortage of available productions and lower audience demand. Despite this, the range. quality and appeal ofTheatre Royal Bath Limited, with its subsidiaries. con51Stently attracts international investment and West End bookings. Theatre Royal Bath's Main House is a reLiably popular venue with producers.. during the year we have welcomed the UK premiere of an Arnerican musical, Roman Holidoy. and Frank and Percy starring Sir lan McKellen and Roger AILam prior to the West End. As a producer itself, TRB serves both UK and international theatres. The Maln House weLcorned Brian Cox a5 J.S. Bach in a newLy commissioned play The Score by Oliver Cotton, directed by Trevor Nunn. In the Ustlnov Studio, Deborah Warner's second season brought further acctaim, Phaedra/Minotaur from tho previous season was presented at Edinburgh International Festival and Mochinal transferred to the Old Vic. In the Spring, the Ustlnov Studlo hosted a run of stellar plays. A View From The Bridge starring Dominic West, The LoverThhe Collection starrin9 David Morris5ey and The Deep Blue Sea with Tamsin Greig, all directed by Lindsay Posner. A View From The Bridge, The Score and The Deep Blue Seo secured West End transfers to the Theatre Royal Haymarket in 2024 and 2025 respectively, Outside of Bath, Theatre Royal Bath Productlons ITRBP) enjoyed a strong year. A second tour of Noises orr transferred to the Theatre Royal Haymarket as well as a transfer of Private Lives. The Circle and Fami Hall both toured the UK to enthusiastic acclaim. The Egg and Engage programmes continue to deliver sector-leading work for young audiences and the community locally, Egg Productions of Wendy. A Peter Pon Story and Engage's The Seven Deadly &ns were Just Iwo of six productions focussed on disability-positive artist development. Egg Productions enjoyed a tour to Ottawa, Canada with I Wish I Was A Mountain and also staged 3 early years shows on UK tour. Our strategy for consolidation dunng the Covid years. foLlowed by solid growth since, alLows us to progress with further investment. Capital projects are pLanned to upgrade facilities in the Theatre and slimuiate future talent and audiences. Over the next twelve months, we expecl to complete the Main House toilet extension project. planned pre- Pandemic. In addition, the technicaL infrastructure is to be renewed and upgraded. In an important development to extend the Theatre activities further. plans have been submitted for approval to build a new community auditorium within the existing buildings, planned for2026, to house our Engage participation programme and support local creatives to showcase their work. PauL Heal, Chair Danny Moar, Theatre Director
Theatre Royal Bath.. A History Since 1805. the Theatre RoyaL's Georgian, grade Il. listed building in Bath stsnds as a home to performance and expression. In 1979, when the building was threatened with closure Jeremy Fry, investor, architect and èngineer. stepped in to prevent its failure. His ambition was'to establish Bath as a centreof theatricalexcellence" A TheatreTrust was set up to protect the sile for the city of Bath, and Theatre Royal Bath Limited was incorporated as a charitable enterprise. Nowadays, Theatre Royal Bath is at the heart of a thriving economic and artistic ecology The Theatre is a cultural powerhouse in the South-west and nationally. offering locaL audiences the quakn'ty of London's West End. Ustinov Studio In 1989, the Ustinov Studio was opened with the support of Sir Peter Ustinov himself. A 'glittering 'biack jewel the former stable block is the 0-seat studio theatre that is now famed for its ability to attract UK and international talent, The Ustinov weLcomes local audiences to a mix of fringe shows, alongside accLaimed Theatre Royal Bath Productions and artistic director seasons. This is a destination theatre and most recently home Lo worLd-famous opera director Deborah Warner. Theatre Royal Bath Productions In 1998, just two years into his tenure, Theatre Director Danny Moar established Theatre Royal Bath Productions Limited with an initial target of2 productions per year, 8y 2002, 27 pLays had been produced, generating over half the theatre's surpLuses. Having passed the 200 mark, Theatre Royal Bath Productions is now known as one ofthe most prolific 8ritish theatre producers in London's West End, on UK tour and internationally. The Egg Theatre for young audiences and theatre education established at The Egg in 2003 when the Theatre Royal Bath committed to re-developing an adjoining cinema building specifically to provide a venue and auditorium for children. Early doubts around the potential demand for a dedicated children's theatre are now proven unfounded. The Egg presents, produces and tours award-winning work for young peopLe and their families year-round, generating over 30,000 ticket sales in 23/24. Engage Engage is our established movement to support and promote theatre participation. FoLlowing on from 2022's successful inaugural Elevate Festival of grass-roots theatre productions, Engage goes from strength to strength. Over 30 years of aduLt theatre workshops, supported since 2009 by The Miss Beryl Billings Charitable Trust, have sparked joy, friendship and creative careers for hundreds of participants. Investment15 planned in a second Elevate Festival. with a main house community play in 2026.
Mission To present high-quaLity entertainment that promotes the arts, encouraging a lifelong love for theatre for diverse audiences. The Theatre is committed to maintaining our historic stages, making them available for learning and performance, Our theatre is a space to connect with the past. make sense of the present, and offer a portal to the future. Central to this mission is the ability to operate wlthout reguLar public subsidy, as a self-made national theatre, Financial confidence enables artistic rlsk-taking and community education. Our varied programme of high-quality productions generates income through sales in Bath, Theatre RoyaL Bath Productions collaborates with the very besl practitioners to bring artistic exceLLence to the southwest, This original work is ultimateLy expLoited on tour and in the West End, delivering impact that resonates both nationally and internationally, Thls self-sustsining model allows us to reinvest in studio productions. local theatre- making and education. WhiLst the Theatre receives a smaLI amount of project support from individuals, trusts and foundations, overall financial independence is inextricabLy tsnked to our commitment to prioritise artistic excellence. irrespective of taste or F)olitics. Values Maintain, at all times, a commitment to artistic quality and rigour, Celebrate freedom of expression and value a broad church of lived experience for alL siakeholders Nurture a vibrant and sustainable theatre ecology in the region Ensure financiaL security, resilience and value for money within its charitable structure Priorities Deliver artistic excelLence in producing. Present a varied theatrical programme. Cultivate originaL Theatre for Young Audiences rrYA). Invest in young access through Ihe Wonderfund. Promote local theatre participation. Foster community partnership5. Generate income to retain artistic independence and maximise impact. Maintain and secure the historic buildings.
The Operation Financially. we are focussed on maintaining a robust, enduring theatre business to support delivery of its objectives for public benefit The Group's strategy is to recover its opèrating costs in the Main House from ticket saLes and charges. Any surplus generated by activity in the Main House, together with all profits from Theatre Royal Bath Productions Limited and Theatre RoyaL Bath ITradingl Lirnited, the Group's commercial arms, are used to support the Ustinov and Egg theatres, the presentation of the Ustinov Season as well as a wide variety of educational and outreach projects and to maintain our Grade Il" listed building. Our Income Income of TRB Charity Group Maln House Pertormancès157.1%1 • TDuring and Wesi End131.%1 Egg Perfarrnance$11.8%1 Ustlonv Perfomiances14.4%1 Educ8tlon11.4%1 Bank Inieiesi11.2%1 orher Income1.9%1 GrAnt$1.8%1 Donatlons and Legacieg1.7961 Mernbership51,7961 86% of our income comes from activities either in the Main House or presenting work either on tour or in the West End. This shows both the strength of our commercial activities and Ihe imporlance of the Theatre RoyaL Bath to the touring ecology in the UK, as a provider of content and a great prospect for visiting producers. Our focus is on delivering a mix of artistically ambitious programme, alongside a robust baLance sheet that provides certainty for all stakeholders. This positions TRB well to weather uncertainty in the arts funding environment in the UK. Additional investment from funder5 is essential to enrich this programme. Income from donors and grant- making bodies make up a small proportion of our overaLL funds, but are significant for the non-commercial work they support in the community, for our Local young people and in maintaining our significant Grade Il. listed building,
Impact 2023/24 - Theatre RoyaL Bath Productions 236,463 peopLe saw our productions on tour or in the West End Leads in productions hoLd 17 ¥, OLivier Awards. 5 BAFTAS. 2 Emmy's & 4 GoLden GLobes •J Our productions pLayed 27 weeks in the West End & 74 weeks regionaLLy EmpLoyed 490 creatives. cast and crew across 19 productions on tour, in the West End and in Bath FuterrfChOfrfCSthv. IlobbyClwlE
Impact 2023/24 - Main House & Ustinov Audiences 16/ growth in theatre membership support 239,181 peopLe attended performances in the Main House and Ustinov A tiny theatre becomes a magical covern, THE TIMES on the Ustinov Studio
Impact 2023/24 - The Egg and Young People 19 associate artists & interns honing skiLLs in theatre for young audiences. 4 productions activeLy sought creatives & actors who identify as disabled, 65+ freeLancers were employed to teach 72 16-18 year oLds studying fuLL-time at The Egg & 230 students with the TRB Theatre School. 30,163 tickets were sold in The Egg ALmost 50% of Egg saLes in 23/24 were generated by our own productions 21 WkS of originaL early years work by The Egg toured the UK. seen by 14,227 under 4s. Egg productions toured overseas for li weeks knagecreth15tsDAdom5.Chebewailf. t44rtinaffldJockOTford
Impact 2023/24 - Community Engagement Adult participation increased by 38/ since its Launch There are now 4 adult participation companies.. Engage Acting, Engage ELders. Engage Together for Learning disabled and deaf aduLts, and Twerton Community Theatre. 4 Engage Productions, 3 MastercLasses, 225 tours, 648 talk tickets, 60 voLunteers 5.878 tickets were donated to LocaL school children for free by the Wonderfund, to 78 schooLs and nurseries. 39 had not visited The Egg before, Wonderfunded creative opportunities incLuded bursaries, community projects. and teacher support. 1rnOgèciedils CJmAdarn5
Financial Review Reserves Policy The Trustees of Theatre Royal Bath consider that a reseNe5 policy is necessary to maintain sufficient reserves to achieve twin objectives.. the presentation of high-quality theatre throughout the year,. and the maintenance of the Grade 11 listed building in which the Group, the Theatre Royal Bath and its subsidiary cornpanies, are housed. The Trustees regularly review the nature and level of the unrestricted reserves held to try and achieve balance in these objectives. Total reserves as at the year-end are EI0,3 million12023. Eg i million) comprising restricted funds of £1,4 million 12023.. £1.4 million) and unrestricted fund5 of £8.9 million 12023 £7.7 miLlionl. The unrestricted funds include designated funds of £6.5 miLlion12023'. £3.2 milLionl. The remainder are unrestricted and undesignated and total £2.4 million12023 £4 5 million) The designated funds are described below.. The Theatre has increased the balance on its Production Fund this year to finance future productlOn5 for TRB as it has done in the past funding the Summer Season. the Ustinov Seasons and the Egg Christmas production. The baLance to carry forward for the Production Fund is £564k12023.' E64okl, The StabiLity Fund provides a general buffer in the event of a sudden decrease in income or increase in expenditure, The balance of the Stability Fund is at £15Ok12023.' £15okl. The Creative Fund awards grants to Local arts organisations, No grants were awarded during the financial year ending 31st May 2024. This Fund is being re-designated to support access to the theatre through the Engage programme and into the Venue 4 Space. The baLance of the Creative Fund is at £52k12023 £52k>. The Building Levy Fund is used by the Group to maintain and run the buiLding and equipment in the three auditoria. The Trustees recognise that significant expenditure is required for a building such as the Theatre RoyaL Bath and its three auditoria, and the current reserve baLance is of a size whereby annuaL planned expenditure as weLL as unpredictable works can be met The balance ofthe Building Levy Fund 15 at £1.2m 12023.. £1.4ml, The Building Development Fund contains designated funds for future capital projects to improve and enhance the facilities within the building. This money is currenlLy to be used to fund the Ladies toilet improvement project, upgrading the technical infrastructure in the Main House. both during Spring 2025, as well as to fund the theatre's contribution to the work for the Venue 4 project, which is anticipated to be completed during 2026. The baLance of the Building Development Fund is Si.25m 12023: £iml. In this financial year we have designated The Fixed A55et Fund which represents the value of our unrestricted fixed assets. The balance of the Fixed A55et Fund is £3 3m 12023. Ni io
Free reserves as at 31 May 2024 amounted to £2.3 million 12023.. £1.3 million) and the Trustees aim to maintain an adequate level of reserves in the coming years. The Trustees are satisfied that the current free reserves meet the reserves requirement for the organisation, Golng Concern The Trustees have considered the level of funds and cash heLd, the future budgeted income and expenditure and the leveLs of reserves, such that they have determined that the Group is able to continue as a going concern. Theatre Royal Bath provides funds to the subsidiaries to fund their activities, primarily the cost of opening production5 in Theatre Royal Bath Productions, This support is included as part of the going concern assumption. Prlnclpal Rlsks and Uncertalntles The Theatre Royal Bath Limited faces the following principaL risks and challenges., weighing the promotion and fostering of artistic knowledge with commercial pressures to ensure continued financial sustainability.. continuing to attract attendees in sufficient number to achieve the Group's objectives,, making sure that necessary funds are generated to enable maintenance and improvement of existing assets, in particular the Grade Il. listed Main House building to allow the Group to meet its artistic and audience requirements.. and the risk that the Group's access to publicly and non-pubLicly funded grants, which enrich the artistic development and outreach activities, is reduced as a result of ncreased competition because ofthecontinued and significant cuts to public funding of the arts. The consolidated statement of financial activities shows income from charitable activities for the year was £18.2 million 12023.. £13.9 millionl. Total income for the year was £18 8 million12023.' £u.5 millionl. Expenditure on charitable activities in the year to 31 May 2024 was £17 6 million12023'. £13.9 rnillionl, The net income of the Group for the year was £i.Im 12023 £544kl, Theatre Royal Bath Productions Limited develops and produces theatricaL productions. It has generated a profit for the financial year of £63k12023'. £658kl. Theatre Royal Bath Productions has donated £332k 12023: E494kl in the year to TRB Theatre Royal Bath Enterprises Limited manages and runs certain theatrical pr(xluctions for both Theatre Royal Bath and Theatre Royal Bath Productions, It has a profit of £nil12023'. £niU. Theatre Royal 8alh (Tradingl Limited. the third wholly owned subsidiary. is responsibLe for operating and overseeing all aspects of the bars and retaiL operation within the theatre and procuring SF)onsor5hips It generated a profit for the financial year of £73k (2023.'£34k) and in the year it has donated £28k12023.' £29kl to Theatre Royal Bath. The differences between the reported profits of the subsidiaries noted above and the amounts donated are a function of when donations are made, Ali profits of the subsidiarie5 are ultimately donated to Theatre Royal Bath. li
OveralL, the Trustees are satisfied with the year's results which continue a very successful period for the theatre. On behaLf of the Board, the Trustees thank Danny Moar and his staff for aLI their effort and commitment in this year 2023/24. Investment Powers and Pollcy The Trustees have the power to invest funds not immediately required for operational use in such ways as they consider appropriate, Currently the funds are held with instant and overnight access at BarcLays Bank PLC at a competitive interest rate, Plans for Future Perlods Theatre Royal Bath will continue to programme and produce work of the highest quality for presentation to audiences in Bath and beyond. To this end, Theatre Royal Bath Productions is undertaking a high Level of activity. creating touring productions for Theatre Royal Bath and then on tour to UK theatres and the West End. The Egg intends to build on the success of its touring productions nationally and internationally and significantly to expand the development of new productions. While no expenditure has bn committed at the year end. the Trustees are actively reviewing proposals for a programme of significant capital expenditure in the fulure to improve the number and quality of the Ladie5 toilet facilities in the Main House. After the year end, pLanning permission has been grated for this and work is expected to be completed by mid-2025. Additionally. the Theatre is in the process of invesligating the potential for a fourth studio venue space for our Engage and Outreach work (referred to as 'Venue 4,1 as well as upgrading the technical infrastructure in the Main House. The planning process in underway for the'venue 4, project. with the building work anticipated for 2026. The technical infrastructure work is planned for Spring 2025, 12
Governance Rofaronee and admlnlstrativè detalls Charity number.. Company number. Registered Office.. 277723 01416448 Theatre Royal Bath, Sawclose, Bath, BAI IET Our advlsers Auditor Haysmac LLP io Queen Street PLace. London, EC4R thG Banker Barclays Bank PLC 4th Floor, Bndgewater House, FinzeLs Reach, C(xJntersbp. Bristol BSI 6BX Solicitors Mogers Drewett The Square, Lower Bristol Road, Bath, BA2 3BH Dlrectors and Trustees The directors of Theatre Royal Bath Limited Ithe Charityl are its Trustees for the purpos8 of Charity law, The Trustees and Officer5 serving during the year and since the year end were as foLIows.' Key managemont personneL- Theatre Royal Bath Umlted.. Trustees and Dlrectors Paul Heal Ichairmanl Charlotte Lucy Walker Ivice Chalrl Suresh Ariaratnam Margaret Cooke Jayne Davis Iresigned 23ltJ March 20241 Dominic Eaton Cosmo Fry Simon HoLdsworth Katja Kammerer Ruth Kelly Henry Meakln Flnance and Rlsk Commlttee Dominic Eaton Trustee PauL HeaL Trustee and Chairman of the Board of Trustees Henry Meakin Trustee and Chairman of the Finance and Risk Committee CharLotte Lucy Walker Trustee and Vice Chair of tho Board of Trustees Remuneration committee Paul HeaL Henry Meakin stephen Ross Trustee and Chairman of the Board of Trustees Trustee and Chairman ofthe Finance and Risk Committee Chairman, Theatre Royal Bath Productions 13
Key management personneL. Senior managers of Theatre Royal Bath Llmlted Theatre Director D Moar Finance Director M Cundy GeneraL Manager E Hibbert Theatre Administrator and Executive Producer N Palmer Governlng Document The Theatre Royal Bath Limited is a company kn'mited by guarantee Inumber ouI64481 and a registered Charity (number 277723 registered in May 19791 under the Charitie5 Act 2011. Its governing instrument isthe Memorandum andArts'clesofAssociation. which were last amended on 18 February 2021. All Trusteesare also the mernbers and thus undertake to contributethe sum of £100 each to the assets of TR8 in the event of it being wound up during the time that they are members or within one year thereafter, Appolntment of Trustees TRB'S governing body is a Board of Directors (who are also the Trustees of the Charity> whose members are invited to serve on the Board and retire periodically by rotation. Represenlatives of local businesses, people involved in the wider arts world and council members from Bath & North East Somersel are represented on the Board. When considering co-opting Trustees. regard is given by the Board to the necessity or desirability of any specialist ski115 $0 that the Board can call on a wide range of relevant knowledge and expert15e. The councillor board member is subject to the appointment process of the Bath & North East Somersel Council, Tnth inductlon and tralnlng New Trustees are briefed on their legal and other responsibilities as TrUStS and an appropriate induction process is arranged t>y existing Trustees, There is a formal induction process pursuant to which new TrusLees are briefed by members of the executive team and existing Truslees, There is no set policy forthe provision of Trustee training. However. where training needs are identified, suitable training is organised. AdditionalLy, the Trustees are periodicalLy reminded or their responsibilities as Trustees and updated on any relevant changes to the appLicable Law, Organisation The Board of Trustees administers the Charity The Board normalLy meets bi-monlhly. as does the Finance and Risk sub-committee. The Theatre Director is appointed by the Trustees to manage the day-to-day operations with the senior managers, Related partles and co-operation wlth other organisations None of our Trustees receive any remuneration or other benefit for services to the Charity. Any connection betw*n a Trustee or member of key management with a supplier or contracted person must be disclosed to the fuLL Board of Trustees. When connections 14
are disclosed. the Board consider the risks and impacts of such connections and appropriate safeguards are put in pLace. In the current year, the following relationships were disclosed.. Jayne Davis. appointed to the board on 23" May 2023 and resigned on 23rd March 2024. was PrincipaL and Chief Executive of Bath Colle9e The Charity has a service agreement with Bath College to deliver two Level 3 Courses in Performing and Production Arts. The service agreement is long standing and pre-dates Ms Davis joining the Board ofTrustees. The Board is alert to any actual or perceived risk ofconflict in this regard and appropriate risk management procedures WILL continue to be foLlowed, During the year, the Theatre Royal Bath Productions Limited presented the Jerrnyn Street Theatre's production of Fan77 Hall on tour, which was written by Katherine Moar, the daughter of Theatre Director, Danny Moar. Ms Moar received payment in the form of a royalty for this which is disclosed in the accounts. In orderto enable the Trustees to carry out their duties to assess and support the Charity, they are able to receive a maximurn of two complimentary tickets to attend a porformance of each ofthe Charity'5 own productions. Pay poll¢y for senlor managers The Board of Directors, who are the Charity's Trustees, and the senior management team comprise the key management personnel of the Charity All Trustees/Directors give of their time freely and no Trustee/Director received remuneration in the year. Detai15 of Trustee/Directors' expenses are disclosed in note li to the financial slatements The pay of the senior staff is reviewed annually and normally increased in accordance with CPI rates as approved by the Trustees. The Remuneration Committee considers the pay ofthe Chief Executive in his role as both Group Chief Executive and Managing Director ofTRBP, the Group's commercialarm. The Committee seeks to bench mark his remuneration against the executives of comparable theatres. His remuneration in relation to TRBP is wholly based on the profitability of that business, Other members of the senior management team aLso receive remuneration in reLalion to TRBP whoLly based on the profitability of that business, Fundralslng The Charity has a Development team that raises funds from individuaLs, trusts and corporate entities. It does not engage third parties to carry out fundraising activities on its behalf. No complaints were received during the year by the Charity about fundraising activity. The Charity currently does not have any major fundraising campaigns and the biggest area of fundraising is its membership scheme for Friends and Associates. Once a year, Friends and Associates are reminded in writing that their membership is up for renewal. If a member does not renew. they are informed in writing that that their membership has Lapsed with information about applying for the membership if they would like to join. The Charity has registered with the Fundraising ReguLator after the Year End. Risk management The Trustees are alerl to the wide range of risk factors which may arise in connection with 15
the Charity and its operations The Trustees are satisfied that policies and procedures are in place which address corporate governance risks including such as conflicts of interest and anti-corruption and bribery, together with policies which address operational risks such as health and safety.. child and young person protection issues,. adult safeguarding, including the prevention of harassment., disaster recovèry.. insurance,, and IT systems and data security. Certain financial risks are provided for by way of the stability fund referred to above. The Trustees regularly review these p0cleS and procedures. In particuLar. the Trustees are aware of the risks posed by the fabric of the theatre as a historic building and the possibiLity Ihat unforeseen maintenance may be required, By means of a rolling repairs programme and the Building Levy, the Trustees are satisfied that they have adequately provided for this contingency, Tn&ees re$ponslbliities in reiatlon to the financlal statements The Charity Trustees (who are aLso the Directors ofthe Theatre Royal Bath Limited for the purposes of company lawl are responsible for preparing a Trustees, annual report and rinancial statements in accordance with applicable law and United Kingdom Accounting standards Iunited Kingdom Generally Accepted Accounting Practicel. Company Law requires the Charity Trustees 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 incoming rosources and application of resource5, incLuding the income and expenditure, of the charitable Group for that period. In preparing the financial statements, the Trustees are required to,, select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP, make judgements and estimate5 that are reasonable and prudent.. state whether applicable UK accounting standards have been folLowed. subject to any materiaL departures disclosed and explained in the financiaL statements.. and prepare thefinancialstatements on the going concern basis unless it is inappropriate to presume that the Charity w511 continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, They are atso responsible for safeguarding the assets of the Charity and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irreguLaritie5 The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable cornpany's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 16
statement as to disclosure to our audltor In so far as the Trustees are aware at the time of approving our Trustees, annual report.. there is no relevant audit information. being information needed by the auditor in connection with preparing their report, of which the Groups auditor is unaware,, the Trustees, having made enquiries of fellow directors and the Group's auditor that they ought to have individualLy taken. have each taken all steps that he/she is obLiged to take as a Director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.. and On 18 November 2024. the company's auditor changes its name from Haysmacintyre LLP to Haysmc LLP. By order of the Board of Trustees Paul Heal Ichalmwi) Date: Thursday 13lh February 2025 17
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THEATRE ROYAL BATH LIMITED FOR THE YEAR ENDED 31 MAY 2024 Opinion We have audited Ihe financial statements of Theatre Royal Bath Limited for the year ended 31 May 2024 which comprise Ihe Group Statement of Financial Activities, the Group and Parent Charitsble Company Balance Sheets, the Group Cash Flow Statement and notes to the financial stat8ments, including a summary of signifi¢anl accounting policies. The financial reporting framework that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in Ihe UK and RepubliG of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. giv8 a true and fair view of the state of the group's and of th8 parent charitable company's affairs as at 31 May 2024 and of the group's and parent charitable companys net movement in funds, including the income and expenditure, for the year then ended: have been properly prepared in accordance with Unit8d Kingdom G8n8r811y Accepted A¢counting Practice,. and have been prepared in accordanc8 with the requiremenls of the Companles Act 2006. Ba818 for oplnlon We conducted our audit in accordance wlth Internation81 Standards on Auditing (UK) IISAS (UKI) and appliGabl8 law. Our responsibilities under thos8 Standards are further described in the Auditor's responsibilities for the audil of the financial statements section of our report. We ar8 independent of the group in arxord8nc8 with the elhical requirements that are relevant to our audit of the financial statements in th8 UK. including the FRC'S Ethical Standard, and we have fulfilled our olh8r ethical responsibilities in accordan¢e with these requirements. We b81i8ve that Ihe audit evidence we have obtained is sufficient and appropriale to provide basis for our opinion. Concluslons relatlng to going concèrn In auditing the financial statements. we have concluded Ihat the trustees, use of the going concem basis of accounting in the prep8ration of the financial statements is appropriate. Based on the work we have perfomied, we hav8 not identified any material uncèrtainties relating to events or conditions Ihat, individually or collectively, may cast significant doubl on the group and parent charitab18 company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and th8 responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other infomiatlon The trustees are responsible for the other infomation. Th8 Other information comprises the information included in the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent 18
wlth the financial statements or our knowledge obtained in the audit or otherwise appears to b8 materially misstated. If we identfy such material in¢onsislencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial stat8rnents or a material misstatement of the other infomation. If, based on the work W8 have performéd, we conclude that there is a material misstatement of Ihis other information. we are required to report that fact. We have nothing to report in this regard. Opinions on othgr matters prescribèd by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit: th8 infomiation givan in the Report of the Trustees, (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial stalements; and Ihe strategic report and the d1ClOrS, report included within the Report of the Trustees have b88n prepared in accordance with applicable legal requirements. Matters on whlch wo are réqulred to report by exceptlon In the light of the knowledge and understanding of the group and the parent charitabl8 company end Its 8nvironrnent obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report (which incorporates the strateglc report and the directors, report). We have nothing to report in respect of the following matters in relation to whlch the Companies Act 2006 requires us to report lo you rf, in our opinion: adequate accounting records hav8 not been kepi by the parent charitabl8 company, or returns adequate for our audit have nol been received from branches not visited by us., or the flnancial statements are not in agre8ment with the accounting records and returns; or certaln disclosures of trustees, remuneration specified by law are not made., or we have not received all th8 infomiation and explanations we require for our audit. Responslblllties of trustees for thg financlal statemènts As explained mor8 fully in the Irust8es' responsibilitlg5 Statement set out on page 16 the trustees (who ar8 also the directors of the charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for b8ing satisfied that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable th8 preparation of financial statements that are free from material misstatement, wheth8r due to fraud or error. In preparing the financlal statements. the trustees are responsible for assessing the group's and the parent charitsbl8 company's ability to continue as a going concern, disclosing, as applicab18, malters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate Ihe group or the parent charitable company or to ase operations, or have no realistic allernativ6 but to do so. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilitl8s, OLltlined above, to delect maleri81 misslatem8nls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is delailed below.. Based on our understanding of the group and charitable company and the environment in which they operates, we identified that the principal risks of non-complian wilh laws and regulations related to revenue recognilion and the completeness of expenditure. and w8 considered th8 extent to which non-complian might have a material effect on the financial 19
statements. We also considered th¢)se laws and regulations that have a direct impact on th8 preparation of the flnanclal statements such as the Companies Acl 2006, the Charities Act 2011, payroll tax and sales tax. We evaluated managem8nt's inc8ntives and opportunities for fraudulent manipulation of the financial statements linduding the risk of override of controls}. and determined that the principal risks were related to related to posting inappropriate joumal 8nlri8S to revenue and managem8nt bias in accounting estimates. Audit procedures perforrnad by the engagemenl tearn included= Inspecting Cofrespondence wlth regulators and tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance wilh laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irrègularities., Identifying and tesllng joumals: and Challenging assumptions and judgements made by management in thelr critical accounting estimates. B8caus8 of the inherent limitations of an audit, ther8 is a risk that we will not detecl all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases th8 more that cornpliance with 8 law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslanc8s of non-compliance. The risk is also greater regarding irregularities 0CGu1ng due to fraud rath8r than error, as fraud involves Int8ntion81 concealment. forgery. collusion. omission or misrepresentation. A further description of our responslblllties for the audlt of the financial statements Is located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This d88criplion forms part of our audilorfs report. U89 of our report This r8POrt is made solely to the charitable ¢ompanWs members. as a body, in accordance wlth Chapt8r 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might slate to the charitable companvs members those matters we are required to state to them in an Auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility lo anyon8 Otherlhan the charitable company and the charitable companys members as a body, for our audit work, for this report, or for the opinions we have fom8d. Jane Askew {Senlor Statutory Audltor) For and on behalf of Hay8Mac LLP, Statutory Auditors Date: 20 February 2025 10 Queen Stroot Place London EC4R 1AG 20
Consolidated Statement of Financial Actiwties {includiNJ income and expenditure account) For1yeara• 31 24 2]24 T•tsl 2023 Tol•l Fur tDth Fur £io In¢orn•froTh'. Charitat4e Donknn51nd1ffjgdM'. (Jherlrjding In¥esImanlir Totsl kncom• 147 125 13A68 330 In 216 18,585 176 216 18,137 57 212 14,4 Co$lofroNwfunth cholftab Ic) Totsl•xp•ndltyrn 117,3201 117.3821 12691 117,5891 1130871 113,9581 io 1,1&3 1,186 513 Funth 22 N•tm•ft lTrfunthlQrth•r 1,163 1,1e6 olfvjr funds browhlfoNbY Totsl fvrO•¢irrhdlorwud 7,697 8,880 0,$70 9,114 1.420 10,3 21
Consolidated Statement of Financial Aclivilies (including income and expendrture account} FutheyeBreTrJBd 31 May 2024 Totsl Fun FndS £N05 Funth tODOs tOOOi 1mI Iroffl.. Charfl8blg ad¥PJeB 18,030 141 178 147 125 18.177 268 178 216 18I37 13A68 othwlrlrq xiriit 57 14,499 11565 Exp•rlttumofi'. Cr£lvl mliing fundi ChaTlt8bkn acMle8 •xwd*ur• 1621 117.5891 117,6511 IX91 [2691 113.8871 113.9561 117,3921 1Q 1,1B3 1,186 FuThjJtff MitmtyMmThtlTrluThli lorth•y••r 1,183 1,188 Towi lund8 brought fmrd Tot41 lundi ¢•ftW 7,697 1,4 10,3rK) 9,114 All home4nd &¥p•ffknjderfw frcffl corthJk4 21
Consolidated and Charity BaL4nce Sheets Fortheywended 31 M8y 2024 Grwp Grnup 1023 rwD• Chvlty X24 rj Flx•dA¥¥•ts Intsrsit4e 16 17 4,486 4,547 4,470 10 In¥estrnBnth To1 Flx•dthi•ts 4,511 4,495 4,570 In ptcyre O¢btord C81h oibankirt In haTrJ rotslCurr•nlAM Lbll 18 1,913 8,329 2.440 7,927 1D,670 7.535 9,232 6,595 8,702 19 I4.4> 6,029 13LbJl 10,3 5W11 13,3211 5,911 13WI N•tCurrnntMI• Crnditm f4ltydueaft&rnmtNwMg ylar •tA•uts 4.784 IS) 8.773 •fvthofth• chiity. Unrtttrtct•d IL 8.eeo 1.4 10,3 7,697 8.T61 1.420 Total ChirftyluAdB 9,114 8,773 Thebut•oihwrt pr•pOr1gUpnUrothtthfith 398 oflho Ccfflpthebld2Kf •nd 38ofthD Churt8Ad&11. Th rnt ¢tym•OfGhqrity1j£I,4OkI2e2>E7o7kI Apwmd byth8 lNBtaeBThudty13th F•Wry 202J
Con501idaled Cash Flow Statement ForthB y88r8Thled31 May2024 É'oo 25 T14 InteTUt r&•¥&J 216 57 (Tl 14QJl 511 Purthasèot*1148 ft%ed asse Cuh umd In 13211 RepgwThnlolbankkJuro N•tcuh Ilowfromfiiw¢rt (2001 (2001 ODI 120DI IrKreawlll IntY1•r 52 Cath1 wulY818nts41thètsolMlry of¢M year 7,927 7,875 Cuh •nd£Mh •quIvth •tth••nd olthi y•ir 8J26 7,927 Analys55 of Nel Debt Forltrnyoji erth031 Mvrf2024 Iorlh Oth•rnonrfwh ¢hing14 A•it31 Il•y2124 A• It l JDn•2023 7,927 Jnk¥)anB-mnts la11lTrJd Mèy Ponk 1dllr9d •18rwu8 thHn 13))) I3) I2) I2} iJfy)I Not Fund 7.427 7,826 23
Notss to the Financial Statements A¢¢ountinq Pollch• Tro WncIp•xCnll wknptgd, hJwNrtS8nd W8ouTh¥ prnp3rnnoflhBlrért4 Stst%nts o5fr1m'. alB&8 ofFYep8r8kn Thè1knBr hwot4•n xoJrdarKwthPa•unllrwJ by ch8r1. Slat•ThntotRecammeThtsd aprlK4eta cf0rf1t85 PTeKwfng th81r1 sL8t881 ilh Reportiry SlandJrd 8ppllc8b18 Thilhe UK Republi¢ of IL¢ IFRS 1021 Ivhoti 1 janu 2015arl wlhelknbvofw 1 JryI)l61-{clWes SORP IFRS 10211, FINatil RéwnYKJ Stsrthrd apwlcatle in IhE UKaré RepLtI({lrW IFRS 1021, Cunp8rles k12008 wwj. n rlnto firrfw18Mt•rnrto, IhfrcfAnlwAct2011, t4F11 con6tertyfrorn prreXwt8sdelS1 idtrw. Th08t[eRa Bth Llmw mtsthedefinttK0rapUbIr benefftenttyund81 FRS lo2.Aets0nd1N w•InfeCCs1ltr1ltwgIC0or irnWLk)nyAjQ wl¢s50trMseststsd pollry wtel81. blpr8paralmoftrfjflr•n& OthnIS •gc4ry c1M bi¥ orthl BtthMni• hm be•n praF4T8d on •golng Cr b, inMkn5 th8 olfuThYs W by fvCh8Ity. th88valLqt48 cashth hath1. ar bud11r oxpwllure to b08blB ioconllnw4Ja9olr ¢wm and tho1 ithare utsin¢s In ffjL4tJn towlry collM. G)Gffjupflrwl Th8 r•iLtholihCh•ly s111TtrA0y1 8hPrthIUthp Llmtted, T[0 Royd 80th ITr8dryILhd, T10 Royol Erd¢rplAes Limlod orl Rornqn Holld•y BhLlmlt•Y. A 88pwe Stat•mert ol FInalAc[m&9ntt IrKom••n IThJureAN0wttlUlFrt Ch0¢ty h85 rnlt•8n ptemrttrj thg Cty Wkon Varrtwo[thèé%rytjnaWNdfjd by 5ethn 408oliheC4mpanh Ch•dty •nUty •JMrthJ byFRS 102a. a88uth, hw k•J¥390IthBfc41ulry [ln9 •iWmnl Dlonltycath IM on h1roLdI ih81lh•rnlo¥ant lrn%yd•J%•hlnth c4rrt4)It4d prnmrtsd 'prnJfjnbng cwt8inknncld nmndMcfflthèg[oUndBthEl1ha rok7rfantlnlonnn thdthe ¢fMolld8M WOSBnbJttln Ih88ofkn-AnBknlthtwrthts. 24
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