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 pUb￿C
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
FuterrfCh￿OfrfCSth￿v. 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 W￿kS 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 b￿n 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 TrUSt￿S 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 p0￿cleS 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 d1￿ClOrS, 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 0CGu￿1ng 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)
For1￿year￿a•￿ 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
F￿ndS
£N05
Funth
tODOs
tOOOi
1￿mI Iroffl..
Charfl8blg ad¥PJeB
18,030
141
178
147
125
18.177
268
178
216
18I37
13A68
othwlr￿lrq 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
FuThjJtf￿f
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•ff￿knj￿derfw frcffl corthJk4
21

Consolidated and Charity BaL4nce Sheets
Fortheywended 31 M8y 2024
Grwp
Grnup
1023
rwD•
Chvlty
X24
r￿j
Flx•dA¥¥•ts
Intsrsit4e
16
17
4,486
4,547
4,470
10
In¥estrnBnth
To￿1 Flx•dthi•ts
4,511
4,495
4,570
In ptcyre
O¢btord
C81h oibankirt In haTrJ
rotslCurr•nlAM
L￿bll￿
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•pOr*1g￿Up￿nUr￿othtth￿fith 398 oflho Ccfflpthebld2Kf •nd 38ofthD Churt*8Ad&11. Th rnt
¢tym•Of￿Ghqrity*1j£I,4O￿kI2e2>E7o7kI
Apwmd byth8 lNBtaeB￿Thu￿dty13th 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
IrKreawll￿￿l Int￿Y1•r
52
Cath1￿ wulY818nts41thètsolMlry of¢M year
7,927
7,875
Cuh •nd£Mh •quIv￿￿th •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•
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24

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