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2025-05-31-accounts

THEATRE ROYAL BATH *L THE THEATRE ROYAL BATH LIMITED Registered Charity Number 277723 Registered Company Nurnber 01416448 Trustees, Report and Consolidated Financial Statements For the year ended 31st May 2025

THEATILE ROYAL BATH Contents OveNiew from the Chair of Trustees and Theatre Director A History ofTheatre Royal Bath Mission The OperatSon Our Impact Financial RevSew li Governance Independgnt auditols rèport 17 Consolldated statement of financial activlues 20 Consolldated and charity balance sheets Consolidated cash flow statement 21 22 Notes to the nnanclal statements 23

Overview from the Chair of Trustees and Theatre Director The Theatre RoyaL Bath (TRB) enjoyed a suC￿SSfUL year, again making a sizable contribution to the national theatrical Landscape. Working with renowned talent. both in 8ath and around the country, the Group is committed to developing audiences of all ages and encouraging enjoyment of theatre. The Theatre Royal Bath's Main House continues to be a popular touring date for producers, with Sister Act, The Merchant of Venice 1936, Soys From Tlje 81achstuff, Pride and Prejudice. ('Sort op and Cruel Intentions all direct from the West End. Other highlights include Matthew Bourne's The Midnight Bell and opening London City Ballet'5 first tour in almost 30 years. Theatre Royal 8ath also pkyed home to the World Premiere of Alfred Hitchcock Presents. the Musicol in collaboration with Universal Theatrical Group, endorsing our international reputation for producing world class productions. Theatre Royal Bath hosted Deborah Warner's final season as Artistic Director of the Ustlnov Studlo. with Schubert's Winterrei5e perforrned by renowned tenor lan Bostridge and pianist Julius Drake, the final piece in Kim Brandstrup's trio of dance works. Echo and Narcissus and Harold Pinler's The Birthdoyporly. Further in The Ustinov Sludio. the theatre produced Jeeves Tohes Charge, Doubl, starring Maxine Peake and Ben Daniels and The Deep Blue Sea, starring Tamsin Giieg Away from Bath, Thgatre Royal Bath Produ¢tlons (TRBPI continues its run of major successes, with Farm Hall, A View From The Bridge. Starring Domlnic West and directed by Lindsay Posner, The Score. featuring 8rian Cox and directed by Tievor Nunn and The Deep Blue Seo, siarring Tamsin Grleg, playing to packed audiences at The Theatre Royal Haymarket in the West End. The transfer of Machinal at The Old Vic received an Olivier Award nomination for Best Revlval and for Rosie Sheehy's 'phenomenal' performance as the Young Woman. On tour, TRBP commissioned an excSting new interpretation of George Orwell's 1984, adapled by Ryan Craig, presented Alan Bennett's seminal classic The History Boys and joined Terrance Rattigan's Toble Number Seven alongside The Browning Version as Summer 1954. Staring Nathaniel Parker and Sian Phillips. There was 3 collaboralion Jonathan Church Thoatre Productions to present a tour of A Mon For All Seasons starring Martin Shaw and directed by Jonathan Church. which will transferTed to the West End next year, The Egg continues lo bring and play Its exceplional work to a growing number of young people both in its theatre in Bath, around the UK and in China and Canada. Our Engagement departmenl has delivered for Batha and its wider theatre community. with loo% pass rates in the Bath Theatre Academy. over 350 students altending the theatre school and Engage expanding to add more groups for our adult participants, Following several years of consolidation after Covid year5. numerous capital projects have been commissioned ta invest in the infrastructure to ensure the whole establishment meets the needs of both audiences and producers for the future. In the Sp￿ng. two major projects were started within the theatre. Firstly. the creation of new female toilet cubicles within the Stalls and Royal Circle levels of the Main House, which have greatly improved the experience for our patrons. Secondly, works to replace the aging electrical Infrastrueture around the Main House stage with new dimmers and lighting control for the stage. In addition, the Main House auditorium lighting was enhanced and replaced with LED. . as well as repLacing and enhancing the Main House auditorium lighting with LEO. 80th projects will continue into the next Financial year. Over the past 12 months, we have invested in excess of £im in capital works to upgrade our assets with further investment planned. We were pleased to receive pLanning permission for our new community auditorium - presently referred to as 'Venue 4. which will become the home of our Engage participation programme as well as providing support and Space for local creative talenL Work on this project is continuing and the fundraising programme has b￿Un. with the aim of construction work starting in Spring/Summer 2026. Paul Heal, Chair Danny Moar, Theatre Director

Theatre Royal Bath.. A History Since 1805, the Theatre Royal's Georgian. grade Il" listed buildlng in Bath stands a5 a home to perforrllance and expression. In 1979. when the building was threatened with closure Jererny Fry, investor, architect and engineer. stepped in to prevent its failLJre. His arnbition was Yo establish Bath a5 a centre of theatric81 excellence". A Theatre Trust was set up to protect the site for the clly of 8ath, and Theatre Royal Bath Limited wa5 incorporated as a charitable enterprise, Nowadays. Theatre Royal Bath is at the heart of a thriving econornic and artistic eco[￿y. The Theatre is a cultural powerhouse in the South-west and nationally. offering local audiences the quality of London's West End. Ustinov Studio In 1989. the Ustinov Studio was opened with the support of Sir Peter Ustinov himself. Described as a 'glittering'bLackjewel'", the formerstable block is the 120-seat studiotheatre that Is now famed for itsability to attract UK and international talent. The Ustinov welcomes local audiences to a rnix of frSnge show5. alongside acclaimed Theatre Royal 8ath Productions and artistic director seasons. The Ustinov is a destinats'on theatre and this year was home to world-famous opera dSrector Deborah Warner's final season as Artistic Director, as well a5 welcoming exceptional actors and creative teams to the theatre. Theatre RoyaL Bath Productions In 1998, just two years irnto his tenure, Theatre Director Danny Moar estabtished Theatre Royal Bath Productions Limited with an initial target of 2 productions per year. Lasl year. TRBP produced four productions in the West End. and a further four on tour in the UK. Theatre Royal Bath Productions is now known as one of the most prollfic Brltlsh theatre producers in London's West End. on UK lour and internatlonally. The Egg Theatre for young audiences and thealre education was established al 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 were quickly demonstrated to be unfounded, The Egg presents, produce5 and tour5 award-winning work for young people and their families year-round, and provides education and enrichment to a wide range of young people. Thls includes its theatre school as w911 as thè deb'vèry of coursès in association with Bath College. Engage Engage is our established movement to support and promote theatre participation. FoLLowing on from 2022.5 successful inaugural Elevate Festival of grass-roots theatre produclions. Engage goes from strength to strength. Over 30 years of adult theatre workshops, supported since 2009 by The Mi55 8eryl Billings Charitable Trust. have sparked joy. friendship and creative career5 for hundred5 of participant5. Engage Is preparing for a community play. David Copperfield. directed by Sally Cooksgn, involving more than loo local people in Fèbruary 2026. Planning permission has been granted for a new venue space- Venue 4 - to house the work of Engage, as well as to 5UPPOrt the local community.

Mission To present high-qua￿tY Èntertainment that promotes the arts. encouraging a ￿'felOng lovefor theatre for diverse audiences. Theatre Royal Bath is committed to maintaining our historic stages, making them available for learning and performance. Our thealre 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 without regutar pubbc subsidy. as a self-made national theatre. Financial collfidence enables artistic risk-taking and community education. Our varied programme of high-quats'Ly productions 9ènerates income through sales in Bath. Theatre Royal Bath Productions coliaboraies with the very best praclits'oners to bring artistic excellence to the southwest This original work is ultimately explobted on tour and in the West End, delivering impact that resonate5 both nationally and internationaLiy. Thls self-sustaining model allows us to reSnvest in studio productions. local theatre-making and education, Whi15t the Theatre receivès 8 small amount of project support from individuals, trusts and foundations. overall financial independence is inextricably linked to our commitment to prioritise artistic excellence, irrespective of ts5te or politics. VaLues Maintain, at all Ilmes, a commitment to artlstSc quality and rigour, Celebrate freedom of expression value a broad church of lived experbnce for all stakeholders Nurture a vibrant and sustainable theatre ecology in the region Ensure financial Security. resilience and value for money within its charitable structure Priorities Delivar artistlc excellence Sn producing, Present a varied theatrical programme. Cultivate original thoatre for young audiences. Invest in young access through the Wonderfund. Promote local theatre partlclpation. Foster communlty partnerships. Generate income to retain artistic independence and maximise ImpacL Maintain and secure the hisloric buildings.

The Operation Financially. we are focussed on maintaining a robust, enduring theatre business to support delivery of our objectives for public benefit. The Theatre's strategy is to recover its operating costs in the Main House from ticket sales and chargès. Any surplus generated by activity in the Main House, together wlth aLi profits from Theatre Royal Bath Productions Lirnited. Theatre Royal Balh Enterpnses Limited and Theatre Royal 8ath (trading) Limited. the Group's commercial arms, are used to support the Ustinov and Egg theatres. the presentation of work specially produced In Bath as well as a wide variety of educational and outreach projects and to maintain and enhance our Grade Il. tssted ￿lIding. Sources of our Incom• 2% 4% 47% •Main HDuse •Tourlng Jt)d West End Xustlnov Donatlon5 •Eg8 and Educatlon Investments •Grant5 •Membershlps •Other Intome 87A of our Income comes from actNilies either in the Main House or presenllng work either on tour or In the West End. This shows both the strength of our commercial activities and the importance of the Theatre Royal Bath to the touring ecology in the UK as a provider of content and a great prospect fix visiting producers, we continue to focus on de￿VerIng a mix of artistically ambitious work in Bath, in the West End and further afield, we are equally focused on maintaining a robust balance sheet that provides certainty for all slakeholders. This positions Theatre Royal Bath well to weather uncertainly in ihe arts funding Ènvironment in the UK as well as changes and chalLenges in the wider economic environmènt. Add￿lonaL investment from funders is essential to enrich this programme. Income from donors and grant- making bodie5 makes up a srnall proportion of our overaii funds but is significant for the non-commercial work that supports the localcommunity. for our iocalyoung people and in maintaining our significantGrade Il. listed building.

.5? Impact 2024/25 - Theatre Royal Bath Productions Theatr8 Royal Bath Productions continues to be a key player in the touring and Wesl End markel 294 Creatives. Cast rnembers. Stage Management and Technical staff directly engaged on Theatre Royal Bath Productions during the year. Over 250.000 people attended a touring or West End production, with 64 weeks of performances outside of 8ath. Two Olivier Nominations this year for the West End transfer of Mochinol

Jz] I I I Impact 2024/25 - Main House 25.197 customers booked with Theatre Royal Bath for the first time. bringing 30-A our audience 206.355 people attended performances In the Main House and Ustinov 71% Increase in membership of the Friends and Associates scheme5 Additional female toilets added to the Main House for the benefit of patrons. as well as upgrades to the technical infrastructure to enhance the experSence of visiting companies

tlfltlF llllll Impact 2024/25 - Ustinov Studio Four productions which originated in the Ustinov Studio. transferred lo the Wesl End Ihis year 18.956 customers attended the Ustinov Studio during the year A tiny theatre becomes o mJgicol covern. THE TIMES on the Ustinov Studio

Tr)5 Impact 2024/25- The Egg and Young PeopLe li weeks of original work created by The Egg toured the UK, China and Canada. 28,302 tickets sold for performances at the Egg, 51YJ of sales for our own productions and a further 8% for our student's production& 654 freelancers employed to provide workshops for 73 16-18 year olds studying full time at The Egg and 361 students with the TR8 Theatre School loo% pass rate for practical elements of the Bath Theatre Academy students. with loo% of 2 years receiving a merit or distinction 4.768 Wonderfund bckets given to local schools lo give studen15 an inlroduction to theatre. hd

IIA I Impact 2024/25 - Engage Planning permission granted for'venue 4. a new home for our engagement activity and for local community groups. al the heart of Theatre Royal Bath Growing participation from underrepresenled groups, with d/Deaf and over 65s participation rising by io°A and 3/a respeclively. 410 audience mernbers supported the participants in their final showcases LO sludenl placements supported in our Engagement department 350+ applicalions and 253 participants joined taster sessions for our communily play. with LL2 people casl in Drjvid Copperfield.. A Lire and 25+ volunteers and students from Baih Spa University Above is an architectural visualisation of the proposed performance space. designed by Stirling Prize- Winnirnq theatre architect5 Haworth Tompkins, ID

FinanciaL Review Reserves Policy The Trustees of Theatre Royal Bath consider that a reserves policy 15 necessary lo maintain sufficient reserves to achieve twn objectives". the presentation of high-quality theatre throughout the year". and the Maintenance of the Grade 11 ￿sted building in which the Group, the Theatre Royal Bath and its subsidiary companie5. are housed. TheTru5tees regularly review the nature arKI level of the unreslricled reserves held to try and achieve balance in these objectives, Total reserves as at the year-end are £11.8 million12024'. £10.3 million) comprising restricted funds of £L7 milllon 12024.. £14 millh)nl and unrestricted funds of £io.I million 12024 E8.9 millionl. The unrestricted funds include designated funds of £6.9 mllllon12024', £6,5 mlllionl, The remainder are unrestrlcted and undesignated and total £3.3 mlLUon12024'. £2.4 million) The designated funds are described below.. The Theatre has increased the balance on Sts Production Fund this year to finance future productions for TRB as il has done In the past funding the Summer Season, the Ustinov Seasons and the Egg Christmas production. The balance to earry forward for the Producllon Fund is E502k12024'. Es64kl. The Stability Fund provides a general buffer in the event of a sudden decrease in income or Increase in expenditure, either as a result of an unexpected period of closure. or an event which significantly impacts the business, The balance of the Slability Fund is al £5ook12024,' £1sokl. Thè Creative Fund support5 access lo the theatre through the Engage programme and into the Venue 4 Space, The balance of the Creative Fund is al Es2k12024.' E52kl, The Building Levy Fund is Ljsed by the Group lo maintain and run the building and equlpment the three auditoria. The Trustees recognise that significant expenditure is required for a building such as the Theatre Royal Bath and its three audlloria, and the current reserve balance is of a size whèreby annual planned expenditure as well as unpredictsbie works can be mel. The balance of the 8uilding Levy Fund is at Ei.2m12024'. £1,2ml. The Bullding Development Fund contains designated funds for future eapilal proJ8cls to improve and enhance the facilitle5 wlthin the building. This money was used to fund the Ladles toilet improvement project and to upgrade Ihe technical infrastructure in the Main House, both of which commenced during Spring 2025, as well as to fund the theatre's contribution lo the work for the Venue 4 projoct, which Is anb'cipated lo be completed during 2026, The baLance of the Building Development Fund is £1.25m12024.' £1,25ml. The Fixed Asset Fund represents the value of our unrestricted fixed assets. The balance of the Fixed Asset Fund is E3.4m12024'. f 3.3rn1 Free reserves as at 31 May 2025 amDunted to £3.3 million12024.' £2,3 millionl and the Truslees aim to maintain an adequate level of reserves in the coming years, The Trustees are sab'sfied that ihe current free reserves meet the reservès requirement for the organlsation. Golng Concem 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 abl& to conb'nue as a going concern, Theatre Royal Bath provides funds tts the subsidiaries to 5UPPOrt their activities. primarily the cost of opening produclions in Theatre Royal Bath Productions. This support is included as part of the going concern assumption. li

Prfndpal Rlsks and Uncertaintles The Theatre Royal Bath Limited faces the following principal risks and challenges.. weighing the promotion and fostering of artlStic knowledge with commercial pressures to ensure continued financial sustainability.. continuing to attract attendees In sufficient number to achieve the Group's objectives.. making suré ttrwt necessary funds are generated to enable maintenance and improvement of exisling 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 increased competition because of the continued and significant cuts to pubbc funding of the arts. The consobdated ststement of financlal activities 5how5 income from charitable activitie5 for the year was £18.9 milb'on12024 £18.2 million). Total income for the year was £19.7 million12024.' É18.8 mlllionl, Expenditure on charitable activilies in the year lo ￿ May 2025 was £18,1 million12024.' £17.6 million). The net income of the Group for the year was £1.5 million12024' £1.2ml. Theatre Royal Balh Productions ￿mIted deveLops and produces theatrical production5. It has generated a profil for the financial year of £4g7k 12024., E63k). Thealre Royal Bath Productions ha5 donated £77k12024'. É332kl in the year to TR8. Theatre Royal Bath Enterprises Limited manages and runs certain thealrlcal producllons for both Theatre Royal Bath and Theatre Royal Bath Productlon5. It has a proflt of Enll12024'. £nlll. Theatre Royal Bath ff radingl Limited, the third wholly owned Subsidiary, Is reSpon￿bIe for operating and overseeing all aspects of the bars and retail operation within the theatre and procuring sponsorship& It generated a profil for the flnanclal year of £22k12024,'£73k) and in the year it ha5 donated £79k12024.' £2gkl to Theatre Royal Bath. The differences between the reported profits of the subsidiarles noted above and the amounts donated are a functlon of wfr￿n donations ar8 made. All profiis of the subsldlarles are ultimately donated to Theatre Royal Bath. Overall. the Trustees are satisfied with the year's results which contlnue a very successful periixl for the theatre. On behalf of the Board. the Trustees thank Danny Moar and h15 51aff for all their effort and commitment in this year 2024/25. Investment Pow•rs and Pollcy The Trustees have the power to invest funds not Immediately required for operational use in such ways as they consider appropriate. CLJrrently the funds are held with instant and overnight access at BarcLays Bank PLC at a compelltlve Interest rate. Plans for Future Perlods Theatre Royal Bath will continue to programme and produce work of the highest quallly 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 productions for the West End. The Egg intènds to bulld on the success of its touring productior15 nationatiy and internationally and significantly lo expand the development of new productions. At the year end. the theatre is parl way through creating additional femal@ toilet facilitie5. Wlth further costs of £155k cornrnitted. The theatre also continues to pursue the development of space within the building Into a home for our Engage and Outreach work, a new studio referred to as 'Venue 4,. This project has received planning permission and fundraising is underway. 12

Governance Reference and admlnlstratlve detalls Charity number Company number.. Registered Office.. 277723 01416448 Theatre Royal 8ath. Saw¢lose. Bath. IET Our advisers Auditor Haysmac LLP io Queen Streel Place, London, EC4R IAG Banker 8arciays Bank PLC 4th Floor, Bridgewater House, thzels Reach. Countersbp, Bristd 8516BX Solicitors Mogers Orewett The Square, Lower Bristol Road. Bath. 8A2 3BH Dlrectors and Trustees The directors of Theatre Royal Bath Limiled (the Charilyl are its Trustees for the purpose of Charity law. The Trustee5 and Officer5 serving dvring the year arid since the year end were as foLLows.' Key management personn•l. Th•atro Royal Bath Llmlt•d: Trustees and Dlr•etors Paul Heal (Chairman) Charlotte Lucy Walker (Vlce Chairl Suresh Ariaratnam (Resigned z7th January 2025> Margaret Cooke Dominic Eaton Cosmo Fry Simon Holdsworth Katja Kammerer Ruth Kelly Henry Meakin Flnanc• and Rlsk Commlttee Dominic Eaton Paul Heal Henry MeakSn Chariotte Lucy Walker Truste8 Trustee and Chairman of the Board of Trustees Trustee and Chairman of the Flnancè and Risk Committee Trustee and Vice Chair of the Board of Trustees Remuneratlon CommStiee Paul Heal Henry Meakin stephen Ross Trustee and Chairman of the Board of Trustees Trustee and Chairman of the Finance and Risk Committee Chairman, Theatre Royal 8ath Productions Key manag•mont p•rsonnoL Senlor managers 0fTh￿tre Royal Bath Llmlted Theatre Director D Moar Finance Director M Cundy General Manager E Hibberl Theatre Administrator and Execub've Producer N Paimer 13

Govemlng Document The Theatre Royal Bath Limited is a company ￿'MIted by guarantee Inurvber ouI64481 and a registered Charity (number 277723 yegistered in May 19791 under the Charities Act 2011. Its governing instrument is the Memorandum and Articles ofAssociation, which were tast amended on I8￿ February 202L ALI Trustees are also the members and thus undertake to contribute the sum of £100 each to the assets of TRB in Ihe event of it being wound up during the time Ihat they are members or within one year ther8after. Appolntment of Trustees TR8's governing body is a Board of Directors Iwho are also the Trustees of the Charity) whose members are invited to serve on the Board and retire periodically by rotation. Representatives of local businesses. people Involved In the wider arts world and councll members from Bath & North East Somerset are represented on the Board. When considering co-opting Trustees, regard is given by the Board lo the necessity or desirabiuty of any specialist skilLs so that the Board can call on a wide range of relevant knowledge and expertise. The councillor board member is subject to the appointment process of the Bath & North East Somerset CounciL Demonstrating TRB'S commitment to young people and a diversity of vlewpolnt, a 'Young Board A550ciate' programrne wa5 Initiated during the year pursuant to which three persons aged between 18-25 were selectèd following a recruitment process and invited to attend board meetings ofthe Trustees of the Charity. Whitst the Board Associate5 are not Directors or Trustees of the Charity. Ihey are formally appointed for a fixed tenure and invited to attend and fully contribute to meetings of Trustee& Tn4*eelnductlan and tralnlng New Trustees are briefed on their legal and other responsibilities as Trustees and an appropriate inductlon process is arranged by existlng Trustees. There 15 a formal induction process pursuant to whkh new Trustees are briefed by rrembers of the executive team and existing Trustees. There is no set policy for the provision of Trustee training. However. where training needs are identified. sullable training is organised. Addltionally. the Trustees are perlodically remlnded of their responsibilities as Trustees and updated on any relevanl changes to the appllcable law. OrganlsatSon The Board of Trustees administers the Charity. The 8oard normally mee15 bi-monthly. as does the Finance and Risk sub-committee. The Theatre Director is appointed by the Trustees to manage the day-lo-day operations with the senior managers, Related partles and co-operatlon wSth other organlsatlons None of our Trustees receive any remuneration or other benefit for services to the Charity. Any connection between a Trustee or member of key management wlth a supplier or contracted person must be disclosed to the full Board of Trustees. When connections are disc105ed, the Board consider the risk5 and impacts of such connections and appropriale safeguards are put in ptace. In the current year. the following relationship5 were disclosed.. During the year, the Theatre Royal Bath Productions Limited presented the Jermyn Street Theatre's productlon of Farm Hall In the West End, whlch w85 wrStlen 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 order to enable the Trustees lo carry out their dutie5 to asses5 and suppori the Charity. they are able to receive a maximum of two complimentary ticke15 to attend a performance of each of the Charity's own productions. Pay policy for seniov vnanagers The 8oard of Directors. who are the Charity's Trustees. and the senior management team comprise the key management personnel of the Charlty, All Tru5tees/Directors give of their timè freely and no Trustee/Director received remuneration in the year. DetaiLs of Trustee/Directors' expenses are disclosed in 14

note li to the financial ststerrents. The pay of the senior staff is reviewed annually and nomially increased in accordance with CPI rates as approved by the Trustee5. Th8 Remuneration Committee considers the pay of the Chief Executive in his role as both Group Chièf Executive and Managing Director of TRBP, the Group s commercial arm. The Committee seeks to bench mark his rernuneratK>n againstthèexècutives of comparablé theatres. His remuneratior) in reLatior) to TRBP iswhotiy based on the profitsbi￿tY of that buslness. Other members of the senior management tearn also receive rewuneration in relation to TRBP wholly based on Ihe profitability of that busine5S, Fundraising The Charity has a Development team that raises funds from individuals. trusts and corporale entilies. It does not engage third parties lo carry out fundraising activities on its ￿haLf. No complaints were received during the year by the Charity about fundraising activity. The Charity anticipates an increase in fundraising activity for the Venue 4 project following the year end, A primary area of fundraising is the 'Friends and Associates. membership schemes. Once 3 year, Frlends and A550ciates are reminded ir) writing that their membership up for renewaL If a member does not renew, they are informed in writing that that their rnembership has Lapsed with information about applying for th8 membership if Ihey would tike to joln, The Charity has registered with the Fundraising Regulator during the Year, Rlsk managgmont The Trustees are alert to the wide range of risk factors whlch may arise in connection with the Charity and its operations, including the principal rlsks and uncertainties listed above. The Trustees are satlsfied that policies and procedures are in place which addre55 cofFJorate governance risks including such as conflicts of interest and anti-corruption and brlbery. togother wllh policles whlch address operational risks such as health and safety.. child and young person protecllon issues., adult safeguarding. including manijatory policles directed towards the prevention of harassment.. digaster recovery,. insurance., and IT systems and data security. Certain financial risks are provided for by way of the Stability fund referred to above. The Truslees regularly review these policies and procedures, In particular. the Trustee5 are aware of the risk5 posed by the fabric of the theatre as a historic bubldlng and the possibility that unforeseen mainlenance rnay be required. By means of a rolling repairs programme and the Building Levy. the Trustee5 are sat15fied that they have adequately provided for this conlingeney. rnspon$lbllltlM In roiatlon to the Ilnanclal statements The Charlly Trustees Iwho ara aLso the Dlrectors of the Theatre Royal 8alh Limited for the purposes of company Lawl are responsible for preparing a Trustees, annual rèport and financial statements in accordance with applicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practieel. Company law requlres the Charity Trustees lo prepare financial statements for each year which give a true and fair view of the state of affair5 of the charitable company and the Group and of the incoming resources and appb'cation of resources. Including the income and expenditure. of the charitable Group for that period. In preparing the finarncial statements. the Trustees are requlred to.. select suitatAe accounting policies and then apply them consistently.. observe the methods and principles in the Charitiès SORP., makejudgements and estimates that are reasonable and prudent.. state whether applicable UK accounting Standards have been followed. subject to ary rnateriaL departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate lo presume thal the Charity will continue in business. The Truslees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the Charity and to enable them to ensure that the financial siatemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity 15

and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website, Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from legisialion in other jurisdictions. statement as to dlsclosure to our audltor In so far as the Trustees are aware at the time of approving our Trustees, annual reporl. there 15 no relevant audit information, being information needed by the auditor in connectlon with prep3ring their report. of which the Group s audilor is unaware.. the Trustees. having made enqulrSes 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 ey order of the Board of Trustees Paul Heal Ichalrmanl Date: Tuosday 181h Novomb?r 2025 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS ANDTRUSTEES OF THEATRE ROYAL BATH LIMITED FOR THE YEAR ENDED y MAY 2025 Opinion We have audited financial statements of Theatre Royal Bath Limited for the year ended > May 2025 which comprise the Group Statement of Financial Activities. including income and expènditure accounL the Group and Parent Charitable Compary Balance Sheets, the Group Cash Flow Statement and notes to the financial staternent5. including a summary of significant accounling policies. The financial repoyling framework that has been apptied in their preparation is applicable Law and United Kingdom Accounting standards. including Financial Reporting Standard 102 The Finonciol Reporting Stondord appbcoble in the UK ond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group s and of the parent charitable company s affairs as at 31 May 2025 and of the group's and parent charitsble company's net movement In funds. including the incorne and expenditure. for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with Ihe requirements of Ihe Companies Act 2006. Basls for oplnlon We conducted our audit in arcordance wlth International Standards on Auditlng (UK) IISAS (UK)) and applicable Law. Our responsibilities under those standards are further described in the Auditor's responsibi1Slles for the aud￿ of the financial statements section of our report. We are independent of the group In ac¢ordan¢e wllh the ethlcal requlroments that are relevant to our audit of the flnancial 5talements in Ihe UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We be￿.eve Ihat the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. C¢)ncluslons reiatlng to golng concem In auditing the flnancial statements. we have concluded that the Trustees, use of the golng concern basis of accounts'ng in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not identifled any material uncertainties relating to events or ¢onditions that, indlvidually or coiieclively, may cast significant doubl on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are auth￿iSed for issue. Our responslbilities and the respDnslbllities of the Trustees with respect lo going concern are described in Ihe relevant sectlOn5 of this report. Other Infomiatlon The Trustees are resF)onslble for the other information. The other infomiation comprises the Infonnatlon Sncluded in Ihe Report of the Truslees. Our opSnion on the financlal Statements does not cover the olher Snformation and. excopt to the exient oiher¥vise explicitly staled in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responslbilily is to read the other information and. in doing so. consider whether the other infomiation is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslalement in the financial statements or a material misstatement of the other informab'on. If, based on the work we have performed, we conclude that there is a material misstaternent of this other informab"on, we are required to report that facL We have nothing to report in this I￿ard. 17

Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the covrse of the audL' the information given in the Report of the Trustees. Iwhich includes the strategic report and the Directors, report prepared for the purposes of cornpany lawl for Ihe financial year for which the financial statements are prepared is consistent wilh the financial statements.. and the strategic report and the Directors, report included vAthin the Report of the Trustees have been prepared in accordance with applicable legal requirements. Mattars on whlch we are requlred to report by excoptlon In the bght of the knowledge and understanding of the group and the parent charitabLe company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees, Annual Report (which incorptsrales the strategic report and the diieclors. reporti. We have nothing to report in respect of the following matters in relation to which the Companies Act Z006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been receivgd from branches not visited by us.. or the financial statements are not in agreement with the accounting records and returns or certain disclosures of Trustees, remuneration specified by Law are not made,, or we have not recaved aLi the inforMat￿n and explanations we require for our audit Responslbliltles of Trustaes for flnancl)l stst•ments As explained more fully in the Trustees. responslbilities statement set out on page uthe Trustees Iwho are also the dlrectors of the charltable company for the purposes of company lawl are responsible for the preparalion of the financial slatements and for being satisfied that they give a true and fair view. and for such internal control as the Tru51ees determine is necessary to enable the preparation of financial statements that are free from material mlsstatement, whether due lo fraud or error. In ￿eparIng the financial stslements. the Trustees are responsible for assessing the groups and the parent charitable company's ability to continue as a going concern, dlsclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations or have no realistic alternative but to do 5Q. Irregularitiès, including fraud, are instances of non-compllance with laws and reguLations, We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respecl of irregularities, including fraud. The extent to which our procedure5 are capable of delecting irregularities, incLuding fraud is detailed below. Based on our understanding of the group and charitable company and the enmronment in which they operates, we idenbfied that Ihe principal risks of non-compliance with laws and regulations rÈiatÈd lo revenue recognilion and the completeness of expenditure. and we considered the extent lo which non-compbance might have a material effect on Ihe financial statements. We also considered those laws and regulations that have a direct impact on the preparation of Ihe financial slatements such as the Companies Act 2006, the Charities Act 2011. payrotl tax and sales tax. We evaluated management's incentives and opportunilies for fraudulent manipulation of the financial statements lincluding the risk of override of controisl, and determined thal the principal risks werè related to related lo posling inapproprialejournal entries to revenue and management bia5 in accounting estimates. Audit procedures performed by the engagement team included.. Inspecting correspondence wth regulators and tax aulhorities., 18

Discussions with management including consideration of known or suspected instances of non- compliance wrf(h laws and regulation and fraud.. Evaluating management's controls designed to prevent and cletect irregularities Identifying and testingjournaLs'. and Challenging assumptions and judgements made by management in th￿r critical accounting estimates. Because of the inherent iimrtations of an audit, there is a risk that we will not detect all irreguLarities, including those leading to a material misstatement in the f1nancial statements or non-compliance with regulats'on. This risk increases the more that cempliance with a law or regulation is removed from the events and transactions reftected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk is also g¥eateT regarding irregularities occurring due to fraud ralher than error, as fraud involves intentioral concealment. forgery, collusion. omission or misrepresentation. A fLJrther description of our rèsponsibilities for the audit of the financial staternents is located on the Financial Reporting Council'5 website aL' wvN.frc.org.uk/audilorsresponsibilities. This description forms part of our auditor's report, Use of our roport This report Is made solely to the charitable companys members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been uwlertaken so that we might state to the CharIta￿e company's members those matters we are requlred to state to them in an Auditorfs reporf( and for no other purpose. To the fullest extènt permitted by law, we do not accept or assume responsibility to 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 oynions we have fomed. Jane Askew (Senlor Staiutory Audltorl io Queen Str••t Plac• For and on behalf of Hay$Mac LLP. Ststutory Audltors Dats: 0911212025 London EC4R 19

Consolidated Statement of Financial Activities lincLuding income and expenditure account) For the Year Ended 31 May 2025 2025 2025 Note Unrethtted Re#rfthd Funds Funds E'ooo E'ooo 2025 Total Funds £'ooo 2024 Total Funds £'ooo Income from: Charitable activitles., 18,593 270 .863 18,177 Donations and legacies 164 229 393 266 other Iradlng actlvlties 121 Investment income 12 12 216 Total Income 19,190 499 19,889 18,837 Expendlture on,. Costs of raising funds,, 177) 117,8401 (781 I￿,089} 1621 Charitable aclivilies.. 12491 117.5891 Total •xpondltur• 117. 171 12 ol 118,16X 117.6511 Incom?/lwp•ndltur•) io 1,273 249 1,522 1.186 Funds transfer 21 Not movemont In funds far tho yoar 1.273 249 1.522 1.186 Re¢¢)n¢lllatlon of funds Total funds brought forward 8,880 20 9,114 Total fLLnds carried forward 10,153 1.669 11.822 10.300 Ali Sncome and expenditure derlve from contlnuing activities 20

Consolidated and Charity Balance Sheets For the Year Ended 31 May 2025 Group 2025 É'ooo Group 2024 £'ooo Charlty 2025 £'ooo Charlty 2024 £'ooo Note Flxed assot$ Intangible assets Tangible assets Investments Total Fixed Assots Current assets Work in progress Debtors Cash at bank and in hand Total Current Assets Llabllltles Creditors falling due within one year Net Curr•nt assets Credltors falling due after more than one year 13 4.558 13 4,547 io 4,570 15 16 5,308 5,295 io 13 5,316 71 495 3,525 8,843 12,863 277 1,913 8.32 10.519 37 2.891 7,710 10,638 iii 1,586 7.535 9,232 17 18 16.3571 14.4901 14,6111 13.3211 6,02 6.027 li 20 13001 13001 N•t assets 11,822 io. 00 11,340 10,181 The funds of the charlty: Unrestrlcted income funds Restricted income funds Total Charlty funds 10,153 1,66 11.822 8,880 1,420 io, 00 9,671 1,669 11.340 8,761 1,420 10,181 21 The Trustees have prepared group financial statements in accordance wilh section 398 of the Companles Act 2006 and sectlon 38 of the Charities Act 20ll. The surplus of the charity was £i,159k12024 - £1,408kl. Signed and authorised for issue on behalf of the Trustees by Paul Heal I alrmanl Approved ty the Trustees on Tuesday 18th November 2025 21

Consolidated Cash FLOW Statement For the Year Ended 31 May 2025 Note 2025 £'ooo 2024 £'ooo Cash generated lused Inl / from operatlng activities 23 1,650 714 Cash flows from Investlng actlvltlès Interest received 312 216 Purchase of intangiblè fixed assets liol Purchase of tangible fixed assets 19481 13211 Cash u¥•d In investlng aetlvltl•s Iii Repayment of bank loans Isool 12001 N•t cashllow from In flnanclng actlvltle5 12001 Increase / Idecreasel in cash and cash equivalents In the year 514 399 Cash and cash equivalents at the beginnlng of the year 8.329 7,927 Total ¢￿h and cath equlvaients at the •nd of the year 8.84 8,329 Analysis of Net Debt For the Year Ended 31 May 2025 As at 31 May Cashfiows for 2024 th• y•ar Asat31 May2025 É'ooo É'ooo £'ooo Cash and cash equlvai•nts Cash at bank and In hand 8,329 514 8,843 Borrowryngs Bank loan5- amounts falling due within one year (2001 200 Bank loans- amounts falling due after more than one year 13001 300 15001 soo Net Funds 7.829 1,014 8.843

Notes to the Financial Statements i. Accountlng PoU¢les The principal accounting potscies adopted, judgements and key sources of estimation uncertainty in the preparation of the flnancial ststements are as fotlows.. Basis Of Preparation The financial statemÉ%nts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr financlal statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectwe i January 2015 and as updated with effective from i January 20161 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable In the UK and Republic of IreLand IFRS 1021, the Companies Act 2006 and, in retation to the consolidated financial statements. the Charities Act 2011 The accour)ting p0￿cleS have been applied consistently from the prior year except as detailed below. The Theatre Royal Bath timited meets the definition of a Publ￿ benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical cost or transaction value unless othe￿iSe stated in the relevant accounting policy notdsl. b. Preparation of the flnanclal statements cn a golng concern basis The financial statements have been prepared on a going concern basis. The Trustees consider that the level of funds held by the Charity. the available cash on hand. and the budgeted income and expenditure is sufficient for the Charity to be able to eonts'nue as a going concern and that there are no material unc8rtaintle5 in relation to going concern, c. Group financial statements The financial statements consolidate the results of the Charity and its wholly owned subsidiaries Thealre Royal Bath Productions Limiled, Theatre Royal Bath (Trading) LlmSted, Theatre Royal &ath Enterprises Limited and AH Presents Limited, A separale Statement of Financial Activitie5 and Income and Expenditure Account for Ihe Charity has not been presented because the Charnly ha5 taken advantage of the exemption afforded by section 408 of the Companies Act 2006. The Charity is a quab'fying entity as defined by FRS 102 and. a5 such, has taken advantage of the followlng exemptions.. presenb'ng a statement of entity cash flows on the grounds thal the relevant information is Included within the consolidated information presented within these financial statements, and presenting certain financial instrurrenls dlsclosures on the grounds that the relevant informalion is included within the consob'dated informatlon presented within these financial siatements. d. Income Income is recogni5ed when Ihe Charity has entitlement lo the funds. any performance conditions attached to the itemlsl of income have been met, it is probable that the income will be received the amount can be measured reliably. The Charity utlLises a 52 week year to recognise revenue, recognising Income and expenditure to the final Saturday of the period. This means that some periods are 53 weeks to compensate for this policy. During this year, 52 weeks of revenue have been recognised. Income from government and other grants, whether 'capital' grants or'revenue, grants. is recognised when the Charity has entitlernent lo the funds. any performance conditions attached to the grants have been met, it is probable that the Income wlll be recèived. and the amount can be measured reb'ably. 23

Accounting Pollcles Icontlnuedl d. Income Icontinuedl For legacies, entitlement is taken as the earkn'er of the date on which either." the Charity is aware that probate has been granted. the estate has been finab"sed. and notification has been made by the executorlsl to the Charity that a distribution will be made. or when a distribution is received from the esiate, Receipt of a legacy. in whole or in part, is only considered probable when the amount can be measured reliably and ￿e Charity has been notified of the executor's intention to make a distribution. Where legacies have bèèn notified to the Charily or the Charity is aware of the granting of probate. and the criteria for income recognition have not been met, then the le￿cY is a treated as a contingent asset and disclosed if material. Income received in advance of a theatrical performance or provision of other specified service it 15 deferred until the performance. or the 5eNice has been given15ee note 191, a. Donated services and facllitSe5 Donat8d professional seNic9s and donated facllities are recognised as income when the Charity has control over the item, any conditions associaled with the donated item have been met. the receipt of economic benefit from the use by the Charlty of the Ilerr is probable and Ihal economic benefit can Ix* measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time Is not recognlsed. On receipt. donated professional services and donated facilities ar& recognised on the basis of the value ofthe gift lo the Charity which is the amount the Charity would have been willing to pay to oblain servicès or facilities of èquivalent èconomic bènefit on thè opèn market., a corresponding amount is then recognised in expenditure in the period of receipt, b. Interest Receivable Interest Is included when receivalAe and the amount can be m8a5ured reliably by the Charlty,. thi5 IS normally upon notification of the interest paid or payable by the Bank. c. Fund Accounting Unreslricled funds are avaliable to spend cn activlties that further any of the purposes of the Charity. Designated funds are unrestricted funds of Ihe Charity which the Charity Trustees have decided al Iheir discretion 10 Set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for partlcuiar areas of the Charity's work or for speclflc arllsti projects being undertaken by the Charity. d. Expendituro Expendlture is recognised once there 15 a legal or constructive obligation lo make a payment to a third party.11 is probable that settlement will be required and the amount of Ihe obligation can be measured reliably. Expenditure is classified under the following activity headings.. costs of raising funds- whlch comprlse the costs of commerclaltradlng Including the catering and the associated support C05ts'. expenditure on charitable activities which includes activities undertaken lo further the purposes of the Charity and the associated support COSts. e. Allocation of support costs Support costs are those functions that as5ISt the work of the Charity but do not directly Ljndertake charitable activities. Support costs include back office costs. finance. personnel. payroll processing and governance costs which support the Charity5 art15tic programmes and actiMtie5, These costs have been aLLocated between cost of raising fund5 and expenditure on charitsble activities. The bases on which support costs have been allocated are Set out in note 9. 24

i. Accounting Policies (contlnuedl f. Tangible fixed assets Individual fixed assets costing E200 or more are CapIta￿'sed at cost and are depreciated over their eslimated useful bvès on a straight line basis as follows.. Asset Cate90ry Equipment Motor vehicles Leasohold improvements Freehold property improvements Annual 10%-32% 2s% The freehold property is not depreciated as the Trustees do not belI￿e its residual value to be Sbgnificantly lower than its cost due to the age and nature of the building, and Its location in the conservation area of central Bath. An impairment review is earned out annually by the Trustees and any impabrmenl is charged lo the income stateTnent in the year in which it is identified. g. Work in Progress Work in progress, which represents direct costs of theatrical productions that had yet to start at the year end. is stated at the lower of cost and nel reali5able value. h. Debtcrs Tradeand other debtors are recognised atthe settlement amount due afterany trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts. Cash ol bank and in hand Cash at bank and cash in hand includes cash and short term highly liquld Snvestments with a short maturity of thrée months or less from the date of acqulsition or openlng of the dep051t or similar a¢counL Credltors and Provislons Creditors and provisions are recognised where the Charity has a present obligation resultlng from a past event thalwill probably result in the transfer offunds to a third party and Lhe amount due to seltle the obligation can be rnea5ured or estimated reliably. Creditors and provisions are normally recognised at theSr settlement amount after allowing for any trade discounts due. k, FlnancSal Instruments The Charlty only has flnanclal assets and flnancSal liabilltles of a klnd that quaLify as basic financlal instruments." all such financial assets are current Except for financing instruments, basic financial instruments aré initially recognised at transaction value and subsequently measured at their Settlement value, Financing instruments are initially recorded at the proceeds received net of direct issue costs and are subsequently measured at amortised cost. using theeffective interest rate method. Pensions The GTOUP prowdes a range of benefits to employees. including pald holiday arrangements and defined contribution pension plans. New and existing employees are automatically enrolled Into a defined contribution pension scheme unless they have exercised their right to opt out of scheme mernbership. Short term benefits. including cornpensation for Loss of employment. hO￿daY pay and other non- monetary benefits. are recognised as an expense in the period in which the seNice is received. The Group operates a defined contribution pian. whereby the Group pays fixed contributlon5 into separate entity. Once the contributions have been paid ihe Group ha5 no further payment obligation& The contributions are recognised a5 an expense in the period to which they relate. Amounts not paid are shown in accruals in the statement of financial wsition. The assets of the ptan are held separately from Ihe Group in independently administered funds. 25

i. Accountlng Pollcles l¢ontlnued) m, Taxation Th8 Charity's current trading activities are charitable and therefore, to the extent that any surpLuses are applied to ils charitable objects, the Charity is not liable to tax. and no provision is made for current or deferred tax by the Charity. No provision 15 made for current or deferred tax on any profits arising in the year generated by the Charity's subsidiaries which are expected to be offset by the carry back of future donations to the Charity. The current tax charge recognised in the subsidiaries is based on the remaining taxable profit for the year. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Other than as described above. deferred tax is recognlsed Sn respect of all timlng differences between taxable profits and the net movement in funds that have originated but nol reversed at the balance sheet dale. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can b& ulilised. Deferred lax is calculated at the tax rates that are expected to apply in the period when the liability is settled or th8 asset realised. Deferred tax is charged or credited to profit or Ios5. except when it relate5 to item5 charged or credited directly to other comprehonsivè income, in which case the deferred tax is also dèalt with in other comprehensve income. The Group receives Theatre Tax Relief whlch Is surrendered. gSving rlse to tax payments to the Group. The arising credit Is recognised in the year in which the related expendllure 15 Incurred, The credit is recognised in charitable expendlture the Consolidated Statement of Financial Activities. n. Keyjudgements and sources of estimation and uncertslnty The preparation of financial statomer)ts in conformity with genorally accepted aceeunting practice requires management lo make judgemenis and eslimales that affect the reported amounts of assets and liabilities as well as the di5c105ure of contingent assets and ￿abl￿tIeS at the statement of financial position date and the reported arnount5 of revenues and expenses during the reporting period. The estimates and assoclated assurnptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. In preparing the f1nancial statements, the only judgements which had, or could have had, a material impact on the financial statemenls is the adoption of the going concern basls for the preparation of the financial statements las explained abovel and the assessment of whether a freehold property that is currently sublet should bÉ¥ classed as an investment property or. as is currently the case, noL If in future the property is recia$5ified as an investment property. it will need to be Staled al 115 fair value rather than depreciated cost. whlch 15 likely to re5uII in an increase In the reported nel a55ets of the Group, The only niaterial estimate required is the estimated useful lives of assets and their r95idual values, which are described above. The carrying value of the a55et5 15 given in note ￿, 2. Legal Status of the CharSty The Charily is a private company ￿'mIted by guarantee and has no share capital. It is registered in England and ils registered office is Theatre Royal Bath. Sawclose. Bath. BAI IET and its registered company numbe¥ is oui6448. In the event of the Charity being wound up. the liatx'lily in respect of the guarantee is limited to £100 wr member ofthe Charity. 26

  1. FJnanciaL Perforrnanee of the Charlty The corwlidated statement of financial actimties include5 the results of the Charity'5 wholly owned subsidiaries tsee note X. The summary flnanclal perforniance ofthe Charity alone Is.. 2025 £'ooo 2024 E'ooo Income Donation from subsidiary companies 17,726 157 17,311 361 17.883 17.672 Expenditure on charitable actNlties 116.7241 116,2641 Net Incomo/1oxpendltur•l 159 1,408 Totalfunds broughtfoNiard 10.181 8,773 Totsl funds canled foNiard 1&340 10,181 Repre5enled by,. Unrestricted income fund5 Restricted income funds 9,6 1.669 8,761 1.420 1&340 io,iai The consolidated income of £19.68gk12024'. 18.837kl comprises the charily income above of Ei7.726k 12024.. £17,311 kl plu5 the income of the subsidiarie5 of £8,793k12024'. £6,922k) (Note 71 less net inter- company trading adjustment of £6.83ik12024'. £5,396W. Incom• from ¢hJrltabie actlvltles Unrestrfcted Restricted Funds Funds 202S 2025 £'ooo E'ooo Total 2026 E'ooo Total 2024 £'ooo Main House & Ustinov Performances EdueatSon lin¢ p&rformanco5 in thg eggl Touring and West End Productlons Income Grant Income 9,982 9.982 11,600 748 589 7,886 7,886 247 5.845 143 243 18,593 270 18.863 18,177 27

s. Inc<>me from donatlons and iegacles Urtestkicted Restricted Funds Funds 2025 2025 £'ooo £'ooo Total 2025 E'ooo Total 2024 £'ooo Memberships Donatsons 109 55 164 109 284 393 130 136 266 229 229 The Charity benefits greatly from the involvement and enthusiastic support of its volunteers. details of which are given in our annual reporL In accordance with FRS 102 and the Charities SORP IFRS 1021, the economic contribution of volunteers is not recognised In the fiNanclal statements, 6. In¢omo from oth•r tradlng actlvltl•s Total 2025 £'ooo TotaL 2024 £'ooo oth8r trading income 121 178 121 178 All income from other trading activlties 15 unrestricted in both 2025 and 2024, Of the income. £67k12024'. £74kl is from rents and the balance from the provision of services. 7. Incom• from tradkng actSvltl8s of subsldlarlos The Charity has four wholly owned trading subsidiaries all of which are incorporated in the UK and all of which have Iheir regislered office at Theatre Royal 8ath. Sawclose. Bath 8A1 IET. The Theatre Royal Bath ￿rading) Limited operates the bars within the Theatre. procure5 sponsorship for The Theatre Royal Bath and operate5 Ihe 1805 Entertainlng Sulte. The Thealre Royal 8alh Producllons Llmlted generates and presents theatrical productions. The Theatre Royal Bath Enterprises Llmited manages and runs theatrèal producllons for The Theatre Royal and for The Theatre Royal Bath Productlons Limited. AH Presents Limited operates the production Alferd Hitchcock Presents. In the prior year. the Charity reported a wholly owned subsidiary, Roman Holiday Bath Limited, This wa5 dormant until the company was dissolved on 261h November 2024. These companies dor)ate their tsxable profits and pay management charges to The Theatre Royal Bath Limited. Audlted financial statements are filed with the Reglstrar of Companies, A summary of th￿r trading results is shown below. In the consolidated statement of financial activities. the turnover of Theatre Royal Bath Productions is included In louring and west end productions incorne. Other income, after eliminating intra-group Iransaclions, is included as income from other trading actlvities. 28

  1. Incarne from tradlng actlvltles of subsldlarles Icontlnued) The summary finaNcial performances of the subsiéiarie5 are.. 2025 TRB TrB Trading É'ooo TR8 AH Presents Ent•rPri￿S Produc￿OnS £'ooo Total £'ooo É'ooo Turnover Other expenditure 7.403 16.5961 603 14301 731 19431 8.737 17,9691 Net profit/llossl 807 173 12121 768 Theatre tax relief Managernent charges Amount donated to the Charily Retsined in subsidiary 212 212 146 13101 11511 1791 1571 11571 362 420 2024 TRB Pr¢ductlon• TRB TRB Trndlng Enterprls Roman Houday Bath £'ooo Total £'ooo £'ooo £'ooo Turnover other expendlture 5.523 15,205) 655 14431 743 19481 6,922 16,5961 Net profit/llossl 318 212 12051 326 Theatre tax r81ief Management charges Amount donated lo the Charlty 205 205 13931 12S5) 11381 13321 129) 13611 Retained in sub51diary 122 The management charges were paid to the Charity. The assets and liabilitie5 of the subsidiaries wwe.. 2025 TR8 Productlons £'ooo TRB Tradlng f'ooo TR8 AM Presents Enterprls E'ooo Total £'ooo £'ooo Flxed assets Current assets Current liabilities li 99 1881 12 2,330 11,8391 1,473 11.0041 li 747 17471 Total net assets 470 22 503 2024 TRB l*oductlons TRB TAB Tradln9 Enterpvlses Roman Hoilday Bath £'ooo Total E'ooo £'ooo £'ooo É'ooo Fixed assets Current assets Current liabilities 12 116 (491 19 1.190 11.065) 1.063 11.0171 194 11831 li Total net a55ets 49 79 29

  2. Analysls of gxpendlture on charltabie acti¥itigS 2025 Main House & U5tlnov £'ooo Education Touring & (incl the Wèst End Eggl Productlons £'ooo £'ooo Total £,000 Cost of productions Education and outreach Box office and front of house Ma￿etIng Building and stage Amortisation and depreciation Support costs (note gl Governancg Costs Inote 91 5.889 698 267 88 18 38 6.272 12,859 267 1.137 447 772 331 2,161 115 1,049 429 719 329 1,200 81 388 20 573 Total 9,696 1,517 6,876 18.089 2024 Maln HOL￿0& Ustlnov £'ooo Edueatlon Towlng & Ilncl the West End Egg) Productlons E'ooo £'ooo Total £'ooo Cost of productions Education and outreach Box office and front of house Marketing Building and stage Amortisation and depreciatDn Support costs Inole 91 Governance costs (note 91 7,326 550 178 62 li 30 4.949 12.825 178 1.097 386 740 250 2,039 74 1,035 375 696 247 1,213 43 14 381 17 445 Total 10,935 1,229 5.425 17, Of the above expenditure, 249k was restricted12024.' 2S9kl and the balance was unrestricted. 9, Analyds of gov•rnanc• and suppori costs The Charity initially identifie5 the costs of its support functions, including governance costs. The suwort costs are apportioned between the charitable activities undertaken Isee note 81 in the year. Administrative staff costs are allocated based on the time spent by the relevant staff In supporting Ihe various acllvities. Other costs apportioned pro-rata to administrative staff c05ts. 2025 Gen•ral Govornance Support functlon E'OOO £'ooo E'ooo Adrninlstratlve costs Adrninistralive Staff costs Audit f￿5 Accountsncy services Legal and other professional fees 388 1,773 3W 1,7gi 18 44 43 43 2.161 115 2,276 30

  3. Analysis of govemance and sUPPOrt costs (continued) 2024 £'ooo £'ooo E'ooo Admini5tratwe costs AdministTative staff costs Audit fees Accountsncy seNices Legal and other profesyonal fees 408 1,631 411 1,645 40 14 40 2.039 74 2,113 lo. Net incom• / l•xp•ndltur•for th• y•ar Thls Is stated after charglng,. 2025 £'ooo 2024 E'ooo Amortisation of intangible fixed assets Depreciation of langible fixed assets Auditor'5 rernuneration.. Audit fees Tax compliance 296 236 40 17 43 . Analysis of staff costs, trustw renum•ratlon and expenses, and th• cost of k•y manag•m•nt personnel 1025 É'ooo 2024 £'ooo Staff costs Salarles and wages Social security costs Pension costs 3,269 319 2.841 251 3,657 3,156 Penslon costs. comprising defined conlrlbution payments. are Included In admlnlstrative staff costs and are wholly charged to unrestrlcted funds. The number of employees who recelved total employee benefits loxcluding employer pension costs) of morè than £6ok is as follows'_ 2024 £'ooo 60-70 70-80 80-90 90-100 290-300 490-500 Nungr The Charity Trustees were not paid nor received any other benefits from employment with the Charity or its subsidiaries in the year12024.' £niU neither were they reirnbursed oxpens during the year12024'. £niU. No Charily trustee received payment for professional or other seNices supplied to the Charity 12024.. Enil). The key management personnel of the parent charity comprise the Trustees, the Theatre Director, Finance Direclor. General Manager and Theatre Administrator. The total employee benefits of the key management personnel of the Charity were £553k12024.' £477kl. The key management personnel of the group are those of the Charity and the key management personnel of its wholly owned subsidiary Theatre Rgyal Bath Productions. The key management personnel of Theatre Royal Bath Productions Limited are the B(>ard of Directors. the Finance Director, 31

General Manager and Theatre Administrator whose employee benefits total E335k12024". £75kl. The employee benefits of key rrk3nagernent personnel for the group was therefore £888k12024.' 608k). The higher paid staff disclosures above are based on salary payments in the year which can include Lx)nu5 payrnents rèLating in part to Ihe preceding financial year. 12. Staff nurnbers The average monthly head count was 159 Staff (2024 156 staffl Fundraising Production Main House & Ustinov Front of House 8ox Office Marketing Management Adrninistralion Education and the Egg 49 . Related party transactlanl In 2024/S, the follovAng transactions look place between the Charity and its whdly owned subsidiaries.. Donatior15 from Ihe subsidiarie5 to tha Parent Charity The payment of management charges Details Df these transaclions are shown in note 7. In addition, the Charity. on behalf of the Group, employs all staff. Recharges of Salary costs and other overheads to the subsidiaries were E955k12024'. £75okl. TR8P prodtJ¢ed a number of plays on behalf of the TRB. TRBP was reimbursed costs of £6.3iik for this work Balances due from and to the Subsidla￿eS are shown in notes 17 and 18 respectively. Theatre Royal Bath Pr¢xluctions Llmited produced a touring production of the play Farm Hall, written by Ms Katherine Moar. daughter of Theatre Director Danny Noar. The Board were aware ol this reLationship nd were alert to Ihe risk of conflict and appropriate risk management procedures were followed. M5 Moar was paid royalties of £ii.037 for the use of her work 12024.. £9.579 for UK lourl, From time to tbme. related partles purchase tickets for productions in the auditoria. The price of these tickets is the same as that available to the general public at the time, During the year, Trustees donated £391 to the Charity. . IntangibL• flx•d ass•ts- group and ¢haYlty É'ooo C05t Al beginning of year Additions Al end of year 59 59 Amortlsatlon At beginning of year Charge for Year At end af year 46 51 Net bookvalue At end of year At beginning of year 13 32

. Tanglbie flxed assèts Group Long Freehold ieasehoid proparty and Improvements improv•ments E'ooo £'ooo Motor vehlcies Equipment TotaL E'ooo £'ooo E'ooo C05t At start of year Additions Disposals At end of year 3.zlg 594 3,738 30 1.350 479 132) 1,7g7 8.332 1,073 1321 9,378 3.8 3,738 30 Depreclatlon At start of year Charge for year Disposals At end of year 1.818 93 901 47 23 1,033 180 1321 1,181 3,774 328 1321 4,070 li 48 Net book value At end of year At beginning of year 1,902 1.401 2,790 2,837 616 317 5,308 4,558 Charlty Cost At Stari of year Addilions Disposals At end of year £'ooo E'ooo É'ooo É'ooo E'ooo 3,2J9 594 3.738 30 1.268 472 8.255 1,066 ,81 1,708 ,28 Depreclatlon At slart of year Charge for year DisposaLs At end of year 1,817 93 901 47 23 967 In 3.708 318 io 1,106 Net book value At end of year At beginning of year 602 301 1,402 2,837 4,547 The original cost of the freehold property. which was nol depreciated, is £1.4 mlllion. The freehold property can only be sold with ihe consent of the Bath Theatre Trust. which 15 the freeholder of the maln theatre, which the Charity leases from ihe TrusL 33

  1. Invesiments Charity 2025 E'OOO 2024 £'ooo Shares at cost in groLJP undertakings.. At beglnnlng and end of year- at cost io io Details of consoUdated subsldiary undertakings. which ar8 aLL register8d in EngL4nd and Wales, as follows s￿bSIdlary und•rtaking PrSnclpal actlvlty CLa55 and percentage of shares heid Ordinary loo% Theatre Royal Bath ftradingl Limited - 02353880 Operation of the Theatre Bars. Procurement of sponsorship and operation of 1805 Sulle Theatre Royal Bath Enterprises Limited - 01640869 Control and runnlng of theatre productions Ordinary loo% Theaire Royal Bath Productions Llmited - 03495565 Development of theatre productions Ordinary loo% AH Presents Limited - 1576J48 Development of theatre productsons Ordinary loo% Jolnt Vonuès 8ugsy Malone UK Limited- 13907447 Development of theatre productions Ordinary 50% All Soasons Man LimSted - 16018744 Developmenl of theatre productions Ordinary 50% A Voyage Flound My Father Limited - u775323 Development of theatre productlons OrdSnary 33%

  2. Debtors Group 2025 £'ooo Charlty 2025 É'ooo 2024 £'ooo E'ooo Trade debtors other debtors Prepayments and accrued income Amounts owed by group undertakings 345 2.909 2n 150 2,314 266 1,124 196 3,192 445 16 86 34

  3. Credltors: amounts faillng due wfthln one year Note Group 2025 £'ooo Charfty 2025 £'ooo 2024 E'ooo 2024 £'ooo Bank loan Trade creditors Taxation and social security Amounts owed to group undertakings Short-term compensated absences (holiday payl Other creditors Accruals Advance tieket sales and olher deferred income 20 200 701 139 200 408 133 726 162 478 155 81 78 1.183 1.042 87 215 1,275 78 42 698 87 18 521 19 .166 6,357 1.87 4,490 ,160 4.611 3,321 19, Dfrf•rred Incom• Deferred income consists primarily of advance ticket sales and girt vouchgrs. Group and Chgrity Glft vauchws and other deferred Income Advance tlcket saias £'ooo Total £000 £'ooo Prlor year At beginning of the prior year Amount released to incoming resources Amount deferred in year Deferred income as at the year end 114 2.156 12,1561 2,270 12.2701 1,87 120 120 Current year At b()ginning of y&ar Amount released to incoming resources Amount deferred in year Deferred income as al the year end 120 11201 18 L8 1.753 11,7531 1,873 11,8731 3.166 .166 2.848

  4. Creditors,. amounts fauing due after more than on• y•ar Group 2025 É'ooo Charfty 2025 £'ooo 2024 £'ooo 2024 £'ooo Bank loan 300 300 Total 00 00 The bank loan was Secured by way of a fixed and floating charge over Ihe assets of the Group. The loan was repayable in monthly instalments over a peri<)d of five years, commencing in December 2021 and bears iNteresl at a margin of 2.75A per annum. The interest that arose in the first year was paid by the GovernmenL The Loan was fully repaid during the year ended May 2025, 35

ZL Analysls of chaiiLible fun¢ts Analysls of movement in unrestricted fund5 2025 Balance i June Incoming Resources 2024 resources expended Transfers £'ooo E'ooo £'ooo £'ooo Fund$ 31 May ZOZS E'ooo General fund Designated production fund Designated stability fund Designated creative fund Designated building ievy Designated buliding development fund Designated fixed asset fund 2.391 564 150 52 1,157 1,250 18.544 196 116.7741 5081 (go¥ 250 350 3.258 502 500 52 1,235 1,250 449 13711 3.316 12631 303 3.356 Total 8,880 .18 117, 161 10,1 2024 Balance i June 2023 £'ooo Funds 31 May 2024 £'ooo Inwnlng Resource$ resources expended Transfers £'ooo £'ooo £'ooo General Fund Designated producllon fund Deslgnaled stability fund Desigrnaled creative fund Desigr)ated building levy Designated building dvvelopment fund Designated fixed asset fund 4,475 640 150 52 1.380 1.000 17,695 347 116.1941 16731 3.5851 250 2.391 564 150 52 1.157 1,250 521 15131 12311 250 3.316 3.316 Total 7,8 117. 801 8,880 Deta115 of unrestrlctod funds Name General Fund scrlptlon, nature and purposes of th• fund The balance of unrestricted reseNes after designatlons OesKJnated Funds.. Production Fund Designated production fund for own-hDuse productions in the Main house. Ustinov and egg auditoria. stability Fund Designated to enable Continuity in activities a5 a result of unforeseen circumstances. Creative Fund Designated to support access to our community engagemenl work and to the new comrnunlly venue space Building Levy Fund Designated to cover the upkeep and running of the theatre building and its three auditoria. Building Development Fund Designated to enable future capital projects to enhance the building Fixed Asset Fund Designated to contain the carrying value of fixed assets held by the charity unless othen*ise restricted 36

ADalysls of movam•nt In rortrfcted funds 2025 Balance i June 2024 £'ooo Incomlng Resources Funds resources expended Transfers 31 May 2025 S'ooo S'ooo f'ooo £'ooo Restoration resetve The egg reserve Arts Council CRF Grant5 The egg appeal 12 73 1211 reserve 1,211 43 liol 11181 1.202 33 Lifelong learning fund 2010 appeal reserve Venue 4 Capital Fund Wonderfund 108 170 170 197 154 lioil Total 1,420 12501 1,669 2024 Balan¢e iJune2023 £'ooo In¢wilng Rgsour¢es Funds resources •xpended Transfers 31 May 2024 £'ooo £'ooo E'ooo £'ooo Restoration reserve The egg reserve Arts Council CRF Grants The egg appeal reserve Lifelong learnlng fund 2010 appeal reserve Wonderfund 12) 1681 12 55 1551 1.252 1421 1601 1.211 43 89 75 1421 154 Total Details of re$trlcted fund$ 12 ol 1.420 Narne Restoration reserve Descrlptlon, nature and purposes of the fund The balance specifically for the renovalion work for the Ustinov. The agg resarvè Funds received for the supp¢rt of the egg and its educationaL work, Arts Councll Culture Recovery Fund grants Arts Council Culture Recovery Grants publicly funded by the Department of Digital. Culture, Media and Sport. The egg appeal resÈNe Funds raised for the development of the egg auditorium to provide a theatre Specifically for children and young people. Lifelong learnlng fund Funds received for the support of educationaLwork for adults. ZOIO appeal reserve The balance specifically for the renovation and development wotk to the Main House, Venue 4 Capital Funds ralsed to fund the creation of Venue 4, Wonderfund Funds raised to offer state school children free access to live perform3nce 37

  1. Analysls of group net assets between funds G•neral De51gnated Restricted Fund Funds Funds Total 2025 £'ooo £'ooo £'ooo £'ooo Tangible fixed assets Current assets Current LIak￿litieS Long term liabilities Total 4.101 2.932 11381 1.202 467 S.316 12,523 16,017) 9.124 15.8791 3,258 6.895 1,669 11,822 2024 £'ooo £'ooo E'ooo £'ooo Tangible fixed assets Current assets Current liabilities Long term babilities TotaL 3.￿8 3.926 14.3631 15001 231 6,348 1901 1,212 208 4,5n 10.482 14.453) 15001 io,ioo 6,489 1,420 23 Rocon¢lUatlon of n•t movoment In funds to cash genor•ted by / lused In) opfrratlons Z025 £'ooo 2024 E'ooo Net movement in funds Add back amortisation charge Add back depreciation charge Add back loss on dlsposal of fixed a55ets Deduct Interest Income shown In investing activilies Movement in wotl( in progress Movement in debtors Movement In creditors Net cash gan•rated by / lusad In) oporatlng actlvltles 1,522 1,186 328 246 13121 12181 11.6121 12161 527 11,0611 14 ?& Flnanclal InstruThnts Group Charlty 2025 £'ooo 2025 E'ooo 2024 E'ooo 20*4 E'ooo Financial a55ets which are debt instrumenls measured at amortlsed cost 385 595 348 Financial a55et5 which are equily instruments measured al an￿rtISed cost io io Financial liabllities measured at amortised cost 1.858 2.047 1.268 1.092 The rfsk from financial instrurnents primarily arises from cash al bank. where the Charity is exposed to credil risk. The Group is also exposed to credit risk from ils trade debtors, and the Charlly Is exposed to credit risk reLating Lo its subsidiaries. 38

  2. Operatlng Leases Income due und8r non-cancelLable operating leases for land and buiLdings Group and Charity 2025 E'ooo 64 256 373 693 2024 E'ooo 64 256 437 757 Due nexi year Due in 2 to 5 years Dua after more Ihan 5 years Under the terms of the leases, the rentsl income is subject to periodic review. The Leases give the tenants no right of acquisition.

  3. Consoudated Statement of FlnanclalActlvltles- Prk*r Yoar Total Funds E'ooo Funds £'ooo Funds £'ooo Income from; Charitable activities.. Donation5 and legacies Other trading activities.. Investment income Total income 18,030 ui 178 216 LB,565 147 125 18,177 266 178 216 18,637 272 Expendlture on.. Costs of raising funds.. Charitable activities,. Totalexpendlture 1621 117,3201 117.3821 1621 117.5891 117,6511 12691 N•t Incomo/l•xp8ndltur•) 1,183 1,186 Funds transfer Net mov•m•nt In funds for tha y•ar 1,183 1.186 Raconclllatlon of funds Total funds brought forward Total funds carried forward 7,697 1.417 9,114 8,880 1,420 10,300 39