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 bɥ 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

3. 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

7. 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

8. 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

9. 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
Nun*gr
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 oxpen*s 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

16. 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%
17. 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

18. 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
20. 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

22. 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

25. 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.
26. 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