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2020-12-31-accounts

FOR THE YEAR ENDED 3 FOR THE YEAR ENDED 3 FOR THE YEAR ENDED 3 1DECEMBER 2020 1DECEMBER 2020
The Board ofDirectors ofThe Holburne
Museum
Trust Company ('The Trustees' )
Edward Bayntun-Coward 1,2, Owner ofGeorge Bayntun, antiquarian
bookbinders
and booksellers.
CHAIRMAN 4 Deputy Lieutenant ofSomerset.
Francesca Beauman Writer, historian
and television
presenter.
World's leading		 expert on
VICE CHAIR the history ofthe pineapple.
Angela Gillibrand
(appointed
20November 2020) 1 Vice Chair ofthe Holborn
Estate Charity, non-executive		 director ofthe
TREASURER &COMPANY Rethink Trust Corporation.
SECRETARY
John Barneby 1 Former Chairman
ofCzarnikow
Group Ltd.
Senior private equity and corporate finance practitioner.
Trustee of
Iford Arts, the York Minster
Fund, the Dr Martin Clarke		 Young Organist
Dr Martin Clarke 1 Scholar's Trust. Member ofthe Advisory
Board ofSt Mary's		 University
Business School. Member ofthe Campaign
Committee		 ofthe Museum
of London.
Jamie Eastman Nominated
Trustee, University ofBath.
Jeremy Garfield-Davles Advisor to historic houses, private collections and museums
Britain and USA.		 in Asia,
Magdalen
Fisher (appointed		 Independent
arts consultant
supporting
the imperial
Health		 Charity on
20November
2020)		 its arts committee,
and arts adviser to the Alzheimer's		 Society.
Sarah Flannigan Consultant
Chief Information
Officer and non-executive
ofSawday's.
Trustee of National
Lottery Heritage
Fund		 Director Chair
& Kew Gardens.
Sandra Forbes 4 Senior banking and corporate lawyer.
Sukie Hemming
(appointed
20 November
2020)		 2 Former roles at British Museum
and National Trust. Currently
ofChelsea Physic Garden.		 Trustee
Caro Howell (appointed 20 3 Director of Foundling
Museum,
London. Co-chair ofWomen		 Leaders in
November
2020)		 Museums
Network.
Mark Humphriss University
Secretary, University of Bath (until June 2020);then
Secretary (CEO) Diocese ofOxford; Vice-Chair. Designability.		 Diocesan
Oluwatosin
Onile-Ere-Rotimi		 3 Contemporary
African art specialist.
Dr Andrew Salmon 3 Nominated
Trustee, Bath Spa University.
Desmond
Shawe-Taylor		 LVO Surveyor ofThe Queen's
Pictures. Former Director of Dulwich
Gallery.		 Picture
Dr Chris Stephens 1,2,'
3		 Director ofThe Holburne
Museum
Committee
Membership
1-Finance, Audit &Investment Committee
2- Fundraising
Committee
3 - Learning & Engagement Advisory Committee
4 - Nominations
Committee

James Eastman Retired 27 April 2021
Brian Allen Retired 20 November 2020
Antony Constantinidi FCA Retired 20 November 2020
Michael
King		 Retired 20 November 2020
Patricia Lankester Retired 20 November 2020
Tim Sanderson Retired 20 November 2020
Liam Wiseman Retired 10June 2020
Professional
advisors:
Solicitors Thring's
LLP, 2 Queen Square, Bath BA12HQ
Withy
King, Midland
Bridge House, Midland		 Bridge Road, Bath BA2 3FP
Auditors Moore, Chartered
Accountants
&Statutory
Auditors, 30Gay Street, Bath BA12PA
Investment Managers and Heartwood
Investment
Management
Advisors No1Kingsway
London WC28 BAN
Insurance Brokers Jelf Insurance
Brokers Ltd 1Crescent Office Park, Clarks Way, Bath BA2 2AF
Blackwall Green, The Wallbrook
Building, 25		 Wallbrook,
London
EC4N BAW
Bankers Cafgank
Ltd, PO Box289,West Mailing,
Kent		 ME194TA

FOR THE YEAR END E D 31DECEM BER 2020
Unrestricted Restricted Endowment n Total Funds
Funds Funds fund 2019
Note E E E E
INCOME
Grants and Donations 886,798 107,398 262,500 649,073
Income from charitable activiues 339,788 194,290 447,788
Other trading activities 207,539 300,295
Income from investments 352 3,113
Other income (5,000)
Total Income 1,434,477 301,688 262,500,999,6 1,395,269
EXPENDITURE
Expenditure
on raising funds
Investment
management
costs
Expenditure
on charitable
activities		 6
7
8/9		 (85,839)
(878,849)		 (482,760) (39,010) (8
39)
(,0 0)
60		 (100,493)
(38,708)
(1,642,829)
Total Expenditure (964,688) (482,760) (39,010) (18 8 8) (1,782,030)
NET INCOME/ (EXPENDITURE) 469,789 (181,072) 223,490 1 ' 07 (386,761)
TRANSFERS BETWEEN FUNDS
Total Asset Return transfer 19 252,501 (252,501)
Loan from Endowment now repaid 19 (387,935) 387,935
Avon Pension
Fund deficit		 20 (235,000) 235,000
NET INCOME/(EXPENDITURE) AFTER TRANSFERS 99,355 53,928 358,924 5,207 (386,761)
Gain on investments 15a 299,320 299, 2 321,706
Actuarial
loss on defined
benefit pension scheme 23 (357,000) 357,00 ) (161,000)
NET MOVEMENT
IN FUNDS		 (257,645) 53,928 658,244 4 4;527 (226,055)
FUND BALANCES BROUGHT FORWARD 992,912 8,940,200 1,687,816 1;6 0, 8 11,846,983
FUND BALANCES CARRIED FORWARD 735,267 8,994,128 2,346,060 g)12,075855)I 11,620,928

AT31DECEMB E R 2020
Unrestricted Restricted Endowment Total Funds
Note Funds Funds Fund 2019
E 6 6 6
FIXED ASSETS
Tangible fixed assets:
Freehold Property: The Museum 13 550,000 7,260,889 7,987,121
Other assets 13 140,487 501,859 684,970
690,487 7,762,748 8,672,091
Heritage assets 14 761,000 761,000
Investments 15 88,990 920,000 2,083,560 2,832,240
TOTAL FIXED ASSETS 779,477 9,443,748 2,083,560 12,265,331
CURRENT ASSETS
Museum
shop stock		 16 28,225 21,239
Debtors 17 122,210 204,340
Bank balances and similar 577,006 142,380 262,500 259,576
727,441 142,380 262,500 485,155
CREDITORS: Amounts falling dua
within one year 18 (179,651) (302,558)
NET CURRENT ASSETS 547,790 142,380 262,500 182,597
NET ASSETSBEFORE PENSION DEFICIT 1,327,267 9,586,128 2,346,060 12,447,928
Pension scheme deficit 23 (592,000) (592,000) (827,000)
NET ASSETS 735,267 8,994,128 2,346,060 11,620,928
ENDOWMENT
FUND		 19 2,346,060 1,687,816
RESTRICTED FUNDS 20
Development
Fund		 7,762,748 7,990,186
Heritage Assets 761,000 761,000
Special Acquisitions Fund 920,000 920,000
Less: Avon Pension Fund deficit offset (592,000) (827,000)
Specific Purposes Funds: Revenue 142,380 96,014
8,994,128 8,940,200
UNRESTRICTED FUNDS
General fund 21 735,267 992,912
735,267 8,994,128 2,346,060 11,620,928

AT31DECEMB E R 2020
Unrestricted Restricted Endowment Total Funds
Note Funds Funds Fund 2019
E E 6 E
FIXEDASSETS
Tangible fixed assets:
Freehold
Property:		 The Museum 13 550,000 7,260,889 7,987,121
Other assets 13 140,487 501,859 684,970
690,487 7,762,748 8,672,091
Heritage assets
Investments		 14
15		 88,990 761,000
920,000		 2,083,560, ,55 761,000
2,832,240
Investment
in subsidiary		 100 100
TOTAL FIXEDASSES 779,577 9,443,748 2,083,560,30,885 12,265,431
CURRENT ASSETS
Debtors 17 251,241 1441 245,931
Bank balances
and		 similar 458,427 142,380 262,500 3;307 191,456
709,668 142,380 262,500; 24') 437,387
CREDITORS: Amounts falling due
within one year 18 (162,089) 16,08 ) (271,132)
NET CURRENT ASSETS 547,579 142,380 262 500 52859 166,255
NET ASSETSBEFOREPENSION DEFICIT
Pension scheme degcit
NET ASSETS		 1,327,156
(592,000)
735,156		 9,586,128
(592,000)
8,994,128		 2,346,060
(1,000
2,346,060,0		 12,431,686
(827,000)
11,604,686
ENDOWMENT
FUND		 19 2,346,060 46, 60 1,687,816
RESTRICTED FUNDS 20
Development
Fund		 7,762,748 7,990,186
Heritage Assets 761,000 761,000 761,000
Special Acquisitions Fund 920,000 0,000 920,000
Less: Avon Pension Fund deficit offset (592,000) (592, 0 ) (827,000)
Specific Purposes Funds: Revenue 142,380 4 96,014
8,994,128 8,994,22ek 8,940,200
UNRESTRICTED FUNDS
General fund 21 735156 35,156. 976,670
735,156 8,994,128 2,346,060 112,075,344 11,604,686

FOR THE YEAR ENDED 31DEC EMB ER 2020
2019
6
Cash flows from operating
activities
Net movement
in funds for the reporting		 period (226,055)
Adjustments
for:
Movement
in pension
reserve deficit		 208,000
Depreciation
oftangible
fixed assets		 236,513
Net gains on investments (321,706)
Investment
management
costs		 38,708
Dividends
and income from investments		 (3,113)
Changesin:
Increase /(reduction)in
stocks		 29,018
Reduction
in trade and other debtors		 35,752
Reduction
in trade and other creditors		 (24,883)
Net cash generated / (used) in operating acthdties 27,766)
Cash flows from investing
activities
Dividends
and income from investments		 3,113
Purchase oftangible assets (14,529)
Purchase of heritage assets (8,000)
Funds withdrawn
from investments		 100,000
Net cash (absorbed
by) / provided
by investing		 activities 80,584
Net increase
in cash and cash equivalents		 52,818
Cash and cash equivalents
at beginning
ofyear		 206,758
Cash and cash equivalents
at end ofyear		 259,576

R THE YEAR ENDED 31DECE MBER 20 20
Year Ended 31 December 2020 Year Ended 31December 2019
Unrestricted Restricted Endowment unrestricted Restricted Total
E E
1.Voluntary
income - Grants and Donations
Donations to Endowment
Appeal (Note 19)		 262,500
Covid Support Grants - Heritage Lottery 210,400
Covid Support Grants - Arts Council 196,377
General donations
and grants		 338,153 107,398 429,629 71,965 501,594
Raised from Patrons and Friends 65,201 67,479 67,479
University
contributions		 76,667 80,000 80,000
886,798 107,398 262,500 1,2$,696 577,108 71,965 649,073
2.Income from charitable activities
Museums
and Exhibition admissions		 324,223 24223 332,668 332,668
Coronavirus
lob Retention Scheme		 114,500
Learning lectures, concerts, workshops etc 15,565 79,790 953 43,283 71,837 115,120
339,788 194,290 534AI78, 375,951 71,837 447,788
3.Other trading
activides
Museum
Shop sales		 163,030 di30
63		 130,668 130,668
Income from Cafd and car parking 35,184 35 96,405 96,405
Venue hire (including
filming fees)		 1,213 1 33,709 33,709
Corporate Sponsorship
and
membership		 5,000 ,00 8,000 8,000
Otherincome 3,112 3,112 29,135 29,135
207,539 207,539. 297,917 297,917
4.Investment
Income
From UK listed investments 2,798 2,798
Bank interest receivable 352 315 - 315
352 315 2,798 3,113
5.Other(costs)/income
Museum
&Gallery Exhibition Tax Relief		 (5,000) (5,000)
The Group receives Museum
and Gallery Exhibition Tax Regef		 which is surrendered, giving rise to a tax repayment to the
Group. The current year charge includes an adjustment
to the		 prior year tax relief.
6.Expenditure
on raising funds
Salary costs 69,398 69,39 73,710 73,710
Other costs ofgenerating
funds		 16,441 6/Ms 26,783 26,783
85,839 - ~852I39 100,493 100,493
7.Investment
management
costs
Investment
management
fees		 39,010 ~39,020 38,708 38,708
8.Expenditure
on charitable activities by fund		 type
Museum
activities (inc. cost ofshop sales)		 387,231 391,087 78,31 512,002 302,638 814,640
Learning activities 61,969 71,489 1338 116,557 47,914 164,471
Exhibition activities 108,826 20,184 29 1 161,490 221 161,711
Support costs 320,823 3 02I2, 463,453 38554 502,007
878,849 482,760 1361,609 1,253,502 389,327 1,642,829

9.Expenditure
on charit		 able
act		 ivities by activity type
Staffcosts Other direct Support Total 2019
costs costs
E E
Museum
activities		 301,033 447,278 102,016 957,443
Learning activities 108,330 25,128 85,014 285,144
Exhibition
activities		 27,418 101,593 153,024 366,489
436,781 573,999 340,054 1,609,076
Governance
costs		 10,775 33,753
436,781 573,999 350,829 1,642,829
10.Analysis ofsupport costs
Museum Education Exhibition Total 2019
activities activities activities
Staffcosts 24,034 20,028 36,050 128,909
Premises costs 50,249 41,875 75,374 217,820
Other administrative costs 27,733 23,111 41,600 121,525
102016 85014 153024 468,254
11.Net income for the year
This is stated after charging:
2019
Depreciation 236,513
Auditors'
remuneration:		 11,400
12.Staff costs and emoluments
Total staff costs were as follows:
2019
Wages and salaries 562,169
Social security costs 49,995
Other pension costs —defined benefit 70,000
Other pension costs —defined contribution 13,876
Apprentice
Levy
696,040

Freehold Fixtures & Leasehold
otal
property Fittings Property
E E E
COST
At start ofyear 9507 122 1155272 90423 0~752pg 7
Additions
in year		 15,999 5,999
At end ofyear 9,507,122 1,171,271 90,423 10,768,816
DEPRECIATION
At start ofyear 1,520,001 493,012 67,713 2 80,726
Charge for year 176,232 53,924 4,699 4,855
At end ofyear 1,696,233 546,936 72,412,
'		 1,581
NET BOOK VALUE
At end ofyear 7,810,889 624,335 18,011 353vt35
At start ofyear 7,987,121 662,260 22,710 8,672,091

0 2019
Cabinet Capita lised in 2015as a prior year adjustment 250,000
Bead basket Capitalised in 2015as a prior year adjustment 78,000
Atherley
Portrait		 Purchased in 2015 420,000
Ivory Fan Purchased in 2017 5,000
Various etchings Purchased in 2019 8,000
761,000
.Investments
(The Group and		 the Charity)
2019
Movement
in market
value
Market value at 1January 2020 2,649,242
Funds (withdrawn)
in the		 year )100,000)
Net gains arising on revaluations in the year 321,706
Brokers management
charges		 ) i38,708)
Market value at 31December 2020 2,832,240
Historical
cost at 31December 2020		 2,736,310
Investments
are held as follows:
Handelsbanken
Balanced		 Multi Asset Fund C 1,028,647
Handel sbe nken Balanced Multi Asset Fund I 7;743 1,798,027
Ruffer Il liquid
Strategies		 Fund 2011 5,566
Cash held by Investment Managers
os 2,832,240
Analysis ofinvestments
between
Endowment
Fund		 funds ,0,5 0 1,687,816
Restricted; Special Acquisitions Fund 920,000
Unrestricted
Funds		 8, 0 224,424
2,832,240

2020 2019
E E
Balance sheet
Assets 191,98$ 148,145
Liabilities 4(191,870I (148,034)
Capital and retained reserves
Profit and loss account
Turnover 473,752
Cost ofsales fl'Q (367,271)
igiW~		 (227,277)
Gross profit ~179,253 246,475
Administrative
expenses
Operating
profit		 .j(127,253)
I.=(vgb,
4"IP~",51,900~		 (230,321)
16,154
Interest receivable Ii(dts9,38 79
Net profit f "-'-i51',938 16,233
Distribution to Hol burne Museum ",(51,938)"I (16,233)
Result for the financial year ( =i .".:::
'CIB I
The group The c ha rity
2019""'. , '2020' 2019
16.Stocks ~n=-I)+'-:
Shop stocks for resale 21,239, % s~P"i4
17.Debtors ms'sinp~ ,-wl ~w.acP
Trade debtors
Amounts
owed by group		 undertakings 30,334 L -,'-
7"T5;276'
k~
374308		 24,595
100,277
Other debtors 85,884 117,934 tgi 32,085 73,883
VAT t%h~~s" 10,23~2
Prepayments «Ist 429,340 56,072 .SP~29 40
B,ck		 47,176
122,210 204,340 ~s251',242$ 245,931

The group The charity
2019 2019
E E
Trade creditors 119,190 108,504
Taxation and social security 12,171 1500
Other creditors 161,028
Accruals and deferred income 171,197 100
302,558 271,132
Permanent Endowment funds (The Group and the Charity)
2019
E
Balance at the start ofthe year 1,679,242
Donations received for Endowment Fund
Unapplied total return allocated to Capital 8,574
Amount
loaned from		 Emdowment in 2018 now repaid
Interest charges on the above - at 2SSper annum
Balance at the end of the year 1,687,816

Balance at the end ofthe year Balance at the end ofthe year Balance at the end ofthe year 1,687,816 1,687,816
The Catalyst
Endowment
Fund is a grant ofE1million		 from the National
Lottery		 Heritage Fund which, together with 1:1
matched
funding,
was raised over the period to June 2016.The capital must be retained
as an endowment		 for a minimum
period of25years. The real value of investment returns on this fund will be used to support the operations ofthe
Museum.
Disclosure ofTotal Asset Return approach to investment ofpermanent
endowment
Trust for Unapplied Total
Investment Total Return 2019
Balance at start ofthe period
Gift component
ofPermanent
Endowment		 2,038,447 2.038,447
Unapplied
total return		 (350,631) (359.205)
Total 2,038,447 (350,631) 1,679,242
Movements
In the reporting
period
Investment
return: dividends
&interest		 received 2,798
Investment
return: realised &unrealised		 gains 299,320 321,706
Investment
return:
investment
management		 costs (39,010) (38,708)
260,310 285,796
Less: Unapplied
total return
allocated to		 income
(97SS)		 (252,501) (277,222)
Donations
received for Endowment
Fund		 262,500
Amount
loaned from Emdowment
in 2018 now repaid		 387,935
Net movements
in the reporting
period		 262,500 395,744 8,574
Balance at end ofthe period
Gift component
ofthe permanent
endowment		 2,300,947 2,038,447
Unapplied
total return		 45,113 (350,631)
Total 2,300,947 45,113 1,687,816

The Heritage Asset Fund represents
amounts
received		 The Heritage Asset Fund represents
amounts
received		 The Heritage Asset Fund represents
amounts
received		 The Heritage Asset Fund represents
amounts
received		 The Heritage Asset Fund represents
amounts
received		 to purchase
capitalised
Her		 to purchase
capitalised
Her		 itage Assets (Note 14) itage Assets (Note 14)
The Special Acquisitions
Fund holds 6920,000 received		 from the sale ofan item in the collection which under the charity's
constitution
is required to be held and		 applied for the further
purchase ofother works ofart for the collection. Any
income, gains or losses on the investments held in the Special Acquisitions
Fund are allocated to unrestricted		 funds in
order to maintain
the balance within the fund.
The Charity Commission
has approved		 the offsetting ofthe Avon Pension
Fund deficit against the		 Special Acquisitions
Fund, should the Trustees wish to adopt this treatment. In previous years the whole ofthe defidt was offset -this year,
following the improvement
in Museum		 finances, it has been agreed that SOSSofthe deficit will be offset, the remaining
50N being offset against Unrestricted Funds.
Specific Purposes
Fund are amounts
received for		 specific purposes or projects
Balance at
31Dec 2019		 Incoming
resources		 Outgoing
resources		 Transfers alance at
31iDec2020
E E E E E
Development
funds
The Holburne
Museum
development
project		 7,990,186 (227,438) 7,?62,748
Heritage Asset Funds
Funding for purchase ofassets - Note 14 761,000 61,000
Special Acquisitions
Fund
Balance oustan ding 920,000 0, 00
Less: Pension fund deficit offset -SOSS oftotal (827,000) 235,000 (592,000)
93,000 235,000 328,000
Specific purposes
funds
National Lottery Comm Fund: Pathways 59,026 79,790 (71,489) 7,327
Clore - for redecoration 20,000 0,000
Ellerman
Found / Traverse Trust - Curator		 funding 3,893 38,477 (23,039) 9331
Neighbourhood
Postcode Lottery		 9,959 99 9
Conservation
(various small amounts)		 9,263 6
Carter Trust - for removal of table 8,000 ,000
Funding for Exhibitions 25,184 (20,184) , 00
Stumpwork 2,500 1,000 0
Learning 1,332 (1,332)
Coronavirus
lob Retention
Scheme funding		 114,500 (114,500)
Art Fund 'Respond
and Reimagine'
project		 13,778 (13,778)
National
Lottery Comm. fund: Create
Ca Home		 11,000 (11,000)
96,014 301,688 (255,322) 80
8,940,200 301,688 (482,760) 235,000 8, 94,12

Unr estricted
Funds
Balance at Incoming Outgoing Gains, losses
start of resources resources and transfers
period
E
The Group 992,912 1,434,477 (964,688 727,434
The Charity 992,901 939,953 (470,264) (727,434)

In 2011the Museum
set up a defined contribution
staff ifthey wish but as at 31December 2020 no		 In 2011the Museum
set up a defined contribution
staff ifthey wish but as at 31December 2020 no		 In 2011the Museum
set up a defined contribution
staff ifthey wish but as at 31December 2020 no		 In 2011the Museum
set up a defined contribution
staff ifthey wish but as at 31December 2020 no		 group pension scheme with S
one had taken up the scheme.		 group pension scheme with S
one had taken up the scheme.		 cottish W idows. This is available to all idows. This is available to all
The Museum
also participates
in a multi-employer		 defined benefit scheme which has some 65,000 members. The assets
ofthe scheme are held in the Avon Pension Fund, administered by Bath & North East Somerset Council. The Avon Pension
Fund scheme was closed to new members in September 2010.The last actuarial valuation was undertaken as at 31March
2019.The amounts recognised
in the		 statement offinancial activities are as follows:
2019
E
Total operating
charge in resources expended:
Current service cost 22,000
Past service cost 48,000
Total operating
charge		 70,000
Amounts
included		 in other finance cost:
Expected return on scheme assets (32,000)
Interest on scheme liabilities 50,000
Other finance cost 18,000
Amounts
included		 in other recognised gains and losses:
Actuarialloss/(gain) 161,000
Total charge/(credit) to the statement offinancial activities 249,000
Employers'
contributions		 (41,000)
Increase/(decrease) in net liability 208,000
The total operating charge and other finance cost are recognised in the following line items in the statement offinancial
activities:
Costs ofgenerating funds 22,000
Governance costs 18,000
40,000

Pensions and Other Post Retirement
Ben		 Pensions and Other Post Retirement
Ben		 Pensions and Other Post Retirement
Ben		 Pensions and Other Post Retirement
Ben		 et(ts (con et(ts (con ti nued )
The amounts
recognised
in the balance sheet are		 as follows:
Movement 2019
Inthe year E
Present value offunded
obligations		 (411,000) (1,940,000)
Fair value ofscheme assets 54,000 1,113,000
Net pension
liability		 357,000 0 (827,000)
Changes in the present value ofthe defined benefit obligation scheme are as follows:
Opening defined
benefit obligation		 1,671,000
Current service cost 22,000
Past service cost 48,000
Interest on scheme liabilities 50,000
Contributions
by scheme participants		 000 6,000
Benefits paid (17,000)
Remeasurements
liabilities		 - gain on assumptions 67,000 160,000
Closing defined benefit obggatlon 0 1,940,000
Changes in the fair value ofscheme assets are as follows:
Opening fair value ofscheme assets 1,052,000
Expected return on scheme assets 4,00 32,000
Contributions
by employer		 0 41,000
Contributions
by scheme participants		 ,00 6,000
Benefits paid (17, 0 (17,000)
Remeasurements
assets		 400 (1,000)
Closing fair value ofscheme assets 1,167, 1,113,000
Pension contributions
rates from 1April 2020 were 21.5%of		 salary plus a fixed contribution ofE30,400; from April 2021
the rates will be21.5%plus a fixed contribution ofE31,400 for the financial year to31March 2022.
The fair value ofthe major categories ofscheme assets as a percentage oftotal scheme assets are as follows;
Equities 40; 47.4%
Government
bonds		 12.1%. 5.6%
Other bonds .0%' 2.8%
Property 5.3%
Cash .396 2.3%
Other assets 28.0%
The principal
actuarial
assumptions		 as at the balance sheet date were:
Discount rate 1.4 2.19fi
Rate ofincrease
in salaries		 3.6%
Rate ofincrease
in pensions		 in payment 2.2%
Inflation 2.1%
Total deficit
for the current
and previous four periods are		 as follows:
2020 2015 2018 2017 2016
E E E E E
Defined benefit obligation 2 1000 (1,940,000) (1,671,000) (1,742,000) (1,672,000)
Fair value ofscheme assets 1,113,000 1,052,000 1,031,000 887,000
Deficit in the scheme (1i 000) (827000) (619000) (711000) (785 000)

24a. Previous Year Com p aratives
—Consoli		 dated
Stateme		 nt of Finan c)a) Activiti es
Unrestricted Restricted Endowment Total Funds
Funds Funds fund 2019
E E E 6
INCOME AND ENDOWMENTS
Donations
and legacies		 577,108 71,965 649,073
Income from charitable activities 375,951 71,837 447,788
Other trading activities 300,295 300,295
income from investments 315 2,798 3,113
Other income (5,000) (5,000)
TOTAL INCOME AND ENDOWMENTS 1248 669 143802 2,798 1395269
EXPENDITURE
Expenditure
on raising funds		 (100,493) (100,493)
Investment
management		 costs (38,708) (38,708)
Expenditure
on charitable		 activities (1,253,502) (389,327) (1,642AI29)
TOTAL EXPENDITURE 1353995 389327 38708 1782030
NET INCOME/ (EXPENDITURE) (105,326) (245,525) (35,910) (386.761)
TRANSFCRS BEIWEEN FUNDS 355,766 (28,544) (327,222)
NET INCOME/(EXPENDITURE) AFTERTRANSFERS 250,440 (274,069) (363.132) (386,761)
(Loss)/gain
on Investments		 321,706 321,706
Actuarial
loss on defined benefit pension scheme		 (161,000) (161,000)
NET MOVEMENT
IN FUNDS		 250,440 (435,069) (41,426) (226,055)
FUND BALANCES BROUGHT FORWARD 742,472 9,375,269 1,729,242 11,846,983
FUND BALANCES CARRIED FORWARD 992912 8940200 1687816 11620928

Unrestricted Restricted Endowment Total Funds
Funds Funds Fund 2019
E E E E
FIXEDASSETS
Tangible fixed assets:
The Museum 550,000 7,437,121 7,987,121
Other assets 57,238 627,732 684,970
Heritage assets 761,000 761,000
Investments 224,424 920,000 1,687,816 2,832,240
TOTAL FIXEDASSETS 831662 9745853 1687816 12265331
CURRENT ASSETS
Bookshop stock 21,239 21,239
Debtors 204,340 204,340
Bank balances
and		 cash in hand 238,229 21,347 259,576
463,808 21,347 48S,SSS
CREDITORS: Amounts falling due within one year (302,558) (302,Sag)
NET CURRENT ASSETS 161250 21347 182597
NETASSETS BEFORE PENSION DEFICIT 992,912 9,767,200 1,687,816 12847,928
Pension scheme defldt (827,000) (827,000)
NET ASSETS 992912 8940200 1687816 11620928
ENDOWMENT
FUND		 1687816 1687816
RESTRICTED FUNDS
Specific Purposes Fund: Revenue 96,014 96,014
Specific Purposes Fund:Capital
Specific Purposes Fund:Heritage assets 761,000 761,000
Special Acquisitions Fund 920,000 920,000
Less:Pension scheme deficit offset (827,000) (827,000)
Development
Fund		 7,990,186 7,990,186
8940200 8940200
UNRESTRICTED FUNDS
General fund 992912 992912
992912 8940200 1687816 11620928

Balance at Incoming Outgoing Gains, losses Balanceat
1lan 2019 Resources Resources &transfers 31Dec 2019
Endowment
Funds
Catalyst
Fund		 1,679,242 2,798 5,776 1,687,816
Learning
Fund		 50,000 (50,000)
1729242 2798 44 224 1687816
Restricted
Funds
Development funds
Gardener's
lodge		 22,065 (4,699) 17,366
Major development project 8,195558 222 738 7972 820
8217623 227437 7990186
Spec)ac purposesfunds
Assets 8,270 (8,270)
Cash 14,278 (14,278)
Learning 1,685 5.000 (5,353) 1,332
Contemporary Curator fund 30,447 (26,554) 3,893
Railings 2,412 (2,412)
Conservation 6,316 6,316
Adopt a Treasure 1,202 (1,202)
D E8 Pike for conservation 1,447 1,447
stumpwork 2,500 2,500
Fan conservation 1,500 1,500
Collections
for Music Fund		 2.382 (2,382)
Pathways 34,986 66,837 (42,797) 59,026
Exhibitions 221 (221)
Cafe TVscreen 5,500 (5,500)
Feasibility
survey report		 17,044 (17,044)
Pavilion project 17,421 (17,421)
Clore redecoration 20000 20000
103646 135802 143434 96014
Heritage asset funds
Atherley acquisition 420,000 420,000
Ivory Fan 5,000 5,000
Bead basket 78,000 78,000
Cabinet 250,000 250,000
Various etchings 8000 8000
753,000 8000 761000
5Pedal Acquisitions Fund
Ba Ianca o usta ndi ng 920,000 920,000
Less: Pension fund deficit offse 619000 47000 161000 827000
301000 47000 161000 93000
9375269 143802 417871 161000 8940 200