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





## 

|James Eastman||Retired 27 April 2021||
|---|---|---|---|
|Brian Allen||Retired 20 November|2020|
|Antony Constantinidi|FCA|Retired 20 November|2020|
|Michael<br>King||Retired 20 November|2020|
|Patricia Lankester||Retired 20 November|2020|
|Tim Sanderson||Retired 20 November|2020|
|Liam Wiseman||Retired 10June 2020||
|Professional<br>advisors:||||



|Solicitors|||Thring's<br>LLP, 2 Queen Square, Bath BA12HQ||
|---|---|---|---|---|
||||Withy<br>King, Midland<br>Bridge House, Midland|Bridge Road, Bath BA2 3FP|
|Auditors|||Moore, Chartered<br>Accountants<br>&Statutory<br>Auditors, 30Gay Street, Bath BA12PA||
|Investment|Managers|and|Heartwood<br>Investment<br>Management||
|Advisors|||No1Kingsway<br>London WC28 BAN||
|Insurance|Brokers||Jelf Insurance<br>Brokers Ltd 1Crescent Office Park, Clarks Way, Bath BA2 2AF||
||||Blackwall Green, The Wallbrook<br>Building, 25|Wallbrook,<br>London<br>EC4N BAW|
|Bankers|||Cafgank<br>Ltd, PO Box289,West Mailing,<br>Kent|ME194TA|





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## 

|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<br>on raising funds<br>Investment<br>management<br>costs<br>Expenditure<br>on charitable<br>activities|||6<br>7<br>8/9|(85,839)<br>(878,849)|(482,760)|(39,010)|(8<br>39)<br> (,0 0)<br>60||||(100,493)<br>(38,708)<br>(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<br>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<br>loss on defined||||||||||||
|benefit pension scheme|||23|(357,000)|||357,00 )||||(161,000)|
|NET MOVEMENT<br>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<br>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<br>FUND||||19|||2,346,060|1,687,816|
|RESTRICTED FUNDS||||20|||||
|Development<br>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<br>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<br>Investments|||14<br>15|88,990|761,000<br>920,000|2,083,560,||,55|761,000<br>2,832,240|
|Investment<br>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<br>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<br>Pension scheme degcit<br>NET ASSETS||||1,327,156<br>(592,000)<br>735,156|9,586,128<br>(592,000)<br>8,994,128|2,346,060<br>(1,000<br>2,346,060,0|||12,431,686<br>(827,000)<br>11,604,686|
|ENDOWMENT<br>FUND|||19|||2,346,060||46, 60|1,687,816|
|RESTRICTED FUNDS|||20|||||||
|Development<br>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<br>activities||||
|Net movement<br>in funds for the reporting|period||(226,055)|
|Adjustments<br>for:||||
|Movement<br>in pension<br>reserve deficit|||208,000|
|Depreciation<br>oftangible<br>fixed assets|||236,513|
|Net gains on investments|||(321,706)|
|Investment<br>management<br>costs|||38,708|
|Dividends<br>and income from investments|||(3,113)|
|Changesin:||||
|Increase /(reduction)in<br>stocks|||29,018|
|Reduction<br>in trade and other debtors|||35,752|
|Reduction<br>in trade and other creditors|||(24,883)|
|Net cash generated / (used) in operating|acthdties||27,766)|
|Cash flows from investing<br>activities||||
|Dividends<br>and income from investments|||3,113|
|Purchase oftangible assets|||(14,529)|
|Purchase of heritage assets|||(8,000)|
|Funds withdrawn<br>from investments|||100,000|
|Net cash (absorbed<br>by) / provided<br>by investing||activities|80,584|
|Net increase<br>in cash and cash equivalents|||52,818|
|Cash and cash equivalents<br>at beginning<br>ofyear|||206,758|
|Cash and cash equivalents<br>at end ofyear|||259,576|






## 




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## 

## 




## 

|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<br>income - Grants and Donations|||||||||
|Donations to Endowment<br>Appeal (Note 19)|||262,500||||||
|Covid Support Grants - Heritage Lottery|210,400||||||||
|Covid Support Grants - Arts Council|196,377||||||||
|General donations<br>and grants|338,153|107,398||||429,629|71,965|501,594|
|Raised from Patrons and Friends|65,201|||||67,479||67,479|
|University<br>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<br>and Exhibition admissions|324,223||||24223|332,668||332,668|
|Coronavirus<br>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<br>activides|||||||||
|Museum<br>Shop sales|163,030||||di30<br>63|130,668||130,668|
|Income from Cafd and car parking|35,184||||35|96,405||96,405|
|Venue hire (including<br>filming fees)|1,213||||1|33,709||33,709|
|Corporate Sponsorship<br>and<br>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<br>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<br>&Gallery Exhibition Tax Relief||||||(5,000)||(5,000)|
|The Group receives Museum<br>and Gallery Exhibition Tax Regef||which is surrendered,|||giving rise to a|tax repayment|to the||
|Group. The current year charge includes an adjustment<br>to the||prior year|tax relief.||||||
|6.Expenditure<br>on raising funds|||||||||
|Salary costs|69,398||||69,39|73,710||73,710|
|Other costs ofgenerating<br>funds|16,441||||6/Ms|26,783||26,783|
||85,839|||-|~852I39|100,493||100,493|
|7.Investment<br>management<br>costs|||||||||
|Investment<br>management<br>fees|||39,010||~39,020|38,708||38,708|
|8.Expenditure<br>on charitable activities by fund|type||||||||
|Museum<br>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<br>on charit|able<br>act|ivities by activity|type||||
|---|---|---|---|---|---|---|
||||Staffcosts|Other direct|Support|Total 2019|
|||||costs|costs||
|||||E|E||
|Museum<br>activities|||301,033|447,278|102,016|957,443|
|Learning activities|||108,330|25,128|85,014|285,144|
|Exhibition<br>activities|||27,418|101,593|153,024|366,489|
||||436,781|573,999|340,054|1,609,076|
|Governance<br>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'<br>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<br>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<br>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,<br>'||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<br>Portrait||Purchased||in 2015|||420,000|
|Ivory Fan||Purchased||in 2017|||5,000|
|Various etchings||Purchased||in 2019|||8,000|
||||||||761,000|
|.Investments<br>(The Group and||the Charity)||||||
||||||||2019|
|Movement<br>in market<br>value||||||||
|Market value at 1January|2020||||||2,649,242|
|Funds (withdrawn)<br>in the|year||||||)100,000)|
|Net gains arising on revaluations||in the year|||||321,706|
|Brokers management<br>charges||||||)|i38,708)|
|Market value at 31December 2020|||||||2,832,240|
|Historical<br>cost at 31December 2020|||||||2,736,310|
|Investments<br>are held as follows:||||||||
|Handelsbanken<br>Balanced|Multi|Asset Fund|C||||1,028,647|
|Handel sbe nken Balanced|Multi|Asset Fund|I||7;743||1,798,027|
|Ruffer Il liquid<br>Strategies|Fund 2011||||||5,566|
|Cash held by Investment|Managers|||||||
|||||||os|2,832,240|
|Analysis ofinvestments<br>between<br>Endowment<br>Fund||funds|||,0,5|0|1,687,816|
|Restricted; Special Acquisitions||Fund|||||920,000|
|Unrestricted<br>Funds|||||8,|0|224,424|
||||||||2,832,240|



## 



## 

## 

|||||||2020||2019|
|---|---|---|---|---|---|---|---|---|
|||||||E||E|
|Balance sheet|||||||||
|Assets||||||191,98$||148,145|
|Liabilities||||||4(191,870I|(148,034)||
|Capital and retained||reserves|||||||
|Profit and loss account|||||||||
|Turnover||||||||473,752|
|Cost ofsales||||||fl'Q (367,271)<br>igiW~|(227,277)||
|Gross profit||||||~179,253||246,475|
|Administrative<br>expenses<br>Operating<br>profit||||||.j(127,253)<br>I.=(vgb,<br>4"IP~",51,900~|(230,321)<br>16,154||
|Interest receivable||||||Ii(dts9,38||79|
|Net profit||||||f "-'-i51',938||16,233|
|Distribution|to Hol burne Museum|||||",(51,938)"I||(16,233)|
|Result for the financial|||year|||( =i .".:::<br>'CIB I|||
|||||The group||The c ha rity|||
||||||2019""'. , '2020'|||2019|
|16.Stocks||||||~n=-I)+'-:|||
|Shop stocks for resale|||||21,239, % s~P"i4||||
|17.Debtors||||ms'sinp~||,-wl ~w.acP|||
|Trade debtors<br>Amounts<br>owed by group|||undertakings||30,334|L -,'-<br>7"T5;276'<br>k~<br>374308||24,595<br>100,277|
|Other debtors||||85,884|117,934|tgi 32,085||73,883|
|VAT||||||t%h~~s" 10,23~2|||
|Prepayments||||«Ist 429,340|56,072|.SP~29 40<br>B,ck||47,176|
|||||122,210|204,340|~s251',242$|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<br>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<br>Endowment<br>Fund is a grant ofE1million|||from||the National<br>Lottery|Heritage Fund which, together with 1:1||
|matched<br>funding,<br>was raised over the period to June 2016.The capital must be retained<br>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<br>endowment|||
||||||Trust for|Unapplied|Total|
||||||Investment|Total Return|2019|
|Balance at start ofthe period||||||||
|Gift component<br>ofPermanent<br>Endowment|||||2,038,447||2.038,447|
|Unapplied<br>total return||||||(350,631)|(359.205)|
|Total|||||2,038,447|(350,631)|1,679,242|
|Movements<br>In the reporting<br>period||||||||
|Investment<br>return: dividends<br>&interest|received||||||2,798|
|Investment<br>return: realised &unrealised|gains|||||299,320|321,706|
|Investment<br>return:<br>investment<br>management||costs||||(39,010)|(38,708)|
|||||||260,310|285,796|
|Less: Unapplied<br>total return<br>allocated to|income<br>(97SS)|||||(252,501)|(277,222)|
|Donations<br>received for Endowment<br>Fund|||||262,500|||
|Amount<br>loaned from Emdowment<br>in 2018 now repaid||||||387,935||
|Net movements<br>in the reporting<br>period|||||262,500|395,744|8,574|
|Balance at end ofthe period||||||||
|Gift component<br>ofthe permanent<br>endowment|||||2,300,947||2,038,447|
|Unapplied<br>total return||||||45,113|(350,631)|
|Total|||||2,300,947|45,113|1,687,816|





## 

## 

|The Heritage Asset Fund represents<br>amounts<br>received|The Heritage Asset Fund represents<br>amounts<br>received|The Heritage Asset Fund represents<br>amounts<br>received|The Heritage Asset Fund represents<br>amounts<br>received|The Heritage Asset Fund represents<br>amounts<br>received|to purchase<br>capitalised<br>Her|to purchase<br>capitalised<br>Her|itage Assets (Note 14)|itage Assets (Note 14)|||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The Special Acquisitions<br>Fund holds 6920,000 received|||||from the sale ofan item in||the collection which under||the charity's||||
|constitution<br>is required to be held and|applied for|||the further<br>purchase ofother works ofart for the collection. Any|||||||||
|income, gains or losses on the investments||held in||the|Special Acquisitions<br>Fund are allocated to unrestricted||||funds||in||
|order to maintain<br>the balance within the fund.|||||||||||||
|The Charity Commission<br>has approved|the|offsetting ofthe Avon Pension<br>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<br>in Museum|finances,||it has||been agreed|that SOSSofthe deficit will be||offset, the|remaining||||
|50N being offset against Unrestricted|Funds.||||||||||||
|Specific Purposes<br>Fund are amounts<br>received for|||specific purposes|||or projects|||||||
|||||Balance at<br>31Dec 2019||Incoming<br>resources|Outgoing<br>resources|Transfers|alance at<br>31iDec2020||||
||||||E|E|E|E||||E|
|Development<br>funds|||||||||||||
|The Holburne<br>Museum<br>development<br>project||||7,990,186|||(227,438)||7,?62,748||||
|Heritage Asset Funds|||||||||||||
|Funding for purchase ofassets - Note|14||||761,000|||||61,000|||
|Special Acquisitions<br>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<br>funds|||||||||||||
|National Lottery Comm Fund: Pathways|||||59,026|79,790|(71,489)||||7,327||
|Clore - for redecoration|||||20,000||||||0,000||
|Ellerman<br>Found / Traverse Trust - Curator||funding|||3,893|38,477|(23,039)||||9331||
|Neighbourhood<br>Postcode Lottery||||||9,959|||||99 9||
|Conservation<br>(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<br>lob Retention<br>Scheme funding||||||114,500|(114,500)||||||
|Art Fund 'Respond<br>and Reimagine'<br>project||||||13,778|(13,778)||||||
|National<br>Lottery Comm. fund: Create<br>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<br>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<br>set up a defined contribution<br>staff ifthey wish but as at 31December 2020 no|In 2011the Museum<br>set up a defined contribution<br>staff ifthey wish but as at 31December 2020 no|In 2011the Museum<br>set up a defined contribution<br>staff ifthey wish but as at 31December 2020 no|In 2011the Museum<br>set up a defined contribution<br>staff ifthey wish but as at 31December 2020 no|group pension scheme with S<br> one had taken up the scheme.|group pension scheme with S<br> one had taken up the scheme.|cottish W|idows. This is available to all|idows. This is available to all|
|---|---|---|---|---|---|---|---|---|
|The Museum<br>also participates<br>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<br>in the|statement||offinancial activities are as follows:|||||
|||||||||2019|
|||||||||E|
|Total operating<br>charge in resources expended:|||||||||
|Current service cost||||||||22,000|
|Past service cost||||||||48,000|
|Total operating<br>charge||||||||70,000|
|Amounts<br>included|in other finance cost:||||||||
|Expected return on|scheme assets|||||||(32,000)|
|Interest on scheme|liabilities|||||||50,000|
|Other finance cost||||||||18,000|
|Amounts<br>included|in other recognised|gains and||losses:|||||
|Actuarialloss/(gain)||||||||161,000|
|Total charge/(credit)|to the statement|offinancial||activities||||249,000|
|Employers'<br>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<br>Ben|Pensions and Other Post Retirement<br>Ben|Pensions and Other Post Retirement<br>Ben|Pensions and Other Post Retirement<br>Ben|et(ts (con|et(ts (con|ti|nued|)||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The amounts<br>recognised<br>in the balance sheet are||||as follows:||||||||||||
|||||||||||Movement|||||2019|
|||||||||||Inthe year|||||E|
|Present value offunded<br>obligations||||||||||(411,000)|||||(1,940,000)|
|Fair value ofscheme assets||||||||||54,000|||||1,113,000|
|Net pension<br>liability||||||||||357,000|||0||(827,000)|
|Changes|in the present value ofthe defined benefit obligation||||||scheme||are as follows:|||||||
||Opening defined<br>benefit obligation||||||||||||||1,671,000|
||Current service cost||||||||||||||22,000|
||Past service cost||||||||||||||48,000|
||Interest on scheme liabilities||||||||||||||50,000|
||Contributions<br>by scheme participants||||||||||||000||6,000|
||Benefits paid||||||||||||||(17,000)|
||Remeasurements<br>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<br>by employer||||||||||||0||41,000|
||Contributions<br>by scheme participants||||||||||||,00||6,000|
||Benefits paid|||||||||||(17,||0|(17,000)|
||Remeasurements<br>assets||||||||||||400||(1,000)|
||Closing fair value ofscheme||assets|||||||||1,167,|||1,113,000|
|Pension|contributions<br>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<br>bonds||||||||||||12.1%.||5.6%|
||Other bonds||||||||||||.0%'||2.8%|
||Property||||||||||||||5.3%|
||Cash||||||||||||.396||2.3%|
||Other assets||||||||||||||28.0%|
|The principal<br>actuarial<br>assumptions||as at the balance sheet||||date were:||||||||||
||Discount rate||||||||||||1.4||2.19fi|
||Rate ofincrease<br>in salaries||||||||||||||3.6%|
||Rate ofincrease<br>in pensions||in payment||||||||||||2.2%|
||Inflation||||||||||||||2.1%|
|Total deficit<br>for the current<br>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<br>—Consoli|dated<br>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<br>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<br>on raising funds|||(100,493)|||(100,493)|
|Investment<br>management||costs|||(38,708)|(38,708)|
|Expenditure<br>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<br>on Investments|||||321,706|321,706|
|Actuarial<br>loss on defined benefit pension scheme||||(161,000)||(161,000)|
|NET MOVEMENT<br>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<br>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<br>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<br>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<br>Funds||||||||
|Catalyst<br>Fund|||1,679,242|2,798||5,776|1,687,816|
|Learning<br>Fund|||50,000|||(50,000)||
||||1729242|2798||44 224|1687816|
|Restricted<br>Funds||||||||
|Development|funds|||||||
|Gardener's<br>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<br>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<br>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|





## 

## 



##