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2021-12-31-accounts

INDEX
Trustee's
Annua
I Report		 Pages 3 —9
Directors, Officers and Management Pages 10-11
Independent
Auditors'
Report		 Pages 12 - 14
Statement
of Financial Activities		 Page 15
Consolidated
Balance Sheet		 Page 16
Charity Balance Sheet Page 17
Consolidated
Statement of Cashflows		 Page 18
Accounting
Policies		 Pages 19-22
Notes to the Financial Statements Pages 23 - 34
Thank You Pages 35 —37

Edward BayntunCoward
CHAIRMAN		 1,2,4 Owner ofGeorge Bayntun, antiquarian
bookbinders
and
booksellers.
Deputy Lieutenant ofSomerset.
Francesca Beauman
VICE CHAIR		 2,4 Writer, historian
and television
presenter.
World's leading expert
on the history ofthe pineapple.
Angela Gillibrand
TREASURER &COMPANY		 Vice Chair ofthe Holborn Estate Charity, non-executive
director of
SECRETARY the Rethink Trust Corporation.
Senior private equity and corporate finance practitioner.
Trustee
of Iford Arts, the York Minster Fund, the Dr Martin Clarke Young
Dr Martin Clarke Organist Scholar's Trust. Member ofthe Advisory Board of St
Mary's
University
Business School. Member ofthe Campaign
Committee ofthe Museum of London.
IVIagdalen
Fisher		 Independent
arts consultant
supporting
the imperial
Health Charity
on its arts committee,
and arts adviser to the Alzheimer's
Society.
.Sandra Forbes Senior banking
and corporate lawyer.
Jeremy Garfield-Davies .Advisor to historic houses, private collections and museums
Britain and USA.		 in Asia,
Sukie Hemming Former roles at British Museum
and National
Trust. Currently
Trustee of Chelsea Physic Garden.
Caro Howell Director of Foundling
Museum,
London. Co-chair ofWomen
Leaders
in Museums
Network.
Mark Humphriss Diocesan Secretary (CEO) Diocese of Oxford; Vice-Chair,
Designa bility.
Charlotte
Murphy		 Currently
Head of Retention at the National
Trust, Charlotte		 has
(appointed
2July 2021)		 spent over 20years in Marketing
and Strategy planning.
Oluwatosin
Onile-Ere-Rotimi		 3 Contemporary
African artspecialist.
Dr Andrew Salmon Nominated
Trustee, Bath Spa University.
Dr Chris Stephens Director ofThe Holburne
Museum
Rohan Surana (appointed
3February 2022)		 Currently
the Director ofOperations
for the School of
Management,
University of Bath, Rohan has worked
internationally
in strategic and operational
roles.
Committee
Membership
1-Finance, Audit &Investment Committee
2 - Fundraising
Committee
3- Learning &Engagement Advisory Committee 4- Nominations
Committee

James Eastman Retired 27 April 2021
John Barneby Retired 2 July 2021
Sarah Flannigan Retired 2July 2021
Desmond
Shaw-Taylor		 Retired 2 July 2021

Solicitors Stone King, Upper Borough Court, Upper Borough Walls, Bath BA11RG
Auditors Moore, Chartered
Accountants
S.Statutory Auditors, 30		 Gay Street, Bath BA12PA
Investment Managers Heartwood
investment
Management
No 1Kingsway
London WC2B 6AN
Insurance Brokers Jelf Insurance
Brokers Ltd 1Crescent Office Park, Clarks		 Way, Bath BA2 2AF
Blackwall Green, The Wallbrook
Building, 25 Wallbrook,		 London
EC4N 8AW
Bankers CafBank Ltd, PO Box289,West Mailing,
Kent ME19 4TA

OR THE YEAR ENDE D 31DECEM BER 2 021
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds fund 2021 2020
Note E f E
INCOME
Grants and Donations 806,877 217,814 35,000 1,059,691 1,256,696
Income from charitable
activities		 358,030 7,781 365,811 534,078
Other trading activities 232,116 232,116 207,539
Income from investments: bank interest 62 62 352
Other income 14,229 14,229
Totallncome 1,411,314 225,595 35,000 1,671,909 1,998,665
EXPENDITURE
Expenditure
on raising funds		 5 (66,337) (66,337) (85,839)
Investment
managers
fees		 13a (49,138) (49,138) (39,010)
Expenditure
on charitable		 activities 6/7 (1278600) (365520) (1g644~120) (1361609)
Total Expenditure (1,344,937) (365,520) (49,138) (1,759,595) (1,486,458)
NET INCOME/
(EXPENDIT'URE)		 9 66,377 (139,925) (14,138) (87,686) 512,207
TRANSFERS BETWEEN FUNDS
Total Asset Return transfer 16 270,905 (270,905)
Special Acquisitions
Fund		 16/17 (920,000) 920,000
transferred
into Capital
Avon Pension
Fund transfer		 16/17 (592,000) 592,000
NET INCOME/(EXPENDITURE) AFTER TRANSFERS (254,718) (467,925) 634,957 (87,686) 512,207
Gain on investments 13a 328,421 328,421 299,320
Actuarial
gain / (loss) on		 defined
benefit pension scheme 20 211,000 211,000 (357,000)
NET MOVEMENT
IN FUNDS		 (43,718) (467,925) 963,378 451,735 454,527
FUND BALANCES BROUGHT FORWARD 735,267 8,994,128 2,346,060 12,075,455 11,620,928
FUND BALANCES CARRIED FORWARD 691,549 8,526,203 3,309,438 12,527,190 12,075,455

AT31DECEMB E R2021
Unrestricted Restricted Endowment Total Funds Total Funds
Note Funds Funds Fund 2021 2020
E f E E
FIXEDASSETS
Tangible fixed assets:
Freehold Property: The Museum 11 550,000 7,033,452 7a583+52 7,810,888
Other assets 11 132,503 501,859 634862 642,347
682,503 7,535,311 8,217,814 8,453,235
Heritage assets 12 817,000 817,000 761,000
Investments 13a 804,895 3,289,438 4,094,333 3,092,550
TOTAL FIXEDASSETS 1,487,398 8,352,311 3,289,438 13,129,147 12,306,785
CURRENT ASSETS
Museum
shop stock for resale		 37,006 37,006 28,225
Debtors 14 118,285 118,285 122,210
Bank balances and similar 280,755 173,892 20,000 474,647 981,886
436,046 173,892 20,000 .629,938 1,132,321
CREDITORS: Amounts falling due
within one year 15 (258,895) (258,895) (179,651)
NET CURRENT ASSETS 177,151 173,892 20,000 371,043 952,670
NET ASSETS BEFORE PENSION DEFICIT 1,664,549 8,526,203 3,309,438 13,500,190 13,259,455
PENSION FUND DEFICIT 20 (973,000) (973,000) (1,184,000)
NET ASSETS 691,549 8,526,203 3,309,438 ' 12,527,190 12,075,455
ENDOWMENT
FUND		 16 3,309,438 ' 3,309,438 2,346,060
RESTRICTED FUNDS 17
Development
Fund		 7,535,311 72535,311 7,762,748
Heritage Assets 817,000 817,000 761,000
Specific Purposes Funds: Revenue 173,892 ' 173,892 142,380
Special Acquisitions Fund 920,000
Less: Avon Pension Fund deficit offset (592,000)
8,526,203 8,526,203 8,994,128
UNRESTRICTED FUNDS
General fund 18 691,549 691+49 735,267
691549 8526203 3309438 12s527a190 12r075455

AT31DECEMB E R 2021
Unrestricted Restricted Endowment Total Funds Total Funds
Note Funds Funds Fund 2021 2020
E E E E E
FIXEDASSETS
Tangible fixed assets:
Freehold Property: The Museum 11 550,000 7,033,452 7,583,452 7,810,889
Other assets 11 132,503 501,859 634,362 642,346
682,503 7,535,311 8,217,814 8,453,235
Heritage assets 12 817,000 817,000 761,000
Investments 13a 804,895 3,289,438 4,094,333 3,092,550
Investment
in subsidiary		 13b 100 100 100
TOTAL FIXED ASSETS 1,487,498 8,352,311 3,289,438 13,129,247 12,306,885
CURRENT ASSETS
Debtors 14 231,865 231,865 251,241
Bank balances and similar 178,255 173,892 20,000 372,147 863,307
410,120 173,892 20,000 604,012 1,114,548
CREDITORS: Amounts falling due
within one year 15 (233,080) (233+80) (162,089)
NET CURRENT ASSETS 177,040 173,892 20,000 370,932 952,459
NET ASSETS BEFORE PENSION DEFICIT 1,664,538 8,526,203 3,309,438 13+00,179 13,259,344
Pension scheme deficit 20 (973,000) (973,000) (1,184,000)
NET ASSETS 691,538 8,526,203 3,309,438 12+27,179 12,075,344
ENDOWMENT
FUND		 16 3,309,438 3+09+38 2,346,060
RESTRICTED FUNDS 17
Development
Fund		 7,535,311 7+35@11 7,762,748
Heritage Assets 817,000 817,000 761,000
Specific Purposes Funds: Revenue 173,892 173+92 142,380
Special Acquisitions Fund 920,000
Less: Avon Pension Fund deficit offset (592,000)
8,526,203 8,526,203 8,994,128
UNR ESTRICTED FUNDS
General
fund		 18 691,538 691,538 735,156
691,538 8,526,203 3,309,438 12,527,179 12,075,344

FO R THE YEAR E NDED 3 1DECEM B ER 20 2 1
Note 2021 2020
f E
Cash flows from operating activities
Net movement
in funds for the		 reporting
period		 451,735 454,527
Adjustments for:
Movements
in assets		 Depreciation oftangible fixed assets 11 235+21 234,855
Value of Heritage Assets donated in the year 12 (56,000)
Movements
in investments:		 Gains on investments 13a (328,421) (299,320)
Investment management costs 13a 49,138 39,010
Dividends and income from investments (62) (352)
Movement
in pension		 reserve deficit 20 (211,000) 357,000
Changesin: (Increase) in stocks (8,781) (6,986)
Reduction in trade and other debtors 3,925 82,130
Increase / (reduction) in trade and other creditors 79,244 (122,907)
Net cash generated
from operating activities		 215,199 737,957
Cash flows from investing activities
Funds added to investments 13a (722,500)
Dividends
and income from investments		 62 352
Purchase oftangible assets (15,999)
Net cash absorbed
by investing		 activities (722838) (15,647)
Net (decrease) / increase in cash and cash equivalents (507,239) 722,310
Cash and cash equivalents at beginning ofyear 981,886 259,576
Cash and cash equivalents at end of year 474,647 981,886

7.Expenditure on chari table
activiti		 es by activ it y type
Staff costs Other direct Support Total 2021 Total 2020
costs costs
Museum
activities		 303,641 590,095 148,736 1,042,472 850,327
Learning activities 39,716 19,824 123,946 183,486 218,472
Exhibition activities 30,242 151,267 223,103 404,612 282,035
373,599 761,186 495,785 1,630,570 1,350,834
Governance
costs		 13,550 13,550 10,775
373,599 761,186 509,335 1,644,120 1,361,609
8.Analysis ofsupport costs
Museum Education Exhibition Total 2021 Total 2020
activities activities activities
Staff costs 38,596 32,163 57,894 128,653 80,112
Premises costs 81,470 67,891 122,204 271,565 167,498
Other administrative costs 28,670 23,892 43,005 95,567 92,444
148,736 123,946 223,103 495,785 340,054
9.Net income forthe year
2021 2020
f
This is stated after charging: Depreciation (note 11) 235+21 234,855
Auditors' remuneration Audit services 11,600 11,400
Taxation services 1,100
10.Staff costs and emoluments
f f
Total staff costs were as follows: Wages and salaries 515,639 518,141
Social security costs 46,689 38,312
Other pension costs —defined
benefit		 7,718 9,902
Other pension costs —defined contribution 15,274 13,171
Apprentice Levy 1,448
587,899 580,974

Freehold Fixtures & Leasehold
Total
property Fittings Property
E E E
COST At start ofyear 9,507,122 1,171,271 90,423 10,768,816
Additions
in year
At end ofyear 9,507,122 1,171,271 90,423 10,768,816
DEPRECIATION At start ofyear 1,696,233 546,936 72,412 2,315,581
Charge for year 227,437 3,285 4,699 235,421
At end ofyear 1,923,670 550,221 77,111 2,551,002
NET BOOK VALUE At end ofyear 7,583,452 621,050 13,312 8,217,814
At start ofyear 7,810,889 624,335 18,011 8,453,235

FOR THE YE FOR THE YE AR ENDED 3 1DECEMBER 202 1
13a.Investments (The Group and the Charity)
2021 2020
Movement in market value Market value at start of year 3,092,550 2,832,240
Funds invested
in the year		 722,500
Net gains arising on revaluations in the year 328,421 299,320
Brokers management
charges		 (49,138) (39,010)
Market value at end ofyear 4,094,333 3,092,550
Historical cost at end of year 3p560~092 2 812004
Investments are held as follows: Handelsbanken
Balanced		 Multi Asset Fund C 1,214,025 1,121,469
Handelsbanken
Balanced		 Multi Asset Fund I 2,879,969 1,970,743
Cash held by Investment Managers 339 338
4,094,333 3,092,550
Analysis of investments Endowment
Fund		 3,289,438 2,083,560
Restricted: Special Acquisitions Fund 920,000
Unrestricted
Funds		 804,895 88,990
4,094,333 3,092,550

.Investments
-Subsidiary
Undertaking		 .Investments
-Subsidiary
Undertaking		 .Investments
-Subsidiary
Undertaking		 .Investments
-Subsidiary
Undertaking
The charity owns the whole ofthe issued share capital of Holburne Trading Company Limited, a company
registered		 in
England. The address ofthe principal
office is Great Pulteney		 Street, Bath, BA2 4DB. Its principal activity
is the operation of
the commercial activities at the Holburne
Museum		 and a summary of its results and balance sheet is provided
below:
'2021 2020
f E
Balance sheet Assets 192,907 191,981
Liabilities (192,796) (191,870)
Capital and retained reserves
Profit and loss account Turnover 549,581 546,424
Cost ofsales (377,248) (367,271)
Gross profit 172,333 179,153
Administrative expenses (184+36) (127,253)
Other Income 14,229
Operating
profit		 2,126 51,900
Interest receivable 16 38
Net profit 2,142 51,938
Distribution
to Holburne		 Museum (2,142) (51,938)
Result for the financial year

Disclosure ofTotal Asset Return Disclosure ofTotal Asset Return approach to investment approach to investment ofpermanent endowment endowment
Trust for Unapplied Total Tota I
Investment Tota I Return 2021 2020
Balance at start ofthe period
Gift component of Permanent Endowment 2,300,947 2,300,947 2,038,447
Unapplied
total return		 45,113 45,113 (350,631)
Tota I 2,300,947 45,113 2,346,060 1,687,816
Movements
in the reporting		 period
Investment
return: dividends		 and interest received
Investment
return: realised		 and unrealised
gains		 328,421 328+21 299,320
Investment
return:
investment		 managementcosts (49,138) (49,138) (39,010)
Less: Unapplied
tota
I return		 a I located to income (979o) (270,905) (270,905) (252,501)
8,378 8878 7,809
Donations
received for Endowment
Fund		 35,000 35,000 262,500
Special Acquisitions
Fund:		 balance transferred 920,000 920,000
Amount loaned from Endowment
in 2018		 now repaid 387,935
Net movements
in the reporting
period		 955,000 8,378 963+78 658,244
Balance at end ofthe period
Gift component of Permanent Endowment 3,255,947 3,255,947 2,300,947
Unapplied
total return		 53,491 53+91 45,113
Tota I 3,255,947 53,491 3+09,438 2,346,060

FOR THE YEAR ENDED 31DECEMBER 2 FOR THE YEAR ENDED 31DECEMBER 2 FOR THE YEAR ENDED 31DECEMBER 2 FOR THE YEAR ENDED 31DECEMBER 2 FOR THE YEAR ENDED 31DECEMBER 2 FOR THE YEAR ENDED 31DECEMBER 2 021
17.Restricted
Funds (The Group and the Charity)
Balance at Incoming Outgoing Transfers Balance at
31Dec2020 resources resources 31Dec2021
f
Development
funds
The Holburne
Museum		 development project 7,762,748 (227,437) 7,535,311
Heritage Asset Funds
Funding for purchase ofassets —Note 14 761,000 56,000 817,000
Special Acquisitions
Fund
Balance oustanding 920,000 (920,000)
Less: Pension fund deficit offset -50% oftotal (592,000) 592,000
328,000 (328,000)
Specific purposes
funds
National
Lottery Comm		 Fund: Pathways 67,327 75,997 (67,068) 76,256
Funds for other Learning projects 41,500 41,500
Ellerman
Found / Traverse		 Trust —Curator funding 19,331 29,477 (27,475) 21.333
Clare —for redecoration 20,000 (2,800) 17,200
Conservation
(various small amounts)		 9,263 4,840 14,103
Stum pwork 3,500 3,500
Neighbourhood
Postcode		 Lottery . 9,959 (9,959)
Cayzer Trust - for removal oftable 8,000 (8,000)
Funding for Exhibitions 5,000 (5,000)
Other Funds 10,000 (10,000)
Coronavirus
Job Retention		 Scheme funding 7,781 (7,781)
142,380 169,595 (138,083) 173,892
8,994,128 225,595 (365,520) (328,000) 8,526,203
18.Unrestricted
Funds
Balance at Incoming Outgoing Gains, losses
31Dec2020 resources resources and transfers Balance at
31Dec2021
The Group 735,267 1,411,314 (1,344,937) (110,095) 691,549
The Charity 735,156 917,800 (851,323) (110,095) 691,538

Changes in the present value ofthe defined benefit obligations benefit obligations 2021
f		 2020
E
Opening
defined benefit obligation		 2,351,000 1,940,000
Current service cost 17,000 16,000
Interest cost 33,000 41,000
Contributions
by employees		 2,000 3,000
Acturial
(gain) / loss on liabilities		 (88,000) 367,000
Net benefits
paid		 (17,000) (17,000)
Past service cost 1,000 1,000
Closing defined benefit obligation 2,299,000 2,351,000
Changes tothe fair value ofassets
Opening fair value ofassets 1,167,000 1,113,000
Interest return
on assets		 17,000 24,000
Acturial
gain / (loss) on assets		 115,000 9,000
Contributions
by employer		 42,000 35,000
Contributions
by employees		 2,000 3,000
Net benefits
paid		 (17,000) (17,000)
Closing fair value ofscheme assets 1,326,000 1,167,000
Actual return on assets
Interest return
on assets		 17,000 24,000
Acturial
gain / (loss) on assets		 115,000 9,000
Actual return on assets 132,000 33,000
Analysis ofamounts
recognised
in statement		 ofrecognised gains and losses
Acturial
gain / (loss) on assets		 115,000 9,000
Acturial
gain / (loss) on liabilities		 88,000 (367,000)
Total acturial gain / (loss) 203,000 (357,000)

21a.Previous Year Comp a ratives
—Consolidat		 ed
Statement		 of Financial Activities
Unrestricted Restricted Endowment Total Funds
Funds Funds fund 2020
E
INCOME
Grants and Donations 886,798 107,398 262,500 1,256,696
Income from charitable activities 339,788 194,290 534,078
Other trading activities 207,539 207,539
Income from investments 352 352
Total Income 1,434,477 301,688 262,500 1,998,665
EXPENDITURE
Expenditure
on raising funds		 (85,839) (85,839)
Investment
management		 costs (39,010) (39,010)
Expenditure
on charitable		 activities (878,849) (482,760) (1+61,609)
Total Expenditure (964,688) (482,760) (39,010) (1886858)
NET INCOME/
(EXPENDITURE)		 469,789 (181,072) 223,490 512,207
TRANSFERS BETWEEN FUNDS
Total Asset Return transfer 252,501 (252,501)
Loan from Endowment now repaid (387,935) 387,935
Avon Pension
Fund deficit		 (235,000) 235,000
NET INCOME/(EXPENDITURE) AFTER TRANSFERS 99,355 53,928 358,924 512807
Gain on investments 299,320 299820
Actuarial
loss on defined
benefit pension scheme (357,000) (357,000)
NET MOVEMENT IN FUNDS (257,645) 53,928 658,244 454,527
FUND BALANCES BROUGHT FORWARD 992,912 8,940,200 1,687,816 11,620,928
FUND BALANCES CARRIED FORWARD 735,267 8,994,128 2,346,060 12,075,455

Unrestricted Restricted Endowment Total Funds
Funds Funds Fund 2020
f f f f
FIXED ASSETS
Tangible fixed assets:
Freehold Property: The Museum 550,000 7,260,888 7,810,888
Other assets 140,487 501,860 642,347
690,487 7,762,748 8,453,235
Heritage assets 761,000 761,000
Investments 88,990 920,000 2,083,560 3,092,550
TOTAL FIXED ASSETS 779,477 9,443,748 2,083,560 12806,785
CURRENT ASSETS
Museum
shop stock		 28,225 28,225
Debtors 122,210 122,210
Bank balances and similar 577,006 142,380 262,500 981,886
727,441 142,380 262,500 1,132,321
CREDITORS: Amounts falling due
within one year (179,651) (179,651)
NET CURRENT ASSETS 547,790 142,380 262,500 952,670
NET ASSETS BEFORE PENSION DEFICIT 1,327,267 9,586,128 2,346,060 13,259,455
Pension scheme deficit (592,000) (592,000) (1,184,000)
NET ASSETS 735,267 8,994,128 2,346,060 12,075855
ENDOWMENT
FUND		 2,346,060 2,346,060
RESTRICTED FUNDS
Development
Fund		 7,762,748 7,762,748
Heritage Assets 761,000 761,000
Special Acquisitions Fund 920,000 920,000
Less: Avon Pension Fund deficit offset (592,000) (592,000)
Specific Purposes Funds: Revenue 142,380 142,380
8,994,128 8,994,128
UNRESTRICTED FUNDS
General fund 735,267 735,267
735,267 8,994,128 2,346,060 12,075,455

21c.Previous Year Com paratives
—		 Endowment and Restricted Funds
Transfers
Balance at Incoming Outgoing and other Balance at
1Jan 2020 resources resources gains and 31Dec2020
losses
ENDOWMENT
FUNDS
Catalyst
Fund		 1,687,816 262,500 (39,010) 434,754 2,346,060
RESTRICTED FUNDS
Development
funds
The Holburne
Museum		 development project 7,990,186 (227,438) 7,762,748
Heritage Asset Funds
Funding for purchase ofassets - Note 14 761,000 761,000
Special Acquisitions
Fund
Balance oustanding 920,000 920,000
Less: Pension fund deficit offset -50% 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) 67+27
Clore - for redecoration 20,000 20,000
Ellerman
Found / Traverse Trust - Curator funding		 3,893 38,477 (23,039) 19+31.
Neighbourhood
Postcode Lottery		 9,959 9,959
Conservation
(various small amounts)		 9,263 9,263
Cayzer Trust - for removal oftable 8,000 8+00
Funding for Exhibitions 25,184 (20,184) 5,000
Stum pwork 2,500 1,000 3,500
Learning 1,332 (1,332)
Coronavirus
Job Retention Scheme funding		 114,500 (114,500)
Art Fund 'Respond
and		 Reimagine'
project		 13,778 (13,778)
National
Lottery Comm.		 Fund: Create @Home 11,000 (11,000)
96,014 301,688 (255,322) 142,380
8,940,200 301,688 (482,760) 235,000 8,994,128