2022-12-31-accounts

	Page
Reference and Administrative Details ofthe Charity, its Trustee and Advisers
Trustee Report	2-8
Trustee Responsibilities Statement
Independent Auditors' Report on the Financial Statements	10-13
Consolidated Statement ofFinancial Activities	14-15
Consolidated Balance Sheet	16-17
Charity Balance Sheet	18-19
Consolidated Statement ofCash Flows	20
Notes to the Financial Statements	21 -51

The directors	ofThe Co	mpany are detailed below:	mpany are detailed below:
Directors		Edward Bayntun-Coward,		Chair1, 2,4
		Francesca Beauman,	Vice	Chairs, 4
		Martin Clarkel
		Magdalen Fisher2
		Sandra Forbes4
		Jeremy Garfield- Davies2
		Angela Gillibrand1
		Sukie Hemming2
		Caroline Howells
		Charlotte Murphy
		Andrew Salmon
		Christopher Stephens1,	2,4
		Rohan Surana
		'
		Finance, Audit & Investment			Committee
		~ Fundraising Committee ' Learning & Engagement		Advisory		Committee
		4 Nominations Committee
Charity registered
number		310288
Principal office		Great Pulteney Street
		Bathwick
		Bath
		BA2 4DB
Independent	auditors	Bishop Fleming LLP
		Chartered Accountants
		10Temple Back
		Bristol
		BS16FL
Bankers		CAF Bank
		PO Box289
		West Mailing
		Kent
		ME194TA
Solicitors		Stone King
		Upper Borough Court
		Upper Borough Walls
		Bath
		BA1 1RG

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2022	2022	2022	2022	2021
	Note			f.
Income and
endowments from:
Donations and legacies		374,247	316,884	420,000	1,111,131	1,059,691
Charitable activities		417,129			41?,129	365,811
Other trading activities		356,800			356,800	232,116
Investments		1,394			1,394	62
Other income						14,229
Total income and
endowments		1,149,570	316,884	420,000	1,886,454	1,671,909
Expenditure on:
Raising funds	9,10	159,328		68,491	227,819	115,475
Charitable activities	11	1,096,367	508,345		1,604,712	1,644,120
Total expenditure		1,255,695	508,345	68,491	1,832,531	1,759,595
Net
(expenditure)/incom
e before net
(losses)/gains on investments		(106,125)	(191,461)	351,509	53,923	(87,686)
Net (losses)/gains on investments				(370,239)	(370,239)	328,421
Net
(expenditure)/incom e		(106,125)	(191,461)	(18,730)	(316,316)	240,735
Transfers between
funds	22	(10,000)	10,000
Net movement In
funds before other
recognised gains		(116,125)	(181,461)	(18,730)	(316,316)	240,735
Other recognised
gains:
Actuarial gains on
defined benefit
pension schemes	29	949,000			949,000	211,000
Net movement in
funds		832,875	(181,461)	(18,730)	632,684	451,735

		Unrestricted	Restricted	Endowment	Total	Total
		funds	funds	funds	funds	funds
		2022	2022 F	2022 f	2022	2021
Reconciliation	of
funds:
Total funds brought
forward		691,549	8,526,203	3,309,438	12,527,'I 90	12,075,455
Net movement	in funds	832,875	(181,461)	(18,730)	632,684	451,735
Total funds carried
forward		1,524,424	8,344,742	3,290,708	13,159,874	12,527,190

		Note		2022f		2021
Fixed assets
Tangible assets		16		7,991,793		8,217,814
Heritage assets		17		827,000		817,000
Investments		18		4,075,603		4,094,333
				12,894,396		13,129,147
Current assets
Stocks		19	23,456		37,006
Debtors		20	386,010		118,285
Cash at bank and	in hand		191,028		474,647
			600,494		629,938
Creditors: amounts	falling due within one
year		21	(335,016)		(258,895)
Net current assets				265,478		371,043
Total assets less	current liabilities			13,159,874		13,500,190
Defined benefit pension scheme asset I
liability		29				(973,000)
Total net assets				13,159,874		12,527,190

					2022		2021
			Note				F
Fixed assets
Tangible assets			16		7,991,793		8,217,814
Heritage assets			17		827,000		817,000
Investments			18		4,075,703		4,094,433
					12,894,496		13,129,247
Current assets
Debtors			20	504,351		231,865
Cash at bank and	in hand			31,905		372,147
				536,256		604,012
Creditors: amounts	falling due within one
year			21	(270,889)		(233,080)
Net current assets					265,367		370,932
Total assets less	current liabilities				13,159,863		13,500,179
Net assets excluding liability		pension asset I			13,159,863		13,500,179
Defined benefit pension		scheme asset /
liability			29				(973,000)
Total net assets					13,159,863		12,527,179

					2022f	2021
Cash flows from operating		activities
Net cash	used in operating	activities			144,022	215,199
Cash flows from investing		activities
Dividends	and income from	investments			1,394	62
Purchase	oftangible fixed assets				(9,035)
Purchase	of investments				(420,000)	(722,500)
Net cash	used in investing	activities			(427,641)	(722,438)
Cash flows from financing		activities
Net cash	provided by financing activities
Change	in cash and cash	equivalents	in	the year	(283,619)	(507,239)
Cash and	cash equivalents	at the beginning		ofthe year	474,647	981,886
Cash and cash equivalents		at the end	of	the year	191,028	474,647
The notes on pages 21 to 51 form part ofthese financial statements

Freehold property	- 50years straight	- 50years straight	line
Leasehold property	- over the period		ofthe	lease
Fixtures and fittings (pre-	- 20% reducing	balance
development)
Fixtures and fittings (post-	- 15to 30years	straight		line
development)

			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	funds
			2021	2021	2021	2021
			F
Donations
General donations			152,552	14,840		167,392
Raised from Patrons and		Friends	137,147			137,147
University contributions			70,000			70,000
Value ofHeritage	Assets	donated		56,000		56,000
Donations to Endowment		Appeal			35,000	35,000
Grants
Covid support grants - Arts Council			299,464			299,464
Covid support grants - Bath City Council			36,214			36,214
General grants				146,974		146,974
Total donations	&grants		695,377	217,814	35,000	948,191
Legacies			111,500			111,500
Total 2021			806,877	217,814	35,000	1,059,691

					Unrestricted	Total
					funds	funds
					2022	2022
						E
Museum	admissions				383,608	383,608
Coronavirus		Job retention	Scheme
Exhibition	costs recharged				14,034	14,034
Learning	lectures, concerts, workshops			etc.	19,487	19,487
					417,129	417,129

								Unrestricted	Restricted	Total
								funds	funds	funds
								2021	2021	2021
								F	E
	Museum	admissions						317,320		317,320
	Coronavirus		Job retention		Scheme				7,781	7,781
	Exhibition costs recharged							35,974		35,974
	Learning	lectures, concerts,				workshops	etc.	4,736		4,736
								358,030	7,781	365,811
6.	INCOME FROM OTHER				TRADING ACTIVITIES
	Income	from	fundraising		events
								Unrestricted	Total	Total
								funds	funds	funds
								2022	2022	2021
										F
	Plant sales							1,890	1,890
	Income	from	non charitable			trading	activities
									Unrestricted	Total
									funds	funds
									2022	2022
										F
	Museum	shop sales							138,989	138,989
	Income from		cafe and	car	parking				100,277	100,277
	Venue hire (including			filming		fees)			100,087	100,087
	Other income								15,557	15,557
									354,910	354,910

			Unrestricted	Total
			funds	funds
			2021	2021
				F
Museum	shop sales		127,692	127,692
Income	from cafe and	car parking	67,108	67,108
Venue hire (including		filming fees)	36,532	36,532
Other income			784	784
			232,116	232,116

		Unrestricted	Total
		funds	funds
		2022	2022
		f.
Bank interest		1,394	1,394
		Unrestricted	Total
		funds	funds
		2021	2021
		E
Bank interest		62	62
OTHER	INCOMING RESOURCES
			Total
			funds
			2022
			F
Museum	&Gallery Tax relief

					Unrestricted	Total
					funds	funds
					2021	2021
					F
Museum	8	Gallery	Tax	relief	14,229	14,229

				Unrestricted	Total
				funds	funds
				2022	2022
				E
Salary	costs			143,098	143,098
Other	costs	ofgenerating	funds	16,230	16,230

				Unrestricted	Total
				funds	funds
				2021	2021
					E
Salary	costs			43,996	43,996
Other	costs	ofgenerating	funds	22,341	22,341

			Endowment	Total
			funds	funds
			2022	2022
Investment	management	fees	68,491	68,491
			Endowment	Total
			funds	funds
			2021	2021
				F
Investment	management	fees	49138	49138

Endowment	Total
funds	funds
2021	2021
	F
49,138	49,138

						Unrestricted	Restricted
						funds	funds	Total
						2022	2022	2022
Museum	activities	(inc.	cost	ofshop	sales)	390,636	479,049	869,685
Learning	activities					222,107	29,296	251,403
Exhibition	activities					483,624		483,624
						1,096,367	508,345	1,604,712

Summary	by fund	typ	e (co	ntinued)
						Unrestricted	Restricted
						funds	funds	Total
						2021	2021f	2021
Museum	activities	(inc.	cost	ofshop	sales)	690,503	298,451	988,954
Learning	activities					183,486	67,068	250,554
Exhibition	activities					404,612		404,612
						1,278,601	365,519	1,644,120

						Activities
						undertaken	Support	Total
						directly	costs	funds
						2022	2022f	2022f
Museum	activities	(inc.	cost	ofshop	sales)	643,979	225,706	869,685
Learning	activities					87,402	164,001	251,403
Exhibition	activities					188,424	295,200	483,624
						919,805	684,907	1,604,712

						Activities
						undertaken	Support	Total
						directly	costs	funds
						2021	2021	2021
							F
Museum	activities	(inc.	cost	ofshop	sales)	826,668	162,286	988,954
Learning	activities					126,608	123,946	250,554
Exhibition	activities					181,509	223,103	404,612
						1,134,785	509,335	1,644,120

			INuseum	Education	Exhibition	Total
			Activities	Activities	Activities	funds
			2022 f	2022	2022 F	2022 f.
Staff costs			37,413	31,177	56,119	124,709
Premises			94,682	67,148	120,865	282,695
Other administrative		costs	78,811	65,676	118,216	262,703
Governance	costs		14,800			14,800
			225,706	164,001	295,200	684,907
			Museum	Education	Exhibition	Total
			Activities	Activities	Activities	funds
			2021	2021	2021	2021
Staff costs			38,596	32,163	57,894	128,653
Premises			73,485	67,891	122,204	263,580
Other administrative		costs	36,655	23,892	43,005	103,552
Governance	costs		13,550			13,550
			162,286	123,946	223,103	509,335

					2022f	2021 F
Fees payable to the	Charity's	auditor	for the audit ofthe Charity's	annual
accounts					11,750	11,600
Fees payable to the	Charity's	auditor	in respect of:
Taxation compliance	services				?00	1,100

STAFF CO	STS
			Group	Group	Charity	Charity
			2022	2021	2022	2021
					f.	F
Wages and salaries			534,453	487,083	534,453	487,083
Social security costs			58,620	46,689	58,620	46,689
Contribution	to pension schemes		17,822	12,126	17,822	12,126
Operating schemes	costs ofdefined	benefit pension	17,000	18,000	17,000	18,000
			627,895	563,898	627,895	563,898
The average number of persons employed			by the Charity during	the year was as follows:
			Group	Group	Charity	Charity
			2022	2021	2022	2021
			No.	No.	No.	No.
Full time employees			15	15	15	15
Part time employees			5	5	5	5
			20	20	20	20

Group	Group
2022	2021
No.	No.
1	1

							Heritage
							assets
							2022f
Carrying	value at 1 January 2022						817,000
Additions							10,000
Carrying	value	at 31 December 2022					827,000
Analysis	ofheritage asset transactions
Group and Charity
			2022	2021	2020	2019	Pre 2019
				E	E	E
Purchases
Cabinet							250,000
Bead basket							78,000
Atherley	portrait						420,000
Ivory fan							5,000
Various	etchings					8,000
Portraits	ofthe Burges Family		10,000
Donations
Pablo Bronstein		inks x2		40,000
Walter Sickert painting				16,000
Total additions			10,000	56,000		8,000	753,000

		Investments
		in
		subsidiary	Listed
		companies	investments	Total
Charity		E	F
Cost or valuation
At 1 January	2022	100	4,094,333	4,094,433
Additions			420,000	420,000
Revaluations			(370,239)	(370,239)
Management	fees		(68,491)	(68,491)
At 31 December 2022		100	4,075,603	4,075,703

The follow	ing was	a subsidiary	undertaking oft	he Charity:
Name			Company	Registered	office or principal	Principal	activity
			number	place ofbusiness
Holbume	Trading	Company	06954139	Great Pulteney Street, Bath, BA2		Operation	of	the
Limited				4DB		commercial		activities
						at The Holburne
						Museum
Class of	Holding
shares
Ordinary		100'/o

Name				Income	Expendituref	Profit for the year	Net assetsf
						E
Holburne	Trading	Company	Limited	753,374	563,192	190,182

			Group	Group
			2022f	2021f
Goods	for	resale	23,456	37,006

		Group	Group	Charity	Charity
		2022	2021f	2022f	2021f
Due within one year
Trade debtors		85,813	15,290	55,890	1,176
Amounts owed by group undertakings				215,279	154,636
Other debtors		108,872	60,601	99,333	57,796
Prepayments	and accrued income	164,595	29,385	133,849	18,257
Tax recoverable		26,?30	13,009
		386,010	118,285	504,351	231,865

		Group	Group	Charity	Charity
		2022f	2021f	2022f	2021f
Trade creditors		167,821	218,143	162,080	206,714
Other taxation and social security		71,996	8,612	21,880
Other creditors		11,170		11,170
Accruals and deferred	income	84,029	32,140	75,759	26,366
		335,016	258,895	270,889	233,080

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2022f	Income f	Expenditure f	in/outf	(Losses)f	2022
Unrestricted
funds
General funds-
charity		691,538	396,196	(502,321)	(10,000)	949,000	1,524,413
General funds-
Holbume
Trading
Company		11	753,374	(753,374)
		691,549	1,149,570	(1,255,695)	(10,000)	949,000	1,524,424
Endowment
funds
Endowment	fund	3,309,438	420,000	(68,491)		(370,239)	3,290,708
Restricted
funds
The Holburne
Museum
development
project		7,535,311		(176,232)			7,359,079
Heritage assets
funds		817,000			10,000		827,000
National Lottery
Comm Fund:
Pathways		76,256		(72,444)			3,812
Pathways 3		35,000	35,000	(29,496)			40,504
Funds for other
learning
projects		6,500	7,000	(11,549)			1,951
Ellerman Found
/ Traverse
Trust - Curator
funding		21 333		(21,333)
Clore		17,200		(17,122)			78
Conservation		14,103		(2,796)			11,307
Stum pwork		3,500	3,000	(6,500)
Alberta Whittle			35,000	(3,398)			31,602
Hockney			60,172	(60,172)
Mick Peter			11,463	(11,463)

STATEMENT O	F FUNDS - CURR	ENT YEAR	(continued)
						Balance at
	Balance at 1					31
	January			Transfers	Gains/	December
	2022	Income	Expenditure	in/out	(Losses)	2022
	E	E			f.	E
Tudors		15,000	(15,000)
Nalini Malani		42,000	(42,000)
Impressionist Sculpture		33,113	(23,616)			9,497
Funding for
other
Exhibitions		12,000	(10,585)			1,415
Lighting project		20,000				20,000
Volunteers		3,000	(3,000)
Re-imagine		40,136	(1,639)			38,497
	8,526,203	316,884	(508,345)	10,000		8,344,742
Total offunds	12,527,190	1,886,454	(1,832,531)		578,761	13,159,874

							Balance at
		Balance at					31
		1 January			Transfers	Gains/	December
		2021	Income	Expenditure	in/out	(Losses)	2021
		F	F				F
Unrestricted
funds
General funds-
charity		735,156	917,800	(851,323)	592,000	(702,095)	691,538
General funds-
Holburne
Trading
Company		111	599,785	(599,885)
		735,267	1,517,585	(1,451,208)	592,000	(702,095)	691,549
Endowment
funds
Endowment	fund	2,346,060	363,421	(320,043)	920,000		3,309,438
Restricted
funds
The Holburne
Museum
development project		7,762,?48		(227,437)			7,535,311
Heritage assets funds		761,000	56,000				817,000
National Lottery
Comm Fund:
Pathways		67,327	75,997	(67,068)			76,256
Pathways 3			41,500				41,500
Funds for other
learning projects		19,331	29,477	(27,475)			21,333
Ellerman Found
/ Traverse
Trust - Curator
funding		20,000		(2,800)			17,200
Clore		9,263	4,840				14,103
Conservation		3,500					3,500
Neighbourhood
Postcode
Lottery		9,959		(9,959)
Cayzer Trust		8,000		(8,000)

							Balance at
		Balance at					31
		1 January			Transfers	Gains/	December
		2021	Income	Expenditure	in/out	(Losses)	2021
		F	F	F		F	E
Funding for
Exhibitions		5,000		(5,000}
Other Funds			10,000	(10,000)
Coronavirus	Job
Retention
Scheme
funding			7,781	(7,781)
Nalini Malani
Impressionist
Sculpture
Funding for
other
Exhibitions
Lighting project
Volunteers
Re-imagine
		8,666,128	225,595	(365,520)			8,526,203
Total offunds		"",747,455	2,106,601	(2,136,771)	1,512,000	(702,095}	12,527,190

							Balance at
		Balance at 1					31
		January			Transfers	Gains/	December
		2022	Income	Expenditure	in/out	(Losses)	2022
				E	f.
General funds		691,549	1,149,570	(1,255,695)	(10,000)	949,000	1,524,424
Endowment
funds		3,309,438	420,000	(68,491)		(370,239)	3,290,708
Restricted	funds	8,526,203	316,884	(508,345)	10,000		8,344,742
		12,527,190	1,886,454	(1,832,531)		578,761	13,159,874

							Balance at
		Balance at					31
		1 January			Transfers	Gains/	December
		2021	Income	Expenditure	in/out	(Losses)	2021
							E
General	funds	735,267	1,517,585	(1,451,208)	592,000	(702,095)	691,549
Endowment
funds		2,346,060	363,421	(320,043)	920,000		3,309,438
Restricted funds		8,666,128	225,595	(365,520)			8,526,203
		11,747,455	2,106,601	(2,136,771)	1,512,000	(702,095)	12,527,190

		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2022	2022	2022	2022
		f.		E	E
Tangible	fixed assets	474,051	7,517,742		'7,991,793
Fixed asset investments		784,895		3,290,708	4,075,603
Heritage	assets		827,000		827,000
Current	assets	600,494			600,494
Creditors	due within one year	(335,016)			(335,016)
Total		1,524,424	8,344,742	3,290,708	13,159,874

		Unrestricted	Restricted	Endowment	Total
		funds	funds	funds	funds
		2021	2021	2021	2021
			F	f.
Tangible	fixed assets	682,503	7,535,311		8,217,814
Fixed asset investments		784,895		3,309,438	4,094,333
Heritage assets			817,000		817,000
Current assets		222,966	406,972		629,938
Creditors	due within one year	(25,815)	(233,080)		(258,895)
Provisions	for liabilities and charges	(973,000)			(973,000)
Total		691,549	8,526,203	3,309,438	12,527,190

			2022	2021
				F
At 1 January			3,309,438	2,346,060
Amounts donated/transferred		in	420,000	955,000
Investment management	costs		(68,491)	(49,138)
Gains/(losses) on investment			(370,239)	328,421
Transfer to income				(270,905)
At 31 December			3,290,708	3,309,438

									Group	Group
									2022	2021
									f.
Net income/expenditure	for	the	year	(as	per	Statement		of Financial
Activities)									(316,316)	240,735
Adjustments for:
Depreciation charges									235,056	235,421
Heritage assets donated									(10,000)	(56,000)
Gains/(losses) on investments									370,239	(328,421)
Investment management	costs								68,491	49,138
Dividends and income from investments									(1,394)	(62)
Decrease/(increase) in	stocks								13,550	(8,781)
Decrease/(increase) in debtors									(267,725)	3,925
Increase in creditors									76,121	79,244
Defined benefit pension	scheme cost less contributions						payable		(43,000)
Defined benefit pension	scheme finance cost								19,000
Net cash provided by operating			activities						144,022	215,199

		Group	Group
		2022	2021
		E.
Cash	in hand	191,028	474,647
Total	cash and cash equivalents	191,028	474,647

						At 1		At 31
						January		December
						2022	Cash flows	2022
						f	E	E
Cash	at	bank	and	in	hand	474,647	(283,619)	191,028
						474,647	(283,619)	191,028

Principal actuarial assumptions at the Balance Shee	t date (expressed as weighted averages):
	At 31	At 31
	December	December
	2022	2021
Discount rate	4.80	1.95
Future salary increases	2.65	2.85
Future pension increases	2.65	2.85
Inflation assumption	2.65	2.85

	At 31	At 31
	December	December
	2022	2021
	Years	Years
MORTALITY RATES (IN YEARS)
-for a male aged 65 now	23.4	23.3
-at 65for a male aged 45 now	24.9	24.8
-for a female aged 65 now	25.5	24.5
-at 65for a female aged 45 now	27.5	27.4

The Group's	share ofthe assets in the scheme was:
		At 31	At 31
		December	December
		2022f	2021f
Equities			569,000
Government	bonds		146,000
Other bonds			104,000
Property			86,000
Cash and other liquid assets			30,000
Other		1,414,000	391,000
Total fair value ofassets		1,414,000	1,326,000

The amounts recognise	d i	n th	e Consolidated St	atement of Financial Activities	are as follows:
					2022f	2021
Current service cost					17,000	17,000
Past service cost						1,000
Net interest on defined	benefit		liability		(26,000)	16,000
Interest cost					45,000	33,000
Total amount recognised		in	the Consolidated	Statement of Financial
Activities					36,000	67,000

Movements in th	e present value ofthe defined benefit obligation were as follows:
		2022f
Opening defined	benefit obligation	2,299„000
Current service	cost	17,000
Interest cost		45,000
Actuarial gains		(931,000)
Benefits paid		(18,000)
Contributions by	scheme participants	2,000
Closing defined	benefit obligation	1,414,000
Movements in the fair value ofthe Group's share ofscheme assets were as follows:
		2022
		f.
Opening fair value ofscheme assets		1,326,000
Expected return	on assets	26,000
Actuarial gains		18,000
Contributions by	employer	60,000
Contributions by	employer	2,000
Benefits paid		(18,000)
Closing fair value of scheme assets		1,414,000