2025-12-31-accounts

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 Charity number: 310288 THE HOLBURNE MUSEUM TRUSTEE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ? Bishop Fleming

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM CONTENTS Page Rgferonce and Administrative Details of thg Charity, its Trust90 and Advisgrs Trustee's Report 3-11 Trustee's Responslbllltles Statement Independent Auditors. Report on the Financial Statements 10-13 Consolidated Statement of Financial Activities 14 Consolidated Balancg Sheet 15 Charity Balance Sheet 16 Consolldated Statement of Cash Flows 17 Notes to the Financial Statements 18-45

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEE AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 The Holburne Museum I'The Museum") is an independent institution with registered charitable slalus, established by a Deed of Trust in 1883. The sole Trustee, by whom the Trust is administered, is The Holburne Museum Trust Company I"The Company'l, a company limited by guarantee. The directors of The Company are detailed below.. Trustee Mervyn Metcalf, Chair lappoinled 17 February 20261 Edward Bayntun-coward, Chair (Resigned 17 February 202611.2.4 Frances￿ Beauman, Vice Chair2.4 Sandra Forbesl.4 Jeremy Garfield- Davies2 Angela Gillibrandi Sukie Hemming2 Caroline Howe113 Sharanjil Leyl Lynda Nead Andrew Salmon Christopher Stephensi.2,3.4 Rohan Surana1 Mark Astaire Lesley Exley Stephen Hyde Lydia Lee Finance, Audit & Investment Committee Fundraising Committee Leaming & Engagement Advisory Committee Nominations Committee Charity registered number 310288 Principal office Great Pulleney Street Balhwick Bath BA2 4DB Independent auditors Bishop Fleming Audit Limited Chartered Accountants 10 Temple Back Bristol BS16FL Bankers CAF Bank PO Box 289 West Malling Kent ME19 4TA Solicitors Stone King Upper Borough Court Upper Borough Walls Bath BA1 1RG Page 1

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 STRUCTURE AND GOVERNANCE The Trustee submits its annual report and accounts for the year ended 31 December 2025. The accounts Ifinancial stalementsl have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with applicable law and United Kingdom Accounting Standards, including FRS102 °The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and UK Generally Accepted Practice as it applies from 1 January 2019. Reference and administration information The Holburne Museum I'The Museum") is an independent institution with registered charitable status, established by Deed of Trust in 1883. The sole Trustee, by whom the Trust is administered, is The Holburne Museum Trust Company {°the Company"), a company limited by guarantee. The directors are detailed on page 1 together with the names of directors of the Company who acted during the course of the year bul are no longer directors al the date of this report. Relevant registration information is shown below.. The Holburne Museum Trust Company The Holburne Museum Holburne Trading Company Ltd Museums and Galleries Commission Company Registration Number.. 4104120 Charity Registration Number.. 310288 Company Registration Number.. 6954139 Registered Museum Number". 930 The address of The Museum, and its registered office. is Great Pulteney Street, Bath BA2 4DB. The names and addresses of The Museum's professional advisers and bankers are shown on page 1. structure, governance and management Organisational structure The Museum is an independent regISte￿d charitable trust of which the Company is the sole trustee. The Museum has one subsidiary, the Holburne Trading Company, which operates the commercial activities of the Museum, being the café, shop, car park, commercial events. Governance The Museum charity is governed by a board of directors of the Company, known as "the Directors" who are appointed by the members of The Company. The maximum number of general Directors is eighteen. In addition, the Board may have up lo two Representative Directors of whom one is nominated by the University of Bath and one by Bath Spa University. New Directors are required to sign 8 'Declaralion of Eligibility lo Acy, and a 'Declaralion of Interests in order to comply with the Board's Conflicts of Interest policy. Management The Directors, who meet formally at least four limes each year, are responsible for selling strategies and policies for the Museum and for ensLJring that these are implemented. They are also responsible for.. Appointing the Museum Director. Approving the annual budget. Approving the Trustee's report and audited financial statements. The primary functions of the Directors are to.. Oversee the key decisions affecting the operation of the Museum. Assist the Museum Director in formulating policy and with significant operational decisions. Review management accounts and key financial performance indicators against budget. Oversee the identification and management of risks. Full Ilst of commlttees of the Board durlng 2025 Finance, Audit & Investment Committee Fundraising Committee Nominations Committee Chair- Angela Gillibrand Chair- Lydia Lee Chair- Sandra Forbes Page 2

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors maintain a Risk Register which identifies the major risks to which the Museum, Directors, staff and volunteers are exposed. This Register is maintained by the Treasurer 8nd reviewed by the D1￿ClOrS, most recently by the Finance, Audit and Investment Committee which reports lo the Boad, thus bringing risks lo the attention of the Directors and enabling them to establish strategies for dealing with them. The key risks identified are.. Operational - commercial Visitor numbers fail to reach tsrgets, commercial income targets not met Failure to meet fundraising targets Unexpected capital costs arising from failure of parts of the building or items of plant and equipment Increased prices of servi￿$ make the building unaffordable Lack of financial resources to continue as a going concern Operational- fundraising Operational- premises Operational- premises Financial In 2025, the Management Team included the Director, Head of Finan￿, Head of Learning & Engagement, Curator, Exhibitions Manager, Head of Visitor Services, Head of Marketing & Communications Ifrom 11th August Head of Communications & Development), and the Museum Adminislralor. The aims of the monthly Management Team meetings are.. To monitor day-to-day performance (financial and operational} of the Museum in order to report to the Directors. To provide a forum for management support in particular by identifying staff professional development opportunities and addressing HR issues. To provide a platform for joined up thinking across departments in implementing the Museum's strategy. To generate new ideas for the furtherance of the Museum's mission and its sustainability. OBJECTIVES AND ACTIVITIES The Holburne Museum was founded in 1882 as Bath's first art museum with, al its heart, the collection of Sir William Holburne {1793-18741. In 1916 the collection moved to its present location at the end of Great Pulleney Street and in May 2011 an award-winning extension by architect Eric Parry provided space for additional galleries and a garden café. The Holburne is a treasure house of Old Master paintings, portrait miniatures, porcelain, Renaissance bronzes and ceffimics, silver, and embroidery.11 is particulady renowned for its eighleenth-cenlury British portraits, most notably by Ramsay, Stubbs, Zoffany, Gainsborough and Lawrence. The collection continues lo develop, and the Collections Policy was most recently confirmed in 2024. In 2025. two new galleries were opened housing the Schroder Collection which was placed on 'pem)anenl loan, (for a minimum of twenty years). The Holburne stages international exhibitions and other projects involving fine and decorative arts of all periods and is admired for its dynamic displays, vibrant learning and community engagement programme and innovative interpretation. ststement of Purpose The Holburne's charitable objeds for the public benefit, as set out in its original trust deed, are= The provision and maintenance of a museum in the city of Bath for the exhibition to the public of a collection of specimens of the fine and deci)Talive arts. The extension, enhancement, conseNation, storage and maintenance of the art collection. Promotion of education in art and allied subjects, and of the appreciation of art. When ￿VIewIng the charity's aims and objectives and planning future activities, the Directors have had due regard to the public benefit gllidan￿ published by the Charities Commission. The activities undertaken to assist in the delivery of the Museum's objectives are outlined below. Vlslon Our vision is to make the Holburne an open, welcoming, inspiring and empowering space for everyone. Al the heart of this vision is the powerful relationship of art, creativity and social and personal wellbeing. Our vision is encapsulated by our slogan Changing Lives Through Art. We seek to deliver our Mission with Ambition and Innovation. ensuring that we always do so in ways that are Inclusive, of the highest Quality, Relevant and Sustainable. Page 3

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Achievement and perfomance Schroder Project In September 2025, we opened two new galleries to display the Schroder Collection which had been placed on permanent loan lal least twenty years}. Leonie Schroder acquired a warehouse outside Bath to which most of the Holburne collection has been despatched. This enabled the two stores in the basement of the 2011 extension, under the Cafe, lo be amalgamated and converted into a treasury-slyle gallery which houses their unrivalled collection of Renaissan￿ silver, paintings, Maiolica and bronzes. While the entire collection is of the highest quality, the silver is widely regarded as one of the most important collections in private hands. Worf(ing with Eric Parry Archilecls, the most challenging part of the £2.5 million project was to Create an appropriate approach to the new gallery given the basement had hitherto been back-of-house except for the toilets. The lobby area was opened up as much as possible and that created a new display area at the southern end in which we installed about 200 diverse objects from the Holburne collection. This new display was funded by the Holburne with donations from individuals, as was the refurbishment of the toilets with support from the Foyle Foundation. Two new, environmentslly controlled stores were created in the basement of the historic building. On the First Floor, a new gallery of 17th century paintings from the Schroder Collection was created from what had been an Offi￿ since 2011. This space had been a gallery in Reginald Bloomfield's 1914 reshaping of the building plan. The Claude Lorraine landscape in this new display has been described as, perhaps, the most important painting ever lo have been lent lo the Holbume. Exhibitions Typically, we run eight temporary exhibition a year, across three seasons {J8nuary to May, May to September, September lo January). Each occupies a small Spa￿ with three shows in the Roper and Wirth galleries pa and two in the Davidson Ballroom which we keep clear in the summer for events. The programme reflects the fact that we 8re heavily reliant on paid admissions for our income and that the exhibitions are the principal driver for ticket sales. At the same time, we seek lo present a programme that is not simply popular bit which also introduces new artists, ideas or forms of Practi￿ to our audience. In 2025, our visitor numbers were lower than in the previous year bul that had been exceptional with the unprecedented impact of the exhibition Mr Doodle.. Museum Mayhem. We started 2025 with Iconic.. Portraiture from Francis Bacon to Andy Wathol. Described by Jonathan Jones in The Guardian as a 'compact yet brilliant show,, Iconic looked at artists, use of photographic sour￿$ in portraiture in the 1950s and '60s. 11 included important loans from Tate, National Portrait Gallery and the Sainsbury centre, Norwich. It was accompanied by exhibitions of new work by two separate artists. Diedrick Brackens.. Woven Stories displayed large tspestries in what was the first UK museum exhibition for the California-based artist. In the Wirth Gallery we showed paintings by the 27-year old, Bath-born painter Joshua Donkor. This was the artist's first exhibition. Our main summer exhibition was Impressions in Walercolour.. Tumer and his Contemporaries. Drawn from a collection acquired by the late Hickman Bacon and timed to mark J.M.W. Turner's 250th anniversary, this show presented 35 watercolours by Turner and about 30 by other artists, including major pieces by John Sell Colman, Thomas Girtin and others. At the same lime, we presented work by international artist Nicolas Party. Paty was born in Zurich and lives in Brooklyn. In the Wirth Gallery we showed a selection of ￿cent oil on copper paintings, most being exhibited for the first time. Most dramatically, in the 18th Century Pidure Gallery, Party covered one whole wall with one of his signature murals in pastel. this one being an enlarged version of a small 17th ￿ntury Dutch painting in the collection showing a brawl outside a pub. In the autumn, the main exhibition combined the work of Winfred Nicholson with contemporary painter Andrew Cranston and was selected by designer Jonathon Anderson and gallerist Richard Ingleby. The exhibib.on had previously been presented al the Pier Art Cenlre, Slromn8ss. We marked Jane Austen's 250th anniversary with a display that showed the changing modes of illustration that had been applied to her writing, including several works recently acquired for our own collection. In the Ballr(iom, Sculpting the Earth brought together three artists, all women, who had made figurative sculptures in clay. Though Ann Stokes, Natalie Bevan and Psiche Hughes were little-known, the exhibition proved very popular. Page 4

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Learning & Engagement Our Leaming & Engagement activities continued to be focused on offering high quality, inspiring opportunities for creativity. Our offer for children and families was extensive, with Family Drop-lns and Art Camps during school holidays, while our Space to Make is a permanent presence on the ground-floor with free lo access 'handswOn' making for all. Across the year.. 2070 individuals attended Family Events. Private funding enabled us to continue lo work with our six partner schools. including the offer of 'golden lickels, offering free entry to students and their families and we engaged with 505 students at these six schools. More broadly, through the year, we continued to host school groups, including Primary, Secondary and A Level students. In September we launched a new Loans Box of items lo be sent out to schools. We also delivered a number of workshops for home-educators. We welcomed 671 Primary age students and 234 Secondary. In terms of our offer for young adLJlts116-25 year olds), we continued to lead on Make It New, a project to broaden volunteering and cultural engagement for young people as part of Reaching In, Reaching Out, an ACE and NLHF- funded initiative. Similarly, with Creative Minds we continued to work with young men with the support of the Baring Foundation. These are intensive programmes and we engaged with 30 participants. 277 people attended other Community Groups. Our well-established Creative Health programme Palhw8yS to Wellbeing, continued lo thrive. wort(ing with additional people with lived experience of mental health issues and more artists to deliver the programme. It has been supported by local, private philanthropic trusts and the work has been extended into care homes and lo support new mums struggling with peri-natal depression. It is a reflection of the respect that this progrsmme has developed that Avon & Wiltshire Mental Health NHS Partnership asked us lo host Worfd Mental Health Day events in October 2025, bringing together mentsl health support organisations from across the region. 104 people regularly attended one of our Creative Health groups either through self-referral or having been referred by their GP, NHS mental health trust or bodies like Bath in Mind. We secured funding from the Museums Association Julia Rausing Trust's Health & Wellbeing Fund to embed the learning from Pathways and lo extend it to new partner organisations from January 2026. We conlinued lo support a Community of Practice amongst our freelance artists and volunteers in order to share learning, support each other and develop our practice and expertise in creative health work. We have trained and supported 12 freelance creative health practitioners and 8 museum mentors. Alongside our long-standing partnerships with both University of Bath and Bath Spa University, we partner and collaborate with various organisations and networks in the region, notably Bath and Colonialism Action Group IBACAI, Remind (Dementia support), Headway and BEMSCA (Bath Ethnic Minority Senior Citizens Group. Our Heads of Leaming & Engagement and of Visitor Services attended DEI training and we initiated a DEI Advisory Group of staff and outside advisors which18d to an All-staff Away Day. Events Though we made a strategic decision to priorilise creative workshops and other activities over concerts, film screenings and lectures, we hosted numerous su¢h events, working in partnership in some instan￿$ or enabling others to deliver events on our site. We continued lo produce UpLales on the last Friday of each month. working with both the University of Bath and Bath Spa University and with UnFramed, a cohort of Holburne Volunteers to produce themed. free-to-access evenings of music, talks and other aclivilies. Collection The mov8 of the entire collection to new storage was completed. The larger part of the collection was moved to a secure warehouse outside Bath while a selection of the most delicate and most often called-upon objects were kept in two environmenlally-conditioned spaces which had been constructed in the basement of the historic museum as part of the Schroder Project. The collection move, which involved numerous volunteers as well as additional stsff funded as part of the Schroder project, necessarily included the documentation of every single object and a complete audit of the collection. Page 5

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 We received a major donation of, mostly, 18th century English decorative and fine arts, filling many holes in our representation of English porcelain production, and including two significant paintings by George Romney, a small religious painting by Angelica Kaufmann and several conversation ple￿$ and landscapes, including works by Thomas Wootton and Richard Wilson, of which we had few previously. This collection also included some ancient Roman glass, Chinese pO￿laIn and a large number of 17th century Dutch Delft tiles. We continued lo broaden the collection with the acquisition of numerous prints thanks to the 2023 Fund, two generous individuals who are donating both modem and contemporary prints for the collection and funds for us to purchase more such work. Through our membership of the Contemporary Arts Society, we aCqUi￿d work by Charmaine Walkiss from her exhibition at Abbot Hall in Kendal, and by ceramic artist Neil Brownsword. We took on long-loan three monumental heads by sculptor Thoams J. Pri￿. Our Arts Council England Accreditation was renewed. Volunteers Like many regional museums and galleries, the Holburne depends on a large number of volunteers. Beyond that, we see our Volunteer Programme as an important part of the delivery of our Vision, supporting through the programme a range of individuals seeking lo develop professional skills and experien￿, those unable to work through physical disability or neurodivergence and the socially isolated. Beyond staffing the Front Desk and invigilaling in the galleries, Volunteers have been involved in the Collections Move, the production of some of the regular Up Lates, and as Mentors on our Discover Museums project. A group of Young Volunteers continued lo meet as the Holburne Future Collective with a new emphasis on recruiting members form creative disciplines as opposed to heritage. Amongst other things, they developed earfier work on Bath's first pride lo make a key contribution lo the city-wide Queer Bath festival in June. Marketing & Communications Alongside the usual press liaison and marketing, the year was dominated by work arising from our successful bid lo Bloomberg Digitsl Accelerator scheme. With their support, we developed 8 new Brand Identity which was rolled out in summer 2025 in tie for the new Schroder Galleries, opening in September. At the same lime, work was done on designing a new website and the introduction of new digital systems for the retail and CRM. Café, Retail & Commercial activity The Café is run by Grayson's who pay a rent based on a percentage of turnover with a sel minimum £75,000 per annum, payable in monthly instslments. Shop sales tend lo follow attendall￿ numbers and was, like ticket sales, down on 2024 but still up on pre￿dIng years. Again, income from venue hi￿ was disappointing because there was no return of Nefflix for the filming of Bridgerton which has not used the Holburne since the Hollywood writers, strike caused the cancellation of a shoot in 2023. It seems likely that that particular SOU￿ of income might have passed. FINANCIAL REVIEW Revlew of the year Total income for the year amounted to £3,732,96312024.. £2,569,152), an increase of £1,163,811 I45°￿) over the previous year. £1,549,821 relates to Restricted Funds for the Schroder Gallery Capital Works programme which was completed in July 2025. Admissions were £576,380, up 3.5 /0 from 2024. Overall Trading income decreased by £9.4k 19.6 /ol. Shop Sales were 15 10 lower than in 2024 which saw an increased fooffall and associated retail Page 6

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 offer due lo the Mr Doodlel Museum Mayhem exhibition. Total expenditure was £2,447,040 12024.. £2,250,861 }- In addition to these funds the Endowment gains lotalled £131.7k. The Museum's nel assets at 31 December 2025 amounted to £15.3m, of which Endowment Funds stood at £3.4m, Restricted Funds at £9.76m, while Unrestricted Funds increased to a total of £2.17m. Details of Funds The Directors, long-term objective is to maintain the following funds, which are separately recorded and accounted for in the Museum's records.. Endowment Fund this comprises the DCMSI National Lottery Heritage Fund Catalyst.. Endowments Fund award, together with subsequent donations. Towards the end of the year a legacy for £115k was received which is wailing to be transferred al 31st December to the Liquid Portfolio of the Endowment. on￿ reserve levels are consistently higher the funds will be transferred lo the Main Endowment. Under the Total Asset Return basis of accounting, 3.10 of the nel increase in the value of inveslments has been added to th8 Endowment Fund, the remainder being added to Unreslricled Funds. 2. Restricted - Development Fund this comprises funds donated, and grants raised lo finance the Museum, major redevelopment scheme (including the Gardener's Lodge developmenll. The annual depreciation charges on freehold and leasehold propety, and on fixtures and fillings financed from this Fund, are charged against the Fund. 3. Restricted - Heritage Assets Fund - this represents the value of Heritage Assets purchased by or donated lo the Museum. Restricted- Specific Purposes Fund these are the unspent balan￿$ of grants and donations made lo the Museum with 8 specific purpose or inlenl. 5. un￿strICted Fund these are the accumulated revenue surpluses of the Museum, pmviding finance for the core operating costs relating to the on-going activities of the Museum. Investment policy and perfomiance The assets of the Endowment Fund are invested through a professional investment manager, Sarasin & Partners, with a medium lo low riskjcapilal p￿serVation Total Asset Return mandate in accordance with the powers given to the Trustee under the Trustee Investment Ad 1961. Funds tolalled £3.4m12024.' £4.14ml, recording a gain during the year £131.7k (2024.. £368.8kl before investment management costs which amounted lo £27.Ok12024.. £0.7kl. The performance of the investments is reported quarterly to the Directors. Unrestricted Funds operational approach The Directors are Concemed lo maintsin a level of unreslricled reserves which will provide sufficient working capital and enable the Museum lo Cope with unexpected shortfalls in inwme or increases in operating costs. A three-year Implementation Plan had been prepared, the objective of which is to preserve the Endowment Funds and ultimately lo increase them to a level al which the total return income generated will cover the annual deficit of the Museum.11 is the long-lem aim of the charity lo maintain unreslricled reserves, which are the free reserves of the Museum, at a level that is sufficient lo cover between 3 - 6 months of the running costs of the Museum Plans for future periods Though we keep il under review, we remain committed to the Vision agreed by staff and Directors in 2019 that sel the triangular relationship of art, c￿atiVity and wellbeing al the heart of our organisalion. We intend lo deepen the Holburne's commitment to supporting individual wellbeing through art and lo playing a significant role in the wellbeing of our communities. During 2025, we made significant advances in our long-lerm ambition lo open up more of our historic building lo public use. Page 7

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM TRUSTEE REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Responsibility for the accounts and financial statements The Charities Act 2011 requires the Trustee lo prepare financial slalemenls for each financial year that provide a true and fair view of the siale of affairs of the charity's financial activities during the year and of ils financial position at the end of the year. In preparing the financial slatemenls, the Trustee is reqLJired lo.. 1. Select suitable accounting policies and apply them consistently. 2. Make judgements and estimates that are reasonable and prudent. 3. Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatemenls. 4. Prepare the financial statements on a going concem basis unless it is inappropriate that the museum will continue operating. The Trustee is responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position al any lime, and which ensure that the financial slalements comply with the applicable rules and regulations. It is also responsible for safeguarding the assets of the charity and for their proper application under charity law, including taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustee is satisfied that the responsibilities set out above have been discharged and that these accounts have been prepared in accordance with the applicable accounting standards, save where slated in respect of donated heritage assets Audltors Bishop Fleming have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment will be submilled to the forthcoming Annual General Meeting. Thanks The Directors convey their sincere thanks lo all the staff and volunteers who have provided their support lo the Museum, without which il could not continue lo honour and deliver its response to the charitable objectives laid down for il by its founder in 1882. The Trustees, Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, and signed on its behalf by.. SWd by.. LL ntdcolf BCC7FA B73CE4BF. $80511E4A6F2410 Mervyn Metcalf Chairman Angela Gillibrand Treasurer Dale.. 231712026 Page 8

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM STATEMENT OF TRUSTEE RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustee are responsible for preparing the Trustee's Report and the financial stslements in acwrdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustee lo prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming reSoUr￿S and application of resources, including their income and expenditure, for that period. In preparing these financial stalemenls, the Trustee are required lo.. select suitsble accounting policies and then apply them consislenlly., observe the methods and principles of the Charities SORP IFRS 1021., make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless tt is inappropriate lo presume that the Group will continue in business. The Trustee are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Group and the Charity and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE HOLBURNE MUSEUM OPINION We have audited the financial statements of The Holbume Museum (the 'parenl charily'l and its subsidiaries Ilhe 'group'l for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Slalement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice)- The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordan￿ with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Aceounling and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations but has been withdrawn. This has been done in order for the accounts lo provide 8 true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial stalemenls= give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 December 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing IUK} IISAS IUK}l and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatemenls, we have concluded that the Trustee's use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material Un￿rtaIntieS relating lo events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to conlinue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustee wlh respect lo going concem are described in the relevant sections of this report. Page 10

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HOLBURNE MUSEUM ICONTINUEDI OTHER INFORMATION The other information comprises the information includeij in the Annual Report other than the financial statements and our Auditors, Report thereon. The Trustee are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomed, we conclude that there is a material misstalemenl of this other infom)8tion, we are required to report that fact. We have nothing to report in this regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you if, in our opinion.. the information given in the Trustee Report is inconsislenl in any material respect with the financial ststements., or the parent Charity has not kept sufficient accounting records., or the parent Charity financial slalemenls are not in agreement with the accounting records and returns., or we have not reTrived all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustee Responsibilities Statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary lo enable the preparation of financial slalements that are free from material misstatement. whether due to fraud or error. In preparing the financial slalements, the Trustee is responsible for assessing the Group's and the parent charills ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends lo liquidate the Group or the parent charity or to cease operations, or have no realistic allernalive bul lo do so. Page 11

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HOLBURNE MUSEUM ICONTINUEDI AUDITORS. RESPONS181LITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance wtth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as 8 whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We have considered the nature of the sector, control environment and financial performance,. We have considered the results of enquiries with management and the directions of the Iruslee company in relation to their own identification and assessment of the risk of irregularities within the entity., We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions lo confirm that the systems are operating in line with docLJmentation- and We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial ststements and potential indicators of fraud. As a result of these procedures, we have considered the opportunities and in￿ntiveS that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off. In common wth all audits under ISAS {UKI we are also required to perfomi specific procedures to respond lo the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of materi81 amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011, Charity SORP 2019, FRS 102 and the terms and conditions attaching lo material grants received by the Charity. In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements bul compliance with which may be fundamental to the Charity's ability to operate or avoid a material penalty. These included data protection regulations, health and safely regulations and employment legislation. Our procedures to respond to risks identified included the following= Reviewing the financial statement disclosures and lesling lo supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial ststements., Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud., Review of board minutes., Enquiring of management in relation lo actual and potential claims and liligations., Performing detailed transactional testing in relation lo the recognition of revenue, specifically grants, with a particular focus around year*nd cut off., and In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments., assessing whether the judgments made in accounting estimates are indicative of potential bias., and evaluating the business rationale of significant transactions that are unusual or outside the normal course of Page 12

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE HOLBURNE MUSEUM ICONTINUEDI business. We also communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Bec8use of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance wrfch a law or regulation is removed from the events and transactions reflected in the financial stalemenls. as we will be less likely to become aware of instan￿$ of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud ffither than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentstion. A further description of our responsibilities for the audit of the financial ststemenls is located on the Financial Reporting Council's website at.. www.frc.o .ukJaudilorsres onsibililies. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely lo the chariws Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charills trustees those matters we are required to slate to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not ac￿pt or assume responsibility lo anyone other than the Iruslee for our audit work, for this report, or for the opinions we have formed. S*n•d by.. sQoi F￿1¥ b. 2FPU$P28tEFts484 Bishop Fleming Audit Limited Chartered Accountants Slatulory Auditors 10 Temple Back Bristol BS16FL Date.. 231712026 Bishop Fleming Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 13

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income and endowments from.. Donations and legacies Charitable activities Other trading activities Investments 713.457 613,993 284,740 6,157 109.310 1.911.266 2,624.723 613.993 284,740 100,197 109.310 1,543,244 609,462 290,667 8,654 117,125 Other income Total income and endowments 1,727,657 1,911,266 3,732,963 2,569,152 Expenditure on: Raising funds Charitable activities 9,10 11 459.842 1.132.146 26,968 486,810 1,960.230 811,021 1,439,840 828.084 Total expenditure 1,591,988 828,084 26,968 2,447,040 2,250,861 Net Income before net gains on investments Net gains on investments 135.669 1.083.182 67.072 1,285.923 318,291 131.744 131,744 368,858 Net income Transfers between funds 135,669 1.083.182 198,816 1.417.667 687,149 22 920,000 (920.000) Net movement in funds 1,055,669 1,083,182 1721,184) 1,417,667 687,149 Reconciliation of funds: Total funds brought forward Net movement in funds 1.109,801 1.055.669 8.675,392 1.083.182 4,144,239 (721.184) 13,929,432 1.417.667 13,242,283 687,149 Total funds carried forward 2,165,470 9,758,574 3,423,055 15,347,099 13,929,432 Page 14

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 16 17 18 10,269.913 867.000 3,670,674 8,144,109 867,000 4,511,857 14,807,587 13,522,966 Current assets Stocks 19 47,859 205,293 593,546 40,647 462,674 342,760 Debtors Cash al bank and in hand 20 846,698 846,081 Current liabilities Creditors.. amounts falling due within one year 21 1307,1861 1439,615} Net current assets 539.512 406,466 Total net assets 15,347,099 13,929,432 Charlty funds Endowment funds 22 3,423,055 4,144,239 Restricted funds.. Development Fund Heritage Assets Special Purposes Funds.. Revenue Reslricled Funds 22 6,697,513 867,000 115,308 2.078.753 7,006,615 867,000 187,264 614,513 22 22 22 Total restricted funds Unrestricted funds 22 22 9,758.574 2,165,470 8,675,392 1,109,801 Total funds 15,347,099 13,929,432 The financial statements were approved and aulhorised for issue by the Trustee and signed on their behalf by= S*Mdty. SPJMdty. 8CC7F 73CE48F 980511E4A6F2410 Mervyn Metcalf Chair of Trustees Date.. 231712026 Angela Gillibrand Treasurer The notes on pages 18 10 45 form part of these financial stslemenls. Page 15

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Note Fixed assets Tangible assets Heritage assets Investments 16 17 18 10,269.913 867.000 3,670,774 8,144,109 867,000 4,511,957 14,807,687 13,523,066 Current assets Debtors 20 523,041 296,427 535,817 300,250 Cash at bank and in hand 819.468 836,067 Current liabilities Creditors.. amounts falling due within one year 21 1280.0671 1429,712} Net current assets 539.401 406,355 Total net assets 15,347,088 13,929,421 Charity funds Endowment funds 22 3,423,055 4,144,239 Restricted funds.. Development fund Heritage assets Special purposes funds.. Revenue Restricted Funds 22 6.697,513 867,000 115,308 2,078,753 7.006,615 867,000 187,264 614,513 22 22 22 Total restricted funds Unrestricted funds 22 22 9,758.574 2,165.459 8,675,392 1,109,790 Total funds 15,347.088 13,929,421 The financial statements were approved and aulhorised for issue by the Trustee and signed on their behalf by- S￿Nd￿. CC7F 73CE48F $80511E446F2410 Mervyn Metcalf Chair of Trustees Angela Gillibrand Treasurer Date.. 231712026 The notes on pages 18 10 45 form part of these financial stalemenls. Page 16

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities 1.600,715 512,970 Cash flows from investing activities Dividends and income from investments Purchase of tangible fixed assets ProTreds from sale of investments 94,040 {2,389,9271 945,958 8,654 1616,5121 4,443,814 14,593,804) Purchase of investments Net cash used In Investlng a¢tlvStles {1.349,9291 (757.848) Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 250,786 (244.878) 587,638 342,760 Cash and cash equivalents at the end of the year 593,546 342,760 The notes on pages 18 10 45 form part of these financial statements Page 17

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 GENERAL INFORMATION The Charity is a registered charity in England and Wales and is unincorporated. The address of the principal office is The Holbume Museum, Great Pulteney Street, Bath. 4DB. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'true and fairf view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Holburne Museum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stsled in the relevant accounting policy. The Consolidated Slalemenl of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 GOING CONCERN The activities of the Charity, together with the factors likely lo affect its future development and performance are sel out in the Trustee's Annual Report. The financial position of the Charity and its cashflow are presented in the financial statements and accompanying notes. The directors consider that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial stalemenls. Page 18

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (continued) 2.3 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entiuement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient eviden￿ that a gift has been left to them Ithrough knowledge of the existence of a valid will and the death of the benefactorl and the executor is satisfied that the property in question will not be required lo satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that il will be received and the fair value of the 8mounl receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entillemenl occurs before income is received, the income is accrued. Other income is recognised in the period in which it is re￿1vable and lo the exlenl the goods have been provided or on completion of the service. 2.4 EXPENDITURE Expenditure is recognised On￿ there is a leg81 or conslruclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs allribulable to a single activity are allocated direclly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitsble purposes and includes costs of all fundraising activities events and non-charitsble trading. Expenditure on charitable activities is incurred on directly undertaking the activities which ftjrther the Group's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 INTEREST RECEIVABLE Interest on funds held on deposit is included when re￿Ivable and the amount can be measured reliably by the Group., this is nomially upon notfficalion of the interest paid or payable by the institution with whom the funds are deposited. Page 19

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (continued) 2.6 TAXATION The Charity is considered to P8SS the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitsble company for UK corporation lax purposes. Accordingly, the Charity is potentially exempl from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. In addition, its subsidiary incurs no current lax charge as all its profits, which would otherwise be taxable, are distributed to the Museum by way of Gift Aid and thus no tax liability arises. The Group receives Museum and Gallery Exhibition Tax Relief, which is surrendered, giving rise lo a lax repayment lo the Group. The arising credit is recognised in the year in which the related expenditure is incurred. The credit Is recognised in other income in the Consolidated Statement of Financial Activities. Gift Aid recoverable on ￿rtain donab'on, and where applicable, has been induded in income. 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £2,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charyed so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Freehold property Leasehold propety Fixtures and fittings 50 years slraighl line over the period of the lease 15 to 30 years straight line 2.8 HERITAGE ASSETS Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the cost model, heritage assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. 2.9 INVESTMENTS Fixed asset investments are a form of financial instrument and Sre initially recognised at their transaction cost and subsequently measured at fair value al the Balan￿ Sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impaim)ent. Page 20

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (continued) 2.10 STOCKS Stocks are valued at the lower of cost and nel realisable value after making due 8IIow8nce for obsolete and slow-moving stocks. 2.110EBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.12 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short-tem) highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.13 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates tt will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts. discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated Ststemenl of Financial Activities as a finance cost. 2.14 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.15 PENSIONS The Group operated a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the fund in respect of the year in accordance with the rules of the scheme. See Note 29 for further detsils Pension costs - defined Contribution pension schemes Contributions are charged lo the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. Page 21

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (continued) 2.16 FUND ACCOUNTING Restricted and unreslricled income funds unreslricled income funds are expendable at the discretion of the Directors in furtherance of the objects of the Museum. Funds designated for a particular purpose are also unreslricled. The Museum receives grants and donations for purposes specified by the donors and funds are expended in accordance with donors, wishes. Such funds are reslricled funds and are disclosed in the accounts under one of the headings Specific Purposes Funds or Development Funds. Endowment funds the Catalyst Endowment Fund is the Heritage Lottery FundlDepartmenl for Culture Media and Sport Catalyst= Endowment fund created from a grant of £1 million from the Heritage Lottery Fund which, together with 1..1 matched funding, was received and raised over the period to June 2016. The capital must be retained as a pemianent endowment for a minimum period of 25 years. The real value of investment returns on this fund will be used to support the operations of the Museum and will be transferred annually to the general fund. The Special Acquisitions Fund comprised the proceeds of sale of an item from the collection in 2011 for £1 million, with the balance in the fund amounting to £920,000., the Museum has received legal advice which has led to this Fund being reclassified as part of the Endowment of the Museum. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT The preparation of the financial statements requires management lo make judgments, eslimales and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Page 22

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2025 2025 Total funds 2025 DONATIONS University Contributions Exhibitions donations Conservation Schroder donation 60,000 60.000 139.085 5,047 1,549.821 139,085 5,047 1,549,821 GRANTS Grants for exhibitions Pathways Programme Other grants 30,000 187,313 30,000 187.313 Total donations & grants 60,000 1,911,266 1,971,266 Unrestricted Donations 411,092 242,365 411,092 242.365 Legacies SUBTOTAL 653,457 653,457 TOTAL 2025 713,457 1,911,266 2,624,723 Unreslricled funds 2024 Restricted funds 2024 Total funds 2024 DONATIONS University contributions Exhibitions donations 40,000 96,668 5,187 657,570 40,000 96,668 5,187 657,570 Pathways Programme Schroder donation GRANTS Grants for exhibitions Capital grants Pathways Programme and other grants 129,978 77,504 140,006 129,978 77,504 140,006 Total donations & grants 1,146,913 1,146,913 Page 23

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROM DONATIONS AND LEGACIES ICONTINUEDI Unreslricled funds 2024 Restricted funds 2024 Total funds 2024 Donations Legacies 341,331 55,000 341,331 55,000 TOTAL 2024 396,331 1,146,913 1,543,244 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2025 Total funds 2025 Museum admissions Learning lectures, concerts, workshops elc. 576,380 37,613 576.380 37.613 613,993 613,993 Unrestricted funds 2024 Total funds 2024 Museum admissions Learning lectures, concerts, workshops elc. 556,632 52,830 556,632 52,830 609,462 609,462 INCOME FROM OTHER TRADING ACTIVITIES Income from fundraising events Unrestricted funds 2025 Total funds 2025 Plant sales 3,728 3,728 Page 24

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INCOME FROM OTHER TRADING ACTIVITIES (CONTINUED) Income from fundraising events (CONTINUED) Unrestricted funds 2024 Total funds 2024 Plant sales 236 236 Income from non charltable tradlng actlvltles Unrestricted funds 2025 Total funds 2025 Museum shop sales Income from Car parking Venue hire (including filming fees) Income from cafe 130,736 42,332 23,750 75,000 9,194 130,736 42,332 23.750 75.000 9,194 Other income 281,012 281.012 Unrestricted funds 2024 Total funds 2024 Museum shop sales In¢ome from ¢afe and ur parking Venue hire (including filming fees) Sales 153,674 42,728 24,003 70,026 153,674 42,728 24,003 70,026 290,431 290,431 Page 25

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMENT INCOME Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Investment Income Bank interest 94,040 94,040 6.157 6,157 6,157 94,040 100.197 Unrestricted funds 2024 Total funds 2024 Bank interest 8,654 8,654 Page 26

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 OTHER INCOMING RESOURCES Unrestricted funds 2025 Total funds 2025 Museum & Gallery Tax relief 109,310 109,310 Unrestricted funds 2024 Total funds 2024 Museum & Gallery Tax relief 117,125 117,125 EXPENDITURE ON RAISING FUNDS FUNDRAISING TRADING EXPENSES Unrestricted funds 2025 Total funds 2025 Salary costs Other costs of generating funds 65,764 25,852 65,764 25,852 91,616 91.616 Unrestricted funds 2024 Total funds 2024 Salary costs Other costs of generating funds 151,930 11,863 151,930 11,863 163,793 163,793 Page 27

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 EXPENDITURE ON RAISING FUNDS ICONTINUEDI OTHER TRADING EXPENSES Unrestricted funds 2025 Total funds 2025 Cost of sales 38,152 330,074 38,152 330.074 Administration expenses Unrestricted funds 2024 Total funds 2024 Cost of sales 940 940 Administration expenses 645,569 645,569 646,509 646,509 10. INVESTMENT MANAGEMENT COSTS Endowment funds 2025 Total funds 2025 Investment management fees 26,968 26.968 Endowment funds 2024 Total funds 2024 Investment management fees 719 719 Page 28

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrestricted Restricted funds funds 2025 2025 Total 2025 Museum activities linc. cost of shop sales) Leaming activities Exhibition activities 426,755 229,958 475,433 754,776 47,494 25,814 1,181,531 277.452 501.247 1,132,146 828,084 1,960,230 Unreslricled funds 2024 Restricted funds 2024 Total 2024 Museum activities linc. cost of shop sales) Leaming activities Exhibition activities 438,019 229,795 119,153 600,922 51,165 786 1,038,941 280,960 119,939 786,967 652,873 1,439,840 12. ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Museum activities linc. cost of shop sales) Leaming aclivities Exhibition activities 969, 153 123,135 223,478 212,378 154,317 277,769 1,181,531 277.452 501.247 1,315,766 644,464 1,960,230 Page 29

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Museum activities (inc. cost of shop sales) Leaming adivities Exhibition activities 842,961 130,733 1150,4701 195,980 150,227 270,409 1,038,941 280,960 119,939 823,224 616,616 1,439,840 ANALYSIS OF SUPPORT COSTS Museum Activities 2025 Educatlon Activities 2025 Exhlbltlon Activities 2025 Total funds 2025 Staff costs Premises 53,017 16,999 109,088 33,274 44,181 14,166 95,970 79,525 25,499 172,745 176.723 56,664 377,803 33.274 Other administrative costs Governance costs 212,378 154,317 277,769 644,464 Museum Activities 2024 Education Activities 2024 Exhibition Activities 2024 Total funds 2024 Staff costs 95,014 13,752 71,764 15,450 24,036 16,553 109,638 43,265 29,795 197,349 162,315 60,100 378,751 15,450 Premises Other administrative costs Governance costs 195,980 150,227 270,409 616,616 Page 30

Docusign Envelope ID". FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13. AUDITORS. REMUNERATION 2025 2024 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 16,065 15,450 14. STAFF COSTS Group 2025 Group 2024 Charity 2025 Charity 2024 Wages and salaries Social security costs Contribution to pension schemes 507,741 77,980 21,775 604,194 63,274 22,086 507,741 77,980 21,775 604,194 63,274 22,086 607,496 689,554 607,496 689,554 The average number of persons employed by the Charity during the year was as follows.. Group 2025 No. Group 2024 No. Charity 2025 No. Charity 2024 No. Full lime employees Part lime employees 15 16 15 14 24 23 23 21 The number of employees whose employee benefits {excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 No. In the band £60,001- £70,000 In the band £90,001- £100,000 In the band £100,001- £110,000 The total amount of employee benefits received by key management personnel is £206,431 {2024.' £159,685). Page 31

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15. TRUSTEE'S REMUNERATION AND EXPENSES During the year, no Trustee re￿iVed any remuneration or other benefits12024 - £NILI. During the year ended 31 De￿mber 2025, no Trustee expenses have been incurred12024 - £NILI- 16. TANGIBLE FIXED ASSETS GROUP AND CHARITY Long-term Assets leasehold Fixtures and under property fittings construction Freehold property Total COST OR VALUATION Al 1 January 2025 Additions Transfers between classes 9.507,122 849,448 1,838,045 90.424 1,180,306 318.946 616,512 11,394,364 1.221,533 2,389.927 11.838,0451 Al 31 December 2025 12,194,615 90.424 1,499,252 13,784,291 DEPRECIATION Al 1 January 2025 Charge for the year 2.401,161 202.977 90.424 758,673 61.143 3,250,258 264.120 Al 31 December 2025 2,604.138 90.424 819,816 3,514.378 NET BOOK VALUE Al 31 December 2025 9,590,477 679,436 10,269,913 Al 31 December 2024 7,105,961 421,633 616,512 8,144,106 Page 32

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. TANGIBLE FIXED ASSETS (CONTINUED) GROUP AND CHARITY {CONTINUEDI Freehold property- the freehold of the Museum buildings and grounds is held by the Trustee, in Trust for the charity. The Museum building and grounds were professionally valued al £550,000 in 1994 and this valuation was used as a deemed cost on transition to SORP IFRS 1021. During 2011 the Development project was completed and the total cost of £8,711,623 reanalysed as freehold property, and a further £145,499 has subsequently been capitalised. Since the opening of the Museum in May 2011, depreciation commenced on the freehold property on a straight line basis over a period of 50 years. In August 2017 the building was valued at £16.6m by the Charity's insurers, this being based on the cost of restoring or repairing the building using modern techniques and materials or replacing the properties with a modern equivalent. Leasehold property- The Gardenerfs Lodge. The cost included in the accounts represents the cost of the premium paid to Bath and North E8St Somerset Council for the grant by them of 8 20-year lease on these premises in Sydney Gardens, together with the cost of small subsequent improvements. The lease commenced on 20 November 2024 and its costs are being amortised by equal annual inslallmenls over the life of the lease. The amount of depreciation is charged against the Development Fund. The assets under construction represent the capitalisation of the costs of construction of a new gallery in the basement funded by the Schroder family. During the current year, further additions of £1,221,533 were capilalised. The project was completed in the year, and the total balance has been transferred to freehold property. Page 33

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17. HERITAGE ASSETS GROUP AND CHARITY Assets recognised at cost Heritage asset 2025 Carrying value at 1 January 2025 867,000 Carrying value at 31 December 2023 867,000 Analysis of heritage asset transactions GROUP AND CHARITY 2025 2024 2023 2022 Pre 2020 PURCHASES Portraits of the Burges Family Nalini Malini paintings x9 DONATIONS 10,000 40,000 Pablo Bronslein inks x 2 Waller Sickert painting 40,000 16,000 TOTAL ADDITIONS 40,000 10,000 56,000 The carryng value Heritage assets reflects the value of assets that have been purchased or donated, and capitalised in accordance with the Charity SORP. This value only represents a small proportion of the art collection and excludes the legacy of the Holburne family. This, and some other heritage assets, have not been included in the balance sheet in line with the SORP. Cost information is not available for these assets and conventional valuation approaches lack sufficient reliability to make any figLJres of use to the reader. The insurance value for the museum's collection is £18m and £22m for the loans. Page 34

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 18. FIXED ASSET INVESTMENTS Investments in subsidiary Listed companies investments Total CHARITY COST OR VALUATION Al 1 January 2025 Disposals Revaluations 100 4.511,858 1945.9601 131,744 126,9681 4,511.958 (945.960) 131.744 126,968) Management charges AT 31 DECEMBER 2025 100 3.670,674 3,670.774 PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Principal activity place of business Holburne Trading Company Limited 06954139 Great Pulteney Street, Bath, BA2 Operation of the 4DB commercial activities at The Holburne Museum Class of shares Holdlng Ordinary The financial results of the subsidiary for the year were.. Name Income Expendlture Proflt I (loss) for the year Net assets Holburne Trading Company Limited 613,703 1563,3361 50,367 111 Page 35

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 19. STOCKS Group 2025 Group 2024 Goods for resale 47,859 40,647 20. DEBTORS Group 2025 Group 2024 Charity 2025 Charity 2024 DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors 26,702 43,615 2,253 114,640 55,478 246,688 1,228 461,095 228 60,490 23,465 352,056 111,889 48,407 3,635 61,065 113,891 Prepayments and accrued income Tax recoverable 205,293 462,674 523,041 535,817 21. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 165,558 64,813 9,322 67,493 305,500 98,337 158,207 53,335 9,322 59,203 303,009 98,175 35,778 28,528 307,186 439,615 280,067 429,712 Page 36

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 1 January 2025 Balance at 31 December 2025 Transfers inlout Gainsl IL05sesl Income Expenditure UNRESTRICTED FUNDS General funds - charity General funds - Holbume Trading Company Fixed Asset Funds - General Fixed Asset Funds - Peckham Gallery 511.850 1.209,979 11,267.484) 217,467 671,812 11 366,230 {315,863 {50,3671 11 597.940 112,071 18.127) 752,900 1.454,784 39,377 1514) 38,863 1,109,801 1,727,657 11,591,988 920,000 2,165,470 ENDOWMENT FUNDS Endowment Funds all funds 4,144,239 94.040 (26,9681 (920.000) 131,744 3,423.055 Page 37

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. STATEMENT OF FUNDS ICONTINUEDI Balance at 31 Gainsl December (Losses) 2025 Balance at 1 January 2025 Transfers inlout Income Expenditure RESTRICTED FUNDS The Holbume Museum development project Heritage assets funds Schroder gallery Pathways 4 land 31 Baring ACE- Mr Doodle Education & Comms Activity Conservation Re-imagine 7,006,615 1309,1021 6,697.513 867,000 644.317 867,000 2,078.753 1.549,821 1115.3851 77.578 24,607 30.000 25,000 (73,9851 (25,8141 33.593 23,793 5,900 5.187 13.106 2,925 5,047 8,825 234 (10,0001 13.8901 9.216 Bloomsberg Iconic 125,000 6,500 1117,0941 16,5001 7,906 Impressions in Walercolour Copper and Dust Dreams of the Everyday Sculpting the Earth Other Exhibitions RIRO 56,358 31.180 {56,3581 (31,1801 30.000 (30,0001 10,000 {10,0001 5,047 15,0471 14,0541 (29,6751 4.054 25,578 1,450 Curatorial 30.000 4,388 25.903 5,838 Print Fund 8.675.392 1.911,266 1828.0841 9,758.574 TOTAL OF FUNDS 13,929,432 3,732.963 (2,447,040) 131,744 15,347.099 Page 38

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. STATEMENT OF FUNDS ICONTINUEDI Restricted Funds The Development Project fund comprises monies received specifically lo finan￿ the Museum's development project. The annual depreciation charge for assets funded from the Development Project is charged against the fund. The Heritage Asset Fund represents amounts received lo purchase c8pilalised Heritage Assets or the value of items donated lo the Collection (Note 171. In prior years, the Special Acquisitions Fund held £920,000 which was received from the sale of an item in the collection. Legal advice obtained by the Trustees indicated that, following the 2018 Charity Commission Scheme, this balance should be treated as part of the Museum's capital funds. On further review, £920,000 has been reclassified from endowed funds lo unrestricted capital funds, reflecting its appropriate designation. Of this amount, £752,900 has been applied lo fixed assets, with the remaining balan￿ transferred lo general unreslricled funds and ulilised lo offset the Avon Pension Fund liability. The Special Purposes Fund relates to predominately exhibition led funding and donations were received for the following exhibitions in the Year 2025.. Dreams of the everyday.. Winifred Nicholson and Andrew Cranston was supported by Ingleby Gallery and The Garcia Family Foundation Impressions in Watercolour.. Tumer and his contemporaries received support from Van & Eva Du8ose, David Posnett, Dreweatts 1759 Ltd. Gurr Johns and the Tavlozza Foundation and the Finnis Scott Foundation Nicholas Party, Copper & Dust.. Supported by Hauser & Wirth., The Modern Inslitule., Swiss Cultural Fund in the UK and The Swiss Arts Council - Pro Helvetia Sculpting the Earth.. Ceramics by Natalie Bevan, Psiche Hughes & Ann Stokes supported by an anonymous Trust. Iconic.. Portoilure from Francis Bacon to Andy Warhol received funding from King Edward's School Bath. Impressionist Sculpture received support from the Blavatnik Family Foundation. Tavolozza Foundation, Daniel Katz Gallery, Stuart and Bianca Roden and Michael and Yvonne Uva. Funding was also received for the following projects.. Curatorial funding received from the Jerwood Foundation to help support the position of a Contemporary curator Pathways Funding secured from The Roper Family Charitable Tnjst and Golden Bottle Trust for a period of 1 year Baring Foundation which helps support the Men's Mental Health Project is in il's second year Joyce Fletcher Charitable Trust supported the schools Partnership Programme Reimagine relates to a digital project around our collection, which was funded by Art Fund Print Fund - M Golder provides support for the acquisition of Works on Paper Conservation Funding for the resloralion of two Lawrence pastels within the Holbume collection.. Charles Hignett- Handel House Schroder Gallery funded by the Schoder family in support of 8 capital redevelopment project, creating a Page 39

Dotxjsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. STATEMENT OF FUNDS ICONTINUEDI new gallery on the lower ground floor to display Renaissance treasures. RIRO - Reach In Reach Out was a c0-produ￿d programme for young people that supported their crealivily and wellbeing and offered pathways to community engagemnt and cultural sector volunteering. STATEMENT OF FUNDS - PRIOR YEAR Balance at 31 December 2024 Balan￿ at 1 January 2024 Gainsl {Lossesl Income Expenditure UNRESTRICTED FUNDS General funds - charity General funds - Holburne Trading Company 1,284.820 1,231,854 11,406,884) 1,109.790 190,385 1190,3851 1,284,831 1,422,239 11,597,269) 1,109,801 Page 40

Do(xJsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 22. STATEMENT OF FUNDS ICONTINUEDI ENDOWMENT FUNDS Endowment Funds- all funds 3,776,100 17191 368,858 4,144,239 RESTRICTED FUNDS The Holbume Museum development project Heritage assets funds Schroder gallery Pathways 4 land 31 Baring ACE- Mr Doodle Education & Comms Activity Conservation Alberta Whittle Impressionist Sculpture Henry Moore Lighting project Re-imagine Reygo & Goya Unlimited Mr Doodle G John Lubiana 7,182,847 827,000 1176,2321 7,006,615 867,000 644,317 77,578 24,607 40,000 767,718 77,000 25,000 1123,4011 176,7461 13931 77,324 26,325 5,417 120,4251 12301 (2,5871 14431 131,5001 112,6721 113,4161 143,0001 {6,0991 178,6681 16,2501 129,5911 {8,4151 120,2051 {2,6001 5,900 5,187 2,587 443 31,500 12,672 26,522 13,106 43,000 6,099 78,668 6,250 16,000 12,335 15,000 2,700 13,591 134 30,783 1,350 RIRO Curatorial 4,054 25,578 1,450 Print Fund 8,181,352 1,146,913 1652,8731 8,675,392 TOTAL OF FUNDS 13,242,283 2,569,152 12,250,861) 368,858 13,929,432 Page 41

Do(xJsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 23. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 Gainsl December (Losses) 2025 Balance at 1 January 2025 Transfers inlout Income Expenditure General funds Endowment funds Restricted funds 1,109.801 1.727,657 {1,591.9881 920,000 2.165.470 4.144,239 8.675,392 94.040 1,911.266 (26,9681 1828,0841 (920.000) 131,744 3,423.055 9,758.574 13.929.432 3.732,963 {2,447,0401 131,744 15,347.099 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 December 2024 Balan￿ at 1 January 2024 Gainsl {Lossesl Income Expenditure General funds Endowment funds Restricted funds 1.284,831 3,776,100 8,181,352 1,422,239 11,597,269) 17191 1652,8731 1.109,801 4,144,239 8,675,392 368,858 1,146,913 13,242,283 2,569,152 12,250,861) 368,858 13,929,432 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unrestricted Restricted Endowment funds funds funds 2025 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Heritage assets Current assets 1,493,647 247,619 8,776,266 10,269.913 3,670.674 867,000 846,698 (307,186) 3,423,055 867,000 422,494 1307,1861 424,204 Creditors due within one year TOTAL 2,165,470 9,758,574 3,423,055 15,347,099 Page 42

Do(xJsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS ICONTINUEDI ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2024 Reslricled Endowment funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investrnents 335,717 367,618 7,808,392 8,144,109 4,511,857 867,000 846,081 1439,6151 4,144,239 Heritage assets Current assets Creditors due within one year 867,000 846,081 1439,6151 TOTAL 1,109,801 8,675,392 4,144,239 13,929,432 25. UNAPPLIED TOTAL RETURN 2025 2024 Al 1 January Amounts donatedllransferred in 218,292 {149,8471 Investment return.. dividends and investment income Investment return.. gains I Ilossesl Investment manager costs 94,040 131,745 {26,9681 368,858 17191 At 31 December 417,109 218,292 The charity operates a lolal relum approach whereby the Iruslees may allocate up lo 3/0 of the investment portfolio lo income each year. Any return not allocated is retsined within the endowment as unapplied lotsl retum. Page 43

Do(xJsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 26. Group 2025 Group 2024 Net income for the year las per Statement of Financial Activiliesl 1,417,667 687,149 ADJUSTMENTS FOR: Depreciation charges Heritage assets donated Losses on investments Investment management costs Dividends and income from investments 264,124 231,705 140,0001 1339,5871 719 18,6541 113,9261 1167,5601 163,124 1131,7441 26,968 {94,0401 17,2121 257,381 1132,4291 Increase in stocks Decreasellincreasel in debtors Increaselldecrease} in creditors NET CASH PROVIDED BY OPERATING ACTIVITIES 1,600,715 512,970 27. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2025 Group 2024 Cash in hand 593,546 342,760 TOTAL CASH AND CASH EQUIVALENTS 593,546 342,760 28. ANALYSIS OF CHANGES IN NET DEBT At1 January 2025 Cash flows At31 December 2025 Cash al bank and in hand 342.760 250,786 593.546 342.760 250,786 593.546 Page 44

Do(xJsign Envelope ID." FF45340342E7-8B68-81C7-7B019F57AE64 THE HOLBURNE MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 29. RELATED PARTY TRANSACTIONS The nominee of the University of Bath. Rohan Surana, sits on the Board of Directors of the Museum. During the year the University made grants lotalling £20,000 12024.. £20,000) lo the Museum, and provided 'in kind, sUPPOrt (payroll, IT, security services) with an estimated value of £30,000 12024.. £30,000). The nominee of B8th Spa University. Dr Andrew Salmon, also sits on the Board of Trustees of the Museum, University grants tolalling £40,000 were recorded due to invoice liming differences in this year 12024.. £20,000). Page 45