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

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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

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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
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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
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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.
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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.
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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.
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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
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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.
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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
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$80511E4A6F2410
Mervyn Metcalf
Chairman
Angela Gillibrand
Treasurer
Dale.. 231712026
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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.
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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.
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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
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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
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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
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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