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Company registration number: 14547548
Charity registration number: 1205727
Fashion Museum Foundation
Trustees' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2025
Fashion Museum Foundation
Contents
Contents
Page
Reference and Administrative Details 1
Trustees' Report 2—3
Independent Examiner's Report 4
Statement of Financial Activities (including Income and Expenditure Account) 5
Comparative Statement of Financial Activities (including Income and Expenditure Account) 6
Balance Sheet 7
Notes to the Financial Statements 8—12
Page 1
Fashion Museum Foundation
Reference and Administrative Details
For The Year Ended 31 December 2025
Reference and Administrative Details
Trustees
L Exley (appointed 22/09/2025)
F G Gourley
M J Haigh
S Leyl
L McCabe
S J Randall
P H Simpson
R Yentob
S Broadfield (resigned 27/01/2026)
R Park (resigned 22/09/2025)
Company Secretary
R Campbell
Charity Number 1205727
Company Number 14547548
Independent Examiner T R Case ICAEW
Case Accounting Ltd.
20 Goodwood Way
Chippenham
Wiltshire
SN14 0SY
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Fashion Museum Foundation
Company No. 14547548
Trustees' Report For The Year Ended 31 December 2025
Trustees' Report
The trustees present their report and the financial statements for the year ended 31 December 2025.
Objectives and Activities
Aims and Objectives
The Fashion Museum Foundation, registered charity number 1205727, is an independent charity dedicated to supporting the establishment and long-term sustainability of the new Museum in Bath. The Foundation aims to develop, manage, conserve, care for, document, present, and interpret the museum's world-class collection for the public's benefit. It will play a crucial role in delivering the museum’s ambitions to be an exemplar of environmental sustainability, driving socio-economic change and placemaking, supporting disadvantaged communities across the region, and providing a welcoming, accessible space for all. Additionally, the Foundation will build meaningful relationships with the fashion industry, educators, and key stakeholders, and support fundraising and advocacy efforts to ensure the museum’s successful reopening and ongoing success.
Our objects are restricted to the following:
  1. to establish and maintain a Fashion Museum and Fashion Collection Archive in Bath and/or
  2. to facilitate the development, management, conservation and care, documentation, presentation and interpretation of the collections held at the Fashion Museum and Fashion Collection Archive, for the benefit of the public and/or
  3. to encourage, promote and educate the public in fashion through its support of the Fashion Museum and Fashion Collection Archive.
Significant Activities
During 2025, the Fashion Museum Foundation continued its core purpose of supporting the development of the new Fashion Museum in Bath, a major cultural project for the city.
The Foundation continued to develop its fundraising strategy in 2025 to support the establishment, sustainability, and future operations of the new Fashion Museum. This included initiating and developing philanthropic relationships with individuals, trusts, foundations, and corporate partners. We hosted two high‑profile Dress of the Year 2024 events: a lunch for industry figures, brands and local philanthropists, and an evening reception at the Old Post Office followed by a public talk with selector Tim Blanks at the Guildhall, attracting 250 in‑person guests and a further 300 online. The reveal also secured national coverage.  These activities have laid strong foundations for 2026, when we will significantly scale up our fundraising efforts with trusts, statutory funders, and major donors.
Over the summer, the trustees were proud to co-host residents and take part in a wide‑ranging community consultation designed to give residents and visitors an early opportunity to shape the future of the new Fashion Museum. Trustees welcomed attendees at a series of drop‑in events across Bath & North East Somerset, where the public could explore the emerging designs, ask questions, and share their ideas. These sessions offered trustees a valuable chance to hear directly from the community and ensure that public feedback meaningfully informed the next stage of development. 
In early November the project reached a key milestone - RIBA Stage III and the project successfully passed the National Lottery Heritage Fund Development Phase Review —an important midpoint check that clears the way to prepare our second‑round funding submission in early 2026. 
We were pleased to appoint a new Trustee, Lesley Exley, whose background in retail leadership will strengthen the Foundation’s expertise, while Rosa Parks stepped down after valuable service. Sophie Broadfield stepped down from the Foundation when she was appointed CEO of Bath & North East Somerset Council but she remains a strong supporter of the project. 
The Trustees would like to express their gratitude to all those who have supported and helped to develop the new Fashion Museum this year.
Public Benefit
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
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Fashion Museum Foundation
Trustees' Report (continued)
For The Year Ended 31 December 2025
Financial Review
Reserves Policy
The Fashion Museum Foundation is committed to ensuring the responsible management of its financial resources. The charity will maintain minimal unrestricted reserves to support its ongoing operations and to cover any necessary costs associated with winding down, should the need arise. This approach ensures the Foundation can continue to fulfil its mission while maintaining financial stability and transparency.
Structure, Governance and Management
Governing Document
The charity is controlled by its memorandum and articles of association.
Trustee Selection Methods
The minimum number of trustees is 3. The board of trustees shall include up to 2 trustees nominated by the Council. New trustees are appointed by existing trustees.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The trustees' report was approved by the board of trustees and signed on its behalf by:
S Leyl
Trustee
12 May 2026
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Fashion Museum Foundation
Independent Examiner's Report to the Trustees of Fashion Museum Foundation
For The Year Ended 31 December 2025
Independent Examiner's Report to the Trustees of Fashion Museum Foundation
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025.
Responsibilities and Basis of Report
As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
  2. the accounts do not accord with those records; or
  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
T R Case ICAEW
12 May 2026
20 Goodwood Way
Chippenham
Wiltshire
SN14 0SY
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Fashion Museum Foundation
Statement of Financial Activities (including Income and Expenditure Account)
For The Year Ended 31 December 2025
Statement of Financial Activities (including Income and Expenditure Account)
2025 2024
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 - - - 10,150
EXPENDITURE ON:
Raising funds 4 (60 ) - (60 ) -
Charitable activities: 4
New Fashion Museum in Bath (742 ) - (742 ) (726 )
(802 ) - (802 ) (726 )
NET (EXPENDITURE)/INCOME (802 ) - (802 ) 9,424
NET MOVEMENT IN FUNDS (802 ) - (802 ) 9,424
RECONCILIATION OF FUNDS:
Total funds brought forward 4,424 5,000 9,424 -
TOTAL FUNDS CARRIED FORWARD 9 3,622 5,000 8,622 9,424
The notes on pages 8 to 11 form part of these financial statements.
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Fashion Museum Foundation
Comparative Statement of Financial Activities (including Income and Expenditure Account)
For The Year Ended 31 December 2025
Comparative Statement of Financial Activities (including Income and Expenditure Account)
2024
Unrestricted funds Restricted funds Total funds
Notes £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 5,150 5,000 10,150
EXPENDITURE ON:
Charitable activities: 4
New Fashion Museum in Bath (726 ) - (726 )
NET INCOME 4,424 5,000 9,424
NET MOVEMENT IN FUNDS 4,424 5,000 9,424
RECONCILIATION OF FUNDS:
Total funds brought forward - - -
TOTAL FUNDS CARRIED FORWARD 9 4,424 5,000 9,424
The notes on pages 8 to 11 form part of these financial statements.
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Fashion Museum Foundation
Balance Sheet
As At 31 December 2025
Balance Sheet
2025 2024
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
CURRENT ASSETS
Cash at bank and in hand 3,922 5,000 8,922 9,724
3,922 5,000 8,922 9,724
Creditors: Amounts Falling Due Within One Year 8 (300 ) - (300 ) (300 )
NET CURRENT ASSETS (LIABILITIES) 3,622 5,000 8,622 9,424
TOTAL ASSETS LESS CURRENT LIABILITIES 3,622 5,000 8,622 9,424
NET ASSETS 3,622 5,000 8,622 9,424
FUNDS OF THE CHARITY
Restricted Funds 5,000 5,000
Unrestricted Funds 3,622 4,424
TOTAL FUNDS 9 8,622 9,424
For the year ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
S Leyl
Trustee
12 May 2026
The notes on pages 8 to 11 form part of these financial statements.
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Fashion Museum Foundation
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Fashion Museum Foundation is a company limited by guarantee, incorporated in England & Wales, registered number 14547548 and registered charity number 1205727 . The registered office is .
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
Recognition of income:
  • Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
  • Income with related expenditure - Where income has related expenditure the income and related expenditure is reported gross in the SoFA.
  • Donations and legacies - Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
  • Tax reclaims on donations and gifts Donated services and facilities - Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates. These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material.
  • Volunteer help - The value of any volunteer help received is not included in the accounts.
  • Investment income - This is included in the accounts when receivable.
  • Gains/(losses) on revaluation of fixed assets - This includes any gain or loss resulting from revaluing investments to market value at the end of the year.
  • Gains/(losses) on investment assets - This includes any gain or loss on the sale of investments.
2.3. Resources Expended
Recognition of expenditure:
  • Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
  • Expenditure on raising funds - These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs.
  • Expenditure on charitable activities - These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance costs.
  • Grants payable - All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
  • Governance costs - These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
  • Other expenditure - These are support costs not allocated to a particular activity.
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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Fashion Museum Foundation
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
3. Income from Donations and Legacies
2025
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts:
Corporate donations - - -
Donations from individuals - - -
- - -
2024
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts:
Corporate donations 5,000 - 5,000
Donations from individuals 150 5,000 5,150
5,150 5,000 10,150
4. Analysis of Expenditure
2025
Support costs
(see note 5 )
£
Raising funds 60
New Fashion Museum in Bath 742
802
2024
Support costs
(see note 5 )
£
New Fashion Museum in Bath 726
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Fashion Museum Foundation
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
5. Support Costs
2025
Raising funds New Fashion Museum in Bath Total
£ £ £
General administration 60 742 802
2024
New Fashion Museum in Bath
£
General administration 726
6. Independent Examiner's Remuneration
2025 2024
£ £
Independent examination of the financial statements 574 540
7. Average Number of Employees
Average number of employees during the year was: NIL (2024: NIL)
- -
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Other creditors 300 300
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Fashion Museum Foundation
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
9. Movement in Funds
As at 1 January 2025 Expenditure As at 31 December 2025
£ £ £
Unrestricted funds
General:
General unrestricted fund 4,424 (802 ) 3,622
Restricted funds
Refashioning Bath 5,000 - 5,000
Total funds 9,424 (802 ) 8,622
As at 1 January 2024 Income Expenditure As at 31 December 2024
£ £ £ £
Unrestricted funds
General:
General unrestricted fund - 5,150 (726 ) 4,424
Restricted funds
Refashioning Bath - 5,000 - 5,000
Total funds - 10,150 (726 ) 9,424
10. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
11. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure.
12. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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Fashion Museum Foundation
Detailed Statement of Financial Activities (including Income and Expenditure Account)
For The Year Ended 31 December 2025
Detailed Statement of Financial Activities (including Income and Expenditure Account)
2025 2024
Total funds Total funds
£ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Corporate donations - 5,000
Donations from individuals - 5,150
- 10,150
- 10,150
EXPENDITURE ON:
Raising funds
Professional fees (60) -
(60) -
Charitable Activities:
New Fashion Museum in Bath
Insurance (68) (96)
Independent examiner's fees (574) (540)
Legal fees (52) (90)
Sundry expenses (48) -
(742) (726)
(802) (726)
NET (EXPENDITURE)/INCOME (802) 9,424
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