The Roman Baths Foundation

	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—11

The trustees present their report and the financial statements for the year ended 31 March 2026.

Objectives and Activities

Aims and Objectives

to promote, preserve, develop, maintain and manage the Roman Baths and Pump Room complex, Bath, United Kingdom and all buildings, monuments, collections, structures and archaeological remains and artefacts appurtenant to or associated (whether by location, history or otherwise) with the same (together, "the Roman Baths"); and/or
to advance the education, interest and appreciation of the general public with respect to the Roman Baths, and/or
to advance and support all aspects of popular and academic study into the Roman Baths for the educational and wider benefit of the general public, including (but not limited to) the discovery, investigation and protection of archaeological remains and artefacts; and/or
to pursue such other charitable purposes beneficial to the public and consistent with the Objects above, as the Trustees shall in their absolute discretion determine.

Mission

A new Mission has been developed by the Foundation as public articulation of it’s objectives:

The Roman Baths Foundation is a part of an ongoing story. For millennia people have come to Bath, drawn here to the UK's only hot springs. The resulting legacy is a collection of outstanding national significance, an ancient scheduled monument and historic buildings that form part of the UNESCO World Heritage listing for the city of Bath. The Roman Baths Foundation is dedicated to fundraising and advocating for projects that safeguard the buildings, monument, and collections in our care, that promote education and further our understanding of this special place. We aim to:

Enable the Roman Baths to connect visitors to the past and support the interpretation of the collection for as wide an audience as possible. The collection includes world-class Roman objects, Mesolithic flint tools found in the hot spring through to Victorian spa equipment.
Support curatorial endeavour to reveal new and underrepresented narratives and champion projects that make these accessible through activities and events for all.
Contribute to projects that advance knowledge, that continually challenge and question and which use lessons from the past to apply to the future, through research and scientific exploration.
Fund projects at the Roman Baths that support lifelong education and learning.

Significant Activities

Over the past year, The Roman Baths Foundation has made significant strides in various areas, contributing to our mission and enhancing our impact.

Visitor numbers at The Roman Baths recovered well after the pandemic. However, they have fallen over the past three years because of pressures in both international and domestic markets. As a result, current unrestricted income sources were lower than the previous year. As part of the future fundraising strategy, the Foundation plans to grow unrestricted income by widening the ways visitors, communities, donors and partners can give. This will help build financial resilience and support long‑term planning.

The Foundation was established in 2015. In November, the Foundation celebrated its 10th anniversary with its supporters in The Pump Room. The event highlighted the impact of the Foundation to date, through the creation of the Clore Learning Centre, World Heritage Centre, and the opening of The Gym area in the museum. These spaces provide new ways for people to engage with Bath’s extraordinary heritage. Since these opened:

50,000 people took part in learning sessions at the Clore Learning Centre.
27,000 people joined wellbeing activities at the Clore Learning Centre.
300,000 visitors explored the World Heritage Centre.
74 volunteers supported the World Heritage centre.
6,800 volunteer hours were given over three years at the World Heritage Centre.
3.6 million people visited the Roman Baths, after The Gym opened.

In conjunction with this milestone, after a rigorous recruitment process, the Foundation welcomed new trustees to the board to support these future ambitions. The unprecedented response of high calibre candidates reflects the opportunity for, and admiration of, the charity.

...CONTINUED

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The Roman Baths Foundation

Trustees' Report (continued)

For The Year Ended 31 March 2026

Significant Activities - continued

Towards the end of the year, The Roman Baths began a visioning process to set its vision and mission for the next five years. Workshops with trustees of the Foundation and Roman Baths staff helped clarify the site’s purpose, cultural value and future needs. This has created a long‑term direction that balances heritage, learning and wellbeing with commercial success. The process will also strengthen the Foundation by giving it a clearer mandate to deliver impact in areas such as learning, conservation and research. his work will be completed in April 2026, and the Fundraising Strategy will be updated to reflect this vision and support increased income and deeper relationships.

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.

Financial Review

Reserves Policy

The Foundation’s policy is to prioritise the annual expenditure of unrestricted funds to support activities at the Roman Baths, thereby fulfilling our charitable objectives. In line with best practice, the trustees will maintain an appropriate level of reserves to meet the organisation’s administrative commitments. Trustees have the discretion to designate funds to support major conservation or capital projects at the Roman Baths.

In addition, over the course of the Foundation’s three‑year fundraising strategy, the trustees may allocate funds to key projects that advance the strategic priorities of the Roman Baths. These allocations will be reviewed annually to ensure they remain aligned with both the charity’s objectives and the evolving needs of the site.

Structure, Governance and Management

Governing Document

The charity is controlled by its memorandum and articles of association as amended by special resolutions on 16 March 2015 and 19 April 2016. On 24 April 2017 by Special Resolution the trustees increased the maximum number of elected trustees from nine to eleven.

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:

R M Halton

Trustee

27 July 2026

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The Roman Baths Foundation

Independent Examiner's Report to the Trustees of The Roman Baths Foundation

For The Year Ended 31 March 2026

Independent Examiner's Report to the Trustees of The Roman Baths Foundation

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026.

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:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
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
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

27 July 2026

20 Goodwood Way
Chippenham
Wiltshire
SN14 0SY

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The Roman Baths Foundation

Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Statement of Financial Activities (including Income and Expenditure Account)

		2026	2025
		Unrestricted funds	Total funds
	Notes	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	26,046	31,031
Investments	4	198	159

		26,244	31,190

EXPENDITURE ON:
Raising funds	5	(4,149 )	(526 )
Charitable activities:	5
Learning & participation		(648 )	(7,119 )

		(4,797 )	(7,645 )

NET INCOME		21,447	23,545


NET MOVEMENT IN FUNDS		21,447	23,545
RECONCILIATION OF FUNDS:
Total funds brought forward		84,842	61,297

TOTAL FUNDS CARRIED FORWARD	10	106,289	84,842

The notes on pages 8 to 11 form part of these financial statements.

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The Roman Baths Foundation

Comparative Statement of Financial Activities (including Income and Expenditure Account)

For The Year Ended 31 March 2026

Comparative Statement of Financial Activities (including Income and Expenditure Account)

				2025
		Unrestricted funds	Restricted funds	Total funds
	Notes	£	£	£
INCOME AND ENDOWMENTS FROM:
Donations and legacies	3	31,031	-	31,031
Investments	4	159	-	159

		31,190	-	31,190

EXPENDITURE ON:
Raising funds	5	(526 )	-	(526 )
Charitable activities:	5
Learning & participation		(2,119 )	(5,000 )	(7,119 )

		(2,645 )	(5,000 )	(7,645 )

NET INCOME		28,545	(5,000 )	23,545


NET MOVEMENT IN FUNDS		28,545	(5,000 )	23,545
RECONCILIATION OF FUNDS:
Total funds brought forward		56,297	5,000	61,297

TOTAL FUNDS CARRIED FORWARD	10	84,842	-	84,842

The notes on pages 8 to 11 form part of these financial statements.

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The Roman Baths Foundation

Balance Sheet

As At 31 March 2026

Balance Sheet

				2026	2025
		Unrestricted funds	Restricted funds	Total funds	Total funds
	Notes	£	£	£	£
CURRENT ASSETS
Cash at bank and in hand		106,802	-	106,802	85,340

		106,802	-	106,802	85,340
Creditors: Amounts Falling Due Within One Year	9	(513 )	-	(513 )	(498 )

NET CURRENT ASSETS (LIABILITIES)		106,289	-	106,289	84,842

TOTAL ASSETS LESS CURRENT LIABILITIES		106,289	-	106,289	84,842

NET ASSETS		106,289	-	106,289	84,842

FUNDS OF THE CHARITY
Unrestricted Funds				106,289	84,842

TOTAL FUNDS	10			106,289	84,842

For the year ending 31 March 2026 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

R M Halton

Trustee

27 July 2026

The notes on pages 8 to 11 form part of these financial statements.

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The Roman Baths Foundation

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

The Roman Baths Foundation is a company limited by guarantee, incorporated in England & Wales, registered number 09454235 and registered charity number 1163044 . 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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The Roman Baths Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Taxation

The charity is exempt from tax as all its income is charitable and applied for charitable purposes.

3. Income from Donations and Legacies

	2026	2025
	Unrestricted	Unrestricted
	funds	funds
	£	£
Donations and gifts	26,046	31,031

4. Investment Income

	2026	2025
	Unrestricted	Unrestricted
	funds	funds
	£	£
Bank interest receivable	198	159

5. Analysis of Expenditure

			2026
	Activities undertaken directly	Support costs (see note 6 )	Total
	£	£	£
Raising funds	294	3,855	4,149
Learning & participation	-	648	648

	294	4,503	4,797

			2025
	Grant funding of activities	Support costs (see note 6 )	Total
	£	£	£
Raising funds	-	526	526
Learning & participation	5,670	1,449	7,119

	5,670	1,975	7,645

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The Roman Baths Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

6. Support Costs

			2026
	Raising funds	Learning & participation	Total
	£	£	£
General administration:
Insurance	-	88	88
Advertising and marketing costs	1,050	-	1,050
Independent examiner's fees	-	513	513
Legal fees	60	47	107
Interest payable:
Bank & payment platform charges	2,745	-	2,745

	3,855	648	4,503

			2025
	Raising funds	Learning & participation	Total
	£	£	£
General administration:
Insurance	-	96	96
Independent examiner's fees	-	498	498
Legal fees	-	790	790
Sundry expenses	-	65	65
Interest payable:
Bank & payment platform charges	526	-	526

	526	1,449	1,975

7. Independent Examiner's Remuneration

	2026	2025
	£	£
Independent examination of the financial statements	513	498

8. Average Number of Employees

Average number of employees during the year was: NIL (2025: NIL)

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Other creditors	513	498

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The Roman Baths Foundation

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Movement in Funds

	As at 1 April 2025	Income	Expenditure	As at 31 March 2026
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	84,842	26,244	(4,797 )	106,289


Total funds	84,842	26,244	(4,797 )	106,289

	As at 1 April 2024	Income	Expenditure	As at 31 March 2025
	£	£	£	£
Unrestricted funds
General:
General unrestricted fund	56,297	31,190	(2,645 )	84,842
Restricted funds
Clore Learning Centre	5,000	-	(5,000 )	-


Total funds	61,297	31,190	(7,645 )	84,842

11. 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.

12. Related Party Disclosures

There have been no related party transactions in the reporting period that require disclosure.

13. 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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Trustees	D J Baker
	P R Chubb (appointed 24/07/2025)
	P A Davenport
	D Dodd (appointed 24/07/2025)
	I P Ellwood (appointed 19/03/2026)
	C Gosnell (appointed 24/07/2025)
	J A Hallsworth (appointed 24/07/2025)
	R M Halton
	C Hanna (appointed 24/07/2025)
	C Holleran (appointed 24/07/2025)
	E Kyd
	G Leach
	F S Macdonald
	R M Malloy
	J Thompson (appointed 24/07/2025)
	P J Turner

Company Secretary	R Campbell

Charity Number	1163044

Company Number	09454235

Independent Examiner	T R Case ICAEW
	Case Accounting Ltd.
	20 Goodwood Way Chippenham Wiltshire SN14 0SY