The Hopkins Costume Trust
Annual Report and Financial Statements
Year ending 31 Dec 2020
Charity no: 1184931
Report of the trustees for the year ended 31 Dec 2020
The trustees present their annual report and financial statements of the charity for the year ended 31[st] December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.
Objectives and activities for the public benefit
The purposes of the Trust are to advance the education of the public in the subject of historical dress and to promote research for public benefit in all aspects of that subject, the useful results of which will be disseminated for the public benefit. In furtherance of this purpose the trustees shall:
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a) make available part or all of the Hopkins collection of historical dress to costume designers (for film, television & theatre), documentary makers, editors of books, and students of relevant subjects, for the greater public appreciation of historical dress;
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b) provide public access to the Hopkins collection by invitation, application, or by access to a Museum;
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c) lend (at no charge) to Museums objects from the Hopkins collection in respect of historical dress for the benefit of the public and public view.
Our achievements this period
This is the Trust's first year of existence, so we were mainly setting up the legal structure and starting the process of transferring ownership of the Hopkins costume collection to the Trust. These objectives were achieved.
Financial review
There were no cash inflows or outflows during the period.
Costume assets worth approx. £200,000 were transferred to the Trust by deed. These are currently still housed at the main residence of Alan and Vanessa Hopkins, and are kept under their care.
There were no expenses incurred or paid during the period.
Plans for the future
The Hopkins Costume Trust will be a lasting testimony to the generosity and charitable concerns of the original donors, Alan and Vanessa Hopkins.
In the next 12 months the trustees anticipate the setting up of a bank account for the Trust, as well as further transfer of assets from the private collection of Alan and Vanessa Hopkins to the Trust.
Structure, governance and management
The Trust is a registered CIO, number 1184931, and is constituted under a trust deed dated 16 Aug 2019. The Trust was established by Alan and Vanessa Hopkins. The Trust does not actively fundraise and seeks to continue the charitable work desired by the founders through the careful stewardship of its existing resources.
New trustees are appointed by the existing trustees and serve for three years after which they may put themselves forward for re-appointment. The Trust Deed provides for a minimum of three trustees, to a maximum of twelve trustees.
New trustees may be sought by open advertisement or through a dialogue with experts in the field of costume history and similar research institutions. In particular it is expected that existing trustees will have a network of contacts within related industries from which to draw.
Reference and administrative information
Trustees
| Trustees | |
|---|---|
| Trustee Name | Term remaining |
| Cecil Alan Hopkins | 3years |
| Vanessa Menzies Hopkins | 3years |
| Elizabeth Sarah Humphrey | 2years |
| Sebastien Daniel Passot | 2years |
| Samuel Angus Hopkins | 2years |
| Lynette Mauro | 2years |
Principal Office
96 Streathbourne Road, Tooting Bec, London SW17 8QY
Charity Number
1184931
Auditors
None appointed
Bankers
None appointed
Solicitors
Russells Solicitors, Yalding House, 152-156 Great Portland St, London W1W 5QA
Investment Managers
None appointed
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Declaration
The trustees declare that they have approved the trustees’ report above. Signed on behalf of the charity’s trustees by:
Signature ____ ____ Full name Samuel Angus Hopkins Vanessa Menzies Hopkins Position Trustee Trustee Date 19 Oct 2021 19 Oct 2021
The Hopkins Costume Trust Statement of Financial Activities for the year ending 31 Dec 2020
| Income and endowments Costume assets (Note 3) Income Total income Expenditure Expenses Total expenditure Net income/(expenditure) and net movement in funds before gains and losses on investments Net gains/(losses) on investments Net movement in funds Reconciliation of Funds Total Funds brought forward Total Funds brought carried forward |
Unrestricted Funds Restricted Funds Total Funds 2020 Prior Year 2019 £’000 £’000 £’000 £’000 200 200 - - - - |
|---|---|
| 200 - 200 - |
|
| - - - - |
|
| - - - - |
|
| 200 - 200 - |
|
| - - - - |
|
| 200 - 200 - |
|
| - - - - |
|
| 200 - 200 - |
The Hopkins Costume Trust Balance Sheet as at 31 Dec 2020
| Fixed assets: Costume assets (Note 3) Investments Total Fixed Assets Current assets: Debtors Cash at bank and in hand Total Current Assets Liabilities: Creditors falling due within one year Net Current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year Net assets The funds of the charity: Endowment funds: Permanent endowment Expendable endowment Restricted income funds Unrestricted income funds Total charity funds |
Unrestricted Funds Restricted Funds Total Funds 2020 Prior Year 2019 £’000 £’000 £’000 £’000 200 - 200 - - - - - |
|---|---|
| 200 - 200 - |
|
| - - - - - - - - |
|
| - - - - - - - - |
|
| - - - - |
|
| 200 - 200 - - - - - |
|
| 200 - 200 - |
|
| - - - - - - - - - - - - 200 - 200 - |
|
| 200 - 200 - |
The notes on the following pages form part of these accounts.
Approved by the trustees on 19 Oct 2021 and signed on their behalf by:
Samuel Angus Hopkins
Notes to the accounts
1. Accounting Policies
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.
(b) Funds structure
The charity currently has no significant funding or investments. Provisions will be made at a future date.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
(c) Income recognition
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.
Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
(d) Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (g) below.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and postgraduate scholarships are broadly equivalent.
(g) Costs of raising funds
The costs of generating funds consist of investment management costs and certain legal fees.
(h) Charitable activities
Costs of charitable activities include grants made, governance costs and an apportionment of support costs.
(i) Tangible fixed assets and depreciation
All assets costing more than £1000 are capitalised and valued at historical cost. Depreciation is charged on furniture and equipment on a straight-line basis over their estimated useful life of six years from the year of acquisition.
(j) Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing
quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
(k) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
2. Related party transactions and trustees’ expenses and remuneration
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind. Expenses paid to the trustees in the year were £nil.
3. Costume assets
A total of 2108 objects of historical costume have been transferred to the Trust by deed, from Alan and Vanessa Hopkins’ private collection. The objects are currently still at the main residence of Alan and Vanessa Hopkins and are under their care. The total value of the objects is estimated to be around £200,000 although this is only an approximate figure, as to realise the value would require auctioning the objects in varying size batches and the outcome of said auctions is unpredictable.
An itemised list of the objects held by the Trust is maintained and is available for inspection by the trustees or the Trust's auditors at any time.