Report and Accounts for the period 6 April 2021 to 31 March 2022
## **The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **Contents**
|**ontents**||
|---|---|
||**Page**|
|Trustees and advisers|1|
|Chairman’s Report|2|
|Trustees’ Report|3|
|Independent examiner’s report|9|
|Statement of financial activities|10|
|Balance sheet|11|
|Notes to the accounts|12|
Cover illustration: Detail of a 2003 women’s coat by Roberto Cavalli, shown in the _Blooming Marvellous_ exhibition. It features floral embroidery in imitation of that found on 18th century menswear. Photo by John Chase Photography.
## **The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **Trustees and advisers**
## **Trustees**
Dee de Glanville Gerald Drake (from 1 December 2021) Timothy Hardesty Peter Hayes (until 30 November 2021) James Lander (until 30 November 2021) Richard Mason (Chairman) Janet Wood
## **Contact address**
The Olive Matthews Collection Herrington Carmichael LLP Building 2, Riverside Way Watchmoor Park, Camberley GU15 3YL
## **Charity number**
1194375
## **Bankers**
The Co-operative Bank p.l.c. PO Box 250, Dell House, Southway, Skelmersdale, WN8 6WT
## **Solicitors**
Knights plc, Two St Peter’s Square, Manchester, M2 3AA
## **Investment managers**
J M Finn & Co 25 Copthall Avenue, London, EC2R 7AH
## **Property managers**
Pearce & Co
64 Guildford Street, Chertsey, Surrey, KT16 9BD
1
The Olive Matthews Collection
Report and accounts
For the period 6 Aprll 2021 to 31 March 2022
Chalmian's Report
The Covid-19 pandemlc contiTh*d to have a profound effect on our operations durfng the period under
review. Chertsey Museum, where our collection is displayed and cared for. was only open to the public
for about six months. Although our commercial tenant at our Camden Hlgh Street property resumed
paylng rent from September, the question of the rent arrears and the temis of a new lease were still
under negotiation at the end of the period. With the flnancial uneerlainties remaining, the plan to
develop our 6 Windsor Street property into a fashion study ntre wlth additlonal collectlon storage has
been placed firmly on the back bumer.
As Indi¢at6d In my report last year, the trustees embarked on the prOsS of transitioning the charity to
8 Charltable Incorporated Organisallon under the same name. The required Charlly Commlssion order
was received on 14 September 2021 and thè formal transf6r of assets and liablllties took place on 1
October 2021. The new constitution provldes for rellrement of trustees by rotstlon and our tsvo long-
servlng trustees. James Lander and Peter Hayes, took the opportunSty lo hang up Iheir hats. They are
both owed a hu90 debt of gratitude for all they have done to further the 8ims of tha charity. l am
personally grateful for thelr experience and guiding hand in my role as chalrman. I hav6 been pleased
lo welcome Gerald Drake as a new trustee and l am Sure that he will bring a fresh perspectiv8 lo our
acllvlties.
Due to the p8rlods of closure at Chertsey Museum. last yeerfs fashlm exhlbltlon, Th& Roarfng
rwentles.. Fashlons ol the Jazz Age, dld not recelve th6 number of vlsitor8 hoped for but a vlriual tour
of Ihe exhlbition w8s avallable on the museum's webslle thus achieving a wld8r audience. This year's
exhlbition. Bloomlng Marvellous, features garment8 selected from the Collecllon along a floral theme
and again there Is a vlrtual tour on the museum's website. In bolh exhlbllions, our Keep8r of Costume,
Grace Evans, demonstrated her professlonal expertise and the breadth and quallty of the Collection.
Contact h8s been reryestabllshed wlth leading fashlon colleges and there has been a resumpllon of
visits by fashron students in per80n. These vlslts have be8n augmented by a number of onllne Study
resources on YouTub8.
The Iruslees are always seeklng to Incre8se awareness of the Collection through loans to other
Institutlons. One of our most prtzed items, the Tudor Night Cap, Is belng dlsplayed at the Walker Art
Gall8ry In Liverpool over tho summer months In their exhibition The Tudors.. Passion, Power and
Politics. In 2023 a number of items will be on loan to Historic Royal Palac8$ for their exhibition, Crown
to Coutur8, at Kensington Palace.
l am grateful lo my fellow trustees and to tha staff and volunteers at Chertsey Museum for their
continued 5UPPOrt throughout another diffic1 year in furtherlng the objects of the charity in the care
and diBplay of thls magnincant Collectlon.
Richard Mason
Chaim)an
## **The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **The Trustees’ Report**
The trustees are pleased to present their report together with the financial statements of the charity for the period 6 April 2021 to 31 March 2022.
The financial statements comply with the Charities Act 2011 and 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 2015).
## **Structure, Governance and Management**
## _Governing Document_
The Olive Matthews Collection, a Charitable Incorporated Organisation, was registered with the Charity Commission on 7 May 2021. Under a Charity Commission order dated the 14 September 2021 the assets and liabilities of the previous unincorporated charity of the same name (Registered Charity No 313050) were transferred to the CIO with effect from 1 October 2021. The constitution of the CIO follows the Charity Commission’s model for CIOs whose only voting members are its trustees. The affairs of the CIO are managed by the trustees who for that purpose may exercise all the powers of the CIO.
## _Purpose and activities_
The charity holds the items of costume and fashion accessories comprised in the Collection to make them available for display to the general public at Chertsey Museum. The charity may apply any monies held for the increase of the Collection or for any purpose conducive to the display, preservation, extension or enhancement of the Collection.
## _Appointment of Trustees_
The power of appointment or removal of trustees is vested in the trustees.
On resignation or retirement of a trustee, the remaining trustees identify and appoint a successor with appropriate and complementary skills and experience. The trustees are of the opinion that six trustees is the optimum number, given the size and level of operations of the charity. Trustees serve for a period of three years retiring by rotation and are eligible for reappointment. Trustees who have served for three consecutive three year terms may not be reappointed until after an interval of at least one year.
## _Induction and Training_
Incoming trustees are provided with a copy of the charity’s constitution and a copy of the latest trustees’ report and statement of accounts together with other appropriate documentation which will enable them to become fully acquainted with the affairs of the charity as quickly as possible.
## _Museum Agreement_
The trustees of the former unincorporated charity entered into a Museum Agreement with Runnymede Borough Council on 11 June 2003 for 35 years (with potential breaks, subject to one year’s notice, on the 14[th] , 21[st] or 28[th] anniversaries) for the administration of Chertsey Museum where items from the Collection are on display. The rights and responsibility under that agreement were transferred to the charity under a Deed of Novation dated 1 October 2021.
## _Structure and Decisions_
The trustees meet regularly and decisions are achieved by a majority of those present at meetings.
3
## **The Olive Matthews Collection**
## Report and accounts
For the period 6 April 2021 to 31 March 2022
## _Risk_
The trustees are aware of the major risks to which the charity is exposed. External risks include the risk of fluctuating returns on the charity’s equity investments and property rents. Internal risks include the cost of maintaining the charity’s properties and ensuring adequate storage facilities for the charity’s collection of costume and other material it owns. A budget is prepared annually and compared regularly to actual income and costs. The trustees ensure a quality of delivery of service at a realistic cost and monitoring of all operational aspects of the charity.
## **Public benefit**
The trustees have regard to the Charity Commission’s guidance on public benefit. The objects of the charity are to maintain The Olive Matthews Collection of costume, fashion accessories and associated material, and to make it available to and for the education of the general public. The charity financially supports the employment by Runnymede Borough Council of a part-time Keeper of Costume and Costume Assistant with responsibility for the care, display and interpretation of the Collection. Access to the museum is available to the general public at no charge. The level of public benefit is demonstrated by the demand for visits by schools, students and adults, many of whom wish to undertake research connected to the Collection.
## **Activities Review**
## _Accommodation and storage_
The charity maintains both of its Chertsey properties which are used specifically for the Collection and which include a regionally important museum and associated storage for the Collection, to the highest standards required for dress, textiles, ceramics and objects d'art. The Cedars, 33 Windsor Street is the building which houses the accredited museum and 6 Windsor Street is used principally for storage and exhibition preparation.
Plans drawn up by MRDA, Architects and Conservation Consultants, to convert 6 Windsor Street into an education centre with much needed additional storage received planning approval and listed building consent in April 2020. However, with the financial uncertainties caused by the Covid-19 pandemic, the plans have been put on hold while these uncertainties remain.
## _Conservation_
An annual programme is used to prepare material for display and to ensure that items of major importance are conserved. All conservation work is undertaken by specialist external conservators as the charity does not employ conservation staff and does not have space for a workshop.
## _Display_
There is an annual exhibition in the main Fashion Gallery, alongside occasional changes to the Fashion Accessories Gallery. Both are funded by the charity and allow museum staff to present many aspects of the Collection to visitors. However, the wide-ranging content of the Collection also ensures that ceramics, silver, prints and other items are used regularly in temporary displays in other parts of the museum.
## **Achievements and performance**
## _Documentation_
An inventory of the Collection is kept by the Keeper of Costume and colleagues; maintaining this consists of cataloguing, digital photography and inputting of data. During the period 15 items were accessioned into the Collection. These included an 1830s printed cotton day dress and a silk evening gown from the 1890s, both transferred from Elmbridge Museum.
4
## **The Olive Matthews Collection**
## Report and accounts
For the period 6 April 2021 to 31 March 2022
## _Professional photography of the Collection_
The charity funds a rolling programme of professional photography of a high standard which ensures that publicity, publication and gallery images are of the finest quality.
## _Publishing the Collection_
Grace Evans, the Keeper of Costume’s book _Fashion in Focus 1600 – 2009: Treasures from the Olive Matthews Collection_ published in the autumn of 2011, continues to prove very popular with visitors, students and scholars. The exhibition for 2020/21 _The Roaring Twenties: Fashions of the Jazz Age_ was accompanied by a leaflet funded by the charity, continuing the tradition of providing booklets, leaflets or postcards to accompany each exhibition. Catalogues of each exhibition may be accessed on the museum’s website.
Information about the Collection and all aspects of its use is provided in an annual report about the Collection, compiled by the Keeper of Costume and circulated to trustees; the full report can be viewed at www.chertseymuseum.org/about in the section dealing with the Olive Matthews Collection. In addition, all displays and programmes about the Collection are mentioned in _Museum News_ and The Friends of Chertsey Museum’s Annual Report, both available from the museum. The Collection also features on Chertsey Museum’s Facebook page, Twitter feed, YouTube channel and in regular Fashion blogs on the museum’s website.
## _Acquisitions_
The charity continues to receive donations and make acquisitions and purchases which enhance the Collection. Any expenditure on acquisitions is variable and is always discussed fully between the trustees. The financial uncertainties caused by the Covid-19 pandemic have meant that no items have been purchased since 2019/20.
Chertsey Museum is an accredited museum and the charity co-operates with museum staff in the production of a Collections Development Policy as required for accredited museums.
## _Education_
The period was one of recovery as pandemic restrictions began to be lifted. A total of 567 individuals accessed the Collection through talks, research visits and enquiries compared with 632 pre-pandemic _._ Within the 567 number, there were 214 enquiries relating to the Collection; 23 in-person research visits to see items from the Collection and a total of 330 people received talks as part of groups.
## _Loans_
There are a growing number of enquiries about loans to displays and exhibitions throughout the UK. The charity supports such requests if the preparation of the material does not require too much staff time. One of the charity’s most prized items, the Tudor Night Cap, is on loan to the Walker Art Gallery in Liverpool for their exhibition _The Tudors: Passion, Power and Politics_ . In 2023 a number of items will be on loan to Historic Royal Palaces for their exhibition, _Crown to Couture_ , at Kensington Palace.
## _Staff_
Although all members of staff are employed by Runnymede Borough Council, two posts, that of Keeper of Costume and Costume Assistant, are funded or part-funded by the charity. Discretionary funds are provided for staff to attend appropriate training and development conferences and seminars and for certain projects connected to display and documentation.
The charity benefits from the work of a group of dedicated volunteers who help with many aspects of Collection care and display.
5
## **The Olive Matthews Collection**
## Report and accounts
For the period 6 April 2021 to 31 March 2022
## _User figures_
The museum was closed due to the Covid-19 pandemic for the periods 19 March 2020 to 24 July 2020 and again from 5 November 2020 to 19 May 2021. After such prolonged closures the total number of users recovered well to 11,307 in 2021/22 compared with a pre-pandemic figure of 16,666 in 2019/20. The local authority, Runnymede Borough Council, collects individual visitor numbers in a variety of categories, namely adult visitors 2,130 (2021:463); child visitors 591 (2021:102); child events 273 (2021: 25) _;_ education visits to the museum 884 (2021:nil) _;_ adult groups in the museum 797 (2021:320) _;_ school groups outside the museum 6,134 (2021:2207); adult groups outside the museum 432 (2021:130); events 167 (2021:nil) _._ See also the section above on the education provision directly related to costume and textiles.
## _Trustees_
The charity currently has five trustees all of whom have been closely engaged in the administration of the charity. Two long serving trustees, Peter Hayes and James Lander stood down on 30 November 2021 and Gerald Drake was appointed a trustee on 1 December 2021
The trustees are appreciative of the hard work of the staff at Chertsey Museum and the volunteers who work on the Collection, the continued good relationship with Runnymede Borough Council and the valued input of all who work with the charity to achieve its objectives, including its financial, legal and property advisers.
## **Financial review**
## _Income_
The charity relies on income from investments £24,438 (2021: £23,758) and rental income £141,569 (2021: £76,604). The commercial tenant at the charity’s Camden High Street property resumed paying rent in September 2021 and the question of the rent arrears is being addressed by the charity’s professional advisers.
## _Expenditure_
Resources expended on Charitable Activities have been maintained at a level consistent with the previous year. The most significant ongoing cost remains the Council museum expenses thus permitting the display of the Collection in an optimum environment.
## _Funding sources_
Miss Matthews endowed the former unincorporated charity with substantial assets, now held by the charity, enabling it to pursue its objectives to maintain and display the Collection.
## _Investment Policy_
Investments are maintained in property, the stock market (comprising equities and fixed interest funds) and cash. Stock market investments are invested through an Investment Manager in a portfolio with the objective of a balanced return from income and capital growth. The trustees review the performance of the Investment Manager on a regular basis. There is no pre-determined mix between these assets; excess cash arising from the charity’s on-going activities is added to the investment portfolio maintained by the Investment Manager or placed on deposit.
## _Reserves policy and going concern_
The trustees aim to maintain reserves in unrestricted and undesignated funds at a level which the trustees consider will provide sufficient funds to fund the charity’s activities and to cover support and governance costs. The charity is not dependent on fund raising and has substantial capital assets; it is not deemed necessary to have any separately designated reserve.
The trustees are of the view that the charity has sufficient working capital backed up by quoted investments that can be readily converted into cash to be considered a going concern.
6
## **The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022 _Exceptional costs_
Costs that are exceptional by amount or nature are disclosed separately within the charity’s financial statements.
## **Future plans**
The trustees have agreed an ongoing comprehensive programme of expenditure on all aspects of safeguarding, enhancing and presenting the Collection to the widest audience.
Additionally, the trustees continue to allocate funds on a discretionary basis for improvements to documentation especially digitised inventories, educational materials such as replica costume and actively to encourage publication of its Collection.
The trustees are receiving professional advice on the renewal of the commercial lease and on the rent arrears arising on their Camden High Street property and will keep under review the timing of the 6 Windsor Street development project.
## **Trustees’ responsibility in relation to the financial statements**
The trustees are responsible for preparing a trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practices).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
-
-
- observe the methods and principles in the Charities Statement of Recommended Practice (“SORP”);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The comparative figures shown for the year 6 April 2020 to 5 April 2021 and the figures included for the period 6 April 2021 to 30 September 2021 relate to the former unincorporated charity of the same name (Registered Charity No 313050)
7
The Olive Matthews Collection
Report and a¢¢ounts
For the perit)d 6 April 2021 to 31 March 2022
Statsment as to dlsclosure t<> our Indepondant examiner
In so far as the trustees are aware at the dme of approving this truste8s' rep¢Jrt:
Iherels no leVant informalion, being irrfomiatton need&d by the kndèpendent examiner In coftneGttDn with
proparkng thelr rèport of whlah the charltys independent examlner Is unawarg, and
th8 Irustaes, hawng made enqulrf8s of fellow truste05 that they ought lo have Indlvldu8lly taken. have each
taken all steps that helshe 18 obliged to lake as a trust& in order lo make themselves aware of any relevant
independènt review infomiatlon and to eslabllsh that the Indgpendent examiner 18 aware of that infornatlon.
Approved by thg Trustge8
Rlch4rd Mason
Trustsé
Date: 13 October 2022
Tlmothy Hardesty
Tru8toe
The Olive Matthews Collection
Report and accounts
For the period 6 April 202110 31 March 2022
Independent examlnerfs report to the Trustees of The Olive Matthevts Collection
I report lo the Iruslees on my exarninalion of the financial statements of The Olive Matthews Collfjction I'the charily'l
for the period 6 April 2021 to 31 March 2022 which comprise the Slalemenl of Financial Activities, the Balance
Sheet and related notes.
This report is made solely lo the eharily's trustees, as a body, in accordance with section 145 01 the Charities Act
2011. My work has been undertaken so that I might slate lo the charity $ Iruslees those mallers l am required lo
slate lo them in this report and for no other purpose. To the fullest extent permilled by law, I do not accept or
assume responsibility lo anyone other than the chaiily and the charity s Iruslees as a body, lor my work, for this
report. or for the opinions I have forrned.
R8spon8lbilltlos and tho basis of raport
As the trustees of the charity you are responsible for the preparation ol financial slalements in aecordance with the
Tequiremenls of the Charities Act 2011 I'lhe A¢l'l.
I report in respect of my examinali)n of the charity's financial statements carrièd out undèr section 145 of the Act
and in Carrying out my examination I have followed 811 the applicable Directions given by the Charity Commission
under section 145151 Ibl of the Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and
consequently does not cover all the matters that an auditor considers in gwing their opinion on the financial
slalemenls. The planning and conduct of an audit goes beyond the limited assurance that an independent
examination can provide. Consequently l express no opinion as lo whether the financial slotemenls present a 'lrue
and fair. view and my report is limited lo those spKifi¢ matters Set out in the indepondenl examiner's statement.
Indepgndgnl examlner's statement
I have completed my examination. I confirm that no maler481 matters have come lo my attention in connection
with the examination giving me cause lo believe that in any material respoct..
accounting records were not kept in respect of the charity as required by section 130 of the Act,. or
the financial 8lalemènls do not accord with those records., or
the financial slalemenls do not comply with the applicable requirements concerning the form and
conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any
requirement that the accounts give a 'lrue and fair view, which is not a matter eonsidered as part of
the independent examination.
I have no concerns and have come across no other mallers in connection with the examination lo which attention
should be drawn in this report in order lo enable a proper understanding of the financial slalemenls lo be
reached.
ndrew Warren on behaw of McBrides Aceountanls LLP
FCA
McBrides Accountants LLP
Nexus House, 2 Cray Road, Keiil, DA14 5DA
Date..
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **Statement of financial activities**
|**Note**
**Income and endowments from**
**Investments**
Rental income - UK property
Interest and dividends
9
Other income
**Total income**
**Expenditure**
**Raising funds**
Investment management costs
10
**Charitable activities**
The collection & governance
10
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
8
**Net incoming/(outgoing) resources before**
**other recognised gains and losses**
**Other recognised gains and losses**
Unrealised gains on investment assets
Realised (losses)/gains on investment
assets
**Net movement of funds in year**
**Reconciliation of funds**
Total funds at 6 April 2021
Total funds at 31 March 2022|**Unrestricted funds**
**General**
**Capital**
**Fund**
**Fund**
**£**
**£**
141,569
-
24,438
-
-
-
166,007
-
47,019
-
119,935
21,552
166,954
21,552
(947)
(21,552)
(17,136)
17,136
(18,083)
(4,416)
-
155,428
-
30,391
**(18,083)**
**181,403**
135,891
4,351,111
117,808
4,532,514|**Total**
**2022**
**£**
141,569
24,438
-
166,007
47,019
141,487
188,506
(22,499)
-
(22,499)
155,428
30,391
**163,320**
4,487,002
4,650,322|**Total**
**2021**
**£**
76,604
23,758
-|
|---|---|---|---|
||||100,362|
||||77,504
132,999|
||||210,503|
||||(110,141)
-|
||||(110,141)
3,501
(12,321)|
||||**(118,961)**
4,605,963|
||||4,487,002|
All amounts relate to continuing activities. There have been no recognised gains or losses other than those recorded in the Statement of Financial Activities.
An analysis of 2021 between funds is shown in note 2
The notes on pages 12 to 21 form part of the financial statements.
10
## **The Olive Matthews Collection**
## Report and accounts
For the period 6 April 2021 to 31 March 2022
## **Balance sheet**
||Note||**2022**||**2021**|
|---|---|---|---|---|---|
|||£|£|£|£|
|Fixed assets||||||
|Tangible fixed assets|3||672,437||693,989|
|Heritage assets|3||112,605||112,605|
|Investments|4||3,747,472||3,544,517|
||||4,532,514||4,351,111|
|**Current assets**||||||
|Debtors|5|59,629||53,130||
|Cash at bank||172,511||208.482||
|Creditors: amounts falling due||232,140||261,612||
|within one year|6/7|(114,332)||(125,721)||
|Net current assets|||117,808||135,891|
|Net assets|||4,650,322||4.487,002|
|The funds of lhe charily||||||
|Unrestricted funds||||||
|General Fund|||117,808||135,891|
|Capital Fund|||4,532,514||4,351,111|
||8||4,650,322||4.487,002|
The financial statements were approved by the Trustees and authorised for issue on 13 October 2022 =-===Richard Mason Timolhy Hardesty c:::::rChairman Trustee
The notes on pages 12 to 21 form part of the financial statements.
11
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS**
## **1 Accounting policies**
## _Basis of preparation_
The financial statements have been prepared in accordance with 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 2015) – (Charities SORP (FRS 102)) and applicable regulations.
The financial statements have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Olive Matthews Collection 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 stated in the relevant accounting policy note(s).
## _Preparation of the accounts on a going concern basis_
The Charity reported an operating deficit in the year of £22,499 (2021:£110,141) but after realised gains on the investment fund and positive revaluation of the investment property total funds increased by £163,320 (2021: decrease £118,961). There are also positive cash balances of £172,511 (2021:£208,482). During the year the UK property private rental market remained strong but as a result of tenant churn, a poor tenant and continuing repairs there were void periods during the year and reduced rentals. One flat continued to be vacant at the end of the financial period. The issues with the commercial property continued but, after a period of non-payment, the commercial tenant has restarted rental payments, a plan is being put in place to resolve arrears and a new lease close to signature. Commercial rental income increased during the period. Despite continued volatility in the markets the share portfolio held with JM Finn remained stable in value. Despite the stable trading position the Charity remains cautious and the plans for the refurbishment of the Windsor Street storage property continue to be on hold, purchases of new heritage assets remain frozen and another cautious expenditure budget set for the year. Given the current operating position and more cautious plans in place the trustees are satisfied that the charity is a going concern.
## _Investment Income and Rental Income recognition_
Investment income and rental income is taken into account when receivable by the Charity, regardless of when receipt is recorded.
Income received in advance is deferred until the time of the rental period. (See note 7)
## _Interest receivable_
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.
## _Donated goods, services and facilities_
Donated goods, professional services and facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated goods, professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain the goods, services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
12
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **1 Accounting policies** _(Continued)_
## _Expenditure_
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Grants and donations payable are taken into account at the earlier of when they are paid or become legally enforceable.
The basis of apportionment of overhead and support costs is detailed in note 10.
## _Costs of generating funds_
The costs of generating funds consist of investment management costs and an apportionment of overhead and support costs.
## _Charitable activities_
Costs of charitable activities include the costs incurred in the conservation and display of the Collection and an apportionment of overhead and support costs as shown in note 10.
## _Governance 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 an independent examination and an apportionment of overhead and support costs.
## _Investment Property (155a/157 Camden High Street)_
The freehold land and buildings held for investment purposes are included at fair value. The Trustees have historically obtained professional valuations at least every five years, the last being in 2015. Valuations as at 5 April each year from 2016 to 2021 and as at 31 March 2022 have been made using land registry property prices index information.
_Freehold Property (Comprising 6 Windsor Street, Chertsey and 33 Windsor Street (The Cedars - The Museum))_
The properties are included at amortised cost. Capitalised costs of refurbishment are to allow the Charity to use the properties for charitable purposes and the Trustees therefore believe that cost is the correct carrying value. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset. The freehold property is being depreciated at a rate of 2% straight line.
## _Heritage Assets_
The Olive Matthews Collection comprises some 7,000 items of costume, accessories and other items. As noted under documentation (page 4), a full inventory of the Collection is maintained and online public access to this resource is now partially available. Acquisitions are made by purchase and donation.
13
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **1 Accounting policies** _(Continued)_
From April 2010, purchases are recorded at cost. Some donations and other items acquired have not been included within the balance sheet on the basis that information is not available to provide a reliable valuation which can be included within these financial statements. Impairment reviews are considered only where an asset has suffered physical deterioration or breakage.
## _Investments_
Investments are valued at fair value, the market value as at 31 March 2022. The historical cost of the investments is disclosed separately in the notes to the financial statements.
Gains and losses on revaluations are included in the Capital Fund in the year of revaluation.
## _Cash at bank and in hand_
Cash at bank and cash in hand includes cash and short term 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.
## _Debtors_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## _Creditors and provisions_
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## _Financial instruments_
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## _Judgements in applying accounting policies and key sources of estimation uncertainty_
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Whilst there are estimates and judgements made in respect of future costs and the carrying value of certain assets and liabilities, the Trustees consider that none of these or other perceived risks would lead to a material misstatement of the financial statements.
## _Funds_
All of the funds of the charity are unrestricted.
The General Fund represents unrestricted funds which are donations and other incoming resources receivable or generated for the objects of the Charity without further specified purpose and are available as general funds.
14
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **1 Accounting policies** _(Continued)_
The Capital Fund is an unrestricted fund designated by the Trustees for the purpose of revaluation, acquisition and disposal of investments.
An annual transfer between the two funds is undertaken to bring the balance of the Capital Fund into line with the combined value of the fixed tangible assets and investments.
## **2 Analysis of 2021 SOFA between funds**
|**Note**
**Income and endowments from**
**Investments**
Rental income - UK property
Interest and dividends
9
**Total income**
**Expenditure**
**Raising funds**
Investment management costs
10
**Charitable activities**
The collection & governance
10
**Total expenditure**
**Net income/(expenditure)**
**Transfers between funds**
**Net incoming/(outgoing) resources before other**
**recognised gains and losses**
**Other recognised gains and losses**
Unrealised gains/(losses) on investment assets
Realised gains on investment assets
**Net movement of funds in year**
**Reconciliation of funds**
Total funds at 6 April 2020
Total funds at 5 April 2021|**Unrestricted funds**
**General**
**Capital**
**Fund**
**Fund**
**£**
**£**
76,604
-
23,758
-
100,362
-
77,504
-
111,447
21,552
188,951
21,552
(88,589)
(21,552)
(15,517)
15,517
(104,106)
(6,035)
-
3,501
-
(12,321)
**(104,106)**
**(14,855)**
239,997
4,365,966
135,891
4,351,111|**Total**
**2021**
**£**
76,604
23,758|
|---|---|---|
|||100,362|
|||77,504
132,999|
|||210,503|
|||(110,141)
-|
|||(110,141)
3,501
(12,321)|
|||**(118,961)**
4,605,963|
|||4,487,002|
15
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **3 Tangible and heritage fixed assets**
|_Cost_
At 6 April 2021
Additions
Disposals
At 31 March 2022
_Depreciation_
At 6 April 2021
Depreciation charge
Disposals
At 31 March 2022
_Net book value_
At 31 March 2022
At 5 April 2021|**Freehold**
**property**
**£**
1,077,531
-
-
1,077,531
383,542
21,552
-
405,094
672,437
693,989|**Heritage**
**assets**
**£**
112,605
-
-
112,605
-
-
-
-
112,605
112,605|**Total**
**£**
1,190,136
-
-|
|---|---|---|---|
||||1,190,136|
||||383,542
21,552
-|
||||405,094|
||||785,042|
||||806,594|
There were no additions to heritage assets in the period ended 31 March 2022.
Movements in heritage assets over the past eight years are
|nts in heritage assets over the past eight years are||
|---|---|
|As at 6 April 2014
Purchases in year ended 5 April 2015
Purchases in year ended 5 April 2016
Purchases in year ended 5 April 2017
Purchases in year ended 5 April 2018
Purchases in year ended 5 April 2019
Purchases in year ended 5 April 2020
Purchases in year ended 5 April 2021
Purchases in period ended 31 March 2022
As at 31 March 2022|**Total**
**£**
14,423|
||30,690
11,556
15,617
15,935
14,554
9,830
-
-|
||112,605|
16
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **4 Investments**
|**nvestments**||||
|---|---|---|---|
|_At fair value_
At 6 April 2021
Additions
Disposals
Corporate Actions
Realised gains/(Losses)
Revaluation
Increase in cash held for investment
At 31 March 2022|**Investment**
**property**
**£**
2,510,000
-
-
-
-
171,000
-
2,681,000|**Quoted**
**investments**
**£**
1,034,517
100,756
(93,858)
150
30,391
(15,722)
10,238
1,066,472|**Total**
**£**
3,544,517
100,756
(93,858)
150
30,391
155,278
10,238|
||||3,747,472|
There was an amount of £50,823 (2021 - £40,585) cash available for reinvestment as at 31 March 2022.
The cost value of the quoted investments was £686,468 (2021 - £649,029).
The investment property (Camden High Street) was valued at an open market value as at 19 March 2015 at £2,450,000. The valuation was carried out by HB Surveyors & Valuers. The original acquisition cost of this property was £4,690. Further capital costs of £231,855 have been incurred since acquisition. The property was revalued at 5 April 2016, 2017, 2018, 2019, 2020,and 2021 and 31 March 2022 using the land registry annual property index for the area where the investment property is located. The valuation at these dates was £2,770,000, £2,620,000, £2,706,000, £2,454,500, £2,673,000, £2,510,000 and £2,681,000 respectively.
The Trustees consider individual investment holdings in excess of 5% of the portfolio value (less cash available for reinvestment) to be material. The following material holdings were held at 31 March 2022:
|||**Value**|
|---|---|---|
|||**£**|
|Findlay Park US Small Companies|7.33%|74,457|
|First State Asia Pacific – units|6.35%|64,485|
|Unilever ordinary shares|5.10%|51,825|
## **5 Debtors**
|Debtors comprise the following amounts all of which are receivable within one
year:
Rental income
Other debtors|**2022**
**£**
59,266
363
59,629|**2021**
**£**
50,298
2,832|
|---|---|---|
|||53,130|
17
## **The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **6 Creditors: amounts falling due within one year**
|**reditors: amounts falling due within one year**|||
|---|---|---|
|Accruals
Deferred income (see note 7)
VAT|**2022**
**£**
49,376
45,484
19,472
114,332|**2021**
**£**
71,559
41,634
12,528|
|||125,721|
## **7 Deferred income**
Deferred income comprises rental income received in advance of the rental period.
|**2017**
**£**
Balance as at 6 April 2021
31,528
Amount released to rental income
34,639
Amount deferred in year
10,350
**Balance as at 31 March 2022**
76,517|**£**
41,634
(41,634)
45,484|
|---|---|
||45,484|
## **8 Funds**
|General Fund
Capital Fund|**At**
**6 April**
**2021**
£
135,891
4,351,111
4,487,002|**Resources**
**added/(used)**
**£**
(947)
(21,552)
(22,499)|**Gain/(Loss)**
**on assets**
**£**
-
185,819
185,819|**Transfers**
**£**
(17,136)
17,136
-|**At**
**31 March**
**2022**
**£**
117,808
4,532,514
4,650,322|
|---|---|---|---|---|---|
The Capital Fund is an unrestricted fund designated by the Trustees to be held for the purpose of revaluation, acquisition and disposal of investments. The balance represents the total value of tangible fixed assets and investments: any difference is transferred to or from the General Fund.
The Capital Fund includes a revaluation reserve made up as follows:
|Quoted investments
Investment property|**2022**
**£**
329,182
2,444,455
2,773,637|**2021**
**£**
345,273
2,273,455|
|---|---|---|
|||2,618,728|
18
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **8 Funds** ( _Continued)_
## **Analysis of funds between net assets**
|**nalysis of funds between net assets**|||||
|---|---|---|---|---|
|General Fund
Capital Fund|**Fixed**
**Assets**
**£**
-
785,042
785,042|**Investments**
**£**
-
3,747,472
3,747,472|**Net**
**current**
**assets**
**£**
117,808
-
117,808|**Total**
**£**
117,808
4,532,514|
|||||4,650,322|
## **9 Investment income**
|
**Investment income**|||
|---|---|---|
|Interest receivable
Dividends receivable – quoted investments|**2022**
**£**
660
23,778
24,438|**2021**
**£**
2,365
21,393|
|||23,758|
19
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
|**10**
**Analysis of resources expended**
**Investment**
**management**
**costs**
**£**
Costs allocated directly to
activities:
Display
-
Conservation
-
Replicas
-
Council museum expenses
-
Property and managing
agents expenses
32,375
Planning application costs
5,852
Trustee expenses
-
Depreciation
-
Investment portfolio charges
6,642
**Costs before Allocations**
**44,869**
**Costs allocated on the basis of**
**apportionment of time spent:**
Accountancy and legal
1,455
Marketing
-
Independent examination
-
Administration
695
**47,019**|**Collection**
**costs**
**£**
4,218
26,053
-
76,836
-
-
-
21,552
-
**128,659**
1,455
300
-
695
**131,109**|**Governance**
**Costs**
**£**
-
-
-
-
-
-
152
-
-
**152**
8,728
-
1,172
326
**10,378**|**Total**
**2022**
**£**
4,218
26,053
-
76,836
32,375
5,852
152
21,552
6,642
**173,680**
11,638
300
1,172
1,716
**188,506**|**Total**
**2021**
**£**
5,513
19,969
-
75,305
66,609
3,210
215
21,552
5,876|
|---|---|---|---|---|
|||||**198,249**
9,516
300
910
1,528|
|||||**210,503**|
## **11 Transactions with Trustees**
The Trustees were reimbursed £152 (2021 - £215) for necessary travel and other expenses incurred in connection with their duties on behalf of the Charity.
No other payments were made to the Trustees.
20
**The Olive Matthews Collection**
Report and accounts
For the period 6 April 2021 to 31 March 2022
## **NOTES TO THE ACCOUNTS (continued)**
## **12 Future commitments**
The Charity has an annual ongoing commitment in favour of the museum as follows:
|Museum Agreement:
Fixed sum
Indexed sum|**£**
54,000
111,560|
|---|---|
||165,560|
The above commitment represents amounts payable on the museum agreement for two years to the next break clause (at 21 years) in June 2024. The indexed sum is updated annually in June by reference to the movement in the Retail Prices Index. The indexed sum above is the Trustees’ estimate of the sum payable in the year to 31 March 2023 multiplied by two years.
## **13 Related party transactions**
There were no related party transactions during period ended 31 March 2022.
## **14 Ultimate controlling party**
There is no ultimate controlling party.
## **15 Corporation tax**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
## **16 Financial instruments**
The charity holds financial instruments in the form of cash held, debtors and creditors shown at the settlement amount after trade discounts and investments shown at fair value. The investments carried at fair value comprise the shareholding of the charity actively managed by JM Finn. There are no financial instruments held at amortised cost.
|
eld at amortised cost.|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Cash at bank|172,511|208,482|
|Debtors held at settlement value after trade discounts|59,629|53,130|
|Creditors held at settlement value after trade discounts|(64,956)|(54,162)|
|Quoted investments held at fair value|1,066,472|1,034,517|
21