## Report and Accounts for the year Ended 31 March 2023 

0 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **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: 

Black bias-cut gown of silk with net insertions, c.1930 – 35.  The original gown from which MA students from the London College of Fashion produced an accurate replica. © The Olive Matthews Collection, Chertsey Museum. Photo by John Chase Photography. 



## **The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **Trustees and advisers** 

## **Trustees** 

Dee de Glanville Gerald Drake Timothy Hardesty Richard Jones (appointed 13 October 2022) Richard Mason (Chairman) Janet Wood 

## **Contact address** 

The Olive Matthews Collection Herrington Carmichael LLP Brennan House Farnborough Aerospace Centre Business Park Farnborough GU14 6XR 

## **Charity number** 

1194375 

## **Bankers** 

The Co-operative Bank p.l.c. PO Box 250, Dell House Southway Skelmersdale WN8 6WT 

## **Solicitors** 

Knights plc 400 Dashwood Lang Road Addlestone KT15 2HJ 

## **Investment managers** 

J M Finn & Co 25 Copthall Avenue London EC2R 7AH 

## **Property managers** 

Pearce & Co 64 Guildford Street Chertsey KT16 9BD 

1 



## 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **The Trustees’ Report** 

The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 March 2023. 

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 year ended 31 March 2023 

## _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’s Chertsey properties which are used specifically for the Collection, and which include a regionally important museum and associated storage for the Collection, are maintained 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. 

With the increase in building costs following the pandemic, the plans drawn up by MRDA, Architects and Conservation Consultants, to convert 6 Windsor Street into an education centre with additional storage have been shelved.  The charity is now exploring other options with Runnymede Borough Council. 

## _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 year 45 items were accessioned into the Collection.  These included 1980s Laura Ashley items, a 1960s floral ‘paper’ dress, a Harrods wedding dress from 1951 and a cape by the House of Redfern dating to c.1891. 

4 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## _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 2022/23 _Styled Bodies – 1930s Fashion Exhibition_ was accompanied by a postcard 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.  No items were purchased during the year. 

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_ 

Enquiries, talks and appointments to view items from the reserve collections remained buoyant throughout the year. 705 people accessed the collections in total (a 25% increase from the 567 in 2021/22).  Within the 705 number, there were 351 (2022: _214_ ) enquiries relating to the Collection; 58 (2022: _23_ ) in-person research visits to see items from the Collection and a total of 296 (2022: _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, was on loan to the Walker Art Gallery in Liverpool during the summer of 2022 for their exhibition _The Tudors: Passion, Power and Politics_ . In 2023 a number of items have been loaned 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 year ended 31 March 2023 

## _User figures_ 

The total number of users during the year was 14,567 compared with 10,267 in 2021/22, an increase of 41.9%. The local authority, Runnymede Borough Council, collects individual visitor numbers in a variety of categories, namely adult visitors 3,056: child visitors 1,108; child events 769 _;_ education visits to the museum 1,701 _;_ adult groups in the museum 233 _;_ school groups outside the museum 6,360; adult groups outside the museum 677; events 663 _._ See also the section above on the education provision directly related to costume and textiles. 

## _Trustees_ 

The charity currently has six trustees all of whom have been closely engaged in the administration of the charity. Richard Jones, the sixth trustee, was appointed in October 2022. 

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 £27,010 (2022: £24,438) and rental income £189,702 (2022: £141,569). There was also £200 of other income (2022: nil) in the year. 

## _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 year ended 31 March 2023 

## _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 steps to be taken to increase energy efficiency in the flats at their Camden High Street property to the required rating of C by 2025. 

## **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 2022 include figures for the period 6 April 2021 to 30 September 2021 relating to the former unincorporated charity of the same name (Registered Charity No 313050) 

7 



## 

## 




The Olive Matthews Collection
Report and accounts
For the year ènded 31 M8reh 2023
Independent 8xaminor's report to the Trustees of The Olive Matthews Collectlon
I report to tha trustèès on my Èx8minalion of the financi81 slalemenls of The OINe Matthews Collection I'lhe
charity'l for the year ended 31 March 2023 which comprise the Statement of Financial Activities, th& Balance
Sheet and related notes.
This report is made solely to the charEty's trustèes, as a body, in 8¢¢¢rd8nce with section 145 of the Charities Act
2011. My work has been undertaken so that I might state to the charity's trustees those matters l am rèquirtrd lo
state lo them in this report and for no other purpose. To the lullesl extent permitted by law, I do not accept or
assume responsibility to anyone other than thè charity and th8 charity's Iruslees 85 a body, for my work. lor this
report, or lor the opinions I have formed,
R•spon$lbllltlg5 and the bajls of report
As the trustees of the charity you arè responsibl$ for Ihg prgp8r81ion of financial 8lalements in accordance with
the reguiremenls of the ch3rili88 Ad 2011 I'lhe Act'i.
I report in respect ol my examination of the charity's financial statèm8nts carried out under section 145 of the Act
and in carrying out my examination I have followed all the appli¢able Dir¥¢tl¢ns given by the Ch8rily Commission
undgr sgclion 145151 Ibl of the Ael.
An independent examination does not involve gathering all the evidence that would be roquired In an audit and
consequently does not cover all the matters that an auditor consid&r$ In 9lvlng their opinion on th& financial
st8tements. Thé planning and condu¢l of an audit 9008 beyond the limited assurance that an independent
¥X8min8tion ¢8n provide. Ctsnsequenlly l expres8 no opinion as lo whether the financial statements presènt a
'Iru8 and fair, view and my report Is lirniled lo those Specific matters set out in the independent examiner'8
statement.
Ind•p•nd•nt •xamln•rf• •tstomont
I have completed my #xaminalion, I confirm that no material matters have come to my attention in conn&ctbn
wilh the examination giving rne cause to believe that in any material r&spè¢l'.
a¢¢ounllng records wgre not kept in respect of the charity as required by section 130 of the Act., or
the financial slalements do not accord with thoBe records., or
the financial statements do not comply wlth the app11￿bIg r&quirem¥nls ¢on¢erning the form and
content of accounts set out in the Charitie$ (Accounts 8nd Report81 Regulation5 2008 other than any
requirement that the accounts give a 'true and fair view, which is not a matter ¢onsidered as part ol
the independent examination.
I have no concerns and have cc*me across no oth8r matters in connection with the examination lo which attention
should be drawn in this report in order lo enable a proper understanding of the financial statements to b&
reached.
Andrew Warren on behalf of McBrides Accountants LLP
FCA
Mc8rides Accountants LLP
Nexus House, 2 Cray R08d, Kent, DA14 5DA
Date".

**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **Statement of financial activities** 

|**Note**<br>**Income and endowments from**<br>**Investments**<br>Rental income - UK property<br>Interest and dividends<br>9<br>Other Income<br>**Total income**<br>**Expenditure**<br>**Raising funds**<br>Investment management costs<br>10<br>**Charitable activities**<br>The collection & governance<br>10<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>8<br>**Net incoming/(outgoing) resources before**<br>**other recognised gains and losses**<br>**Other recognised gains and losses**<br>Unrealised (losses)/gains on investment<br>assets<br>Realised (losses)/gains on investment<br>assets<br>**Net movement of funds in year**<br>**Reconciliation of funds**<br>Total funds at 1 April 2022<br>Total funds at 31 March 2023|**Unrestricted funds**<br>**General**<br>**Capital**<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>189,702<br>-<br>27,010<br>-<br>200<br>-<br>216,912<br>-<br>27,080<br>-<br>115,285<br>21,552<br>142,365<br>21,552<br>74,547<br>(21,552)<br>(18,793)<br>18,793<br>55,754<br>(2,759)<br>-<br>(177,316)<br>-<br>(42,937)<br>**55,754**<br>**(223,012)**<br>117,808<br>4,532,514<br>173,562<br>4,309,502|**Total**<br>**2023**<br>**£**<br>189,702<br>27,010<br>200<br>216,912<br>27,080<br>136,837<br>163,917<br>52,995<br>-<br>52,995<br>(177,316)<br>(42,937)<br>**(167,258)**<br>4,650,322<br>4,483,064|**Total**<br>**2022**<br>**£**<br>141,569<br>24,438<br>-|
|---|---|---|---|
||||166,007|
||||47,019<br>141,487|
||||188,506|
||||(22,499)<br>-|
||||(22,499)<br>155,428<br>30,391|
||||**163,320**<br>4,487,002|
||||4,650,322|



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 2022 between funds is shown in note 2. 

The notes on pages 12 to 22 form part of the financial statements. 

10 



|Balance sheet||||||
|---|---|---|---|---|---|
||Note||2023||2022|
|||E||||
|Fixed assets||||||
|Tangible fixed assets|3||650,885||672,437|
|Heritage assets|3||112,605||112,605|
|Investments|4|||||
||||||4,532,514|
|Current assets||||||
|Debtors|5|34,370||59,629||
|Cash at bank||251,914||172,511||
|||286,284||232,140||
|Creditors: amounts falling due||||||
|within one year|6/7|(112,722)||(114,332)||
|Net current assets|||173,562||117,808|
|Net assets||||||
|The funds of the charity||||||
|Unrestricted funds||||||
|General Fund|||173,562||117,808|
|Capital Fund||||||
||8|||||






**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **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 profit in the year of £52,995 (2022: deficit £22,499) but after realised and unrealised losses on the investment fund and negative revaluation of the investment property total funds decreased by £167,258 (2022: increase £163,320). There are positive cash balances of £251,914 (2022: £172,511) on the balance sheet. Although there were rental void periods in the year at the end of the period all flats were occupied at decent levels of rent. The issues with the commercial property were resolved during the year. After a period of non-payment, the commercial tenant has restarted regular rental payments and has signed a new lease, albeit at a reduced rental. The commercial tenant is making payments against previous arrears. It is now expected that, after a landlord’s contribution of £39,455 for loss of trade during the Covid pandemic, the arrears will be settled by June 2024.. The tenant additionally settled an outstanding repair bill on the Camden property. The value of the share portfolio held with JM Finn fell during the year with both realised losses on shares sold and unrealised losses in the remaining shares in the portfolio. Despite the upturn in the trading position the Charity remains cautious and the plans for the refurbishment of the Windsor Street storage property were shelved and no purchases of new heritage assets were made during the period. The Charity has set another cautious expenditure budget 2023/24 but, given the improving rental outlook and the cash holdings held 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. 

12 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **1 Accounting policies** _(Continued)_ 

## _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. 

## _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 and 2023 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. 

13 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **1 Accounting policies** _(Continued)_ 

## _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. 

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 2023. 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. 

14 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **1 Accounting policies** _(Continued)_ 

## _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. 

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. 

15 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

|**2**<br>**Analysis of 2022 SOFA between funds**<br>**Note**<br>**Income and endowments from**<br>**Investments**<br>Rental income - UK property<br>Interest and dividends<br>9<br>Other income<br>**Total income**<br>**Expenditure**<br>**Raising funds**<br>Investment management costs<br>10<br>**Charitable activities**<br>The collection & governance<br>10<br>**Total expenditure**<br>**Net income/(expenditure)**<br>**Transfers between funds**<br>8<br>**Net incoming/(outgoing) resources before other**<br>**recognised gains and losses**<br>**Other recognised gains and losses**<br>Unrealised gains on investment assets<br>Realised (losses)/gains on investment assets<br>**Net movement of funds in year**<br>**Reconciliation of funds**<br>Total funds at 6 April 2021<br>Total funds at 31 March 2022|**Unrestricted funds**<br>**General**<br>**Capital**<br>**Fund**<br>**Fund**<br>**£**<br>**£**<br>141,569<br>-<br>24,438<br>-<br>-<br>-<br>166,007<br>-<br>47,019<br>-<br>119,935<br>21,552<br>166,954<br>21,552<br>(947)<br>(21,552)<br>(17,136)<br>17,136<br>(18,083)<br>(4,416)<br>-<br>155,428<br>-<br>30,391<br>**(18,083)**<br>**181,403**<br>135,891<br>4,351,111<br>117,808<br>4,532,514|**Total**<br>**2022**<br>**£**<br>141,569<br>24,438<br>-|
|---|---|---|
|||166,007|
|||47,019<br>141,487|
|||188,506|
|||(22,499)<br>-|
|||(22,499)<br>155,428<br>30,391|
|||**163,320**<br>4,487,002|
|||4,650,322|



16 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **3 Tangible and heritage fixed assets** 

|_Cost_<br>At 31 March 2022<br>Additions<br>Disposals<br>At 31 March 2023<br>_Depreciation_<br>At 31 March 2022<br>Depreciation charge<br>Disposals<br>At 31 March 2023<br>_Net book value_<br>At 31 March 2023<br>At 31 March 2022|**Freehold**<br>**property**<br>**£**<br>1,077,531<br>-<br>-<br>1,077,531<br>405,094<br>21,552<br>-<br>426,646<br>650,885<br>672,437|**Heritage**<br>**assets**<br>**£**<br>112,605<br>-<br>-<br>112,605<br>-<br>-<br>-<br>-<br>112,605<br>112,605|**Total**<br>**£**<br>1,190,136<br>-<br>-|
|---|---|---|---|
||||1,190,136|
||||405,094<br>21,552<br>-|
||||426,646|
||||763,490|
||||785,042|



There were no additions to heritage assets in the year ended 31 March 2023. 

Movements in heritage assets over the past nine years are 

|As at 6 April 2014<br>Purchases in year ended 5 April 2015<br>Purchases in year ended 5 April 2016<br>Purchases in year ended 5 April 2017<br>Purchases in year ended 5 April 2018<br>Purchases in year ended 5 April 2019<br>Purchases in year ended 5 April 2020<br>Purchases in year ended 5 April 2021<br>Purchases in period ended 31 March 2022<br>Purchases in year ended 31 March 2023<br>As at 31 March 2023|**Total**<br>**£**<br>14,423|
|---|---|
||30,690<br>11,556<br>15,617<br>15,935<br>14,554<br>9,830<br>-<br>-<br>-|
||112,605|



17 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **4 Investments** 

|_At fair value_<br>At 31 March 2022<br>Additions<br>Disposals<br>Corporate Actions<br>Realised gains/(Losses)<br>Revaluation<br>Increase in cash held for investment<br>At 31 March 2023|**Investment**<br>**property**<br>**£**<br>2,681,000<br>-<br>-<br>-<br>-<br>(114,000)<br>-<br>2,567,000|**Quoted**<br>**investments**<br>**£**<br>1,066,472<br>75,229<br>(64,484)<br>231<br>(42,937)<br>(63,547)<br>8,048<br>979,012|**Total**<br>**£**<br>3,747,472<br>75,229<br>(64,484)<br>231<br>(42,937)<br>(177,547)<br>8,048|
|---|---|---|---|
||||3,546,012|



There was an amount of £58,870 (2022 - £50,823) cash available for reinvestment as at 31 March 2023. 

The cost value of the quoted investments was £713,377 (2022 - £737,290). 

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 and 2023 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, £2,681,000 and 2,567,000, 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 2023: 

|||**Value**|
|---|---|---|
|||**£**|
|Findlay Park US Small Companies|7.85%|72,188|
|Stewart Investors Asia Pacific – units|6.89%|63,361|
|Unilever ordinary shares|6.83%|62,850|



## **5 Debtors** 

|Debtors comprise the following amounts all of which are receivable within one<br>year:<br>Rental income<br>Other debtors|**2023**<br>**£**<br>32,839<br>1,531<br>34,370|**2022**<br>**£**<br>59,266<br>363|
|---|---|---|
|||59,629|



18 



## **The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **6 Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
|Accruals<br>Deferred income (see note 7)<br>VAT|**2023**<br>**£**<br>62,878<br>26,514<br>23,330<br>112,722|**2022**<br>**£**<br>49,376<br>45,484<br>19,472|
|||114,332|



## **7 Deferred income** 

Deferred income comprises rental income received in advance of the rental period. 

|**2017**<br>**£**<br>Balance as at 1 April 2022<br>31,528<br>Amount released to rental income<br>34,639<br>Amount deferred in year<br>10,350<br>**Balance as at 31 March 2023**<br>76,517|**£**<br>45,484<br>(45,484)<br>26,514|
|---|---|
||**26,514**|



## **8 Funds** 

|General Fund<br>Capital Fund|**At**<br>**31 March**<br>**2022**<br>£<br>117,808<br>4,532,514<br>4,650,322|**Resources**<br>**added/(used)**<br>**£**<br>74,547<br>(21,552)<br>52,995|**Gain/(Loss)**<br>**on assets**<br>**£**<br>-<br>(220,253)<br>(220,253)|**Transfers**<br>**£**<br>(18,793)<br>18,793<br>-|**At**<br>**31 March**<br>**2023**<br>**£**<br>173,562<br>4,309,502<br>4,483,064|
|---|---|---|---|---|---|



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<br>Investment property|**2023**<br>**£**<br>265,866<br>2,330,455<br>2,596,321|**2022**<br>**£**<br>329,182<br>2,444,455|
|---|---|---|
|||2,773,637|



19 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **8 Funds** ( _Continued)_ 

## **Analysis of funds between net assets** 

|**Analysis of funds between net assets**|||||
|---|---|---|---|---|
|General Fund<br>Capital Fund|**Fixed**<br>**Assets**<br>**£**<br>-<br>763,490<br>763,490|**Investments**<br>**£**<br>-<br>3,546,012<br>3,546,012|**Net**<br>**current**<br>**assets**<br>**£**<br>173,562<br>-<br>173,562|**Total**<br>**£**<br>173,562<br>4,309,502|
|||||4,483,064|



## **9 Investment income** 

|**9**<br>**Investment income**|||
|---|---|---|
|Interest receivable<br>Dividends receivable – quoted investments|**2023**<br>**£**<br>2,118<br>24,892<br>27,010|**2022**<br>**£**<br>660<br>23,778|
|||24,438|



20 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **10 Analysis of resources expended** 

|Costs allocated directly to<br>activities:<br>Display<br>Conservation<br>Replicas<br>Council museum expenses<br>Property and managing<br>agent’s expenses<br>Planning application costs<br>Trustee expenses<br>Depreciation<br>Investment portfolio charges<br>**Costs before Allocations**<br>**Costs allocated on the basis of**<br>**apportionment of time spent:**<br>Accountancy and legal<br>Marketing<br>Independent examination<br>Administration|**Investment**<br>**management**<br>**costs**<br>**£**<br>-<br>-<br>-<br>-<br>20,194<br>786<br>-<br>-<br>6,100<br>**27,080**<br>1,507<br>-<br>-<br>673<br>**29,260**|**Collection**<br>**costs**<br>**£**<br>4,051<br>14,553<br>-<br>81,771<br>-<br>-<br>-<br>21,552<br>-<br>**121,927**<br>1,507<br>(361)<br>-<br>673<br>**123,746**|**Governance**<br>**Costs**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>244<br>-<br>-<br>**244**<br>9,043<br>-<br>1,308<br>316<br>**10,911**|**Total**<br>**2023**<br>**£**<br>4,051<br>14,553<br>-<br>81,771<br>20,194<br>786<br>244<br>21,552<br>6,100<br>**149,251**<br>12,057<br>(361)<br>1,308<br>1,662<br>**163,917**|**Total**<br>**2022**<br>**£**<br>4,218<br>26,053<br>-<br>76,836<br>32,375<br>5,852<br>152<br>21,552<br>6,642|
|---|---|---|---|---|---|
||||||**173,680**<br>11,638<br>300<br>1,172<br>1,716|
||||||**188,506**|



## **11 Transactions with Trustees** 

The Trustees were reimbursed £244 (2022 - £152) 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. 

21 



**The Olive Matthews Collection** 

Report and accounts 

For the year ended 31 March 2023 

## **NOTES TO THE ACCOUNTS (continued)** 

## **12 Future commitments** 

The Charity has an annual ongoing commitment in favour of the museum as follows: 

|Museum Agreement:<br>Fixed sum<br>Indexed sum|**£**<br>27,000<br>61,619|
|---|---|
||88,619|



The above commitment represents amounts payable on the museum agreement for one year 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 2024 multiplied by one year. 

## **13 Related party transactions** 

There were no related party transactions duringyear ended 31 March 2023. 

## **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. 

||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Cash at bank|251,914|172,511|
|Debtors held at settlement value after trade discounts|34,370|59,629|
|Creditors held at settlement value after trade discounts|(112,722)|(64,956)|
|Quoted investments held at fair value|979,012|1,066,472|



22