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2025-03-31-accounts

Report and Accounts for the year Ended 31 March 2025

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Contents

ontents
Page
Trustees and advisers 1
Chairman’s Report 2
Trustees’ Report 4
Independent examiner’s report 10
Statement of financial activities 11
Balance sheet 12
Notes to the accounts 13

Cover illustration: Pink silk Spencer jacket, c.1815 - 1818. It features in the exhibition High Waists to Romantic Tastes, Regency Fashion 1800 - 1837.

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Trustees and advisers

Trustees

Dee de Glanville Gerald Drake Timothy Hardesty (Chairman) Richard Jones Richard Mason (deceased April 2024) 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 2025

Chairman’s Report

Unfortunately, the year was marked by the death of Mr Richard Mason, in April 2024. Richard Mason was the Chairman of the Olive Matthews Collection since 2017 and a trustee since 2012. His energy and enthusiasm for all matters to do with the Collection and Chertsey Museum were and continue to be much missed.

Since the devasting fire in May 2023 to the adjoining building to our storage facility at 6 Windsor Street, we have been exploring better and safer locations to store the objects owned by the Collection. The objectives for the new storage facility are as follows:

  1. To better achieve the development and promotion of the Olive Matthews Collection through having an easily accessible store with sufficient room to allow on-site conservation and study to be undertaken to the Collection items. This would allow us to cement our ambition to be a beacon of best practice for costume collections care, mounting and education;

  2. The need to remove our nationally important historical clothing collection away from the hazards of the current store both in its location and due to its cramped and inaccessible layout, which is the detrimental to the long term care of the Collection.

Much work has been undertaken on this project and we have an agreement in principle on an alternative store that we hope to move into in the next year. This will be a major project for the Trustees of the Olive Matthews Collection and the staff of Chertsey Museum.

The Collection itself has had a successful and busy year. Our Keeper of Costumes has successfully spread the word about the collection with a record numbers of talks, and connected with a broad cross-section of communities, both locally and further afield. This has in turn led to many new visitors making their way to the Museum to see the Collection. The Collection has also been publicised through loans to high-profile exhibitions. Chertsey Museum has hosted a very successful and popular display of Regency dress from the Olive Matthews Collection titled “High Waists to Romantic Tastes, Regency Fashion, 1800 – 1837”.

We are very pleased that for the first time in a number of years we have funded the acquisition of a rare and beautifully preserved apricot silk pelisse (or long, fitted women’s coat), c.1815, was purchased at auction in February 2025. It was part of an exceptional sale of Regency period items held at Kerry Taylor Auctions entitled Empire of Fashion: The Barreto Lancaster Collection of Napoleonic & Regency Dress. A silk example of a pelisse has long been on our wish-list, and it is wonderful to have been able to add it to the Olive Matthews Collection. Eight items were also kindly donated to the Olive Matthews Collection during the financial year, including a blue silk man’s waistcoat with floral design, dated c.1835 - 45, and a rare women’s day gown, c.1877 - 1882.

The Trustees of the Olive Matthews Collection agreed to lend items to 3 separate institutions. From June to September 2024 we lent our cycling skirt/culottes and tie to the Royal Albert Memorial Museum in Exeter for an exhibition entitled ‘Are We Nearly There Yet? A History of Transport’. From July to November 2024 we lent a 1920s beaded evening gown and a Jantzen men’s bathing costume to the Fitzwilliam Museum, Cambridge, for an exhibition entitled ‘Paris 1924, The Art of the Olympics’.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Chairman’s Report (continued)

We saw a significant increase in dress education numbers during 2023/24, and this has been maintained in 2024/25. A total of 952 people accessed the collections. These included talks, group visits and enquires handled. Of those, 280 were enquiries. 24 people came for individual appointments to see items for research from the reserve collections. A record-breaking 648 people received talks from the Keeper of Costume and on two occasions specialist speakers sourced by us.

From April 2024 to March 2025 the Education Department saw a total of 10,968 children from around 122 different schools. The education officer and museum staff, are constantly introducing new ideas and interpretation techniques into her sessions which the children have greatly enjoyed. When school children visit the Museum (as opposed to the Education Officer running sessions at the schools themselves - 1349 children or 12.3% of those seen), the Fashion displays are of great interest. Almost every session incorporates dress and textiles in some way, but those with particular emphasis include Seaside, Tudors, and Victorians. The Victorians session always utilises replica Victorian dress, and the children enjoy exploring the replicas in the gallery. There are now two clothing-specific workshops for schools - one Stone Age to Roman and the other Tudor to Victorian. The “Keep Calm and Wear it Well” 1940s fashion exhibition and the Regency fashion exhibition has also been of great interest to GCSE and A-level pupils studying textiles, design and art.

We were pleased to welcome back students from Central St Martins College and the London College of Fashion students for talks and practical work in connection with their degrees.

In March 2025, our Keeper of Costume, participated in a panel discussion relating to the care and interpretation of fashion and textile collections for the V&A Fashion Collections and Curation course.

The new costume exhibition, Marriage à la Mode: Wedding Dresses from the 1780s to the 1980s. Due to opened in September 2025, highlighting some of the beautiful wedding dresses held within the Olive Matthews Collection. This is despite the lack of a Costume Assistant to assist the Keeper of Costume. Whilst this role is currently fully funded by the Olive Matthews Collection it has been affected by the freeze on recruitment by Runnymede Borough Council whilst it was conducting a strategic review of its services.

I am grateful to my fellow trustees and to the Keeper of Costume, the Curator, staff and volunteers at Chertsey Museum for their continued support throughout the year in furthering the objects of the charity in the care and display of this magnificent Collection.

Tim Hardesty Chaiman

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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 2025.

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.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Structure and Decisions

The trustees meet regularly, and decisions are achieved by a majority of those present at meetings.

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

A backlog of approximately 40 items have been accessioned into the Olive Matthews Collection during the 2024/25 period. These have included a Laura Ashley evening gown from the mid 1980s, an early 2000s pair of women’s shoes by ‘Robert Clergerie’ and an Edwardian evening gown of yellow silk. A student volunteer assisted Grace Evans, Keeper of Costume, with a proportion of this task over a two week period.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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. Each annually changing fashion exhibition is accompanied by postcards with URLs to take visitors to a full catalogue of exhibits on the Museum’s website. Virtual tours are also made available through this link. Catalogues and tours from previous exhibitions remain on the Museum’s website for users to access.

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. A rare and beautifully preserved apricot silk pelisse (or long, fitted women’s coat), c.1815, was purchased at auction in February 2025.

8 items, or groups of items, were donated to the Olive Matthews Collection during 2024/25. These included a blue silk man’s waistcoat with floral design, dated c.1835 - 45, and a rare women’s day gown, c.1877 – 1882.

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. During the year ended 31 March 2025 952 people accessed the collections (2024: 889) in total with 280 enquiries (2024: 230) relating to the Collection and 24 individual in-person research visits (2024: 27) to see items from the Collection. A record high number of 648 people (2024: 638) received talks as part of groups for the Keeper of Costumes.

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. From June to September 2024 we lent our cycling skirt/culottes (M.2018.175) and tie (M.1987.08) to the Royal Albert Memorial Museum in Exeter for an exhibition entitled ‘Are We Nearly There Yet? A History of Transport’. From July to November 2024 we lent a 1920s beaded evening gown (MT.1410) and a Jantzen men’s bathing costume (M.2001.22) to the Fitzwilliam Museum, Cambridge, for an exhibition entitled ‘Paris 1924, The Art of the Olympics.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

A loan has also been made to the exhibition at the National Trust’s Polesden Lacey about Mrs Margaret Greville entitled ‘Fashionably Dressed’. We have leant a state gown worn by HM Queen Mary (M.1986.14) and a kimono also owned by her (M.1986.15). Mrs Greville and Queen Mary were friends and fellow collectors. The exhibition runs from May to November 20 25 . A further loan to the National Trust’s Polesden Lacey is in progress for later in 2025’.

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.

The Costume Assistant vacancy was vacant for most of the year but was filled at the end of March 2025.

User figures

The total number of users during the year was 16,670 compared with 19,116 in 2023/24, a decrease of 8%. This is largely due to staff shortages with vacant posts not being filled whilst the museum is undergoing a full review. The local authority, Runnymede Borough Council, collects individual visitor numbers in a variety of categories, namely adult visitors 3,226 (2024: 3,048); child visitors 1,002 (2024: 957); child events 748 (2024: 794); education visits to the museum 1,457 (2024: 1,516); adult groups in the museum 414 (2024: 547) ; school groups outside the museum 7,817 (2024: 10,453); adult groups outside the museum 1,064 (2024: 1,038); events 942 (2024: 763) .

Please also see 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. Richard Jones, the fifth 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 £31,787 (2024: £33,607) and rental income £162,122 (2024: £184,439). There was no other income (2024: £250) 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.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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.

Exceptional costs

Costs that are exceptional by amount or nature are disclosed separately within the charity’s financial statements.

Future plans

Work has started on trying to find a suitable location for a new costume store to replace 6 Windsor Street. Negotiations are underway with Runnymede Borough Council.

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:

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.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Statement as to disclosure to our independent examiner

In so far as the trustees are aware at the time of approving this trustees' report:

Approved by the Trustees

Timothy Hardesty Richard Jones Trustee Trustee

Date: 23 December 2025

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Independent examiner’s report to the Trustees of The Olive Matthews Collection

I report to the trustees on my examination of the financial statements of The Olive Matthews Collection (‘the charity’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance 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 I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and the basis of report

As the trustees of the charity you are responsible for the preparation of financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5) (b) 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 giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Date: 23 December 2025

Andrew Warren on behalf of Claremounts FCA 36 Raymer Road, Maidstone, Kent, ME14 2JQ

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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 (losses)/gains on investment
assets
Realised (losses)/gains on investment
assets
Net movement of funds in year
Reconciliation of funds
Total funds at 1 April 2024
Total funds at 31 March 2025		 Unrestricted funds
General
Capital
Fund
Fund
£
£
162,122
-
31,787
-
-
-
193,909
-
42,408
-
117,738
21,552
160,146
21,552
33,763
(21,552)
(17,923)
17,923
15,840
(3,629)
-
(124,351)
-
(12,663)
15,840
(140,643)
199,614
3,801,223
215,454
3,660,580		 Total
2025
£
162,122
31,787
-
193,909
42,408
139,290
181,698
12,211
-
12,211
(124,351)
(12,663)
(124,803)
4,000,837
3,876,034		 Total
2024
£
184,439
33,607
250
218,296
41,227
153,973
195,200
23,096
-
23,096
(502,347)
(2,976)
(482,227)
4,483,064
4,000,837

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 2024 between funds is shown in note 2.

The notes on pages 13 to 23 form part of the financial statements.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

Balance sheet

Note
Fixed assets
Tangible fixed assets
3
Heritage assets
3
Investments
4
Current assets
Debtors
5
Cash at bank
Creditors: amounts falling due
within one year
6/7
Net current assets
Net assets
The funds of the charity
Unrestricted funds
General Fund
Capital Fund
8		 £
23,463
314,060
337,523
(122,069)		 2025
£
607,781
114,426
2,938,373
3,660,580
215,454
3,876,034
215,454
3,660,580
3,876,034		 £
24,858
222,554
247,412
(47,798)		 2024
£
629,333
112,605
3,059,285
3,801,223
199,614
4,000,837
199,614
3,801,223
4,000,837

The financial statements were approved by the Trustees and authorised for issue on 23 December 2025

Timothy Hardesty Chairman

Richard Jones Trustee

The notes on pages 13 to 23 form part of the financial statements.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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 £12,211 (2024: £23,096) but after realised losses and unrealised gains on the investment fund and negative revaluation of the investment property total funds decreased by £124,803 (2024: decrease £482,227). There are positive cash balances of £314,060 (2024: £222,554) on the balance sheet. Although there were rental void periods in the Camden flats during the last quarter of the financial year for tenant changes and flat refurbishment overall during the period all flats were occupied at decent levels of rent. The issues with the commercial property were resolved in 2023/24 and during the year all of the backlog rent that had accumulated was paid by the commercial tenant. The commercial tenant made all payments against the new lease as they fell due and at year end there are no arrears. The value of the share portfolio held with JM Finn decreased in the year by £35,912 (2024: increase £47,274) after dividends and interest received, small realised losses (£12,534) on shares sold and unrealised gains on the remaining shares in the portfolio of £39,480. 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 only limited purchases of new heritage assets were made during the period. The Charity expects that flat income will continue to be restricted in the first quarter of the new financial year during the refurbishment period and has set another cautious expenditure budget 2025/26. However, given the improving rental outlook, the continuing improved payment record of the commercial tenant and the cash holdings held the that should be an adequate reserve against any rental downturn in the year 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.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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 from 2022 to 2025 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.

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The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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 2025. 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.

15

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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.

16

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

NOTES TO THE ACCOUNTS (continued)

2
Analysis of 2024 SOFA between funds
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 (losses)/gains on investment assets
Realised (losses)/gains on investment assets
Net movement of funds in year
Reconciliation of funds
Total funds at 1 April 2023
Total funds at 31 March 2024		 Unrestricted funds
General
Capital
Fund
Fund
£
£
184,439
-
33,607
-
250
-
218,296
-
41,227
-
132,421
21,552
173,648
21,552
44,648
(21,552)
(18,596)
18,596
26,052
(2,956)
-
(502,347)
-
(2,976)
26,052
(508,279)
173,562
4,309,502
199,614
3,801,223		 Total
2024
£
184,439
33,607
250
218,296
41,227
153,973
195,200
23,096
-
23,096
(502,397)
(2,976)
(482,227)
4,483,064
4,000,837

17

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

NOTES TO THE ACCOUNTS (continued)

3 Tangible and heritage fixed assets

Cost
At 31 March 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 31 March 2024
Depreciation charge
Disposals
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Freehold
property
£
1,077,531
-
-
1,077,531
448,198
21,552
-
469,750
607,781
629,333		 Heritage
assets
£
112,605
1,821
-
114,426
-
-
-
-
112,605
112,605		 Total
£
1,190,136
1,821
-
1,191,957
448,198
21,552
-
469,750
722,207
741,938

During the year the collection added an 1815 French redingote/pelisse at a cost of £1,821.

Movements in heritage assets over the past nine years are

As at 6 April 2013
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
Purchases in year ended 31 March 2023
Purchases in year ended 31 March 2024
Purchases in year ended 31 March 2025
As at 31 March 2025		 Total
£
14,423
30,690
11,556
15,617
15,935
14,554
9,830
-
-
-
-
1,821
114,426

18

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

NOTES TO THE ACCOUNTS (continued)

NOTES TO THE ACCOUNTS (continued)
4
Investments
At fair value
At 31 March 2024
Additions
Disposals
Corporate Actions
Realised gains/(Losses)
Revaluation
Increase in cash held for investment
At 31 March 2025		 Investment
property
£
2,033,000
-
-
-
-
(85,000)
-
1,948,000		 Quoted
investments
£
1,026,285
64,211
(68,842)
566
(12,663)
(39,917)
20,733
990,373		 Total
£
3,059,285
64,211
(68,842)
566
(12,663)
(124,917)
20,733
2,938,373

There was an amount of £28,524 (2024 - £7,791) cash available for reinvestment as at 31 March 2025.

The cost value of the quoted investments was £704,822 (2024 - £721,678).

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, 2023, 2024 and 2025 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, £2,567,000, £2,033,000 and £1,948,000 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 2025:

Findlay Park US Small Companies
Unilever ordinary shares
Stewart Investors Asia Pacific - units
ebtors
Debtors comprise the following amounts all of which are receivable within one
year:
Rental income
Other debtors		 9.45%
7.19%
6.84%
2025
£
22,715
748
23,463		 Value
£
90,920
69,150
65,806
2024
£
24,665
193
24,858

5 Debtors

19

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

NOTES TO THE ACCOUNTS (continued)

6 Creditors: amounts falling due within one year

Accruals
Deferred income (see note 7)
VAT		 2025
£
91,608
20,756
9,705
122,069		 2024
£
25,637
14,994
7,167
47,798

7 Deferred income

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

2017
£
Balance as at 1 April 2024
31,528
Amount released to rental income
34,639
Amount deferred in year
10,350
Balance as at 31 March 2025
76,517		 £
14,994
(14,994)
20,756
20,756

8 Funds

General Fund
Capital Fund		 At
31 March
2024
£
199,614
3,801,223
4,000,837		 Resources
added/(used)
£
33,763
(21,552)
12,211		 Gain/(Loss)
on assets

£
-
(137,014)
(137,014)		 Transfers
£
(17,923)
17,923
-		 At
31 March
2025
£
215,454
3,660,580
3,876,034

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		 2025
£
257,027
1,711,455
1,968,482		 2024
£
296,816
1,796,455
2,093,271

20

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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
£
-
722,207
722,207		 Investments
£
-
2,938,373
2,938,373		 Net
current
assets
£
215,454
-
215,454		 Total
£
215,454
3,660,580
3,876,034

9 Investment income


Investment income
Interest receivable
Dividends receivable – quoted investments		 2025
£
9,497
22,290
31,787		 2024
£
8,525
25,082
33,607

21

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

NOTES TO THE ACCOUNTS (continued)

10 Analysis of resources expended

Costs allocated directly to
activities:
Display
Conservation
Council museum expenses
Property and managing
agent’s expenses
Planning application costs
Trustee expenses
Depreciation
Investment portfolio charges
Costs before Allocations
Costs allocated on the basis of
apportionment of time spent:
Accountancy and legal
Marketing
Independent examination
Administration		 Investment
management
costs
£
-
-
-
29,832
4,799
-
-
6,187
40,818
1,365
-
-
225
42,408		 Collection
costs
£
5,950
9,182
90,636
-
-
-
21,552
-
127,320
1,365
300
-
225
129,210		 Governance
Costs
£
-
-
-
-
-
138
-
-
138
8,188
-
1,648
106
10,080		 Total
2025
£
5,950
9,182
90,636
29,832
4,799
138
21,552
6,187
168,276
10,918
300
1,648
556
181,698		 Total
2024
£
8,254
23,127
87,778
31,413
3,913
192
21,552
5,901
182,130
10,726
300
1,628
416
195,200

11 Transactions with Trustees

The Trustees were reimbursed £138 (2024 - £192) 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.

22

The Olive Matthews Collection

Report and accounts

For the year ended 31 March 2025

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		 £
167,383
413,424
580,807

The above commitment represents amounts payable on the museum agreement for six years three months to the next break clause (at 28 years) in June 2031. 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 until 30 June 2031.

13 Related party transactions

There were no related party transactions during year ended 31 March 2025.

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.
2025 2024
£ £
Cash at bank 314,060 222,544
Debtors held at settlement value after trade discounts 23,463 24,858
Creditors held at settlement value after trade discounts (122,069) (47,798)
Quoted investments held at fair value 990,373 1,026,285

23