WILLIAM MORRIS SOCIETY Annual Report 2022 (l)ry Y(l)vx-
Details
The William Morris Society Registered address: Kelmscott House 26 Upper Mall Hammersmith London W6 9TA
Tel: 020 8741 3735
Email: info@williammorrissociety.org www.williammorrissociety.org
TheWilliamMorrisSociety @WmMorrisSocUK williammorrissocietyuk
Registered Charity number 1159382
Trustees, staff and volunteers
PRESIDENT Lord Sawyer of Darlington
TRUSTEES
Chair: Stephen Bradley Vice-Chair: John Stirling, to May 2022 Tara-Jane Sutcliffe, from May 2022 Hon. Treasurer: Andrew Gray Hon. Secretary: Frances Graupner Board Members: Rebecca Estrada-Pintel, to May 2022 Sarah Hardy Theresa Kneppers, co-opted January 2022, elected May 2022 Natalia Martynenko-Hunt Fiona Talbott, to July 2022 Michael Robertson, co-opted January 2022, elected May 2022
The Trustee Board operates through the following committees under a written scheme of delegation: Finance & General Purposes with Investment, House & Garden and Nominations subcommittees; Collections, Library & Display; Engagement, Learning & Education; Programming and Projects.
STAFF
Society Manager: Cathy De’Freitas, to November 2022 Finance Manager: Penny McMahon Curator of Collections & Display: Mallory Horrill Curator, Research & Development: Helen Elletson Museum Officer (Learning & Engagement): Laura Carrington, to September 2022 Weekend Duty Manager: Vanessa Manson, from September 2022
PRINCIPAL VOLUNTEER ROLES Journal Editor: Owen Holland, to November 2022 Wanne Mendonck, from November 2022 Magazine Editor: Sarah Wilson Journal Proofreader: Lauren McElroy
The William Morris Society said fond farewells to Cathy De’Freitas, Society Manager, and Owen Holland, Journal Editor in 2022. Both Cathy and Owen had been with the Society for seven years and their immense contributions are gratefully appreciated.
The Society is extremely fortunate to be able to draw on a wide range of expertise and experience from our volunteers, who contribute many hours of their time to help with welcoming visitors to the museum, leading guided tours, delivering education sessions to schools and families, answering enquiries, cataloguing and caring for our collections, office administration and maintaining our garden as well as giving invaluable time to our committee work and special projects.
Front cover: caption to come
ANNUAL REPORT | 2022 | 2
Chair’s Annual Review of 2022
2022 has been a year of very positive changes for The William Morris Society. During the year we saw the end of both Covid-19 restrictions and of the repair works after storm damage in our cellar at Kelmscott House. Since the museum reopened, we have been attracting good visitor numbers and reaching wider audiences by including Sunday afternoon opening.
Thanks are due to our loyal staff and volunteers for great efforts throughout 2022 in our participative activities, exhibitions, publications and communications, both online and face-to-face. We said farewell to Cathy De’Freitas, our Society Manager, who left us near the end of 2022 to manage a local museum much closer to her home and we record special thanks to Mallory Horrill and Vanessa Manson for taking over her workload and to trustee Sarah Hardy for her voluntary interim role of coordinating and overseeing staff work, pending the recruitment of our very experienced and capable new Chief Executive.
Also, after five years of unstinting service as voluntary editor of our special asset, the excellent Journal of William Morris Studies , we thank Owen Holland who has recruited and handed over to Wanne Mendonck, based at Cambridge University, whom we warmly welcome as the new JWMS editor.
The trustees continue to watch closely our cash management, our financial reserves and the performance of our investments, as reported in more detail below by our Honorary Treasurer. We continue to carefully monitor our ability to sustain our obligations both to our membership and as a charity, through very challenging times. Although we made a loss on normal operations through 2022, the trustees agreed a deficit budget for 2023 in order to invest in staff to develop business and to improve delivery of our charitable objects, as well as to continue to give excellent value service to our members and supporters. However we have to increase ordinary member subscriptions in 2023 to offset increasing costs of servicing the membership as well as running the museum premises, and we are actively seeking Gift Aid mandates from members and supporters. We are also looking closely at what we can offer to and ask from corporate supporters and institutional members with a view to offering new packages from the start of 2024.
Looking ahead to 2023, after five years of exceptional support to the Society and its Chair, our President, Lord Sawyer, will step down in 2023, to be replaced by our new President, Dr. Tristram Hunt – historian, past Member of Parliament, Director of the V&A Museum and, most importantly, a William Morris scholar and enthusiast. We record our gratitude and best wishes to both of them.
be focusing on income-generating and fundraising initiatives to enable us sustainably to achieve both our membership activities and our charitable activities.
We are developing two capital investment projects for the next couple of years ahead: firstly, to enhance digital delivery of our educational mission about the work of William Morris and his circle, providing improved access to information resources to as wide a set of audiences as possible; and secondly, to improve the interpretation and display in the coach house at Kelmscott House to emphasise its local historical importance and to publicise it as an attractive destination visit. Whilst we will be ‘pump priming’ these projects, external funding support will be essential. Enabling projects are under way at the time of writing: creating a brief for website developers for a more useable web ‘platform’ providing an improved portal to our collections catalogue and other information resources and partners; improvement of our physical library as a public resource; and providing better access to the garden and new education and display facilities.
To help us achieve these ambitions we need as much financial support as possible as well as continued voluntary time and energy. The first year of our patrons and supporter scheme, including several trustees as backers, has made a very encouraging contribution to offsetting our normal operating costs. We encourage many more members to join this patron and supporter scheme to get additional benefits including privileged visits to special places with Morris associations. Alternatively, we would like members to assist our charitable activities by adding a discretionary supplement to the annual subscription, enhanced whenever possible with Gift Aid. One-off donations or intentions to leave a legacy, through your will or letter of wishes to executors, will be enormously welcome to fund our projects in association with other funds and foundations.
For further information, please contact Claudia Suckling (chiefexec@williammorrissociety.org).
To conclude, I remain confidently optimistic that the work of the Society will continue to be relevant, educational and attractive to all our supporters and to the wider public. This is a very important time to communicate the importance and relevance of the work and ideas of William Morris and those whom he has inspired.
I thank all our supporters, our staff, trustees and other volunteers, for their loyalty and unstinting efforts on behalf of the Society.
On behalf of the board of trustees, April 2023
I also welcome our very experienced and highly capable new Chief Executive, Claudia Suckling. She started work with us in early 2023 and will
Stephen Bradley
Chair, The William Morris Society
ANNUAL REPORT | 2022 | 3
2022: highlights of the year
Exhibition in the Coach House: The Ideal Book: William Morris and the Kelmscott Press
Reopening
Conservation
In June 2021, a period of extreme rainfall resulted in flooding in the Society’s cellar. As a consequence the museum had to close for an extended period, while the necessary repair work was carried out. Staff and volunteers rose to the challenge, continuing to run events and exhibitions virtually, until our doors reopened to visitors in May 2022. The collection was unaffected by the flooding and our cellar is now better protected against future instances of extreme weather.
In 2021 we were fortunate to be awarded the Tru Vue[®] Conservation & Exhibition Grant, administered through the Institute of Conservation, ICON. In April of 2022 we used the grant to have four important Kelmscott Press items on paper conserved and framed. Later in September, we installed the items, as part of our Ideal Book exhibition, marking the first time that these works have been on public display. This significant funding has ensured the protection of these items for future generations and enabled their regular display to educate visitors on the legacy of William Morris and the private press movement.
ANNUAL REPORT | 2022 | 4
‘I’m a remarkable woman, always was, though none of you seemed to think so.’ May Morris, 1936
Left: The Works of Geoffrey Chaucer , edited by F S Ellis, published by the Kelmscott Press in June 1896. Board and linen binding, paper pages. Right: Minstrel with Cymbals Embroidery by May Morris, 1885
The Collection
In celebration of May Morris’s 160th anniversary we held the exhibition May Morris: Art & Advocacy between May-September 2022. The exhibit explored May’s exceptional designs for Morris & Co., her expertise in decorative needlework, her significant position within the public sphere, her pivotal role in co-founding the Women’s Guild of Arts and her great efforts in memorialising her father’s legacy.
In September, while between exhibitions, we hosted a display from the local Pilsudski Institute. The week-long exhibit was titled Nispa Among the Ainu and profiled the achievements of Polish ethnographer Bronislaw Pilsudski, who researched the indigenous peoples of Northeast Asia. The exhibition touched on difficult anthropological issues, inviting viewers to consider the problem of the disappearance of cultures and the still repressive treatment of national minorities.
In October, we reinstalled the exhibition The Ideal Book: William Morris and the Kelmscott Press . The exhibition explored the history of Morris’s book printing enterprise and showcased a number of rarely seen objects from the Society’s collection, including the Kelmscott Chaucer , which was described by Edward Burne-Jones as ‘like a pocket cathedral’.
Also in October, the Society displayed pieces created by the exceedingly talented students at the Macbeth Centre in Hammersmith. The Macbeth Centre is an adult education hub that offers a large range of classes and courses that allow students to develop new skills and interests. The works featured were a diverse range including stained glass, ceramics, jewellery, woodwork and works on paper. The pieces demonstrated the continued importance of creativity and handcraft in our contemporary world.
We were fortunate to accept two groups of items into our archive a handful of letters between members of the Women’s Guild of Arts and a folio containing W.R. Lethaby’s letters and research notes for his book on Philip Webb. We are grateful for these important donations and look forward to sharing them in future displays and with our network.
We were delighted to lend two wallpaper samples and two Morris & Co. sale books from our collection to feature in the exhibition The Walkers’ Wall: A Study of Morris & Co. Wallpapers held at our near neighbour, Emery
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‘Thank you for a lovely, relaxing and informative afternoon’ Family workshop attendee
‘Thank you so much for hosting us yesterday – it was a lovely day out for all of us, teachers included!’ Teacher following school workshop
Embroidery Workshop, Becky Hogg
Activities, Learning and Outreach
This year we re-started in-person tours, workshops and events following our re-opening. Alongside welcoming members and enthusiasts back into our museum premises, we continued our online delivery of talks and lectures, which have continued to be a great way of engaging with a larger, more international audience.
Our 2022 Lecture Programme included a fantastic range of Morrisian subjects, of which highlights were: Dr. Lynn Hulse’s presentation on Morris’s involvement with the Royal School of Needlework, Kirsty Hartsiotis’s two-part series on Arts and Crafts churches in the Cotswolds, Andrea Wolk Roger’s examination of Morris and Burne-Jones’s lifelong collaboration and Mary Schoeser’s discussion of Morris & Co. wallpapers.
We were delighted to hold our Kelmscott Lecture in person for the first time since the pandemic and on site at our Coach House in November. Leading Morris-authority, Dr. Jan Marsh, delivered a thought-provoking presentation, titled Against Hypocrisy and Vicarious Ferocity: William Morris and Resistance to British Imperialism . For those unable to attend the event, the lecture was published in the Society’s Journal.
Research Curator, Helen Elletson, continued our online ‘Coffee with a Curator’ talks, delivering quarterly sessions, highlighting items in our collection. Subjects of the series in 2022 included the Kelmscott Press edition of The History of Godefrey of Boloyne , The Holy Grail Tapestries, Morris & Co. carpets and a spotlight on John Henry Dearle.
Tying in with our May Morris exhibition we held two onsite embroidery workshops one led by Becky Hogg, which focused on Morris’s iconic Strawberry Thief , and another run of ‘Handmade in Hammersmith’ by Sally Roberson, who takes inspiration from May Morris’s designs.
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‘Love the talk, such a good presenter, very infectious enthusiasm and very knowledgeable. I learnt new things and brought some knowledge I had together.’ Attendee, ‘William and Jane Morris at home’
Photograph of William Morris by Emery Walker, 1889
Activities, Learning and Outreach
SCHOOLS AND FAMILIES
This year we resumed in-person outreach visits to local schools, as well as onsite children’s and family workshops led by our Museum Officer and Learning volunteers. Our family workshops complemented our exhibitions programme, including embroidery, block printing and paper crafts.
In August, we were delighted to participate in a Children’s Fair alongside other small historic houses in London, including Fulham Palace and Benjamin Franklin House. This cross-promotion allows us to engage with a wider audience and develop collaborative relations with our heritage colleagues.
Additionally, we were happy to be able to offer internships to two students from Birkbeck and Kingston Universities as well as offering a work experience placement to students from Latymer Upper School.
YOUTH FORUM
The William Morris Society Youth Forum, a group of 16-24 year-olds, mounted an exciting project in celebration of the 150th anniversary of the publication of Morris’s Love is Enough . The Forum, led by our Museum Officer, Laura Carrington, and Forum Chair, Alice Dodds, explored LGBTQ+ artists in the Arts and Crafts Movement, responding to Morris’s poem through this lens. Their work culminated in a virtual show on our website that featured illustrations created by the forum and thoughtful discussion on the effect of Morris’s poem on them and its relevance to the present day.
ANNUAL REPORT | 2022 | 7
caption to come
2 exhibitions
Over 4,000 visitors to the museum
18 online lectures and talks with over 1,100 tickets sold
Publications
The Library
The two issues of the 2022 Journal of William Morris Studies marked the conclusion of Owen Holland’s five years as editor before passing on to the new editor, Wanne Mendonck, and also the last contribution of Rosie Miles as reviews editor. The Journal articles reflect the breadth of Morrisian interests and studies.
Highlights included a revised version of Jan Marsh’s 2022 Kelmscott Lecture ‘Hypocrisy and Cant and Vicarious Ferocity: William Morris and Resistance to British Imperialism’, ‘Robert Lorimer’s 1897 Lecture on William Morris,’ by Annette Carruthers, ‘Beautiful and Useful: Arts and Crafts’ Memorials of the Great War’ by Carolyn Malone and ‘A Fruitful Relationship: William Morris and Ernest Gimson’ by Mary Greensted.
The Magazine , under Sarah Wilson’s editorship, also continued to flourish and covered a wide range of topics including articles about William de Morgan, May Morris and Iceland, the Arts and Crafts Movements in Russia, Stanislaw Wyspianski from Poland, and William Morris at Rounton Grange.
Proposals for future contributions to both publications are always welcomed and should be sent to the editors, whose details may be found on the Society’s website.
The Society welcomed a new library volunteer, Camilla Adeane, who is working alongside Collections Curator, Mallory Horrill, on catalogue upkeep and facilitating research visits.
We have continued to assist with public enquiries, both academic and those of a more general nature. We are grateful to our volunteer team for their expertise and support in this area.
ANNUAL REPORT | 2022 | 8
7,900 Twitter followers
9,500 Facebook followers
24,700 Instagram followers
2,000 views for talks on YouTube
The William Morris Society’s headquarters at Kelmscott House
Membership
Funding and donations
Our membership numbers are stable with over 750 individual and corporate members of the UK Society. There are currently over 80 overseas members in 15 countries without their own societies, such as Germany, Japan and Australia. Our sister societies in the US and Canada have over 320 members and 150 members respectively.
In 2022 we introduced an ‘Under 30’ Membership level, announced with a campaign across our mailing and social media platforms. This level took the place of our previously offered Student Membership level. This has attracted 25 additional members so far.
Last, but not least, we launched a patron and supporter scheme. This initiative gives exciting, additional benefits starting at just £100 a year, they include invitations to exclusive events and behind-the-scenes guided visits, and free access to all the Society’s online lectures.
The loyalty and generosity of our Members and Supporters helps us to further our important work. As a valued member of the Society, we ask you to consider upgrading your membership to enjoy the extra benefits of being a Supporter.
For more information please visit our website at www.williammorrissociety.org/membership/ or call us at +44 (0)20 8741 3735.
The William Morris Society gratefully acknowledges receipt of funding of £15,000 in 2022 from the 3rd Sector Investment Fund scheme through the London Borough of Hammersmith & Fulham.
The Society was also grateful to receive a £1,000 grant from the Paul Mellon Centre, to go towards our Learning & Education initiatives.
ANNUAL REPORT | 2022 | 9
Financial Report
Treasurer’s Report
As noted in the Chair’s report, 2022 saw many positive changes for the Society – particularly the re-opening of the museum, with extended opening hours compared to pre-Covid. We continue to produce highly valued, high-quality publications, and have spent much time in 2022 planning new initiatives for future enhancements to our charitable offering and our financial sustainability. Notwithstanding this optimistic outlook, we must also acknowledge the reality of our financial performance in 2022, where we show an operating deficit of £26,914 (2021: deficit of £3,440), and an overall reported deficit for the year of £61,050 after taking into consideration investment losses.
Our investments are deployed in a diverse portfolio of ethical investments which is managed by Evelyn Partners, a highly-respected investment manager. Our portfolio is positioned to yield a positive income stream in the medium to long term but, like any investments, will always be subject to short term fluctuations. In recent years, our portfolio has regularly yielded positive returns which have supported our operations, however, 2022 was a poor year for investments across the world and we report a loss of £34,146 (2021: gain of £32,995) on our investment portfolio for the year. I am happy to state that much of that loss had been reversed even by the time of our Trustee Board meeting in February 2023, however global financial markets remain volatile. The Trustees monitor investment returns at each meeting and remain supportive of our current investment policy.
The Society’s museum was closed until May 2022, primarily driven by repair work required as a result of damage caused by flooding. Whilst we benefitted from a successful insurance claim to cover some of the costs and lost income as a result of the flooding, there were no further grants from the Government relating to Covid-19 disruption (2021: £25,286).
Throughout 2022, the Trustee Board has kept the financial health of the Society at the top of our agenda – from discussions around potential additional revenue and grant opportunities, through to shaping a more successful and financially sustainable future for the Society. Whilst the financial result for 2022 is disappointing, the Trustees remain confident in the long-term viability of the Society’s activities based on a range of planned and potential enhancements to our income strategy going forward.
At 31 December 2022 the Society’s Funds totalled £750,038 (2021: £811,088). The Society’s Reserves policy has been reviewed again in 2022 and we continue to set our minimum reserves requirement at £100k, which represents 6 months’ operating costs as well as provision for certain exceptional expenditures. Whilst the balance of reserves at 31 December 2022 sits well above this at £739k (calculated as net assets less tangible fixed assets), we continue to regard the investment of the bulk of the proceeds of the sale of the long lease on the Coach House flat (£500k) as ‘long term investments’ which will provide ongoing income to support the Society’s activities. The Trustees are satisfied this approach remains consistent with the long-term goals of the Society, however, we will continue to keep these matters in focus as the Society moves into what we hope will be more stable and successful years ahead.
Once again, I will close by reiterating the gratitude of the Trustee Board to our Finance Manager, Penny McMahon. Penny’s ongoing diligence and reporting on financial matters are highly valued by all Trustees, particularly during these times of internal and external challenges, and I remain highly appreciative on her experience and ongoing support.
Andrew Gray Treasurer, The William Morris Society
Given the financial challenges which the Society continues to face, I would like to remind members that, despite increases due in 2023, our subscription rates cover little more than the costs of servicing membership (including costs of our regular publications for members), so there are now a number of opportunities for members also to support the broader charitable efforts of the Society. For example, by joining our excellent supporter scheme, adding a donation to your subscription payments, or via one-off donations on the website. If you are a UK taxpayer, we can also claim gift aid on the whole amount of your subscriptions and donations as long as we have the appropriate Gift Aid declaration from you.
ANNUAL REPORT | 2022 | 10
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2022
| Unrestricted funds | Restricted funds | 2022 Total | 2021 Total | |
|---|---|---|---|---|
| INCOMING RESOURCES | (£) | (£) | (£) | (£) |
| From generated funds | ||||
| Voluntary income | ||||
| Subscriptions | 28,724 | 450 | 29,174 | 27,640 |
| Grant from Hammersmith & Fulham Borough Council | 15,000 | 15,000 | 15,000 | |
| Coronavirus Government Grant aid | 25,286 | |||
| Other grants | 1,000 | 1,000 | 2,320 | |
| Guided tours | 1,209 | 1,209 | ||
| School visits | 660 | 660 | 420 | |
| Coach House hire | 1,210 | 1,210 | ||
| Licensing | 14,239 | 14,239 | 2,367 | |
| Embroidery and Textile Workshops | 1,204 | 1,204 | ||
| Sustainer Scheme | 5,353 | 5,353 | ||
| Other donations | 2,527 | 2,527 | 5,147 | |
| Activities for generating funds | ||||
| Surplus from sale of books, cards etc | 6,880 | 6,880 | 5,917 | |
| Surplus from meetings and events | 5,448 | 5,448 | 2,936 | |
| Investment income | ||||
| Deposit account interest | 99 | 99 | 1 | |
| Insurance Claims Settlements | 7,751 | 7,751 | 11,187 | |
| Total incoming resources | 90,304 | 1,450 | 91,754 | 98,221 |
| RESOURCES EXPENDED | ||||
| Charitable activities | ||||
| Magazine and Journal | 18,911 | 18,911 | 17,541 | |
| Support costs | 71,485 | 71,485 | 76,796 | |
| Kelmscott House upkeep | 14,740 | 250 | 14,990 | 14,904 |
| Conservation & Education | 1,936 | 2,410 | 4,346 | 2,838 |
| Sustainer Scheme | 190 | 190 | ||
| Governance costs | ||||
| Trustees expenses | 551 | 551 | 1,657 | |
| Professional fees | 6,026 | 6,026 | 3,984 | |
| Other resources expended | 2,230 | 2,230 | 1,200 | |
| Total resources expended | 113,839 | 4,890 | 118,729 | 118,920 |
| Net incoming resources | (23,535) | (3,440) | (26,975) | (20,699) |
| Other recognised gains/losses | ||||
| (Loss)/Profit on revaluation of investments | (34,136) | (34,136) | 32,995 | |
| Net movement of funds | (57,671) | (3,440) | (61,111) | 12,296 |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward at 1January2022 | 788,195 | 22,893 | 811,088 | 798,792 |
| Total funds carried forward at 31 December 2022 | 730,524 | 19,453 | 749,977 | 811,088 |
| BALANCE SHEET AT 31 DECEMBER 2022 | ||||
| Unrestricted funds | Restricted funds | 2022 Total | 2021 Total | |
| FIXED ASSETS | ||||
| Tangible Fixed Assets | 10,886 | 10,886 | 8,120 | |
| Investments | 653,448 | 653,448 | 212,584 | |
| 664,334 | 664,334 | 220,704 | ||
| CURRENT ASSETS | ||||
| Stocks | 11,592 | 11,592 | 12,122 | |
| Debtors | 11,950 | 11,950 | 5,346 | |
| Cash in bank and in hand | 47,290 | 19,453 | 66,743 | 577,060 |
| 70,832 | 19,453 | 90,285 | 594,528 | |
| CURRENT LIABILITIES | ||||
| Amounts falling due within one year | (4,642) | (4,642) | (4,144) | |
| NET CURRENT ASSETS | 66,190 | 19,453 | 85,643 | 590,384 |
| NET ASSETS | 730,524 | 19,453 | 749,977 | 811,088 |
| FUNDS | ||||
| Unrestricted Funds | ||||
| General Fund | 152,050 | 152,050 | 209,721 | |
| Kelmscott House Reserve | 568,058 | 568,058 | 568,058 | |
| Emberton Fund | 1,268 | 1,268 | 1,268 | |
| John Kay Memorial Fund | 1,425 | 1,425 | 1,425 | |
| Syer Bequest | 1,723 | 1,723 | 1,723 | |
| News from Nowhere | 1,000 | 1,000 | 1,000 | |
| Peter Preston Bequest | 5,000 | 5,000 | 5,000 | |
| Restricted Funds | ||||
| Life Members Fund | 2,318 | 2,318 | 4,098 | |
| Restricted Grants | 17,135 | 17,135 | 18,795 | |
| TOTAL FUNDS | 730,524 | 19,453 | 749,977 | 811,088 |
The William Morris Society exists to promote greater knowledge and understanding of the life and work of one of the greatest men of the Victorian, or any, age.
Designer, craftsman, poet, and social campaigner: his ideas on how we might live better lives, on ecology and conservation, on politics and the place of arts in our lives remain as stimulating now as they were in his lifetime.
In order to enable us to deliver our charitable purpose and reach out to as many audiences as possible, we need wide and ongoing participation and financial contributions. Please consider making a donation or leaving a legacy to The William Morris Society.
For more information, please contact the Society office or visit the Support Us page on our website.
www.williammorrissociety.org
ANNUAL REPORT | 2022 | 12
REGISTERED CHARITY: 1159382
THE WILLIAM MORRIS SOCIETY
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1
THE WILLIAM MORRIS SOCIETY
INDEX TO FINANCIAL STATEMENTS
| Page | |
|---|---|
| Trustees Report | 3 to 5 |
| Independents Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
2
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Financial Statements
The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society's constitution, 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 published on 16 July 2014.
2 Legal and Administrative Information
- (a) The William Morris Society is an amalgamation, effected in April 1966, of the Kelmscott Fellowship (founded in 1918) and the William Morris Society (inaugurated in 1955). In 2014 the Society's Trustees resolved to become a Charitable Incorporated Organisation and this constitution came into effect on 1 January 2015. The Charitable Organisation is registered with the Charity Commission of England & Wales No 1159382.
(b) Trustees
The Society's Trustees are the members of the Trustee Board, which consists of ten Board members which are elected after due nomination at the Society's Annual General Meeting by the Society's membership. In addition to the Trustee Board the Society appoints a President to represent the Society whenever required.
During 2022 the Society's Trustees were:
Stephen Bradley, Chair John Stirling, Vice-Chair (to 21 May 2022) Tara-Jane Sutcliffe Vice Chair (from 21 May 2022) Andrew Gray, Treasurer Frances Graupner, Secretary Rebecca Estrada-Pintel (to 21 May 2022) Sarah Hardy Theresa Kneppers (from 21 May 2022) Natalia Martynenko-Hunt Michael Robertson (from 21 May 2022) Fiona Talbott (to 1 July 2022) Ian Wall (from 21 May 2022)
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
3
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)
( c) The Society operates from its registered office: Kelmscott House 26 Upper Mall Hammersmith London W6 9TA
3 Objectives and Aims
The objects of the Society are to:
(a) to improve and diffuse knowledge of the life, work and influence of William Morris (b) to preserve and make available to all the works of William Morris.
These objectives are achieved through the work of the Society's staff, its Officers, the Trustee Board, the Society's Committees and volunteers. In setting the objectives and planning its activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
All Officers and other members of the Trustees Board provide their time on a voluntary basis. In addition the Society employs a Society Manager, two part-time Curators, a part-time Weekend Duty Manager and a part-time Finance Manager.
4 Charitable Activities
The Society's activites in 2022 were severely constrained by the flooding to the basement of Kelmscott House which occurred in July 2021. The repairs to the premises continued through the early part of 2022 and the premises were reopened in May 2022. On re-opening the Society presented events and activites on site while also continuing to deliver events online and learning and engagement outreach activities in the community.
The Society carries out its onsite activities in the basement of Kelmscott House and the ground floor of the adjoining Coach House
5 Financial Review
The year ending 31 December 2022 was a year of two halves for the Society. It started the year closed following the flooding to the basement in July 2021 and did not reopen until May 2022. This resulted in the Society's income from events and retail sales being severly impacted. Fortunately the Society was able to make a claim on its Business Interruption Insurance which totalled £7,751.
The other major sources of income during the year ending 31 December 2022 were Members Subscriptions of £29,204 (2021: £27,640) a grant of £15,000 from Hammersmith & Fulham Council towards the cost of employing the Society's Curator (2021: £15,000) and licensing income of £14,239 (2021: £2,367)
During 2022 the Society's expenditure totalled £118,729 (2021: £118,920) which related to a number of ongoing activities including the administration of the Society totalling £71,486 (2021: £76,796) production of three Magazines and two Journals totalling £18,911 (2021: £17,541) and the upkeep of Kelmscott House totalling £14,990 (2021: £14,904).
At 31 December 2022 the Society’s Funds totalled £749,977 (2021: £811,088). During 2022 the Society invested £500,000 in ethical investments and these investments are administered by Investment Managers.
The fall in the Society's reserves of £61,111 has arisen as a consequence of firstly the excess expenditure made during the year totalling £26,975 and secondly the loss on the investments held by the Society of £34,136. This decrease in value of the Society's investments reflected firstly a withdrawal of £25,000 during the year to support operating expenses and secondly the downward movement in the UK stock market which arose following the war in Ukraine and the resulting volatile impact this had on worldwide investment markets during 2022
The upper part of Kelmscott House and its annexe is occupied by a tenant on a long lease.
No valuation of the property is included in the Society's Financial Statements, as explained in the Accounting Policies note (g).
4
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)
6 Investment Policy
In order to invest proceeds of the sale of the long lease on the Coach House Flat the Trustees agreed a new Investment Policy in August 2021 with the selection of Tilney Ltd (Evelyn Partners) as investment manager following professional advice, selection process and detailed review of the Society's financial position. Trustees decided to invest £500,000 in a portfolio of funds with a lev of risk and projected total returns sufficient to replace the rental income formerly generated by the Coach House Flat. The investme manager is instructed that all investments are to be screened for ESG considerations and for modern slavery avoidance. Trustees review the portfolio's performance on a quarterly basis and the Investment Policy annually. A reserve fund is held in cash and near-cash holdings to cover six month's operating costs and liabilities for winding down the charity should this ever be necessitated
7 Reserves Policy
The majority of the Society's reserves are unrestricted and the use of the funds representing them is at the discretion of the Trustees acting within the terms of the Society's Constitution. The Trustees may designate all or part of the reserves for specific purposes. The Trustees recognise that planned activities may lead operating expenditure of the Society to exceed its income and may therefore reduce the Society's reserves.
The Trustees review the level of reserves as part of their annual planning process and at quarterly meetings.
8 Risk
The Trustees have made reasonable efforts to assess the major strategic, business and operational risks which the Society faces and have ensured that appropriate measures are in place or are planned to mitigate these risks.
ON BEHALF OF THE TRUSTEES:
……………………………………………… ……………………………………. Chairman Date
5
THE WILLIAM MORRIS SOCIETY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLIAM MORRIS SOCIETY
I report on the Accounts for the Society for the year ended 31st December 2022, which are set out on pages 7 to 13.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Charity's Trustees are responsible for the preparation of the Accounts. The Charity's Trustees consider that an audit is not required fo this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
(a) examine the Accounts under section 145 of the 2011 Act;
-
(b) to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
-
(c) to state whether particular matters have come to my attention
BASIS OF INDEPENDENT EXAMINER'S STATEMENT
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an sudit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements: (a) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
(b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
-
(c ) to prepare the accounts in accordance with the methods and principles of the Statement of Recommended Practice (FRS 102) (second edition October 2019): for 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) and the Charities Act 2011 have not been met; and
-
(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Name Andrew Yates
Fellow of the Institute of Chartered Accountants in England and Wales Gray's Accountants Ltd Kings Works Kings Road Teddington Middlesex TW11 0QB
Date:
6
THE WILLIAM MORRIS SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2022
| Notes Incoming resources Incoming resources from generated funds Membership Subscriptions Donations and grants 2 Activities for generating funds 3 Other Income 4 Total incoming resources Resources expended Charitable activities 5 Governance costs 6 Other resources expended Total resources expended Net incoming resources before other 9 recognised gains/losses Other recognised gains/losses Profit/ (Loss) on revaluation of investments Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward at 1 January 2022 Total funds carried forward at 31 December 2022 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2021 £ £ £ £ 28,724 450 29,174 27,640 17,527 1,000 18,527 47,753 30,190 30,190 11,220 13,863 13,863 11,608 |
|---|---|
| 90,304 1,450 91,754 98,221 |
|
| 107,262 2,660 109,922 112,079 6,577 6,577 5,641 2,230 2,230 1,200 |
|
| 113,839 4,890 118,729 118,920 |
|
| (23,535) (3,440) (26,975) (20,699) (34,136) (34,136) 32,995 |
|
| (57,671) (3,440) (61,111) 12,296 788,195 22,893 811,088 798,792 |
|
| 730,524 19,453 749,977 811,088 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
7
THE WILLIAM MORRIS SOCIETY
BALANCE SHEET AT 31 DECEMBER 2022
| Notes Fixed Assets Tangible fixed assets 10 Investments 11 Current Assets Stocks Debtors 12 Cash at bank in hand Creditors: Amounts falling due 13 within one year Net current assets Net assets Funds Unrestricted Funds 14 Designated Funds General Funds Restricted Funds 14 Total Funds |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2021 £ £ £ £ 10,886 10,886 8,120 653,448 653,448 212,584 |
|---|---|
| 664,334 664,334 220,704 11,592 11,592 12,122 11,950 11,950 5,346 47,290 19,453 66,743 577,060 |
|
| 70,832 19,453 90,285 594,528 (4,642) (4,642) (4,144) |
|
| 66,190 19,453 85,643 590,384 |
|
| 730,524 19,453 749,977 811,088 |
|
| 10,416 10,416 10,416 720,108 720,108 777,779 19,453 19,453 22,893 |
|
| 730,524 19,453 749,977 811,088 |
Approved by the Trustees and signed on its behalf on:
Chairman
Secretary
8
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS For the year ended 31 December 2022
1 ACCOUNTING POLICIES
a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement Of Recommended Practive: 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 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Society constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Society’s ability to continue as a going concern. With respect to the next reporting period namely the year ending 31 December 2023 the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
b) Funds structure
- (i) Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of any of the objectives of the Society.
(ii) Designated funds are restricted funds earmarked by the Society's Trustees for particular purposes.
(iii) Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose and the restriction means that the funds can only be used for specific projects or activities.
c) Incoming resources recognition
- Voluntary income, including subscriptions, gifts and legacies and grants that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Shop income and income derived from events is recognised as earned, that is as the related goods or services are provided. Grant income which is received to provide funding to support programme activities is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
d) Resources expended recognition
Expenditure is recognised when a liability is incurred. Funding provided through contractual agreements are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being an unavoidable commitment.
e) Taxation
-
(i) The Society is exempt from corporation tax on its charitable activities.
-
(ii) Irrecoverable VAT is not separately analysed and is charged to the Statement of Financial Activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.
(iii) Tax recovered from voluntary income received under gift aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.
f) Tangible fixed assets and depreciation
Tangible assets are stated at cost and depreciated over their useful economic lives at the following rate:
Fixtures and Fittings - 10% on reducing balance.
g) Heritage assets
The Society is the owner of the freehold of Kelmscott House, the London home of William Morris, maintained and preserved by the Society for its contribution to the nation's knowledge and culture. The Property meets the SORP definition of a heritage asset and was originally donated to the Society. In the opinion of the Trustees, due to the property's unique nature and its conservation status in the Society's hands, a reliable valuation cannot be obtained at a a cost commensurate with the benefit to the users of the accounts. The asset is therefore not included in the company's balance sheet.
The Society's policy in respect of Kelmscott House is to commit to its preservation by ensuring the sufficiency and quality of maintence works, and by operating the museum on the premises which provides access and education to the work of William Morris. The property itself is a substantial Georgian building overlooking the River Thames.
9
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
h) Investments
Fixed asset investments are included at market value at the balance sheet date. Unrealised gains and losses representing the movement in market values during the year are credited or charged to the Statement of Financial Activities based on the market value at the year end.
i) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
i) Legacies
Legacies bequeathed to the Society are recognised when they are received.
2 DONATIONS & GRANTS INCOME
| DONATIONS & GRANTS INCOME Donations Coronavirus Government Grant Aid Hammersmith & Fulham BC ICON - The Institute of Conservation Paul Mellon Centre Dorothy Cole Memorial Fund |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 2,527 2,527 5,147 - - 25,286 15,000 15,000 15,000 - - 2,200 1,000 1,000 - - - - 120 |
|---|---|
| 17,527 1,000 18,527 47,753 |
-
3 ACTIVITIES FOR GENERATING INCOME
-
4
| Licensing Guided Tours Coach House Hire Embroidery and Textile Workshops Sales of merchandise Meetings & Events OTHER INCOME Deposit account interest Insurance Claims Settlements School Visits Sustainer Scheme |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 14,239 14,239 2,367 1,209 1,209 - 1,210 1,210 - 1,204 1,204 - 6,880 6,880 5,917 5,448 5,448 2,936 |
|---|---|
| 30,190 - 30,190 11,220 |
|
| Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 99 99 1 7,751 7,751 11,187 660 660 420 5,353 5,353 - |
|
| 13,863 - 13,863 11,608 |
10
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
- 5 CHARITABLE ACTIVITIES
| CHARITABLE ACTIVITIES Magazine & Journal Salaries, Wages and related costs Finance Management General Office Expenses Kelmscott House Upkeep Conservation of Artefacts & Education Sustainer Scheme GOVERNANCE COSTS Accounts Independent Examiners Fee Legal & Other Professional Fees Trustees' expenses |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 18,911 18,911 17,541 58,818 - 58,818 62,295 8,580 8,580 8,350 4,087 4,087 6,151 14,740 250 14,990 14,904 1,936 2,410 4,346 2,838 190 190 - |
|---|---|
| 107,262 2,660 109,922 112,079 |
|
| Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 1,210 1,210 1,080 4,816 4,816 2,904 551 551 1,657 |
|
| 6,577 6,577 5,641 |
6
At 31 December 2022 there was a total of 10 Trustees (2021 10 Trustees). None of these Trustees or those connected with them received any remuneration.
| 7 STAFF COSTS Salaries, wages and benefits in kind Social Security Costs |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 57,695 57,695 61,313 1,124 1,124 982 |
|---|---|
| 58,819 58,819 62,295 |
8 STAFF NUMBERS
The average number of persons employed, including part-time staff, calculated on a full-time equivalent basis was:
| Curator - Research and Development Curator - Collections & Exhibitions Learning & Engagement Museum Officer Society Manager NET INCOMING/(OUTGOING) RESOURCES Net resources are stated after charging/(crediting): Depreciation - owned assets |
2022 2021 Total Total Number Number 0.12 0.12 0.46 0.46 0.60 0.60 0.80 0.80 |
|---|---|
| 1.98 1.98 |
|
| 2022 2021 £ £ 812 902 |
9 NET INCOMING/(OUTGOING) RESOURCES
11
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
| 10 TANGIBLE FIXED ASSETS Movement of the Society's tangible fixed assets were: Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Written back on disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 11 FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2022 Additions Revaluations Disposals At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 There were no investment assets held outside the UK. 12 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts falling due within one year: Accounts receivable Other debtors 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses Other creditors |
Fixtures & Fittings 2022 £ 39,428 3,578 (3,381) 39,625 31,308 812 (3,381) 28,739 10,886 8,120 Listed Investments £ 212,584 500,000 (34,136) (25,000) 653,448 653,448 212,584 2022 2021 £ £ 2,209 3,984 9,741 1,362 |
Fixtures & Fittings 2022 £ 39,428 3,578 (3,381) |
|---|---|---|
| 39,625 | ||
| 31,308 812 (3,381) |
||
| 28,739 | ||
| 10,886 | ||
| 8,120 | ||
| Listed Investments £ 212,584 500,000 (34,136) (25,000) |
||
| 653,448 | ||
| 653,448 | ||
| 212,584 | ||
| 11,950 5,346 |
||
| 2022 2021 £ £ 3,325 1,080 1,317 3,064 |
||
| 4,642 4,144 |
12
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
14 MOVEMENT IN FUNDS
| Unrestricted funds Designated Funds Emberton Legacy John Kay Memorial Fund Syer Bequest News from Nowhere Preston Bequest General Funds General Fund Kelmscott House Reserve Total Unrestricted Funds Restricted funds Life Members Fund Restricted Grants Total Restricted Funds TOTAL FUNDS |
Balance Net Transfers Balance at movement between at 1 Jan 2022 in funds funds 31 Dec 2022 £ £ £ £ 1,268 - - 1,268 1,425 - - 1,425 1,723 - - 1,723 1,000 - - 1,000 5,000 - - 5,000 209,721 (57,671) - 152,050 568,058 - 568,058 |
|---|---|
| 788,195 (57,671) - 730,524 |
|
| 4,098 (1,780) - 2,318 18,795 (1,660) - 17,135 |
|
| 22,893 (3,440) - 19,453 |
|
| 811,088 (61,111) - 749,977 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds Designated Funds Emberton Legacy John Kay Memorial Fund Syer Bequest News from Nowhere Preston Bequest General Funds General Fund Kelmscott House Reserve Total Unrestricted Funds Restricted Funds Life Members Fund Restricted Grants Total Restricted Funds TOTAL FUNDS |
Balance Movements in resources Balance at at 1 Jan 2022 Incoming Outgoing 31 Dec 2022 £ £ £ £ 1,268 - - 1,268 1,425 - - 1,425 1,723 - - 1,723 1,000 - - 1,000 5,000 - - 5,000 209,721 56,168 (113,839) 152,050 568,058 - - 568,058 |
|---|---|
| 788,195 56,168 (113,839) 730,524 |
|
| 4,098 450 (2,230) 2,318 18,795 1,000 (2,660) 17,135 |
|
| 22,893 1,450 (4,890) 19,453 |
|
| 811,088 57,618 (118,729) 749,977 |
13
REGISTERED CHARITY: 1159382
THE WILLIAM MORRIS SOCIETY
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1
THE WILLIAM MORRIS SOCIETY
INDEX TO FINANCIAL STATEMENTS
| Page | |
|---|---|
| Trustees Report | 3 to 5 |
| Independents Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 13 |
2
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
1 Financial Statements
The Trustees present their annual report and financial statements of the charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society's constitution, 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 published on 16 July 2014.
2 Legal and Administrative Information
- (a) The William Morris Society is an amalgamation, effected in April 1966, of the Kelmscott Fellowship (founded in 1918) and the William Morris Society (inaugurated in 1955). In 2014 the Society's Trustees resolved to become a Charitable Incorporated Organisation and this constitution came into effect on 1 January 2015. The Charitable Organisation is registered with the Charity Commission of England & Wales No 1159382.
(b) Trustees
The Society's Trustees are the members of the Trustee Board, which consists of ten Board members which are elected after due nomination at the Society's Annual General Meeting by the Society's membership. In addition to the Trustee Board the Society appoints a President to represent the Society whenever required.
During 2022 the Society's Trustees were:
Stephen Bradley, Chair John Stirling, Vice-Chair (to 21 May 2022) Tara-Jane Sutcliffe Vice Chair (from 21 May 2022) Andrew Gray, Treasurer Frances Graupner, Secretary Rebecca Estrada-Pintel (to 21 May 2022) Sarah Hardy Theresa Kneppers (from 21 May 2022) Natalia Martynenko-Hunt Michael Robertson (from 21 May 2022) Fiona Talbott (to 1 July 2022) Ian Wall (from 21 May 2022)
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the Trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
3
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)
( c) The Society operates from its registered office: Kelmscott House 26 Upper Mall Hammersmith London W6 9TA
3 Objectives and Aims
The objects of the Society are to:
(a) to improve and diffuse knowledge of the life, work and influence of William Morris (b) to preserve and make available to all the works of William Morris.
These objectives are achieved through the work of the Society's staff, its Officers, the Trustee Board, the Society's Committees and volunteers. In setting the objectives and planning its activities the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.
All Officers and other members of the Trustees Board provide their time on a voluntary basis. In addition the Society employs a Society Manager, two part-time Curators, a part-time Weekend Duty Manager and a part-time Finance Manager.
4 Charitable Activities
The Society's activites in 2022 were severely constrained by the flooding to the basement of Kelmscott House which occurred in July 2021. The repairs to the premises continued through the early part of 2022 and the premises were reopened in May 2022. On re-opening the Society presented events and activites on site while also continuing to deliver events online and learning and engagement outreach activities in the community.
The Society carries out its onsite activities in the basement of Kelmscott House and the ground floor of the adjoining Coach House
5 Financial Review
The year ending 31 December 2022 was a year of two halves for the Society. It started the year closed following the flooding to the basement in July 2021 and did not reopen until May 2022. This resulted in the Society's income from events and retail sales being severly impacted. Fortunately the Society was able to make a claim on its Business Interruption Insurance which totalled £7,751.
The other major sources of income during the year ending 31 December 2022 were Members Subscriptions of £29,204 (2021: £27,640) a grant of £15,000 from Hammersmith & Fulham Council towards the cost of employing the Society's Curator (2021: £15,000) and licensing income of £14,239 (2021: £2,367)
During 2022 the Society's expenditure totalled £118,729 (2021: £118,920) which related to a number of ongoing activities including the administration of the Society totalling £71,486 (2021: £76,796) production of three Magazines and two Journals totalling £18,911 (2021: £17,541) and the upkeep of Kelmscott House totalling £14,990 (2021: £14,904).
At 31 December 2022 the Society’s Funds totalled £749,977 (2021: £811,088). During 2022 the Society invested £500,000 in ethical investments and these investments are administered by Investment Managers.
The fall in the Society's reserves of £61,111 has arisen as a consequence of firstly the excess expenditure made during the year totalling £26,975 and secondly the loss on the investments held by the Society of £34,136. This decrease in value of the Society's investments reflected firstly a withdrawal of £25,000 during the year to support operating expenses and secondly the downward movement in the UK stock market which arose following the war in Ukraine and the resulting volatile impact this had on worldwide investment markets during 2022
The upper part of Kelmscott House and its annexe is occupied by a tenant on a long lease.
No valuation of the property is included in the Society's Financial Statements, as explained in the Accounting Policies note (g).
4
THE WILLIAM MORRIS SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022 (continued)
6 Investment Policy
In order to invest proceeds of the sale of the long lease on the Coach House Flat the Trustees agreed a new Investment Policy in August 2021 with the selection of Tilney Ltd (Evelyn Partners) as investment manager following professional advice, selection process and detailed review of the Society's financial position. Trustees decided to invest £500,000 in a portfolio of funds with a lev of risk and projected total returns sufficient to replace the rental income formerly generated by the Coach House Flat. The investme manager is instructed that all investments are to be screened for ESG considerations and for modern slavery avoidance. Trustees review the portfolio's performance on a quarterly basis and the Investment Policy annually. A reserve fund is held in cash and near-cash holdings to cover six month's operating costs and liabilities for winding down the charity should this ever be necessitated
7 Reserves Policy
The majority of the Society's reserves are unrestricted and the use of the funds representing them is at the discretion of the Trustees acting within the terms of the Society's Constitution. The Trustees may designate all or part of the reserves for specific purposes. The Trustees recognise that planned activities may lead operating expenditure of the Society to exceed its income and may therefore reduce the Society's reserves.
The Trustees review the level of reserves as part of their annual planning process and at quarterly meetings.
8 Risk
The Trustees have made reasonable efforts to assess the major strategic, business and operational risks which the Society faces and have ensured that appropriate measures are in place or are planned to mitigate these risks.
ON BEHALF OF THE TRUSTEES:
……………………………………………… ……………………………………. Chairman Date
5
THE WILLIAM MORRIS SOCIETY
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WILLIAM MORRIS SOCIETY
I report on the Accounts for the Society for the year ended 31st December 2022, which are set out on pages 7 to 13.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The Charity's Trustees are responsible for the preparation of the Accounts. The Charity's Trustees consider that an audit is not required fo this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
-
(a) examine the Accounts under section 145 of the 2011 Act;
-
(b) to follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the 2011 Act; and
-
(c) to state whether particular matters have come to my attention
BASIS OF INDEPENDENT EXAMINER'S STATEMENT
My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the Accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an sudit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements: (a) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
(b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or
-
(c ) to prepare the accounts in accordance with the methods and principles of the Statement of Recommended Practice (FRS 102) (second edition October 2019): for 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) and the Charities Act 2011 have not been met; and
-
(2) to which in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Name Andrew Yates
Fellow of the Institute of Chartered Accountants in England and Wales Gray's Accountants Ltd Kings Works Kings Road Teddington Middlesex TW11 0QB
Date:
6
THE WILLIAM MORRIS SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 DECEMBER 2022
| Notes Incoming resources Incoming resources from generated funds Membership Subscriptions Donations and grants 2 Activities for generating funds 3 Other Income 4 Total incoming resources Resources expended Charitable activities 5 Governance costs 6 Other resources expended Total resources expended Net incoming resources before other 9 recognised gains/losses Other recognised gains/losses Profit/ (Loss) on revaluation of investments Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward at 1 January 2022 Total funds carried forward at 31 December 2022 |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2021 £ £ £ £ 28,724 450 29,174 27,640 17,527 1,000 18,527 47,753 30,190 30,190 11,220 13,863 13,863 11,608 |
|---|---|
| 90,304 1,450 91,754 98,221 |
|
| 107,262 2,660 109,922 112,079 6,577 6,577 5,641 2,230 2,230 1,200 |
|
| 113,839 4,890 118,729 118,920 |
|
| (23,535) (3,440) (26,975) (20,699) (34,136) (34,136) 32,995 |
|
| (57,671) (3,440) (61,111) 12,296 788,195 22,893 811,088 798,792 |
|
| 730,524 19,453 749,977 811,088 |
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
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THE WILLIAM MORRIS SOCIETY
BALANCE SHEET AT 31 DECEMBER 2022
| Notes Fixed Assets Tangible fixed assets 10 Investments 11 Current Assets Stocks Debtors 12 Cash at bank in hand Creditors: Amounts falling due 13 within one year Net current assets Net assets Funds Unrestricted Funds 14 Designated Funds General Funds Restricted Funds 14 Total Funds |
Unrestricted Restricted Total Total Funds Funds Funds Funds 2022 2021 £ £ £ £ 10,886 10,886 8,120 653,448 653,448 212,584 |
|---|---|
| 664,334 664,334 220,704 11,592 11,592 12,122 11,950 11,950 5,346 47,290 19,453 66,743 577,060 |
|
| 70,832 19,453 90,285 594,528 (4,642) (4,642) (4,144) |
|
| 66,190 19,453 85,643 590,384 |
|
| 730,524 19,453 749,977 811,088 |
|
| 10,416 10,416 10,416 720,108 720,108 777,779 19,453 19,453 22,893 |
|
| 730,524 19,453 749,977 811,088 |
Approved by the Trustees and signed on its behalf on:
Chairman
Secretary
8
THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS For the year ended 31 December 2022
1 ACCOUNTING POLICIES
a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement Of Recommended Practive: 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 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Society constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the Society’s ability to continue as a going concern. With respect to the next reporting period namely the year ending 31 December 2023 the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
b) Funds structure
- (i) Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of any of the objectives of the Society.
(ii) Designated funds are restricted funds earmarked by the Society's Trustees for particular purposes.
(iii) Restricted funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose and the restriction means that the funds can only be used for specific projects or activities.
c) Incoming resources recognition
- Voluntary income, including subscriptions, gifts and legacies and grants that provide core funding or are of a general nature, are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Shop income and income derived from events is recognised as earned, that is as the related goods or services are provided. Grant income which is received to provide funding to support programme activities is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
d) Resources expended recognition
Expenditure is recognised when a liability is incurred. Funding provided through contractual agreements are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being an unavoidable commitment.
e) Taxation
-
(i) The Society is exempt from corporation tax on its charitable activities.
-
(ii) Irrecoverable VAT is not separately analysed and is charged to the Statement of Financial Activities when the expenditure to which it relates is incurred and is allocated as part of the expenditure to which it relates.
(iii) Tax recovered from voluntary income received under gift aid is recognised when the related income is receivable and is allocated to the income category to which the income relates.
f) Tangible fixed assets and depreciation
Tangible assets are stated at cost and depreciated over their useful economic lives at the following rate:
Fixtures and Fittings - 10% on reducing balance.
g) Heritage assets
The Society is the owner of the freehold of Kelmscott House, the London home of William Morris, maintained and preserved by the Society for its contribution to the nation's knowledge and culture. The Property meets the SORP definition of a heritage asset and was originally donated to the Society. In the opinion of the Trustees, due to the property's unique nature and its conservation status in the Society's hands, a reliable valuation cannot be obtained at a a cost commensurate with the benefit to the users of the accounts. The asset is therefore not included in the company's balance sheet.
The Society's policy in respect of Kelmscott House is to commit to its preservation by ensuring the sufficiency and quality of maintence works, and by operating the museum on the premises which provides access and education to the work of William Morris. The property itself is a substantial Georgian building overlooking the River Thames.
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THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
h) Investments
Fixed asset investments are included at market value at the balance sheet date. Unrealised gains and losses representing the movement in market values during the year are credited or charged to the Statement of Financial Activities based on the market value at the year end.
i) Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
i) Legacies
Legacies bequeathed to the Society are recognised when they are received.
2 DONATIONS & GRANTS INCOME
| DONATIONS & GRANTS INCOME Donations Coronavirus Government Grant Aid Hammersmith & Fulham BC ICON - The Institute of Conservation Paul Mellon Centre Dorothy Cole Memorial Fund |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 2,527 2,527 5,147 - - 25,286 15,000 15,000 15,000 - - 2,200 1,000 1,000 - - - - 120 |
|---|---|
| 17,527 1,000 18,527 47,753 |
-
3 ACTIVITIES FOR GENERATING INCOME
-
4
| Licensing Guided Tours Coach House Hire Embroidery and Textile Workshops Sales of merchandise Meetings & Events OTHER INCOME Deposit account interest Insurance Claims Settlements School Visits Sustainer Scheme |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 14,239 14,239 2,367 1,209 1,209 - 1,210 1,210 - 1,204 1,204 - 6,880 6,880 5,917 5,448 5,448 2,936 |
|---|---|
| 30,190 - 30,190 11,220 |
|
| Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 99 99 1 7,751 7,751 11,187 660 660 420 5,353 5,353 - |
|
| 13,863 - 13,863 11,608 |
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THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
- 5 CHARITABLE ACTIVITIES
| CHARITABLE ACTIVITIES Magazine & Journal Salaries, Wages and related costs Finance Management General Office Expenses Kelmscott House Upkeep Conservation of Artefacts & Education Sustainer Scheme GOVERNANCE COSTS Accounts Independent Examiners Fee Legal & Other Professional Fees Trustees' expenses |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 18,911 18,911 17,541 58,818 - 58,818 62,295 8,580 8,580 8,350 4,087 4,087 6,151 14,740 250 14,990 14,904 1,936 2,410 4,346 2,838 190 190 - |
|---|---|
| 107,262 2,660 109,922 112,079 |
|
| Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 1,210 1,210 1,080 4,816 4,816 2,904 551 551 1,657 |
|
| 6,577 6,577 5,641 |
6
At 31 December 2022 there was a total of 10 Trustees (2021 10 Trustees). None of these Trustees or those connected with them received any remuneration.
| 7 STAFF COSTS Salaries, wages and benefits in kind Social Security Costs |
Unrestricted Restricted 2022 2021 Funds Funds Total Total £ £ £ £ 57,695 57,695 61,313 1,124 1,124 982 |
|---|---|
| 58,819 58,819 62,295 |
8 STAFF NUMBERS
The average number of persons employed, including part-time staff, calculated on a full-time equivalent basis was:
| Curator - Research and Development Curator - Collections & Exhibitions Learning & Engagement Museum Officer Society Manager NET INCOMING/(OUTGOING) RESOURCES Net resources are stated after charging/(crediting): Depreciation - owned assets |
2022 2021 Total Total Number Number 0.12 0.12 0.46 0.46 0.60 0.60 0.80 0.80 |
|---|---|
| 1.98 1.98 |
|
| 2022 2021 £ £ 812 902 |
9 NET INCOMING/(OUTGOING) RESOURCES
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THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
| 10 TANGIBLE FIXED ASSETS Movement of the Society's tangible fixed assets were: Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Written back on disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 11 FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2022 Additions Revaluations Disposals At 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 There were no investment assets held outside the UK. 12 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Amounts falling due within one year: Accounts receivable Other debtors 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses Other creditors |
Fixtures & Fittings 2022 £ 39,428 3,578 (3,381) 39,625 31,308 812 (3,381) 28,739 10,886 8,120 Listed Investments £ 212,584 500,000 (34,136) (25,000) 653,448 653,448 212,584 2022 2021 £ £ 2,209 3,984 9,741 1,362 |
Fixtures & Fittings 2022 £ 39,428 3,578 (3,381) |
|---|---|---|
| 39,625 | ||
| 31,308 812 (3,381) |
||
| 28,739 | ||
| 10,886 | ||
| 8,120 | ||
| Listed Investments £ 212,584 500,000 (34,136) (25,000) |
||
| 653,448 | ||
| 653,448 | ||
| 212,584 | ||
| 11,950 5,346 |
||
| 2022 2021 £ £ 3,325 1,080 1,317 3,064 |
||
| 4,642 4,144 |
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THE WILLIAM MORRIS SOCIETY
NOTES TO THE ACCOUNTS (Continued) For the year ended 31 December 2022
14 MOVEMENT IN FUNDS
| Unrestricted funds Designated Funds Emberton Legacy John Kay Memorial Fund Syer Bequest News from Nowhere Preston Bequest General Funds General Fund Kelmscott House Reserve Total Unrestricted Funds Restricted funds Life Members Fund Restricted Grants Total Restricted Funds TOTAL FUNDS |
Balance Net Transfers Balance at movement between at 1 Jan 2022 in funds funds 31 Dec 2022 £ £ £ £ 1,268 - - 1,268 1,425 - - 1,425 1,723 - - 1,723 1,000 - - 1,000 5,000 - - 5,000 209,721 (57,671) - 152,050 568,058 - 568,058 |
|---|---|
| 788,195 (57,671) - 730,524 |
|
| 4,098 (1,780) - 2,318 18,795 (1,660) - 17,135 |
|
| 22,893 (3,440) - 19,453 |
|
| 811,088 (61,111) - 749,977 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds Designated Funds Emberton Legacy John Kay Memorial Fund Syer Bequest News from Nowhere Preston Bequest General Funds General Fund Kelmscott House Reserve Total Unrestricted Funds Restricted Funds Life Members Fund Restricted Grants Total Restricted Funds TOTAL FUNDS |
Balance Movements in resources Balance at at 1 Jan 2022 Incoming Outgoing 31 Dec 2022 £ £ £ £ 1,268 - - 1,268 1,425 - - 1,425 1,723 - - 1,723 1,000 - - 1,000 5,000 - - 5,000 209,721 56,168 (113,839) 152,050 568,058 - - 568,058 |
|---|---|
| 788,195 56,168 (113,839) 730,524 |
|
| 4,098 450 (2,230) 2,318 18,795 1,000 (2,660) 17,135 |
|
| 22,893 1,450 (4,890) 19,453 |
|
| 811,088 57,618 (118,729) 749,977 |
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