**0** De Morgan Foundation Trustee's Annual Report & Accounts 2020 **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **1** ## **TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020** |**Contents**|**Page**| |---|---| |Trustee's Report|2| |Introduction|3| |Objectives and Activities|5| |Achievements and Performance|8| |Financial Review|38| |Structure, Governance and Management|40| |Reference and Administrative Details of the Charity,|43| |its Trustee and Advisers|| |Trustee's Responsibilities Statement|44| |Independent Examiner's Report|45| |Statement of Financial Activities|47| |Balance Sheet|48| |Notes to the financial statements|49| Front cover image: Evelyn De Morgan, _**Lux in Tenebris**_ (1895) William De Morgan, _**Fighting Beasts and Snake Dish**_ (1872-1907) ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **2** ## **TRUSTEE'S REPORT** The Trustee presents the annual report together with the financial statements of the De Morgan Foundation for the year ended 31st December 2020. The Trustee confirms that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing documents and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities". In its 2019 Annual Report, published in May 2020, the Foundation noted the immediate impact of the Coronavirus pandemic on activity and the anticipated impact on its finances. This situation was closely monitored and regularly reported by staff to Trustees. As the full and lasting impact of the Coronavirus pandemic unfolded, the Foundation experienced an unprecedented year of change and upheaval. Through constant adaptation, it was able to navigate the Coronavirus pandemic largely unscathed. The Foundation was both reactive and proactive in its approach, changing practice and embracing opportunities as they arose. This report details the Foundation’s activity against the original objectives set in the 2019 Annual Report, but it also treats the additional activity undertaken and projects delivered in response to the pandemic. Overall, 2020 was a successful year for the Foundation, in which staff and Trustees met the charitable objects in full. For example, the collection was made available to 770,450 members of the public in 2020, who were able to visit and view the Collection across partner sites, loan venues, and special exhibitions which the Foundation organised. Maintenance of the collection was supported by conserving objects so that they could be included in displays. The biggest success of 2020 was the expansion of the online offer, through a series of popular public lectures, talks, blog posts, and YouTube videos which attracted c.25,000 visitors over the year. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **3** ## **INTRODUCTION** ## **The De Morgans** William and Evelyn De Morgan believed their art could create a better, more beautiful world for everyone, forever. William (1839-1917) reacted to the industrial revolution of mass production with handpainted stained glass and ceramics. The son of a mathematician father and social reform campaigner mother, William was raised in a liberal household which instilled socialist ideals in him from a young age. Following his initial instruction in drawing at Cary’s Art Academy, he was prepared to enter the Royal Academy. For four years he drew rigorous studies of antique casts, but grew gradually disillusioned with the institution. Dressed as a tube of ‘rose madder’ paint at a fancy-dress party, Evelyn Pickering laughed as William De Morgan quipped that he was ‘madder still’. Three years later the two were married, forging the most unique creative partnership of the day. Evelyn (1855-1919) rejected the stuffy echelons of the upper-class society into which she was born, to become an artist. With the help of her Pre-Raphaelite uncle, John Roddam Spencer Stanhope, she trained at the Slade School of Art, and travelled through Italy and France sketching from the Old Masters, Botticelli and Mantegna. Her art was immediately a commercial success, allowing her to present her feminist ideals through beautiful paintings. ## **The De Morgan Collection** Wilhelmina Stirling (1865-1965) was Evelyn’s youngest sibling. A fervent author of non-fiction with a fierce pride in her family history, she published books on Coke of Norfolk and the Spencer Stanhopes, her family’s pedigree, and on her more bohemian relatives John Roddam Spencer Stanhope and William and Evelyn De Morgan. Preserving their memories and inspiring the same great joy in others which she found in their artwork were Wilhelmina’s greatest passions. Following her sister’s death in 1919, she had to battle with their brother Spencer, the executor of the De Morgan estate, to buy paintings from Evelyn’s studio which he saw as ‘refuse’, not good enough. Mercifully, she succeeded in acquiring these paintings and protecting them from disposal. Her relentless collecting forced her and her husband to relocate in 1931 to Old Battersea House, a Georgian mansion in South West London. Here, she lived amongst the artwork until her death in 1965, working tirelessly to establish a charitable trust to care for the artworks in perpetuity. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **4** ## **De Morgan Today** Today, the De Morgan Collection is owned and cared for by the De Morgan Foundation, an independent charity with its sole Trustee, The De Morgan Trustee Company Ltd, which has seven volunteer Directors. The Collection includes 58 oil paintings by Evelyn De Morgan, ranging in scale from the domestic and intimate to extremely large, imposing canvases, along with over 600 works on paper, which vary from compositional sketches and life drawings to highly finished pastel studies of her oil paintings. John Roddam Spencer Stanhope is also represented with an early oil on panel painting and a number of drawings and sketches. The Collection also includes over 700 ceramics by William De Morgan, including 50 tile panels and 420 individual tiles, and 260 plates, chargers, vases, bottles, and bowls. In addition, the Collection includes a small archive of material, including letters, drawings, plays, personal effects and family documents relating to William and Evelyn De Morgan and their families. William De Morgan, _**Large wide rimmed Bear and Hare Dish**_ (1872-1907) ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **5** ## **OBJECTIVES AND ACTIVITIES** The De Morgan Foundation was established as the custodian of artwork and associated materials formed on the death of Mrs Wilhelmina Stirling, sister of Evelyn De Morgan, at her bequest. The organisation was formally registered as Charity No. 310004 in 1970, with the following charitable objects: - **(a)** the provision and maintenance of a collection accessible to the public of paintings, ceramics and other works of art and, in particular, of works of art made by William De Morgan and his associates, paintings by Evelyn De Morgan, and works belonging to the Foundation; and - **(b)** the promotion of the appreciation of the arts and of education in the arts and allied subjects. Today, the Foundation continues these aims, caring for the De Morgan Collection, offering public access to the artworks, providing information about and interpretation of the Collection on many levels, promoting the appreciation of and education in art. In setting objectives and planning for activities, the Foundation gives due regard to general guidance published by the Charity Commission relating to public benefit. In particular, the advancement of the arts, culture, and heritage. De Morgan seeks to deliver a beneficial set of wellbeing, social, educational, and economic impacts as the outcomes of its work. Specifically: - ensuring the collection is accessible through exhibitions and a varied programme of events, delivered in museums and online; - helping people learn about and enjoy cultural heritage through exhibitions, education, talks and tours; - contributing to the educational development of children via school visits, family visits, and specific content including downloadable lesson plans; - enriching and diversifying the leisure and cultural offer of partner venues, attracting visitors to venues, boosting the local economy. Despite the Coronavirus pandemic, the Foundation sought to meet its charitable objects in 2020 through an ambitious programme of loans and exhibitions to ensure the collection was on public display. The Foundation worked closely with partners and within Government guidelines to ensure that the public could enjoy the collection safely. Where the Foundation closed its galleries and exhibitions, it ensured that digital alternatives were available so that the Collection was still available to the widest possible audience. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **6** ## **Key Objectives 2020** The Board of Directors of the Trustee agreed a set of objectives for 2020. Although the Coronavirus pandemic meant a significant shift in activity, the Foundation is confident it met these objectives. - **1)** Work towards Arts Council England's formal Museum Accreditation status with a partner site. Through its partnership with Cannon Hall, Barnsley, De Morgan aims to become an Accredited museum. Much preliminary work was undertaken by the Foundation in 2020 in preparation for its first stage application to the Arts Council which it plans for early 2021. The Directors of the Trustee resolved to amend the 2010 charitable scheme, ensuring it met the requirements outlined by ACE for an Accredited Museum, including the explicit power to operate a museum. Work was undertaken to formally licence the museum galleries and office space in Cannon Hall for the De Morgan museum. The loan agreement for the 2016 arrangement was updated to a partnership agreement which better reflected the practical arrangements of the De Morgan museum at Cannon Hall and allowed for De Morgan to take formal responsibility for the artworks and display. ## **2)** Create a compelling De Morgan ‘story’ In addition to the staff and Trustee’s away-days, the Foundation spoke to volunteers, partners, and audiences to develop a succinct, engaging, and meaningful way of explaining what it is and does. The De Morgan Curator undertook training offered by the Foundation for Social Improvement in writing a charity core case for support, and used this to create an internal working document which explains the Foundation’s history, core purpose, aims, activities, and audience. Following review and approval by the Trustees, this document now forms the basis of all public-facing documents produced by the Foundation. It is used in conjunction with the Foundation's brand guidelines, Charitable Scheme, and Articles of Association of the De Morgan Trustee Company Ltd. to ensure that all collateral appropriately represents the Foundation to the target audience. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **7** - **3)** Devise and implement a long-term conservation plan Through the museum closures, the Foundation was able to review and better address its documentation pertaining to the conservation and care of its Collection. Working together, De Morgan Curator Sarah Hardy and Trustee Director Patricia Astley-Cooper redeveloped these documents and ensured that they were fit for purpose for the Foundation and its application for Accreditation. Through this work and its review of the Collection, the Foundation was able to identify those objects which most urgently need remedial conservation and list these in its collection management system. It was also able to monitor environmental conditions in its galleries and ensure that appropriate conditions were met. These processes will inform the formal conservation plan. - **4)** Explore potential for new projects with funding The 2020 Coronavirus lockdowns caused many sector grant-giving bodies to redirect their funding towards those organisations facing huge deficits and loss of income, and therefore working on specific projects which might attract funding was put on hold by the Foundation. The Foundation benefitted from the Culture Recovery Fund indirectly through its partnership with Towneley Hall, Burnley. In 2021, the Foundation will present a community-curated exhibition on the theme of 'Hope' in Evelyn De Morgan’s paintings and how these resonate with the public experience of living through a global pandemic. ## **5)** Diversify revenue streams The lockdowns also provided De Morgan with the opportunity for digital projects which attracted income. The series of online lectures proved popular, attracting c.£5,500 in donations of unrestricted funding. These are treated later in this report. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **8** ## **ACHIEVEMENTS AND PERFORMANCE** ## **Partnerships** The Foundation works in partnership with complementary organisations in key locations across the country to present long-term displays of its Collection. This allows the Foundation to continue to share the Collection as widely as possible without the financial and management obligations of its maintaining own buildings. Each partnership was established to share the collection in areas where it had local significance and would add to the heritage offer in the area. Since 2015, the Foundation has partnered with Cannon Hall, Barnsley, South Yorkshire, Watts Gallery Artists’ Village, Guildford, Surrey, and Wightwick Manor, Wolverhampton, West Midlands, to display its Collection to the public in discrete exhibitions, carefully curated to highlight the local significance of the Collection. In 2020 the Foundation worked closely with its partners during the museum and gallery closures as a result of national or local lockdowns arising from the Coronavirus pandemic, to ensure the safety of the Collection, and ensure the safety of visitors, staff, and volunteers returning to the museums following periods of closure, and to maintain continued access to the Collection through online alternatives to in-person visits. **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **9** ## **Cannon Hall Museum** The Foundation’s primary museum space is located at Cannon Hall in Barnsley, South Yorkshire, through a long-term partnership with Barnsley Metropolitan Council. Around 120 objects from the Collection are displayed at Cannon Hall, which was the family home of Evelyn De Morgan. The local importance of the Collection to Barnsley is celebrated in the current display, ‘ _**A Family of Artists** ’_ . Entry to the De Morgan galleries is free of charge and fully accessible, ensuring that everyone can enjoy the exhibition. Much work was undertaken with staff at Barnsley Metropolitan Council and Cannon Hall in 2020 in order to formally licence office and museum space on a long-term basis at Cannon Hall. This was supported by a new partnership agreement which sets out the roles and responsibilities of each party in delivering the De Morgan Museum at Cannon Hall. This will replace the current loan agreement which expires in 2021, and was agreed by Yorkshire Museums Development as being acceptable for the Foundation’s Accreditation application. The Foundation is most grateful to all the staff and officers at Barnsley for their support for De Morgan at Cannon Hall, in particular to Lynn Dunning, who has been a most collaborative partner throughout. Throughout the lockdown, Cannon Hall had front of house staff working on site to complete daily safety and security checks of the collections. The Foundation maintained regular contact with staff and volunteers at Cannon Hall, through online meetings and telephone communication. In March 2020, the display at Cannon Hall was given a 'mythological' makeover. Following visitor feedback the paintings _Helen of Troy_ and _Cassandra_ by Evelyn De Morgan were added, to create a more family friendly display. These paintings which depict women from the story of the Trojan Wars, are rich in narrative, and linked to KS2 history, making them ideal to display to families. During the installation of the paintings, the first lockdown was announced and the refreshed exhibition was never opened to the public. Working closely with Cannon Hall, the Foundation organised for a digital 360º capture of the exhibition to be recorded and made available on the De Morgan website. Using new imaging technology, the 360º tour allows visitors to navigate the exhibition at leisure on their own device from home. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **10** Users can move freely around the space, stopping to click hotspots next to the artworks which link to a short video, detailed image, or additional text about the artwork. The freedom to explore and to select artworks of interest just as one would do during a physical visit sets this online experience apart from other digital visits, where the experience is linear and standardised. - A joint online event was held in conjunction with Barnsley Museums and Heritage Trust and the Sheffield Star to launch the digital 360º capture of the De Morgan galleries. - “ _I'm in Reading, would never get to see this, thanks so much! Will drop you a donation._ _WOW Brilliant amazing tour, really enjoyed it._ _Watching from Lucerne, Switzerland but born & grew up in Sheffield. Now have a great wish to visit Canon Hall as soon as I can get to_ ” _Yorkshire again!_ **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **11** ## **The Watts Gallery - Artists' Village** Artworks from the De Morgan Collection are loaned to the Watts Gallery in the exhibition ‘ _**Decoration or Devotio**_ **n?** ’, which celebrates the friendship between Victorian painter GF Watts and his wife, the artist and potter Mary Seton Watts, and the De Morgans. The exhibition highlights the shared ideals of GF Watts and Evelyn De Morgan who painted their political and social dreams onto canvases, and the more practical friendship between William De Morgan and Mary Seton Watts, who collaborated on kiln design and the science of pottery. This exhibition closed to the public from March to August and again in November, in line with Government guidelines. This presented the Foundation with the opportunity to work closely with Watts Gallery staff to explore alternative ways of bringing the collection to public attention. Smartify is a world-leading audio tour platform for museums. It can be enjoyed from home by audiences across the globe, and has the additional functionality of a painting scanner, meaning that visitors to an exhibition can access audio descriptions of artworks during a virtual gallery visit on their own device, which eliminates the need for shared audio equipment, and offers a Covid-19 safe visitor experience. Working with a work experience student and curatorial volunteer, the Foundation wrote and recorded an audio guide visit of the exhibition ‘ _**Decoration or Devotion?**_ ’. It was launched on Smartify on 13th April and actively promoted by the Foundation the week of 4th May, leading to a spike in De Morgan website visitors. 1,177 people enjoyed the tour in 2020; it was trending on Smartify’s home page between May and July 2020, enabling a global audience to find the exhibition. Over the lockdown periods, 24 hour on-site security was maintained at the Watts Gallery and the De Morgan Curator visited at least once a week to ensure the safety, security, and conservation of the collection during this period. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **12** ## **Wightwick Manor** Wightwick Manor was built and furnished by Wolverhampton paint manufacturer Theodore Mander. It is a perfect example of an Aesthetic Movement home, inspired by Oscar Wilde’s lecture on the ‘House Beautiful’ which Mander had attended in Wolverhampton in 1885. The De Morgan gallery at Wightwick Manor is in a purpose-built gallery space. The exhibition ‘ _**Look Beneath the Lustre**_ ’ invites visitors to consider the De Morgans’ contribution to the beautiful Aesthetic Movement. In March 2020, just as the first lockdown was announced, De Morgan Curator Sarah Hardy published an article in the National Trust’s _Arts, Buildings & Collections Bulletin_ which highlighted the historic links between the De Morgan Foundation and Wightwick Manor, and celebrated the present-day partnership. As the De Morgan gallery at Wightwick closed, this article provided a longer read to De Morgan audiences which could be enjoyed from home. ‘ _**Look Beneath the Lustre** ’_ was made available online to visitors, through a series of live and pre-recorded videos, and the addition of the full exhibition interpretation texts on the De Morgan website. In October the Wightwick Manor House and Collections Manager, Helen Bratt Wyton, gave a talk on the history of the building and the history of the De Morgan collection at Wightwick. This was an very popular talk which sold out to 100 attendees and gained £450 in donations. _Wightwick Manor © Lindsay Bucknor_ ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **13** ## **Cromwell Place** As the De Morgans were an artistic couple who lived and worked in London, the Foundation has an ongoing ambition to enable the display of its Collection to local people in an area of historic significance in the capital. In 2020, a new long-term partnership was established with Cromwell Place in South Kensington, SW London. The Foundation was offered an honorary life membership to this purpose-built hub for the arts, providing occasional exhibition space, which is open free of charge to the public. The Foundation was delighted to open the exhibition ‘ _**Homecoming: The De Morgan Collection Returns to Chelsea** ’_ between October and December 2020, which attracted 1,800 visitors. This exhibition celebrated the De Morgans’ lives and work in the London Borough of Kensington and Chelsea, where Cromwell Place is situated. Returning the Collection to this area just over a century after the artists’ deaths reunited the artworks with local people and celebrated local heritage through a new cultural offer. Of the general visitors to Cromwell Place, the average age was lower than usual for De Morgan visitors, and a higher number were from a BAME background. This was particularly notable on the opening day of the _Addis Fine Art and Ethiopian_ gallery, which was exhibiting next to De Morgan and attracted many Ethiopian visitors[*] . The exhibition also attracted online visitors. The exhibition is available online through text, image, and videos. This site has been visited 369 times since the exhibition opened. The YouTube Video Tour has been watched 90 times. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **14** Researching the exhibition revealed that Evelyn De Morgan’s first studio had been at Trafalgar Studios, a purpose-built artists’ residence on Manresa Road, where she shared space with a diverse and dynamic artistic community. Six months prior to their marriage, it was Evelyn who bought the lease on 1 The Vale, Chelsea, for the De Morgans to live in, which they did until its demolition in 1910. During the couple’s extended winters in Florence between 1891 and 1893, artist Walter Sickert rented 1 The Vale from the De Morgans, showing their interest in supporting a new generation of artists. Although this exhibition was temporary, the partnership with Cromwell Place is long-term and the Foundation plans to hold exhibitions of its Collection, with a differing and varied focus in the future in order to maintain its links with the area. Over the course of the exhibition, five new Friends and one Patron joined De Morgan’s membership schemes, after meeting the De Morgan Curator in the exhibition space. This ongoing financial support is incredibly important to the Foundation, particularly during the pandemic. > (* Based on invigilators' observations.) **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **15** ## **Public Access to the De Morgan Collection** In addition to the strategic partnerships, to provide further public access to the artworks and raise the profile of the Collection, loans are made to other cultural institutions as long-term loans (up to three years) in displays co-curated by the Foundation, through short-term exhibition hire packages curated by the Foundation, or through short-term loans of a small number of objects to externally curated and organised exhibitions. Despite the Coronavirus pandemic and associated museum closures in 2020, the Foundation was still able to open all of its exhibitions and galleries for at least three months of the year each for short-term exhibitions and at least five months of the year for long-term loans. Where exhibitions were unable to open, they were postponed rather than cancelled by host venues and will take place in 2021 or 2022, demonstrating the resilience of the exhibition programme in the long-term **.** Figures below show the number of visitors having access to one or more artworks from the De Morgan Collection, on public display nationally and internationally, in 2020. ## **Combined in-person visitor figures for 2020[*]** |Cannon Hall
Watts Gallery
Wightwick Manor
Ashmolean Museum
Standen
Queen's House
Jackfield Tile Museum
Buckler's Hard Maritime Museum
Two Rare Spirits exhibition, Laing Art Gallery, Newcastle
Homecoming, Cromwell Place, London
Enchanted Interior, Guildhall Art Gallery, London
Ulysses: Art and Myth, Musei San Domenico, Forli, Italy
We Capitalists – From Zero to Turbo, Bundeskunsthalle, Bonn, Germany
**2020 Total**
_2019_
_2018_|5,840
15,500
51,220
551,250
16,330
19,000
4,790
34,160
2,000
1,800
730
50,000
17,830
**770,450**| |---|---| ||_1,900,000_
_1,528,500_| * visitor figures rounded up or down for clarity ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **16** Although in-person visitor numbers were below those for the previous year - down nearly 60% - due to the Coronavirus pandemic and consequent museum closures, in significantly increasing its online activity in 2020 the Foundation grew its online audience - up 65% on 2019 - and particularly its international audience. Online activity is treated later in this report. To put the drop in De Morgan in-person visitor numbers in context, visits to the world’s 100 most-visited art museums dropped by 77% in 2020, from 230 million in 2019 to 54 million as museums worldwide were forced to close **[1]** . In the UK, annual visitor figures for the most-visited 294 attractions (indoor and outdoor) saw visitor numbers drop from 151m in 2019 to 45m visits in 2020, with the biggest falls at indoor venues. The British Museum saw a drop in visitors of 80%, The National Gallery 80%, The Guildhall Art Gallery 78%, The Victoria & Albert Museum 78%, Tate Britain 78%, The Royal Academy 69%, Royal Museums Greenwich 96%, Leeds Art Gallery 78%, Birmingham Museum and Art Gallery 80%, The Ashmolean Museum 74%. On average, UK museums saw a 70% drop in attendance and were closed for more than half of 2020 **[2]** . When they eventually reopened all had restrictions on visitor numbers. Although it varied, most museums were operating at around 20% to 30% of normal capacity due to social distancing and other measures. The steep decline in footfall also contributed to significant financial losses, on average around 60%. Many of the UK’s major museums rely heavily on tourism; in the 2019/2020 year the British Museum’s audience comprised 77% foreign visitors, while the National Gallery’s is usually c.60% annually. Provisional data from the UK’s Office for National Statistics shows that, in the second quarter of 2020 when the UK went into its first lockdown, the number of visits by overseas residents fell by 96% compared to the same period in 2019. > **1** Source: The Art Newspaper > **2** Source: The Association of Leading Visitor Attractions **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **17** ## **Long-term Loans** Lending individual artworks to other museums and heritage organisations, many of which offer free entry to visitors, is another key part of the Foundation’s strategy to provide public access to the Collection, and fulfils a number of the Foundation's aims including: - giving new audiences the opportunity to see the artworks; - seeing the artwork in a new context; - raising the profile of the Foundation and its Collection; - strengthening partnerships; - supporting fellow museums; and - decreasing the number of objects in storage and reducing the associated costs. The loans from the De Morgan Collection to venues across the country not only serve to raise the profile of the Foundation but also contribute to visitor satisfaction, visitor growth and income generation at the loan venues. Moreover, cultural tourism also has a wider economic impact. In 2020 the Foundation loaned artworks for public display at the following institutions. ## _**The Ashmolean Museum, Oxford**_ A collaboration with the Ashmolean Museum continues, with the long-term loan of 32 key pieces of ceramics from the De Morgan Collection, displayed in the 19th Century galleries in the Museum. ## _**The Queen’s House, Greenwich, London**_ Evelyn De Morgan’s painting 'The Sea Maidens', together with sea-themed ceramics by William De Morgan, are on long-term loan to the Queen’s House. ## _**National Trust, Standen, West Sussex**_ The William De Morgan St George and the Dragon Cabinet and 12 pieces of ceramics also by William De Morgan are on loan to the National Trust property Standen. ## _**Buckler's Hard Maritime Museum, Hampshire**_ One William De Morgan tile is on long-term loan to the museum for the SS Persia exhibition. ## _**Jackfield Tile Museum, Telford, Shropshire**_ Four large chargers designed and made by Maw and Co., who were contemporary to William De Morgan, are on long-term loan to the Museum. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 18 q•L(•I Evelyn De Morgan, The Gilded Cage Ic.19001 **19** ## **Loans to UK Exhibitions in 2020** ## _**'The Enchanted Interior' Guildhall Art Gallery, London, March 2020 extended until August 2020**_ Women have traditionally occupied the domestic sphere, across time and across culture. This exhibition explored how artists have responded to this and used the interior as a motif in artworks. Evelyn De Morgan painted a series of mythical and magical women in opulent interiors, showing them to be central, powerful agents in their own stories. Three paintings by Evelyn De Morgan were loaned to this exhibition, _The Hourglass, The Love Potion,_ and _The Gilded Cage_ . ## **Loans to International Exhibitions in 2020** ## _**'Ulysses: Art and Myth' Musei San Domenico, Forli, Italy, February extended to October 2020**_ _The Little Sea Maid_ by Evelyn De Morgan joined other paintings of mythical mermaids and monsters encountered by Ulysses in Homer’s epic poem _The Odyssey_ . The show focused on how Ulysses' story has been interpreted by artists and writers from antiquity to the present day. This loan was an important one as it allowed the Foundation to begin a positive working relationship with Italian museums, following a decade of absence from the country in which William and Evelyn spent a considerable amount of time. ## _**'We Capitalists – From Zero to Turbo' Bundeskunsthalle, Bonn, Germany, March extended until August 2020**_ Capitalism is far more than simply an economic system, it is a social order that has shaped our thinking, perception and existence for centuries. Approaching the topic from a cultural and historical perspective, this exhibition examined the fundamental characteristics of capitalism – rationalisation, individualisation, accumulation, money and investment – as well as typically capitalist dynamics such as unrestricted growth and creative crises. Lending Evelyn De Morgan’s _The Worship of Mammon_ allowed this painting to be seen for the first time away from the Collection, instead surrounded by other artworks drawing on the capitalist notion of being obsessed with material wealth. It allowed for a broader understanding of the place of De Morgan’s artwork and its wider historical and contemporary relevance. This exhibition was extremely popular on social media, with 632,463 engagements and 29,098 views of video content. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **20** Evelyn De Morgan **,** _**The Worship of Mammon**_ (c.1909) **21** ## **De Morgan Temporary Exhibitions** Temporary exhibitions allow the Foundation to present unique research on particular aspects of the De Morgans’ practice to the public, inviting deeper engagement with the artworks. These exhibitions are fully curated by the De Morgan Foundation and available to other venues for hire, which allows the Foundation to generate income from its activities. ## _**'Two of the Rarest Spirits of the Age' Laing Art Gallery, Newcastle, March to September 2020**_ This exciting exhibition brought 120 artworks from the De Morgan Collection to the North East of England for the first time, in a retrospective display of both artists’ work, including more than thirty of Evelyn’s drawings from the De Morgan Collection archive. Many of the elaborate, compositional studies are almost as large as the paintings, but have seldom been seen in public. They are complemented by other drawings, such as charming children’s portraits, and studies for figures and a knight’s armour. It was one of the largest ever exhibitions of the De Morgans’ work, with _Our Lady of Peace_ (1907) by Evelyn De Morgan shown for the first time since undergoing major conservation work in 2018. Sir Edward Poynter, president of the Royal Academy, described the De Morgans as ‘two of the rarest spirits of the age’, but quite what he meant by labelling them as ‘rare spirits’ had never previously been explored. Using this as a starting point, the exhibition investigated the unique elements of each artists’ practice to create an imaginative and stimulating experience. Before their marriage in 1887, both William and Evelyn were already established artists in their own right. They were devoted to each other and shared a great interest in social reform, pacifism and spiritualism. The De Morgans were also supporters of the Suffrage movement, with Evelyn signing the Declaration in Favour of Women’s Suffrage in 1889. William showed his support by serving as Vice President of the Men’s League for Women’s Suffrage in 1913. William De Morgan was undoubtedly the most intriguing and inventive ceramic designer of the late Victorian period. He was life-long friends with William Morris and Edward BurneJones and created stunning Arts and Crafts tiles and ceramics to complement their fashionable designs for interiors. William was the son of a mathematician and had a classical art training at the Royal Academy School. As a result, he always underpinned his elaborate designs with geometric structures, borrowed from medieval design and Islamic art. The complex geometric underpinning of his work were explored in the exhibition. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **22** Evelyn’s remarkable paintings bear the influence of early Italian Renaissance art, as well as the legacy of Pre-Raphaelitism, yet have a distinctive style of their own. Her unique paintings also projected her political concerns – she was deeply affected by the outbreak of the First World War – and created many pictures in response to the conflict. The exhibition showcased her peace paintings and the preparatory drawings she made for them, giving an overview of her working process and ideals. Based on previous visitor numbers for exhibitions at the Laing, 6,000 visitors were anticipated. The exhibition was closed after just four days due to the Coronavirus lockdown in March. It was able to reopen for six weeks in August and September, but this significantly impacted the overall number of visitors, which was 2,030. Despite the closures trade sales were good, attracting a £565 surplus, compared with £492 from shop sales for a six month exhibition at a comparable museum in 2019. The closure of the exhibition presented an opportunity to create a virtual visitor experience on the De Morgan website, with a page dedicated to the exhibition, including the wall and label text and images of all of the artworks. This was visited by 457 people over the course of the exhibition, with visitors spending three times longer on this page than the average during this period. Two live online talks were presented by De Morgan curator Sarah Hardy, which attracted 156 viewers and have since been watched on YouTube and Facebook for a further 1,451 at the time of writing. **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **23** **'** _**Two of the Rarest Spirits of the Age'**_ Exhibition Laing Art Gallery, Newcastle, March to September 2020 **24** **'** _**Two of the Rarest Spirits of the Age'**_ Exhibition Laing Art Gallery, Newcastle, March to September 2020 **25** ## **Online Audiences** In previous years, along with displays of artworks, the Foundation has met its charitable objects to share the Collection with the general public through a tailored programme of events at its galleries. These ranged from volunteer tours of partner galleries to academic symposia focussed on specific aspects in the De Morgans’ artworks. Unable to hold such events and looking for innovative ways to raise funds, the Foundation began a series of online events. These developed from a piece directly to camera for a daily 'Facebook Live' video, to a weekly talk by the De Morgan Curator or a guest speaker on a topic related to the De Morgans’ lives and work and their circle and contemporaries. The talks were delivered with slides in a lecture format and members of the public could sign up for as little as £1 - but with a recommended donation of £5. This ensured that the talks were affordable to all but still realised income for the Foundation. In addition to lectures on William and Evelyn De Morgan and their work, and on current exhibitions, subjects for the online lecture series included the following. |Pre-Raphaelite Circles: the De Morgans
and the Lovelaces
The Joe Setton Collection: from Pre-
Raphaelites to Last Romantics
The De Morgans and Edward Burne-Jones
William Morris and William De Morgan at
Merton Abbey
The Extraordinary Life and Art of Aubrey
Beardsley
Mary De Morgan's Fairy Tales
Pre-Raphaelite Sisters with De Morgan
Ambassador and author Lucinda Hawksley
Caring and Creativity in the Work of
Christina Rossetti|In the Bleak Midwinter: Symbolic Winter in
Late Victorian Art| |---|---| ||Myth and Magic: Eleanor Fortescue-
Brickdale and Evelyn De Morgan| ||John Roddam Spencer Stanhope| ||More than Society Beauties?: The Women
in G F Watts' Portraits| ||The Pre-Raph Girl Gang with Kirsty Stonell
Walker| ||Wightwick Manor's Pioneering Collectors| ||William Morris and his Palace of Art:
revealing and re-evaluating the Red House| ||William De Morgan with De Morgan
Ambassador and Antiques Roadshow
expert Eric Knowles| **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **26** Feedback on the lectures has been extremely positive, and allowed the Foundation the reach a much wider audience than previously. - “ _Would like to say the talk just given by Sarah Hardy was one of the best I have watched online. And I have watched a lot! More please._ _Fantastic amount of research - a fascinating and really interesting lecture._ _Thank you, this was so illuminating!_ _That was simply brilliant! Better than any I’ve seen the nationals doing and I’ll be signing up to the others. Thank you._ - _I just honestly want to say it was such an educational experience and very, very interesting._ ## ” The online programme was welcomed by the De Morgan audience, particularly those isolating due to the Pandemic. Each week, the Foundation would receive comments, emails, and social media posts describing how the programme had provided an escape from and important social contact during the lockdowns. - “ _Thank you for another fascinating and enlightening talk, and very appropriate for the time of the year and the period we're going through with Covid and the finality of Brexit approaching!_ _These are the only thing keeping me sane at the moment. Much appreciated._ _As I can’t leave the house, I am living for your Friday talks. Never disappointed. Keep them coming._ ” Through this online series the Foundation was also able to reach a much wider audience than it had previously. Each week, audiences from the USA, Canada, Australia, New Zealand, and across Europe tuned in for the talk. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **27** This led the Foundation to develop a series of ‘Lates’ starting at 7pm GMT, which allowed easier access for its international audience than the 12pm start which had been challenging for many international speakers and viewers. “ _Thank you very much! This was a beautiful way of seeing these paintings, I’m stuck in Italy and couldn’t otherwise._ ## _Thank you from Florida!_ _Hello from America. So excited to go to England to hear this lecture._ ## ” Speakers from around the globe were welcomed and gave informative and enjoyable talks. Margaretta Frederick, Annette Woolard-Provine Curator of the Bancroft Collection at the Delaware Art Museum, gave a talk from Delaware on the Bancroft Collection, the largest body of Pre-Raphaelite artworks in the USA, and Pamela Gerrish Nunn, a pioneering scholar associated with reviving the Pre-Raphaelites in the 1980s, was able to give a lecture from her home in New Zealand. Overall, talks proved very popular, with over a thousand ticket sales realising an income of £5,500 for the Foundation. The addition of recordings of the talks to the Foundation’s YouTube channel and social media platforms meant that 20,000 people were able to enjoy De Morgan lectures online in 2020. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **28** ## **Audience Research and Development** **2020 65% 33%** headlines more website visits more social media followers **65% 67%** female website visitors female on Instagram **23% 30%** 25-34 years website visitors 25-34 years on Instagram **65% 72%** female newsletter subscribers female on Facebook **71% 73%** users UK resident users female **8% 71%** users disabled users white British In 2020, the De Morgan website had 65% more visits than in 2019. This increased online activity was mirrored in social media followers, on average, each platform gained 33% more followers than the previous year. The increase in online reach and participation in 2020 necessitated a review of the De Morgan audience. Analytics on audience demographics are taken from the De Morgan website, Facebook, Instagram, and Mailchimp (newsletter). In 2020, 65% of visitors to the website were female, 23% were 25 – 34 years old. This is similar to Instagram, where 67% of the audience were female, and 30% aged 25 – 34. On Facebook, most followers were aged 45+ and 72% of followers were female. Similarly, 65% of newsletter subscribers were female, aged 55+. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **29** In addition, the Foundation collected information on its online visitors through a survey prepared by industry specialist The Audience Agency. 37% hadn’t visited a De Morgan partner site, showing potential to develop the online audience into museum visitors. 32% said that they were viewing more cultural content online since the lockdown. 71% of the respondents live in the UK, showing a significant international audience being reached online. 8% of the audience identified as disabled or having a long-term health condition, suggesting that online could enable the Foundation to reach those who may not easily access the physical museum spaces. 73% of respondents were female, and 71% were white British. The Foundation welcomed 1,900,000 Museum visitors to partner sites and exhibitions in 2019 **[2]** . 17% of visitors to De Morgan partner museums stated that the De Morgan exhibition was the reason for their visit, or was a particular highlight. The Foundation collects information on visitor demographics from its partners. Whilst these visits have been much fewer in number in 2020, the demographic remained similar, with 60% of the visitors being white British, female, aged 55+. Overall, the online audience is slightly younger than physical visitors, demonstrating new opportunities to engage. The Foundation responded to this through thematic Instagram stories and fun ways of sharing the collection. In December, it ran #DishOfTheDay where a different ceramic plate was shared from the collection every day. Instagram attracts the youngest audience and so this was deemed the most suitable platform. This programme reached 30% more people than other Foundation campaigns, gaining 4% more new followers to the De Morgan account than through other campaigns. The Foundation will use the data collected to inform its audience development plan and future activities. For example, community groups who are not currently well represented in the audience were approached for involvement in the forthcoming ‘ _Artist of Hope_ ’ exhibition at Towneley Hall. > **2** Figures not available for 2020 due to the Coronavirus pandemic **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 30 DE MORGAN FOUNDATION THE MUSEUM FROM HOME DE MORGAN 2020 AUDIENCE OVERVIEW FOR Reach and Impact SOCIAL MEDIA ONLINE TALKS 1064 PEOPLE BOUGHT TICKETS r￿Fr￿th￿0em￿nFOur￿atllln h<￿5￿an￿￿￿￿lk Theybwa5a W¥￿￿etPlnt￿lhthrOU&￿th laren￿lI[eEuIaT I￿aure0fthPpTo￿amrnt FACEBOOK RAISING £5.500 Target 3.200 Current total 3.613 ￿￿Dad￿theSekn￿TUb￿ha5 C*r32000h(we bvatched ideos uplotséedto Focebotsk In5togram. ondYouTube 116byDwb¢r. INSTAGRAM Target 2.500 Current total 2.￿9 VISITORS SPENT, ON AVERAGE, A MINUTE LONGER EXPLORING JHIS PAGE THAN OIHERS ON THE WEBSITE DE MORGAN FOUNDATION WEBStIE 'MUSEUM FROM HOME. PAfjE W￿ADDEoATTHE FIRsr LOCKDOWN ITWASVISITED BYX PEOgLE PERMONTH YOUTUBE At the beginning of the year we had 8 subscribeis and now have 126 COLLECTIONS SEARCH PLATFORMS GOOGLEAtiTSAN CULTURE TWIThER ARTUK bvettddedone'inpttinting tour ondattruitec13.338 viststotspermonth OJ) overoge UNIQIJEtsSSRS 1.085 ARTWORKPASEVIEblS2.5I0 TOTA( PAGEWIE1151223 TWITTER Taiget 2.000 Current Total 1872 150nerprofit DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31 st December 2020 **31** ## **Collections Care** ## **Collections Management** De Morgan partner museums and loan venues went through an unprecedented period of closure in 2020, due to national lockdowns. Arts Council England published minimum requirements for museum security during this period, including regular building checks by personnel and remote monitoring. The Foundation responded quickly, regularly liaising with duty managers and on-site staff at each venue to confirm ongoing security and consistent environmental measures throughout the closures. In March 2020, lockdowns were announced throughout Europe leading to the closure of exhibitions in Bonn, Germany and Forli, Italy, where the Foundation had paintings from its collection on loan. The Foundation ensured the Arts Council England’s recommended minimum security and environmental measures were in place at these loan venues. Following advice from sector specialist groups, namely the Museums Association and UKRG, the De Morgan Curator agreed that the return of paintings from international exhibitions would travel without courier. Following UKRG training, the De Morgan Curator was able to check the paintings remotely via the video conferencing platform Zoom, and using WhatsApp to send photographs. Not travelling with the paintings ensured the safety of the Foundation's staff, and the digital solution to picture checking meant standards for collections care could be maintained without couriering. The closure of museum sites to the general public in the UK allowed the opportunity for the Foundation’s Curator to work on documentation as outlined in the draft documentation plan. The location of all objects on display was checked and updated on Axiell Collections, the Foundation's cloud-based Collections Management System. Artworks held in store at Crown Fine Art and Wightwick Manor were condition checked, re-packed for storage, and rehoused in identifiable, numbered containers. These locations were also updated on Axiell. The Foundation’s documentation procedural manual was also updated as a guide to Axiell Collections, following an upgrade to this system in 2019. Updating this manual allowed the Foundation to provide an opportunity in collections management experience to an early career starter. She was able to test the manual and ensure that all data for historic loans and exhibitions was entered according to the guidelines. This important work has ensured better, more streamlined management of the Collection and accurate, useful data in historic records. **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **32** ## **Conservation** Deep cleaning the De Morgan galleries at partner sites is usually an operation reserved for exhibition change overs, but the closures of these museums presented this opportunity. At all three De Morgan partner museums, staff were able to clean the De Morgan ceramics and tile panels, and dust the paintings on display. In addition to valuable cleaning, this allowed for all of the objects and displays to be condition checked and for preventative conservation measures to be undertaken, such as close study of pest management and light hours on the works. The Foundation received a generous grant of £2,500 from the Decorative Arts Society to conserve a cartoon for stained glass by William De Morgan. Work was begun on the consolidation, cleaning, and re-stretching of this oil on canvas design in November 2020. The Foundation plans to display the cartoon at the Watts Gallery in the exhibition ‘ _Decoration or Devotion?_ ’. The completion of the cartoon coincides with the publication of a volume on PreRaphaelite stained glass _Saints & Symbols_ (2020, Seraphim Press) by Alastair Carew-Cox, which goes into great detail on William De Morgan’s career in stained glass for the first time. William De Morgan, _**The Resurrection of Lazarus – Design for Stained Glass**_ (c.1865) Picture taken after first stage of restoration to mount canvas on a new stretcher. **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **33** ## **Other Activities** ## **Fundraising, Grants, and Donations** The Foundation is extremely grateful for the following grants and donations in 2020. ## **The Derek Hill Foundation** The Foundation received a donation of £1,000 from the Derek Hill Foundation, a greater sum than usual in recognition of the difficulties the Foundation faced through the Coronavirus pandemic. ## **Decorative Arts Society** An award of £2,500 was made to the Foundation to allow it to conserve and prepare for display an oil on canvas cartoon for stained glass by William De Morgan. ## **The Art Fund** De Morgan Curator, Sarah Hardy, was awarded £1,800 from the Jonathan Ruffer Curatorial Fund for travel to the East Coast of America to develop an exhibition at Delaware and to visit two Evelyn De Morgan pictures in North Carolina. This research trip has been put on hold by Coronavirus travel restrictions. ## **Government Grant** The Foundation was awarded a discretionary grant of £5,000 in response to the Coronavirus pandemic for its general operation as a small business by the Government through Guildford Borough Council. ## **Crowd Funding** In response to the Coronavirus pandemic, the Foundation ran an emergency crowd funding appeal to its members and the general public. This was held on the platform ‘GoFundMe’ and through Facebook Giving. A total of £1,637 was raised on GoFundMe and a further £320 was pledged through Facebook giving. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **34** ## **De Morgan Patrons Circle** The De Morgan Patrons’ Circle grew in number in 2020, bringing in over £3,000 of unrestricted funds. These dedicated supporters receive regular updates from the Foundation’s Curator and a Christmas gift. In 2021, the Foundation has plans for online and physical events for this important group of supporters, subject to prevailing circumstances. The Board of Directors of the De Morgan Trustee would like to thank its Patrons Circle members for their most valuable support; Andrew Bridges, Nick De Marco, Rebecca Lyman, Arthur Maginn, Catherine and Mark Richards, Fleur Shearman, and those Patrons who wished to remain anonymous. ## **De Morgan Friends Membership** In 2020, some changes to the De Morgan Friends Scheme were made in order to make it explicit that a subscription represented the opportunity to make a donation to support the Foundation, rather than it being simply a benefit scheme to the member. The membership benefits were changed to include an annual letter from the Curator, subscription to the seasonal newsletter which included invitations to events, and the subscription was increased from £20 to £30. This significantly reduced the administration of the Friends Membership scheme and increased the income. There was a also a significant increase in the number of Friends members, from 28 Friends in 2019 to 54 in 2020. The income from the scheme was £1,620, an increase of 200% from 2019. ## **People** No changes to staff or Directors of the Trustee took place in 2020. ## **Ambassadors** Ceramics expert and broadcaster Eric Knowles, and the author and expert in the field of Victorian studies Lucinda Hawksley, the great-great-great-granddaughter of novelist Charles Dickens, continued their roles as public advocates for the De Morgan Foundation in 2020. Both public figures gave online lectures for the De Morgan Foundation, raising almost £1,000 in donations. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **35** ## **Volunteers** Despite the Coronavirus pandemic forcing the Foundation to close its galleries and office, a lively programme for volunteers was maintained in 2020. Volunteer placements were created for early career starters in collections management and digital engagement. Amy undertook a huge amount of work on the De Morgan Collection Management System, Axiell Collections, to streamline data and bring records up to date, whilst Hannah wrote successful essays for the De Morgan blog and premier platform for UK public collections, Art UK. The Foundation was able to open its inaugural exhibition ‘ _Homecoming’_ at Cromwell Place in London, which attracted front of house invigilation volunteers from a range of backgrounds, and provided experience in museum front of house. Alice was offered an additional opportunity through this placement to participate in the decant of the exhibition, giving her valuable insight into museum operations. Meetings were held regularly for volunteers throughout the lockdown. Although some were held in person, a great benefit of the online meetings was to introduce volunteers from the different De Morgan galleries, fulfilling the Foundation’s ambition to create ties between its sites and present a unified De Morgan brand. The Foundation is extremely grateful for the contributions of its volunteers in 2020. _Volunteers Zoom meeting December 2020_ ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **36** ## **Plans for the future** Given the ongoing unpredictability arising from the global pandemic, the consequent museum closures, and other measures put in place by the UK Government et al, it has become increasingly difficult to plan for the future with any great degree of certainty. As has been treated above, many of the Foundation's plans have been put on hold, deferred, or changed in light of changing circumstances over the last year. That said, the Foundation has managed its operations during this unprecedented period with agility and flexibility, which puts it in good shape to develop and enact its plans for the future, but plans must remain flexible and subject to change, and thus objectives for 2021 and beyond have been set with this in mind. ## **Key Objectives 2021** The Foundation has agreed a set of objectives for 2021, designed to expand on its core purpose and provide the best possible use of its resources and the Collection for public engagement and enjoyment, and for the ongoing stability and resilience for the organisation. Key objectives for 2021 are: - Achieve Arts Council England ‘Working Towards Accreditation’ status with the De Morgan Museum at Cannon Hall, by end of 2021. - Create and implement a project plan, and submit an application to achieve full ACE Museum Accreditation within the three-year Accreditation window. - Create a costed proposal and implementation plan for the redisplay and redecoration of the Cannon Hall galleries, to present them as the De Morgan Museum. - Develop a plan for further diversifying revenue streams to ensure ongoing financial and operational stability and resilience. In order to manage these objectives, the Foundation has set up Sub-Committee Working Groups to oversee activities relating to the objectives, viz. Accreditation, Cannon Hall Museum, and Diversifying Revenue. The Foundation will continue its work in meeting its charitable objectives, to care for the De Morgan Collection and provide public access to it; and to provide information about and interpretation of the Collection on many levels, and to promote the appreciation of art and education in art and allied subjects. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **37** In continuing to meet its charitable objects, in 2021 the Foundation will present the Collection in discrete exhibitions at its partner museums, through a series of loans and exhibitions, and continuing its successful online activities. ## **Future Exhibitions** ## _**'Evelyn De Morgan: Pre-Raphaelite Artist of Hope'**_ **Towneley Hall, Burnley, February to September 2021 (tbc)** The De Morgan Foundation will use this exhibition to reflect on the pandemic and engage new audiences with Evelyn De Morgan’s paintings. Evelyn De Morgan was an artist who always had hope. From a young age she longed to be an artist but had to battle against her middle-class parents who didn’t see it as a suitable career for a woman. As a wealthy woman, she was expected to debut to polite society, then marry and raise her own family. But De Morgan hoped for more. She learnt to draw at the prestigious Slade School of Art, before being invited to exhibit at the exclusive Grosvenor Gallery when she was just 22 years old. She went on to have a very successful career selling her beautiful Pre-Raphaelite style paintings until her death in 1919. She lived through the Boer Wars and First World War and was horrified at the loss and devastation, but used her paintings to spread a pacifist message of hope. Possessing a strong belief that art should have a moral purpose, De Morgan fashioned an artistic response to war using a deliberate synthesis of academic style, symbol and allegory to convey pacifist meanings and values. ## _Contemporary Relevance_ Her artwork became cathartic, allowing her a platform to present her profound fears and her hope that better days would come. These paintings resonate deeply with our own experience of living through a global crisis 100 years later during the Coronavirus pandemic. ## _Community Curation_ This exhibition has been curated with the help of community partners to give some of those worst affected by the pandemic the opportunity to share their experiences of having hope alongside De Morgan’s hopeful paintings. This will also enable the Foundation to expand its audience in line with its audience development plan. The De Morgan Foundation and Towneley Hall will work with young carers supported by Child Action North West, blind and partially sighted members of Blind Veterans UK, Burnley High School, Nurses from Royal Blackburn Hospital, and Syrian Refugees supported by Lancashire County Council, on the exhibition. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **38** ## _**Sublime Symmetry: The Mathematics Behind De Morgan’s Ceramic Designs**_ **Lady Lever Art Gallery, Port Sunlight, Wirral, October 2021 to February 2022** Engaging young people with KS2 mathematics via the medium of art and the De Morgan Collection, led to the popular exhibition ‘ _Sublime Symmetry’_ . Initially a grant-funded project, this exhibition travelled to five UK venues, prior to the Foundation creating an exhibition package for hire. This will be the second fee-paying venue to take the exhibition and the Foundation plans to show the exhibition at the Albert Memorial Museum, Exeter, later in 2022. ## **Further Plans** In the autumn of 2022, a retrospective of the De Morgans’ ceramics and paintings will go on display at the Delaware Art Museum, USA, the result of a collaborative curatorial approach between the Foundation and Delaware Curators. A publication to accompany the exhibition will be published by Yale University Press. Looking further ahead, the Foundation plans to work with Wolverhampton Art Gallery in 2024 to recreate Evelyn De Morgan’s 1907 solo exhibition at the gallery, an unprecedented achievement for a female artist at the time. Research has begun on this project, providing work placements to four MA students at the University of Leicester, in collaboration with Wolverhampton Art Gallery. A letter was discovered in Wolverhampton Archives from Evelyn De Morgan outlining her delight at being asked by then Director of the museum, J. J. Brownsword, dispelling theories that he did not support female artists. This illuminating discovery will direct the exhibition project. Evelyn De Morgan, (detail) **Study of Head of a Male Child for** _**Our Lady of Peace**_ (1984) ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **39** ## **FINANCIAL REVIEW** The Foundation’s Collection of artworks, the De Morgan Collection, has an insured value of over £10m. As at 31st December 2020 the Foundation has an endowment fund valued at £1.396m (2019 £1.428m). Income from the fund is used to support the Foundation’s activities. The Covid-19 lockdown had a major impact on the Foundation in 2020, and caused its partner sites to be closed for long periods during the year. Whilst this reduced income, it also meant the organisation operated with lower overheads. The development of the Foundation’s digital strategy has resulted in high quality images of Collection artworks being readily accessible both on the De Morgan website and on the Google Arts and Culture and Art UK platforms, as well as in social media postings. The value of the Foundation’s Investments was impacted by the Covid-19 pandemic, and as at 31st December 2020 the Foundation had a book loss of £23k (2019 investment gains of £186k). In early 2020 the Foundation raised extra income from its online delivery of lectures and events, and this development, along with careful stewardship of the Foundation’s expenses, meant that it managed to control day to day outgoings so that net expenditure over income was £7k (2019 £25k). The financial objective is to ensure a good balance between income and expenditure, such that the Foundation can be self-sustaining within the next five years. ## **Investment policy and performance** In 2020 the Foundation’s investments continued to be managed by Investec. The investment strategy agreed by the Foundation and Investec is to seek maximum income whilst balancing the need for long term growth, ensuring no more than medium risk. The Foundation reviews both Investec’s performance and the portfolio’s performance on an annual basis. Asset allocation at 31st December 2020 comprised: |Fixed Interest|13.07%| |---|---| |UK Equities|41.40%| |Overseas Equities|32.60%| |Property|4.50%| |Alternative (Infrastructure)|6.99%| |Cash|1.43%| |Total|100.00%| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **40** ## **Reserves policy at 31st December 2020** The Foundation’s reserves policy enables, as a minimum, a conventional three- to six-months operating cost basis. Further, the policy enables the Foundation’s current situation to be acted upon, namely a period of consideration of various long-term partnerships and loan arrangements for the Foundation’s Collection, taking particular account of the ability of such partnerships and loans to provide a long-term, sustainable future for the Foundation’s Collection and activities. ## **Going concern** After making appropriate enquiries, the Foundation has a reasonable expectation it has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements. ## **Risk management** The Foundation believes that, in order to prosper, considered risks will need to be taken. However, these must be assessed and managed so that benefits outweigh possible loss or damage to the Foundation. Where the Foundation is aware of a potential problem that may arise in the future, it plans in the present a course of action to mitigate that risk. Managing risk effectively does not reduce opportunities but ensures the Foundation responds to risks that arise where it takes these opportunities. The Foundation has responsibilities to monitor and control both the process of risk management and the risks themselves, to ensure the organisation’s continuing effectiveness and that opportunities for development are not being rejected. The Foundation has reviewed the major risks facing the charity and has agreed steps to mitigate them. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **41** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Constitution** The De Morgan Foundation was created on 11th October 1968 by means of a trust deed. On 21st May 2010 the Charity Commission granted the De Morgan Foundation a new charitable scheme in which the registered company the De Morgan Trustee Company Limited, company no. 6914254, a private company limited by guarantee, became its sole trustee (the "Trustee"). The new scheme replaced the former trust deed and takes into account the specification of three former trusts; the De Morgan Trust, the De Morgan (Stirling) Trust, and the Stirling Foundation which predate the 1968 deed and were not considered within that document. At the date on which the new scheme was registered, all extant trustees of the De Morgan Foundation became both members and directors of the Trustee. In 2020 the Directors of the Trustee resolved to update and amend the constitution, as treated above. ## **Powers of the Trustee (De Morgan Trustee Company Limited)** In addition to the powers outlined within the constitutional documents of De Morgan Trustee Company Limited, the Trustee may exercise the following powers in furtherance of the charitable objects as outlined in the De Morgan Foundation charitable scheme dated 21st May 2010, and updated by the Directors of the Trustee in December 2020: **1.** to raise funds. (The trustee must not undertake any permanent trading activity giving rise to charges to tax and must comply with any relevant statutory regulations); **2.** to sell or exchange or lend any of the works belonging to the charity, subject in the case of sale or exchange of works, to Clause 12 of this Scheme; **3.** to acquire objects, works of art and artefacts for any museum, gallery, exhibition or collection established, run or supported hereunder; **4.** to equip, stock, exhibit, display, curate, run and tour any museum, gallery, exhibition or collection as supported hereunder and to conserve, restore, repair, reconstruct and preserve any item acquired by the charity or donated or loaned to the charity; **5.** to allow all or any of the works to be exhibited in any part of the world; ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **42** **6.** to acquire or hire property and to maintain and equip it for use. (The property must be needed to further the objects of the charity.); **7.** to sell, lease or otherwise dispose of all or any part of the charity property. (In exercising this power the trustee must comply as appropriate with sections 117 – 122 of the Charities Act 2011.); **8.** to borrow money and to charge the whole or any part of the property belonging to the charity as security for repayment of the money borrowed. The trustee must comply with the Museum Association Code of Ethics and, if they wish to mortgage land owned by the charity, with sections 124 - 126 of the Charities Act 2011 as appropriate; **9.** to co-operate with other charities, voluntary bodies and statutory authorities. The trustee may exchange information and advice with them; **10.** to establish or support any charitable trusts, associations or institutions formed for any of the charitable purposes included in the charitable objects; **11.** to acquire, merge with or enter into any partnership or joint venture arrangement with any other charity formed for any of the charitable objects; **12.** to delegate the performance of any act, including the exercise of any power or discretion, to a committee consisting of any two or more of the directors of the company which is the trustee. (The trustee must exercise reasonable supervision over the committee and the committee must promptly report their acts and proceedings to the trustee.) The committee must not incur expenditure on behalf of the charity except in accordance with a budget previously agreed by the trustee; **13.** to appoint staff (who must not be directors of the company which is the trustee) and pay them reasonable remuneration, including pension provision for them and their dependants; **14.** to deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the charity to be held in the name of a nominee, in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000; and **15.** to do any other lawful thing that is necessary for the achievement of the charitable objects. **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **43** ## **Method of appointment or election of directors of the Trustee ("Directors")** The articles of association of the Trustee state that there should be no fewer than three and no more than 11 Directors, each of whom is appointed for an initial period of three years. Retiring Directors are eligible to stand for a further term of office. The Board of Directors (the "Board") elects one of its number to the position of Chair at the first Board meeting of each year. The recruitment of new Directors is overseen by the Board and reviewed on a regular basis to ensure a mix of skills and experience. Vacancies, open to all, are advertised on the Foundation's website and with other relevant organisations. ## **Policies adopted for induction and training of Directors of the Trustee** Each Director enters into a letter of appointment outlining both his or her commitment to the Board and also the Board's commitment and responsibilities to the individual Director. New Directors are provided with a joining pack, including the Charity Commission Publication CC3 'The Essential Trustee: what you need to know, what you need to do'. ## **Organisational structure and decision making** The registers of Members and of Directors, together with all other statutory registers, are maintained at the Foundation's office: De Morgan Foundation Curator's House, Watts Gallery Artists Village Down Lane Compton Surrey GU3 1DQ Each register is available to view by appointment with the company secretary of the Trustee. ## **Management Structure** The business of the Foundation is overseen by the Board of Directors of the Trustee. Day-today management is undertaken by a full-time Curator-Manager reporting to the Board. The Foundation also benefits from the support of a small volunteer workforce, who make an important contribution to the organisation's activities and the Trustee Board is immensely grateful for their time and dedication. The Foundation is committed to providing a skillenhancing experience for its volunteers and seeks to develop volunteer contribution and experience over time. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **44** ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity** The De Morgan Foundation **Charity registered number** 310004 ## **Registered office of the charity** Curator's House Watts Gallery Estate Down Lane Compton Guildford GU3 1DQ ## **Managerial Staff** Sarah Hardy, Curator-Manager, The De Morgan Foundation, and Secretary to the Board of Directors of the Trustee ## **Trustee** De Morgan Trustee Company Limited Company Number: 06914254 ## **Registered office of the Trustee** Cannon Hall Museum Bark House Lane Cawthorne Barnsley S75 4AT ## **Board of Directors of the Trustee** Jean McMeakin (Chair) Stephen Jones (Treasurer) Patricia Astley-Cooper Nicholas Boston Richard Flowerday Stanislav Lyuzhanov Rebecca Shaw ## **Solicitors** Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR ## **Accountants** Kreston Reeves LLP Chartered Accountants Third Floor 24 Chiswell Street London EC1Y 4YX ## **Bookkeepers** Mapperson Price Old Gunn Court 1 North Street Dorking Surrey RH4 1DE ## **Bankers** CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4TA ## **Investment Fund Managers** Investec Wealth and Investment 2 Gresham Street London EC2V 7Q ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **45** ## **TRUSTEE'S RESPONSIBILITIES STATEMENT** The Trustee is responsible for preparing the Trustee's report and the 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 & Wales requires the Trustee to prepare financial statements for each financial 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 these financial statements, the Trustee is required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP (FRS102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK accounting standards (FRS102) have been followed, subject to any material departures 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 operation. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. It is 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. This report was approved by order of the Board of Directors of the Trustee on 22nd March 2021 and signed on their behalf by: ## **Jean McMeakin** For and on behalf of De Morgan Trustee Company Limited. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **46** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEE OF DE MORGAN FOUNDATION** I report to the charity Trustee on my examination of the accounts of the charity for the year ended 31st December 2020. ## **Responsibilities and basis of report** As the Trustee of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 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 2011 Act. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1st April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1st January 2015. I have completed my examination. I can confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: **1.** accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or **2.** the accounts do not accord with those records; or **3.** the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **47** 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 accounts to be reached. This report is made solely to the charity's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustee those matters I am required to state to them in an Independent examiner's 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 Trustee as a body, for my work or for this report. Signed: Dated: 22nd March 2021 ## **Peter Hudson BA FCA** Kreston Reeves LLP Chartered Accountants Third Floor 24 Chiswell Street London EC1Y 4YX ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **48** ## **Statement of financial activities for the year ended 31st December 2020** |**Note**
**Income and**
**endowments from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
7,8
Charitable activities
9
**Total expenditure**
**Net**
**income/(expenditure)**
**before net (losses)/**
**gains on investments**
Net (losses)/gains on
investments
**Net income /**
**(expenditure)**
Transfers between funds
19
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Endowment**
**funds**
**2020**
**£**
**-**
**-**
**-**
**34,055**|**Restricted**
**funds**
**2020**
**£**
**4,300**
**-**
**-**

**-**|**Unrestricted**
**funds**
**2020**
**£**

**17,994**
**17,763**
**10,216**
**-**|**Total**
**funds**
**2020**
**£**

**22,294**

**17,763**

**10,216**
**34,055**|_Total_
_funds_
_2019_
_£_

_22,728_

_35,785_

_7,590_

_45,113_| |---|---|---|---|---|---| ||**34,055**|
**4,300**|
**45,973**|
**84,328**|
_111,216_| ||
**11,807**
**-**|


**-**
**-**|

**3,027**
**76,794**|


**14,834**

**76,794**|


_20,335_

_116,369_| ||**11,807**|
**-**|**79,821**|
**91,628**|
_136,704_| ||
**22,248**
**4,300**
**(22,601)**
||

**(33,848)**
**-**
**-**|


**(7,300)**
**(22,601)**|


_(25,488)_

_186,175_| ||**(353)**

**(31,783)**|
**4,300**

**-**|
**(33,848)**
**31,783**|
**(29,901)**

**-**|
_160,687_
_-_| ||**(32,136)**|
**4,300**|
**(2,065)**|
**(29,901)**|
_160,687_| ||
**1,428,173**
**(32,136)**|


**1,304**

**4,300**|


**10,585,356**

**(2,065)**|


**12,014,833**

**(29,901)**|


_11,854,146_

_160,687_| ||**1,396,037**|
**5,604**|
**10,583,291**|
**11,984,932**|
_12,014,833_| The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 50 to 64 form part of these financial statements. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **49** ## **Balance sheet as at 31st December 2020** |**Note**
**Fixed assets**
Tangible assets
14
Investments
15
**Current assets**
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one year
18
**Net current assets**
**Total net assets**
**Charity funds**
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
**Total funds**|**3,786**
**3,570**
**33,162**|**2020**
**£**
**10,555,009**
**1,396,037**|


_3,418_
_11,808_
_23,857_|_2019_
_£_
_10,554,950_
_1,428,173_| |---|---|---|---|---| |||**11,951,046**






**33,886**||_11,983,123_





_31,710_| ||**40,518**
**(6,632)**||_39,083_
_(7,373)_|| ||

|||| |||**11,984,932**||_12,014,833_| |||||
_1,428,173_
_1,304_
_10,585,356_| |||||_12,014,833_| The financial statements were approved and authorised for issue by the Trustee on and signed on their behalf by: ## **Jean McMeakin** For and on behalf of De Morgan Trustee Company Limited. The notes on pages 50 to 64 form part of these financial statements. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **50** ## **Notes to the financial statements for the year ended 31st December 2019** ## **1. General information** The charity is constituted under a Trust Deed under the laws of England & Wales. Its registered office, and principle place of business, is The Curator's House, Watts Gallery Estate, Down Lane, Guildford, GU3 1DQ. The charity's purpose is to conserve the art of William and Evelyn De Morgan and exhibit their art both at Watts Gallery Estate and on loan to other museums. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 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 the Charities SORP (FRS 102) published October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. De Morgan Foundation 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. ## **2.2 Going concern** The Trustee assesses whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustee makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Whilst the impact of the COVID-19 pandemic has been assessed by the Trustee, so far as is reasonably possible, due to its unprecedented impact on the worldwide economy it is difficult to evaluate with any certainty the potential outcomes on the Charity's future activities. However, taking into consideration the Charity's level of reserves, the Trustee believes that the Charity will be able to continue in operational existence for the foreseeable future. ## **2.3 Income** All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **51** ## **2.4 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.5 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 institution with whom the funds are deposited. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Security, alarm and display units - 4 years straight line Furniture and office equipment - 4 years straight line ## **2.7 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. Investments held as fixed assets are shown at cost less provision for impairment. ## **2.8 Stocks** Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **52** ## **2.9 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.10 Cash at bank and in hand** Cash at bank and 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. ## **2.11 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.12 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. ## **2.13 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustee for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **53** ## **3. Income from donations and legacies** |Donations
Grants
Donations
Grants|**Restricted**
**funds**
**2020**
**£**
4,300
-|**Unrestricted**
**funds**
**2020**
**£**

12,994
5,000|**Total**
**funds**
**2020**
**£**

**17,294**

**5,000**| |---|---|---|---| ||4,300|
17,994|
**22,294**| ||
_Restricted funds_
_2019_
_£_
_500_
_1,380_|

_Unrestricted_
_funds_
_2019_
_£_

_20,848_

_-_|

_Total_
_funds_
_2019_
_£_

_21,348_
_1,380_| ||_1,880_|
_20,848_|
_22,728_| ## **4. Income from charitable activities** |Royalties
Loan of artwork
**Total 2020**
Income from charitable activities - Activities undertaken directly
Income from charitable activities - Support costs
_Total 2019_||**Unrestricted**
**funds**
**2020**
**£**
2,163
15,600|**Total**
**funds**
**2020**
**£**

**2,163**

**15,600**| |---|---|---|---| |||17,763|
**17,763**| |||
_Unrestricted_
_funds_
_2019_
_£_
_7,223_
_28,562_

_35,785_|

_Total_
_funds_
_2019_
_£_

_7,223_

_28,562_

_35,785_| ||||| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **54** ## **5. Income from trading activities** **Income from non-charitable trading activities** |Shop sales
Admissions
Shop sales
Admissions
**6.**
**Investment income**
Investment income
Investment income - local cash|**Unrestricted**
**funds**
**2020**
**£**
2,843
7,373|
|**Total**
**funds**
**2020**
**£**
**2,843**
**7,373**
**10,216**
_Total_
_funds_
_2019_
_£_

_5,358_

_2,232_| |---|---|---|---| ||10,216||| ||
_Unrestricted_
_funds_
_2019_
_£_
_5,358_
_2,232_
_7,590_
**Endowment**
**funds**
**2020**
**£**
34,055
_Endowment_
_funds_
_2019_
_£_
_45,113_||| ||||
_7,590_| ||||

**Total**
**funds**
**2020**
**£**

**34,055**| ||||

_Total_
_funds_
_2019_
_£_

_45,113_| **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **55** ## **7. Expenditure on raising funds** ## **Charity trading expenses** |**Charity trading expenses**|||| |---|---|---|---| |Shop and event costs
Shop and event costs
**Investment management costs**
Investment management fees
Investment management fees
**Analysis of expenditure on charitable activities**
**Summary by fund type**
Charitable activities
Charitable activities|_Restricted funds_
_2019_
_£_
_5,576_|**Unrestricted**
**funds**
**2020**
**£**
3,027|**Total**
**funds**
**2020**
**£**
**3,027**
_Total_
_funds_
_2019_
_£_
_8,216_
**Total**
**funds**
**2020**
**£**
**11,807**
**Total**
**funds**
**2019**
**£**
**12,119**
**Total**
**funds**
**2020**
**£**
**76,794**
_Total_
_funds_
_2019_
_£_

_116,369_| |||
_Unrestricted_
_funds_
_2019_
_£_
_8,216_|| |||
**Endowment**
**funds**
**2020**
**£**
11,807|| |||
Endowment
funds
2019
£
12,119|| |||**Unrestricted**
**funds**
**2020**
**£**
76,794|| |||


_Unrestricted_
_funds_
_2019_

_£_

_110,793_|| ## **8. Investment management costs** ## **9. Analysis of expenditure on charitable activities** ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **56** ## **10. Analysis of expenditure by activities** |Charitable activities
Charitable activities
**Analysis of direct costs**
Staff costs
Collections management & conservation costs
Insurance
Rent, rates and service charge
Staff costs
Collections management & conservation costs
Insurance
Sublime Symmetry exhibition
Rent, rates and service charges|**Activities**
**undertaken**
**directly**
**2020**
**£**
49,089|**Support costs**
**2020**
**£**

27,705|**Total**
**funds**
**2020**
**£**

**76,794**| |---|---|---|---| ||
_Activities_
_undertaken_
_directly_
_2019_
_£_
_78,615_|

_Support costs_
_2019_
_£_

_37,754_|

_Total_
_funds_
_2019_
_£_

_116,369_| |||

**Activities**
**undertaken**
**directly**
**2020**
**£**
40,875
1,740
1,074
5,400|

**Total**
**funds**
**2020**
**£**

**40,875**

**1,740**

**1,074**

**5,400**| |||49,089|
**49,089**| |||
_Activities_
_undertaken_
_directly_
_2019_
_£_
_42,186_
_17,956_
_10,073_
_3,000_
_5,400_|

_Total_
_funds_
_2019_
_£_

_42,186_

_17,956_

_10,073_

_3,000_

_5,400_| |||_78,615_|
_78,615_| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **57** |**Analysis of support costs**
Depreciation
Independent examiner's fees
Bank charges
Subscriptions
Storage of Special Range Property (artwork)
Office print, post and stationery
Sundry costs
Promotion and advertising
Travel and subsistence
Computer and internet costs
Other professional fees
Bad debt provision
Independent examiner's fees
Bank charges
Subscriptions
Storage of Special Range Property (artwork)
Office print, post and stationery
Sundry expenses
Promotion and advertising
Travel and subsistence
Computer and internet costs|**Activities**
**undertaken**
**directly**
**2020**
**£**
3
4,858
555
535
13,789
226
457
24
693
500
5,945
120
27,705
_Activities_
_undertaken_
_directly_
_2019_
_£_
_4,601_
_272_
_407_
_14,175_
_240_
_441_
_1,232_
_2,100_
_14,286_
|**Total**
**funds**
**2020**
**£**

**3**

**4,858**

**555**

**535**

**13,789**

**226**

**457**

**24**

**693**

**500**

**5,945**

**120**| |---|---|---| |||
**27,705**| |||

_Total_
_funds_
_2019_
_£_

_4,601_

_272_

_407_

_14,175_

_240_

_441_

_1,232_

_2,100_

_14,286_

_37,754_| ||_37,754_|| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **58** ## **11. Independent examiner's remuneration** |**Independent examiner's remuneration**|||| |---|---|---|---| |**2020**
**£**
Fees payable to the charity's independent examiner for the independent
examination of the charity's annual accounts
**4,858**
**Staff costs**
**2020**
**£**
Wages and salaries
**40,875**
The average number of persons employed by the charity during the year was as follows:
**2020**
**No.**
Support staff
**1**||**2020**
**£**
**4,858**|_2019_
_£_
_4,601_

_2019_

_£_

_42,186_| |||
**2020**
**£**
**40,875**|| ||||


_2019_

_No._

_1_| ## **12. Staff costs** No employee received remuneration amounting to more than £60,000 in either year. ## **13. Trustee's remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2019 - £NIL-)_ During the year ended 31 December 2020, no Trustee expenses have been incurred _(2019 - £Nil)_ . ## **14. Tangible fixed assets** |**Cost or valuation**
At 1 January 2020
Additions
At 31 December 2020
**Depreciation**
At 1 January 2020
Charge for the year
At 31 December 2020
**Net book value**
At 31 December 2020
At 31 December 2019|**Plant and**
**machinery**
**£**
**21,094**
**-**|**Fixtures and**
**fittings**
**£**

**9,755**
**62**

**9,817**

**9,755**
**3**

**9,758**
**59**
_-_|**Other fixed assets**
**£**
**10,554,950**
**-**

**10,554,950**

**-**
**-**

**-**

**10,554,950**
_10,554,950_||**Total**
**£**
**10,585,799**
**62**

**10,585,861**

**30,849**
**3**

**30,852**

**10,555,009**
_10,554,950_| |---|---|---|---|---|---| ||**21,094**||||| ||**21,094**
**-**||||| ||**21,094**||||| ||**-**||||| ||_-_||||| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **59** ## **15. Fixed asset investments** |**Cost or valuation**
At 1 January 2020
Additions
Disposals
Revaluations
**At 31 December 2020**
**Net book value**
**At 31 December 2020**
_At 31 December 2019_
**16.**
**Stocks**
Shop stock
**17.**
**Debtors**
**Due after more than one year**
Other debtors
**Due within one year**
Trade debtors
Prepayments and accrued income
**18.**
**Creditors: Amounts falling due within one year**
Other taxation and social security
Other creditors
Accruals and deferred income|**Listed**
**investments**
**£**
**1,377,810**
**446,424**
**(475,666)**
**27,541**|



|**Other fixed**
**asset**
**investments**
**£**
**50,024**
**(30,096)**
**-**
**-**

**19,928**
**19,928**

_50,024_
**2020**
**£**
**3,786**
**2020**
**£**
**450**
**2,815**
**305**|**Total**
**£**
**1,427,834**
**416,328**
**(475,666)**
**27,541**
**1,396,037**
**1,396,037**
_1,427,834_

_2019_

_£_

_3,418_| |---|---|---|---|---| ||**1,376,109**|||| ||
**1,376,109**|
||| ||_1,377,810_|||| |||||| |||||

_2019_
_£_

_450_

_2,563_

_8,795_

_11,808_
_2019_
_£_

_2,093_

_1,080_

_4,200_

_7,373_| ||||**3,570**|| ||||
**2020**
**£**
**-**

**1,082**
**5,550**|| ||||**6,632**|| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **60** ## **19. Statement of funds** ## **Statement of funds - current year** |**Designated funds**
Special range
property
Conservation of
collection
**General funds**
General Funds
**Endowment**
**funds**
Permanent
endowment
(listed
investments)
Expendable
endowment
(listed
investments)
**Restricted funds**
Ceramics
conservation
Art Fund
Decorative Arts
Society
**Total of funds**||**Balance at 1**
**January 2020**
**£**
**10,554,950**
**2,075**|**Balance at 1**
**January 2020**
**£**
**10,554,950**
**2,075**|
|**Income**
**£**
**-**
**-**|**Income**
**£**
**-**
**-**||**Expenditure**
**£**
**-**
**-**||**Transfers**
**in/out**
**£**
**-**
**-**||**Gains/**
**(Losses)**
**£**
**-**
**-**|**Balance at 31**
**December**
**2020**
**£**
**10,554,950**
**2,075**| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||**10,557,025**|||**-**|||**-**||**-**||**-**|**10,557,025**| |||
**28,331**|||
**45,973**|||
**(79,821)**||
**31,783**
**-**
**(31,783)**||**-**|
**26,266**| |||
**525,427**
**902,746**||

|

**-**
**34,055**||
|

**(4,344)**
**(7,463)**|

|

**-**
**(31,783)**||**(8,315)**
**(14,286)**|

**512,768**

**883,269**| |||**1,428,173**|||**34,055**|||**(11,807)**||**(31,783)**||**(22,601)**|
**1,396,037**| |||
**1,304**
**-**
**-**||
|
**-**
**1,800**
**2,500**||

|
**-**
**-**
**-**||
**-**
**-**
**-**||
**-**
**-**
**-**|

**1,304**
**1,800**
**2,500**| |||**1,304**|||**4,300**|||**-**||**-**||**-**|**5,604**| |||
**12,014,833**|||
**84,328**|||**(91,628)**||**-**||**(22,601)**|
**11,984,932**| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **61** ## **Statement of funds - prior year** |_1_
**Designated**
**funds**
Special range
property
Conservation of
collection
**General funds**
General Funds
**Total**
**Unrestricted**
**funds**
**Endowment**
**funds**
Permanent
endowment
(listed
investments)
Expendable
endowment
(listed
investments)
**Restricted**
**funds**
Sublime
symmetry
project
Ceramics
conservation
AIM painting
conservation
**Total of funds**
|_1_|_1_|_Balance at_
_January 2019_
_£_
_10,554,950_
_2,075_
|
|
|_Income_
_£_
_-_
_-_
|||_Expenditure_
_£_
_Transfers in/out_
_£_
_-_
_-_
_-_
_-_

-

_-_

_(119,009)_
_60,792_

(119,009)
_60,792_
_(4,410)_
_-_
_(7,709)_
_(60,792)_|_Transfers in/out_
_£_
_-_
_-_
|_Transfers in/out_
_£_
_-_
_-_
||_Gains/_
_(Losses)_
_£_
_-_
_-_
|_Balance at_
_31 December_
_2019_
_£_
_10,554,950_
_2,075_

_10,557,025_
_28,331_
_10,585,356_

_525,427_

_902,746_| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||10,557,025|||-|||||_-_||_-_|| ||||||||||||||_-_|| ||||
10,579,350|||


64,223|||


(119,009)||||_-_|| ||||
_462,087_
_807,709_||

|

_-_
_45,113_||
|

_(4,410_
_(7,709_|
_)_
_)_|

_-_
_(60,792)_||_67,750_
_118,425_|| ||||1,269,796|||45,113|||(12,119||_(60,792)_||_186,175_|
_1,428,173_| ||||
_3,000_
_2,000_
_-_|

||
_-_
_500_
_1,380_|

||
_(3,000)_
_(1,196)_
_(1,380)_
(5,576)
_(136,704)_|


|
_-_
_-_
_-_||
_-_
_-_
_-_|

_-_
_1,304_
_-_

_1,304_
_12,014,833_| ||||5,000|||1,880|||||_-_||_-_|| ||||
_11,854,146_|||
_111,216_|||||_-_||_186,175_|| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **62** _Designated funds relate to the following:_ ## _- Special Range Property_ _This is the artwork in the De Morgan Collection as pertains to the Foundation's charitable objects, viz. the provision and maintenance of a collection of paintings, ceramics, and other works of art open to the public, and for the promotion and appreciation of art and of education in art and allied subjects. The fund will be held for the life of those assets and from time to time, will reflect fluctuations in value as determined by the Foundation's art valuers._ ## _- Conservation of collection_ _Funds are held for conservation of the collection or new purchases of art work._ _Endowment funds relate to the following:_ _Endowment funds relate to investments, of which the Expendable endowment can be expended as required. With regard to the Permanent endowment, investment income can be utilised but not the capital element. The Permanent endowment was determined as of 31.12.2006 at £405,943 by the Charity Commission and varies in accordance with movements in the underlying investments and with investment manager fees. As at 31.12.2020 the value of the permanent endowment was £512,774._ _Restricted funds relate to the following:_ ## _- Sublime Symmetry Exhibition Project_ _A five venue touring exhibition showcasing ceramics and artwork of William De Morgan, demonstrating the mathematical concepts which are the basis of his ceramic designs._ ## _- Ceramics Conservation Project_ _Funds are held for the conservation of the ceramics in the De Morgan Foundation collection._ ## _- AIM Painting Conservation_ _Funds used for the conservation of two oil paintings._ ## _- Art Fund_ _This represents a grant to allow the Curator to visit Delaware and South Carolina in preparation for a major retrospective exhibition on the De Morgans in the USA with artworks from the De Morgan Collection._ ## _- Decorative Arts Society_ _Funds to be used in the conservation and preparation for display of two William De Morgan’s designs for stained glass._ ## _**Transfers between funds**_ _The transfer represents the income and proportion of capital that is permitted to support the running costs of the charity._ ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **63** ## **20. Summary of funds** **Summary of funds - current year** |Designated
funds
General
funds
Endowment
funds
Restricted
funds|**Balance at 1**
**January 2020**
**£**
**10,557,025**
**28,331**
**1,428,173**
**1,304**
|**Income**
**£**

**-**

**45,973**

**34,055**

**4,300**
|**Expenditure**
**£**
**-**

**(79,821)**

**(11,807)**

**-**
|**Transfers**
**in/out**
**£**
**-**

**31,783**

**(31,783)**
**-**
|**Gains/**
**(Losses)**
**£**
**Balance at 31**
**December 2020**
**£**
**-**
**10,557,025**

**-**
**26,266**

**(22,601)**
**1,396,037**
**-**
**5,604**

**(22,601)**
**11,984,932**| |---|---|---|---|---|---| ||**12,014,833**|**84,328**|**(91,628)**|**-**|| ## **Summary of funds - prior year** |Designated funds
General funds
Endowment
funds
Restricted funds|_Balance at_
_1 January 2019_
_£_
_10,557,025_
_22,325_
_1,269,796_
_5,000_|_Income_
_£_

_-_

_64,223_

_45,113_

_1,880_|_Expenditure_
_£_
_-_

_(119,009)_

_(12,119)_

_(5,576)_|_Transfers in/out_
_£_
_-_

_60,792_

_(60,792)_

_-_|_Gains/_
_(Losses)_
_£_
_-_

_-_

_186,175_
_-_|_Balance at_
_31 December_
_2019_
_£_
_10,557,025_
_28,331_

_1,428,173_
_1,304_| |---|---|---|---|---|---|---| ||_11,854,146_|
_111,216_|
_(136,704)_|
_-_|_186,175_|
_12,014,833_| ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 **64** ## **21. Analysis of net assets between funds** **Analysis of net assets between funds - current period** |**Endowment**
**funds**
**2020**
**£**
Tangible fixed assets
-
Fixed asset investments
1,396,037
Debtors due after more than one year
-
Current assets
-
Creditors due within one year
-
**Total**
1,396,037
**Analysis of net assets between funds - prior period**
_Endowment_
_funds_
_2019_
_£_
Tangible fixed assets
-
Fixed asset investments
1,428,173
Debtors due after more than one year
-
Current assets
-
Creditors due within one year
-
**Total**
1,428,173|**Endowment**
**funds**
**2020**
**£**
-
1,396,037
-
-
-|**Restricted**
**funds**
**2020**
**£**
-

-
-
5,604
-|**Unrestricted**
**funds**
**2020**
**£**
10,555,009
-
450

34,464
(6,632)|**Total**
**funds**
**2020**
**£**

**10,555,009**
**1,396,037**

**450**

**40,068**

**(6,632)**| |---|---|---|---|---| ||1,396,037|
5,604|
10,583,291|
**11,984,932**| |||

_Restricted funds_
_2019_
_£_
-

-
-
1,304
-|

_Unrestricted_
_funds_
_2019_
_£_
10,554,950
-
450

37,329
(7,373)|

_Total_
_funds_
_2019_
_£_

_10,554,950_
_1,428,173_

_450_

_38,633_

_(7,373)_| ||1,428,173|
1,304|
10,585,356|
_12,014,833_| ## **22. Related party transactions** There are no related party transactions during 2020 or 2019 other than the reimbursement of expenses disclosed in note 11. ## **23. Controlling party** The charity is controlled by its Trustee. ## **_________________________________________________________** **DE MORGAN FOUNDATION** Trustee's Report and Financial Statements for the year ended 31st December 2020 De Morgan Foundation