2022-12-31-accounts - De Morgan Foundation

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De Morgan Foundation _________ Trustee's Annual Report & Accounts 2022

DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2022

Contents	Page
Trustee's Report	2
Introduction	3
Objectives and Activities	5
Achievements and Performance	8
The De Morgan Museum : Redevelopment and Accreditation	8
Partnerships	15
Loans and Tours	18
Outreach and Community Engagement	23
Education	24
Public Programmes	24
Digital	26
Collections Online	27
Collections Care	28
Thanks	29
People	30
Plans for the Future	31
Financial Review	33
Structure, Governance and Management	36
Reference and Administrative Details of the Charity, its Trustee and Advisers	39
Trustee's Responsibilities Statement	40
Independent Examiner's Report	41
Statement of Financial Activities	43
Balance Sheet	44
Notes to the financial statements	45

Front cover images: Evelyn De Morgan, The Gilded Cage. (c.1901-1902) William De Morgan, Antelope and Fruiting Tree Dish (1888-1907)

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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 2022.

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".

This report details the Foundation’s activity against objectives set for 2022 and in the 2021– 2024 Forward Plan, responding to the immediate need for action and activity which would enable a full recovery from the impact of the Covid-19 pandemic and to ensure future resilience.

2022 was a year of consolidation, development, and growth for the Foundation. Achieving full Museum Accreditation status from Arts Council England for the De Morgan Museum at Cannon Hall was a major milestone in the Foundation’s history, recognising it meets the Accreditation Standard for its museum in terms of its organisation and the preservation and care of collections and access for public benefit.

The De Morgan Museum at Cannon Hall was fully refurbished and rehung with new displays. The colour scheme, artworks, and curatorial themes were specially devised based on feedback from the Foundation's Audience Development Group. Various family tours and trails, a 360º virtual tour, and a fully digital guide with audio and visual elements is available.

The Foundation expanded its activity internationally in 2022, taking a curated exhibition of 77 paintings and ceramics on tour to the USA. Opening at Delaware Art Museum in October 2022 ‘ A Marriage of Arts and Crafts: William and Evelyn De Morgan’ , proved very popular, with over 15,500 visitors. The exhibition was accompanied by the first major volume in 20 years of essays on the De Morgan’s artworks, published by Yale University Press. This international activity has brought the De Morgans’ artwork to new audiences and enhanced its reputation.

Activities to diversify revenue, based on the 2021 plan, continued, and a licence agreement for a commercially produced merchandise featuring the De Morgan’s designs was agreed. The Foundation also looked to Trusts and Foundations to secure unrestricted funding for its various activities.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

INTRODUCTION

The De Morgans

William and Evelyn De Morgan believed that art had the potential to transform lives for the better.

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. As an adult he campaigned for a better world, and was a vocal supporter of women’s suffrage, writing regular features in the 20th century publication Votes for Women. When the Men’s League for Women’s Suffrage was established, William joined immediately, becoming the vice-president in 1914.

Evelyn (1855-1919) believed in the power of painting to communicate her moral messages. The First World War deeply affected her and she began to adapt her painting style to include a symbolic visual lexicon of motifs which expressed her desire that the outcome of war would be to bring about eventual peace. Rainbows stream through her skies as anguished figures reach towards them. Her hope for better days was shared with others in a benefit exhibition she held at her studio in 1916 which raised funds for the Red Cross. Just before her death, Evelyn wrote a will in which she expressed the wish that the sale of her pictures should raise funds for St Dunstan’s Hospital for Blind Soldiers (now Blind Veterans UK), to use her art to benefit others beyond her own lifetime.

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 ancestry, 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 battled with their brother Spencer, the executor of the De Morgan estate, to buy paintings from Evelyn’s studio which he saw as not good enough. Fortunately, 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 artworks until her death in 1965, working tirelessly to establish a charitable trust to care for the artworks in perpetuity.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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 Limited, which has six volunteer Non-Executive 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 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. Rare oil paintings, early drawings from the antique, and designs for stained glass by William are also represented in the collection.

In addition, the Collection includes a small archive of material, including letters, drawings, plays, personal effects and family documents relating to William and Evelyn and their families.

The Collection is made available to the public at the De Morgan Museum at Cannon Hall in Barnsley. The Foundation also has two long-term strategic partnerships, with the Watts Gallery – Artists’ Village in Guildford, and Wightwick Manor in Wolverhampton, where it runs exhibitions. In addition, it has long-term loans of artworks at the Ashmolean Museum in Oxford, the Queen's House in Greenwich, and Buckler's Hard Maritime Museum in Beaulieu Hampshire.

The Foundation also lends artworks to third-party exhibitions, and curates exhibitions for hire, The Foundation also makes its collection available online, through its own website, and on digital art platforms, ensuring the widest possible public audience can enjoy the artworks.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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, and 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 in the area in which it operates and in that of partner venues, attracting visitors to venues, boosting the local economy.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Key Objectives 2022

The key objectives for 2022 were set in December 2021, when Covid-19 was still a concern and the impact of the pandemic was still being felt. The rationale was to use the opportunity of the period of recovery to improve the future resilience of the organisation and test new opportunities for growth.

In order to deliver the objectives, the Foundation established specific workstream working groups to oversee, plan, and manage activities relating to the key objectives, viz. Accreditation, Museum Redevelopment, and Diversifying Revenue. Each working group consisted of at least two Trustee Directors and the Director of the De Morgan Museum, reporting to the full Board.

OBJECTIVE:
Submit an application to achieve full Arts Council England Museum Accreditation status with the De Morgan Museum at Cannon Hall, by end of 2022.

The Director of the De Morgan Museum worked closely with the Trustee Board of Directors to write and update plans, policies, and procedures for the Foundation so that its museum space at Cannon Hall met the Accreditation Standard. Minimum standards for Collections Management, Governance, and public access were confirmed or implemented. The Foundation submitted the application for full Accreditation for the De Morgan Museum to Arts Council England in August 2022. It was accepted at the ACE panel meeting in November 2022 and full Accreditation Status was granted for a five year period.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

OBJECTIVE:

Explore and trial options for an audience-focused redisplay and redecoration of the De Morgan Museum

Based on the feedback from visitors, members, staff, and volunteers, a business case with a budget and funding plan was agreed by the Board of Directors in May 2022 and work began in August 2022 to fully refurbish and reinterpret the museum. A fundraising campaign raised over £5,000, representing over 30% of the total cost of the refurbishment.

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OBJECTIVE:

Develop commercial activity through licensing agreements, to further diversify revenue streams to ensure ongoing financial resilience.

Licencing agreements were established with two commercial merchandising companies, Heritage Digital to create seasonal textile, ceramic, and clothing products which relate to specific artworks or exhibitions, and Wrapology, an independent brand creating garments, jewellery, and room fragrances available to high-end retailers. De Morgan will be in receipt of royalties for products sold.

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OBJECTIVE: Successfully deliver a USA touring exhibition of De Morgan artworks, to grow international reach and develop touring opportunities.

Comprising nearly 80 artworks drawn from the De Morgan Foundation’s collection, the exhibition ‘ A Marriage of Arts and Crafts: Evelyn and William De Morgan ’ opened in October 2022 at Delaware Art Museum. The exhibition is arranged thematically to allow various social and political views which the De Morgans held to be shared with visitors through the artworks. In its first weekend, it saw over 1,000 visitors.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

ACHIEVEMENTS AND PERFORMANCE

De Morgan Museum: Redevelopment

The De Morgan Museum is based at Cannon Hall in Barnsley, along with the De Morgan Foundation's headquarters and office. Cannon Hall Museum is one of five museums run by Barnsley Metropolitan Council and Barnsley Museums Trust.

Since 2016 the Foundation has partnered with Cannon Hall to display part of its collection there, and as a consequence of the level of support from colleagues in Barnsley, and the ancestral ties to the Hall through Evelyn De Morgan's family, it was agreed that this site should become the Foundation’s main museum.

Obtaining Accredited Museum status necessitated a change to the display and curation of the space to ensure its own, unique identity. Following work with local users and non-users, an audience development plan and a museum redevelopment plan were agreed, to meet the needs of existing users and attract those who might be new to the De Morgans’ art and story.

Stories and Themes

An issue identified with users in the previous display was intellectual access to the collection, as presented in the written interpretation. Focus groups feedback suggested this was difficult to read and had a focus on art history, which was off-putting for those with no existing knowledge.

In the new display, the artworks are presented thematically, with themes as broad as mythology, feminism, living through times of change, and innovation. The introductory text in each room focuses on human emotions or reflections on society today - key themes for the De Morgans themselves - in order to be intellectually accessible to all. The individual label text provides a deep dive into the symbols visible on the artworks so visitors can unlock the meanings for themselves, empowering every visitor to engage with the art.

Excitement, interest, and colour

The De Morgans’ artworks are colourful and lively. Feedback from audience focus groups suggested the galleries in the new museum should better reflect this and make the space feel exciting. As such, a bold palette was selected for the refurbishment, with colours taken directly from the artworks, thus the galleries are now as much a talking point as the art. Visitors are welcomed to take photographs and share on social media, creating another layer of engagement. Comfortable seating has been added to encourage dwell time and a deeper, engagement with the art.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Physical and digital interpretation

The museum was redeveloped with all visitors in mind. Paper guides are available at the entrance, which provide additional information on the Pre-Raphaelite Brotherhood and its followers.

There is also a paper trail available to families, which links William De Morgan’s dragons and dodos to the ‘Monster Walk’ in the gardens and encourages visitors to the park to call in at the museum as part of their visit.

Large text and motifs are arranged around the artworks; these bold banners highlight key elements of the paintings or quotes from the artists. For visitors short on time, or for young visitors learning to read, there is appropriate information which communicates the themes in an easily digestible way.

A virtual 360º model of the Museum has been created, with hotspots which link to audio and video clips on the artworks, and can be used to aid a visit or as a stand-alone online tool for those unable to travel to Barnsley.

In addition, the Foundation partnered with Bloomberg Connects in November 2022 to provide a free-to-use digital audio and video guide to the De Morgan Museum. Visitors scan a QR code and download the app to access the content. Further plans for 2023 are to add more tours to the app which will allow visitors to select a different theme for each visit.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

De Morgan Museum: Accreditation

In November 2022 the museum was granted full Accreditation by Arts Council England. This nationally agreed standard ensures museums are sustainable, focused, and trusted, inspiring the confidence of the public, funding, and governing bodies. It is a significant achievement for the museum to be recognised as meeting this exacting standard. The national assessor complemented the Foundation on presenting a "strong and thorough" application. Meeting the standard was an in-depth process undertaken by staff and the Trustee Board throughout 2022, in the following areas of Accreditation.

Organisational Health

The Foundation updated its Governing Document (the Charitable Scheme) in order to give it the explicit power to run a museum, absent from the original Scheme. A skills audit was undertaken to ensure it had the divers skills and experience required for good governance and to run the Foundation and its museum. The Accreditation standard requires museums to have clear emergency plans and risk assessments. The emergency plan was updated and tested with partner museums. The risk register is reviewed at each Board meeting.

Managing Collections

The Foundation's collection is recorded in a museum-standard collections management system. The data on existing objects, and any future acquisitions, are recorded according to the Spectrum Standards outlined by the Collections Trust, and all relevant documentation relating to the collection was updated. Object location checks, usually done annually, were undertaken in May and in November due to the number of display changes and object moves.

The Foundation's small collection of first edition books was added to the system, and a plan implemented to scan and make available the entire De Morgan Archive.

The conservation plan was reviewed and agreed; this identifies objects requiring treatment, in order to preserve the collection in the long term, and addresses preventative conservation methods and housekeeping at the museum and the art store.

User Experience

Results from the Audience Agency surveys, audience focus groups, and an access audit had been undertaken in 2021, suggesting improvements which could be made to the Museum in terms of the display and the written information available. These were key pieces of work in redeveloping the De Morgan Museum in 2022.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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Partnerships

The Foundation works in partnership with complementary organisations in key locations across the country, allowing the Foundation to share the Collection with the public as widely as possible. Each partnership seeks to share the collection in areas where it has local significance and would add to the culture and heritage offer in the area.

In 2022 The Foundation continued its partnerships, ensuring the display of artworks was changed at each site to refresh the displays, and each partner site benefitted from a contribution to its public programme from the Director of the De Morgan Museum.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Watts Gallery - Artists' Village, Surrey

William and Evelyn De Morgan visited George Frederick and Mary Watts at their home and gallery in Surrey in the 1890s. Today, this site is run by the Watts Gallery Trust and welcomes 30,000 visitors each year. The Foundation has partnered with Watts since 2016 to display a curated exhibition drawn from the De Morgan Collection. 2022 saw the re-establishment of guided tours, and four volunteers received dedicated training with the Director of the De Morgan Museum, and run two tours per week in the De Morgan gallery.

In 2022 Watts Gallery reopened Limnerslease, a preserved Arts and Crafts property once the studio home of GF Watts, open to the public. The Foundation increased its visibility at the site by displaying ceramics in a case in the sitting room. This is of particular curatorial interest as Mary Watts’ diaries reveal that Evelyn De Morgan visited the house and sat speaking with GF Watts in the sitting room. The cabinet contains information about the ceramics and the De Morgan Foundation.

Wightwick Manor, Wolverhampton

The complete ‘House Beautiful’, Wightwick Manor was designed and built to Oscar Wilde’s aesthetic interior taste, with Morris wallpapers and De Morgan tiles bought directly from Morris & Co. in the 1880s. Now in the care of the National Trust, the Foundation partners with Wightwick where it has a dedicated gallery space in the old Malthouse building. The current exhibition ‘ Look Beneath the Lustre’ displays c.120 De Morgan ceramics, drawings, and paintings which illustrate the De Morgans’ processes for creating their artworks.

Through a joint link with the Pre-Raphaelite Society, the Foundation and Wightwick Manor welcomed students from Birmingham University, with their supervisor, Dr Serena Trowbridge, to transcribe Evelyn De Morgan’s juvenile poetry and writing in the Foundation’s collection. This has resulted in a publication of the poems and the transcripts made available to future researchers.

Ashmolean Museum, Oxford

The Museum of the University of Oxford, the Ashmolean was established in 1683 and holds collections from ancient Egypt to contemporary art, welcoming over a million visitors a year. Over 30 important ceramics from the De Morgan Collection have been on loan to the Ashmolean since 2016 in a dedicated display case in the 19th century galleries.

In 2022, the Foundation was able to revive its annual lecture at the Ashmolean, which attracted 100 attendees and provided an opportunity to raise awareness of the partnership. In addition, the Ashmolean's Curator of Decorative Arts, Matthew Winterbottom, hosted a visit of De Morgan Patrons, giving a tour of the 19th century galleries, and the temporary exhibition of Pre-Raphaelite Drawings.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Queen’s House, Greenwich, London

The Queen’s House, part of Royal Museums Greenwich, a National Museum, represents an important partner for De Morgan. Since the site is in London, it is the closest geographically to the De Morgans’ homes and studios in Chelsea and allows the Foundation to retain a presence in the capital alongside its ambition to share the collection across the UK.

Changes were made to the display of De Morgan artworks at the Queen’s House in 2022, with two additional William De Morgan ceramic chargers added to the display. The Director of the De Morgan Museum took part in a series of reciprocal events with Queen’s House in 2022, offering a public talk on the De Morgans, and Katherine Gazzard, from Royal Museums Greenwich, delivered talks and tours on the ‘ Canaletto: Venice Revisited’ exhibition to De Morgan Friends and Patrons.

Combined visitor figures for 2022

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 2022.

Cannon Hall	36,222
Watts Gallery	25,006
Wightwick Manor	117,536
Ashmolean Museum	728,006
Queen’s House	231,706
Buckler’s Hard Maritime Museum	19,381
Delaware Art Museum:A Marriage of Arts & Crafts: Evelyn & William De Morgan	15,555
Leamington Spa Art Gallery & Museum: Pre-Raphaelite Visionaries	15,675
William Morris Gallery:The Legend of King Arthur: A Pre-Raphaelite Love Story	19,202
TOTAL	1,208,289
2021	361,400
2020	59,8450
2019	1,900,000
2018	1,528,500

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Loans and Tours

Long-term Loans

In 2022, the Foundation was able to maintain its loan of a De Morgan tile to the Buckler’s Hard Maritime Museum in Hampshire. This is an important loan to an exhibition about the SS Persia, a ship for which William De Morgan designed the interior tile schemes, which was attacked by a German U-Boat during the First World War.

The Foundation was also grateful to those who agreed to renew loans to the De Morgan Museum in 2022. The Venables Family kindly renewed the loan of a portrait of the PreRaphaelite painter John Roddam Spencer Stanhope by his niece, Evelyn De Morgan. This is a key artwork in the new display, allowing visitors to see images of all the artists being discussed. Since 'Uncle Roddy' lived at Cannon Hall, displaying his portrait here is important to local visitors. The Foundation also thanks all those at All Saints Church in Cawthorne, Barnsley, who agreed to extend the loan of Roddam’s pulpit panels to the De Morgan Museum. These objects on display help to represent the local importance of this internationally renowned artist.

Loans to Exhibitions in 2022

By maintaining a programme of loans to third-party exhibitions, the Foundation extends its reach, bringing the De Morgan artworks to a wider public and presenting them in innovative displays. This activity encourages research and scholarship pertaining to the De Morgan Collection and allows the artworks to be seen in new contexts, helping the Foundation meet it charitable objectives.

'Modern Pre-Raphaelite Visionaries', Leamington Spa Art Gallery & Museum

Curated by Dr Alice Eden and Supported by the Paul Mellon Centre and Weston Loan Programme, this exhibition highlighted artists who developed the Pre-Raphaelite style in the early 20th century.

These artists sought to understand their place in the changing modern world by re-examining the nostalgic and romantic art of the Pre-Raphaelite Brotherhood. The exhibition was a rare opportunity to display Evelyn De Morgan’s paintings, ' Queen Eleanor and Fair Rosamund' (1904) and ' Evening Star Over the Sea' (c.1917), alongside Leamington Spa’s own collection of important Modern Pre-Raphaelite artwork, in particular the prints and paintings of Frederick Caley Robinson. Significant loans from around the country including works from Tate, the British Museum, the Fitzwilliam Museum, and Manchester Art Gallery made a large portion of the exhibition, drawing curatorial and public interest from those familiar with these collections.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

'The Legend of King Arthur: A Pre-Raphaelite Love Story', William Morris Gallery, Walthamstow

This exhibition explores the legend of King Arthur within the Victorian imagination, presenting national myths and legends through the eyes of Pre-Raphaelite artists. Curated by Natalie Rigby for Falmouth Art Gallery, this is the exhibition’s first stop on a nationwide tour of locations associated with King Arthur. Following its debut at the William Morris Gallery, the exhibition will tour to Tullie House, Carlisle in February 2023 before finishing its run at Falmouth Art Gallery in Cornwall in June 2023.

Like her contemporaries, Evelyn De Morgan was inspired by myth and legend and often used the chivalric knight in her artworks. Until now, scholars have interpreted this motif as a symbol of war, but this exhibition focusses on the fact that De Morgan copied 15th century suits of armour from those at Hampton Court Palace in order to paint the armour faithfully. Her paintings such as ' The Love Potion ' are included in the exhibition, demonstrating her use of iconography recognisable to an audience familiar with Arthurian Legend to communicate her ideas.

Evelyn De Morgan, ' The Love Potion' (1904)

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

De Morgan Touring Exhibitions

The Foundation prepares exhibitions for hire by museums and galleries across the globe, in order to share the collection as widely as possible.

‘A Marriage of Arts & Crafts: Evelyn & William De Morgan’

This exhibition, which opened at Delaware Art Museum on 19th October 2022, was co-curated by Sarah Hardy, Director of the De Morgan Museum, and Margaretta Frederick, Curator of the Bancroft Collection of Pre-Raphaelite Art at Delaware Art Museum, which holds the largest collection of Pre-Raphaelite artworks in the USA, and has been an important partner in the preparation and mounting of this exhibition.

The exhibition includes 77 paintings, ceramics, and works on paper from the De Morgan Collection which showcase the couple’s various interests, political concerns, and artistic influences. As the first major retrospective of the De Morgans’ artworks in the USA, the exhibition is a significant milestone for the Foundation.

The exhibition is organised thematically; introducing new audiences to their active feminism, Spiritualist beliefs, and love of Italian Renaissance art. This has presented an opportunity to discuss the equality in the De Morgans’ marriage, which was unusual for the time. Discussing the artists' lives together has been at the forefront of the interpretation, inviting audiences to connect at a deeper level than simply the surface beauty of the artworks.

Accompanying the exhibition is a collection of essays by Victorian art historians, edited by Margaretta Frederick and published by Yale University Press, this is a comprehensive reassessment of the De Morgans’ lives and work and aids the De Morgan Foundation in sharing the collection beyond its usual museum visitors.

The exhibition and accompanying publication have been featured in reviews in Delaware Today, the US Journal of the Pre-Raphaelite Society, The Art Renewal Centre, and the New York Magazine, Hyperallergic.

Sarah Hardy travelled to Delaware to install the exhibition, meet US supporters, and deliver a lecture to a 100-strong audience on the opening evening. The Foundation will continue to work with Delaware Art Museum to strengthen its links with USA museums, galleries, academics, and supporters.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Delaware Art Morgan Museum ‘A Marriage of Arts & Crafts: Evelyn & William De Morgan’

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DE MORGAN FOUNDATION DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022 Trustee's Report and Financial Statements for the year ended 31st December 2022

Delaware Art Morgan Museum ‘A Marriage of Arts & Crafts: Evelyn & William De Morgan’

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DE MORGAN FOUNDATION DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022 Trustee's Report and Financial Statements for the year ended 31st December 2022

Outreach and Community Engagement

The De Morgan Foundation is committed to outreach and community engagement and ran a number of successful programmes in 2022. Primarily these involved making connections with the local community around the De Morgan Museum at Cannon Hall through the development of audience focus groups, which were integral in preparing the museum redevelopment plans. A divers range of people, from school and college teachers to people who had never heard of the museum, were invited to give feedback and make suggestions for improvements, which were incorporated in the plans. The Foundation took part in Penistone Arts Week in March, a local arts festival organised by the community around the De Morgan Museum. Sarah Hardy gave a lecture on local artist John Roddam Spencer Stanhope, to increase knowledge and awareness of the museum.

Charity partners

Blind Veterans UK was established to help veterans living with sight loss after the First World War, a charity known to Evelyn De Morgan. Today, the Foundation partners with this charity to provide audio descriptions and tours of the collection. In turn, it provides advice for the De Morgan Museum to ensure it is accessible to people with sight loss today. In January, a group of 15 members of Blind Veterans UK travelled to Towneley Hall to visit the De Morgan exhibition ‘ Artist of Hope’ . This was the first in-person event welcoming a group who had previously been excluded from the arts, none of those who attended had been on a museum visit before and said they would be keen to visit again.

Volunteering programme

The programme of volunteering at the De Morgan Museum was expanded in 2022. Volunteer guides now provide tours of the De Morgan Museum twice a week to visitors. Four new, regular volunteers have been engaged to provide the tours.

Internships

The Foundation’s internship scheme is run in conjunction with the National Trust at Wightwick Manor. Four career starters at Wightwick undertook training and project work with the Director of the De Morgan Museum, allowing them to develop their skills in collections management and audience development. Two interns managed loans out from the De Morgan Collection, one undertook condition checking for a loan exhibition, and one provided a series of work experience opportunities to local 16-18-year olds.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Education

In 2022, the Foundation made links with Dulwich College providing an educational programme for disadvantaged children from the local area. Dulwich College runs a Saturday School scheme to invite children from local state schools to access extra-curricular activities. The Foundation provided three Saturday school sessions using the handling collection of ceramics for children to draw and sketch.

The popular ‘ Sublime Symmetry’ education programme continues to run for schools at the De Morgan Museum at Cannon Hall. Children are invited to look for pattern, shape, and symmetry in William De Morgan’s ceramic designs in order to improve their appreciation and understanding of mathematics. Two school groups were welcomed to the De Morgan Museum for this session in 2022.

Public Programme

The Foundation runs a popular series of online lectures to inform the general public on art history and matters of interest relating to the De Morgan Collection. In 2022 this programme was attended by 572 people from across the globe and raised funds for the De Morgan Foundation.

Following the pandemic, the Foundation has been pleased to revive its programme of public tours in its galleries. At the De Morgan Museum and at the Watts Gallery – Artists’ Village visitors can benefit from a half-hour introductory tour of the exhibits delivered by trained De Morgan guides. 250 visitors attended an in-person talk in 2022.

Sarah Hardy has delivered papers on various aspects of the De Morgans’ art at established conferences in 2022, to maintain public access and academic interest in the De Morgans. In March, she presented a conference paper to the Centre of Nineteenth Century Studies, a collective established by the universities of Durham, Newcastle, and Northumberland. This introduced the De Morgans’ work to an academic audience in the North East, and built on links established through the De Morgan exhibition held at The Laing Art Gallery in Newcastle in 2020. The event was attended by 200 people online, and a group of 20 students benefitted from a session handling De Morgan ceramics from the Foundation’s handling collection.

In October, Sarah Hardy presented a paper on William De Morgan’s portraiture to the Understanding British Portraits Conference, an annual event organised by the National Portrait Gallery. This paper resulted in the identification of Mrs Keene, a Pre-Raphaelite model, as a sitter for both William and Evelyn De Morgan, vastly improving our knowledge of their art training and connections to the Victorian art world. This was published as a blog on the De Morgan website in November.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Dulwich College Saturday School Scheme

De Morgan Foundation-run sessions using the De Morgan handling collection of ceramics for children from local state schools to draw and colour.

Digital

Ensuring the De Morgan Collection is available to the widest audience across a range of digital media is a key priority for the Foundation. Digital opportunities allow people to engage with the De Morgan Collection regardless of their location, and increases awareness of the Foundation and its activities.

Social Media and Digital Communications

Social media is the primary marketing channel for the Foundation and an active programme of posting content was maintained in 2022. The key objective is to grow audience reach and engagement activity beyond the De Morgan Museum and exhibition visitors. Audiences continued to grow at a steady rate on each platform. 74% of users are different on each channel, demonstrating that each platform provides an opportunity for engagement with a different audience, and content is posted accordingly. Audiences also behave differently on each platform; followers are more likely to engage with posts on Twitter and Instagram.

The Foundation’s Instagram audience is its youngest, and posts containing video and in the format of reels and stories perform best on this channel, with audiences preferring video content relating to collection artworks. The highest performing post was an informative piece written about Evelyn De Morgan’s iconic painting Flora, during 'Floralia', an ancient Roman festival honouring the goddess Flora depicted in the painting. The total reach on Instagram was 38,345, representing growth of 300% on 2021.

On Twitter, posts which ask the audience for their opinion, or which focus on sharing news, perform best, including the announcement of the Foundation achieving Accreditation status, which was commented on and shared 11% more than any other Tweet in 2022.

The Facebook audience comprises 1.2% followers from Wolverhampton and posts relating to Wightwick Manor are notably higher in engagement than others. The total reach of all Facebook activity was 63,015, a decline of 38% on 2021, which may be a function of an overall drop in Facebook users generally.

De Morgan Month

In April, to grow awareness, the Foundation hosted 'De Morgan Month' across its social media channels, and teamed with partner museums and galleries and other digital platforms to promote the collection. The target of 40,000 engagements was exceeded by 23,000 and led to an increase in followers on all platforms. The target for increasing awareness of De Morgan at each key partner sites was also met. Compared to a previous poll where 100% of people thought the Collection was only on display at Watts Gallery, 68% of people recognised that the De Morgan Collection could also be visited at Cannon Hall and Wightwick Manor.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Collections Online

The Foundation maintains access to its collections online via major digital providers, Google Arts and Culture, and Art UK. Both were established to improve visibility of collections with global audiences.

Google Arts and Culture is used by the Foundation to explore stories in the artworks and to link some of these to their geographic locations.

A successful campaign was held in April to celebrate the 'Floralia' (as above). The Google Arts and Culture feature allowed viewers to see other depictions of Flora and to visit virtually the ruins of her temple near the Circus Maximus in Rome. The collection story was visited 2,111 times by users in April alone.

Art UK provides users with the option to visit De Morgan artworks online and learn more about the De Morgan Foundation.

6,435 users visited the De Morgan page on Art UK in 2022, compared with 4,000 in 2021. The increase is in part due to the increased number of ‘curations’ or online exhibitions run by Art UK in 2022. In particular, a story focussing on costume, dress and fashion in Evelyn De Morgan’s paintings was well received. In addition, Art UK provide visitors with the opportunity to purchase prints on demand. This also generates a small income for the Foundation.

The Foundation included an additional digital offer to its portfolio in 2022 through a partnership with Bloomberg Connects App.

A digital guide of the De Morgan Museum was created and is available for visitors to Cannon Hall to download for free. It enhances in-person visits with an audio tour, and can also be used as a stand-alone digital experience, enjoyed anywhere in the world. The guide launched in December and was used 37 times in the first week.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Collections Care

The De Morgan Collection is the Foundation’s most valuable asset. In 2022, updated plans and policies for the care of the collection were agreed and implemented.

An audit of condition reports for the objects was undertaken by volunteers in 2022. This has ensured that each artwork has a report on its condition and correct methods of handling and display. These are also held by the organisations where the artworks are displayed or stored, for ease of access and use in emergency situations. With many display changes and an international exhibition opening, this project was necessary and useful to undertake.

Collections Management

The Foundation continues to use Axiell Collections online to run the De Morgan collections management system. This cloud-based system can be accessed remotely and so provides flexibility given the Foundation operates on several sites.

Conservation

The Foundation entered into a partnership with the Courtauld Art Institute to provide artworks by Evelyn De Morgan for conservation students to work on. This will result in two artworks being made fit for display, whilst providing valuable practical opportunities for students to examine and research the artworks. Information on the study and treatment of the paintings will be made available to the public in 2023.

Evelyn De Morgan’s painting The Barred Gate (c.1910) has been allocated to two students, one on the conservation programme and one art history student. They will work together to examine the painting scientifically and interpret the results. To date, the conservation student has cleaned the canvas and noticed that the ingrained dirt was largely made up of soot. This has revealed that this painting was probably one that survived the art warehouse fire in 1991 which destroyed several paintings from the collection, possibly explaining the absence of a frame for the picture.

Acquisitions

Toy Gods was a novel with feminist undertones written by Wilhelmina Stirling, who founded the De Morgan Foundation. First editions of this book are incredibly rare and so the Foundation was delighted to be offered a copy by De Morgan Patron Jesse Hellman in 2022. Mr Hellman generously digitised the book prior to gifting it to the Foundation, ensuring that audiences across the globe can enjoy the story, and learn more about Mrs Stirling.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Thanks

Fundraising, Grants, and Donations

The Foundation is extremely grateful for the following grants and donations in 2022.

The David Family Foundation

In 2022, the David Family Foundation agreed to support the work of the De Morgan Foundation with an unrestricted donation of £5,000 per annum for five years. This support will allow the Foundation to continue its work in making the Collection accessible to the public.

The Derek Hill Foundation

£500 was donated by the Derek Hill Foundation to the De Morgan Foundation to allow it to continue its work with ceramics.

De Morgan Patrons Circle

The De Morgan Board of Directors would like to thank its Patrons Circle members for their valuable patronage in 2022. Their support contributed to the refurbishment of the De Morgan Museum at Cannon Hall.

Andrew Friends Bridges Arthur Maginn Nick De Marco Catherine and Mark Richards Jesse Hellman Su Turner

In October, Patrons attended a Patrons Circle Day in Oxford. They were taken on a guided tour of Christ Church College and the Examination Rooms to see William De Morgan tiles in situ, including those he made for Charles Dodgson (better known as Lewis Carroll ) , and dined in Christ Church Great Hall for lunch, followed by a curator-led tour of the 19th century galleries and a visit to the Pre-Raphaelite Drawings exhibition at the Ashmolean Museum.

De Morgan Friends Membership

Friends membership continues to grow, and the process for managing annual subscriptions to the De Morgan Friends scheme was updated in 2022 so that supporters could set up a Direct Debit. This scheme continues to provide valuable financial support to the Foundation, for which it is most grateful.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

People

No changes to staff or Directors of the Trustee took place in 2022.

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 2022.

Volunteers

Four new volunteers joined the De Morgan Foundation in 2022. Following training with the Director of the De Morgan Museum, they provide guided tours of the De Morgan Museum, and the De Morgan displays at Watts Gallery – Artists' Village. Without their generous investment of time and enthusiasm, these tours would not be possible.

The Foundation is particularly grateful to volunteer guides:

Darcy Brown	Jane Mercer
Richard Flowerday	Hellen Revenko
Louise Jones	Alison Salt
Nadine Kirby	Teresa Taylor

and to all who volunteer at Wightwick Manor.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Plans for the Future

The Foundation is committed to ensuring it is a sustainable organisation which is able to fulfil its Charitable Objects through its activities. The Board of Directors of the Trustee has set the following Strategic Aims and Objectives for 2023.

Key Objectives 2023

Strategic Aim:

Develop commercial activity through licensing agreements, to further diversify revenue streams to ensure ongoing financial and operational stability and resilience. One licensing agreement was secured in 2022. Objective:

Secure a second licensing agreement in 2023.

Strategic Aim:

Tour to the US an exhibition of De Morgan artworks, to grow international reach and develop further touring opportunities. Successfully delivered tour to first venue in 2022.

Objective:

Successfully deliver the De Morgan exhibition to a second US tour venue.

Strategic Aim: Develop a long-term fundraising strategy to increase financial stability and resilience, exploring various funding options.

Objective:

Formulate and implement a fundraising plan for 2023-2025.

Strategic Aim:

Develop opportunities to share lesser known objects in the De Morgan Collection, particularly drawings and works on paper, with the general public. Objective:

Research, develop, and deliver an exhibition of Evelyn De Morgan’s gold drawings at at least one suitable museum venue in 2023.

Strategic Aim:
Strengthen the skills mix of the Foundation to ensure long-term sustainability and resilience.

Objective:

Implement a recruitment plan in 2023 to bring additional expertise to the Foundation, in particular strengthen the skills of the Board of Directors.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Future Exhibitions

The following exhibitions are planned for 2023.

‘ Visions in Gold: Evelyn De Morgan’s Drawings’ at Leighton House Museum, London. The Foundation will use this exhibition to showcase the rare and unique drawings in gold pigment made by De Morgan throughout her career. This opportunity will enable the Foundation to achieve one of its ongoing aims to display some of the collection in London, where the De Morgans lived and worked, and to strengthen ties with this important museum.

‘ Sublime Symmetry’ at the Royal Albert Memorial Museum, Exeter. The Foundation’s successful touring exhibition will travel to its eighth venue. This exhibition focuses on William De Morgan’s use of linear geometry in his designs, encouraging visitors of all ages to apply their own mathematical knowledge to the visual arts.

‘ A Marriage of Arts and Crafts’ at the Crocker Museum of Art in Sacramento, California, USA. Following its run at Delaware Art Museum, the exhibition, a retrospective of the De Morgans’ artworks, will travel to the Crocker, which is well-known for its decorative arts collection, particularly its collection of modern ceramics. The new exhibition space will allow visitors on the West Coast to see a comprehensive De Morgan exhibition for the first time.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

FINANCIAL REVIEW

The Foundation’s main income comes from income derived from its invested funds, supported by supporter subscriptions, retail sales, loan income, and donations.

The financial objectives of the Foundation are to ensure a good balance between income and expenditure. In 2017 a target was set to achieve financial self-sustainability within five years (for the financial years 2021/22). This target was placed on hold during 2020 and 2021 due to Covid. In early 2022 the Foundation had hoped to meet this target of self-sustainability, however with the macro uncertainties of the year the target has been re-set for 2025. Whilst the Foundation has no control over the wider economy and its impact on its finances, it constantly endeavours to reach a balance between expenditure and income, so that it is on the journey to meet this target at the earliest possible opportunity.

During 2022 the Foundation incurred greater expense than income of £25.6k (2021 £3.5k). However, from a cash flow basis it was able to fund itself as it received fees in advance for loans of artworks from the collection to other museums. As these fees are for loans in 2023 and 2024, the income has been accrued and will be realised in the appropriate financial years.

Investment policy and performance

The Foundation’s investment fund comprises:

The initial Endowment
Any excess funds generated from the charity’s income generation, e.g. subscriptions, retail sales, loan income, donations, etc.

As at 31st December 2022, the Foundation had an endowment fund valued at £1.337m (2021 £1.582m). Income from the fund is used to support the Foundation’s operating costs and other charitable activities.

During 2022 the value of the Foundation’s Investments fell significantly compared to 2021, and as at 31st December 2022 the Foundation had a book loss of £213k (2021 investment gain of £124k).

In 2022 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.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Asset allocation at 31st December 2022 (2021) comprised:

Fixed Interest	16.1%	(11.30%)
UK Equities	28.4%	(34.98%)
Overseas Equities	38.7%	(38.44%)
Property	4.0%	( 3.73%)
Alternative (Infrastructure)	11.7%	( 8.05%)
Cash	1.1%	( 3.50%)
Total	100%	(100%)

Heritage Assets

The Foundation’s collection of artworks, the De Morgan Collection, comprises c.2,000 items, and consists of paintings, drawings, and ceramics. From time to time a valuation of the collection is made, and in 2022 the collection was revalued at £29.5m (£10.5m 2021). The increase in valuation was based on a new insurance valuation, and the collection is included in the balance sheet to comply with current accounting standards. However, unlike other assets, these cannot be sold to support the finances of the Foundation.

The collection is intended to be held in perpetuity and should any item no longer be required in support of the charitable objects of the Foundation, any deaccession and disposal proceeds must be used solely and directly for the benefit of the collection. This makes the inclusion of these assets and their valuation primarily a matter of technical accounting compliance.

Reserves policy at 31st December 2022

As at 31st December 2022 the Foundation held unrestricted funds of £29,537,077 (2021: £10,599,408) including £29,556,190 (2021: £10,556,140) relating to the heritage assets which are intended to be held in perpetuity.

The Foundation’s reserves reflect the valuation of the heritage assets and, therefore, the Trustee Board considers that the reserves policy should be based upon the cash reserves as the heritage assets are held for the Foundation to continue to meet its charitable objects.

In 2022 the Foundation received fees in advance for loans of artwork which will be recognised as income in the 2023 and 2024 financial years. At 31st December 2022 cash held was £41,895 which included amounts received in advance for these loans. The Trustee Board considers that the Foundation holds cash reserves of at least three months of operating costs.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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.

Post Balance Sheet Event

In early 2023 the Foundation was given the opportunity to acquire a rare portrait painting by Evelyn De Morgan. The painting was purchased with support from the National Art Collections Fund, Arts Council England/V&A Purchase Grant Fund, and De Morgan Foundation funds. Its purchase by the Foundation ensures it stays in the UK and becomes part of the De Morgan Collection. The painting will be included in the Heritage Assets for 2023, and will be treated in full in the 2023 annual report.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

STRUCTURE, GOVERNANCE, & 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;

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.);

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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 eleven 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 Cannon Hall Bark House Lane Barnsley S75 4AT

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 Director of the De Morgan Museum 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.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Charity The De Morgan Foundation

Charity registered number 310004

Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

Registered office of the charity De Morgan Museum Cannon Hall Bark House Lane Cawthorne Barnsley S75 4AT

Managerial Staff Sarah Hardy, Director of the De Morgan Museum and Secretary to the Board of Directors of the Trustee

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

Trustee

De Morgan Trustee Company Limited Company Number: 06914254

Registered office of the Trustee De Morgan Museum Cannon Hall Bark House Lane Cawthorne Barnsley S75 4AT

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

Board of Directors of the Trustee

Jean McMeakin (Chair) Stephen Jones (Treasurer) Patricia Astley-Cooper Richard Flowerday Stanislav Lyuzhanov Rebecca Shaw

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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 1st April 2023 and signed on their behalf by:

Jean McMeakin

For and on behalf of De Morgan Trustee Company Limited.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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 2022.

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 2019.

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.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

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: 24th May 2023

Lucy Hammond BSc FCA Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Statement of financial activities for the year ended 31st December 2022

Restricted funds 2022 £ 3,120 - - - 3,120 - 2,000 2,000 1,120 -	Unrestricted funds 2022 £ 17,533 18,395 7,880 11	Total funds 2022 £ 20,653 18,395 7,880 33,705
	43,819	80,633
	12,010 76,330	27,894 78,330
	88,340	106,224
	(44,521) - (44,521) (27,860)	(25,591) (213,089)
1,120 (2,140)		(238,680) -
(1,020) -	(72,381) 19,010,050	(238,680) 19,010,050
(1,020)	18,937,669	18,771,370
3,804 (1,020)	10,599,408 18,937,669	12,105,930 18,771,370
2,784	29,537,077	30,877,300

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 45 to 60 form part of these financial statements.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Balance sheet as at 31st December 2022

1,824 1,073 41,895	2022 £ 4,675 538 29,566,190 1,337,439	3,454 1,030 13,539
	30,908,842 (31,542)
44,792 (76,334)		18,023 (50,995)

	30,877,300
	30,877,300
	1,337,439 2,784 29,537,077
	30,877,300

The financial statements were approved and authorised for issue by the Trustee and signed on its behalf by De Morgan Trustee Company Limited on

The notes on pages 45 to 60 form part of these financial statements.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Notes to the financial statements for the year ended 31st December 2021

1. General information

The charity is constituted under a Trust Deed under the laws of England & Wales. It's registered office, and principle place of business, is Cannon Hall, Bark House Lane, Barnsley, S75 4AT.

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 in 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.

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.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

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 Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

The estimated useful lives are as follows:

Trademarks - 10 years

2.7 Tangible fixed assets and depreciation

Tangible fixed assets 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, using the straight-line method.

Depreciation is provided on the following bases:

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2022

Security, alarm and display units - 4 years straight line Furniture and office equipment - 4 years straight line

2.8 Heritage assets

Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under the revaluation model, heritage assets are measured at fair value. Any reliable valuation technique to estimate the fair value of a heritage asset may be used; however, it must reflect any particular historic or heritage qualities inherent in the asset being valued, meaning that depreciated replacement cost may not be an applicable technique in all circumstances.

Where heritage assets have been donated, they should initially be recognised then subsequently measured at fair value. Any reliable valuation technique to estimate the fair value of a heritage asset may be used; however, it must reflect any particular historic or heritage qualities inherent in the asset being valued, meaning that depreciated replacement cost may not be an applicable technique in all circumstances.

At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

2.9 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 ‘Net (losses)/gains on investments’ in the Statement of financial activities.

2.10 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.

2.11 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.

2.12 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.

2.13 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.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

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.

2.14 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.

2.15 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.16 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.

Endowment funds comprise investments donated to the charity, together with accumulated realised and unrealised investment gains or losses. The trustee has the power to expend a portion of the fund and this is shown as the expendable endowment fund. Investment management charges and other professional fees relating directly to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as expendable endowment income. Investment income, gains and losses are allocated to the appropriate fund.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

3. Income from donations and legacies Donations Grants Donations Grants 4. Income from charitable activities Royalties Loans of artwork Royalties Loan of artwork 5. Income from other trading activities Income from non-charitable trading activities Shop sales Admissions	Restricted funds 2022 £ 2,000 1,120 3,120	Unrestricted funds 2022 £ 17,533 - 17,533 *Unrestricted* *funds* *2021* £ 7,451 20,241 27,692 Unrestricted funds 2022 £ 2,516 15,879 18,395 *Unrestricted* *funds* *2021* £ 2,363 19,543 21,906 Unrestricted funds 2022 £ 3,052 4,828 7,880	Unrestricted funds 2022 £ 17,533 - 17,533 *Unrestricted* *funds* *2021* £ 7,451 20,241 27,692 Unrestricted funds 2022 £ 2,516 15,879 18,395 *Unrestricted* *funds* *2021* £ 2,363 19,543 21,906 Unrestricted funds 2022 £ 3,052 4,828 7,880	Total funds 2022 £ 19,533 1,120 20,653 *Total* *funds* *2021* £ 7,451 20,241 27,692 Total funds 2022 £ 2,516 15,879 18,395 *Total* *funds* *2021* £ 2,363 19,543 21,906 Total funds 2022 £ 3,052 4,828 7,880


			7,880

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Shop sales Admissions 6. Investment income Investment income Investment income 7. Expenditure on raising funds Charity trading expenses Shop and event costs Charity trading expenses Shop and event costs 8. Investment management costs Investment management fees Investment management fees	*Unrestricted* *funds* *2021* £ 5,244 6,812 12,056 Endowment funds 2022 Unrestricted funds 2022 £ £ 33,694 11 *Endowment funds* *2021* £ 35,587 Unrestricted funds 2022 £ 12,010 *Unrestricted* *funds* *2021* £ 10,110 Endowment funds 2022 £ 15,884 *Endowment* *funds* *2021* £ 12,919	*Unrestricted* *funds* *2021* £ 5,244 6,812 12,056 Endowment funds 2022 Unrestricted funds 2022 £ £ 33,694 11 *Endowment funds* *2021* £ 35,587 Unrestricted funds 2022 £ 12,010 *Unrestricted* *funds* *2021* £ 10,110 Endowment funds 2022 £ 15,884 *Endowment* *funds* *2021* £ 12,919	*Unrestricted* *funds* *2021* £ 5,244 6,812 12,056 Endowment funds 2022 Unrestricted funds 2022 £ £ 33,694 11 *Endowment funds* *2021* £ 35,587 Unrestricted funds 2022 £ 12,010 *Unrestricted* *funds* *2021* £ 10,110 Endowment funds 2022 £ 15,884 *Endowment* *funds* *2021* £ 12,919	*Total* *funds* *2021* £ 5,244 6,812
				12,056
				Total funds 2022 £ 33,705
				*Total funds* *2021* £ 35,587
				Total funds 2022 £ 12,010
				*Total* *funds* *2021* £ 10,110
			Endowment funds 2022 £ 15,884	Total funds 2022 £ 15,884
			*Endowment* *funds* *2021* £ 12,919	*Total* *funds* *2021* £ 12,919

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

9. Analysis of expenditure on charitable activities

Summary by fund type

9. Analysis of expenditure on charitable activities Summary by fund type
Restricted funds 2022 £ Provision and maintenance of collection 2,000 *Restricted funds* *2021* £ Provision and maintenance of collection 2,290 10. Analysis of expenditure by activities Activities undertaken directly 2022 £ Provision and maintenance of collection 45,463 *Activities* *undertaken* *directly* *2021* £ Provision and maintenance of collection 50,238 Analysis of direct costs Staff costs Collections management & conservation costs Insurance Rent, rates and service charge Staff costs Collections management & conservation costs Insurance Rent, rates and service charge	Unrestricted funds 2022 £ 76,330 *Unrestricted* *funds* *2021* £ 74,937 Support costs 2022 £ 32,867 *Support costs* *2021* £ 26,989 Activities undertaken directly 2022 £ 40,630 1,291 3,497 45 45,463 *Activities* *undertaken* *directly* *2021* £ 40,337 2,901 3,896 3,104 50,238	Total 2022 £ 78,330
		*Total* *2021* £ 77,227
		Total funds 2022 £ 78,330 *Total* *funds* *2021* £ 77,227 Total funds 2022 £ 40,630 1,291 3,497 45 45,463 *Total* *funds* *2021* £ 40,337 2,901 3,896 3,104 50,238

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Analysis of support costs

Activities undertaken directly 2022 £ 545 5,044 207 851 13,800 5,838 288 409 379 4,753 753	Activities undertaken directly 2022 £ 545 5,044 207 851 13,800 5,838 288 409 379 4,753 753	Total funds 2022 £ 545 5,044 207 851 13,800 5,838 288 409 379 4,753 753 32,867 *Total* *funds* *2021* £ 15 4,925 264 886 13,358 140 833 512 4,686 497 873 26,989 2021 £ 4,925 2021 £ 38,090 2,247
32,867
*Activities* *undertaken* *directly* *2021* £ 15 4,925 264 886 13,358 140 833 512 4,686 497 873
	26,989

	2022 £ 38,330 2,300
	40,630	40,337

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

The average number of persons employed by the charity during the year was as follows:

Support staff	2022 No. 1	2021 No. 1

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 (2021 - £NIL-). During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).

14. Intangible assets

Cost Additions At 31 December 2022 Amortisation Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 15. Tangible fixed assets Cost or valuation At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year On disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021	Plant and machinery £ 21,094 - (3,000)	Fixtures and fittings £ 9,817 520 (5,205) 5,132 9,773 26 (5,205) 4,594 538 44	Trademarks £ 5,194 5,194 519 519 4,675 - Total £ 30,911 520 (8,205)
	18,094		23,226
	21,094 - (3,000)		30,867 26 (8,205)
	18,094		22,688
	-		538
	-		44

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

16. Heritage assets

Assets recognised at cost

Heritage assets - rest of collection 2022 £ Carrying value at 1 January 2022 3,295,140 3,295,140 Assets recognised at valuation Heritage assets – paintings 2022 £ Carrying value at 1 January 2022 7,261,000 Revaluations 19,010,050 Carrying value at 31 December 2022 26,271,050	Total 2022 £ 3,295,140 3,295,140 Total 2022 £ 7,261,000 19,010,050 26,271,050

Heritage assets relate to the De Morgan art collection and archive held by the charity, which is exhibited to the public at the De Morgan Museum at Cannon Hall and through loans to other art galleries. All heritage assets are used for charitable purposes.

As described further in the trustees report, the De Morgan Foundation was established as the custodian of these heritage assets. The charity intents to hold these heritage assets for the long term as part of fulfilling its charitable objectives.

The revaluation of the paintings was carried out in January 2023 by external valuers and is based upon the insurance value of the paintings.

Analysis of heritage asset transactions

Purchases Heritage assets - at cost Total additions	2022 £ - -	2021 £ 1,190	2020 £ - -	2019 £ -	2018 £ -
		1,190		-	-

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

17. Fixed asset investments

17. Fixed asset investments
Listed investments £ Cost or valuation At 1 January 2022 1,527,310 Additions 307,186 Disposals (340,467) Revaluations (171,807) Cash movements - At 31 December 2022 1,322,222 Net book value At 31 December 2022 1,322,222 At 31 December 2021 1,527,310 18. Stocks Shop stock 19. Debtors Due after more than one year Other debtors Notes to the financial statements For the year ended 31 December 2022 Due within one year Trade debtors Prepayments and accrued income 20. Creditors: Amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income	Cash held within investments £ 55,408 - - - (40,191)	Total £ 1,582,718 307,186 (340,467) (171,807) (40,191)
	15,217	1,337,439
	15,217	1,337,439
	55,408	1,582,718
	2022 £ 1,824	2021 £ 3,454 2021 £ 450 450 45 535 1,030 2021 £ 2,083 933 47,979 50,995
	2022 £ 450
	450 58 565
	1,073
	2022 £ 2,389 1,745 72,200
	76,334

Deferred income is in relation to fees for loans of artwork received in advance.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

21. Statement of funds

Statement of funds - current year

Balance at 1 January 2022 £ 10,554,950 2,075	Income £ - -	Expenditure £ - -	Transfers in/out £ - -	Gains/ (Losses) £ 19,010,050 -
10,557,025	-	-	-	19,010,050
42,383	43,819	(88,340)	(27,860)	-
553,573 949,145	- 33,694	(5,851) (10,033)	- 30,000	(78,498) (134,591)
1,502,718	33,694	(15,884)	30,000	(213,089)
1,304 - 2,500 -	- 1,120 - 2,000	- - - (2,000)	- - (2,140) -	- - - -
3,804	3,120	(2,000)	(2,140)	-
12,105,930	80,633	(106,224)	-	18,796,961

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Statement of funds - prior year

Balance at 1 January 2021 £ 10,554,950 2,075	Income £ - -	Expenditure £ - -	Transfers in/out £ - -	Gains/ (Losses) £ - -
10,557,025	-	-	-	-
26,266	61,654	(85,047)	39,510	-
512,768 883,269	- 35,587	(4,745) (8,174)	- (40,000)	45,550 78,463
1,396,037	35,587	(12,919)	(40,000)	124,013
1,304 1,800 2,500	- - -	- (2,290) -	- 490 -	- - -
5,604	-	(2,290)	490	-
11,984,932	97,241	(100,256)	-	124,013

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Designated funds relate to the following:

- Special Range Property

These are the heritage assets (artworks in the De Morgan Collection held in pursuance of the charity's charitable objects under the Charity Commission scheme). They 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.

The Collection is included in the balance sheet to comply with current accounting standards. However, unlike other assets, these cannot be sold to support the finances of the organisation. The collection is intended to be held in perpetuity and should any item no longer be required in support of the objectives of the Foundation, any disposal proceeds must be used to solely and directly for the benefit of the collections.

This makes the inclusion of these assets and their valuation primarily a matter of technical accounting compliance.

- Conservation of collection

Funds are held for conservation of the De Morgan Foundation 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 31.12.2022 the value of the permanent endowment was £469,224.

Restricted funds relate to the following:

- Ceramics Conservation Project

Funds are held for the conservation of ceramics in the De Morgan Foundation collection.

- Art Fund

This represents a grant to allow the Curator to visit the United States in respect of De Morgan Foundation touring exhibitions.

- Decorative Arts Society

Funds to be used in the conservation and preparation for display of two William De Morgan designs for stained glass.

- Redecoration of Cannon Hall

Funds to be used for the redecoration of the De Morgan Museum at Cannon Hall.

Transfers between funds

The transfer between general funds and endowment funds represents the income and proportion of capital that is permitted to support the running costs of the charity.

The transfer between general funds and restricted funds represents restricted expenditure in previous years which was shown within general expenditure.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

22. Summary of funds

Summary of funds - current year

Summary of funds - current year
Balance at 1 January 2022 £ Income £ Designated funds 10,557,025 - General funds 42,383 43,819 Endowment funds 1,502,718 33,694 Restricted funds 3,804 3,120 12,105,930 80,633 Summary of funds - prior year *Balance at* *1 January* *2021* £ *Income* £ Designated funds 10,557,025 - General funds 26,266 61,654 Endowment funds 1,396,037 35,587 Restricted funds 5,604 - 11,984,932 97,241	Expenditure £ - (88,340) (15,884) (2,000)	Transfers in/out £ - (27,860) 30,000 (2,140)	Gains/ (Losses) £ 19,010,050 - (213,089) -	Balance at 31 December 2022 £ 29,567,075 (29,998) 1,337,439 2,784 30,877,300 *Balance at* *31 December* *2021* £ 10,557,025 42,383 1,502,718 3,804 12,105,930
	(106,224)	-	18,796,961
	*Expenditure* £ - (85,047) (12,919) (2,290)	*Transfers* *in/out* £ - 39,510 (40,000) 490 -	*Gains/* *(Losses)* £ - - 124,013 - 124,013
	(100,256)

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Intangible fixed assets Fixed asset investments Heritage assets Debtors due after more than one year Current assets Creditors due within one year Total	Endowment funds 2022 £ - - 1,337,439 - - - -	Restricted funds 2022 £ - - - - - 2,784 - 2,784	Unrestricted funds 2022 £ 538 4,675 - 29,566,190 450 41,558 (76,334) 29,537,077	Total funds 2022 £ 538 4,675 1,337,439 29,566,190 450 44,342 (76,334)
	1,337,439			30,877,300

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

Analysis of net assets between funds - prior year

Tangible fixed assets Fixed asset investments Heritage assets Debtors due after more than one year Current assets Creditors due within one year Total	*Endowment* *funds* *2021* £ - 1,502,718 - - - -	*Restricted* *funds* *2021* £ - - - - 3,804 - 3,804	*Unrestricted* *funds* *2021* £ 44 80,000 10,556,140 450 13,769 (50,995) 10,599,408	*Total* *funds* *2021* £ 44 1,582,718 10,556,140 450 17,573 (50,995)
	1,502,718			12,105,930

24. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund.

25. Related party transactions

During the year the charity received a donation of £2,000 from a close family member of a trustee. The donation was restricted for the redecoration of Cannon Hall which is within the charity's usual activities. The charity has not entered into any other related party transactions during the year or prior year, nor are there any outstanding balances owing between related parties and the charity at 31 December 2022.

26. Post balance sheet events

27. Controlling party

The charity is controlled by its Trustee.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2022

O De Morgan Foundation