2025-12-31-accounts - De Morgan Foundation

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De Morgan Foundation _________ Trustee's Annual Report & Accounts 2025 DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025

	Page
Trustee's Report
Chair's Introduction	3
About De Morgan	5
Objectives and Activities	7
Achievements and Performance	9
The De Morgan Museum	9
Partnerships, Collaborations, and Long Term Loans	10
Exhibition Loans and Tours	13
Education, Outreach, and Community Engagement	21
Collections Care	22
Acquisitions	22
Thanks	23
Plans for the Future	24
Financial Review	25
Structure, Governance, and Management	28
Reference and Administrative Details of the Charity its Trustee and Advisers	31
Financial Statements
Trustee's Responsibilities Statement	32
Independent Examiner's Report	33
Statement of Financial Activities	35
Balance Sheet	36
Notes to the financial statements	37

Front cover images: Evelyn De Morgan, The Storm Spirits (detail) (1900) William De Morgan, Ferocious Creatures Vase (c.1882-1888)

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Trustee's Report

The De Morgan Trustee Company Limited

The Trustee presents the annual report together with the financial statements of the De Morgan Foundation for the year ended 31st December 2025.

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".

The De Morgan Foundation

The De Morgan Foundation is registered as an independent charity with the Charity Commission under its Charitable Scheme, charity number 310004. The Scheme sets out the Foundation's charitable objects (its purpose) and the powers of the Trustee. The Foundation owns the charity's assets, including the De Morgan Collection.

The De Morgan Trustee Company Limited is registered as a private company limited by guarantee under the Companies Act at Companies House, company number 6914254. It is the sole Trustee of the De Morgan Foundation.

The Board of Directors of the Trustee is constituted under its Memorandum and Articles of Association, and is collectively responsible for the De Morgan Foundation and its Collection.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

INTRODUCTION

The charitable trust set up by Evelyn De Morgan's younger sister, Wilhelmina Stirling, now the De Morgan Foundation, had its first Trustee Board meeting in 1966.

It has been ten years since the Foundation moved out of its museum in Wandsworth, South West London, upon the expiry of the lease from the local authority, which move necessitated a thorough examination of how the Foundation operated, exploring the opportunities and the challenges of running a museum on a site situated on a busy main road with limited passing footfall, and where costs had significantly outstripped income for a number of years.

The Foundation's revised strategy was to collaborate with other organisations to share the De Morgan Collection as widely as possible around the country and via temporary loans, reaching new audiences both in the UK and around the world, and facilitating research, education, and learning.

It is fitting then, to celebrate what has been achieved over the last ten years in this, the De Morgan Foundation's Diamond Jubilee year in 2026.

Building on the successful collaboration with Barnsley's Council since 2016, and following the award of formal Museum Accreditation by Arts Council England in 2022, the Foundation has been based at its museum in Cannon Hall, Barnsley, and shares the site with Barnsley's Council's own museum at Cannon Hall, a partnership that has proved mutually beneficial, and long may it continue.

Since 2016 the Foundation has collaborated with the National Trust's Wightwick Manor to maintain a dedicated De Morgan gallery and tile library on site in the old Malthouse building, and with Watts Gallery to display a curated selected of artworks in a dedicated space in the gallery. It has a long-term loan of ceramics to the Ashmolean Museum in Oxford in a dedicated display, and a long-term loan to the Faith Museum in Bishop Auckland.

The Foundation has significantly broadened its reach over the last 10 years with its busy touring and loans programme, including tours of De Morgan exhibitions to UK venues in Barnsley, Bournemouth, Bowness-on-Windermere, Burnley, Exeter, Leicester, London, Newcastle, Port Sunlight, Torquay, and Wolverhampton, and toured exhibitions internationally to Delaware and Florida in the USA.

The Foundation has also loaned artworks to third-party, temporary exhibitions in Blackburn, Bournemouth, Carlisle, Falmouth, Hull, Leamington Spa, Newcastle, and London, including to The British Museum, The National Portrait Gallery, and the Victoria & Albert Museum, and it has loaned artworks internationally to exhibitions in France, Germany, Italy, Portugal, Spain, Sweden, and the USA.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

All of the above tours and loans have expanded the Foundation's reach to new audiences.

The Foundation's key purpose is to bring the collection of De Morgan artworks and information about William and Evelyn De Morgan to the widest possible public, and activities in 2025 have continued to deliver this, with another successful year of exhibitions and national and international loans.

That said, and as is the case with all other UK museums and galleries, large and small, the Foundation continues to face significant financial pressures and increasing competition for funding and revenue in the sector, together with significant demands on its limited resources. Costs continue to increase markedly, while income remains relatively flat. Thus, the Foundation remains fully open to exploring all opportunities to support its work and to engage with others to share the wonderful collection and increase knowledge about the collection and the artists themselves.

2025 was a very busy year, but it was also the right time for the Foundation to take stock, to further embed best practice, to simplify and refocus core activity, and to set in place the conditions for future success, all the while bearing in mind the limited resources at its disposal when caring for and sharing such an important collection.

Jean McMeakin Chair, Trustee Board of Directors March 2026

Above: William De Morgan, St George and the Dragon Cabinet (detail) (c.1860)

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

ABOUT DE MORGAN

The De Morgans

William De Morgan (1839-1917) trained at the Royal Academy Schools where he perfected his technique for drawing from the antique cast, before embarking on a career in craft. He designed painted panels for furniture, stained-glass schemes for churches, and created thousands of designs, many featuring fantastical flora and fauna, for tiles, chargers, vases, and dishes, as the Director of De Morgan & Co., the ceramics business he established in 1872. William’s lustre ceramics are widely regarded as the pinnacle of this complex craft, and he is credited with rediscovering the lost art of lustre glazing. When his ceramics business closed in 1905, William turned to writing novels and became a literary sensation, gaining wide critical acclaim for his novels in the UK and the USA.

Evelyn De Morgan, née Pickering, (1855-1919) made her mark on the Victorian Art World as a pioneering female artist. She was one of the first pupils to attend the newly established Slade School of Art, earning a scholarship on the merit of her drawing. At just 20 years old she made her exhibition debut at London’s fashionable Dudley Gallery, before being selected to exhibit at the exclusive Grosvenor Gallery in 1877, one of only ten female artists invited. In 1907, Wolverhampton Art Gallery invited Evelyn to display her paintings in what is now understood as the first ever solo exhibition of a woman’s artwork in a public gallery. Evelyn continued to paint until her death in 1919.

Wilhelmina Stirling (1865-1965) was Evelyn’s youngest sibling. A prolific author of non-fiction with a 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 joy in others which she found in their artworks were Wilhelmina’s greatest passions.

In 1902 Wilhelmina married Charles Stirling, a solicitor, and a collector of antiquities. The newlyweds were given two ceramic plates with colourful animal designs by William De Morgan as a wedding present, a gift which started their collecting of De Morgan artworks. To house this growing collection, in 1931 the Stirlings relocated to Old Battersea House, a Georgian mansion in South West London. Wilhelmina lived here amongst the artworks until her death in 1965, working to establish a charitable trust to care for the artworks in perpetuity.

Above: William De Morgan, Ruby lustre Antelope dish (1872 - 1907)

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

The De Morgan Collection

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 a Board of volunteer Non-Executive Directors.

The Collection includes 60 oil paintings by Evelyn De Morgan, ranging in scale from the small and intimate to extremely large, imposing canvases, along with circa 600 works on paper, which vary from compositional sketches and life drawings to highly finished pastel studies of her oil paintings.

Evelyn's uncle 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, sketches, 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, once the ancestral home of Evelyn De Morgan's family, the Spencer Stanhopes.

The Foundation has two long-term collaborations, with Wightwick Manor (National Trust) in Wolverhampton and with Watts in Guildford, where it runs exhibitions. In addition, it has a long-term loan of artworks to the Ashmolean Museum in Oxford, and the Faith Museum in Bishop Auckland.

The Foundation lends artworks on a short-term basis to third-party exhibitions, both nationally and internationally, 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 collection.

Above: William De Morgan, Stained glass window designs - The Good Samaritan / The Wise and Foolish Virgins (c.1865)

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

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.

The Foundation seeks to deliver a beneficial set of health and wellbeing, social, educational, and economic impacts as the outcomes of its work. Specifically:

ensuring the collection is accessible at its own museum, via collaborations with others, and via loans and temporary exhibitions;
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 educational material;
expanding the museum offer into the park and gardens around Cannon Hall to engage children in outdoor activities;
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 2025

Key Objectives 2025

STRATEGIC AIM

Increase reach and visibility of the De Morgan Collection

OBJECTIVE

Deliver one UK De Morgan exhibition.

OUTCOME

The exhibition "Evelyn De Morgan: The Modern Painter in Victorian London", at the Guildhall Art Gallery in London, ran from April 2025 to January 2026, and comprised nearly 50 objects from the De Morgan Collection, including over 20 oil paintings and 16 works on paper.

STRATEGIC AIM

Review operations to increase efficiency and sustainability

OBJECTIVES

Recruit new staff, with more focus on the De Morgan Museum
Review loans and partnerships

OUTCOME

The Foundation had previously operated with one full-time member of staff. In 2025 the Trustee Board trialled a new staffing model of two part-time staff members. After a review of the trial, the Board concluded the new model had not been as successful as envisaged, and paused further changes. A part-time contractor was engaged to manage the existing loans programme in the meantime.

The Board considered a number of options for a future operating model, and a revised strategy to refocus activity and reduce operational complexity and costs was agreed in the summer of 2025, taking into account the Foundation's financial position and prospects, conditions in the wider cultural sector, and the increasingly challenging macro-economic climate.

Short-term actions in light of the above were agreed, including a more focused programme of work, a project to review all back-office operations to streamline and digitise activities as far as possible to increase efficiency and simplify activities for the future, and a slimmer Trustee Board and staffing complement. This work is expected to conclude in 2026. Work on other objectives has been paused until this programme is completed.

Given the demands an active national and international loans programme has placed on the Foundation's very limited resources over the last few years, including the impact on the artworks themselves, as part of the revised strategy the Board placed a moratorium on new requests for short-term loans, as they are resource intensive and often not cost-effective.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

ACHIEVEMENTS AND PERFORMANCE

De Morgan Museum

The Foundation's accredited museum is based at Cannon Hall, and contains a wide selection of outstanding works by both Evelyn and William De Morgan, as well some works by other members of Evelyn's family, namely John Roddam Spencer Stanhope, her uncle, and Gertrude Spencer Stanhope, her cousin, which links the De Morgan collection to Cannon Hall.

The museum is open to the public Thursday to Sunday, and there is weekly volunteer support on Fridays and Saturdays.

The museum continues to attract visitors from far and wide, including the USA, Canada, France, Poland, and Italy. In addition, tours are hosted for special interest groups, including U3A groups, a special family group celebrating an 80th birthday, and a visit from Dame Hilary Chapman, LordLieutenant of South Yorkshire.

Cannon Hall underwent roof repairs in 2025, and after the winter closure period 2026 will see a major refresh of the display, with a themed hang to encourage school groups, families, and others with an interest in the exploration of the motifs and themes around mythology, legend, and folklore which were subjects regularly treated by Evelyn and William.

Following successful collaboration projects in previous years, Barnsley College and Cawthorne Primary School have both signalled their interest in continuing and developing the working relationship to collaborate with the Foundation in a number of areas, and this will continue.

The Foundation is also establishing a relationship with the local branch of the Blind Veterans UK charity. This is a charity which in its earlier form Evelyn De Morgan supported and the Foundation is pleased to continue this association.

In the wider Barnsley culture and heritage context, in 2025 Barnsley Museums welcomed two million visitors to its group of museums and galleries. Cannon Hall Museum, Park and Gardens was honoured as one of the most visited free attractions by Visit England, and Cannon Hall Museum won the National Sandford Award for Heritage Learning. Cannon Hall Museum also took part in National Takeover Day, engaging young people in heritage activities.

Above left: Evelyn De Morgan, Medusa (1873 - 1885) Above right: William De Morgan, Pan (1872 - 1907)

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Partnerships, Collaborations, and Long Term Loans 2025

The Foundation works in partnership with complementary organisations in key locations across the country, bringing the collection of De Morgan artworks and stories about William and Evelyn De Morgan to the widest possible public.

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Faith Museum
De Morgan Museum
Wightwick Manor
Ashmolean Museum
Watts Gallery
Queen's House
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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Wightwick Manor, Wolverhampton

Wightwick Manor is an Arts & Crafts house built in 1887 by the local industrialist Mander family. Today it is owned by the National Trust. The De Morgan Collection is displayed in the exhibition ‘ Look Beneath the Lustre'' , located in a building next to the house which was once a school room for the Mander family children, and the display includes the Tile Library, containing hundreds of William De Morgan tiles on public display.

Watts Gallery - Artists' Village, Guildford, Surrey

The Watts Gallery was opened in1904 in memory of GF Watts and his wife Mary Watts. The De Morgans knew and visited GF and Mary Watts at their home on site. The De Morgan Collection is displayed in the exhibition ‘ Decoration or Devotion? ’ which examines the De Morgan’s use of symbols and discusses the deeply meaningful or purely ornamental use of such motifs in their artwork.

Ashmolean Museum, Oxford

The Foundation displays around 30 pieces of William De Morgan's ceramics from the De Morgan Collection in a bespoke case at the entrance to the 19th century galleries.

Faith Museum, Bishop Auckland

The Faith Museum is part of the Auckland Project, a regeneration charity working to establish Bishop Auckland as a cultural destination. The Faith Museum explores the ways people have encountered faith throughout 6,000 years of British history. The Foundation has loaned Evelyn De Morgan's painting 'S.O.S .' to the museum.

Queen’s House, Greenwich, London

The Queen’s House, part of Royal Museums Greenwich, has a permanent display of Victorian maritime painting. The Foundation had a long-term loan of Evelyn De Morgan’s painting ‘ The Sea Maidens ’ and a selection of William De Morgan’s nautical-themed ceramics. As the painting was loaned to another museum exhibition and the Queen's House was planning a refresh of their galleries, the long-term loan came to end in July 2025.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

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Exhibition Loans and Tours

De Morgan Exhibitions in 2025

The Foundation prepares exhibitions for hire by museums and galleries in the UK and around the world, to share the collection as widely as possible.

Evelyn De Morgan: Modern Artist in Victorian London

Guildhall Art Gallery - April 2025 to January 2026

This exhibition offered an in-depth exploration of Evelyn De Morgan as a pioneering female artist in Victorian London, from her childhood ambitions to her growing skill, confidence, and reputation as an artist.

All the works in the exhibition were shown in London exhibitions during her lifetime, and the paintings and drawings trace the development of her skill and technique over her long career. Covering her early years and her determination to embark on a career as an artist despite parental opposition, her time at the Slade School of Art, one of the first women to attend, and her early successes as a professional artist.

Her confident entrée onto the fashionable and radical London art scene, her successful exhibition career, and her later works in response to global conflicts and changing social conditions and artistic movements were all explored.

The exhibition included over 20 oil paintings including some of her earliest and her most monumental works, 16 works on paper, from preparatory sketches for painting to full realised gold works, and family photographs and personal effects.

This exhibition was only the second solo exhibition by a female artist to be held in the Guildhall Art Gallery. The first time Evelyn was exhibited there was as part of a 1897 exhibition of the ‘Collection of the British School who Have Flourished during Her Majesty’s reign’ where she showed her painting ‘ Love’s Passing’ .

A number of public tours were offered to visitors, along with adult drawing sessions inspired by Evelyn's works in the exhibition. Over 91,600 visitors attended the exhibition during its run.

Previous page: Evelyn De Morgan, Boreas and Oreithyia (1896)

De Morgan Exhibition at the Guildhall Gallery, London, in 2025

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Evelyn De Morgan: Painted Dreams

Wolverhampton Art Gallery, Wolverhampton, October 2024 – March 2025

This retrospective recreated Evelyn De Morgan’s 1907 exhibition, featuring 30 of her oil paintings and drawings, with loans from the Foundation and private collections, reuniting artworks for the first time in 120 years.

The works were displayed chronologically to illustrate her artistic evolution. Her vibrant paintings evidenced the ‘painted dreams’ noted by the Wolverhampton Express and Star journalist writing in 1907. The exhibition welcomed nearly 29,000 visitors during its run .

Above: Evelyn De Morgan, Love's Passing (1884) De Morgan Exhibition at Wolverhampton Art Gallery in 2025

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Loans to Exhibitions in 2025

Through an active programme of lending to third-party exhibitions, the Foundation broadens public access to the De Morgan Collection, bringing the artworks to diverse audiences in fresh and inspiring settings. This initiative not only expands public engagement with the Collection, but also allows the De Morgan pieces to be explored in new contexts.

Apocalypse: From Last Judgement to Climate Threat

Gothenburg Museum of Art, Sweden - February 2025 To January 2026

The ambitious exhibition took the viewer on a journey through end-of-the-world fantasies, prophecies, and dystopian critiques of society. It explored how artists from early times have represented disaster and prophesies of doom, and showed artworks in a range of media, from the Renaissance to today.

Evelyn’s paintings, ' Sleep and Death: the Children of Night' and ' The Kingdom of Heaven Suffered Violence and the Violent Take it by Force ,' were shown in a section called Wrathful Gods, which looked at how people at the end of the 19th century were drawn to alternative spiritualist movements that focused on questions of life and death and the existence of a soul.

Over 130,000 visitors came to see the exhibition, which won the '2025 Exhibition of the Year' in Sweden.

Sirens: Women and the Sea

Ferens Art Gallery, Hull - February to May 2025

This exhibition was curated in response to the Ferens’ iconic work by James Herbert Draper, 'Ulysses and the Siren' and explored the relationship between women and the sea through art from the 1850s to the present. Evelyn’s painting, 'The Sea Maidens' was loaned to the exhibition.

The selection of artworks illustrated the influence of ancient Greek literature and aspects of classical society on Victorian and Edwardian artists, and analysed the relationship between women and the sea through the voices of classical antiquity and translated with the context of late nineteenth century views of the role of women in society.

Over 30,000 visitors came to see the exhibition.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Scented Visions: Smell in Art 1850 - 1915 Watts Gallery, Guildford, Surrey - May to November 2025

This exhibition explored how scent was represented in nineteenth and early twentiethcentury art and examined how artists conveyed scent in their work and how perceptions of smell influenced their themes and symbolism.

The exhibition opened with the motif of women smelling flowers, exploring its symbolism ranging from purity to temptation, then explored historical attempts to visualise scent, highlighted how intense odours were associated with moral and physical corruption, the role of smell in religious experience, and concluded with Evelyn de Morgan’s 'The Cadence of Autumn ', where a swirling ribbon of scent symbolises the passage of time.

Over 14,000 visitors came to see the exhibition.

Women Artists In Britain (1880 - 1945): Creating a Room of One’s Own

Clark Art Institute, Williamstown, Massachusetts, USA - June to September 2025

In her 1929 essay 'A Room of One’s Own' Virginia Woolf argued that for women to write fiction, they needed physical space of their own in which to think and work, as well as a sufficient income. This exhibition celebrated 25 women artists working in Britain during Woolf’s lifetime; women who fought to establish themselves as professional artists at a time when the field was dominated by men and when women faced countless challenges to secure training, join professional art societies, and find opportunities to show in serious exhibitions.

Two of Evelyn De Morgan's painting were loaned to the exhibition, ' Phosphorus and Hesperus' and ' The Red Cross' , along with the silver medal she was awarded at the Slade School of Art for drawing from life. Around 35,000 visitors came to see the exhibition.

Next page: Evelyn De Morgan, The Love Potion (1903) Temporary exhibition loan to the Pont Aven Museum, Brittany, in 2025

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

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Sorcières (Witches (1860-1920): Fantasy, Knowledge, Freedom) Pont-Aven Museum, Brittany - June to November 2025

This exhibition at the Musée de Pont-Aven traced the evolution of the image of the witch in 19th century European art and literature, showing how the perception and symbolism of the witch gradually changed in popular consciousness – from a force of evil through the more ambivalent emblem of rebellion and sensuality to the embodiment of female empowerment.

Witches was the single most successful exhibition in the museum’s history, with over 90,000 visitors, and the Pont-Aven Museum Director credited Evelyn De Morgan's painting ' The Love Potion', on loan to the exhibition, as a significant factor behind its success; the painting was chosen as an 'icon’ of the show, as it counters patriarchal stereotypes of the sorceress as old, ugly, and evil, instead representing her as a learned woman and a force for good.

The Nature of Gothic Blackburn Museum & Art Gallery - September to December 2025

Four William De Morgan ceramics were loaned to this exhibition, inspired by John Ruskin’s phrase “the nature of gothic”, it explored how artists across centuries have represented the natural world. It juxtaposed objects from a variety of media, from the medieval and the Victorian Pre-Raphaelite and Arts and Crafts movements, to explore the use of techniques and decorative motifs over time.

The Rubaiyat of Omar Khayam, written and decorated by William Morris with marginal cameos by Edward Burne-Jones, served as a link from the medieval manuscripts section of the exhibition to the Pre-Raphaelite and Arts and Crafts objects. The William De Morgan objects demonstrated both the strong influence of Islamic art on the Arts and Crafts movement as well as his collaborations with William Morris. The ‘Lancastrian’ glaze developed by Pilkington for its Royal Lancastrian Lustreware in Blackburn Museum's collection was strongly influenced by William De Morgan’s work, as was its decorative style and motifs.

There were 10,940 visitors for The Nature of Gothic exhibition, an increase of over 20% on the same period the previous year.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

The Empire of Sleep

Musée Marmottan Monet, Paris - October 2025 To March 2026

The exhibition explored the symbolic and allegorical implications of sleep, its importance in secular and sacred imagery, and the ways in which sleep-related scientific, philosophical and psychoanalytical research have influenced art.

The exhibition focused on the 19th and 20th centuries, when ideas relating to sleep underwent major transformations, and showed how certain artists embraced these subjects and captured the act of slumber. Evelyn De Morgan's painting ' Night and Sleep' was loaned to the exhibition, which garnered significant positive press coverage and attracted over 161,000 visitors.

Above:

Evelyn De Morgan, Night and Sleep (1878) Temporary Exhibition loan to the Musée Marmottan Monet, Paris, in 2025

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Combined visitor figures for 2025

Figures below show the number of visitors having access to one or more artworks from the De Morgan Collection, on public display in the UK in 2025.

De Morgan Museum, Cannon Hall	33,296
Watts Gallery - De Morgan display	30,397
Wightwick Manor - Malthouse Gallery De Morgan display	52,900
Ashmolean Museum	1,072,267
Queen's House, Royal Museums Greenwich (Jan to July 2025)	157,719
Faith Museum, Bishop Auckland	17,800
Wolverhampton Art Gallery -Painted Dreams (Oct 2024 to Mar 2025)	28,920
Guildhall Art Gallery -Evelyn De Morgan(April 2025 to Jan 2026)	91,600
Gothenburg Museum of Art, Sweden -Apocalypse(Feb 2025 To Jan 2026)	130,000
Ferens Art Gallery, Hull -Sirens: Women and the Sea(Feb to May 2025)	31,075
Watts Gallery, Guildford, Surrey -Scented Visions(May to Nov 2025)	14,266
Clark Art Institute, Mass, USA -Women Artists In Britain(June to Sept 2025)	35,000
Pont-Aven Museum, Brittany -_Sorcières (Witches) (_June to Nov 2025)	90,000
Blackburn Museum & Art Gallery -The Nature of Gothic(Sept to Dec 2025)	10,940
Musée Marmottan Monet, Paris -The Empire of Sleep(Oct 2025 To Mar 2026)	161,000
	1,957,180

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Education, Outreach, and Community Engagement

Volunteering Programme

Front of House and Tour Guides

At the De Morgan Museum and across its partner sites, many volunteers give their time to welcome visitors, protect the collections, and offer additional information on the exhibitions.

The Foundation is grateful to its volunteers for their generous investment of time, expertise, enthusiasm, and work in support of the Foundation in 2025. The Directors of the Trustee would like to thank all volunteers, at the De Morgan Museum at Cannon Hall, at Watts Gallery and at Wightwick Manor, who help welcome so many people to the De Morgan exhibitions and ensure their enjoyment of the Collection.

Archive Digitisation Project

Gillian Nixon, a retired archivist, volunteers with the De Morgan Foundation at its HQ in Cannon Hall. Gillian is scanning the De Morgan archive, a long-term project to digitally scan and catalogue the archive. In addition to the scanning work, Gillian has created a database of 1950s catalogues of the collection which has enabled the linking of provenance information to William De Morgan ceramics in the collection, enhancing understanding of the origins of the collection and its founders, Wilhelmina and Charles Stirling.

Online Lecture Series

The Foundation offers on-demand lectures to inform the general public on art history and matters of interest relating to the De Morgan Collection. Online events enable to Foundation to engage with audiences not only locally, in the UK, but also internationally, and remain an important aspect of the Foundation’s engagement work, reaching a wider audience than in-person events.

Collection Online

The Foundation makes it collection available on its own website and to a global audience through digital platform widely used in the museum sector, such as Art UK and Google Arts & Culture.

Social Media

The Foundation posts on its social media channels in line with its engagement strategy, posts are created to share the collection, news, and engage with audiences.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Collections Care

Collections Management

The Foundation maintains a regular programme of preventative conservation across its museum, art store, and partner sites. Environmental conditions are continuously monitored and issues are addressed if these move out of the agreed range. Pest monitoring and control methods are in place at each venue which displays or holds items from the collection. In addition, artworks are visually checked regularly for any changes in condition when on display and before and after any exhibition or movement. There were no new condition or conservation issues identified in 2025.

All locations and movements of the collection are recorded and checked annually. There were no issues with identifying artworks and their locations in 2025. Loans were managed to Spectrum standards and covered by commercial insurance and GIS for some loans in the UK. All venues were assessed for their suitability to borrow and loans were accompanied in transit and at install to ensure their safety and integrity.

Conservation

The Foundation is committed to improving access to the Collection by ensuring remedial conservation is undertaken when necessary, and when funds allow, to prepare artworks with historic damage for display. No works were treated in 2025.

Acquisitions

The Foundation considers any potential new acquisition in line with its Collections Policy. No new acquisitions were made in 2025.

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Thanks for Support

The De Morgan Foundation relies on the generous support of Trusts and Foundations and individuals to achieve its goals and meet its charitable objectives.

The De Morgan Foundation is grateful to the David Family Foundation for their donation of £5,000.

Patrons of the Foundation donate £500 annually to support its activities. In 2025, Patrons enjoyed the annual Patrons Day, including a visit to the Guildhall Art Gallery in London for a guided review of the exhibition ‘ Evelyn De Morgan: Modern Painter in Victorian London' , to nearby Postman's Park to see the Watts Memorial to Heroic Self-Sacrifice with memorial tiles in the Loggia by William De Morgan, a private lunch in the Guildhall, and a guided tour of the Mansion House Art Collection and the Harold Samuel Collection of Dutch and Flemish 17th century paintings. The De Morgan Trustees would like to thank its Patrons Circle members for their valuable patronage and support in 2025.

Regular supporters of the Foundation can join the Friends for £30 per year and receive access to exclusive online content and journals, and in 2025 were offered a private guided tour of the exhibition ‘ Evelyn De Morgan: Modern Painter in Victorian London' . In 2025 there were c.130 De Morgan Friends members, who not only contribute valued funds but also act as important advocates for the Foundation and its collection. The general newsletter has over 1,000 subscribers.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

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. It has set the following Strategic Aims and Objectives for 2026.

STRATEGIC AIM

Review operations to increase efficiency and sustainability

OBJECTIVES

Develop the programme to digitise and update the Foundation's collection records and materials
Focus on core locations and rationalise activity to achieve agreed outcomes within available resources
Recruit staff to be based at the De Morgan Museum
Review loans and partnerships strategy

STRATEGIC AIM

Share the De Morgan Collection widely

OBJECTIVES

Refresh the display at the De Morgan Museum
Lend artworks to one UK exhibition
Lend artworks to one international exhibition

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

FINANCIAL REVIEW

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

The financial objectives of the Foundation are to ensure a good balance between income and expenditure. The Foundation plans to meet this objective by 2028, however with the macro uncertainties of the year, the Board of Directors of the Trustee are monitoring this target, and at present have no set date to achieve continuous small surpluses.

The Foundation 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 2025 the Foundation generated an operational surplus of £28,132 before net gains/losses on investments (2024 excess expenses over income of £2,712). Income in the year decreased by £6k, however, expenditure decreased by £36.5k compared to 2024.

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 2025, the Foundation had an endowment fund valued at £1.637m (2024 £1.516m). Income from the fund is used to support the Foundation’s operating costs and other charitable activities.

During 2025 the value of the Foundation’s Investments increased slightly compared to 2024, and as at 31st December 2025 the Foundation had a book gain of £112k (2024 investment gain of £100k).

In 2025 the Foundation’s investments continued to be managed by Investec, who were acquired by Rathbones in 2023. During the year the De Morgan Foundation, along with Investec’s other clients, moved across to the Rathbone’s systems.

The investment strategy agreed by the Foundation and Rathbones/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/Rathbones’ 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 2025

Asset allocation at 31st December 2025 (2024) comprised:

Fixed Interest	18.00%	(18.71%)
UK Equities	13.70%	(31.19%)
Overseas Equities	53.80%	(35.51%)
Property	2.11%	(2.28%)
Alternative (Infrastructure)	9.59%	(10.08%)
Cash	2.80%	(2.23%)
Total	100%	(100%)

Reserves policy at 31st December 2025

The Foundation’s reserves policy enables, as a minimum, a conventional three to six months operating cost basis.

As at 31st December 2025 the Foundation held unrestricted funds of £29,597,707 (2024: £29,576,647) including £29,569,305 (2024: £29,567,075 ) relating to the heritage assets which are intended to be held in perpetuity.

Going concern

After making appropriate enquiries, the Foundation has a reasonable expectation it has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

Risk management

The Foundation believes that, in order to prosper, considered risks will need to be taken. However, these must be assessed and managed so that benefits outweigh possible loss or damage to the Foundation. Where the Foundation is aware of a potential problem that may arise in the future, it plans in the present a course of action to mitigate that risk.

Managing risk effectively does not reduce opportunities but ensures the Foundation responds to risks that arise where it takes these opportunities. The Foundation has responsibilities to monitor and control both the process of risk management and the risks themselves, to ensure its 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

There were no post balance sheet events.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Donated Services

The Foundation engages with unpaid volunteers to support its activities over the course of the year. Due to the absence of a reliable measurement basis, the contributions of volunteers are not included as income in the accounts and thus the accounts do not provide for any notional costs for the value of these volunteers’ services.

Heritage Assets

The Foundation accounts for the objects in its collection as heritage assets. A heritage asset is defined as “a tangible or intangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture”. Unlike other assets, these cannot be sold to support the finances of the Foundation, as the collection is intended to be held in perpetuity, and thus makes the inclusion of these assets and their valuation primarily a matter of technical accounting compliance.

The Foundation’s collection of artworks, the De Morgan Collection, comprising c.2,000 items and consisting of paintings, works on paper, and ceramics, are its heritage assets. From time to time a revaluation of the collection is made and the last was in 2021. The collection is included in the balance sheet to comply with current accounting standards. In 2025 the heritage assets were valued at £29.5m (2024: £29.5m).

Additions to the collection are capitalised and recognised on the Balance Sheet at the cost or value of the acquisition, where such a cost or valuation is reasonably obtainable. Capitalised heritage assets are not depreciated because they are deemed to have indefinite lives, but are subject to impairment reviews where damage or deterioration is reported.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

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 2025

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 2025

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 staff member reporting to the Chair.

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 2025

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

Accountants

Kreston Reeves LLP Second Floor 168 Shoreditch High Street London E1 6RA

Bookkeepers

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

Board of Directors of the Trustee

Jean McMeakin (Chair) Stephen Jones (Treasurer) Patricia Astley-Cooper Frederick Clark Margaretta Frederick (retired August 2025) Richard Flowerday Kathryn Havelock Lorna Lee Kerri Offord (retired August 2025)

Mapperson Price Old Gunn Court 1 North Street Dorking Surrey RH4 1DE

Bankers

CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4TA

Investment Fund Managers

Rathbones Investment Management 2 Gresham Street London EC2V 7Q

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Financial Statements

TRUSTEE'S RESPONSIBILITIES STATEMENT

The Trustee is responsible for preparing the Trustee's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP (FRS102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. It is also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by order of the Board of Directors of the Trustee on 22nd July 2026 and signed on their behalf by:

Stephen Jones Treasurer, Trustee Board of Directors August 2026

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

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 2025.

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 2025

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.

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

3rd August 2026

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Statement of financial activities for the year ended 31st December 2025

Note Unrestricted funds 2025 £ Income and endowments from: Donations and legacies 3 13,066 Charitable activities 4 35,221 Other trading activities 5 5,024 Investments 6 63 Total income and endowments 53,374 Expenditure on: Raising funds 7,8 2,921 Charitable activities 9 60,513 Total expenditure 63,434 Net income/ (expenditure) before net gains on investments (10,060) Net gains on investments - Net income / (expenditure ) (10,060) Transfers between funds 21 31,120 Net movement in funds 21,060 Reconciliation of funds: Total funds brought forward 29,576,647 Net movement in funds 21,060 Total funds carried forward 29,597,707	Restricted funds 2025 £ - - - - - - - - - - - (1,120) (1,120) 204,584 (1,120) 203,464	Endowment funds 2025 £ - - - 48,350 48,350 10,158 - 10,158 38,192 112,655 150,847 (30,000) 120,847 1,516,744 120,847 1,637,591	Total funds 2025 £ 13,066 35,221 5,024 48,413 101,724 13,079 60,513 73,592 28,132 112,655 140,787 - 140,787 31,297,975 140,787 31,438,762	Total funds 2024 £ 26,134 34,995 9,090 37,213
				107,432
				18,666 91,478
				110,144
				(2,712) 106,002
				103,290 -
				103,290
				31,194,685 103,290
				31,297,975

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

The notes on pages 37 to 52 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 2025

Balance sheet as at 31st December 2025

Note Fixed assets Intangible assets 14 Tangible assets 15 Heritage assets 16 Investments 17 Current assets Stocks 18 Debtors 19 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 20 Net current assets Total net assets Charity funds Endowment funds 21 Restricted funds 21 Unrestricted funds 21 Total funds	2025 £ 3,118 510 29,764,030 1,637,591 31,405,249 300 6,876 37,288 44,464 (10,951) 33,513 31,438,762 1,637,591 203,464 29,597,707 31,438,762	2024 £ 3,637 852 29,764,030 1,516,744
		31,285,263 325 12,302 12,478
		25,105 (12,393)
		12,712
		31,297,975
		1,516,744 204,584 29,576,647
		31,297,975

The financial statements were approved and authorised for issue by the Trustee and signed on its behalf by De Morgan Trustee Company Limited on 3rd August 2026.

The notes on pages 37 to 52 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 2025

Notes to the financial statements for the year ended 31st December 2025

1. General information

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

The charity's purpose is to conserve the De Morgan Collection and exhibit it to the public at the De Morgan Museum and elsewhere, and to promote the appreciation of and education in the arts.

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.

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

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

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 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

2.6 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:

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

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

2.7 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.

2.8 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.

2.9 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.

2.10 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.

2.11 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.

2.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 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.

2.14 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.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

2.15 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.

2.16 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

3. Income from donations and legacies

Donations Donations Grants		Restricted funds 2025 £ 13,066		Unrestricted funds 2025 £ -		Total funds 2025 £ 13,066
		Restricted funds 2024 £ 21,134 -		Unrestricted funds 2024 £ - 5,000		Total funds 2024 £ 21,134 5,000
		21,134		5,000		26,134

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

4. Income from charitable activities

Royalties Loan of artwork Royalties Loan of artwork Income from non-charitable trading activities Shop sales Events Shop sales Events			Unrestricted funds 2025 £ 4,696 30,525 35,221 Unrestricted funds 2024 £ 2,196 32,800 34,995 Unrestricted funds 2025 £ 2,367 2,657 5,024 Unrestricted funds 2024 £ 5,711 3,379 9,090	Unrestricted funds 2025 £ 4,696 30,525 35,221 Unrestricted funds 2024 £ 2,196 32,800 34,995 Unrestricted funds 2025 £ 2,367 2,657 5,024 Unrestricted funds 2024 £ 5,711 3,379 9,090	Unrestricted funds 2025 £ 4,696 30,525 35,221 Unrestricted funds 2024 £ 2,196 32,800 34,995 Unrestricted funds 2025 £ 2,367 2,657 5,024 Unrestricted funds 2024 £ 5,711 3,379 9,090	Total funds 2025 £ 4,696 30,525 35,221 Total funds 2024 £ 2,196 32,800
			35,221
			Unrestricted funds 2024 £ 2,196 32,800 34,995 Unrestricted funds 2025 £ 2,367 2,657 5,024 Unrestricted funds 2024 £ 5,711 3,379 9,090
						34,995
			Unrestricted funds 2025 £ 2,367 2,657 5,024 Unrestricted funds 2024 £ 5,711 3,379 9,090			Total funds 2025 £ 2,367 2,657 5,024 Total Funds 2024 £ 5,711 3,379 9,090

5. Income from non-charitable trading activities

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

6. Investment income

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 2025 £ 63	Endowment Funds 2025 £ 48,350	Total Funds 2025 £ 48,413 Total Funds 2024 £ 37,213 Total funds 2025 £ 2,921
	Unrestricted funds 2024 £ 30	Endowment Funds 2024 £ 37,183 Unrestricted funds 2025 £ 2,921 Unrestricted funds 2024 £ 5,886 Endowment funds 2025 £ 10,158 Endowment funds 2024 £ 12,780

			Total funds 2024 £ 5,886
			Total funds 2025 £ 10,158
			Total funds 202 £ 12,780

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

9. Analysis of expenditure on charitable activities

Summary by fund type Provision and maintenance of collection Provision and maintenance of collection

Unrestricted
Funds	Total
2025	2025
£	£
60,513	60,513
Unrestricted
funds	Total
2024	2024
£	£
91,478	91,478

10. Analysis of expenditure by activities

Provision and maintenance of collection Provision and maintenance of collection	Activities undertaken directly 2024 £ 30,026 Activities undertaken directly 2024 £ 52,558	Support costs 2024 £ 30,487 Support Costs 2024 £ 38,920	Total funds 2024 £ 60,513
			Total Funds 2024 £ 91,478

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Analysis of direct costs

Staff costs Collections management & conservation costs Insurance	Provision and maintenance of collection 2025 £ 17,495 2,294 10,237 30,026	Total funds 2025 £ 17,495 2,294 10,237
		30,026

Staff costs Collections management & conservation costs Insurance Rent, rates and service charge	Provision and maintenance of collection 2024 £ 43,990 1,509 7,035 24 52,631	Total funds 2024 £ 43,990 1,509 7,035 24
		52,631

Analysis of support costs Depreciation and amortisation General expenses Independent examiner's fees Bank charges Subscriptions Bookkeeping Storage of Special Range Property (artwork) De Morgan Museum project expenditure Sundry expenses Travel and subsistence Computer and internet costs Other professional fees Art acquisition costs	Provision and maintenance of collection 2025 £ 861 3,190 6,016 509 939 786 16,904 162 129 330 534 34 93 30,487	Total Funds 2025 £ 861 3,190 6,016 509 939 786 16,904 162 129 330 534 34 93
		30,487

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Depreciation and amortisation General expenses Independent examiner's fees Bank charges Subscriptions Bookkeeping Storage of Special Range Property (artwork) Premises - security Office print, post and stationery Sundry expenses Travel and subsistence Computer and internet costs 11. Independent examiner's fee Fees payable for the independent examination of the charity's annual accounts 12. Staff costs Wages and salaries Pension costs The average number of persons employed by the charity during the year was as follows: Support staff		Provision and maintenance of collection 2024 £ 874 676 6,497 253 1,153 1,020 18,945 1,050 397 34 6,036 1,098 38,920 2025 £ 6,016 2025 £ 16,822 673 17,495 2025 No. 1	Total Funds 2024 £ 874 676 6,497 253 1,153 1,020 18,945 1,050 397 34 6,036 1,098
			38,920
			2024 £ 6,497
			2024 £ 41,500 2,490
			43,990
			2024 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 (2024 - £NIL-).

During the year ended 31st December 2025, travel expenses totalling £928 were reimbursed or paid directly to one Trustees (2024 - £386 to two Trustees).

NB: A significant proportion of the Trustee expenses in 2025 was due to one Trustee incurring operational travel costs to cover the absence of staff members.

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

14. Intangible assets

Cost At 1st January 2025 At 31st December 2025 Amortisation At 1st January 2025 Charge for the year At 31st December 2025 Net book value At 31st December 2025 At 31st December 2024 15. Tangible fixed assets	Trademarks £ 5,194
	5,194
	1,557 519
	2,076
	3,188
	3,637

Cost or valuation At 1st January 2025 At 31st December 2025 Depreciation At 1st January 2025 Charge for the year At 31st December 2025 Net book value At 3st1 December 2025 At 31st December 2024	Plant and machinery £ 18,943 18,943 18,341 212 18,553 390 602	Fixtures and fittings £ 5,132 5,132 4,882 130 5,012 120 250	Total £ 24,075
			24,075
			223,223 342
			23,565
			510
			852

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

16. Heritage assets

Assets recognised at cost

Carrying value at 1 January 2025 At 31st December 2025 Assets recognised at valuation Carrying value at 1st January 2024		Heritage assets - rest of collection 2025 £ 3,296,180 3,295,140 Heritage assets - paintings 2025 £ 26,467,850 26,467,850	Total 2025 £ 3,296,180
			3,295,140
			Total 2025 £ 26,467,850
			26,467,850

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 elsewhere. 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 June 2021 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	2025 £ - -	2024 £ 1,040	2023 £ 196,800 196,800	2022 £ -	2021 £ 1,190 1,190
		1,040		-

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

17. Fixed asset investments

Listed investments £ Cost or valuation At 1st January 2025 1,490,437 Additions 146,422 Disposals (150,733) Revaluations 105,087 Cash movements - At 31st December 2025 1,591,213 Net book value At 31st December 2025 1,591,213 At 31st December 2024 1,490,437 18. Stocks Shop stock 19. Debtors Due after more than one year Other debtors 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 Deferred income at 1st January 2025 Resources deferred during the year Amounts released from previous periods		Cash held within investments £ 26,307 - - - 20,071 46,378 46,378 26,307 2025 £ 300 2025 £ 450 450 4,556 1,870 6,876 2025 £ - 228 10,723 10,951 2025 £ 7,500 1,875 (7,500) 1,875	Total £ 1,516,744 146,422 (150,733) 105,087 20,071 1,637,591 1,637,591 1,516,744 2024 £ 325 2024 £ 450 450 11,774 78 12,302 2024 £ 11 - 12,382



			12,393
			2024 £ 10,000 7,500 (10,000)
			7,500

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 2025

21. Statement of funds

Statement of funds - current year

Balance at 1st January 2025 £ 29,565,000 2,075	Income £ - - - 53,374 - 48,350	Expenditure £ - -	Transfers in/out £ 2,230 -	Gains/ (Losses) £ - -
29,567,075		-	-	-
9,572 528,742 988,002		(63,434) (3,541) (6,617) (10,158) - - - - - - (73,592)	28,890 - (30,000) (30,000) - 1,120 - - - (1,120) -	- 39,272 73,383 112,655 - - - - - - 112,655
1,516,744	48,350
1,304 1,120 5,000 360 196,800	- - - - - - 101,724
204,584
31,297,975

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

Statement of funds - prior year

Balance at 1st January 2024 £ 29,565,000 2,075	Income £ - -	Expenditure £ - -	Transfers in/out £ - -	Gains/ (Losses) £ - -
29,567,075	-	-	-	-
11,686	65,249	(97,364)	30,001	-
493,140 923,200	- 37,183	(1,203) (11,577)	- (30,001)	36,805 69,197
1,416,340	37,183	(12,780)	(30,001)	106,002
1,304 1,200 - 360 196,800	- - 5,000 - -	- - - - -	- - - - -	- - - - -
199,584	5,800	-	-	-
31,194,685	107,432	(110,144)	-	106,002

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DE MORGAN FOUNDATION Trustee's Report and Financial Statements for the year ended 31st December 2025

Designated funds relate to the following:

- Special Range Property

These are the unrestricted 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 restricted heritage asset relates to the Winifred Bulwer portrait (see below). It is held separately and therefore not included within the Special Range Property.

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 31.12.2025 the value of the permanent endowment was £564,473.

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

- Art Scholars

This represents a grant towards the creation of a new guidebook.

- Decorative Arts Society

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

- Winifred Bulwer Portrait

Grant income was received in 2023 to fund the acquisition of a portrait and a transfer from unrestricted funds was made to contribute towards the purchase. The value of the portrait is included within heritage fixed assets. The asset and fund is included as restricted as there are restrictions applying to the use and retention of the portrait.

Transfers between funds

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

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DE MORGAN FOUNDATION

Trustee's Report and Financial Statements for the year ended 31st December 2025

22. 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 2025 £ - - 1,637,591 - - - - 1,637,591	Restricted funds 2025 £ - - - 196,800 - 6,664 -	Unrestricted funds 2025 £ 510 3,118 - 29,567,230 450 37,350 (10,951) 29,597,707	Total funds 2025 £ 510 3,118 1,637,591 29,764,030 450 44,014 (10,951)
		203,464		31,438,762

Analysis of net assets between funds - prior 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 2024 £ - - 1,516,744 - - - - 1,516,744	Restricted funds 2024 £ - - - 204,584 - - -	Unrestricted funds 2024 £ 852 3,637 - 29,559,446 450 24,655 (12,393) 29,576,647	Total funds 2024 £ 852 3,637 1,516,744 29,764,030 450 24,655 (12,393)
		204,584		31,297,975

23. 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.

24. Related party transactions

The charity did not enter into any related party transactions during the current or prior year. There were no outstanding balances owing between related parties and the De Morgan Foundation at 31st December 2025 or 31st December 2024.

25. 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 2025

0 2025 De Morgan Found2ti0n Trustees