THE ROYAL NUMISMATIC SOCIETY
(Registered Charity No. 221850)
INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGE 1
THE ROYAL NUMISMATIC SOCIETY
CONTENTS
| Trustees Report Independent Examiner’s Report Statement of Financial Activities Balance Sheet Notes to the Accounts |
Page |
|---|---|
2-4 5 6-7 8 9-17 |
THE ROYAL NUMISMATIC SOCIETY
PAGE 2
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The Royal Numismatic Society was founded in 1836 under the name of The Numismatic Society of London, receiving a Royal Charter in 1904 (no. RC000509), since when it has been called The Royal Numismatic Society. It is governed by its Bylaws. It is a registered charity (no. 221850). The Society is established for the purpose of encouraging the study of the coinage of all countries and its history.
The trustees of the Society for the year ended 31st December 2020 were the officers and members of Council:-
President: Roger Bland Vice Presidents: Martin Allen and Helen Wang Honorary Vice President: Andrew Burnett Secretaries: Henry Flynn and Megan Gooch Treasurer: Peter Knapton (until June 2020); Paul Hill (from June 2020) Librarian: Bradley Shepherd Members: Jennifer Adam Matthew Ball Simon Glenn Stanley Ireland Abigail Kenvyn Marcus Phillips (editor, Numismatic Chronicle) Clare Rowan (editor, Special Publications)
In March 2020 the Society’s affairs were disrupted by the Covid 19 pandemic. The only physical meetings that were possible were those in January and February. The meetings in March, April and May were cancelled, while those in June, October, November and December were held on Zoom. The AGM which would normally have been held in June was postponed.
Council met in person in February and on Zoom in April, June, October and December. All officers (with the exception of the Treasurer) and members of the Council agreed to serve for a further year from October 2020 because it was not possible to hold an AGM in June.
The President is elected at an AGM, for a period of up to five years. All other Officers and members of Council are normally elected at an AGM for a period of one year. The Byelaws require the election of three new Council members each year, but that was waived in 2020 because it was not possible to hold an AGM due to the pandemic.
Together with Marcus Phillips, Richard Ashton and Susan Tyler-Smith continued as joint editors of Numismatic Chronicle and Susan Tyler-Smith was also a joint editor of Special Publications together with Clare Rowan. Richard Ashton and Susan Tyler-Smith are not Officers or Trustees of the Society.
The registered address of the charity is c/o Dept. of Coins and Medals, British Museum, London WC1B 3DG. The Society's activities are governed by its Charter and Byelaws, and Regulations. A new version of the Bye-Laws were approved by the Privy Council in August 2019.
The Society normally holds meetings on the third Tuesday of each month, from January to June and October to December at the Institute for Advanced Legal Study, Russell Square, but see above. A substantive paper is read.
THE ROYAL NUMISMATIC SOCIETY
PAGE 3
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
The Society publishes The Numismatic Chronicle each year, which is distributed free to Fellows. Copies are also available for sale to the general public and Spink & Son Limited distribute them and Special Publications on behalf of the Society. A digital newsletter is published eight times a year before each meeting. Fellows also receive the Money & Medals newsletter by email.
The Society also produces a series of Special Publications; 3 titles were published in 2020 in 5 volumes: SP 56 Sheedy, Kenneth A. and Davis, Gillan, Metallurgy in Numismatics 6 - Mines, Metals, and Money: Ancient World Studies in Science, Archaeology and History (edited by Roger Bland)
SP 57 Crisà, Antonino, Gkikaki, Mairi and Rowan, Clare (eds.), Tokens: Culture, Connections and Communities (edited by Clare Rowan)
SP 58 Burnett, Andrew, The Hidden Treasures of this Happy Island - A History of Numismatics in Britain from the Renaissance to the Enlightenment . 3 vols. (edited by Roger Bland)
This work, in three volumes, was published jointly with the British Numismatic Society and is, by some margin, the most ambitious publication undertaken by the Society.
SP 59 Nurpetlian, Jack, Coinage in the Orontes Valley of Syria (1st century BC - 3rd century AD) was published in January 2021.
The Society holds a substantial library, jointly with the British Numismatic Society, housed at The Warburg Institute in Woburn Square, London. An agreement was concluded with the Warburg in November 2019, whereby the management of the Library is to be transferred to the Warburg, while the two societies retain ownership of the books.
The Society administers nine Grant and Prize Funds, using money donated to the Society for specific purposes. From these moneys, grants and prizes totalling £18,833 were awarded to individuals and organisations. The Society is a member of the International Numismatic Commission and is affiliated to the British Association of Numismatic Societies.
The trustees consider that the Society’s various activities further its purposes for the public benefit. They have had regard to the Charity Commission’s guidance on public benefit.
Decisions regarding the distribution of Grants, either from the Society’s General Funds, or from the Designated or Restricted Funds are taken at the regular Council Meetings, after considering the recommendations of relevant Council officers or subcommittees. The level of General Funds is normally maintained at an amount between two and three years normal annual expenditure. The Society’s total funds amounted to £680,589 at 31 December 2020. Its finances are kept under review by a Finance and Investment Sub-Committee.
The Society is financed by an annual subscription payable by both private and institutional fellows, with a reduced subscription for full-time students, together with income from investments. The full annual subscription is £45 and the student rate £20. The officers of the Society offer their services on a voluntary basis, although a paid administrator does work for the Society for normally one day per week. In this way, governance costs are kept to a minimum.
The Society’s website is at http://numismatics.org.uk. The Society currently has about 550 fellows.
THE ROYAL NUMISMATIC SOCIETY
PAGE 4
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 (continued)
TRUSTEES’ RESPONSONSIBLITIES
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Charity law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are 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 them to ensure that the financial statements comply with the Charities Act 2011 and the Charities Statement of Recommended Practice. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees have complied with the duty in Section 4 of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in respect of public benefit.
In so far as the trustees are aware:
-
there is no relevant accounting information of which the charity’s independent examiner is unaware; and
-
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant accounting information and to establish that the independent examiner is aware of that information.
Signatories:
…Megan Gooch ……………..
…………Henry Flynn…………..
M. Gooch, Hon Secretary Date: 19 November 2021
H. Flynn, Hon. Secretary Date: 19 November 2021
THE ROYAL NUMISMATIC SOCIETY PAGE 5
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ROYAL NUMISMATIC SOCIETY
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2020, which are set out on pages 6 to 17.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
Having satisfied myself that the accounts of the charity are not required to be audited and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s report
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material aspect:
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(1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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(2) the accounts do not accord with those accounting records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of the 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; or
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.
……Staffano Mazzol……………..
Stefano Mazzola FCSI
23 Westmoreland Terrace London SW1V 4AG
Date: 22 November 2021
THE ROYAL NUMISMATIC SOCIETY PAGE 6
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME FROM: 1 Donations and legacies Donations Legacies Gift aid Charitable activities Annual subscriptions Publication sales Other Royalties Miscellaneous Investments Income from investments TOTAL INCOME |
Unrestricted Funds General Designated £ £ 1,187 - - - - - 17,729 - 19,476 - - - 12,062 - 7,448 877 57,902 877 |
Restricted Funds £ - - - - - - - 7,596 7,596 |
2020 Total £ 1,187 - - 17,729 19,476 - 12,062 15,921 66,375 |
2019 Total £ 4,500 3,090 7,034 21,759 10,876 5,785 270 17,721 71,035 |
|---|---|---|---|---|
THE ROYAL NUMISMATIC SOCIETY PAGE 7
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
EXPENDITURE ON:
| Unrestricted | Unrestricted | Restricted | 2020 | 2019 |
||
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| Total | Total |
|||||
| Note | General | Designated | Restricted | |||
| £ | £ |
£ | £ | £ |
||
| Charitable Activities | 2 | |||||
| Grants | 14,113 | 250 |
2,500 | 16,863 | 6,775 |
|
| Numismatic Chronicle | 27,609 | - |
- | 27,609 | 22,358 |
|
| Special publications | 30,065 | - |
- | 30,065 | 24,717 |
|
| Prizes | - | - |
2,150 | 2,150 | 451 |
|
| Library expenses | 8,671 | - |
- | 8,671 | 5,532 |
|
| Money and Medals | 748 | - |
- | 748 | 740 |
|
| Newsletter | ||||||
| Medal costs | - | - |
- | - | 128 |
|
| Meetings | 1,700 | - |
- | 1,700 | 3,205 |
|
| Subscriptions | 600 | - |
- | 600 | 230 |
|
| Postage, printing and | 73 | - |
- | 73 | 200 |
|
| stationery | ||||||
| General expenses | - | - |
- | - | (154) |
|
| Other | ||||||
| Secretarial and clerical | 450 | - |
- | 450 | 2,850 |
|
| Accountancy fees | 720 | - |
- | 720 | 690 |
|
| Investment management fees | 3,279 | - |
- | 3,279 | 3,277 |
|
| _ | ___ | ____ | _ | _ | ||
| TOTAL EXPENDITURE | 88,028 | 250 |
4,650 | 92,928 | 70,999 |
|
| NET INCOMING/(OUTGOING) | ||||||
| RESOURCES: | ||||||
| BEFORE RECOGNISED GAINS | (30,126) | 627 |
2,946 | (26,553) | 36 |
|
| GAINS/LOSSES ON: | ||||||
| INVESTMENTS – REALISED | (3,622) | (426) |
(3,694) | (7,742) | (4,938) | |
| INVESTMENTS – UNREALISED | 23,003 | 2,708 |
23,458 | 49,169 | 81,577 |
|
| _ | _ | _ | _ | _ | ||
| NET MOVEMENT IN FUNDS | (10,745) | 2,909 |
22,710 | 14,874 | 76,675 |
|
| TOTAL FUNDS BROUGHT FWD | 291,168 | 44,288 | 330,259 | 665,715 | 589,040 | |
| _ | _ | _ | _ | _ | ||
| TOTAL FUNDS CARRIED FWD | 280,423 | 47,197 |
352,969 | 680,589 | 665,715 | |
| _ | _ | _ | _ | _ | ||
| The statement of financial | activities includes all gains and losses | in the year. All | income and | expenditure derive | ||
| from continuing activities. |
THE ROYAL NUMISMATIC SOCIETY PAGE 8
| BALANCE SHEET AS AT 31 DECEMBER 2020 Notes 2020 2019 £ £ £ £ FIXED ASSETS Library, furniture etc. 1 1 Investments 5 626,555 600,560 __ _ 626,556 600,561 CURRENT ASSETS Stock of medals 100 100 Debtors and prepayments 3 33,054 22,504 Cash at bank-current account 58,587 73,360 _ ___ |
BALANCE SHEET AS AT 31 DECEMBER 2020 Notes 2020 2019 £ £ £ £ FIXED ASSETS Library, furniture etc. 1 1 Investments 5 626,555 600,560 __ _ 626,556 600,561 CURRENT ASSETS Stock of medals 100 100 Debtors and prepayments 3 33,054 22,504 Cash at bank-current account 58,587 73,360 _ ___ |
BALANCE SHEET AS AT 31 DECEMBER 2020 Notes 2020 2019 £ £ £ £ FIXED ASSETS Library, furniture etc. 1 1 Investments 5 626,555 600,560 __ _ 626,556 600,561 CURRENT ASSETS Stock of medals 100 100 Debtors and prepayments 3 33,054 22,504 Cash at bank-current account 58,587 73,360 _ ___ |
|---|---|---|
| Stock of medals 100 |
100 | |
| Debtors and prepayments 3 33,054 |
22,504 | |
| Cash at bank-current account 58,587 |
73,360 | |
| _ | ______ | |
| 91,741 | 95,964 | |
| CURRENT LIABILITIES | 1,131 15,392 |
|
| Subscriptions received in advance 1,145 |
||
| Creditors for Numismatic Chronicle 21,249 |
||
| Other creditors and accruals 4 15,314 |
14,287 | |
| ______ | ______ 30,810 |
|
| 37,708 | ||
| NET CURRENT ASSETS | 54,033 | 65,154 |
| 680,589 | ||
| NET ASSETS | 665,715 | |
| ______ | __ 291,168 44,288 330,259 ____ |
|
| FINANCED BY: FUNDS: 9 |
||
| General Fund | 280,423 | |
| Designated Funds | 47,197 | |
| Restricted Funds | 352,969 | |
| ______ | ||
| 680,589 | ||
| TOTAL FUNDS | 665,715 | |
| ______ | ______ ……….. |
|
| Approved by the Council on …………………………… and signed on its behalf by: …………………………………… …………………………… Roger Bland P M Hill President Hon. Treasurer |
THE ROYAL NUMISMATIC SOCIETY PAGE 9
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
The accounts have been prepared under the historical cost convention, modified by the revaluation of investments.
The financial statements have been prepared to comply with the requirements of the Charities Act 2011, and the ‘Statement of Recommended Practice’ (SORP): Accounting and Reporting by Charities Financial Reporting Standard 102. The charity is a public entity as defined by Financial Reporting Standard 102.
The trustees consider that there are no material uncertainties about the charity’s ability to continue a going concern.
The accounts are prepared in sterling, being the functional currency of the charity.
Fund accounting
-
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values.
-
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
-
Restricted funds are subject to restrictions on their expenditure imposed by the donor.
Tangible fixed assets and depreciation
No value has been attributed in the balance sheet to the Society’s library. The joint library of the Society and The British Numismatic Society was insured during the year at an unchanged value of £415,650. The books are individually labelled as to which Society owns them, but for the purpose of practical day-to-day administration and the sharing of costs, two-thirds of the library is taken as belonging to The Royal Numismatic Society.
Investments
Investments are held for their long term growth value and are included in the financial statements at their midmarket values at the balance sheet date. Realised and unrealised gains and losses on investments are shown in the statement of financial activities and added or deducted from the appropriate fund in the balance sheet.
THE ROYAL NUMISMATIC SOCIETY PAGE 10
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES (CONT’D)
Income recognition
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Income received by way of grants, donations and gifts is included in full in the statement of financial activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Society, are recognised when the Society becomes unconditionally entitled to the grant.
-
Investment income is included as it accrues.
-
Income from charitable trading activities is accounted for when earned.
-
Subscriptions are payable annually and are included on the accrual basis matched to the period to which they relate.
Expenditure recognition
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the Society in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Other costs include those costs associated with meeting the constitutional requirements of the Society and include the independent examiners’ fees and costs linked to the strategic management of the Society.
All costs are allocated between the expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. All costs are allocated directly to a particular activity.
Grants and Prizes
Grants and Prizes are authorised and awarded by the Council based on the recommendations of the various Prize and Fund Sub-committees and advice from relevant specialists, and are normally included in the accounts as payable when authorised and awarded.
Stock
No value is attributed to the Society’s stocks of Special Publications and the Numismatic Chronicle, for which Spink & Son Limited are the Society’s principal distributor.
THE ROYAL NUMISMATIC SOCIETY PAGE 11
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
2. CHARITABLE ACTIVITIES
2(a) Direct funding of scholarly activity
Direct funding of scholarly activity comprises, grants, prizes, meetings, chronicle and publication expenses. This amounted to £78,387 (2019: £57,506).
2(b) Grant expenditure
All grants were for the purposes of academic research which includes travel and attendance at conferences.
2(c) Examination and accountancy
The annual cost of the independent examination of the Institute’s financial statements for the year is £Nil (2019: £Nil).
THE ROYAL NUMISMATIC SOCIETY PAGE 12
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
| 3. | DEBTORS AND | PREPAYMENTS | |||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| £ | £ | ||||
| Other debtors | 33,054 | 22,504 | |||
| ______ | ______ | ||||
| 33,054 | 22,504 | ||||
| ______ | ______ | ||||
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Accruals for grants payable | 13,050 | 8,425 | |||
| Other creditors | 2,264 | 5,862 | |||
| ______ | ______ | ||||
| 15,314 | 14,287 | ||||
| ______ | ______ | ||||
| 5. | INVESTMENTS | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Market value 1 January | 2020 | 600,560 | 499,539 | ||
| Purchases | 109,103 | 112,897 | |||
| Sales | (124,535) | (88,515) | |||
| Net | profit/(loss) on sales | (7,742) | (4,938) | ||
| Unrealised gains/(losses) during year | 49,169 | 81,577 | |||
| ______ | ______ | ||||
| Mid-market value 31 December 2020 | 626,555 | 600,560 | |||
| ______ | ______ |
All investments are listed and held in the United Kingdom
THE ROYAL NUMISMATIC SOCIETY PAGE 13
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
6. PAYMENTS TO THE MEMBERS OF THE COUNCIL OF MANAGEMENT
6 members of Council received travel and other expenses totalling £3,440.
7. RELATED PARTY TRANSACTIONS
There were no related party transactions in the year.
8. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted Designated | Unrestricted Designated | Restricted | Total | |
|---|---|---|---|---|
| Funds | Funds | |||
| £ | £ |
£ | ||
| FIXED ASSETS | ||||
| Furniture | 1 | - |
- | 1 |
| Investments | 293,124 | 34,502 |
298,929 626,555 |
|
| __ ____ |
__ ____ |
|||
| 293,125 | 34,502 |
298,929 626,556 |
||
| CURRENT ASSETS | ||||
| Stock of medals | 100 | - |
- | 100 |
| Debtors and prepayments | 33,054 | - |
- 33,054 |
|
| Cash at bank | (11,398) | 12,695 |
57,290 | 58,587 |
| __ ____ |
__ ____ |
|||
| 21,756 | 12,695 |
57,290 | 91,741 | |
| CURRENT LIABILITIES | 34,458 - |
3,250 | 37,708 | |
| __ ____ |
__ ____ |
|||
| NET CURRENT ASSETS | (12,702) | 12,695 |
54,040 | 54,033 |
| __ ____ |
__ ____ |
|||
| NET ASSETS | 280,423 | 47,197 |
352,969 680,589 |
|
| __ ____ |
__ ____ |
THE ROYAL NUMISMATIC SOCIETY PAGE 14
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. FUNDS
a) UNRESTRICTED FUNDS:
- i) General Fund - This represents funds available to be spent or applied at the discretion of the trustees to further any of the charity’s purposes.
ii) Designated Funds
The H.W.A. Linecar Bequest of £5,000 was received in 1987 and Council has made the income available to subsidise the attendance of young people at the International Numismatic Congress and the congresses and lecture courses organised by the British Association of Numismatic Societies and to pay for an annual Linecar Memorial Lecturer at one of these B.A.N.S. events.
The Frizzell Fund was established in 1992 with a bequest received under the will of the late Helen Frizzell and Council decided that the income should be used once a year to pay the expenses of a visiting speaker, normally from abroad. This was subsequently extended to include using the income to help meet the travelling and other expenses of all lecturers, where appropriate, as well as the annual medallist.
The Special Publications Fund was originally established to present a separate record of the financial results of the Society’s Special Publications Series and to retain the surplus funds designated as primarily available to meet the initial costs of publishing future volumes. Three publications were made in 2020.
Income Expenditure Net incoming/outgoing resources Loss on sale of investments Unrealised gains/(losses) on investments Net movement on funds Transfer from general fund Balance brought forward 1 Jan 2019 Balance carried forward 31 Dec 2019 |
Designated Total Total General HWA Linecar Bequest Frizell Fund Special Publications Fund Designated Unrestricted £ £ £ £ £ £ 61,604 552 424 - 976 62,580 (73,098) (750) - - (750) (73,848) (11,494) (198) 424 - 226 (11,268) (2,310) (154) (118) - (272) (2,582) 38,165 2,542 1,950 - 4,492 42,657 24,361 2,190 2,256 - 4,446 28,807 266,807 15,268 12,502 12,072 39,842 306,649 291,168 17,458 14,758 12,072 44,288 335,456 |
|---|---|
THE ROYAL NUMISMATIC SOCIETY PAGE 15
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. FUNDS: (Cont’d)
Income Expenditure Net incoming/outgoing resources Loss on sale of investments Unrealised gains/(losses) on investments Net movement on funds Transfer from general fund Balance brought forward 1 Jan 2020 Balance carried forward 31 Dec 2020 |
Designated Total Total General HWA Linecar Bequest Frizell Fund Special Publications Fund Designated Unrestricted £ £ £ £ £ £ 57,902 496 381 - 877 58,779 (88,028) (250) - - (250) 88,278) (30,126) 246 381 - 627 (29,499) (3,622) (241) (185) - (426) (4,048) 23,003 1,532 1,176 - 2,708 25,711 (10,745) 1,537 1,372 - 2,909 (7,836) 291,168 17,458 14,758 12,072 44,288 335,456 280,423 18,995 16,130 12,072 47,197 327,620 |
|---|---|
b) RESTRICTED FUNDS
Full details of the Medal and Prizes of the Society, including details of past medallists and prize winners, and of the various Research Grants and Funds, are published in the Numismatic Chronicle or on the Society’s website. Further details of the Grants and Prizes for the year are included in the Annual Report or in the President’s Review of the Year, now published on the Society’s website.
Prize Funds
The F.Parkes Weber Prize was instituted in 1954 and is awarded annually for an original essay or published article on any subject relating to coins, medals, medallions, tokens or paper money. Competitors must be under 30 on the annual closing date for entries. Nominations can be made by the author or a third party. The value of the prize is currently not less than £150.
The Lhotka Memorial Prize was endowed in 1961 in memory of Dr J.F. Lhotka and is awarded annually to the author adjudged to have published in the previous two calendar years the book or article in English most helpful to the elementary student of numismatics. The value of the prize is currently not less than £250.
The Gilljam Prize for Third Century Numismatics was established in 1985 and is awarded bi-annually for the book or article published in the previous three years which represents the best contribution to the numismatics of the third century, before the reform of Diocletian. The value of the prize is currently not less than £400.
THE ROYAL NUMISMATIC SOCIETY PAGE 16
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020
9. FUNDS: (Cont’d)
RESTRICTED FUNDS: (Cont’d)
The Samir Shamma Prize for Islamic Numismatics was established in 1992 and is awarded bi-annually for the book or article(s) published, normally and preferably in English, during the previous three years, adjudged most useful to students in Islamic numismatics. The value of the prize is currently not less than £2,000.
Research Grants and Funds
The W.S. Marshall Memorial Fund was established in 1945 to provide young numismatists with books.
The Nicholas Lowick Memorial Fund for the Promotion of Oriental Numismatic Research was set up in 1987 to provide grants, subsidies and awards. One or more annual grants of varying amounts are made towards travel and accommodation costs or to otherwise further the study of some aspects of Oriental numismatics.
The Neil Kreitman Central Asian Numismatic Endowment Fund was established in 1989 to make grants to promote research in the study of coins of ancient Central Asia.
The Classical Numismatic Group Roman and Byzantine Fund was established in 2009 with the aid of a generous donation from Classical Numismatic Group Inc. of Pennsylvania USA. The purpose of the Fund is to promote for the public benefit the study of Roman and Byzantine numismatics in its broadest sense.
The Martin Price Fund was established in 1995. Annual awards are made to promote the study of the coins of the Greek World in its broadest sense, with a special focus on young researchers.
| Marshall Parkes Lhotka Gilljam Fund Weber Prize Prize Prize Fund Fund Fund £ £ £ £ Income 377 157 258 198 Direct charitable expenditure - - (250) (201) Net incoming resources 377 157 8 (3) Loss on sale of investments (105) (44) (72) (55) Unrealised losses on investments 1,736 723 1,189 911 Prior year adjustment 30 11 15 14 Net movement in funds 2,038 847 1,140 867 Balance brought forward 1 Jan 2019 17,565 6,571 8,589 7,950 Balance carried forward 31 Dec 2019 19,603 7,418 9,729 8,817 |
Lowick Kreitman Shamma Martin CNG Totals Fund Fund Prize Price Fund Fund Fund £ £ £ £ £ £ 1,620 2,120 1,164 1,379 1,182 8,455 (1,750) - - 4,950 100 2,849 (130) 2,120 1,164 6,329 1,282 11,304 (451) (591) (324) (385) (329) (2,356) 7,456 9,761 5,358 6,344 5,442 38,920 85 126 73 75 57 486 6,960 11,416 6,271 12,363 6,452 48,354 49,326 72,924 42,077 43,672 33,231 281,905 56,286 84,340 48,348 56,035 39,683 330,259 |
Totals £ 8,455 2,849 11,304 (2,356) 38,920 486 |
|---|---|---|
THE ROYAL NUMISMATIC SOCIETY PAGE 17
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2019
9. FUNDS: (Cont’d)
RESTRICTED FUNDS:
| Marshall Parkes Lhotka Gilljam Lowick Kreitman Shamma Martin Fund Weber Prize Prize Fund Fund Prize Price Prize Fund Fund Fund Fund Fund £ £ £ £ £ £ £ £ Income 339 141 232 178 1,455 1,905 1,046 1,238 Direct charitable - expenditure (150) - - (500) - (2,000) - Net incoming resources 339 (9) 232 178 955 1,905 (954) 1,238 Loss on sale of investments (165) (69) (113) (86) (708) (926) (508) (603) Unrealised profit on investments 1,046 436 716 549 4,494 5,883 3,229 3,825 Net movement in funds 1,220 358 835 641 4,741 6,862 1,767 4,460 Balance brought forward 1 Jan 2020 19,603 7,418 9,729 8,817 56,286 84,340 48,348 56,035 Balance carried forward 31 Dec 2020 20,823 7,776 10,564 9,458 61,027 91,202 50,115 60,495 |
CNG Totals Fund £ £ 1,062 7,596 (2,000) (4,650) (938) 2,946 (516) (3,694) 3,280 23,458 1,826 22,710 39,683 330,259 41,509 352,969 |
Totals £ 7,596 (4,650) |
|---|---|---|
2,946 (3,694) 23,458 |