## THE ROYAL NUMISMATIC SOCIETY 

(Registered Charity No. 221850) 

INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 



PAGE 1 

## THE ROYAL NUMISMATIC SOCIETY 

## CONTENTS 

||Page|
|---|---|
|Trustees Report|2-4|
|Independent Examiner’s Report|5|
|Statement ofFinancial Activities|6-7|
|Balance Sheet|8|
|NotestotheAccounts|9-17|





THE ROYAL NUMISMATIC SOCIETY 

PAGE 2 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 

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 2021 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: Paul Hill Librarian: Bradley Shepherd Members: Jennifer Adam Matthew Ball Shailendra Bhandare (from December) Ian d’Alton (from December) Simon Glenn Stanley Ireland Abigail Kenvyn (retired in December) Marcus Phillips (editor, Numismatic Chronicle retired in December) Jo Porter (from December) Mafalda Raposo (from December) Andrew Brown (from December) Clare Rowan (editor, Numismatic Chronicle) 

During 2021 the Society’s affairs were still affected by the Covid 19 pandemic. All Council meetings are now being held on Zoom, and that is likely to remain the Society’s practice going forward. A full programme of Ordinary Meetings were held, with an AGM in June, and these were also all online. The Society hopes to return to holding physical meetings from June 2022 and it is likely that these will be hybrid (online and in person). The Society’s membership is spread across the whole of the UK and internationally and it has been found that holding meetings on Zoom has allowed many members to attend who would not have come had the meetings been held in London. 

Council met in February, April, June, October and December. All officers (with the exception of the Treasurer) and members of the Council had agreed to serve for a further year from October 2020 because it was not possible to hold an AGM in June 2020. 

The President is elected at an AGM, for a period of up to five years. All other Officers and members of Council are elected at an AGM fora period of one year. 

Marcus Phillips and Susan Tyler-Smith retired as editors at the end of the year and Clare Rowan assumed full responsibilities for editing the Numismatic Chronicle (NC), with Shailendra Bhandare and Murray Andrews joining the editorial team (Murray Andrews on a paid basis).; their last volume was NC 2021. Special Publications are edited by Clare Rowan, Roger Bland and Susan Tyler-Smith. 



PAGE 3 

## THE ROYAL NUMISMATIC SOCIETY 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (continued) 

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. The Society’s Bye-Laws were last revised in 2019. 

The Society normally holds meetings on the third Tuesday of each month, from January to June and October to December, at which a substantive paper is read. During 2021 these meetings have been held on Zoom. 

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; 1 title was published in 2021, SP 59 Nurpetlian, Jack, Coinage in the Orontes Valley of Syria (Ist century BC - 3rd century AD). Further titles are in preparation for publication in 2022 or 2023 (Roger Bland, The Coinage of Gordian IIIfrom Antioch and Caesarea; L. Bricault and C. Mondello, Isis Moneta. The ‘Vota Publica’ tokens from late antique Rome and a Sylloge ofIslamic Coins in the Israel Museum. 

The Society holds a substantial library, jointly with the British Numismatic Society, housed at The Warburg Institute in Woburn Square, London. Under the terms of an agreement signed in 2019 the management of the Library will be in the hands of the Warburg Institute while the two societies retain ownership of the books. The Society’s Honorary Librarian has been preparing the Library for its management by the Warburg Institute. Because of Covid restrictions in 2021 the Library remained closed or, later, open by appointment only. 

The Society administers nine Grant and Prize Funds, using money donated to the Society for specific purposes. From these moneys, grants and prizes totalling £8,039 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 £728,963 at 31 December 2021. 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. 



PAGE 4 

## THE ROYAL NUMISMATIC SOCIETY 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 (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: 

M. Gooch, Hon Secretary H. Flynn, Hon. Secretary Date: Date: 



PAGE 5 

## THE ROYAL NUMISMATIC SOCIETY 

## INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE ROYAL NUMISMATIC SOCIETY 

## FOR THE YEAR ENDED 31 DECEMBER 2021 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021, which are set out on pages 6 to 17. 

## Responsibilities and basis ofreport 

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: 

(1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

(2) the accounts do not accord with those accounting records; or 

- (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. 

## Stefano Mazzola FCSI 

23 Westmoreland Terrace London SW1V 4AG 

Date: 



THE ROYAL NUMISMATIC SOCIETY 

PAGE 6 

## STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 


**----- Start of picture text -----**<br>
|||||||||
|---|---|---|---|---|---|---|---|
|Unrestricted|Restricted|2021|2020|
|Funds|Funds|Total|Total|
|Notes|General|Designated|
|£|£|£|£|£|
|INCOME|FROM:|1|
|Donations|and|legacies|
|Donations|215|-|-|215|1,187|
|Charitable|activities|
|Annual|subscriptions|17,522|-|-|17,522|17,729|
|Publication|sales|11,385|-|-|11,385|19,476|
|Other|
|Miscellaneous|289|-|-|289|12,062|
|Investments|
|Income|from|investments|4,342|511|4,427|9,280|15,921|
|TOTAL INCOME|33,753|511|4,427|38,691|66,375|

**----- End of picture text -----**<br>




THE ROYAL NUMISMATIC SOCIETY 

PAGE 7 

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 

## EXPENDITURE ON: 

|||Unrestricted|Unrestricted|Restricted|2021|2020|
|---|---|---|---|---|---|---|
|||Funds||Funds|||
||||||Tota!|Total|
||Note|General|Designated|Restricted|||
|||£|£|£|f|£|
|Charitable Activities|2||||||
|Grants||7,013|-|626|7,639|16,863|
|Numismatic Chronicle||28,469|-|-|28,469|27,609|
|Special publications||4,567|-|-|4,567|30,065|
|Prizes||-|-|400|400|2,150|
|Library expenses||4,366|-|-|4,366|8,671|
|Money and Medals newsletter||5,786|-|-|5,786|748|
|Medal costs||5,931|-|-|5,931|-|
|Meetings||137|-|-|137|1,700|
|Subscriptions||278|-|-|278|600|
|Postage, printing and||12|-|-|12|73|
|stationery|||||||
|Other|||||||
|Secretarial and clerical||-|-|-|-|450|
|Accountancy fees||750|-|-|750|720|
|Investmentmanagement fees||3,846|-|-|3,846|3,279|
|TOTALEXPENDITURE||61,155|-|1,026|62,181|92,928|
|NETINCOMING/(OUTGOING)|||||||
|RESOURCES:|||||||
|BEFORE RECOGNISED GAINS||(27,402)|51]|3,401|(23,490)|(26,553|
|GAINS/LOSSES ON:|||||||
|INVESTMENTS —REALISED||1,298|[53|1,323|2,774|(7,742|
|INVESTMENTS—UNREALISED||32,323|3,803|32,964|69,090|49,169|
|NETMOVEMENT INFUNDS||6,219|4,467|37,688|48,374|14,874|
|TOTALFUNDSBROUGHTFWD||280,423|47,197|352,969|680,589|665,715|
|TOTAL FUNDS CARRIEDFWD|||||||
|||286,642|51,664|390,657|728,963|680,589|



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 2021 

||Notes||2021||2020|
|---|---|---|---|---|---|
|||£|£|£|£|
|FIXED ASSETS||||||
|Library, furniture etc.||1||1||
|Investments|5|697,555||626,555||
||||697,556||626,556|
|CURRENT ASSETS||||||
|Stock ofmedals||-||100||
|Debtors and prepayments|3|22,195||33,054||
|Cash at bank-current account||53,288||58,587||
|||75,483||91,741||
|CURRENT LIABILITIES||||||
|Subscriptions received in advance||1,295||1,145||
|Creditors forNumismatic Chronicle||22,604||21,249||
|Other creditors and accruals|4|20,177||15,314||
|||44,076||37,708||
|NETCURRENTASSETS|||31,407||54,033|
|NETASSETS|||728,963||680,589|
|FINANCED BY:||||||
|FUNDS:|9|||||
|General Fund|||286,642||280,423|
|Designated Funds|||51,664||47,197|
|Restricted Funds|||390,657||352,969|
|TOTALFUNDS|||728,963||680,589|
|Approved by the Council on ...............ssseseeseseeeeee.||and signed|on its behalfby:|by:||
|Roger Bland||PM Hill||||
|President||Hon.Treasurer||||





PAGE 9 

## THE ROYAL NUMISMATIC SOCIETY 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

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 

- e 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. 

- e Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 

- e 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 £420,000 (2020: £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. 



PAGE 10 

## THE ROYAL NUMISMATIC SOCIETY 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

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: 

- e 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. 

- e Investment income is included as it accrues. 

- e Income from charitable trading activities is accounted for when earned. 

- e 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. 



PAGE 11 

' 

## THE ROYAL NUMISMATIC SOCIETY 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

## 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 £41,212 (2020: £78,387). 

## 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 

ENil).a cost of the independent examination of the Institute’s financial statements for the year is £Nil (2020: 



THE ROYAL NUMISMATIC SOCIETY 

PAGE 12 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

## 3. DEBTORS AND PREPAYMENTS 

||2021|2020|
|---|---|---|
||=|£|
|Other debtors|22,195|33,054|
||22,195|33,054|
|4.<br>CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR|||
||2021|2020|
||£|£|
|Accruals for grants payable|13,576|13,050|
|Other creditors|6,601|2,264|
||20,177|15,314|
|5.<br>INVESTMENTS|||
||2021|2020|
||s|£|
|Market value 1 January 2021|626,555|600,560|
|Purchases at cost|29,027|109,103|
|Disposals at cost|(29,891)|(124,535)|
|Net profit/(loss) on disposals|2,774|(7,742)|
|Unrealised gains/(losses) during year|69,090|49,169|
|Marketvalue31December2021|697,555|626,555|



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 2021 

## 6. PAYMENTS TO THE MEMBERS OF THE COUNCIL OF MANAGEMENT 

5 members of Council received travel and other expenses totalling £8,452 (2020: £3,440). 

## 7. RELATED PARTY TRANSACTIONS 

There were no related party transactions in the year. 

## 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Unrestricted|Designated|Restricted|Total|
|Funds|Funds|
|£|£|£|
|FIXED|ASSETS|
|Furniture|1|-|-|1|
|Investments|326,339|38,412|332,804|697,555|
|CURRENT|ASSETS|
|Debtors|and|prepayments|22,195|-|-|22,195|
|Cash|at bank|(21,693)|13,252|61,729|53,288|
|~502.——«13,252|61,729|75,483|
|CURRENT|LIABILITIES|40,200|-|3,876|44,076|
|NET CURRENT ASSETS|(39,698)|13,252|57,853|31,407|
|NET ASSETS|286,642|51,664|390,657|728,963|

**----- End of picture text -----**<br>




PAGE 14 

## THE ROYAL NUMISMATIC SOCIETY 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

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. One publication was made in 2021. 

||||Designated||Total|Total|
|---|---|---|---|---|---|---|
||General|HWA|Frizell|Special|Designated|Unrestricted|
|||Linecar|Fund|Publications|||
|||Bequest||Fund|||
||£|£|£|£|£|£|
|Income|57,902|496|381|-|877|58,779|
|Expenditure|88.028|_(250)|_=|_|_(250)|88.278|
|Net incoming/(outgoing)|(30,126)|246|381|-|627|(29,499)|
|resources|||||||
|Gain/(loss) on sale of|(3,622)|(241)|(185)|-|(426)|(4,048)|
|investments|||||||
|Unrealised gains/(losses) on|23,003|1,532|1,176|-|2.708|25,711|
|investments|||||||
|Netmovement on funds|(10,745)|1,537|1,372|-|2,909|(7,836)|
|Transfer from general fund|||||||
|Balance brought forward|291,168|17,458|14,758|12,072|44,288|335,456|
|1 Jan 2020|||||||
|Balance carried forward|280.423|18.995|16,130|12,072|47,197|327,620|
|31Dec2020|||||||





## THE ROYAL NUMISMATIC SOCIETY 

## PAGE 15 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

## 9. FUNDS: (Cont’d) 

|9.<br>FUNDS: (Cont’d)|||||||
|---|---|---|---|---|---|---|
||||Designated||Total|Total|
||General|HWA|Frizell|Special|Designated|Unrestricted|
|||Linecar|Fund|Publications|||
|||Bequest||Fund|||
||z|£|£|£|£|Z|
|Income|33,753|289|222|-|511|34,264|
|Expenditure|(61,155)|:|:|-|-|(61,155)|
|Net incoming/outgoing|(27,402)|289|222|-|511|(26,891)|
|resources|||||||
|Gain/(loss) on sale of|1,298|86|67|-|153|1,451|
|investments|||||||
|Unrealised gains/(losses) on|32,323|2,152|1,651|-|3.803|36,126|
|investments|||||||
|Netmovement on funds|6,219|2,527|1,940|-|4,467|10,686|
|Transfer from general fund|||||||
|Balance brought forward|280,423|18,995|16,130|12,072|47,197|327,620|
|1 Jan 2021|||||||
|Balance carried forward|286,642|21,522|18,070|12,072|51,664|338,306|
|31Dec2021|||||||



## 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 2021 

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|Gilliam|Lowick|Kreitnan|Shamma|Martin|CNG|Totals|
|---|---|---|---|---|---|---|---|---|---|---|
||Fund|Weber|Prize|Prize|Fund|Fund|Prize|Price|Fund||
|||Prize|Fund|Fund|||Fund|Fund|||
|||Fund|||||||||
||£|a|£|£|£|£|£|£|£|£|
|Income|339|141|232|178|1,455|1,905|1,046|1,238|1,062|7,596|
|Direct charitable|||||||||||
|expenditure|-|(150)|-|-|(500)|-|(2,000)|-|(2,000)|(4,650)|
|Net incoming|||||||||||
|resources|339|(9)|232|178|955|1,905|(954)|1,238|(938)|2,946|
|Loss on sale of<br>investments|(165)|(69)|(113)|(86)|(708)|(926)|(508)|(603)|(516)|(3,694)|
|Unrealised|||||||||||
|gains on|||||||||||
|investments|1,046|436|716|549|4.494|5,883|3,229|3,825|3,280|23,458|
|Netmovement|1,220|358|835|641|4,741|6,862|1,767|4,460|1,826|22,710|
|in funds|||||||||||
|Balance brought|19,603|7,418|9,729|8,817|56,286|84,340|48,348|56,035|39,683|330,259|
|forward|||||||||||
|1 Jan 2020|||||||||||
|Balance carried|20.823|7.776|10,564|9.458|61,027|91,202|50.115|60,495|41.509|352,969|
|forward|||||||||||
|31Dec2020|||||||||||





THE ROYAL NUMISMATIC SOCIETY 

PAGE 17 

## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 

## 9, FUNDS: (Cont’d) 

## RESTRICTED FUNDS: 

||Marshall|Parkes|Lhotka|Gilliam|Lowick|Kreitnman|Shamma|Martin|CNG|Totals|
|---|---|---|---|---|---|---|---|---|---|---|
||Fund|Weber|Prize|Prize|Fund|Fund|Prize|Price|Fund||
|||Prize|Fund|Fund|||Fund|Fund|||
|||Fund|||||||||
||£|£|£|£|£|£|£|£|£|£|
|Income|197|82|135|104|848|1,111|609|722|619|4,427|
|Direct charitable|(1,000)|-|-|(400)|1,750|(1.376)|-|-|-|(1,026)|
|expenditure|||||||||||
|Net incoming|(803)|82|135|(296)|2,598|(265)|609|722|619|3,401|
|resources|||||||||||
|Gain on sale of|59|25|40|31|254|331|182|216|185|1,323|
|investments|||||||||||
|Unrealised|1,470|613|1,007|772|6,314|8.268|4,538|5,373|4.609|32,964|
|gains on|||||||||||
|investments|||||||||||
|Net movement|726|720|1,182|507|9,166|8,334|5,329|6,311|5,413|37,688|
|in funds|||||||||||
|Balance brought|20,823|7,776|10,564|9,458|61,027|91,202|50,115|60,495|41,509|352,969|
|forward|||||||||||
|1 Jan 2021|||||||||||
|Balance carried|21,549|8.496|11.746|9.965|_70,193|99.536|55.444|66.806|46.922|390.657|
|forward|||||||||||
|31Dec2021|||||||||||