## **THE BRITISH NUMISMATIC SOCIETY**
(Registered Charity No. 275906 **)**
**TRUSTEES REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE BRITISH NUMISMATIC SOCIETY**
## **CONTENTS**
|Trustees Report|3-4|
|---|---|
|Statement of Trustees Responsibilities|5|
|Independent Examiner’s Report|6|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Accounts|9-13|
2
## **THE BRITISH NUMISMATIC SOCIETY**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The British Numismatic Society was founded in 1903 and is a registered charity (No. 275906). The Society is established for the benefit of the public through the encouragement and promotion of numismatic science, and particularly through the study of the coins, medals and tokens of the peoples of the British Isles and Commonwealth and the United States of America, and of such territories as may at any time be, or have been, subject to their jurisdiction. The Society’s activities are governed by its By-Laws. The By-Laws were last amended in November 2015.
The trustees of the Society for the year ended 31 December 2022 were the officers and members of Council comprising:
President: E.M. Screen
Vice Presidents: M.R. Allen, G.P. Dyer, D.W. Dykes, R.J. Eaglen and H.E. Pagan Secretary: P.J. Preston-Morley Treasurer: D.M. Young Director: W.A. MacKay Librarian: B.S. Shepherd Website Officer: R. Page Publicity Officer: G M Oddie Members: M. Andrews, N.S.L. Burbridge (to 22 November), L Burnett, (from 22 November), J Cattermole (from 22 November), D. Chorney (to 22 November), E.J. Ghey (to 22 November), J. Graham-Campbell, R W Hoge (from 22 November), D J Kirk (from 22 November), A. Musry and J. Porter
The registered address of the charity is that of the current Treasurer, D.M. Young, 89 Gillards Close, Rockwell Green, Wellington, Somerset TA21 9DX. The Society’s bankers are the National Westminster Bank plc, PO Box 10720, 217 Strand, London WC2R 1AL and CAF Bank Ltd, 25 Kings Hill, West Malling, Kent ME19 4JQ. Funds are also deposited with Cambridge & Counties Bank Ltd, 42 Castle Street, Cambridge CB3 0AJ, Hampshire Trust Bank Ltd, 55 Bishopsgate, London EC2N 3AS, M & G Securities Ltd, 10 Fenchurch Avenue, London EC3M 5AG and United Trust Bank Ltd, 1 Ropemaker Street, London EC2Y 9AW. The Independent Examiner is N. Beaton, ‘Janda’, The Friary, Old Windsor, Berkshire SL4 2NR.
The Society’s financial accounts for the year ended 31 December 2011 and subsequent years are currently available on the Charity Commission website. The trustees have paid due regard to the Charity Commission’s guidance on public benefit and consider that the Society’s various activities further its purposes in that regard.
Society meetings were held on the fourth Tuesday of January, February, March, April, June and September at the Royal Philatelic Society London, on the fourth Tuesday in May and November at Swedenborg Hall, London, and on the fourth Tuesday in October at The Travellers Club, London. At each meeting a substantive paper was read. The Society’s meeting in New York in January was postponed because of bad weather, and its meeting in Oxford in July was cancelled.
3
## **THE BRITISH NUMISMATIC SOCIETY**
## **REPORT OF THE TRUSTEES** (continued)
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
In December 2022 the Society published volume 92 of _The British Numismatic Journal_ . The Society’s Editor provided another substantial volume, containing articles, together with notes and reviews, the 2022 Coin Hoards from England, Scotland and Wales, the 2022 Coin Register and the 2021 Proceedings.
The Society also produces a series of Special Publications (SP). In 2022 one new volume was published, _Interpreting Early Medieval Coinage: Studies in Honour of Stewart Lyon_ . Spink acts as distributor of the Society's publications. In February 2018 the Society introduced E-NEWS, an online Society bulletin board circulated prior to each meeting to all members for whom the Society has email addresses. In April 2018 the Society established a research blog on the internet, to which over 300 articles had been contributed by the end of 2022. In November 2022 the Society formally launched the Medieval Coin Hoards of the British Isles project, a web-based application for researchers covering the period from 450 to 1544 AD.
The Society’s bursary programme and grant-giving was placed on a new footing at the end of 2022.
The Society has an independent website _(www.britnumsoc.org)_ providing a mix of permanent factual information about the Society and details of its current programme of meetings and activities. Members may request issues of the _Money & Medals_ newsletter in electronic format, published by the Money and Medals Network, which includes short and topical articles, reviews, details of meetings and exhibitions and a diary of fairs and auctions. The newsletter is also generally available through the Money and Medals Network website.
Following completion of the digital scanning of the entire run of back numbers of _The British Numismatic Journal_ in 2011 the contents of all but the most recent volumes can now be freely accessed through the Society’s website.
The Society holds a substantial library, jointly with the Royal Numismatic Society, which is located at the Warburg Institute, and actively maintains a programme of acquiring new books and rebinding existing books, as necessary. Under the terms of an agreement signed in 2019 the future management of the library, which is scheduled to be physically transferred to dedicated shelving once the building has been redecorated, will be in the hands of the Warburg Institute, while the societies retain ownership of the books. The considerable expense incurred with the move, relating to cataloguing, electronic tagging and other security measures will be noted in future accounts. Annual subscriptions were paid to the International Numismatic Commission and the British Association of Numismatic Societies (BANS).
The Society is financed by an annual subscription of £32, paid by both ordinary and institutional members, reduced to £15 for the first two years, and £10, paid by students up to the age of 25 or continuing in full-time education, together with interest on cash held on deposit and donations from members exceeding their subscriptions. Other sources of income derive from legacies and gifts.
4
## **THE BRITISH NUMISMATIC SOCIETY**
## **REPORT OF THE TRUSTEES** (continued)
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The Trustees believe that the present level of uncommitted reserves set against current and planned expenditure is both prudent and proportionate. The Society’s reserves and its investment policy are kept under active review by a Finance Committee.
All officers of the Society offer their services on a voluntary basis, and administrative costs were kept to a minimum, consisting largely of stationery and postage.
As of 22 November 2022 the Society had 625 members, both in Britain and overseas, and is actively seeking to increase this number.
Signed on behalf of the Trustees:
## **P.J. Preston-Morley**
Secretary 27 March 2023
5
## **THE BRITISH NUMISMATIC SOCIETY STATEMENT OF TRUSTEES RESPONSIBILITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees are responsible for preparing the Trustees’ 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 and Wales requires the trustees 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 surplus or deficit of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and
- 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.
6
## **THE BRITISH NUMISMATIC SOCIETY INPEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF THE BRITISH NUMISMATIC SOCIETY**
I report to the charity trustees on my examination of the accounts of the Society for the year ended 31 December 2022, which is set out on pages 8 to 16.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I have satisfied myself that the accounts of the charity do not require an audit and that section 144 of the Charities Act 2011 does not apply. I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed the all the applicable directions given by the Charity Commission under section 145(5) (b) of that 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.
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.
## **Neil Beaton**
7 October 2023
Janda The Friary Old Windsor Berkshire SL4 2NR
:
7
## **THE BRITISH NUMISMATIC SOCIETY**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Incoming Resources**
**_Donations & legacies_**
Donations
Legacies
Subscriptions
Gift Aid
**_Charitable activities_**
Publication sales
Miscellaneous
**_Income from_**
**_investments_**
Total Incoming
Resources
**Resources Expended**
Charitable activities
(note 3)
Other (note 3)
Total resources
expended
**Net Incoming**
**(Outgoings) Resources**
Unrealised gain/(loss) on
investments
**Net Movement in**
**Funds**
**Total Funds at**
**1 January 2022**
**Total Funds at**
**31 December 2022**|**Unrestricted Funds**
**Restricted**
**Total**
**Total**
**General**
**£**
**Designated**
**£**
**Funds**
**£**
**2022**
**£**
**2021**
**£**
1,388
1,388
553
65,757
140,415
23,000
229,172
-
17,455
17,455
17,196
989
989
1,134
2,237
(345)
1,892
9,023
0
0
3,960
6,503
31
10,494
8,087|
|---|---|
||91,786
146,573
23,031
261,390
35,993|
||54,490
8,959
-
63,449
20,967
1,403
0
0
1,403
1,463|
||55,893
8,959
-
64,852
22,430|
||35,893
137,614
23,031
196,538
13,563
(2,322)
(3,813)
(18)
(6,153)
12,615|
||33,571
133,801
23,013
190,385
26,178
161,617
265,444
1,244
428,305
402,127|
||195,188
399,245
23,257
618,690
428,305|
8
## **THE BRITISH NUMISMATIC SOCIETY**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2022**
|**Note**
**FIXED ASSETS**
Library furniture
Investments
4
CURRENT ASSETS
Stock of Society Medals
Debtors and Prepayments
5
Cash at Bank
Current Accounts
Deposit Accounts
**LESS CURRENT LIABILITIES**
Subscriptions received in advance
Creditors
6
**NET CURRENT ASSETS**
**NET ASSETS**
**Financed by:**
GENERAL FUND
8
DESIGNATED FUNDS
9
RESTRICTED FUNDS
10
**TOTAL FUNDS**|785
6,150
78,470
442,440|**2022**
**£**
160
97,952|785
12,759
43,644
280,305|**2021**
**£**
160
104,105|
|---|---|---|---|---|
|||98,112
520,578||104,265
324,040|
||527,845||337,493||
||3,692
3,575||2,186
11.267||
||7,267||13,453||
||||||
|||618,690||428,305|
|||195,188
399,245
23,257||161,617
265,444
1,244|
|||618,690||428,305|
Registered Charity No. 275906
The accounts were approved by the Council on 27 March 2023 and signed on their behalf by:
**E Screen** President
**D Young** Hon Treasurer
9
## **THE BRITISH NUMISMATIC SOCIETY NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. ACCOUNTING POLICIES**
## _**Basis of Preparation**_
The accounts have been prepared under the historical cost convention, modified by the revaluation of the investments.
The financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Statement of Recommended Practice (SORP): Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a public benefit charity under FRS 102.
The financial statements have been prepared under the going concern basis as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
The financial statements 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 the furtherance of the general objectives of the charity.
- Designated funds are unrestricted funds that have been set aside by the trustees for particular purposes.
- Restricted funds are subject to restrictions on their expenditure imposed by donors.
## _**Tangible fixed assets**_
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write down the cost of the asset over their expected useful lives. The expected life of the office equipment is four years.
## _**Library**_
No value has been attributed in the balance sheet to the Society’s library. The joint library of the Society and The Royal Numismatic Society was valued in 2020 at £415,650. The books are individually labelled as to which Society owns them, but for the purposes of practical day-to-day administration and the sharing of costs, one-third of the library is taken as belonging to The British Numismatic Society.
## _**Investments**_
The society’s investments are held for their long term growth and are included in the financial statements at their mid-market values at the balance sheet date. Realised and unrealised gains and losses on the investments are added or deducted from the appropriate fund in the statement of financial activities.
10
## **THE BRITISH NUMISMATIC SOCIETY**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1. ACCOUNTING POLICIES** (continued)
## _**Stock**_
No value is attributed to the Society’s stocks of Special Publications and The British Numismatic Journal.
The Society’s medals on hand at the balance sheet date are included at cost
## _**Income**_
All incoming resources are recognised when the charity is entitled to the funds, the amount can be quantified with reasonable accuracy and it is probable that the income will be received.
Investment income is included on an accrual basis.
Legacies are included when the legacy is received or when the society has been notified of an impending distribution, the amount is known and receipt is expected.
Subscriptions are payable annually and included in the year to which they relate, however no credit is taken for subscriptions in arrears at the balance sheet date.
## _**Expenditure**_
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes irrecoverable VAT and this is charged as a cost against the activity for which the expenditure was incurred.
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.
## _**Grants and Prizes**_
Grants and Prizes are authorised and awarded by the Council based on recommendations of the various sub-committees and are normally included in the accounts as payable when they have been authorised and awarded.
## **2. PAYMENTS TO TRUSTEES AND RELATED PARTY TRANSACTIONS**
The amount of travel or other expenses received by trustees during the year is £nil (2021 £nil)
There were no related party transactions in the year.
11
## **THE BRITISH NUMISMATIC SOCIETY**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **3. CHARITABLE EXPENDITURE**
|**Charitable Activities**
_British Numismatic_
_Journal_
Special publications
_Money & Medals_
newsletter
Funding for Money &
Medals
Meetings
Library expenses
Bursaries
Grants and Prizes
Website costs
Subscriptions
50 Year Membership
Medals
Donations
**Charitable support**
**costs**
Bank charges
Secretarial and clerical|**Unrestricted Funds**
**Restricted**
**Total**
**Total**
**General**
**£**
**Designated**
**£**
**Funds**
**£**
**2022**
**£**
**2021**
**£**
13,085
13,085
12,783
4,718
4,718
0
391
391
1,135
5,000
5,000
0
7,267
7,267
2,075
702
1,115
1,817
3,443
7,331
7,331
0
19,898
3,126
0
23,024
71
481
481
727
144
144
233
191
191
0
-
-
500|
|---|---|
||54,490
8,959
0
63,449
20,967|
||737
737
686
666
666
777|
||1,403
0
0
1,403
1,463|
## **4. INVESTMENTS**
|Mid-market value at 1 January
Purchases
Unrealised gains/(losses) during year
Mid-market value at 31 December
The investments are as follows:
M&G Charifund Income Units|**2022**
**£**
**2021**
**£**
104,105
91,490
0
0
(6,153)
12,615|
|---|---|
||97,952
104,105|
||97,952
104,105|
All investments are listed and held in the United Kingdom
12
## **THE BRITISH NUMISMATIC SOCIETY**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **5. DEBTORS**
|Other debtors
Accrued income receivable
Prepayments|**2022**
**£**
**2021**
**£**
3,168
8,928
2,142
2,385
840
1,446
6,150
12,759|
|---|---|
## **6. CREDITORS**
|||||**2022**|**2021**|
|---|---|---|---|---|---|
|||||**£**|**£**|
|Creditor for British Numismatic Journal||||95|11,267|
|Other creditors||||1,017|0|
|||||1,112|11,267|
|**7. ANALYSIS OF NET**|**ASSETS BETWEEN FUNDS**|||||
||**Unrestricted Funds**||**Restricted**||**Total**|
||**General**|**Designated**|**Funds**||**2022**|
||**£**|**£**|**£**||**£**|
|**Fixed Assets**||||||
|Tangible fixed assets|160||||160|
|Investments|30,780|63,347||3,825|97,952|
||30,940|63,347||3,825|98,112|
|**Current Assets**||||||
|Stock of medals|785||||785|
|Debtors and|4,032|2,118|||6,150|
|prepayments||||||
|Cash at bank|164,235|336,243||20,432|520,910|
||169,052|338,361||20,432|527,845|
|**Current Liabilities**|4,804|2,463|||7,267|
|**Net Current Assets**|164,248|335,898||20,432|520,578|
|||||||
|**Net Assets**|195,188|399,245||24,257|618,690|
13
## **THE BRITISH NUMISMATIC SOCIETY**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **8. GENERAL FUND**
|**8. GENERAL FUND**||
|---|---|
|Income
Expenditure
Net incoming (outgoing resources)
Unrealised gains (losses) on investments
Fund balance at 1 January 2022
Fund balance at 31 December 2022|**2022**
**£**
**2021**
**£**
91,786
25,258
55,893
19,794|
||35,893
5,464
(2,322)
4,750|
||33,571
10,214
161,617
151,403|
||195,188
161,617|
## **9. DESIGNATED FUNDS**
|Income
Charitable
Expenditure
Net
incoming/
(Outgoing)
Resources
Unrealised
gains or
(losses) on
investments
Net
Movement
in Funds
Fund
Balances at
1 January
2022
Fund
Balances at
31
December
2022|**North**
**Fund**
**£**
**Linecar**
**Fund**
**£**
**Osborne**
**Fund**
**£**
**Cross**
**Fund**
**£**
**Casey**
**Fund**
**£**
**Library**
**Fund**
**£**
**Total**
**£**
266
287
1,817
140,033
1,838
2,332
146,573
500
626
4,718
0
2,000
1,115
8,959|
|---|---|
||(234)
(339)
(2,901)
140,033
(162)
1,217
137,614
(156)
(168)
(1,267)
(19)
(835)
(1,368)
(3,813)|
||(390)
(507)
(4,168)
140,014
(997)
(151)
133,801
10,885
11,697
88,216
1,355
58,094
95,197
265,444|
||10,495
11,190
84,048
141,369
57,097
95,046
399,245|
14
## **THE BRITISH NUMISMATIC SOCIETY**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31 DECEMBER 2022**
## **9. DESIGNATED FUNDS continued**
The North Fund was set up during 2006 with a generous donation from Mr J.J. North and Council has decided that this should partly be used to fund a biennial prize for the best book on British Numismatics published in the preceding three years. In 2007 Council decided additionally to use part of the fund to establish the Jeffrey North Medal, to be awarded occasionally to members of the society or others in recognition of outstanding services to British Numismatics, whether in the UK or overseas.
The Linecar Fund was started in 1986 with a bequest of £5,000 and Council has designated this fund to provide for a biennial lecture in Mr Linecar's memory.
The Osborne Fund was started in 1991 with a bequest of £50,000 and Council has designated this fund to finance a series of Special Publications.
The name of the Benefactors' Fund has been changed to the Cross Fund to recognise the bequest of £140,000 from John Cross which has been added to the fund and Council has designated this fund to provide grants and bursaries.
The John Casey Fund was started in 2017 with a bequest of £58,500 and Council has designated this fund to provide research grants.
The Library Fund was started in 2019 with a bequest of £100,000 from Robert Thompson and Council has designated this fund for the purchase of books in the Society's library.
|Income
Charitable
expenditure
Net
Incoming/
(Outgoing)
Resources
Unrealised
gains (or
losses) on
investments
Net
Movement
in Funds
Fund
Balances at
1 January
2021
Fund
Balances at
31
December
2021|**North**
**Fund**
**£**
**Linecar**
**Fund**
**£**
**Osborne**
**Fund**
**£**
**Cross**
**Fund**
**£**
**Casey**
**Fund**
**£**
**Library**
**Fund**
**£**
**Total**
**£**
208
223
7,273
26
1,111
1,869
10,710
0
0
0
0
0
2,565
2,565|
|---|---|
||208
223
7,273
26
1,111
(696)
8,145
325
349
2,462
40
1,733
2,917
7,826|
||533
572
9,735
66
2,844
2,221
15,971
10,352
11,125
78,481
1,289
55,250
92,976
249,473|
||10,885
11,697
88,216
1,355
58,094
95,197
265,444|
15
## **THE BRITISH NUMISMATIC SOCIETY NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 31` DECEMBER 2022**
## **10. RESTRICTED FUNDS**
The Prize Fund - following an appeal for donations in 2005, the Society created a new Prize Fund with the purpose of supporting the John Sanford Saltus Medal, the Blunt Prize and any other award the Society might introduce in the future.
The Leather Fund was started in 2022 with a bequest of £23,000 from Christopher Leather and at the request of Mr Leather the fund is to be used for research and bursaries.
|Income
Charitable expenditure
Net Movement in Funds
Unrealised gain (loss) on investments
Fund Balance at 1 January 2022
Fund Balance at 31 December 2022|**Leather**
**Fund**
**Prize**
**Fund**
**Total**
**2022**
**£**
**Total**
**2021**
**£**
23,000
31
23,031
25
0
0
0
71|
|---|---|
||23,000
31
23,031
(46)
0
(18)
(18)
39
0
1,244
1,244
1,251|
||23,000
1,257
24,257
1,244|
16