The British Art Medal Trust
Charity number 288869
TRUSTEES' ANNUAL REPORT
& UNAUDITED FINANCIAL STATEMENTS Year to 31 December 2020
The British Art Medal Trust
Charity number 288869
TRUSTEES’ ANNUAL REPORT
Year to 31 December 2020
The charity was created by Declaration of Trust on 6 January 1984.
The main objects of the charity are the revival, encouragement, support and development of medallic art in the United Kingdom.
The charity continues to support medallic art by means of publications, in particular a biannual journal, The Medal , and by financial assistance to the educational activities of The British Art Medal Society. The Society organises a programme of lectures, an annual conference, an international medal competition for students and an annual bursary and mentoring to encourage new medallists.
The Trust Deed requires that the trustees take into account the wishes of the Council of the Society.
Trustees are appointed by resolution of a Meeting of the Trustees. The trustees throughout 2020 were;
Philip Attwood Marcy Leavitt Bourne Ron Dutton Rick Scorza Sir Mark Jones Eldon Allison Janet Larkin
The principal address of the charity is;
c/o Janet Larkin, Department of Coins and Medals, British Museum, London WC1B 3DG
Bankers to the charity are;
Royal Bank of Scotland, 28 Trinity Street, Cambridge CB2 1TB
Approved by order of the Trustees and signed on their behalf by:
Signed
Eldon Allison
Treasurer
Date 22 April 2021
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The British Art Medal Trust
Charity number 288869 INDEPENDENT EXAMINER’S REPORT
Year to 31 December 2020
I report to the trustees on my examination of the accounts of The British Art Medal Trust (“the Trust”) for the year ended 31 December 2020.
Responsibilities and basis of report
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:
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accounting records were not kept in accordance with section130 of the Act, or
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the accounts do not accord with the accounting records
I have no concerns and I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed
G. A. Hunot FCA
Broad Reach, 132A South Street, Lewes, East Sussex BN7 2BS
Date 5 May 2021
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The British Art Medal Trust DETAILED INCOME & EXPENDITURE ACCOUNT Year to 31 December 2020
| Notes PUBLICATIONS Subscriptions, Associate Members FIDEM contribution to_The Medal_ costs Advertising revenue Sales of back issues & other publications, net of commission Post & packing recovered, net Production & distribution costs;The Medal, two issues Purchase of back issues Money & Medals contribution STUDENT MEDAL PROJECT Sponsorship Sale of catalogue Prizes awarded Catalogue production Other costs NEW MEDALLIST SCHEME Sponsorship by Society Bursary to New Medallist(s) Tuition & mentor costs OTHER INCOME & EXPENSE Proceeds of sale -W Herbert bequest Gift Aid recovered Interest Interest gifted from Society Expenses Independent Examiner Post & duty Bank & Paypal charges Contribution to Society overheads Other Balance of_W Herbert bequest_to Designated Funds Gift Aid applied to Award & Prize Funds SUMMARY Deficit/Surplus on Publications Surplus on Student Medal Project Deficit on New Medallist Scheme Deficit on Other Income & Expense Net deficit for the year |
2020 £ 5,571 7,494 1,772 635 29 15,501 15,793 - 300 16,093 £ (592) 8,630 75 8,705 2,500 3,915 1,616 8,031 £ 674 2,000 3,500 800 4,300 £ (2,300) - 3928 165 40 4,133 37 121 663 821 3,312 (3,928) £ (616) (592) 674 (2,300) (616) £ (2,834) |
2019 £ 6,653 5,633 2,599 565 104 15,554 14,930 30 200 15,160 £ 394 8,200 35 8,235 2,450 3,078 2,643 8,171 £ 64 - 3,500 814 4,314 £ (4,314) 7,062 - 248 32 7,342 109 50 145 650 10 964 6,378 (7,062) £ (684) 394 64 (4,314) (684) £ (4,540) |
2019 £ 6,653 5,633 2,599 565 104 |
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The notes form part of these financial statements
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The British Art Medal Trust BALANCE SHEET at 31 December 2020
| Notes FIXED ASSETS Tangible assets 2 CURRENT ASSETS Debtors 3 Amount due from Society Bank balances 4 CURRENT LIABILITIES Amounts due within one year Creditors Deferred income; 2021 (2020) Accrued costs Amount due to Society Net Current Assets (Liabilities) Net Assets GENERAL FUND Balance from previous year Surplus (deficit) for the year DESIGNATED FUNDS Herbie Prize Fund 6 W Herbert bequest 6 Medal Makers Award Fund Gift Aid applied Unrestricted Funds |
2020 £ £ - 5,336 3,043 59,922 68,301 6,137 4,674 6,450 1,926 19,187 49,114 £ 49,114 24,258 (2,834) 21,424 1,800 7,062 15,000 3,828 18,828 £ 49,114 |
2019 £ £ - 4,720 1,003 45,370 51,093 5,699 8,004 3,000 1,170 17,873 33,220 £ 33,220 28,798 (4,540) 24,258 1,900 7,062 £ 33,220 |
|---|---|---|
The notes form part of these financial statements
Approved by the Trustees and signed on their behalf by:
Signed
Eldon Allison Treasurer
Dated 22 April 2021
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The British Art Medal Trust NOTES TO THE FINANCIAL STATEMENTS Year to 31 December 2020
1
Accounting Policies
1.1
Basis of preparation of accounts
The financial statements of the trust have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice. The financial statements have been prepared under historical cost convention, as modified by the revaluation of certain assets.
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1.2 Income All income is recognised in the financial statements once the trust has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
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1.3
Expenditure
Expenditure is recognised as soon as there is a legal or constructive obligation committing the trust to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to category.
- 1.4
Value Added Tax
Value added tax is not recoverable by the trust, and as such is included in the relevant costs in the financial statements.
- 1.5 Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the financial statements.
- 2 Fixed Assets
The Library set of The Medal journal is not valued
3 Debtors Subscriptions are accounted for on a cash basis, as received. No debtors balances are carried in respect of subscriptions.
Debtors represent amounts due in respect of advertising in The Medal , and the recovery of a share of production and distribution costs.
| 4 | Bank balances | 2020 | 2019 | ||
|---|---|---|---|---|---|
| RBS current account | 25,472 | 11,278 | |||
| Virgin Money deposit | 33,448 | 33,283 | |||
| PayPal | 1,002 | 809 | |||
| £ | 58,920 | £ | 44,561 |
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5 Stock Historically the stock of publications held for resale has not been valued.
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6 Designated Funds
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a. Gift and Bequest from the late W. Herbert to be used for educational or other purposes at the discretion of the trustees.
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b. The Medal Makers Award Fund to assist newly graduated artists to continue to make medals, awarded annually on application at the discretion of the trustees.
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