OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-12-31-accounts

The British Art Medal Trust

Charity number 288869

TRUSTEES' ANNUAL REPORT

& UNAUDITED FINANCIAL STATEMENTS Year to 31 December 2021

The British Art Medal Trust Charity number 288869 TRUSTEES’ ANNUAL REPORT

Year to 31 December 2021

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 3 May 2022

Page 1

The British Art Medal Trust

Charity number 288869 INDEPENDENT EXAMINER’S REPORT

Year to 31 December 2021

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 2021.

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:

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 3 May 2022

Page 2

The British Art Medal Trust DETAILED INCOME & EXPENDITURE ACCOUNT Year to 31 December 2021

Notes
2021
£
PUBLICATIONS
Subscriptions, Associate Members
5,621
FIDEM contribution to_The Medal_ costs
7,260
Advertising revenue
2,015
Sales of back issues & other publications, net of commission
1,962
Post & packing recovered, net
(54)
16,804
Production & distribution costs;The Medal, two issues
16,403
Money & Medals contribution
300
16,703
£
101
STUDENT MEDAL PROJECT
Sponsorship
8,000
Sale of catalogue
15
8,015
Prizes awarded
3,050
Catalogue production
4,008
Other costs
1,865
8,923
£
(908)
NEW MEDALLIST SCHEME
Suspended 2021
Sponsorship -Royal Mint Museum 2 years
1,000
Bursary to New Medallist(s)
Tuition & mentor costs (recovered)
(300)
(300)
£
1300
MEDAL MAKERS AWARD
Funding from Medal Makers Award fund
1,812
Grants made
1,812
-
OTHER INCOME & EXPENSE
Gift Aid recovered
-
Interest income
50
Interest gifted from Society
4
54
Expenses
Independent Examiner
-
Bank & Paypal charges
126
Contribution to Society overheads
1850
1976
(1,922)
Gift Aid applied to Award & Prize Funds
-
£
(1,922)
SUMMARY
Surplus/Deficit on Publications
101
Deficit/Surplus on Student Medal Project
(908)
Surplus/Deficit on New Medallist Scheme
1,300
Deficit on Other Income & Expense
(1,922)
Net deficit for the year
£
(1,429)		 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)		 2020
£
5,571
7,494
1,772
635
29

The notes form part of these financial statements

Page 3

The British Art Medal Trust BALANCE SHEET at 31 December 2021

FIXED ASSETS
Tangible assets
CURRENT ASSETS
Debtors
Amount due from Society
Bank balances
CURRENT LIABILITIES
Amounts due within one year
Creditors
Deferred income
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
Balance from previous year
Additions in the year
Gift Aid applied
Prizes & awards in the year
Unrestricted Funds		 Notes
2021
£
£
2
-
3
6,608
-
4
50,620
57,228
-
4,124
-
6,931
11,055
46,173
£
46,173
21,424
(1,429)
19,995
Herbie
W Herbert
Ditchling Medal Makers
Prize
Bequest
Prize
Award
1,800
7,062
-
18,828
27,690
-
-
500
-
500
-
-
-
-
-
(100)
-
(100)
(1,812)
(2,012)
1,700
7,062
400
17,016
26,178
£
46,173		 2020
£
£
-
5,336
1,117
59,922
66,375
6,137
4,674
6,450
-
17,261
49,114
£
49,114
24,258
(2,834)
21,424
8,962
15,000
3,828
(100)
27,690
£
49,114

The notes form part of these financial statements

Approved by the Trustees and signed on their behalf by:

Signed

Eldon Allison Treasurer Dated 3 May 2022

Page 4

The British Art Medal Trust NOTES TO THE FINANCIAL STATEMENTS Year to 31 December 2021

1

Accounting Policies

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.

Income

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.

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.

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.

The Library set of The Medal journal is not valued in the financial statements.

3 Debtors Subscriptions are accounted for on a cash basis, as received. No debtors balances are carried in respect of subscriptions unpaid.

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 2021 2020
RBS current account 17,062 25,472
Virgin Money deposit 33,498 33,448
PayPal 60 1,002
£ 50,620 £ 59,922

Stock

Historically the stock of publications held for resale has not been valued.

6 Designated Funds

Page 5