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2022-12-31-accounts

The British Art Medal Trust

Charity number 288869

TRUSTEES' ANNUAL REPORT &

UNAUDITED FINANCIAL STATEMENTS Year to 31 December 2022

Contact for Membership Secretary and Treasurer;

Box 214, 23 King St. Cambridge CB1 1AH BAMS.membership@gmail.com

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

Year to 31 December 2022

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 2022 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, Liverpool CSC, Stephenson Way, Wavertree, Liverpool L13 1HE

Approved by order of the Trustees and signed on their behalf by:

Signed

Eldon Allison Treasurer

Date 13 March 2023

Page 1

The British Art Medal Trust

Charity number 288869 INDEPENDENT EXAMINER’S REPORT

Year to 31 December 2022

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 2022.

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 11 April 2023

Page 2

The British Art Medal Trust DETAILED INCOME & EXPENDITURE ACCOUNT Year to 31 December 2022

Notes
2022
£
PUBLICATIONS
Subscriptions, Associate Members
5,679
FIDEM contribution to_The Medal_ costs
8,168
Advertising revenue
1,772
Sales of back issues & other publications, net of fulfillment costs
2,224
Post & packing recovered, net
111
Funding;Encounters with Medals, 40 Years
6412
24,366
Production & distribution costs;The Medal, two issues
18,217
Production costs;Encounters with Medals, 40 Years
6,412
Money & Medals contribution
100
24,729
£
(363)
STUDENT MEDAL PROJECT
Sponsorship
7,400
Sale of catalogue
35
7,435
Prizes awarded
2,800
Catalogue production
2,448
Other costs
1,994
7242
£
193
NEW MEDALLIST SCHEME
Suspended 2021
Sponsorship
4,000
Bursary to New Medallist(s)
3,500
Tuition & mentor costs (recovered)
750
4,250
£
(250)
MEDAL MAKERS AWARD
Funding from Medal Makers Award fund
1,530
Grants made
1,530
-
OTHER INCOME & EXPENSE
Grant income
500
Interest income
81
Interest gifted from Society
71
652
Expenses
Bank & Paypal charges
158
Contribution to Society overheads
-
158
494
Grant applied to Medal Makers Award Fund
(500)
£
(6)
SUMMARY
Deficit on Publications
(363)
Surplus on Student Medal Project
193
Deficit on New Medallist Scheme
(250)
Deficit on Other Income & Expense
(6)
Net deficit for the year
£
(426)		 2021
£
5,621
7,260
2,015
1,962
(54)
16,804
16,403
300
16,703
£
101
8,000
15
8,015
3,050
4,008
1,865
8,923
£
(908)
1,000
(300)
(300)
£
1300
1,812
1,812
-
-
50
4
54
126
1850
1976
(1,922)
-
£
(1,922)
101
(908)
1,300
(1,922)
£
(1,429)		 2021
£
5,621
7,260
2,015
1,962
(54)

The notes form part of these financial statements

Page 3

The British Art Medal Trust BALANCE SHEET at 31 December 2021

Notes
2022
£
£
FIXED ASSETS
Tangible assets
2
-
CURRENT ASSETS
Debtors
3
4,087
Prepayments
109
Amount due from Society
277
Bank balances
4
45,136
49,609
CURRENT LIABILITIES
Amounts due within one year
Creditors
6,676
Accrued costs & deferred income
4,728
Amount due to Society
-
11,404
Net Current Assets (Liabilities)
38,205
Net Assets
£
38,205
GENERAL FUND
Balance from previous year
19,995
Surplus (deficit) for the year
(426)
19,569
DESIGNATED FUNDS
Herbie
W Herbert
Ditchling Medal Makers
Prize
Bequest
Prize
Award
Balance from previous year
1,700
7,062
400
17,016
26,178
Additions in the year
-
-
100
500
600
Gift Aid applied
-
-
-
-
-
Awards in the year
(100)
(100)
(1,530)
(1,730)
Funding;Encounters with Medals
(6,412)
(6,412)
1,600
650
400
15,986
18,636
Unrestricted Funds
£
38,205		 2021
£
£
-
6,608
-
-
50,620
57,228
-
4,124
6,931
11,055
46,173
£
46,173
21,424
(1,429)
19,995
27,690
500
-
(2,012)
26,178
£
46,173

The notes form part of these financial statements

Approved by the Trustees and signed on their behalf by:

Signed

Eldon Allison Treasurer Dated 13 March 2023

Page 4

The British Art Medal Trust NOTES TO THE FINANCIAL STATEMENTS Year to 31 December 2022

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 2022 2021
RBS current account 11,223 17,062
Virgin Money deposit 33,579 33,498
PayPal 334 60
£ 45,136 £ 50,620

Stock

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

Designated Funds

Page 5