## **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 

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## **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: 

- accounting records were not kept in accordance with section130 of the Act, or 

- 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** 11 April 2023 

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

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



The notes form part of these financial statements 

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## **The British Art Medal Trust BALANCE SHEET at 31 December 2021** 

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

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

## 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. 

- 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. 

- 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 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|



- 5 

## **Stock** 

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

- 6 

## **Designated Funds** 

- a. Gift and Bequest from the late W. Herbert to be used for educational or other purposes at the discretion of the trustees. 

- 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. 

- c. The _Herbie_ and Ditchling prizes are awarded annually at the discretion of the judges of the Student Medal Project. 

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