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2023-12-31-accounts

The British Art Medal Trust

Registered Charity number 288869

TRUSTEES' ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS Year to 31 December 2023

c/o Department of Money and Medal, British Museum, London WC1B 3DG https://bams.org.uk

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 2023

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 2023 were;

Philip Attwood Marcy Leavitt Bourne Julian Cross Janet Larkin Ron Dutton Eldon Allison Sir Mark Jones

The principal address of the charity is;

c/o Department of Money 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 11 March 2024

Page 1

The British Art Medal Trust Charity number 288869 INDEPENDENT EXAMINER’S REPORT

Year to 31 December 2023

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 2023.

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:

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

o 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

Benjamin D Heneker, FCCA 1483466. Building 1000, Cambridge Research Park, Waterbeach, Cambridge, CB25 9PD

Date 15th April 2024

Page 2

The British Art Medal Trust DETAILED INCOME & EXPENDITURE ACCOUNT Year to 31 December 2023

----- Start of picture text -----
Notes 2023 2022
£ £
PUBLICATIONS
Subscriptions, Associate Members 5,524 5,679
FIDEM contribution to The Medal costs 9,344 8,168
Advertising revenue 2,404 1,772
Royalties for The Medal 1,077 870
Sales of back issues & other publications, net of fulfillment costs 1,139 1,354
Post & packing recovered 280 111
Funding; Encounters with Medals, 40 Years - 6412
19,768 24,366
Production & distribution costs; The Medal, two issues 20,746 18,217
Production costs; Encounters with Medals, 40 Years - 6,412
Purchase of back issues 315
Post & packing 222
Money & Medals contribution 200 21,483 100 24,729
£ (1,715) £ (363)
STUDENT MEDAL PROJECT
Sponsorship & designated funding 8,300 7,400
Sale of catalogue - 35
8,300 7,435
Prizes awarded 2,800 2,800
Catalogue production 2,979 2,448
Other costs 1,869 7648 1,994 7242
£ 652 £ 193
NEW MEDALLIST SCHEME
Sponsorship 4,000 4,000
Bursary to New Medalist 3,500 3,500
Tuition & mentor costs 500 4,000 750 4,250
£ - £ (250)
MEDAL MAKERS AWARD
Funding from Medal Makers Award fund 770 1,530
Grants made 770 1,530
- -
OTHER INCOME & EXPENSE
Grant & other income 950 500
Interest income 322 81
Interest gifted from Society 468 71
1,740 652
Bank & Paypal charges 115 158
FIDEM 265
Contribution to Society overheads - 380 - 158
1,360 494
Grant applied to Medal Makers Award Fund (500) (500)
£ 860 £ (6)
SUMMARY
Deficit on Publications (1,715) (363)
Surplus on Student Medal Project 652 193
Deficit on New Medallist Scheme - (250)
Surplus/Deficit on Other Income & Expense 860 (6)
Net deficit for the year £ (203) £ (426)
----- End of picture text -----

The notes form part of these financial statements

Page 3

The British Art Medal Trust BALANCE SHEET at 31 December 2023

Notes
2023
£
£
FIXED ASSETS
Tangible assets
2
-
CURRENT ASSETS
Debtors
3
5,900
Prepayments
3,297
Amount due from Society
-
Bank balances
4
46,389
55,586
CURRENT LIABILITIES
Amounts due within one year
Creditors
8,172
Accrued costs & deferred income
6,821
Amount due to Society
2,961
17,954
Net Current Assets (Liabilities)
37,632
Net Assets
£
37,632
GENERAL FUND
Balance from previous year
19,569
Deficit for the year
(203)
19,366
DESIGNATED FUNDS
Herbie
W Herbert
Ditchling Medal Makers
Prize
Bequest
Prize
Award
Balance from previous year
1,600
650
400
15,986
18,636
Additions in the year
-
-
100
500
600
Gift Aid applied
-
-
-
-
-
Awards in the year
(100)
(100)
(770)
(970)
Funding;Encounters with Medals
-
1,500
650
400
15,716
18,266
Unrestricted Funds
£
37,632		 2022
£
£
-
4,087
109
277
45,136
49,609
6,676
4,728
-
11,404
38,205
£
38,205
19,995
(426)
19,569
26,178
600
-
(1,730)
(6,412)
18,636
£
38,205

The notes form part of these financial statements

Approved by the Trustees and signed on their behalf by:

Signed Eldon Allison Treasurer Dated 11 March 2024

Page 4

The British Art Medal Trust NOTES TO THE FINANCIAL STATEMENTS Year to 31 December 2023

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

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

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 2023 2022
RBS current account 7,194 11,223
RBS Liquidity 95 day notice deposit 38,901 -
Virgin Money deposit - 33,579
PayPal 294 334
£ 46,389 £ 45,136

Page 5