## **The British Art Medal Trust**
**Registered Charity number 288869**
**TRUSTEES' ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS Year to 31 December 2024**
c/o Department of Money and Medals, British Museum, London WC1B 3DG
https://bams.org.uk
Contact for Membership Secretary and Treasurer;
BAMS.membership@gmail.com
## **The British Art Medal Trust Charity number 288869 TRUSTEES’ ANNUAL REPORT**
## **Year to 31 December 2024**
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 2024 were;
Philip Attwood Marcy Leavitt Bourne Julian Cross Janet Larkin Ron Dutton Eldon Allison (up to 26/06/2024) 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** Anna Hopper Treasurer **Date** 09/11/25
Page 1
## **The British Art Medal Trust Charity number 288869 INDEPENDENT EXAMINER’S REPORT**
## **Year to 31 December 2024**
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 2024.
## **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 –
Callum Brownson-Smith
6a Esplanade, Tyne and Wear, NE26 2AG Signed
Date – 09/11/2025
Page 2
## **The British Art Medal Trust DETAILED INCOME & EXPENDITURE ACCOUNT Year to 31 December 2024**
|**Notes**
**PUBLICATIONS**
Subscriptions, Associate Members
FIDEM contribution to_The Medal_costs
Advertising revenue
Royalties for_The Medal_
Sales of back issues & other publications, net of fulfillment costs
Post & packing recovered
Funding;_Encounters with Medals, 40 Years_
Production & distribution costs;_The Medal,_two issues
Production costs;_Encounters with Medals, 40 Years_
Purchase of back issues
Post & packing
Money & Medals contribution||12,892
-
250
-
200||**2024**
£
8,283
4,246
1,242
965
883
50
-
15,669
13,342
2,327
10,195
-
10,195
10,078
117
4,000
1,500
2,500
-
415
(415)
574
1,578
-
2,152
122
2,030
-
2,030
2,327
117
2500
2,030
**6,974**|20,746
-
315
222
200||**2023**
£
5,524
9,344
2,404
1,077
1,139
280
-|
|---|---|---|---|---|---|---|---|
||||
|||
|19,768
21,483|
|||£
2,550
3,072
4,456|||£
2,800
2,979
1,869|||
||||
|||
|(1,715)
8,300
-|
|**STUDENT MEDAL PROJECT**
Sponsorship & designated funding
Sale of catalogue
Prizes awarded
Catalogue production
Other costs||||||||
||||||||8,300
7648|
|||£
1,500
-|||£
3,500
500|||
||||||||652|
|**NEW MEDALLIST SCHEME**
Sponsorship
Bursary to New Medalist
Tuition & mentor costs|||
|||
|4,000
4,000|
|||£
122
-
|||£
115
265
-|||
||||||||-
770
770|
|**MEDAL MAKERS AWARD**
Funding from Medal Makers Award fund
Grants made||||||||
||||||||-|
|**OTHER INCOME & EXPENSE**
Grant & other income
Interest income
Interest gifted from Society
Bank & Paypal charges
FIDEM
Contribution to Society overheads
Grant applied to Medal Makers Award Fund|||
-|||
|950
322
468|
||||||||1,740
380|
|||£
**£**|||£
**£**|||
||||||||1,360
(500)|
||||||||860
(1,715)
652
-
860|
|**SUMMARY**
Surplus/(Defecit) on Publications
Surplus on Student Medal Project
Surplus on New Medallist Scheme
Surplus/Deficit on Other Income & Expense
**Net (deficit)/surplus for the year**||||||||
||||||||**(203)**|
The notes form part of these financial statements
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## **The British Art Medal Trust BALANCE SHEET at 31 December 2024**
|**FIXED ASSETS**
Tangible assets
**CURRENT ASSETS**
Debtors
Prepayments
Amount due from Society
Bank balances
**CURRENT LIABILITIES**
_Amounts due within one year_
Creditors
Accrued costs & deferred income
Amount due to Society
Net Current Assets (Liabilities)
**Net Assets**
**GENERAL FUND**
Balance from previous year
Deficit for the year
**DESIGNATED FUNDS**
Balance from previous year
Additions in the year
Gift Aid applied
Awards in the year
Funding;_Encounters with Medals_
**Unrestricted Funds**|**Notes**
2
3
_Herbie_
W Herbert
Ditchling
Prize
Bequest
Prize
1,500
650
400
-
-
500
-
-
-
-|**2024**
£
£
-
1,438
-
35
48,010
49,483
-
4,792
-
4,792
44,691
£
44,691
19,366
6,974
26,340
Medal Makers
Award
15,716
18,266
-
500
-
-
(415)
(415)
-
15,301
18,351
£
44,691|**2023**
£
£
-
5,900
3,297
-
46,389
55,586
8,172
6,821
2,961
17,954
37,632|**2023**
£
£
-
5,900
3,297
-
46,389
55,586
8,172
6,821
2,961
17,954
37,632|
|---|---|---|---|---|
|||49,483|||
|||-
4,792
-
4,792|||
||||||
|||£|£|
37,632|
|||Medal Makers
Award
15,716
-
-
(415)|18,636
600
-
(970)
(-)|19,569
(203)|
|||||19,366
18,266|
||1,500
650
900|
15,301|||
||||||
|||£|£|
37,632|
The notes form part of these financial statements
Approved by the Trustees and signed on their behalf by:
**----- Start of picture text -----**
Signed
Anna Hopper
Treasurer
Dated 09/11/25
**----- End of picture text -----**
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1
## **The British Art Medal Trust NOTES TO THE FINANCIAL STATEMENTS Year to 31 December 2024**
## **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
- 2
## **Fixed Assets**
The Library set of _The Medal_ journal is not valued in the financial statements.
|3|**Bank balances**||**2024**||**2023**|
|---|---|---|---|---|---|
||RBS current account||5,447||7,194|
||RBS Liquidity 95 day notice deposit||40,479||38,901|
||Virgin Money deposit||-||-|
||PayPal||2,084||294|
|||£|48,010|£|46,389|
- 4 **Stock**
Historically the stock of publications held for resale has not been valued.
- 5 **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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