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In 2020, by region, the largest number of treasure finds in England, Wales, and Northern Ireland was the East of England with 247 cases (23% of total finds). Data presented on treasure finds are collected by the Department of Portable Antiquities & Treasure at the British Museum and recorded by the Portable Antiquities Scheme. Acquired cases cover finds that have been acquired as well as finds where museums have made an expression of interest, but have not yet acquired. ↩
This statistical release presents data on the number of reported treasure finds for 2019 and provisional figures for 2020 within England, Wales and Northern Ireland. A treasure find is when a single or group of items is discovered which contains at least one item that may [footnote 1] meet the legal definition of treasure. Data for 2019 are broken down by county, period, distribution and method of discovery. Figures for 2020 are provisional and are provided by county and region only. Of the total 1,303 reported treasure finds, 1,246 (96%) of these were discovered by metal detecting. During the course of 2019, 292 objects were added to museum collections across England, Wales, and Northern Ireland so that they could be seen and admired by people in each of these parts of the UK. A particularly notable find was the Chew Valley Hoard, an astonishing discovery of over two and half thousand coins which provides a fascinating insight into the life and politics of Wales and the west of England just after the Norman Conquest. The hoard is due to be acquired by the Roman Baths museum in Bath, which will add to the understanding of, and interest in, the history of the local area for the many people who visit that excellent museum each year.
Explore the themes from this year's survey
Almost unanimously, most of our respondents have selected liquidity risk management and being a steward for financial risk management as critical mandates. Mandates working capitaloptimisation and enhancing governance and control over global treasury operations has gained more focus by treasury groups since the last time we conducted the survey. Proactively monitor the impact of central banks’ digital currencies, and stay on top of distributed ledger technology developments that could potentially disrupt the treasury’s and capital markets’ value chains. Of these finds, the three largest acquisitions were made by the Norwich Castle Museum & Art Gallery (20 cases) , the Hampshire Cultural Trust, and the Museum of Somerset (14 cases for both). This figure has been amended from the provisional 2020 figure (1,077) reported in last year’s release as the number of finds had not yet been resolved at the time of publication. ↩ Amongst a plethora of strategies, hedging using financial derivatives has emerged as a key tool to allay macro headwinds. Survey results suggest that 62% of treasurers feel that hedging is moderately to extremely important for them. Meanwhile, on average, one out of three treasurers mentioned that they will increase their notional hedge ratio (Notional amount/ underlying forecasted exposure) in 2022.
Improve interest rate risk management by modeling longer deposit and equity horizons, deploying derivative strategies, and using hedge accounting in cases where the current or forecasted balance sheet capacity may limit the modeled duration. The adoption of treasury management technologies in the cloud has increased since we conducted our survey last in 2019. Respondents also share how they have increased the adoption of APIs, automation, and visualization technologies to complement treasury management systems (compared to our last survey in 2019).In 2020, by county, the largest number of treasure finds in England, Wales and Northern Ireland was Norfolk with 104 cases (10% of total finds) whilst in 2019, the largest number of treasure finds in England, Wales and Northern Ireland was Hampshire with 104 cases (8% of total finds). 4. Characteristics of reported finds, 2019
In 2020, the provisional number of reported treasure finds was 1,077. This was lower than the final 2019 figure, though still the seventh year in a row, and the seventh time since the Treasure Act of 1996 [footnote 5] replaced the old common law of Treasure Trove in England, Wales and Northern Ireland, when treasure finds exceeded 1,000. The Finds Liaison Officer or museum curator will then write a report on the find. Museums can express an interest in it if it might be treasure. Of these finds, the two largest acquisitions were 19 cases obtained by the British Museum and 15 cases obtained by Norwich Castle Museum & Art Gallery (combined 12% of object cases acquired).The adoption of treasury management technologies in the cloud has increased since we conducted our survey last in 2019. Respondents also share how they have increased the adoption of APIs, automation, andvisualisation technologies to complement treasury management systems (compared to our last survey in 2019). Of the total 1,071 reported treasure finds, 1,039 (97%) of these were discovered by metal detecting. Disclaimed/museum withdrawal cases are those cases where the Secretary of State disclaims title to the find prior to inquest because no museum is interested in acquiring the find or, following an inquest, the acquiring museum withdraws its interest. In both cases the find is returned to the finder or landowner. Title is a technical term, legally defined as the actual ownership of the property ↩ Consistent across all company sizes was an increased focus of combining technical treasury experience with data/modelling, digital, as well as soft skills. A few of our respondents expressed that they believe that the treasurer of tomorrow will not only need to possess treasury domain expertise, but leadership, risk management, and technology skills to better navigate strategic treasury priorities of tomorrow. Consistent across all company sizes was an increased focus of combining technical treasury experience with data/modelling, digital, as well as soft skills. Comparing the level of adoption of key technologies by treasurers last year with the 2022 survey, we saw that there has been an increase in the proportion of treasurers who have embedded data warehousing, APIs/Cloud and Virtual bank accounts within their operations.
Take a fresh look at the liquidity buffer to see whether a different size, composition, funding horizon, or regulatory interpretation could shave costs and allow financial resources to be used more productively. Shifting to a centralized buffer model, as well as moving from static to dynamic buffer management, can enable this optimization on an ongoing basis. Communication continues to be the most important skill for both senior treasury practitioners and treasury teams. Disclaimed is a technical term, legally defined as a formal statement saying that you are not legally responsible for something ↩ ↩ 2 Although this report covers the year before the COVID-19 pandemic began, I would like to take this opportunity to thank everyone who has worked so hard during that challenging period to keep the treasure process functioning. This includes the local Finds Liaison Officers, Amgueddfa Cymru / National Museum Wales, and the Department of Agriculture, Environment & Rural Affairs and the Ulster Museum in Northern Ireland, who have all continued to work as the gateway to the treasure process. I thank the Treasure Registry at the British Museum, which organised online valuations and meetings for the Treasure Valuation Committee during the age of social distancing - and the members of the Committee themselves, under their Chairman Roger Bland, who have continued to provide their informed and well-considered recommendations in difficult circumstances.In 2021, by county, the largest number of treasure finds in England, Wales and Northern Ireland was Norfolk with 86 cases (8% of total finds). Similarly in 2020, the largest number of treasure finds in England, Wales and Northern Ireland was Norfolk with 104 cases (10% of total finds). Insight Gaps and Process Inefficiencies. Most treasury functions have yet to complete (or start) many of the modernization changes that respondents aspired to when we conducted the survey in 2018. As a result, most treasuries are not able to sense and respond to change fast enough, capture and analyze information efficiently enough, or deploy the right set of instruments surgically enough to deliver superior profit and loss (P&L) results within their institution’s specified risk appetite. Invest in understanding the as-is state across the operating model. Benchmark key processes and analytics for their effectiveness against peer practices, and use the insights to prioritize improvements. Almost unanimously, a majority of respondents said that FX, commodity, geopolitical and liquidity risks have emerged as a key risk management priority in 2022. But how do treasurers de-risk their operations? Almost unanimously, most of our respondents have selected liquidity risk management and being a steward for financial risk management as critical mandates. Mandates working capital optimization and enhancing governance and control over global treasury operations has gained more focus by treasury groups since the last time we conducted the survey.
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