At the time of publication, the number of finds for 2020 had not been resolved [footnote 2]. Therefore, the data for 2020 is provisional and it is not possible to provide a breakdown of factors such as period and disposition (i.e. change in ownership) in this release. As usual, this final breakdown will be provided in the Treasure Finds Statistical Release in 2022 which will cover the treasure finds for 2020 in detail and provisional figures for 2021. 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. Enhancing liquidity risk management is considered as the most critical mandate given to treasury departments by the board or the CFO, echoing previous survey trends. Under the Treasure Act 1996, the Secretary of State has the power to disclaim [footnote 8] a find, even when the find meets the definition of treasure under the Act. This can occur at any point in the process e.g. if a museum withdraws its interest in acquiring a find, and no other museum expresses an interest.

Meanwhile, 54% of treasurers mentioned that cash visibility is the highest priority for them in their relationship with their transaction and cash banking providers and analytical quality being a key priority for 40% treasurers. 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. Figure 1: Number of reported treasure finds in England, Wales and Northern Ireland, 1996-2021 (provisional) 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 On 2 November 2023, the Reported Treasure Finds 2020/21 data tables were revised, after an error was identified in one of the data tables. In Table 5, number of treasure cases acquired by or donated to museums for England, Wales and Northern Ireland, 2012 - 2021, the data was incorrectly presented for 2018 and subsequent years. This has been corrected and data included in the rest of the report and accompanying tables is not affected by this change.

Data for Scotland is collated under the Scottish Treasure Trove system available at: https://treasuretrovescotland.co.uk/reports-and-minutes/ ↩ 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? Banks served as an important source of support for their customers and communities during the first waves of the COVID-19 crisis. Now, however, institutions must see to their own profitability. The pandemic has exacerbated preexisting structural and market pressures and injected new steering complexity.

While conducting the survey, we observed some companies still dealing with impacts from the COVID-19 pandemic whereas other organizations considered the pandemic in the review-mirror and were now focused on new priorities and challenges.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).

The one area where the appetite for risk contracted was liquidity transformation, likely because of concerns about the depth and severity of the COVID-19 crisis when data for our survey was being gathered. Benchmark data shows that the average bank had a net stable funding ratio of 118% for fiscal year 2019 and that TLAC and MREL levels were also above the regulatory minimums by an average of 5 percentage points and 11 percentage points, respectively. Treasure finds are considered resolved when the valuation process has been completed, the interested parties waive their right to a reward, the Crown disclaims interest in the case or a case has been deemed not treasure ↩ ↩ 2 If you act in bad faith (for example by trespassing or trying to hide the find) you may get a reduced share of the reward, or none at all.

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While turning treasury into a profit center had gain some momentum in prior surveys, it is still considered an exception as it tends to be limited to companies in certain industries (e.g., financial services and commodities trading businesses). Communication continues to be the most important skill for both senior treasury practitioners and treasury teams. The UK region with the most finds for 2020 was the East of England with 247 treasure finds (23%). The UK county with the most finds for 2020 was Norfolk with 104 treasure finds (10%). 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.