THE MONEY MACRO AND FINANCE SOCIETY
(A CHARITABLE INCORPORATED ORGANISATION)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
COMPANY NUMBER: CE019466
REGISTERED CHARITY NUMBER: 1186178
Cound & Co LLP
Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
Tel: 01509 214163
THE MONEY MACRO AND FINANCE SOCIETY
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
CONTENTS
- 1 - 7 Report of the Trustees 8 Independent Examiners’ Report 9 Statement of Financial Activities 10 Statement of Assets and Liabilities 11 – 13 Notes forming part of the financial statements.
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
The officers present their report along with the financial statements of the charity for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Society’s trust deed and applicable law.
REFERENCE AND ADMINISTRATIVE DETAILS:
Charitable Objectives
The advancement of education in the fields of monetary economics, macroeconomics, and financial economics in particular, but not exclusively within the United Kingdom through conferences, public lectures, publications, seminars, workshops and promoting research for the public benefit in all aspects of monetary economics, macroeconomics, and financial economics and publishing the useful results.
Registered Charity Number 1186178
Address: Money Macro and Finance Society, Department of Economics and Related Studies University of York Heslington YO10 5DD
1. Organisational/Governance Structure
The Money Macro and Finance Society's governance structure is as follows:
EXECUTIVE COMMITTEE
The Executive Committee is responsible for the day-to-day running of the MMF Society.
Paul Mizen, King’s College, London, Chairman Laura Coroneo, University of York, Secretary Christoph Gortz, University of Birmingham, Treasurer Simon Price, Essex Business School, Sponsored Events and Research Networks
MEMBERSHIP COMMITTEE
The membership committee consists of the Honorary President, Vice-Presidents and Ordinary Members.
HONORARY PRESIDENT
Sir Dave Ramsden Bank of England HONORARY VICE-PRESIDENTS Wendy Carlin University College London Jagjit Chadha NIESR Alec Chrystal Cass Business School Diane Coyle University of Cambridge Sean Holly University of Cambridge Paul Levine University of Surrey Gulcin Ozkan King's College London Joe Pearlman City University Simon Price University of Essex Peter N Smith University of York
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
ORDINARY COMMITTEE MEMBERS
Saleem Bahaj University College London Gianluca Benigno London School of Economics Arnab Bhattacharjee Heriot-Watt University Jane Binner University of Birmingham George Bratsiotis University of Manchester (co-opted) Cristiano Cantore Sapienza University, Rome George Chortareas King’s College London David Cobham Heriot-Watt University Chris Colvin Queen's University Belfast Laura Coroneo University of York Tatiana Damjanovic University of Durham Sara Eugeni University of Durham Elisa Faraglia University of Cambridge Chryssi Giannitsarou University of Cambridge Claudia Girardone Essex Business School Christoph Gortz University of Birmingham Amit Kara Independent Consultant Tatiana Kirsanova University of Glasgow Kevin Lee University of Nottingham Miguel Leon-Ledesma University of Kent Alexander Mihailov University of Reading Stephen Millard NIESR Paul Mizen University of Nottingham Francesca Monti Universite Catholique de Louvain and King’s Business School Ivan Petrella Warwick Business School Ricardo Reis London School of Economics John Tsoukalas University of Glasgow Liliana Varela London School of Economics Dimitri Vayanos London School of Economics Tianshu Zhao University of Birmingham
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
Board of Trustees of the Money, Macro and Finance Society
| Board of Trustees of the Money, Macro and Finance Society | Board of Trustees of the Money, Macro and Finance Society | Board of Trustees of the Money, Macro and Finance Society | Board of Trustees of the Money, Macro and Finance Society | Board of Trustees of the Money, Macro and Finance Society |
|---|---|---|---|---|
| Role | Name | Surname | Affiliation | Responsibility |
| Chair of Trustees | Peter | Smith | University of York | Investment (chair), Nominations (chair), Charity commission relations |
| Chair of MMF Executive |
Paul | Mizen | University of Nottingham | Nominations, Annual Conference (chair), Policy Conference (chair), Investment |
| Secretary of Trustees and MMF Executive |
Laura | Coroneo | University of York | Nominations, Communications (chair) Diversity and Inclusion |
| Treasurer of Trustees and MMF Executive (invited to attend) |
Christoph | Gortz | University of Birmingham |
Nominations, Investment, Risk committee |
| Trustee | Jagjit | Chadha | National Institute of Economics and Social Research |
Risk committee (chair), Diversity and Inclusion |
| Trustee | Gulcin | Ozkan | King’s College London | PhD Conference (chair), Communications |
| Trustee | Simon | Price | University of Essex | Sponsored Events, Research Networks (chair) |
| Trustee | Claudia | Girardone | University of Essex | Diversity and Inclusion (chair) |
| Trustee | Miguel | Leon- Ledesma |
University of Kent | Risk committee, Research networks |
The Board of Trustees are legally responsible for the MMF Society. The Trustees met twice in this period, at the Annual Meeting on 5[th] September 2022 and on 19[th] June 2023.
All new Trustees receive the Charity Commission’s Information on the responsibilities of Charity Trustees, the Constitution of the Charity, the most recent Annual Report and Statement of Accounts of the Charity. New Trustees receive a briefing and trustee induction pack on appointment, with further training undertaken on an ad-hoc basis, as required.
At the first AGM of the Membership Committee, held in September 2020, all Trustees resigned and an election of new Trustees was held. Trustees serve for three years. Candidates from a list drawn up by the Nominations Committee stood. At subsequent AGMs, one third of Trustees, those longest in office, will resign and an election of new Trustees to serve for three years will be held. Candidates from a list drawn up by the Nominations Committee will stand. Any Member may be nominated for election to the Nominations Committee with the support of at least two other Members.
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
2. Sub-Committees of the Board of Trustees
Annual Conference
The Society plans to hold an annual conference, usually in September, with presentations from distinguished guest speakers and those who have submitted papers which have been accepted by the organising committee. The Society, and its predecessor organisations (most recently the MMF Research Group), has met annually in the UK since 1969.
The 2022 Annual conference was held at the University of Kent, returning to an in-person format. The invited speakers were: Murillo Campello (Cornell University), Catherine Mann (MPC, Bank of England), George-Marios Angeletos (Massachusetts Institute of Technology) and Emi Nakamura (University of California, Berkeley). Special sessions on “MPC25: Lessons learned from 25 years of the MPC”, BoE Special Session “Quantitative tightening and monetary policy normalization”, MAGHiC Special Session “Tax Policies for Factor Market Distortions”. Full details and video recordings of contributions can be found at the conference website: https://www.mmf.ac.uk/conference/2022-conference/.
We are grateful to the local organisers and programme committee: Alfred Duncan, Ilhan Guner, Wei Jiang, Alexander Klein, and Miguel León-Ledesma.
The conference in 2023 will be held at the University of Portsmouth.
Communications
The MMF maintains a website and a JISCMail subscription list (with 878 subscribers) for communicating with members and those interested in receiving news from the Society. The MMF has an active Twitter account @MMF_research (with 1,119 followers), a website https://www.mmf.ac.uk/ which offers up-to-date information about upcoming conferences and activities, as well as providing a record of past events and further information about the MMF including a news blog, and a YouTube channel (with 96 subscribers) that collects the recordings of our online/hybrid events, organised in 13 playlists.
Diversity and Inclusion
As is clearly expressed in our EDI statement, at the MMF we are fully committed to inclusion across race, gender, age, religion, identity, experience and all other protected characteristics. This commitment has been central to all our activities over the past year, including those we have supported. This is also visible in both the programme of the PhD conference, which most recently was held at University of Sheffield, and the line-up of the keynotes at our upcoming 2023 annual conference, taking place at the University of Portsmouth.
We continue to welcome proposals that ensure there is tangible diversity and inclusivity in the programme and will not be funding or publicising events that lack such diversity.
Investment
The MMF has some limited accumulated funds which it uses to smooth outgoings and income unevenness over time. We have initiated the process of opening an execution-only account with Charles Stanley in order to invest the surplus in a diversified range of low-cost funds. The Investment Committee makes specific proposals to the Trustees as to where best these funds be allocated .
Nominations
This was the second year of operation of the replacement of trustees and members on a rotational basis.
Christoph Gortz was elected as Treasurer and member of the Executive Committee of the Society. Jagjit Chadha, Claudia Giradone, Sean Holly, Miguel León-Ledesma and Peter Smith were elected as Trustees. Cristiano Cantore and Alexander Mihailov were elected as Committee Members and George Bratsiotis was co-opted onto the Committee for 2 years.
We thank Amit Kara, Tatiana Kirsanova and Lucio Sarno for their service for the MMF, as retiring members.
.
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
Reserves Policy
The purpose of the reserve policy for the Money Macro and Finance Society is to ensure that sufficient funds are available to cover normal operational costs and to provide a measure of protection against large unbudgeted expenditure, whilst also making sure that excessive, unallocated funds do not accumulate.
The Society plans to spend the majority of its regular income on its conference activities and sponsored events.
The Trustees deem it sensible to maintain a balance of one years’ operational costs, which corresponds to approximately £60,000.
The Trustees review the accounts regularly. It is recognised that due to the uncertainty around our annual income, it is necessary to hold a balance greater than £60k as an endowment to supplement other sources of income. This will provide a buffer to maintain our regular commitments.
The level of reserves will be reviewed annually to reflect the perceived risks and budgetary demands of the Society.
Overseas Engagement
A subcommittee is being established involving representatives of international bodies that are similar to the MMF Society and several Committee members. The subcommittee will encourage collaborative ventures between the MMF and international counterparts.
PhD Conference
The Society plans to hold annually a conference for PhD students to present their work and receive feedback from other participants. The Society has held an annual conference for PhD students researching topics in monetary economics, macroeconomics and financial economics, broadly defined, since 2013.
In 2023 the conference was held at Sheffield University. The local organisers were Christoph Thoenissen and Mallory Yeromonahos. The Bank of England provided some financial support, and Federico Di Pace and Gulcin Ozkan were also on the organising committee and attended the event. Stephen Millard also helped organise but was selected for Jury service that week. PM congratulated the Peter Sinclair Prize winners Wentong Chen (first place), Cristina Griffa (second place) and Gabriele Lucchetti (third place).
The 2024 PhD conference will take place in Oxford.
Policy Advisory
The MMF Society has arranged an annual policy conference in London for a number of years. In 2022 this stream of meetings was re-launched as the Bank of England Watchers' Conference. This Bank Watchers’ conference brings together policymakers, market economists and leading academics to discuss current issues in monetary and financial stability policy with a deliberate focus on the UK. The event is being jointly organised by the Money Macro Finance Society and Qatar Centre for Global Banking and Finance at King’s Business School, King’s College London.
In 2022, the keynote speeches were given by Dave Ramsden (Deputy Governor, Bank of England) and Isabel Schnabel (Executive Board, European Central Bank). Panels followed on Asset Purchases (Huw Pill (Bank of England), Lucrezia Reichlin (London Business School), Gertjan Vlieghe (Element Capital)), Inflation Charles Goodhart (London School of Economics), Catherine L Mann (Bank of England) Ben Nelson (Balyasny Asset Management) and Independence and Accountability Ed Balls (Harvard and King’s College London), Vicky Pryce (CEBR), Lord Andrew Tyrie (House of Lords), Sushil Wadhwani (PGIM Wadhwani). The conference was held at King’s College London and was attended by more 150 academics, civil servants, Bank officials, market participants, journalists and others.
Full details and video recordings of contributions can be found at the conference website: https://www.mmf.ac.uk/policy/2022-policy-conference/
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
Risk
The Trustees give consideration to the major risks facing the MMF and satisfy themselves that systems or procedures are established in order to mitigate these risks. The Risk Committee advises the Trustees on these matters.
In 2020-2021 Covid-19 led to the loss of the main income source - the annual MMF conference. However, in mitigation, the MMF was not committed to any of the usual expenditures on workshops, conferences, PhD support in reduced annual conference fees. There will be some expenditures on Webinar events, but these are very small.
Since 2022, the Annual conferences have resumed, and attendance has exceeded 100 delegates. MMF will monitor the surpluses that the annual conference generates in the light of a) inflationary pressures on costs and b) budgetary restrictions on fees.
The MMF is subject to further governance, financial and operational risks and a risk register is being developed to monitor these risks. The risk register is in draft for the start of 2024.
Sponsored Events
Historically the MMF has supported “seminar committee” part-funded events and occasional one-off events in partnership with others, but in 2022 the decision was made to set up a small number of research networks (RNs), and consequently to use the available funds for these once they were established. So unlike in previous years, there was no call for proposals in the second half of 2022.
This decision was approved by trustees at the June 2022 meeting and announced at Conference in October.
It was anticipated that the first RN would be on Macroeconomic Policy and we expected the first event to be held in December 2022. In the event this did not happen, but Ricardo Reis has agreed to be the director, and we put together a group of interested participants for a Macro RN comprising Chryssi Giannitsarou, Rustam Jamilov, Alistair Macauley, Paul Mizen, Simon Price, Christoph Thoenissen, Christoph Gortz and John Tsoukalas. Other MMF members have expressed interest. We will aim to start in summer 2023 with an online event in July. We will also be holding an in-person event in the afternoon of 18 October before the annual Maxwell Fry Memorial Lecture in Birmingham, which this year will be given by Sir Charles Bean. We will pay travel expenses and host a meal in the evening.
Once the MMF Macro RN has bedded down we will explore the option of starting other RNs in areas of interest to MMF.
In 2021 and 2022 we held a successful series of “challenge” meetings with the Resolution Foundation (RF). We and the RF are keen to continue with them, but the past year was an eventful one for RF given their policy interests, and they were fully occupied. Nevertheless, we have had preliminary discussions on the next series, which is likely to be on inflation.
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THE MONEY MACRO AND FINANCE SOCIETY
ANNUAL REPORT OF THE TRUSTEES
Financial Review
The MMF is fully in control of all its reserves. Our 2022-2023 accounts were independently examined by Cound and Co. LLP Chartered Accountants and submitted to the Charity Commission.
Our accounts are maintained by a bookkeeper on an external accounting platform called ‘Xero’. The annual cost incurred by MMF for managing our accounts, which includes the external examination, software costs and bookkeeper fees, amounted to approximately £2,000 in 2022-2023.
Our main source of income remains the fees generated from the Annual Conference. We have a balance of £205,712 as of March 2023.
Our P&L for the period financial year 2022-23 and our balance sheet as of 31st March 2023 are below. The MMF was registered as a charity on 6th November 2019.
On behalf of the Trustees of the Macro, Money and Finance Society
Peter Smith Chairman
13 November 2023
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INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF
THE MONEY MACRO AND FINANCE SOCIETY
Independent Examiner's Report to the Trustees of the Money Macro and Finance Society
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2023 which are set out on pages 5 to 8.
Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all 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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008: other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
D R Gradon MA FCA
Cound & Co LLP Chartered Accountants 1 Princes Court Royal Way Loughborough Leics, LE11 5XR
13 November 2023
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THE MONEY MACRO AND FINANCE SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Receipts: Conference Sponsorships Conference Fees charged Payments: Charitable activities: Conference Costs Sponsorship Establishment costs External Conference Costs Total Payments Net receipts Transfers Net movement in Funds Reconciliation of Funds: Total funds brought forward Surplus for the period Total funds carried forward |
2023 2023 Unrestricted Restricted Notes Funds Funds 5000 - 33201 - __ 38201 - 2 19207 - 11719 - 3 3304 - - - __ 34230 - 3971 - - - 3971 - __ 201741 - 3971 - __ 205712 - __ ___ |
2023 Total 5000 33201 __ 38201 _ 19207 11719 3304 - 34230 3971 - 3971 201741 3971 205712 ___ |
2022 Total - 13880 __ 13880 _ 6308 2677 3426 911 13332 558 - 558 201183 558 201741 ___ |
|---|---|---|---|
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THE MONEY MACRO AND FINANCE SOCIETY
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2023
| 2023 2023 Unrestricted Restricted Note Funds Funds CURRENT ASSETS Debtors 4 1900 - Bank balances 218126 - __ _ 220026 - CURRENT LIABILITIES Creditors and Accruals 5 14314 - NET CURRENT ASSETS 205712 - TOTAL NET ASSETS 205712 - FUND BALANCES Unrestricted Fund 6 205712 - 205712 - ___ |
2023 Total 1900 218126 __ 220026 _ 14314 205712 205712 205712 205712 ___ |
2022 Total 2310 201536 __ 203846 ____ |
2022 Total |
|---|---|---|---|
| 2105 ______ |
|||
| 201741 ______ |
|||
| 201741 ______ |
|||
| 201741 __ 201741 ____ |
The Financial Statements on pages 5 to 8 were approved by the trustees on 13 November 2023 and signed on their behalf by:
……………………………….. Christoph Gortz Treasurer
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THE MONEY MACRO AND FINANCE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 ACCOUNTING POLICIES
a) Basis of Preparation of Financial Statements
The Money Macro and Finance Society is a Charitable Incorporated Organisation in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 3 of these financial statements.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes.
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
c) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be require and the amount of the obligation can be measure reliably.
2 CONFERENCE COSTS
| 2023 2023 Unrestricted Restricted 2023 Funds Funds Total Webinar costs - - - Venue Costs 16018 - 16018 Prizes 450 - 450 Travel expenses 2197 - 2197 Promotion Expenses 542 - 542 Telephone Costs - - - Consumables - - - _ 19207 - £19207 _ |
2022 Total 4050 - 650 - 900 260 448 _ £6308 ____ |
2022 Total |
|---|---|---|
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THE MONEY MACRO AND FINANCE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3 ESTABLISHMENT COSTS
| 3 | ESTABLISHMENT COSTS | ESTABLISHMENT COSTS | |||
|---|---|---|---|---|---|
| 4 5 |
2023 2023 Unrestricted Restricted Funds Funds Software 596 - Administrator 432 - IT Costs 330 - Independent Examination Fee 720 - Bank Fees 906 - Stationery 320 - _ 3304 - _ DEBTORS 2023 Prepaid expenses £1900 CREDITORS:amounts falling due within one year 2023 Trade Creditors 180 Accruals 600 Prepaid Conference Fees 13534 £14314 _____ |
2022 £2310 _ 2022 1505 600 - £2105 __ |
2023 Total 596 432 330 720 906 320 _ £3304 ___ |
2022 Total 2517 - - 840 69 - _ £3426 ___ |
|
| - - - - - - _ - ___ |
|||||
6 ANALYSIS OF NET ASSETS BY FUND
| 2023 | 2023 | 2023 | |
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| Fixed Assets | - | - | - |
| Current Assets | 220026 | - | 220026 |
| Current Liabilities | (14314) | - | (14314) |
| ______ | ____ | ______ | |
| 205712 ______ |
- ____ |
£205712 ______ |
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THE MONEY MACRO AND FINANCE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6 ANALYSIS OF NET ASSETS BY FUND (CONT’D)
| 2022 2022 Unrestricted Restricted Funds Funds Fixed Assets - - Current Assets 203846 - Current Liabilities (2105) - __ 201741 - __ |
2022 Total Funds - 203846 (2105) __ 201741 ____ |
|---|---|
7 RELATED PARTY TRANSACTIONS
The trustees neither received nor waived any remuneration during the period.