Docusign Envelope ID: CE1A6DCC-A68F-4801-B774-A92487D09161
THE MONEY MACRO AND FINANCE SOCIETY
(A CHARITABLE INCORPORATED ORGANISATION)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
COMPANY NUMBER: CE019466
REGISTERED CHARITY NUMBER: 1186178
Cound & Co LLP
Chartered Accountants 1 Princes Court Royal Way Loughborough Leics LE11 5XR
Tel: 01509 214163
Docusign Envelope ID: CE1A6DCC-A68F-4801-B774-A92487D09161
THE MONEY MACRO AND FINANCE SOCIETY
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS
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1 - 6 Report of the Trustees
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7 Independent Examiners’ Report
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8 Statement of Financial Activities
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9 Statement of Assets and Liabilities
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10 – 12 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 2024. 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 |
|---|---|
| Ryan Banerjee | Bank for International Settlements (ex-officio) |
| Paula Bejarano Carbo | NIESR |
| Gianluca Benigno | London School of Economics |
| Arnab Bhattacharjee | Heriot-Watt University |
| Jane Binner | University of Birmingham |
| George Bratsiotis | University of Manchester (co-opted, 2024 annual conf) |
| 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 |
| Kevin Lee | University of Nottingham |
| Miguel Leon-Ledesma | University of Kent |
| Alexander Mihailov | University of Reading |
| Stephen Millard | NIESR |
| Paul Mizen | King’s College London |
| Francesca Monti | Universite Catholique de Louvain and King’s College London |
| Ivan Petrella | Warwick Business School |
| Ricardo Reis | London School of Economics |
| Paulo Santos Monteiro | University of York |
| Christoph Thoenissen | University of Sheffield |
| John Tsoukalas | University of Glasgow |
| Liliana Varela | London School of Economics |
| Dimitri Vayanos | London School of Economics |
| Tianshu Zhao | University of Leicester |
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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 | King’s College London | 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 Trustee |
Miguel Sean |
Leon- Ledesma Holly |
University of Kent University of Cambridge |
Risk committee, Research networks Overseas Engagement |
The Board of Trustees are legally responsible for the MMF Society. The Trustees met twice in this period, at the Annual Meeting on 7[th] September 2023 and on 18[th] June 2024.
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, resigned and an election of new Trustees to serve for three years was held. From 2024, Trustees will resign on completion of their elected term and may re-apply. 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 2023 Annual conference was held at the University of Portsmouth, in an in-person format. The invited speakers were: The invited speakers were: Paul Mizen (King’s College London), Antonella Trigari (Bocconi University), David Miles (Imperial College London, Office for Budget Responsibility) and Lawrence Christiano (Northwestern University). Special sessions on “Nominal price rigidity and the choice of target inflation measure”, “Global banks and non-bank financial intermediaries: Heterogeneities and vulnerabilities”, “Addressing the UK’s record of weak productivity, stagnant living standards and high inequality” were organised by the NIESR, Bank of England and Resolution Foundation/Centre for Economic Performance, respectively. Full details and video recordings of contributions can be found at the conference website: https://www.mmf.ac.uk/conference/2023-conference/
We are grateful to the local organisers and programme committee: EY Oh, Scott Mahadeo, Georgios Magkonis, Joe Cox and Stephen Millard.
The conference in 2024 will be held at the University of Manchester.
Communications
The MMF maintains a website and a JISCMail subscription list for communicating with members and those interested in receiving news from the Society. The MMF has an active Twitter account @MMF_research, 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 that collects the recordings of our online/hybrid events.
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 Surrey, and the line-up of the keynotes at our upcoming 2024 annual conference, taking place at the University of Manchester.
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. Our new policy can be viewed at: https://www.mmf.ac.uk/about/
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 third and final year of operation of the replacement of trustees and members on a rotational basis.
Laura Coroneo, Gulcin Ozkan and Paul Mizen have been elected as Trustees. Ryan Banerjee, Paula Bejarano Carbo, Georgios Chortareas, Sara Eugeni, Elisa Faraglia , Chryssi Giannitsarou and Paulo Santos Monteiro have been elected as Committee members.
We thank Chris Colvin for his service.
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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 2024 the conference was held at the University of Surrey. The local organisers were Ricardo Nunes (University of Surrey), Paul Levine (University of Surrey), Alistair Macaulay (University of Surrey), Michael Kumhof (Bank of England), Stephen Millard (NIESR) and Gulcin Ozkan (King’s College London). The event was hosted by the School of Economics and the Business Scholl at the University of Surrey. There were a very high number of applicants (130) and a high standard of papers selected from that group.
The 2025 PhD conference will take place in Loughborough University.
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 2023, the keynote speeches were given by Andrew Hauser (Bank of England) and Tobias Adrian (International Monetary Fund). Panels followed on Monetary Policy, panellists: Silvana Tenreyro (LSE), Rob Wood (Bank of America). Kristin Forbes (MIT); Bank of England accountability, panellists: George Bridges (House of Lords), Kate Barker, Martin Wolf (Financial Times), Labour market dynamics, panellists: Jonathan Haskel (Bank of England), Alan Manning (LSE), Katherine Neiss (PGIM Fixed Income).
The conference was held at the Institution of Engineering and Technology, London and was attended by more than 350 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/
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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 2025.
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.
The first RN is on Macroeconomic Policy. Ricardo Reis is 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. An inperson event in the afternoon of 18[th] October 2023 took place before the annual Maxwell Fry Memorial Lecture in Birmingham, which was given by Sir Charles Bean which was entitled “To QE or not to QE: What have we learned about the usefulness of central bank asset purchases?” Rustam Jamilov and Ricardo Reis hosted an online event on 18[th] January 2024 with four speakers and this was very well attended. Further events are envisaged for the next academic year.
Once the MMF Macro RN has bedded down we will explore the option of starting other RNs in areas of interest to MMF, initially a Finance RN is planned and a preliminary meeting was held in early 2024 to examine the possibilities for the 2024/5 academic year.
Financial Review
The MMF is fully in control of all its reserves. Our 2023-2024 accounts were independently examined by Cound and Co LLP Chartered Accountants and are ready to be 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 £5,396 in 2023-24.
Our main source of income remains the fees generated from the Annual Conference. We have a bank balance of £220,077 as of March 2024.
Our P&L for the period financial year 2023-24 and our balance sheet as of 31[st] March 2024 are below. The MMF was registered as a charity on 6[th] November 2019.
On behalf of the Trustees of the Macro, Money and Finance Society
Peter Smith Chairman
29[th] July 2024
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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 2024 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records
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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 29 July 2024
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THE MONEY MACRO AND FINANCE SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| 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 |
2024 2024 Unrestricted Restricted 2024 2023 Notes Funds Funds Total Total 13534 - 13534 5000 33854 - 33854 33201 __ 47388 - 47388 38201 __ _ 2 30378 - 30378 19207 - - - 11719 3 5396 - 5396 3304 - - - - __ _ 35774 - 35774 34230 __ _ 11614 - 11614 3971 - - - - 11614 - 11614 3971 __ _ 205712 - 205712 201741 11614 - 11614 3971 __ _ 217326 - £217326 £205712 __ ____ |
|---|---|
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THE MONEY MACRO AND FINANCE SOCIETY
STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2024
| 2024 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | ||
| Note | Funds | Funds | Total | Total | |
| CURRENT ASSETS | |||||
| Debtors | 4 | - | - | - | 1900 |
| Bank balances | 220712 | - | 220712 | 218126 | |
| ______ | ______ | ______ | ______ | ||
| 220712 ______ |
- ______ |
220712 ______ |
220026 ______ |
||
| CURRENT LIABILITIES | |||||
| Creditors and Accruals | 5 | 3386 ______ |
- ______ |
3386 ______ |
14314 ______ |
| NET CURRENT ASSETS | 217326 | - | 217326 | 205712 | |
| ______ | ______ | ______ | ______ | ||
| TOTAL NET ASSETS | 217326 | - | 217326 | 205712 | |
| ______ | ______ | ______ | ______ | ||
| FUND BALANCES | |||||
| Unrestricted Fund | 6 | 217326 | - | 217326 | 205712 |
| ______ | ______ | ______ | ______ | ||
| 217326 ______ |
- ______ |
£217326 ______ |
£205712 ______ |
The Financial Statements on pages 5 to 8 were approved by the trustees on 29 July 2024 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 2024
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
| 2024 | 2024 | |||
|---|---|---|---|---|
| Unrestricted | Restricted | 2024 | 2023 | |
| Funds | Funds | Total | Total | |
| Webinar costs | - | - | - | - |
| Venue Costs | 25714 | - | 25714 | 16018 |
| Prizes | 250 | - | 250 | 450 |
| Travel expenses | 4414 | - | 4414 | 2197 |
| Promotion Expenses | - | - | - | 542 |
| Telephone Costs | - | - | - | - |
| Consumables | - | - | - | - |
| _____ | _____ | _____ | _____ | |
| 30378 _____ |
- _____ |
£30378 _____ |
£19207 _____ |
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THE MONEY MACRO AND FINANCE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3 ESTABLISHMENT COSTS
| 4 5 |
2024 2024 Unrestricted Restricted Funds Funds Software 2328 - Administrator 432 - IT Costs 860 - Independent Examination Fee 756 - Bank Fees 1020 - Stationery - - _ 5396 - _ DEBTORS 2024 2023 Prepaid expenses £- £1900 CREDITORS:amounts falling due within one year 2024 2023 Trade Creditors 36 180 Accruals 600 600 Prepaid Conference Fees 2750 13534 _ £3386 £14314 __ _____ |
2024 Total 2328 432 860 756 1020 - _ £5396 ___ |
2023 Total 596 432 330 720 906 320 _ £3304 ___ |
|---|---|---|---|
6 ANALYSIS OF NET ASSETS BY FUND
| 2024 | 2024 | 2024 | |
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| Fixed Assets | - | - | - |
| Current Assets | 220712 | - | 220712 |
| Current Liabilities | (3386) | - | (3386) |
| ______ | ____ | ______ | |
| £217326 ______ |
- ____ |
£217326 ______ |
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THE MONEY MACRO AND FINANCE SOCIETY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6 ANALYSIS OF NET ASSETS BY FUND (CONT’D)
| 2023 | 2023 | 2023 | |
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| Funds | Funds | Funds | |
| Fixed Assets | - | - | - |
| Current Assets | 220026 | - | 220026 |
| Current Liabilities | (14314) | - | (14314) |
| ______ | ____ | ______ | |
| 205712 ______ |
- ____ |
£205712 ______ |
7 RELATED PARTY TRANSACTIONS
The trustees neither received nor waived any remuneration during the period.