2021-06-30-accounts

HOUBLON-NORMAN FUND (Incorporating the GEORGE FUND)

REPORT AND ACCOUNTS YEAR ENDED 30 JUNE 2021

CHARITY REGISTRATION NUMBER 213168

Houblon-Norman Fund (Incorporating the George Fund)

Table of Contents

Report of the Trustees.............................................................................................................. 2-6	Report of the Trustees.............................................................................................................. 2-6	Report of the Trustees.............................................................................................................. 2-6	Report of the Trustees.............................................................................................................. 2-6	Report of the Trustees.............................................................................................................. 2-6
Reference and Administrative Details ..........................................................................................................2
Fund Background ........................................................................................................................................3 Financial Statements ................................................................................................................... 8
				........................10
Statement of Financial Activities	Year ended 30 June 2021................................................13
Balance Sheet Year ended 30 June			2021..............................................................................14
Notes to the Accounts..........................................................................................................15-21
Investment Income .....................................................................................................................................17
Fellowships Awarded..................................................................................................................................17
Other ...........................................................................................................................................................18
Investments ................................................................................................................................................19
Cash at bank & in hand ..............................................................................................................................20
Debtors .......................................................................................................................................................20
Creditors: amounts falling due with one year .............................................................................................20
Reconciliation of Funds ..............................................................................................................................21

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Houblon-Norman Fund (Incorporating the George Fund)

Report of the Trustees Reference and Administrative Details

Charity registration number 213168

Address:	c/o The Secretary
	Houblon-Norman Fund
	Bank of England
	Threadneedle Street
	London
	EC2R 8AH
Trustees:	Dr Benjamin Broadbent	Chairman
	Mr Alexander Brazier until 31stMarch 2021
	Ms Anne Glover
	Ms Sarah Breeden wef 17thNovember 2021
Advisory Committee:	Mr Andrew Haldane until 30thJune 2021
	Professor Andrew Scott	Chairman until 15thDecember 2020
	Professor Silvana Tenreyro until 2ndFebruary 2020
	Professor Anil Kashap wef 16thDecember 2020
	Professor Julia Black wef	3rdFebruary 2021
	Hugh Pill wef 6thSeptember 2021
Investment Committee:	Mr Stephen Collins - Chairman
	Mr Lawrence Dimery until	16thSeptember 2021
	Mr Paul McArdle
	Mr Weiyen Hung wef 14th	December 2021
Secretary/Treasurer:	Mrs Emma-Jayne Webb
Bankers and	Bank of England
Investment Managers:	Threadneedle Street
	London
	EC2R 8AH
Auditor:	KPMG LLP
	15 Canada Square
	Canary Wharf
	London
	E14 5GL
Solicitors:	Freshfields Bruckhaus Deringer
	65 Fleet Street
	London
	EC4Y 1HS

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Houblon-Norman Fund (Incorporating the George Fund)

Report of the Trustees For the year ended 30 June 2021

Structure, Governance and Management

The Houblonthe first Governor and Montagu Norman was the then outgoing Governor of the Bank.

In 2003, to mark the retirement of the then Governor, Sir Edward George, the Court of the Bank decided to expand the resources available by £500,000 by creating a new George Fund to finance George Fellowships. These Fellowships sit alongside the Houblon-Norman Fellowships. Although the George Fund is separate from the original Houblon-Norman Fund, its purposes and administration are exactly the same as for the original Houblon-Norman Fund.

Houblon-Norman and George Fellowships are awarded in accordance with the Trust Deed dated 27 July 1944 and the Supplemental Deed dated 16 March 2004. These awards are in place "to promote research into and disseminate knowledge and understanding of the working, inter-action and function of financial and business institutions in Great Britain and elsewhere and the economic conditions affecting them".

The Fund is administered by an independent body of Trustees. An Advisory Committee, which is appointed by the Trustees, consists of three people who have the requisite academic standing and knowledge to make recommendations on the award of Fellowships. In every alternate year, the longest-serving member of the Committee retires, but is eligible for re-appointment. The nonBank members of the Advisory Committee are paid an annual amount determined by the Trustees. In 2017, an Investment Committee was established to advise the Trustees on investment strategy and to oversee implementation of the agreed policy. The non-Bank members of the Investment Committee are paid an annual amount determined by the Trustees.

The Houblon Norman Fund and George Fund each consist of both endowment and nonendowment funds and are managed separately. Any income earned is unrestricted and used for charitable purposes.

Conflict of Interest

Any conflict of interests should be declared, or any circumstances that might be viewed by others as a conflict of interest, as soon as it arises in connection with their role in The Houblon Norman Fund (incorporating the George Fund). These should be submitted to the judgement of the Trustees to act as required regarding the potential conflicts of interest. Any decisions made by the Trustees would be minuted for future reference.

Charitable Objects and Public Benefit

public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

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Houblon-Norman Fund (Incorporating the George Fund)

The objects of the Fund are:

• i. to promote research into and disseminate knowledge and understanding of the working, interaction and function of financial and business institutions in Great Britain and elsewhere and the economic conditions affecting them; and to this end

• ii. to facilitate any relevant studies or research by the award of fellowships, the making of grants in aid of expenses or otherwise and

• iii. to promote the dissemination of knowledge acquired by such studies or research by making grants towards the expenses of publishing their results or otherwise.

• These are also the objectives for 2021.

The Trustees invite applicants to engage in research on an economic or financial topic of their own choice, preferably one that could be studied with particular advantage at the Bank of England. Senior Fellowships will be awarded to distinguished research workers who have established a reputation in their field. Fellowships will also be available for younger post-doctoral or equivalent applicants.

• During 2019/20 two fellowship were awarded by the Trustees to be undertaken during 2020/21: Professor Diego Comin

• Dr Xavier Jaravel

• During 2020/21 one fellowship was awarded by the Trustees to be undertaken during 2021/22: Inequality, the Long

• Run, and Finance

The Fellows are expected to involve themselves in some areas of research being carried out in the Bank.

Fellowship applications

23 applications were received for the 2020/21 academic year with two fellowships being awarded.

17 applications were received for the 2021/22 academic year with one fellowship being awarded.

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Houblon-Norman Fund (Incorporating the George Fund)

Recruiting and Appointing New Trustees

The Trustees consist of three members. One of the members must be the Governor or a Deputy Governor of the Bank of England (who will hold this position until otherwise resolved by the Court of Directors of the Bank). The remaining two Trustees are appointed on the advice of an expert committee according to the statutory powers of appointing new Trustees.

Newly appointed Trustees receive background information on the fund as part of the induction and training programme.

Trustees will be provided with further training where a training need arises.

Fundraising

The Fund does not engage in any fundraising activities and all income is derived from investments.

Financial Results and Future Activities

The two funds are managed separately as the Houblon Norman Fund and the George Fund (see note 9).

The combined Houblon Norman Fund and George Fund has built to £2,415,157 as at 30 June 2021 (2020: £2,158,121). The permanent protected endowments reflect approximately half of this current total value.

There was an overall combined net gain for the year ended 30 June 2021 of £90,911 (2020: deficit £42,807) in total for General Funds.

There has been increase in the value of the investments, this has led to an overall combined net gain of £166,125 for Endowment Funds for the year ended 30 June 2021 (2020: deficit £24,589). On advisement from the Investment Committee, the Trustees have closed the Rathbones Fund 2 account and moved the funds to the Rathbones Pooled Fund (Houblon Norman Fund: £454,605 and George Fund: £161,660). This is a bespoke fund in line with the Funds risk appetite and Environmental, Social, and Governance (ESG) restrictions.

Due to Covid-19, uncertainty still remains in the investments and the HNG Investment Committee continue to monitor performance of the investment funds. The policy to maintain a working capital reserve remains in place which means that the HNG fund can continue to cover its costs even in periods of poor performance of investments. Also the trustees are able to adjust planned levels of expenditure knowing the amount of investment income and unrestricted reserves that are available to them.

There could be delays in fellowships taking place as they are unable to travel to the UK &/or access the Bank to work. To note we have mitigated against this risk as one fellowship has been undertaken remotely & another is proposed for 2022.

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Houblon-Norman Fund (Incorporating the George Fund)

Houblon-Norman Fund

A fellowship for 2021/22 was awarded to Professor Atif Mian Comin Inequality, the for £37,500 or £50,000 (to be confirmed).

There was a surplus of income over expenditure in the year ended 30 June 2021 of £56,759 (2020: deficit £10,129) for the Houblon-Norman element of the General Fund.

In the forthcoming year the Houblon-Norman Fund aims to continue to award Senior Fellowships and Fellowships in accordance with the Trust Deed.

George Fund

There were no fellowships awarded from the George Fund for 2021/22.

There was a surplus of income over expenditure in the year ended 30 June 2021 of £34,152 (2020: deficit £32,678) for the George element of the General Fund.

In the forthcoming year the George Fund aims to continue to award George Fellowships in accordance with the Supplemental Trust Deed.

These awards are for 2021/22 but were communicated to the recipients in June 2021. Therefore, in line with the requirements of SORP (FRS 102), the expenses are recognised in the financial year that they were committed (2020/21) even though the fellows will not actually be paid until the following financial year (2021/22).

Statement on risk

The Trustees have reviewed the risks to which the charity is exposed and believe that adequate systems and procedures have been established to manage those risks. In the opinion of the Trustees, the principal risk to which the Fund is exposed is investment risk. An investment committee was set up in 2016 to provide guidance to the Trustees on future investments. They review the investment strategy of the Fund at least annually in order to balance the objective of achieving good investment returns against the related investment risk.

Reserves policy

The Fund holds £2.3m in the form of investments. Income generated from these investments is unre each period.

a working capital reserve to cover ongoing governance and other administrative expenses. As at 30 June 2021 this reported a surplus of £808,679 (2020: surplus £717,768) and sufficient cash in order to meet awards as they fall due.

The fund has a target for free reserves (defined as held in cash) of £11,228, being equivalent to one year of fixed costs for the Charity. At the year end, general, free, unrestricted funds had a net surplus of £195,831.

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Houblon-Norman Fund (Incorporating the George Fund)

In the past the Houblonseveral occasions through injections of additional funds by the Bank. As the minutes of the 4[th] March 2010 Trustees Trustees are content that the Houblon-Norman Fund be operated on the presumptions that injections of capital might be made in the future.

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Houblon-Norman Fund (Incorporating the George Fund)

Financial Statements

Under the trust deed of the charity and charity law, the trustees are responsible for preparing a regulations. The trustees are required to prepare the financial statements in accordance with UK Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources for that period.

In preparing these financial statements, generally accepted accounting practice entails that the trustees:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements;

• state whether the financial statements comply with the trust deed, subject to any material departures disclosed and explained in the financial statements; matters related to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping accounting records which are sufficient to sh accuracy, the financial position of the charity at that time, and to enable the trustees to ensure that, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the financial and other and dissemination of financial statements may differ from legislation in other jurisdictions.

Restrictions on investments

The Trust Deed dated 27 July 1944 states that:

• i. The Trustees shall keep the Fund invested in their names or under their control in investments of a kind for the time being authorised by law for the investment of trust monies (with power to vary the investment thereof) or may at their discretion deposit the Fund or any part thereof with a bank.

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• ii. The Trustees shall apply the income of the Fund in the discharge of the costs charges and expenses of or incidental to the execution of the trusts hereof and subject thereto shall apply the said income at their discretion in furtherance of the objects of the Fund by the award of Fellowships and the making of grants.

• iii. Trustees may place on deposit with a Bank or invest any income not used in any year and may apply the same as income in any subsequent year.

These investment policies were followed throughout the year ended 30 June 2021.

Disclosure of information to auditor

The trustees who held office at the date unaware; and each trustee has taken all the steps that they ought to have taken as a trustee to make

auditor is aware of that information.

on 19[th] January 2022.

Name Signature

Dr Benjamin Broadbent

Ms Sarah Breeden Ms Anne Glover

(In accordance with the Foundation Trust Deed sct. 3.(i) two trustees can exercise all of the powers for the fund)

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Houblon-Norman Fund (Incorporating the George Fund)

-Norman Fund (Incorporating the George Fund)

Opinion

We have audited the financial statements of Houblonwhich comprise the Statement of Financial Activity, the Balance Sheet, and related notes, including the accounting policies in note 1.

In our opinion the financial statements:

• 2021 and of its incoming

• resources and application of resources for the year then ended;

• have been properly prepared in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland ; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act.

applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.

Going concern

The trustees have prepared the financial statements on the going concern basis as they do not intend to means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval

In our evaluation of the truste the going concern period.

Our conclusions based on this work:

• financial statements is appropriate;

• related to events or conditions that, individually or collectively, may cast significant doubt on the

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the above conclusions are not a guarantee that the charity will continue in operation.

Fraud and breaches of laws and regulations ability to detect

could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk -level policies and procedures to prevent and detect fraud, including, as well as whether they have knowledge of any actual, suspected or alleged fraud.

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries.

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On this audit we do not believe there is a fraud risk related to revenue recognition because, due to the nature of come or profits.

We did not identify any additional fraud risks.

Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the directors (as required by auditing standards), and discussed with the directors the policies and procedures regarding compliance with laws and regulations

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

The company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related charities legislation), and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Whilst the charity is subject to many other laws and regulations, we did not identify any others where the consequences of non-compliance alone could have a material effect on amounts or disclosures in the financial statements.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing noncompliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

Other information

opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. We are required to report to you if:

• based solely on that work, we have identified material misstatements in the other information; or respect with the financial statements.

We have nothing to report in these respects.

Matters on which we are required to report by exception

Under the Charities Act 2011 we are required to report to you if, in our opinion:

• the charity has not kept sufficient accounting records; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

• We have nothing to report in these respects.

As explained more fully in their statement set out on page 8, the trustees are responsible for: the preparation of financial statements which give a true and fair view; such internal control as they determine is necessary to

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enable the preparation of financial statements that are free from material misstatement, whether due to fraud or going concern; and using the going concern basis of accounting unless they either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to

Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of o www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

2011 (or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to

responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Joanne Lees

for and on behalf of KPMG LLP, Statutory Auditor

Chartered Accountants

KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

15 Canada Square Canary Wharf London E14 5GL

Date: 24 March 2022

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Houblon-Norman Fund (Incorporating the George Fund)

Balance Sheet Year ended 30 June 2021

Fixed Assets Investments (Note 5) Total Fixed Assets Current Assets Cash at bank & in hand (Note 6) Debtors - accrued income (Note 7) Total Current Assets Creditors: amounts falling due within one year (Note 8) Net current assets Net Assets Endowment Funds General Funds Total Funds	General Unrestricted Funds Endowment Funds Total Funds 2021 £ £ £ 710,481 1,606,478 2,316,959 710,481 1,606,478 2,316,959 195,831 - 195,831 4,392 - 4,392 200,223 - 200,223 (102,025) - (102,025) 98,198 - 98,198 808,679 1,606,478 2,415,157 - 1,606,478 1,606,478 808,679 - 808,679 808,679 1,606,478 2,415,157	Total Funds 2020 £ 2,048,775
		2,048,775
		185,830 4,669
		190,499
		(81,153)
		109,346
		2,158,121
		1,440,353 717,768
		2,158,121

These accounts were approved and signed by the Trustees on 19[th] January 2022.

Name

Signature

Dr Benjamin Broadbent

Ms Sarah Breeden

Ms Anne Glover

The notes on pages 15 to 21 form part of these financial statements

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Houblon-Norman Fund (Incorporating the George Fund)

Notes to the Accounts

1 Accounting Policies

• (a) Basis of preparation

The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons.

The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds to support from the excess of funding received over the costs of administering the charity. The trustees are able to make decisions on the level of awards expenditure knowing the amount of investment income and unrestricted reserves that are available to them. The charity therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 4.

The Trustees have reviewed the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period. The Trustees have also considered the implications of COVID-19 on these cash flow forecasts and consider that as a result of its operating model explained above, even if no further funding is received in the 12 month period, the charity has sufficient cash reserves to pay all committed costs.

Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

• (b) Unrestricted and Permanently Endowed Funds

The charity has various types of fund for which it is responsible, and which require separate disclosure. These are as follows:

Endowment funds

These funds comprise capital sums which are donated under the restrictions that they are invested and that only the income arising is available for expenditure for the general purposes of Houblon Norman Fund and the George Fund.

Unrestricted funds

These funds comprise accumulated surpluses and deficits on general funds that are expendable at the discretion of the Trustees in furtherance of the objects of the charity and that have not been designated for other purposes.

• (c) Investments

Investments have been valued at market value at the balance sheet date. Government securities and other fixed income investments are shown at clean market prices: accrued income thereon is shown as a debtor. Any gain or loss on revaluation is taken to the Statement of Financial Activities (SOFA). Cumulative gains on revaluations are not available for the award of fellowships.

• (d) Investment income

Income is accounted for on an accruals basis and is not subject to taxation. The income from the Endowment Fund is unrestricted and therefore income is allocated to the General Fund.

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Houblon-Norman Fund (Incorporating the George Fund)

Notes to the Accounts

(e) Expenditure

Operating Expenditure (which does not include Fellowship awards) is included on an accruals basis including irrecoverable VAT.

(f) Fellowship awards

• In accordance with Charities SORP (FRS 102) 2015, fellowship awards are charged against income in the period in which the funding decision is communicated to the recipient

(g) Administrative Costs

The Fund benefits from the provision of resources and office facilities by the Bank of England at no charge. This has not been quantified for the purposes of these accounts as it is not practical due to the small size and nature.

The Trustees agreed that from March 2004 other administrative costs would be allocated directly to each fund where appropriate (e.g. transaction costs) and apportioned where not. From this date this resulted in costs being apportioned 75% to the Houblon-Norman Fund and 25% to the George Fund to reflect the size of each fund.

(h) Cash flow statement

In accordance with FRS102, there is no requirement to prepare a cash flow statement by virtue of the Fund's size.

(i) Related party transactions

The Trustees confirm that there have been no related party transactions during the year which require disclosure under FRS 102.

(j) Tax Policy

The Houblon-Norman Fund is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

• (k) Staff costs

The Fund does not have any employees and is supported by staff employed by the Bank of England without charge.

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Docusign Envdope ID.. 7￿D8611-53c[￿46D2-814￿62oEF73lBEQE Houblon-Nonnan Fund (Incorporating the George Fund) Notes to the Accounts (continued) 2 Investment Ineome Houblon Norman Fund George Fund Total 2021 Total 2020 CharifvndlCharibondlPoded Fund th.￿*￿J5 12.591 49.247 53.198 36.653 12,591 49.247 53.198 3 Fellowshlps Awarded Houblon Nornian Fund Georg• Fund Total 2021 Totsl 2020 Prof8530r Atrf Mian Prof&ssor Oi8go ¢￿In Dr Yamgr Jar8￿1 17

Houblon-Norman Fund (Incorporating the George Fund)

Notes to the Accounts (continued)

Other resources expended for the year end 30 June 2021 consisted of:

• A honorarium of £650 was paid to Professor Andrew Scott (Chair of Advisory Committee) for services provided to the Fund during the year

• A honorarium of £650 was paid to Stephen Collins (Chair of Investment Committee) for services provided to the Fund during the year

Governance costs expenditure for the year ended 30 June 2021 consisted of:

• The amount charged to the Houblon-Norman Fund in 2021 for audit fees was £6,795 and £2,265 to the George Fund (2020: £6,147 and £2,049).

• No payments were made to Trustees during the year (2020: nil) for remuneration or expenses

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Houblon-Norman Fund (Incorporating the George Fund)

Notes to the Accounts (continued)

The value of the investments as at 30 June 2021 was as follows:

Houblon Norman Fund

• CCLA Charities Fixed Interest Fund £151,747.44 (Units/Shares held 111,908.14) Rathbones Pooled Fund £1,568,836

George Fund

• CCLA Charities Fixed Interest Fund £63,265.89 (Units/Shares held 46,656.26) Rathbones Pooled Fund £533,111

Part of the endowment is invested in a tracker fund that aims to match the total returns of very broad indices for UK Government bonds. In the year to 30 June 2021 the returns for the CCLA funds were broadly in line with the benchmark indices.

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Docusign Envdope ID.. 7￿D8611-53c[￿46D2-814￿62oEF73lBEQE Houblon-Nonnan Fund (Incorporating the George Fund) Notes to the Accounts (continued) 6 Cath at bank & in hand Houblon Norman Fund George Fund Total 2021 Total 2020 Generdl Fund Endowm8nt Fund 137.299 58.532 1￿,831 185,830 137.299 58,532 195.831 185,830 7 Debtors Houtslon. Nomian Fund Gaorye Fynd Total 2021 Totsl 2020 Idends Accrued Oebtors Bet￿en Funds 1.ts)7 420 2.>35 1,427 1.7eo 1,0)7 3.385 4,392 4.869 8 Cmdltorn amounts f•lllng du• wlthln on• y••r h)ublon. Norman Fund Georyo Fund Totsl 2021 Tolal 2020 A¢¢ruals Fellowship Awards Inote 31 Creditors Behveen FuThYs 6.795 2.265 8,244 70.000 2.909 59.780 42.265 102.025 81.1S3 20

Houblon-Norman Fund (Incorporating the George Fund)

Notes to the Accounts (continued)

The Houblon Norman Fund and George Fund are endowment funds and are permanent and restricted. The funds are managed separately from each other. Any income earned is unrestricted and can be used for the general use of the fund.

Houblon-Norman and George Fellowships are awarded, in accordance with the Trust Deed dated 27 July 1944 and the Supplemental Deed dated 16 March 2004. These awards are in place, "to promote research into and disseminate knowledge and understanding of the working, inter-action and function of financial and business institutions in Great Britain and elsewhere and the economic conditions affecting them".

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