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2022-06-30-accounts

Report ofthe Trustees.
Reference and Administrative		Details.
Fund Background
Statement ofTrustees'	Responsibilities		in Respect ofthe Trustees'		Report and the
Financial Statements.						~	~ ~ ~~a8
Independent auditor's	report to the Trustees ofthe Houblon			Norman	Fund. ...	..;.10-14
Statement of Financial	Activities —Year		ended 30June 2022				15
Balance Sheet —Year ended		30June 2022					16
Notes to the Accounts.						.....17-23
Investment Income							.19
Fellowships Awarded. .							.19
~Other							20
Investments .							21
Cash at bank & in hand							22
Debtors							22
Creditors: amounts falling due		with one year.					22
. Reconciliation of Funds							23

Address:			c/o The Secretary
			Houblon-Norman Fund
			Bank of England
			Threadneedle Street
			London
			EC2R 8AH
Trustees:			Mr Benjamin Broadbent		—Chair
			Ms Sarah Breeden
			Ms Anne Glover
Advisory	Committee:		Professor Anil Kashyap		—Chair
			Professor Julia Black
			Mr Hugh Pill
Investment		Committee:	Mr Stephen Collins	- Chair
			Mr Weiyen Hung
			Mr Paul McArdle
Secretary/Treasurer:			Mrs Emma-Jayne	Webb
Bankers	and		Bank of England
Investment		Managers:	Threadneedle Street
			London
			EC2R 8AH
Auditor:			Kreston Reeves LLP
			Montague Place
			Quayside
			Chatham Maritime
			Chatham'
			ME4 4QU
Solicitors:			Freshfields Bruckhaus		Deringer
			65 Fleet Street
			London
			EC4Y 1HS

ear ended	30Ju	ne 2022
							General		Total.	General	.		Total
							Unrestricted	Endowment	Funds	Unrestricted		Endowment	Funds
							Funds	Funds	2022	Funds		Funds	2021
							E	F	F	E			E
Income
Investments	(Note 2)						49,890		49,890	49,247			49,247
							49,890		49,890	49,247			49,247
Expenditure
Charitable Activities		- Fellowship		awards		(Note 3)	93,581		93,581	50,000			50,000
Other (Note	4)						8,390		8,390	10,395			10,395
							101,971		101,971	60,395			60,395
Net Gains/(Losses)		on investments			(Note	5)	(77,670)	(180,353)	(258,023)	102,059		166,125	268,184
Net Gain I	Income						(129,751)	180,353	(310,104)	90,911		166,125	257,036
Reconciliation of		Funds
Total Funds	brought	forward					808,679	1,606,478.	2,415,157	717,768		1,440,353	2,158,121
Total Funds	carried	forward	(Note		9)		678,927	1,426,126	2,105,053	808,679		1,606;478	2,415,157

Year ende	d 30J	une 2022
			General		Total	Total
			Unrestricted	Endowment	Funds	Funds
			Funds	Funds	2022	2021
			F	F	F
Fixed Assets
investments	(Note 5)		632,811	1,426,126	2,058,937	2,316,959
Total Fixed	Assets		632,811	1,426,126	2,058,937	2,316,959
Current Assets
Cash at bank	8 in hand (Note 6)		211,010		211,010	195,831
Debtors - accrued income (Note 7)			4,275		4,275	4,392
Total Current Assets			215,285		215,285	200,223
Creditors: amounts		falling due within one year (Note 8)	(169,169)		(169,169)	(102,025) .
Net current	assets		46,116		46,116	98,198
Net Assets			678,927	1,426,126	2,105,053	2,415,157
Endowment	Funds			1,426,126	1,426,126	1,606,478
General Funds			678,927		678,927	808,679
Total Funds			678,927	1,426,126	2,105,053	2,415,157

2 Investment I	nco	me
				Houblon
				Norman	George	Total	Total
				Fundf	Fundf	2022f	2021f
Charifund/Charibond/Pooled			Fund Dividends	38,097	11,770	49,867	49,247
Interest on Cash				16	7	23
				38,113	11,777	49,890	49,247
3 Fellowships	Awarded
				Houblon
				Norman	George	Total	Total
				Fundf	Fundf	2022 ' f	2021f
Professor Atif Mian				(12,500)		(12,500)	50,000
Professor Jesus	Femandez-Villaverde				30,094	30,094
Professor Catherine		Schenk		18,527		18,527
Dr Frank Smets				57,460		57,460
				63,487	30,094	93,581	50,000

4Other
	Houblon
	Norman	George	Total		Total
	Fund	Fund	2022		2021
	F
Auditors Fee	5,805	1,935	7,740		9,060
Honorarium	488	162		650	. 1,300
Bank charges					35
	6,293	2,097	8,390		10,395

Houblon-	Norman Fund
		General
		Unrestricted	Endowment	Total	Total
		Funds	Funds	2022	2021
		F		R
Market Value at 01/07/21		542,383	1,178,200	1,720,583	1,534,063
Purchase	ofinvestments				454,605
Selling of	investments				(454,605)
Unrealised	Gains/(losses)	(59,293)	(132,141)	(191,434)	186,520
Market Value at 30/06/22		483,090	1,046,059	1,529,149	1,720,583

		General
		Unrestricted	Endowment	Total	Total
		. Funds	Funds	2022	2021
			f
Market Value at 01/07/21		168,098	428,278	596,376	514,712
Purchase	ofinvestments				161,660
Selling of	investments				(161,660)
Unrealised	Gains/(losses)	(18,377)	(48,211)	(66,588)	81;664
Market Value at 30/06/22		149,721	380,067	529,788	596,376
Market Value at 30/06/22		632,811	1,426,126	2,058,937	2,316,959

6 Cash	at	bank	&in	hand
					Houblon
					Norman	George	Total	Total
					Fund F	Fundf	2022f	2021f
General	Fund				143,011	67,999	211,010	195,831
Endowment		Fund
					143,011	67,999	211,010	195,831
7 Debtors
					Houblon-
					Norman	George	Total	Total
					Fund F	Fund F	2022f	2021f
Dividends	Accrued				1,007	420	1,427	1,427
Debtors	Between		Funds			2,848	2,848	2,965
					1,007	3,268	4,275	4,392
8 Creditors		amounts		falling due within one year
					Houblon-
					Norman	George	Total	Total
					Fund	Fund	2022	2021
						F	F
Accruals					18,305	1,935	20,240	9,060
Fellowship		Awards	(note 3)		75,987	70,094	146,081	90,000
Creditors	Between		Funds		2,848		2,848	2,965
					97,140	72,029	169,169	102,025

		Houblon-
		Norman	George	Total		Total
		Fund	Fund	2022		2021
			F	F		F
General Funds
Net movement in funds		(90,960)	(38,792) '	'(129,752)		90,911
Total Funds brought	forward	620,929	187,751	808,679		717,768
Total Funds carried	forward	529,969	148,959	678,927		808,679
Endowment Funds
Net movement in funds (note 5)		(132,141)	(48,212)	(180,353)	'	166,125
Total Funds brought	forward	1,178,200	428,278	1,606,478		1,440,353
Total Funds carried	forward	1,046,059	380,067	1,426,126		1,606,478
		1;576,028	529,026	2,105,053	2,415,157