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|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|
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|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|||
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|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|
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|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|
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|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|
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|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|
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|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|
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|||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|
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|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|
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|||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||