Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s HOUBLON-NORMAN FUND (Incorporating the GEORGE FUND) REPORT AND AccouKrs YEAR ENDED 30 JUNE 2025 CHARITY REGisfRATION NUMBEA 213168 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Table of Contents Report of the Trustees................................................................... . Reference and Adminislralive Delails.......................................-...-.-....................... ..... Fund Background Statement of Tru8t008' R08pon8ibilities in Rejjpect of the Trust••8' R•port and tho Financial Stat•ments ..... Independgnl audltor'8 r•port to the Trustees ol the Houblon NOrn￿n Fund...... .. . 11>14 Statement ot Financial Actlvltl•s- Year end￿ 30 June 2025............................................... 15 Balance Sheot- Y•ar •nd•d 30 Jun• 2025 ............................................................................. 16 Notes lo Ihe Account8............................................................................. ....... . 17-23 Inveslmenl In¢ome.....................................................................................................................................19 Fellowships Awarded........................................ ............................. ... . Other............................................................................................... .19 ..20 Inveslmenls.... .21 Cash at bank & In hand................................................................................................... ............. . ... ...-..22 Deblors..................................................................................................................... .. ..22 Creditors.. amounts falling due wlth one year.... ...................... . Reconciliation of Fund$............. ..22 .23 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Report of the Trustees Reference and Administratlv• Detall8 Charlty reglslratlon number 213168 Address." o The Secretary Houblon-Nonnan Fund Bank of England Threadn8edle Street Lond¢)n EC2R 8AH Tru8tee8: Clare L¢)mbardelli- Chair Nathanaèl Benjamin Anne Glover Advl80ry Commltte•: Anll Kashyap- Chair (until 25 September 2025) Julia Black - Chair Hugh Pill Alan Taylor (wef 26 September 2025) Inv•8tmenl CommlttM: Stephen Collins- Chalr Weiyen Hung Paul McArdle S•cr•laryifrea8ur•r: Tlllle Frèeman- Secretary (untll 4 F8bruaryl Emma-Jaynè Webb - Secretary (wef S February) Emma-Jayn8 W8bb- Treasurer Bank•r• and Inv•8tm•nt Manager•: Bank of England Threadneedle Street London EC2R 8AH Audllor: Kreslon Reeves LLP 2nd Floor, Maritime Place Quayside Chatham Maritime Chatham ME4 4QZ Solicitor8: Freshfields Bruckhaus Dering8r 65 Fleet Slre81 London EC4Y 1 HS Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Report of th• Trustees For tho year ended 30 June 2(Y25 Structure, Governance and Managemenl The Houblon-Nomian Fund. a registered charity, was èstablished by the Bank of England I'the 8ank"l in 1944 to mark the 250th anniversary of the Bank's foundation: Sir John Houblon was th8 first Govemor and Montagu Noman was the then outgoing Govemor of the Bank. In 2003, to mark the relirement ol the then Governor, Sir Edward George. the Court of the Bank decided to expand the resources available by £500.000 by cr8ating a new George Fund to finance George Fellowships. These Fellowships sit alongside the Houblon-Nonnan Fellowships. Although the George Fund is separatè from the original Houblon-Norman Fund, its purposes and administration ar8 exactly the same as lor the original HoubI￿-NorMan Fund. Houblon-Noman and George F8ll0v￿hlpS are awarded in accordance with the Trust D8èd 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, inler-aclion and function ol financial and business inslitutions in Great Britaln and 8lsewh8re and the economic condltlons aff8Ctlng them.. The Fund is administered by an ind8P8ndent body of Trustees. An Advisory Committee, whlch Is appointed by the Trustees. consists ol three people who have th8 requisite academic standing and knowledge to make recommendations on the award of Fellowships. In every alternate year, the long8sI-s8rving m8mb8r ol the Committee retires. but is eligible for r&appointm8nt. The non- Bank members of the Advisory Committee are paid an annual amount determined by the Trustees. In 2017, an Inveslment Committee was established to advis8 the Trustees on Investment slrategy and to oversee impl8m8ntation of Ihe agregd policy. The non-Bank memb8rs of the Investmenl Committee are paid an annual amount d8t8mined by tha Trustees. The Houblon Noman Fund and George Fund each consist of both endowment and non- endowment funds and are managed separately. Any income eamed is unreslricted and used for charitable purposes. Conflict of Int•r•8t Any c¢)nflict of inlerests should be declared. or any circumstances that might be vlewed by olh8rs as a conflict ol inleresl, as soon as it arises in cl￿nectIon with their ro18 in Th8 Houblon Nomian Fund (incorporating the George Fund). These should be submitted to the judgement of the Trustees to act as required regarding the potential c¢)nflicts of int8r8St. Any decisions made by the Trustees would be minuted for fulure reference. Charitable Objec18 and Public Benefit We have referred to the guidance contained in the Charity Commission's general guidance on public b8nefil when r8Vl8wing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned actr¥it18s will contribute to the aims and objectives they have s8t. Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Th8 objects of lh8 Fund are- to promote research into and disseminate knowledgè and understanding of the worklng, interaction arbd function of financial and business institutions in Great Britain and els8where and the economic c¢Mditions affecting them: and to this 8nd to facilitate any relevanl studies or research by thè award of fellowships. the making of grants in aid of expenses or otherwise and to promote th8 dissemination of knowledge acquired by such studies or research by making grants towards the expenses of publishing their results or oth81WISe. Thesé aré also the objedives for 2025. The Trustees invite applicants to engage in r8S8arch on an economic or financial lopic of thelr own choice, prèlèrably one that it would be particularly beneficial to study al the Bank of England. Senior lellowshlps wlll be awarded to tenured full or chaired prof8ssors. Fellowships will also be available to all other ranks, including post(kxtoral or equivalent applrcants. During 2023124 three lellowshlps were awarded to b8 undertaken during 2024r25'. Dr Patrick Co8n (Houblon Norman Fellow) researching 'F8edback loops between the rgpo market. the bond market and financial stabilty. Professor Oliver de Groot (Senior George Fellow) researching 'Bank Heterog8n81ty, Ihe Interbank Market, and Negative Interest Rat8S Dr Rebecca Stuart (Houblon Nonnan F811owl r8S8archlng Trie Macroeconomic Impact of th8 Bank of England's monetary policy. 1845-1913, Dudng 2024r25 two fellowships were awarded to be undertak8n dudng 2025126.. Professor Jason Lennard (George Fellow) researching 'Mon8tary Policy and the Macroeconomy: Evidence fr￿n the Uniled Kingdom, 1890-1938, Professor Francisco Auge-murcia (Senior Houblon Nonnan Fellow) researching 'lnflalion in the Aftermath of the Pand8mic' The Fellows are exp8Ct8d to involve themselves In some areas of research being carried out in the Bank. Fellow8hlp applicallons 14 appllcalions were received lor the 2024125 aCadern￿ year with three fellowships baing awarded. 13 applrcations were received for the 2025126 academic year with two fellowships being awarded. ## **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 £2,244,144 as at 30 June 2025 (2024: £2,240,162). The permanent protected endowments reflect approximately two thirds of this current total value. There was an overall combined net gain (excluding transfers) for the year ended 30 June 2025 of £4,758 (2024: surplus £44,027) in total for General Funds. There has been decrease in the value of the investments, this has led to an overall combined net decrease (excluding transfers) of £777 for Endowment Funds for the year ended 30 June 2025 (2024: surplus £116,404). 5 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Nomian Fund (Incorporating the George Fund) Houblon-Norman Fund A senior lellowship for 202926 was awarded to Professor Franclsco Rugtrmurcia researching 'Inllatlon In the Aftermath of the Pandemic. for £16.800. There was a deficit of income over expenditure in the year ended 30 Juné 2025 of £703 (2024: surplus £28,265) for the Houblon-Noman 8lem8nt of thé General Fund. In the forthcoming year the Houblon-Norman Fund atms to conlinu8 to award Senior Fellowships and Fellowships in accordance with the Trust D8ed. George Fund A fellowship for 2025126 was awarded to Professor Ja80n Lennjrd researching 'Mon8tary Policy and the Macroeconomy.. Evidence from the United Kingdom, 1890-1938, for £0. There was a galn of Incoma ovèr expenditure in tha year end8d 30 June 2025 of £5,461 12024: surplus £3,364) for th8 George element ol the General Fund. In the forthcoming year the George Fund aims to continue to award George F8llowshlp$ In accordance with the Supplemental Trusl Deed. These awards are for 2025126 but were communicated lo the recipients in June 2025. Therefore, in Ilne with the requirements of SORP IFRS 1021, the expens8s are recognised in th8 financial year that they were committed (202412518ven though the fellows will not actually be paid until th8 following financlal year12025126). Stat¢monl on rl•k The Trustees have reviewed the ri$k$ to which the charity is 8XPOS8d and believe that adequate systems and procedures have been established lo manage those risks. In the opinion ol the Trustees, the principal risk to wh￿h the Fund is exposed is investment risk. An Invèstment committee was sel up in 2016 to provide guidance to the Trustees on future inv8Stm8nts. They review the inveslmenl slraiegy of the Fund al least annualty in order to balance Ihg objective of achievlng good investment retums against the related investment risk. R•Jery•s pollcy The Fund holds £2.2m in the fom ol investrnents. Income generated from these Inv8slments is unreslricled and allocated to th8 Fund's general reserve; these fund Ihe Fellowship payments in each perlod. In view ol the level of costs of a(kninislering the Fund, it is the Trustees. ¢urrent policy to maintain a working capital reserve to Cover ongoing govemance and other administrative expenses. As at 30 June 2025 the balance of the General Unr8Stricted Fund was £730.399 (2024: £715.762). The fund has a target for free res8Pl8s Id8fin8d as held in cash) of £25.646, being equivalent to one year of fix8d costs for the Charty- In th8 past thè Houblon-Nonnan Fund has b8en lopped up. on several occasions through injections of additiond funds by the Bank As the minutes of the 41h March 2010 Trust8es Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s meeling highlighted, atthough The Bank's Court of Directors has made no commitments. the Trustees are content that the Houblon-Nomian Fund be operated on thè presumptions Ihal Injections of capital might be made in the future. Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Statomont of Trustees, Responsibllltles In R•specl of the Trustees. Annual Report and the Financial Statements Under th8 trust deed ol the charity and charity law. the trustees are reSp￿sible for preparing a Trustees. Annual R8POrt and the financial statements in accordance with applicable law and regulations. The trustees are required to prepare the financial slatements in accordance with UK Accounting Standards, including FRS 102 The Finanual Raporting Standard apPI￿abl8 in the UK and Republ￿ ol Irelarnl. Th8 linanclal slalements are required by law to give a Irue and fair view of the slate of aflairs of the charity and of the Incoming resources and application of rèsources for that Period. In preparing these financial statements. generally a￿epted accounting practic8 antails that the trustees: select suitable accounting policies and then apply Ih8m consistently: make judg8m8nls and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards and the Stalement of R8comm8nded Practice have been followed, subject lo any material departures disclosed and explained In the Ilnan¢ial statements: stal8 whether the financial statem8nts comply with the Irusl deed. subject to any material departures disclosed and explained in the financial slalamenls; assess the charity's abllity to continue as a going concem. disclosing. as applicable, matters related lo going conc8m- and US8 the going concem basis ol accountlng unless they either int8nd to Ilquldale the charity or lo ceas8 operations, or have no realistic alt8mativè but to do so. The trustees are required to act in accordan¢e wilh the trust deed of th8 charlty, within the fram8work of Irust law. They are responsible for kèèping accounting records which are sufflcient to show and explain the ¢hariVs transactions and disclose at any time. with reasonable accuracy, the financial position of the Charty at that time, and to enable the trustees to ensure thal, where any statements of accounls are prepared by them under section 13211) of the Charities Acl 2011, those statements of accounts comply with the requirements of regulations under thal provision. They are responsible for such inlemal control as they determine is necessary to enable the pr8paralion of financial slalements that are free from matèrial misslatem8nl, whether duè lo fraud or error. and have general responsibility lor laklng such steps as are reasonably open lo Ih8m to safeguard Ihe assets ol Ihe charity and to prevent and d8lect fraud and other irregularities. The trustees are responsiblè for the maintenance and integrtty of the financial and other information included on the charity's websitè. Legislation in the UK govèming the preparation and dissemination ol financial statemenls may differ from legislation in other jurisdictions. Ro8trlcllon8 on inveJlments The Trust Deed daled 27 Juty 1944 states that: The Truste8s shall keep the Fund invested in their names or under their control in investments of a kind for the lim8 being authorised by law for the investment of trust monies (with power to vary th8 inveslm8nt tt)8reof) or may at their discr8tion deposit the Fund or any part ther801 with a bank. Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s The Truslees shall apply the income of ihe Fund in the discharge of the costs charges and expenses of or incidental to the execution ol the trusts h8r8of and subject thereto shall apply the said income at their discretion in furtherance of the objects of the Fund by the award of Fellowships and the making of grants. Trust88s may place on d8posiI with a Bank or invesl any I￿1)rne not used in any year and may apply the same as income in any subsequent year. Th8se inv8Stmeni policies V￿re followed throughout the yèar 8ndéd 30 Jun8 2025. D18cIo8ure ot information to auditor The trustees who held office at the date of approval of this tnjstees, report confimi that, so far as they are each aware, there is no relevant audit information of which the charily's auditor is unaware; and each trustee has laken all the steps that they ought to have taken as a trust88 to make themselves aware ol any relevant audll Information and lo establish thal the charity's auditor is aware ol that infomation. The Tru8tee8' Report wa• approved And SIgn￿ by the Tru8teM on 24th March 2026. Nam• Slgnatule Clare Lombardelll Nathanaol Benlamin Anne Glover (ln accordance with the Foundation Trust Deed sct. 3.{il two trustees can exercise all of Ihe powers for the fund) Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Independent audilor'8 report lo the Trustees of Houblon-Nomian Fund {Incorporatlng tha George Fund) Oplnlon We have audited tha financial statements of Houblon-Nornan Fund {Incorporating ihe George Fund) (the 'charily'I for the year ended 30 June 2025 which comprise the Stalemént of financial activilies. the Balance shèét and the related notes. including a summary of signrficant accounting policies. The linancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kingdom Generally A¢¢epted Accounting Practice). The financial slatemenls have been prepared in accordance with Accounting and Reporting by Charilies pr8paring théir accounts in accordance with the Financial Reporting Standards applicab18 in Ihe UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of ReccKnmended Practice issued on 1 April 2005 which is referr8d to in the extant regulations but has been withdrawn. This has be8n done In order lor the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effectNe for reporting p8riods beginning on or after 1 January 2015. In our oplnlon th8 flnanclal stalemenls: gfve a true and fair view of the state of the charlty's affairs as at 30 Jun8 2025 and of Its Incoming resources and application ol resources for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practicè: and have been prepared in a¢¢ordance with th8 requirements of the Charitl&s Act 2011. Ba818 for oplnlon We conducted our audrt in accordance with Intemational Standards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities und8r those standards are further described in the Audilols responsibilities for the audit ol the financial statements section of our report. We are Independent of the charity in accordance wrth Ihe ethical requirements thal are relevant to our audrt of the financial statements in Ihe United Kingdom, including the Financial Reporting Council's Ethical Standard. and Y￿ have tultilled our other ethical responsibilities in accordance th these r8quiremenls. We believe Ihat the audrt evidence we hav8 obtainèd is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going ¢on¢em In auditing the financial statements. we have concluded that the Truste8S' US8 ol the going concern basis of accounting in the preparalion of the financial statements is appropriate. Based on the work we have perfomed. we have nol Ident￿led any material Un￿rtaInlieS relating to ev8nls or conditions Ihal. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a p8ri0d of at18ast Iwefve months from when the financial statements are authorised for issue. 10 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Independ￿1 Auditors, Report to the Tru8tees ol Houblon-Norman Fund {Incorporatlng thè George Fund) {conlinued) Our r6sponsibilities and the responsibilities of th8 TnJste8S Wtth rèspect to going concem are described in the re16vant s8ctions of this report. Other Informatlon Thè other information comprises th8 infomation includ8d in the Annual report other than thè financial statements and our Auditols report thereon. The Trust88s are responsible for the oth8r Information contained within the Annual report. Our opini¢)n on the financial slatèm8nts does not cover the other information and. except to the extent oth81WISe 8xplicitly slated in our r8POrt, W8 do not 8xpr8ss any form of assurance conclusion th8reon. Our resp¢)nsibilty is to read the other Information and. in doing so. considar whèther the other infomation is malerially inconsistent with th8 financial statements or our knowledge obtained in the coursé of the audit, or otherwise appears lo be materially misstated. It we identify such material inconsist8nciès OT apparent material misstatements. we are required to détèrmine whether this gives ris8 to a material misstalèment in the financial statements thems8lv8s. If. based on the work we have p8rfonned, we conclude that there is a material misstatement of this other infom￿110n, we are required to report thal fact. We have nothing lo report in this regard. Matt•r8 an whl¢h w• ar• requlred to r•port by •xcepiion We have nothing to report in respect of the following matters in relalion to which th8 Charltles (Accounts and Rèports) Regulations 2008 requires us lo report to you if, in our opinion.. the InformalSon given in the Truslees. report is IrKonsistent in any material rèspect with tha financial stalemenls., or sulficient accounting records have not been kept; or the financial statements are not in agreement wrth the accounting records,. or wè have not received all Ihe inlonnation and explanations we require lor our audlt. R•8pon8ibllllle8 ol tru8te88 As explained more fulty In the Trustees. reSp￿sibilitieS statement. sel out on pages 8 to 9. the Trustees are responsible for the preparation of financial statements which give a tru8 and fair v18w, and for such intemal control as the Truslees d8temilne is necessary to enable the preparalion of financial statements that are free fr¢)m material misstatement. whether due to fraud or error. In preparing the financial slat8m8nts. the Trt￿ee$ are responsible for assesslng the charivs abiltiy to continue as a going concem. disclosing. as applieAble, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend lo liquidate the charity or to ¢ease operations, or have no reali81ic aitematNg but to do so. Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Independent Auditors, Report to the Trustee$ ot HoublonwNomian Fund {Incorporating the Gwrge Fund) {continuad) Audilor's responsibilities tor the audlt of the flnanclal stalemonts We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect ther8und8r. Our objectives are to obl￿n reasonable assurance about whether the financial statem8nts as a whole are free from material misstatèmenl. whèth8r du8 to fraud or error. and to ISSU8 an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conduct￿ in accordance with ISAS IUKI will always detect a material misstatèmènt when It exists. Misstat8m8nts can arise from fraud or error and are conslder8d malerial if, individually or in the aggregate. they Could reasonabty b8 exp8cted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance wlth laws and regulations. We design proc8dures in line with our responsibilities, oullined above. to detect material misstatements in respect of irregularities, including fraud. The extènt to vthich our procedures are capable of detectlng irregularitles. Including fraud is detailed below: Capabllity of tha audit in d8t8Ctlng Irr8gularlU8s. Induding fraud The objectives ol our audit are to identlty and assess the risks of malerial misslatement of the financlal statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misststemenl due to fraud or error, and to respond appropriately to those risks. Based on our understanding of the charity and the charitable sector generally, and Ihrough discussion with Ihe Iruslees and other management (as required by auditing standards), w8 Identrfied that the principal risks of nonAE8$6S1A9F14943s Houblon-Nonnan Fund (Incorporating Ihe George Fund) Independent Audilors, Report to the Trustees ot Houblon-Norman Fund (Incorporating the George Fund) (continued) Reading minutes of meetings of those charged with govemance: and Review of significant and unusual transacti¢Jns and evaluation of the undèrfying linancial rationale supporting the transactions. Because of the inherent limitations of an audil, th8re is a risk that we will nol detect all irregularities, including those leading to a material misslat8ment in the financial statements or non-compliance wrlh regulation. This risk I￿rease$ the more that compliance with a law or r8gulation is removed from the events and transactions reflected in the financial stat8mènts, as we will b818ss lik81y io becomè aware of instances of non-compliancè. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves Intentlonal concealment, lorgery. collusion. omission or misrèprèséntati￿. As part of an audrt in accordance with ISA$ (UK), we exercise professional Judgmènt and maintain prolessional scepticism throughout th8 audit. We also: Identify and assess the risks of material misstatement of the linancial statements, whether due to fraud or error, design and p8rfomi audit procedures responsive lo those risks, and obtain audit evidence that is SLthici8nt and appropriatè to provide a basis lor our oplnion. The risk of not d8tecling a material misstatement resulting from fraud is higher than lor one resutting from error, as fraud may involve ¢ollusion. forgery. intentional omisslons, mlsr8pr8sentations. or the override ol intemal control. Evaluate the appropriateness of accounling polic18S Used and the reasonableness of accounting estimat8s and related disclosures made by lh8 Trustees. Conclude on the appropriateness of the Trustees, use of th8 going concèm basls of accounting and. based on the audit evidence obtained. whether a material uncertainty exists relat8d to evènts or conditions that may casl significant doubt on the charity's ability to continu8 as a going concem. If we conclude that a malerial unc8rtainty exists, we are required to draw attention in our Auditor's report to the related disclosures in th8 financial statements or, if such disclosures are inadequat8. to modrfy our opinion. Our conclusions are based on the audit evidencè obtained up to the dale of our Auditols report. However. future events or conditions may cause the charity to cease to continu8 as a going concem. Evaluate the ¢)verall presentation, stnKlure and content ol the financial sta18ments, including ihe disclosures, and whether the financial statements represent the undertying transactions and events in a manner that achieves fair presentation. We communicate with Ihose charged with govemance regarding, among other Matters, the planned scope and liming of th8 audit and significant audit findings, including any significant defici8ncies in intemal control that we identify during our audtt. 13 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund {Incorporating the George Fund) Independent Auditors, Raport to the Trustee8 of Houblon-Nornian Fund (Incorporating the Georye Fund) (continued) Use ol our report Thls report Is made solely to the charitys trustges. as a body. in accordance with Part 4 of th8 Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charty's truslees Ihose matters we arè required to slale lo them in an Au(thlols report and for no other purpose. To the fu118sI extent pennitted by law. w8 do not accept or assume responsibilty to anyon8 Other than the charity and its trust8es. as a body. lor our audit work, for this r8POrt. or for the opinions we have lorm8d. kthUknLU Kre8ton Reeve8 Audit LLP Statutory Audltor Chatham Marttime Date: 14.04.2026 Kr8Ston Reeves Audit LLP are eliglbl8 to acl as auditors in tenns of saction 1212 of the Companies Act 2006. 14 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s HoUblon￿OrnIan Fund (Incorporating the George Fund) Balance Sheet Year ended 30 Junè 2025 Trrt•l FurKI8 Flx•d A•8rt• I￿St￿￿rtS(￿I8 $1 669.858 1.513.744 2,183,603 2,203,394 Tot•1 Flx•d A•••ts 669,858 1.513.744 2.1&3.￿3 2,203,394 Cash at bort( & in INX• 81 06btm. I￿8 T) 95,110 gS,110 102,654 4.953 Totsl Curr•nt *J••t• I￿,643 ICKI,643 107,en7 <*•dit¢r•: •Tr￿unt• f•PJng f￿h1￿ *)n• y*•r {Nut• 81 140,1041 140,1041 170,8391 38,768 N•t A•••l• 79),397 1.513.744 2.244 141 2,240,162 l.S13,744 1.513,744 1,524.41 Q•rnrAI Fund• 715,782 Tot•1 FwKI• 1,513,744 2,244.144 2.240,162 Th080 account8 w•r• approved and •1gn•d by th• Tru8te•8 on 241h March 2026. Namo Slgnalure Clare Lombard8111 Nalhanaèl Benlamln Anne GIov8r 7Ca34YBE The notes on pages 17 to 23 form part of these financial statements 16 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Noles to the Accounts 1 Ac¢ountino Polici la) Basis of preparation The financial statements have been prepared on a going concem basis which Ihe Trustees consider to be appropriate for the following reasons. The business mod81 of lh8 charty Is such that its charilable activities are limited to those which it has suff icienl funds to support from the excess of funding received over Ihe costs of administering th8 charity. The trustees are able to make decisions the level of awards expenditure knowing the amount of investment income and unrestricted reseN8S that are availablé to them. The charity th8refor8 has no specrfic 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 dat8 of approval of these financial statements which indicat8 that the charily will have sufficient funds lo meet its liabilities as Ihey fall due for that period. Cons8quenlly, th8 Trustees are confldent that the Charity will have sufficiant funds to continue to meet its liabilities as they fall duè for at18ast 12 months from the date of approval of the h'nancial statements. Ib) Unr8Stricted and P8manentty Endowed Funds The charity has various types of fund for which it is responsible, and which require separate disclosure. Thes8 are as lollows: Endowm•nl fund8 Th8s8 funds compris8 capital sums which are donated under the restrictions that they are invested and that only the income arising is availablè lor expenditure for th8 g8n8ral purposés of Houblon Noman Fund and the G80rg8 Fund. Unre8lrlcled lund8 These funds comprise accumulated surplus8s 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 nol been designated for other purposes. Icl Investments Investments have been valued at market value at the balance sheet date. Govemmanl securities and other fixed in¢ome investments are shown al clean market prices.. accrued income thereon is shown as a debtor. Any gain or loss on revaluation is taken lo the Statement ol Financial Aclivities (SOFA). Cumulative gains on revaluations ar8 not available for the award ol fellowships. (d) Investment incom8 Income is accounted for on an accruals basis and is not subjecl lo taxalion. The income from the Endowm8nl Fund is unrestricted and Iherelore income is allocated to the General Fund. 17 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Nornian Fund (Incorporatlng the Georye Fund) Notes to thè Accounts le} Expenditure Op8raling Expenditurè Ivthich s$)es nol include Fellowship awards) is included on an accruals basis including irrecoverable VAT. {f) Fellowship awards In accordance with Charitles SORP (FRS 1021 {effeclive from 1 January 2019). fellowship awards are charged against incom8 in the peri¢xI in which the funding decision is communicated to the recipient Igl Administrative Costs The Fund benefits Irom the provision of resources and office facilities by the Bank of England at no charg8. This has not been quantrfied for the purposes of these accounts as it Is not practical due lo the small size and naturé. The Trustees agreed that from March 2004 other adminislrative costs would be allocated directly lo each fund wher8 appropriate (6.g. transaction costs) and apportionèd where nol. From this dale this resulted in costs being apportioned 75Yo to the Houblon-Norman Fund and 25% to the George Fund lo rellect the size of each fund. (h) Cash flow statément In accordance with FRS102. there is no requirement to pr8par8 a cash flow slatement by virtue of the Fund's siz8. (i) Related party transactions The Trustees confirm that ther8 have been no related paty transactions during the year whi¢h require disclosure under FRS 102. (A) 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 charitablè trust lor UK income tax purposes. Accordlngly. the charity is potentially exempt from taxation in respect of incomè or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Acl 1992. 10 the extent that such income or gains ar8 applied exclusive￿ to charitable purposes. (kl Slalf costs The Fund does not have any employees and is supported by staff employed by the Bank of England without charge. 18 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Notes to the Accounts (continued) 2 Inv•8tm•nt InMm• Total 2025 Fund CCLA COIFIRatl*Jo￿s Pooknj Dwknts lrterest ￿ Cash 38.707 13.195 51,S¥)1 47,587 4,590 41,571 14.036 55,606 52.177 3 Fellowthlp• Aw*rd•d Houblon Nomi•n Fund TolAI 2025 Tot•1 2024 Fund Patrick Coen (Xiw De Groot Rebecca Stuart 25,800 4,169 9,200 Jason Lennard Fwici80 Auge-murcla I6,￿) 16,8C¥) 16,WXJ 16,8 38,969 19 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Notes to the Ac¢ounl8 (continued) 4 Other Totsl Totsl Fwxl FWKI At#l￿or$ Fee FbmrarlLm Imstmnt MarAgar Costs 8.010 2.670 163 3,579 10.680 10.230 650 13.619 10.737 14,316 19.234 6.411 2S,646 24.499 Olh8r r8sources expended for the year end 30 June 2025 consisted of.. A honorarium 01 £650 was pald to Stephen Collins (Chair of Investment Committee) for servicès provided to the Fund during th8 year. Govemance costs expendtture for th8 year ended 30 June 2025 conslsled of: The amount charged to the Houblon-Nomian Fund in 2025 for audit fees was £8,010 and £2.670 to the George Fund12024.' £7.673 and £2,558). The amount charged lo the Houblon-Noman Fund in 2025 for inv8Stmenl manager costs was £10,737 and £3,579 to the George Fund {2024: £10.214 and £3,405) No payments were mad8 to Trustees during the year (2024: nll) for r8muneration or expenses Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporatlng the George Fund) Notes to the Accounts (continued) S In¥••tm•nt• Houblon-NonMn Fund Tol•l Total 2024 Funds Fund• Market vall￿ at 01107124 Purchase ol lrNestJ￿rts SellirvJ ol irNestrnerts Lknreallsed Gansllbssesl 518.174 105.980 1106.S421 18.2391 1,118.$04 194.(￿5 {201.3751 19811 1.636,677 300,045 1307,9171 17,2211 1.518,977 546,139 1556,3101 127,873 Market val￿ at JY06125 511.372 1.110.212 1.621.585 1.636,678 G•org• Fund Total 2024 Fund• Fund• M8rkèt at 01107124 Pwchase ol *wdstmnts SelllrvJ ol lrN8Strr￿*S 160.821 33,474 133.6451 12.1631 405,896 68,185 170,7531 566,717 101.6S9 1104,3981 11,9591 $26,314 185.167 1188.6151 43.851 Market al 301W2S 158.487 403.S32 562.019 566.717 Valw al 301CW25 1,513,744 2,183.604 2.203.395 Th8 value of the Investments as al 30 June 2025 was as foll¢)WS: Houblon Norman Fund CCLA Charities Fixed Interest Fund £142,447.87 (Unltslshares held 111,908.141 Ralhbon8s Segregated Portlolio £1.479.136.77 CCLA Charities Fixed Interest Fund £59,388.75 {UnitslShar8s held 46,656.26) Ralhbones Segregaled Portfolio £502,630.23 Part of the endowment is invested in a tracker fund that aims to match th8 tolal retums ol very broad indicès for UK Govemment bonds. In the year to 30 June 2025 the retums for the CCLA lunds were broadly in line with the benchmark Ind￿es. 21 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s HoubloTrNorman Fund (Incorporating the George Fund) Not08 to the Accounts {¢ontinued) 6 fAth at b*nk & in hand Houbl¢)n Nomian Fund TolAI Total Fund General Fund En(kwm)enl F￿d 18.544 95,110 102,854 18,544 95.110 102,654 7 D•btof• l*Jrm•n Fund Totsl Totsl 2024 Fund DI￿dendS Accrued D8btor6 Bet￿0n Funds 2,109 3.424 1,411 3.S41 3.424 Cr•i*or* •mourt• falllng du• thllhkn Qbw ymr Total 2025 Total 2024 Fund Accruals FellowsNp Awards IrKJt8 31 Creditors Between 8.010 2,670 10,880 26,000 3.424 10.880 56,417 3,541 3,424 37.434 2,670 40,104 70,839 22 Docuslgn Envdop$ ID." 2B9E082F.9EC￿67>AE8$6S1A9F14943s Houblon-Norman Fund (Incorporating the George Fund) Notes to the Accounts (eontinu•d) 9 ReconcllJ•tlon ol Fund• Total 21>25 Tot Fund Fund Gènornl Fund8 N￿t ffK)vement In Imys Transfer batwèan I￿¥JS IwrtNn ToiAI FuNls browJN lomard Total carried forward {7031 7,311 545.385 551.993 5.461 2.568 170.376 178.405 4,758 9,879 715,762 730,299 682.747 715,762 EndowTn•nl Fufid• t movement in I￿￿8 lrnte Sl Transfor botW8en t￿￿$ irfywtThrtsl Tolal FLThJs brouaht lo￿ard TO1￿ FLwYls carriqd loN8r(I {9811 17.3101 1.118,9)4 1.110,212 17ni 19,8791 1.S24.4C 1.513,744 116,404 18,9881 1.416,984 1,524,400 12.5681 405.898 403.532 1.662,205 581.937 2.244,144 2,240,162 The Houblon Nomian Fund and G80rge Fund are endowment funds and are pemianent and restricted. The funds are managed separately Irom each other. Any income 8amed is unreslrb¢led and can bè used for th8 general use of the fund. Houblon-Noman and Georg8 Fellowshlps are awarded. In accordance wilh the Trust Deed dated 27 July 1944 and the Supplemental Deed dated 16 Ma￿h 2004. These awards are in place, °lo promote research into and disseminate knowledge and understanding of the working, inter-action and function ol financial and business institutions in Great Britain and elsewhere and the economic conditions affecting them..