Report of the Committee of Management to the Annual General Meeting of the Houghton Trust Ltd, for the year 2022 (9th May 2023)
The Journal ( Avian Pathology ). Volume 51. The Journal continues to be published for The Houghton Trust by the Taylor & Francis Group (T&F). It was published in six bimonthly parts. In total, 46 original research papers, 10 reviews (celebrating the 50th anniversary of Avian Pathology ) and two obituaries were published in volume 51, bearing close comparison to volume 50. The Impact Factor (IF) for Avian Pathology for 2021, which was released in 2022, was 2.721, placing the journal 6th of 33 in the Veterinary Sciences (Food Animals) category, within the top quartile. The journal was placed 42nd of 448 in the Animal Science and Zoology category. The 5-year IF was 3.221. The IF for 2022 is not yet available.
Editorial matters. Professor Damer Blake continued as Editor-in-Chief of the Journal. During 2022, 189 manuscripts were submitted for consideration for publication, compared with 208 in 2022, the comparative numbers for the previous three years being 214, 235, and 216. The acceptance rate was 31%, exceeding 30% for the first time since 2019.
Subscriptions. The journal circulation (number of institutions worldwide with access – via either subscription, sales deal, or subject collection) was 3027. There were 492,246 article downloads in 2022, which is lower than the 2021 download figure but slightly higher than the 2020 figure. Royalties. A total of £86,595 was paid by T&F for the year ending 31st December 2022. This is an increase of more than £11.5K compared with 2021.
Grants awarded. The Houghton Trust offers three types of research grant (Small Project Research Grant, Researcher Mobility Grant, and Vacation Studentship) to fund specific projects related to avian diseases in UK universities and research institutions. In 2022, the Grants
Subcommittee awarded four research grants totalling £41,595 (compared with £41,900 in 2021, and £33,981 in 2020). After a year of no applications in 2021, following the pandemic, applications for international Travel Grants gradually increased in 2022, but the number was still below the pre-pandemic average. The Grants Subcommittee offered 14 international Travel Grants totalling £11.2K (compared with the average amount offered annually for 2014 – 2019 inclusive: £19K).
Finance. The Company had a large excess of income over expenditure (£50,182) in 2022. This is approximately £41K lower than the 2021 excess. Compared with 2021, income was slightly (£4.5K) lower, but expenditure was greater by £36.6K (travel expenses for annual Houghton Trust meeting, which was held in person after 2 years of online meetings; reintroduction of Travel Grant funding; solicitor’s expenses for updating the Trust’s Articles of Association). Total reserves now stand at £687,620,
of which £412,575 is investments at market value, as of 31st December 2022.
The Company’s bankers are Cater Allen Private Bank, Bradford, Yorkshire. The Trust’s investments continue to be managed on behalf of the Company by Investec Wealth & Investment, 30 Gresham Street, London. Approved by the Committee of Management on 9th May 2023.
Mr. Grant Hayes (Trustee)
The Hou htort Trust Limited jeom an limited b uarantee Company number . 01534794 Charity Commlssion number . 281834 FinAMelal Statements for the year eDded- 31 Deeember 2022
The Houghton Trust Limited Report and aecounts Cont¢nt5 Page Legal and administrativ¢ inforn]ation Director5, report Independent examiner's report Statement of financial a¢tivities Balance sheet Statement of cash flows Notes to the accounts
The Houghton Trust Limited Legal and adminlstrative information Directors Professor R C Jones Mr G N Hayes Professor M P Stevens Mr R M Irvine Professoi. R M Ragione Professor A L Vervelde Professor F M Tomley (Chairnian) {resigned 10 May 2022) (resigned 31 March 2022) (appointed 10 May 2022) (appointed 22 August 2022) (appointed 10 May 2022) {Chairm8n) Admlntstrative Staff Dr S J Frartcis Professor D P Blake MrG N Hayes (Honorary secretary) (Editor in Chiefj {Treasur¢r} Registered OlC£ The Old Police Station Priory Road St Ives Camb5 PE27 5BB Company Number 01534794 Charity Number 281834 Bftnkers Cater Allen Private Bank 9 Nelson Street Bradford BDI SAN Investment Managers Investec Wealth & Inv¢stments 30 Gresham Street London EC2V 7QN IDdependent Examiner CJDyke The Old Police Ststion Priory Road St Ives PE27 SBB
Th¢ HoughtoR Trust Limited Repoi't ofthe Dlreclors foi. the year ended 31 December 2022 Company f4umber 01534794 Charlty Number 281834 Th¢ directors present their annual report and financial statement5 of the charity for the y¢ar ended 31 De¢¢mber 2022. Th¢ directors have adopted the provisions of th¢ Statement of Re¢ommend¢d Practiee (SORP)'Accounting and Reporting by Charities, (FRS102) in preparing the annual report and financial statement5 of the charity. The finAn¢ial statements have been prepared in accordance with the ac¢ounting policies set out in not¢ l and comply Wlth the Charities Act 2011 and Accounting and Reporting by Chariti¢s-. Statement of Recommended Pra¢ti¢e appli¢able to chariti¢s pr¢paring their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland publish¢d on 16 July 2014. Objectives ActivAte5 for educationAI beThefit The purpose of the Trust is the promotion of education and research into the study of Avian Pathology through making grants to appropriate individuals and institulions. The truste¢s confimi that they have referred to the Charity Commi5sion'5 guidance on public beneflt when reviewing th¢ Trust's aints and objectives, in planning future activities. and setting the grant making policy for the The Company's principal o¢tivity during the year continued to be the editorial asp¢$ of Avian Pathology, the official journal of the World Vet¢rinary Poultry Association. and the provision of The Houghton Lecture, Finfineial review The Trust's work is relianl on royalty incom¢ 8enerat¢d from the publication of 'Avian Pathology, tO8ether with suplementary income and investment retums from its investment portfolio. The net movement in funds for the year amounted to (£33,264), (2021: £90,709). Investment pollcy The Trust's investm¢Ji¢ advisors (Investec) are instrn¢ted to hold a mixed J>ortfolÈo of equities, bond5, cash and other investments designed to provide a level of stable income and the possibility of investment gains. Rlsk management The Trustees have r¢view¢d the Major strategi4 operational and business risks to which the ¢harity is exposed and Are aware of the perfomian¢e of investments and op¢rational risks from inefftjve grant making and the capacity of the Trust to make effeetive grants. Investment risks ore mitigated by retaining ¢xp¢rt inv¢stm¢nt managers and having a diversified portfolio. Effe¢liv¢ grant making is 5¢rutinised by the Trustees who are experts in their field with the depth of insight to effectively evaluate grdnt proposals.
The Tru$t Llmlled Roport otth¢ DIreOr& th8yev oMd•d 31 Dtt•mb¢i'2(122 Compony Nllrnbor 01534794 Cbarlty Nmber 281834 ReMrv¢$ Po]ley The Tiustees ha ¢st4blished a reIVeS pollcy of being awar¢ of their operational coft)mitments for the n¢x¢ 12 months. Anlicipal¢d flee re8erv¢5 In UDkEStrÉGt¢d fund8 are mointoined forthis purpos6. Dlr¢etoYs ¥e5powlbMllleg ID relAtlon to th¢ fiTrnncll ilattm*nt• The dlr¢¢tors are responslblo for prapArlngih¢ Dlre¢tors' Annual Report and the fmanclal stat¢rnents In a¢¢ordone¢ with appli¢abl¢ law and Unitrd Kin8dom A¢tIllg Standards (United Kingdom Generolly A¢¢epied A¢countinB Pra¢lico). The14w applioable to Chor1¢$ in EN8lalld and WalGs require8 the tru8leeyto prepare fii)anelal $t8l¢m¢nts for t finets¢lal yearwhith glvé a trnoond falrviw oftli8 Stateof Hffair5 of the oh4rlly And of the irtcomin8 r¢sour¢¢s applicpllon of resourceg, of ihecharity forthttt period. ID preparing th¢ fingrLGial statementg, th¢ tru¢¢$ are requiredto., . seleot suitable wthiDlin8 polid¢s aftd the applythemcortslstently - obs¢r¥e ih¢methods and prinoiplw ltt tbe Ch4rltl¢s SORP 2015 (FRS 102): - mak¢ jud8em¢nt$ 4ttd egtlmates that are reasonabl¢ pNd¢nl' - state whether applicableawountiDgg14ndards hava be¢n followed, 6ubj¢ot to any m&teYlal departures that must be dis¢losed and exploin¢d the fin8ncial statementg; - pr¢parethe finaThrial stat¢m¢nts on IhB golng conccm basis unlws itl8 Impproprialeto pr¢sume th¢ ohftrity will conlinue. Thodirectors oreY8sponsiblc for k¢¢pin8 proper 4eeountln8records thdtdlsclos¥ wllh reasonable cuYHoy at any tlm¢ the flnancial poyition of th¢ Charity Jud en&blothcm to ¢nsurc that th¢ finattcial statements comply wilh lh¢ ClIArilies A¢t 2011,tho Charity (Accounts R¢ports)Regulation8 2008. They 8re elso Tesp(m$ibl¢ for safrgufftrding th¢ as8ols ofthe charlty heffice for taking ason&ble Step forttie pr¢venlion and d¢tedlon of fraud and othor Irr¢BuIarili. Small compiny oxempllo The flnanoi81 stgtemonts have been prepored ac¢ord&ncowith sp1&[ provisiohs ofPart 15 (Trf iho Comp&nles A¢t 2006 relatin8tO small cotnpHnles By order of th¢ board Dr S J Franri5 (Honorary Seorelary)
The Hougliton Trust Limited Independent examine@5 rtpovt to the memb¢rs of The Houghtort Trusl Limited. Company Dymb¢r: OIS34794 Ch*rlty number: 25J834 I report on the a¢counls for the year ¢nded 31 December 2022, whith ar¢ sd outott pages 5 to 13. Rt$peetlve responsibilities trftrusttes and examiner Th¢ Irust¢es Iwlio Hre also lh¢ directors of the MpanY for the purpos¢s of wmptny Isw) are r¢5PODsible for the preparation of ihe &c¢ounls. The charity's Iru5t¢es consider ihai an audit is not T¢quired for ihis y¢ar und¢r s¢ction 144 of the Clwitie5 Act 2011 (the Charities Acll and tha¢ independent examii)alioll 15 needed. It is my re5POrtsibility to.. Examirte Ihe accoun15 under setttion 145 of thc Charil1¢5 Acl - to folloiv the proc¢dures laid dowll in the 8en¢r&l Direetions given by the Charity Commi55ion (under section 14515)Ibll of the Charit1¢5 Acl, lrtd -10stat¢ whether particular mall¢rs httve come lo my alt¢nlion. Ilasis of independent examinei s stAtement My ¢xhminaiion was caled ou¢ Èceordance wilh 8¢neral Directions Biven by the Charity Cojnmission. An ¢xgminaiiort includes a r¢vi¢w of the rtecounlittg records k¢pt by lh¢ chllrily and a comparison of th¢ accounis presenid with those Tecords. It also includ¢5 considerAtiort of any unusual items or dis¢105ure irt the accounts, and 5eekin8 explanalioiis from th¢ twstee5 tonceming any such matters. The procedures und¢rtak¢n do not provide all th¢ evid¢nrK that would be required in an audit, and consequently no opillion 15 given as lo wh¢ih¢T th6 a¢roun15 presethl a InTe and faie vi¢w and the repori is limited to those millers set out in th¢ 5tat¢tnent below. Independenl eXAmintr's statement In eonneclion with my¢xvminalion, no matlu hgs come 10 my attention to indica¢¢ th&t'. - a¢countinE Tecords have not bE¢n kept Lrt 8ceordance witli section 386 of the Companies Act 2006; . the accoun15 (b not attord with su¢li rwords.. - Ivher¢ accounts are prepard on an tt¢cru81 ba8i8, wh¢lli¢r th¢y fail io eomply ivith relevant accounting requirem¢nt5 und¢r sedion 396 ofih¢ Compani¢s Act 2006. or are not collsist¢nt with th¢ Charili¢s SORP IFR51021 - anymatitrwhith the examincr bEIi¢v¢5 5hthJld be drawn to th¢ alt¢ntiort of the reader lo gaitl a prop¢r und¢rsta[1g of the accounts. CJDyke Chartered A¢rountstit Th¢ Old Police Slalion Priory Iload St Ives Cambs PE27 5BB Dale i q
The Houghton Trust Limlted Statement of Flnanci#l Aetlvities for the year ended 31 December 2022 2022 Total funds 2021 Total funds Notes Unrestrlcled INtome Inv¢slment in¢ome Other income 9,279 94.635 9,279 94,635 6.638 87,215 Total income 103,914 103,914 93,853 Expenditure Cosl ofYtslsiKgfvnds.' Editorial expenditure Investtmenl management fees 12,888 4,116 12.888 4.116 10,964 4,256 17.004 17,004 15,220 ExpendiiNre on charilable acllvilies.- Research Education Administrative expenses 41,630 9,463 16,658 41,630 9,463 16,658 32.940 (4.315) 4,361 67.751 67,751 32.986 Total expenditure 84,755 84,755 48,206 Net Ineomel(expenditur¢) And net movement in funds before gains and losses on inv¢stments 19,159 19,159 45.647 Net gainsl(losses) on investments (52.423) (52,423) 45,062 Net movement In funds (33,264) (33,264) 90,709 Rgconcilialion ofFunds Total funds as at l January 2022 708,304 708,304 617,595 Total funds as 31 December 2022 673,040 675,040 708,J04 All transaetions ar¢ derived from continuing activities All recogni5ed gains or losses are in¢luded in the Statement of Financial Activities
The Houghton Trust Lirnited Balance Sheet as ¥131 December 2022 2022 Unrestrieted Total Funds 2021 Total Funds Notes Flxed assets Tangible assets Investments 412.575 412,575 445,578 Total fixed assets 412,581 412,581 445,584 Current assets Debtors Cash at bank and in hand 10 57,574 217.465 57.574 217,465 45,175 220,439 Totgl current assets 275,039 275,039 265,614 Llgbilities Creditors falling due within one year 12 12,580 12.580 2,894 Net current assets 262,459 262,459 262,720 Net assets 675,040 675,040 708,304 Funds Unrestricted funds Restricted furtds 675,040 675,040 708,304 Shareholders, funds 675.040 675,040 708,304 The directors are satisfied that the eompany is entitled to exemption from the requirement to obtain an audit und¢r section 477 of ihe Companies Act 2006. The members have not required the company to obtain an audit in aecordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of tlie Companies Act 2006 with resped to accounting records and the preparation of accounts. The accounts have been prepared and deliv¢r¢d in accordance with the special provisions appli¢able to ¢ompanies subject to the small ¢ompanies r¢gime. F M Tomley (Director) G N Hayes (Direelor) Approved by the board on 2u27
The Houghton Trust Limited statement of Cash Flows for the year ended 31 December 2022 2022 Total Vunds 2021 Tot&1 Funds Notes Net eash used in operating activities 13 7,167 40,577 Cash flows from inY¢$ling activities- Interest and dividends 9.279 6,638 Proceeds from sale of investm¢nts {19,420) 8,493 Net eash provided by Investing aclhvities (10.141) 15.131 Change in Cash and cash equivalents in the year (2.974) 55,708 Cash and cash eqlllvAlent as at l January 2022 220,439 164.731 Cash and cash equivalent as at 31 December 2022 217,465 220,439
The Houghton Trust Limited Notes to the Aeeounts for the year ended 31 December 2022 l Aecounllng pollcies Brtsls ofprepnralloii lliid assessiiieiil ofgoliig eoiicerii The accounts have been prepared under the historical cost convention with items r¢¢ogni5ed at COSt or transaction values unless otherwise stated in the relevant notes to these aceounts. The financial statements have been prepared in accordance with the Statement of R¢¢omm¢nded Pra¢tice'. Accounting and Reporting by Charities preparing th¢ir a¢eounts in ac¢ordan¢e with the Financial Reporting Standard appli¢abl¢ in lh¢ UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. The trustees consider that there are no material uncertainties about the Trust's ability to ¢ontinue as going concem. The most significant area of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the perforniance of the investment mark¢tS (see the investment policy and risk management sections of the directors, annual report for mor¢ infomiation). Funds slruclure Unrestricted income fund5 comprise Ih05e funds which ihe Irustee5 are free to use for any purpose ID fvrtherance of lh¢ charitable objects. Unrestrid¢d fund5 include designated funds where the trustees, at their discretion. have Created a fund for a specific purpose. liicoiiie recogiiiilon All income is recognised once the Trust has entitlement to the income, it is probable that the in¢ome will be received and the amount of income receivable can be measured reliably. Royalty receipts are included when receivable and the amount can be measured reliably by the Trust. This is normally upon notification from our royaltie5 advisor of royalties paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nom]ally upon notification by our investment advisor of the dividend yield of the investment portfolio. Interest on funds held on deposit is included when receivable. This is upon notification of th¢ inl¢rest paid by or payable by the bank and investment managers. ExpeiidliHre recogiillloii Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trnst to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. All expenditure is accounted for on an u¢cwals basis. All expenses including administrative costs are allocated to the applicable expendithre headings. Grants payable are payments made to third parties in the rtheran¢e of the charitable objects ofthe Trust. In the case of an unconditional offer this is accrued once the recipient has been notified of the grant award. Grants awards that are subject to the I'ecipient fvlfilling conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Thist. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty a5 to the timing of the grant or the amount of grant payabl¢.
The Hollghton Trust Limited Notes to the Accounts for the year ended 31 Deeember 2022 Irrecovtrllble YA T Irrecoverable VAT is charged against the expenditure heading for whi¢h it was incurred. Adiiilhlslrftilve eApeNdilure Administrative exp¢ns¢s for the awarding of grants and the governance of the Trust ar¢ recorded separately in th¢ note 7. Cos15 olrfilsliigfuiids The cost5 of generating funds consist of editorial expenditure and investment management COSts. Clifirllttble fteilvlil C051$ of dmritable activities include grants made and administrative expenses. Tfiiiglble fiyed ussels deppÉelttiloii All pssets costing more than £250 are capitalised and valued at historic Cost. Depr¢eiation is charged on office equipment on a straight-line basis over their estimated useful lifr of three years from the year of acquisition. FLYed assei liiwesiiiiÉiils Investments are a fom) of basic financial instrument and are initially recognised at their Iran5a¢tion value and subsequently measured at their fair value as al the balance sheet date using the closing quoted m)rket price. The 5tatem¢nt of financial activities in¢lud¢s the net gains and losse5 arising from revaluat50n and disposa15 throughout the year. The Trnst does not acquire put options, derivatives or oih¢r complex fmancial instrumen1$. The main fonn of financial risk faced by the Trust is that of volatility in equity markets and investment maTkets due to wider economic eonditions, the attitude to inv¢slors risk. and change5 in sentiment conceming equities and within parti¢ular sectors or sub seclors. Coiilliigeiii Ilubiliiles A contingent liability is identified and dis¢los¢d for those grants resulting from.. a possible obligation whi¢h will only be confirmed by th¢ occurance of one or more uncertain tur¢ ¢vents not wholly within the trustee's control. or a present obligation following a grant offer where settlement is ¢ither not considered probable- or - the amount has not been communicaled in the grant offer and that amount ¢atmot be estimated
The Houghton Trust Llrnlted Notes to the Aeeollnts ror the year ended 31 Deeember 2022 2 Related p*rty trnn$a¢tlons and trustee'$ expenses remun¢r#tion The trustees give freely iheir time and expertise without any form of remuneration or other benefit in cash or kind (2021- £nil). Expenses paid to the trustees in the year totalled £801 {2021'. £nil). 3 Investment Income 2022 2021 Dividends- equities Intere5t- fixed inter¢5t securities Enterest on cash deposits 7.656 1,514 109 5,339 1,299 9,279 6,638 4 Other income 2022 2021 Royalties receivable Royalties agents receivable- Editorial Contribution Royalties agents receivable- Travel expenses subsidy 86.595 8,040 75,175 8,040 4,000 94,635 87,215 5 Edltori21 expendlture 2022 2021 Editorial assistants remuneration 12.888 10,964 12,888 10.964 10
The HollghtoD Trust Limit¢d Notes to the Ac¢tsllnts for the year end¢d 31 December 2022 6 Investment management fee$ 2022 2021 Investment managem¢n¢ fees 4.116 4.256 4,116 4,256 7 Expenditure on chmrltable activities 2022 21121 Research grants 41,630 32,940 Individual educali(Fnal grants 9,463 4,315 Administrative expenses Postage, slation¢ry and telephone Travel expenses Treasurer honoraria AoUntancY Legal fees Computer running ¢osts Bank charges Sundry expenses 34 8,366 1.019 2.040 3,604 1.205 277 113 13 926 1,944 1,433 25 13 16,658 4.361 Total expenditure on charitsble activities 67,751 32,986 8 Tangible fixed assets Office equipment Cost At l January 2022 and 31 De¢ember 2022 5,661 Depreciation At l January 2022 and 31 December 2022 Net book value At 31 December 2022 At 31 December 2021
The Houghton Trust Limlted Notes to the Accounts for the year ended 31 December 2022 9 Flxed asset investments 2022 2021 Movement in fixed asset5 listed investments- Market value at l January 2022 44S,578 409,009 Add.. additions to investment at cost Disposa15 at carrying value Add.. net gainl(loss) on revaluation 181,523 (162,103) {52,423) 107.690 (116,183) 45,062 Market value at 31 De¢tmber 2022 412,575 445,578 Net cash released from investments in the year was £19.420 (2021: £8.493) Investment$ At fair value Comprised: 2022 2021 Equities Fix¢d interest 5e¢urities 340,279 72,296 384,335 61,243 Total 412,575 445.578 All investments are carried at their fail. value. Investments in equiti¢s and fixed inler¢st gecurities are all traded in quoted public markets, primarily the London Sto¢k Exchange. Holdings in common invested funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair valu¢ for quoted investments 15 equivalent to th¢ market value, using the bid price. Asset sales and pUbaseS are recognised at th¢ date of trade at ¢ost (that is their transaction value). 10 Debtor$ 2022 2021 Royalties receivable PpayMentS 56,595 979 45,175 S7,574 I I Cash at bank 2022 2021 Bank current a¢Unt Inv¢stment advisors deposit a¢¢ount 210,972 6.493 199.689 20.750 217,465 220,439 12
The Houghlon Trust Limited Notes to the Aecounts for th¢ ye¥r ended 31 December 2022 12 Creditors du¢ within l year 2022 2021 Research grant5 Individual educational grants Accruals 7,000 1,800 3,780 950 1.944 12,580 2.894 13 Rectsnciliation of net movement in funds to net cash flow from operatlng activities 2022 2021 Net movement in fund5 Deduct interest income shown IT] illv¢s¢ing aeliviti¢s Deduct gainsladd back losses on investm¢nls Decrease (increase) in debtors Increase (decrease) in creditors (33,264) (9,279) 52,423 (12,399) 9,686 90,709 (6,638) (45,062) 6,956 (5,388) Net Cash used in opernting aetivities 7.167 40,577 13
The Hou htort Trust Limited jeom an limited b uarantee Company number . 01534794 Charity Commlssion number . 281834 FinAMelal Statements for the year eDded- 31 Deeember 2022
The Houghton Trust Limited Report and aecounts Cont¢nt5 Page Legal and administrativ¢ inforn]ation Director5, report Independent examiner's report Statement of financial a¢tivities Balance sheet Statement of cash flows Notes to the accounts
The Houghton Trust Limited Legal and adminlstrative information Directors Professor R C Jones Mr G N Hayes Professor M P Stevens Mr R M Irvine Professoi. R M Ragione Professor A L Vervelde Professor F M Tomley (Chairnian) {resigned 10 May 2022) (resigned 31 March 2022) (appointed 10 May 2022) (appointed 22 August 2022) (appointed 10 May 2022) {Chairm8n) Admlntstrative Staff Dr S J Frartcis Professor D P Blake MrG N Hayes (Honorary secretary) (Editor in Chiefj {Treasur¢r} Registered OlC£ The Old Police Station Priory Road St Ives Camb5 PE27 5BB Company Number 01534794 Charity Number 281834 Bftnkers Cater Allen Private Bank 9 Nelson Street Bradford BDI SAN Investment Managers Investec Wealth & Inv¢stments 30 Gresham Street London EC2V 7QN IDdependent Examiner CJDyke The Old Police Ststion Priory Road St Ives PE27 SBB
Th¢ HoughtoR Trust Limited Repoi't ofthe Dlreclors foi. the year ended 31 December 2022 Company f4umber 01534794 Charlty Number 281834 Th¢ directors present their annual report and financial statement5 of the charity for the y¢ar ended 31 De¢¢mber 2022. Th¢ directors have adopted the provisions of th¢ Statement of Re¢ommend¢d Practiee (SORP)'Accounting and Reporting by Charities, (FRS102) in preparing the annual report and financial statement5 of the charity. The finAn¢ial statements have been prepared in accordance with the ac¢ounting policies set out in not¢ l and comply Wlth the Charities Act 2011 and Accounting and Reporting by Chariti¢s-. Statement of Recommended Pra¢ti¢e appli¢able to chariti¢s pr¢paring their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland publish¢d on 16 July 2014. Objectives ActivAte5 for educationAI beThefit The purpose of the Trust is the promotion of education and research into the study of Avian Pathology through making grants to appropriate individuals and institulions. The truste¢s confimi that they have referred to the Charity Commi5sion'5 guidance on public beneflt when reviewing th¢ Trust's aints and objectives, in planning future activities. and setting the grant making policy for the The Company's principal o¢tivity during the year continued to be the editorial asp¢$ of Avian Pathology, the official journal of the World Vet¢rinary Poultry Association. and the provision of The Houghton Lecture, Finfineial review The Trust's work is relianl on royalty incom¢ 8enerat¢d from the publication of 'Avian Pathology, tO8ether with suplementary income and investment retums from its investment portfolio. The net movement in funds for the year amounted to (£33,264), (2021: £90,709). Investment pollcy The Trust's investm¢Ji¢ advisors (Investec) are instrn¢ted to hold a mixed J>ortfolÈo of equities, bond5, cash and other investments designed to provide a level of stable income and the possibility of investment gains. Rlsk management The Trustees have r¢view¢d the Major strategi4 operational and business risks to which the ¢harity is exposed and Are aware of the perfomian¢e of investments and op¢rational risks from inefftjve grant making and the capacity of the Trust to make effeetive grants. Investment risks ore mitigated by retaining ¢xp¢rt inv¢stm¢nt managers and having a diversified portfolio. Effe¢liv¢ grant making is 5¢rutinised by the Trustees who are experts in their field with the depth of insight to effectively evaluate grdnt proposals.
The Tru$t Llmlled Roport otth¢ DIreOr& th8yev oMd•d 31 Dtt•mb¢i'2(122 Compony Nllrnbor 01534794 Cbarlty Nmber 281834 ReMrv¢$ Po]ley The Tiustees ha ¢st4blished a reIVeS pollcy of being awar¢ of their operational coft)mitments for the n¢x¢ 12 months. Anlicipal¢d flee re8erv¢5 In UDkEStrÉGt¢d fund8 are mointoined forthis purpos6. Dlr¢etoYs ¥e5powlbMllleg ID relAtlon to th¢ fiTrnncll ilattm*nt• The dlr¢¢tors are responslblo for prapArlngih¢ Dlre¢tors' Annual Report and the fmanclal stat¢rnents In a¢¢ordone¢ with appli¢abl¢ law and Unitrd Kin8dom A¢tIllg Standards (United Kingdom Generolly A¢¢epied A¢countinB Pra¢lico). The14w applioable to Chor1¢$ in EN8lalld and WalGs require8 the tru8leeyto prepare fii)anelal $t8l¢m¢nts for t finets¢lal yearwhith glvé a trnoond falrviw oftli8 Stateof Hffair5 of the oh4rlly And of the irtcomin8 r¢sour¢¢s applicpllon of resourceg, of ihecharity forthttt period. ID preparing th¢ fingrLGial statementg, th¢ tru¢¢$ are requiredto., . seleot suitable wthiDlin8 polid¢s aftd the applythemcortslstently - obs¢r¥e ih¢methods and prinoiplw ltt tbe Ch4rltl¢s SORP 2015 (FRS 102): - mak¢ jud8em¢nt$ 4ttd egtlmates that are reasonabl¢ pNd¢nl' - state whether applicableawountiDgg14ndards hava be¢n followed, 6ubj¢ot to any m&teYlal departures that must be dis¢losed and exploin¢d the fin8ncial statementg; - pr¢parethe finaThrial stat¢m¢nts on IhB golng conccm basis unlws itl8 Impproprialeto pr¢sume th¢ ohftrity will conlinue. Thodirectors oreY8sponsiblc for k¢¢pin8 proper 4eeountln8records thdtdlsclos¥ wllh reasonable cuYHoy at any tlm¢ the flnancial poyition of th¢ Charity Jud en&blothcm to ¢nsurc that th¢ finattcial statements comply wilh lh¢ ClIArilies A¢t 2011,tho Charity (Accounts R¢ports)Regulation8 2008. They 8re elso Tesp(m$ibl¢ for safrgufftrding th¢ as8ols ofthe charlty heffice for taking ason&ble Step forttie pr¢venlion and d¢tedlon of fraud and othor Irr¢BuIarili. Small compiny oxempllo The flnanoi81 stgtemonts have been prepored ac¢ord&ncowith sp1&[ provisiohs ofPart 15 (Trf iho Comp&nles A¢t 2006 relatin8tO small cotnpHnles By order of th¢ board Dr S J Franri5 (Honorary Seorelary)
The Hougliton Trust Limited Independent examine@5 rtpovt to the memb¢rs of The Houghtort Trusl Limited. Company Dymb¢r: OIS34794 Ch*rlty number: 25J834 I report on the a¢counls for the year ¢nded 31 December 2022, whith ar¢ sd outott pages 5 to 13. Rt$peetlve responsibilities trftrusttes and examiner Th¢ Irust¢es Iwlio Hre also lh¢ directors of the MpanY for the purpos¢s of wmptny Isw) are r¢5PODsible for the preparation of ihe &c¢ounls. The charity's Iru5t¢es consider ihai an audit is not T¢quired for ihis y¢ar und¢r s¢ction 144 of the Clwitie5 Act 2011 (the Charities Acll and tha¢ independent examii)alioll 15 needed. It is my re5POrtsibility to.. Examirte Ihe accoun15 under setttion 145 of thc Charil1¢5 Acl - to folloiv the proc¢dures laid dowll in the 8en¢r&l Direetions given by the Charity Commi55ion (under section 14515)Ibll of the Charit1¢5 Acl, lrtd -10stat¢ whether particular mall¢rs httve come lo my alt¢nlion. Ilasis of independent examinei s stAtement My ¢xhminaiion was caled ou¢ Èceordance wilh 8¢neral Directions Biven by the Charity Cojnmission. An ¢xgminaiiort includes a r¢vi¢w of the rtecounlittg records k¢pt by lh¢ chllrily and a comparison of th¢ accounis presenid with those Tecords. It also includ¢5 considerAtiort of any unusual items or dis¢105ure irt the accounts, and 5eekin8 explanalioiis from th¢ twstee5 tonceming any such matters. The procedures und¢rtak¢n do not provide all th¢ evid¢nrK that would be required in an audit, and consequently no opillion 15 given as lo wh¢ih¢T th6 a¢roun15 presethl a InTe and faie vi¢w and the repori is limited to those millers set out in th¢ 5tat¢tnent below. Independenl eXAmintr's statement In eonneclion with my¢xvminalion, no matlu hgs come 10 my attention to indica¢¢ th&t'. - a¢countinE Tecords have not bE¢n kept Lrt 8ceordance witli section 386 of the Companies Act 2006; . the accoun15 (b not attord with su¢li rwords.. - Ivher¢ accounts are prepard on an tt¢cru81 ba8i8, wh¢lli¢r th¢y fail io eomply ivith relevant accounting requirem¢nt5 und¢r sedion 396 ofih¢ Compani¢s Act 2006. or are not collsist¢nt with th¢ Charili¢s SORP IFR51021 - anymatitrwhith the examincr bEIi¢v¢5 5hthJld be drawn to th¢ alt¢ntiort of the reader lo gaitl a prop¢r und¢rsta[1g of the accounts. CJDyke Chartered A¢rountstit Th¢ Old Police Slalion Priory Iload St Ives Cambs PE27 5BB Dale i q
The Houghton Trust Limlted Statement of Flnanci#l Aetlvities for the year ended 31 December 2022 2022 Total funds 2021 Total funds Notes Unrestrlcled INtome Inv¢slment in¢ome Other income 9,279 94.635 9,279 94,635 6.638 87,215 Total income 103,914 103,914 93,853 Expenditure Cosl ofYtslsiKgfvnds.' Editorial expenditure Investtmenl management fees 12,888 4,116 12.888 4.116 10,964 4,256 17.004 17,004 15,220 ExpendiiNre on charilable acllvilies.- Research Education Administrative expenses 41,630 9,463 16,658 41,630 9,463 16,658 32.940 (4.315) 4,361 67.751 67,751 32.986 Total expenditure 84,755 84,755 48,206 Net Ineomel(expenditur¢) And net movement in funds before gains and losses on inv¢stments 19,159 19,159 45.647 Net gainsl(losses) on investments (52.423) (52,423) 45,062 Net movement In funds (33,264) (33,264) 90,709 Rgconcilialion ofFunds Total funds as at l January 2022 708,304 708,304 617,595 Total funds as 31 December 2022 673,040 675,040 708,J04 All transaetions ar¢ derived from continuing activities All recogni5ed gains or losses are in¢luded in the Statement of Financial Activities
The Houghton Trust Lirnited Balance Sheet as ¥131 December 2022 2022 Unrestrieted Total Funds 2021 Total Funds Notes Flxed assets Tangible assets Investments 412.575 412,575 445,578 Total fixed assets 412,581 412,581 445,584 Current assets Debtors Cash at bank and in hand 10 57,574 217.465 57.574 217,465 45,175 220,439 Totgl current assets 275,039 275,039 265,614 Llgbilities Creditors falling due within one year 12 12,580 12.580 2,894 Net current assets 262,459 262,459 262,720 Net assets 675,040 675,040 708,304 Funds Unrestricted funds Restricted furtds 675,040 675,040 708,304 Shareholders, funds 675.040 675,040 708,304 The directors are satisfied that the eompany is entitled to exemption from the requirement to obtain an audit und¢r section 477 of ihe Companies Act 2006. The members have not required the company to obtain an audit in aecordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of tlie Companies Act 2006 with resped to accounting records and the preparation of accounts. The accounts have been prepared and deliv¢r¢d in accordance with the special provisions appli¢able to ¢ompanies subject to the small ¢ompanies r¢gime. F M Tomley (Director) G N Hayes (Direelor) Approved by the board on 2u27
The Houghton Trust Limited statement of Cash Flows for the year ended 31 December 2022 2022 Total Vunds 2021 Tot&1 Funds Notes Net eash used in operating activities 13 7,167 40,577 Cash flows from inY¢$ling activities- Interest and dividends 9.279 6,638 Proceeds from sale of investm¢nts {19,420) 8,493 Net eash provided by Investing aclhvities (10.141) 15.131 Change in Cash and cash equivalents in the year (2.974) 55,708 Cash and cash eqlllvAlent as at l January 2022 220,439 164.731 Cash and cash equivalent as at 31 December 2022 217,465 220,439
The Houghton Trust Limited Notes to the Aeeounts for the year ended 31 December 2022 l Aecounllng pollcies Brtsls ofprepnralloii lliid assessiiieiil ofgoliig eoiicerii The accounts have been prepared under the historical cost convention with items r¢¢ogni5ed at COSt or transaction values unless otherwise stated in the relevant notes to these aceounts. The financial statements have been prepared in accordance with the Statement of R¢¢omm¢nded Pra¢tice'. Accounting and Reporting by Charities preparing th¢ir a¢eounts in ac¢ordan¢e with the Financial Reporting Standard appli¢abl¢ in lh¢ UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. The trustees consider that there are no material uncertainties about the Trust's ability to ¢ontinue as going concem. The most significant area of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the perforniance of the investment mark¢tS (see the investment policy and risk management sections of the directors, annual report for mor¢ infomiation). Funds slruclure Unrestricted income fund5 comprise Ih05e funds which ihe Irustee5 are free to use for any purpose ID fvrtherance of lh¢ charitable objects. Unrestrid¢d fund5 include designated funds where the trustees, at their discretion. have Created a fund for a specific purpose. liicoiiie recogiiiilon All income is recognised once the Trust has entitlement to the income, it is probable that the in¢ome will be received and the amount of income receivable can be measured reliably. Royalty receipts are included when receivable and the amount can be measured reliably by the Trust. This is normally upon notification from our royaltie5 advisor of royalties paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is nom]ally upon notification by our investment advisor of the dividend yield of the investment portfolio. Interest on funds held on deposit is included when receivable. This is upon notification of th¢ inl¢rest paid by or payable by the bank and investment managers. ExpeiidliHre recogiillloii Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Trnst to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. All expenditure is accounted for on an u¢cwals basis. All expenses including administrative costs are allocated to the applicable expendithre headings. Grants payable are payments made to third parties in the rtheran¢e of the charitable objects ofthe Trust. In the case of an unconditional offer this is accrued once the recipient has been notified of the grant award. Grants awards that are subject to the I'ecipient fvlfilling conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Thist. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty a5 to the timing of the grant or the amount of grant payabl¢.
The Hollghton Trust Limited Notes to the Accounts for the year ended 31 Deeember 2022 Irrecovtrllble YA T Irrecoverable VAT is charged against the expenditure heading for whi¢h it was incurred. Adiiilhlslrftilve eApeNdilure Administrative exp¢ns¢s for the awarding of grants and the governance of the Trust ar¢ recorded separately in th¢ note 7. Cos15 olrfilsliigfuiids The cost5 of generating funds consist of editorial expenditure and investment management COSts. Clifirllttble fteilvlil C051$ of dmritable activities include grants made and administrative expenses. Tfiiiglble fiyed ussels deppÉelttiloii All pssets costing more than £250 are capitalised and valued at historic Cost. Depr¢eiation is charged on office equipment on a straight-line basis over their estimated useful lifr of three years from the year of acquisition. FLYed assei liiwesiiiiÉiils Investments are a fom) of basic financial instrument and are initially recognised at their Iran5a¢tion value and subsequently measured at their fair value as al the balance sheet date using the closing quoted m)rket price. The 5tatem¢nt of financial activities in¢lud¢s the net gains and losse5 arising from revaluat50n and disposa15 throughout the year. The Trnst does not acquire put options, derivatives or oih¢r complex fmancial instrumen1$. The main fonn of financial risk faced by the Trust is that of volatility in equity markets and investment maTkets due to wider economic eonditions, the attitude to inv¢slors risk. and change5 in sentiment conceming equities and within parti¢ular sectors or sub seclors. Coiilliigeiii Ilubiliiles A contingent liability is identified and dis¢los¢d for those grants resulting from.. a possible obligation whi¢h will only be confirmed by th¢ occurance of one or more uncertain tur¢ ¢vents not wholly within the trustee's control. or a present obligation following a grant offer where settlement is ¢ither not considered probable- or - the amount has not been communicaled in the grant offer and that amount ¢atmot be estimated
The Houghton Trust Llrnlted Notes to the Aeeollnts ror the year ended 31 Deeember 2022 2 Related p*rty trnn$a¢tlons and trustee'$ expenses remun¢r#tion The trustees give freely iheir time and expertise without any form of remuneration or other benefit in cash or kind (2021- £nil). Expenses paid to the trustees in the year totalled £801 {2021'. £nil). 3 Investment Income 2022 2021 Dividends- equities Intere5t- fixed inter¢5t securities Enterest on cash deposits 7.656 1,514 109 5,339 1,299 9,279 6,638 4 Other income 2022 2021 Royalties receivable Royalties agents receivable- Editorial Contribution Royalties agents receivable- Travel expenses subsidy 86.595 8,040 75,175 8,040 4,000 94,635 87,215 5 Edltori21 expendlture 2022 2021 Editorial assistants remuneration 12.888 10,964 12,888 10.964 10
The HollghtoD Trust Limit¢d Notes to the Ac¢tsllnts for the year end¢d 31 December 2022 6 Investment management fee$ 2022 2021 Investment managem¢n¢ fees 4.116 4.256 4,116 4,256 7 Expenditure on chmrltable activities 2022 21121 Research grants 41,630 32,940 Individual educali(Fnal grants 9,463 4,315 Administrative expenses Postage, slation¢ry and telephone Travel expenses Treasurer honoraria AoUntancY Legal fees Computer running ¢osts Bank charges Sundry expenses 34 8,366 1.019 2.040 3,604 1.205 277 113 13 926 1,944 1,433 25 13 16,658 4.361 Total expenditure on charitsble activities 67,751 32,986 8 Tangible fixed assets Office equipment Cost At l January 2022 and 31 De¢ember 2022 5,661 Depreciation At l January 2022 and 31 December 2022 Net book value At 31 December 2022 At 31 December 2021
The Houghton Trust Limlted Notes to the Accounts for the year ended 31 December 2022 9 Flxed asset investments 2022 2021 Movement in fixed asset5 listed investments- Market value at l January 2022 44S,578 409,009 Add.. additions to investment at cost Disposa15 at carrying value Add.. net gainl(loss) on revaluation 181,523 (162,103) {52,423) 107.690 (116,183) 45,062 Market value at 31 De¢tmber 2022 412,575 445,578 Net cash released from investments in the year was £19.420 (2021: £8.493) Investment$ At fair value Comprised: 2022 2021 Equities Fix¢d interest 5e¢urities 340,279 72,296 384,335 61,243 Total 412,575 445.578 All investments are carried at their fail. value. Investments in equiti¢s and fixed inler¢st gecurities are all traded in quoted public markets, primarily the London Sto¢k Exchange. Holdings in common invested funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair valu¢ for quoted investments 15 equivalent to th¢ market value, using the bid price. Asset sales and pUbaseS are recognised at th¢ date of trade at ¢ost (that is their transaction value). 10 Debtor$ 2022 2021 Royalties receivable PpayMentS 56,595 979 45,175 S7,574 I I Cash at bank 2022 2021 Bank current a¢Unt Inv¢stment advisors deposit a¢¢ount 210,972 6.493 199.689 20.750 217,465 220,439 12
The Houghlon Trust Limited Notes to the Aecounts for th¢ ye¥r ended 31 December 2022 12 Creditors du¢ within l year 2022 2021 Research grant5 Individual educational grants Accruals 7,000 1,800 3,780 950 1.944 12,580 2.894 13 Rectsnciliation of net movement in funds to net cash flow from operatlng activities 2022 2021 Net movement in fund5 Deduct interest income shown IT] illv¢s¢ing aeliviti¢s Deduct gainsladd back losses on investm¢nls Decrease (increase) in debtors Increase (decrease) in creditors (33,264) (9,279) 52,423 (12,399) 9,686 90,709 (6,638) (45,062) 6,956 (5,388) Net Cash used in opernting aetivities 7.167 40,577 13