**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 O￿lC£
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 ineff￿tjve
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$t Llmlled
Roport otth¢ DIre￿Or& th8ye*v oMd•d 31 Dtt•mb¢i'2(122
Compony Nllrnbor 01534794
Cbarlty N￿mber
281834
ReMrv¢$ Po]ley
The Tiustees ha￿ ¢st4blished a re￿IVeS 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¢ fiTrnncl*l 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 sp￿1&[ 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 ca￿led 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[￿1￿g 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
A￿oUntancY
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 pU￿baseS are recognised at th¢ date of trade at ¢ost (that is their transaction value).
10 Debtor$
2022
2021
Royalties receivable
P￿payMentS
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 O￿lC£
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 ineff￿tjve
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$t Llmlled
Roport otth¢ DIre￿Or& th8ye*v oMd•d 31 Dtt•mb¢i'2(122
Compony Nllrnbor 01534794
Cbarlty N￿mber
281834
ReMrv¢$ Po]ley
The Tiustees ha￿ ¢st4blished a re￿IVeS 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¢ fiTrnncl*l 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 sp￿1&[ 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 ca￿led 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[￿1￿g 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
A￿oUntancY
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 pU￿baseS are recognised at th¢ date of trade at ¢ost (that is their transaction value).
10 Debtor$
2022
2021
Royalties receivable
P￿payMentS
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