The Hou hton Trllst Litnited Aeom an limited b uaruntee Co￿paNY number: OIS34794 Charity ComtniS5ion number . 281834 Finamcial StaleTnen15 for the year ended- 31 December 2023 The Ho￿ghton Trust Llmlted Report and accounts Contents PAge Legal and administrative information Directo￿, r¢port Independent exan]ineVs report Statement of financial activities Balance sheet Stateinent of oash flows Notes to the accounts The Hougliton Trust Limited Legal admlDj5trative Information Directors Mr G N Hayes PTofessor M P Stevens Mr R M Irvine Professor R M La Ragione ProfrS8OT A L Vervelde Professor F M Tolllley (T¢rminaled I l January 2024) (chairn￿n) Admini$tr#tive Staff Dr S J Frdn¢is Professor D P Blake Mr G N Hayes (Honorary seci'etary) (Editor in Chief) (Tit&surer) Registered Office The Old Police Station Priory Road St Ives Cambs PE27 SBB CoMpa￿Y Number 01534794 Charlty Nurnber 281834 Bankers CaterAllen Private Bank 9 Ne150n Stiret Bradford BDI SAN lThy¢stmeDt Manager5 Rathbones imcorporating Investee Wealth & Investments (UK) 30 Gresham Street London EC2V 7QN Indepettdent Examiner CJDyke The Old Police Statiorj Pi'iory Road St Ive8 PE27 5BB Th¢ Houghton Trust Linlited Rèport of the Diredoys for tb¢ yeg1' ended 31 DecembEr 2023 Company NuDhbei' 01534794 Charity Number 281834 The directors present their annuY41 report and finan¢ial statements of the charity for the year ended 31 Decemb￿ 2023. The diiECtors hawe adopted the provisiotjs of the Stateinent of Recommended Practice (SORP)'A¢counting and R¢portin8 by Charities, (FRS102) in preparing the annual report and financial statements of the charity. The fi￿n¢la] statements have beBn pr¢pared in accordai)ce with the accounting policies set out in note l and ¢omply with the Charitics Act 2011 and A¢¢ountiJl8 and Reportlll8 by Charitie5.' Statejnent of Recommended Pro¢ti¢e &pplicable to charities prEp￿rIng their accounts in accordance with the Financial Reporting Standard applicable in the UK alid Republic of Ircland published on 16 July 2014. Objective5 ictiv4t¢$ foi. ¢du¢8tioD*l beneftt The purpose of th¢ Trust 15 the promution vfeducation and research into the study of Avian Pathology through making grants to appl'opriate individuals and in5titiitions. The trLEStees ¢onfirm that they hav¢ referred to thr Charity Commission's 8uidance on publi¢ beneflt wlien reviewing the Trust's aims and objectivcs, in planning futuJE activities. and SBtting th¢ grant making poli¢y for th¢ year. The company's principal activity during thc ycar continued to be the editorial aspects of Avtan Patholo8y. th6 ufficial journal of the World Veterinary P(Fultry Association, and the provision of he Houghton LectUTe' Fillanclal review The Trust'8 work is reliant on royalty income generated froFR the publication of 'Avian Patholog together with supl¢m¢ntary Èncome and investment relui'ns from its iiivestment portfolio. The net movement in funds forthe year omount¢d to (£14,652),12022: £33,264). Inv¢stmellt pollcy The Trust's investment adviwrs (Investec) are instructed Éo hold a mixed portfolio of equities. bottds, cash Ind oth¢r inv¢slmettts desigt]ed to provide a levcl of stable inctsme and th¢ wssibility of investm¢nt goins. Rlsk manag¢ment The Trustees have reviewed the major stTat¢gi¢, operational and business rlskg to which the charity is exposed and are awar6 tsf the performance of EnVe￿mentS and operational risks froni in¢ffe¢tiYe grant maksng and lh¢ capacity of th6 Trust to mak¢ ¢ffective giants. Invest￿¢1)t risks ar¢ mitigated by vdaining expert investinent managers and having a diversified portfolio. Effective grant making is scrutinised by the Trustees who are expetls in their field with the d¢pth of insight to effectively evaluate grant proposals. The Houghton Trwt Limlted Report ofihe Dlre£tors for theyear ended 31 December 21123 C•Mpany Nwnber 01534794 Charlty f4umber 281834 Reserves Pollcy The Twstees have established a reseryes policy of being aware of their operatiotkal commitmcnts for the ttext 12 month$. Anticipated free re4erves in unrestricted funds are maintained for thi5 purpose. Dlrectors responsA6)Illllu In TelalioD to the fiDMDci&I stateEnents The directors are responsible for preparing the Directors, Artrtual Report and the financial statements in accordance w&th applicable law atld United KingdoTA Accounting Standatd$ (United Kingdom GcnerallyAccepted Accoumting Practice). The law applicable to ¢h8siti¢s in England and Wales requires th¢ trust¢es to prepare fiswieial s(atem¢nts for¢a¢h financiHI year wtJi¢h gkve a tn]e and fair view of the slat¢ of affaiis of the ch&rity and of thc itKonJingrc50urces wjd appli¢ation of Tesour¢¢s. of Ihe¢harity for that period. In preparing ihe financial 8iatemeThrs, the twstees gre required to: selea sDiiable a¢couDting po]icies and the apply tkn conslstentlyj - obs¢rve th¢ m¢thod$ alld principles in the ChaTilies SORP 2015 ￿Rs 102). - make judgements ottd estimate8 that arc reasonable aud PEudeni: - state whetherapplicable accounting standards havc been followcd, 8ubje¢t to any m&terial departures that must bedisclosed al￿ explained in the fillancial ststETTr¥ttts' - prepaty the finan¢ial sratements on the going concern basis ullless It is inappropriate to pJrsum¢ the chatity will cotttinu¢. The Ilirectors are resp)n5ibl¢ for k¢epiThg Proper accounting records that disclose wkth reasonab16 accuracy at any lI￿e the finan¢ial posir10￿ of the charity and enable them to en8UIE that the finan¢ial 81aiemenls comply with ihe Charities Act 2011,Ihe Charity (Accounts aTrd Report5) Rcgulations 2W8. They are responBiblc for safcguarding thc assets of thc charity and hence for taking ouabl¢ steps for Ibe preveotion and detection Df fraud and other ittegularitiC5. Small &)mpany exewpllo The financial statemellts have IKell prepared in accordance with special provi8i(ms of Pgrt 15 of ibe Companie$ Act 2(K)6 relating to small ¢ompwiies By order of the board Dr S J Frallcis (Honorary Sccr¢iary) Date The No￿Eh*On Tru8t Llmite IDdcp¢nd¢nt ¢X8mirt¢Y'$ report to tlie members of The HoughiDrt TI￿st Limif¢il. CompRILy nuinbej.: 01534794 Chxrily 281834 I repori on die accouDls for lh¢ yearetthd 31 DecenJber2023. whicli are set outon pages S 10 13. R¢Jpe¢tiv¢ irsponsibil&lles of ti'vstees exAminei' The trus*¢5 (who ar¢ Ibe directors of th¢ company for Ilie PUTposes of collJpany lawl ar¢ T¢Spollsible for ihe prep&ratioii of th¢ uccounts. The eh*rity's trustees consider Iliat audit Es not requiTed foi this yeai. under sectton 144 Df thc Cbartli¢s A¢1 201 I Ilhe Chgrilies Act) arjd that an 1nd¢p¢nd￿texaMI￿￿tIo￿ is nEeded. It is llLy re4)on8ibility to.. Exaniine the 4c(x)unts undei. sxtion 145 of th¢ Charities Act - lo follow the pmcedures laid doivn the gencrnl DuEGIion5 gi￿11 by the Charity Commissioii (under 5ecli(Hi 14515Mbll of the Charities Aci, and - loslale whether p8rtiCUlartt￿1terS havc coni¢ to my att¢nlion. Basil of lndw¢nd¢nt￿1mlll¢r,5 Statemeiit myexaminali￿l w8s carried oul il) ￿￿ordan￿withSeJ*V[*I DÈrecli(MIs given bythe Cliar5ty Cominission, An examination includes a rtview of th¢ a¢couTrting records kept by the ¢harity a￿1 a ortipaiÈson of Ilic ac¢ount5 presented wiui th￿ recoi'ds. 11 illclud¢8 ¢onsidcration of any uny8u&I ilems or disclosure in thB a¢¢ounls, and s¢eking explantlÉotts from Ihe Inistees ¢on¢¢ming Dny such matt¢rs, The procedures ttndert9k¢n do provide all the evidence that would be YeqUi￿d in an audiL wnsequenlly no opinion Es given as lo I￿7¢11]￿r ilie accounts pirs¢nt a Irue *nd faiv view and the ]EPQrt 15 limi&d to thos¢ tllalters sel oui in the slatem¢nt b¢low. Independent examiller s stittlliejjt In Conn￿110￿ willi my examination, maltcr b85 Come to my attention lo indiL*te that.. . 8ceourttittg recorth h&v¢ llot iwj kept in a¢eordan¢e wÉih section 386 of the Coiiipani£$ Aet 2006.. - thtacc0￿ts do llol llc¢ordwiih such records.. . where aecounts ar¢ prepared on accTual bas&s. wh¢iher fail lo cothply with relevant a¢oowiliDg I'eqbÉreEnenis under s¢ctEon 396 of the Compaiis¢s Act2(H)6, orare not cortsisieat with the Chgrltie5 SORP IFRS1021 - any n￿tter which theexaminer bEIicves should be dr8iyTh Éo the &tteniion of the reader to gain a prop¢r und¢rs¢anding tsf the 8CCfjUrtts. CJDyk¢ ChartEred Accoiitttsnl 1ke Old Police Sletion PAory Ro£d Sl Ives Cambs PE27 5BB Dttie The Houghton Trust Limlted Statement of Financial Aetiyilles ror the year ended 31 December 2023 2023 Total funds 2022 Total funds Note5 Unrestrieled Income Investment income Other incoine 9,259 92,101 9,259 92,101 9,279 94,635 TotAI income 101.360 101,360 103.914 Expendlture Cosi ofi'alsingfunds.. Editorial expenditure lllveslment n￿nagement fees 12,911 4,077 12.911 4,077 12,888 4,116 16,988 16,988 17,004 E¥pendilure on charilable uctivifies.. Research Education Administrative expenses 54,337 25,366 12,162 41,630 9,463 16,658 25.366 12,162 91,865 91,865 67,751 Total exp¢nditur¢ 108,853 108.853 84,755 Net incomel(expenditure) and net movement In funds b¢for¢ g2in5 aRd 10sse5 on investment$ (7,493) {7,4931 19,159 Net gain81{losses) on investm¢nts 22,145 22.145 (52,423) N¢t movement ITh fund5 14,652 14,652 (33.264) Reco￿¢111￿110rt ofFunds Total funds as at l January 2023 675,040 675,(MO 708,304 Total funds as at 31 December 2023 689,692 689,692 675,040 All Iransaotions are derived from continuing activities All r¢¢ognistd gains or losses are included in the Statement of Financial Activities The Houghlon T￿￿ Limited Balance Shtet ¥ at 31 December 2023 21113 Unrestrieted Totsl Funds 2022 Total Funds Notss Flxed &fsets Tangible assets Ittvestments 1.954 441.954 412,575 Total fixed assets 441.960 441.960 412,581 C￿rrent assets Debtors Cash at bank and In hand io li 52,337 205,109 52,337 205,109 57,574 217,465 Totgl current assets 257.446 257.446 275,039 LIAbtlltleB Cr¢dttr)rs falling due within one year 12 9,714 9,714 11580 Net current assets 247,732 247,732 262.459 Net assets 689,692 689,692 675,040 Fttnds Unrestricted funds Restricted f￿l￿S 689,692 689,682 675.040 Sharebolders, funds 689,692 689.682 675,040 The directors are satksfied that the company is eotitled to ¢xenwtion from the requiTement to obtain an audit under section 477 of the Compallies Act 2006. The members have not ryyired the company to obtain an audit in accordar&e with 8￿tIOn 476 of thE Aci. The dirt£tors a¢knowled8¢ their respotKsibilitRe5 for complying with the rv4uirements of the Companies Aci 2006 with respect to accowitillg records and the prepa¥ation of aecounts. The awoun18 have beeTL prepared and deliver¢d in acCord4[￿e with the sp¢cial provisions applicable tD cDM￿leS subjecr to the srnall ¢ompanie5 regime. F M Tomley (Director) G N Haye& (Ditector) Approved by the board on O+/DFI 2a Tlie Houghlon Trust Llmlted Stat£Enent of Cgsh Flows foi. the year ¢nded 31 De¢emb¢r 2023 2023 Total Funds 2022 Total Funds Notes Net ea4h used in operating activities 13 14,381) 7.167 Cash flows from investing activities.. Interest and dividends 9,259 9,279 Proceeds from sale of investtneThts {7,234) {19,420) Net cash provided by investing actlvilies 2.025 (10,141) Cljange in cash and eash equivalents Rn the year (12,356) (2,974) Cash and cash equivalent as at l January 21123 217,465 220,439 CAsh and eash equlyalenl AS At 3] December 2023 205,109 217,465 Tlie Houghtoii Tru51 Limlted Not¢5 to tlie Account$ for the year ended 31 D¢¢emb¢r 2023 l Accounting polieie5 Bllsls ofprepfjrailoii aiiilassessiiieiil ofgoliig concerii The accounts have been prepared under the historical cost convention with items reooBnised at cost oi. transaction value5 unleys otherwis¢ stat¢d in the relevant notes to thes¢ accounts. The financial statements have been prq)ar¢d in accordance with the Statement of Recomrnended Practice.. Accounting and Reporting by Charitie5 preparing theii. accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 Jllly 2014 aAd the Fitjancial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) and the ch￿'It￿¢S Act 2011. The trustees consider that there are no matsrial uncertainties about the Trusts ability to continue as a going concern. The most sigE]ifioant area of uncertainty that affect the ￿nYIng value of assets held by the Ti'ust the l¢v¢l of inv¢stment return and the perfo]Inan¢¢ of tlie investmen¢ maTkets (see the investment policy and risk management sections of the du'ectors, annual report for more inforniatton). Fuiids sirueiur Unrestricted income funds c(Trmprise th05¢ thnds which the trust¢e5 ar¢ fre¢ to use for any purpose in ￿rtherance of the charitable objects. Unrestricted funds include designated funds wher¢ the trustees, at their dftscretion, have created a fund for a specific pui'pose. JiteontÈ reeogiiiiloii All income is recognised once the Trust has entitlement to the income, it is probable that the income will be rec¢ived and the amount of income receivable can be measured reliably. Royalty receipts are includcd when i'cecivable 2nd the amount cèn be measured reliAbly by the Trust. This is ngrmally upot] notification from our royalties advisor of royalties paid or p&yg*ble. Dividends are recognised once the dividend has been declaird and notification has been r￿e1Ved of the dividend due. This is normally upon notification by oui. investmeiit advi50r of th¢ divideiid yield of the investment portfolio. Interest on ￿ndS held on deposit is included when r¢¢¢ivable. This is upon notification of the interest paid by or payable by the bank and investment Inanagers. EApeiidllure recogiiliioii Liabilities are iecognised as expenditure as soon as there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that Settlement will be required and the 8mount of obligation Can be measui'ed reliably. All expenditur¢ is a￿0￿￿ted for on aEJ acci'uals basis. All expenses including administrative costs aTe allocat¢d to the applicable ¢xp¢ndiiur¢ headings. Gi'ants pojoble are payment8 made to third p&rties in the fuitherance of the charitable objects of the Trust. In the ¢a$e of an unconditional offer this is accrued once the recipient has been notified of the grant award. Grants awards tha¢ ar¢ subj¢¢l lo th¢ r¢cipi¢nl fvlfdling conditions &re only accru¢d when the recipient has been notified of the grant and any r¢maining un￿E￿Iled condition attaching lo that grant is outside of the control of the Trust. Provisions for want9 are made when the intention to make a grant has been commUni￿ted to the I'ecipient but thei'e is uncertainty as to the tirning of the grant or the amoui)t of grant payable. The Houghton Trust Llmlt¢d Notes to the Accounts for tlie year ended 31 December 2023 Irrecovemble VA T Irrecoverable VAT is charged against the expenditure heading for which il was incurred. Adiiiliitsirrtllve aypendliiire Administrative expenses for the awarding of ￿'antS and the governance of tlie Tryst are recorded separately E]] th¢ nol¢ 7. Cosls ofralsJiigfuAIls The costs of generating ￿ndS consist of editorial expenditure and investment management C051s. Charllable acllviiles Cos¢s of charitable activities include grants made and administrative expenses. Tqiiglble J7xed qsseis ftiid Ileprecldiloii All assets costing more than £250 are capitalised and valued at historic cost. D¢pre¢iatioA is charged on office equipment on a straight-line basis over their estimated use￿1 Life of three ye8r$ from the year of acquisition. fvxedNssei liivuliiieiils InvKttH¢nts are a fomi of basi¢ financial insti'ument and are initially recognised at their transaction v￿ue and sllbsquently measured 2t thcii. fau. valuc as at the balance sheet date using the closing quoted market price. The stateinent of f￿anCIal aotivilies includes tlie net gains and losses arising from revaluaiion and disposals Ihroughoul the year. The ThI￿t does not acquire put options, derivatives or other complex financial instiuments. The main form of financial risk faced by the Tr￿t is that of volatility in equity mai'kets and investment markets due to wider economic Condition8, thc attitude to investors risk, and changes in sentiment ¢oncerning equities and within particular sectors or sub sectors. Coiilliigeiil Ilobiiiiles A contingent liability is identified and disclosed for those gr&nls rrsuliing frDm'. a possible obligation ￿lI1¢h will only be confitThed by th¢ o¢curan¢¢ of tsn¢ or more uncertain ture events not wholly wfftthin the trustee's contt'ol., oi. - a present obligation following a grant offer where settl¢ment is eitheT not C0115idered probable., or - the amount has not been communicated in the ￿nt off¢r and that 8mollnt ¢annot be estirnated The Houghton Trust Llmlted Note$ to the Accounts for th¢ year ended 31 December 2023 2 Related party transactions aDd trustee'5 expenses and remuneration The trustees give freely their time and expertise without any fom of remllneration or other benefit in cash or kind {2022.. £nil). Expenses paid to the trustees in the year tolalled £1039 (2022- £801). 3 Investmefftt ineome 2023 2022 DiYidends- ¢quilies Inlere$t- fixed interest s¢¢urilies Interest on cash deposits 7,076 1,713 470 7,656 1,514 109 9,259 9.279 4 Other income 2023 2022 Royalties receivable Royalties agttnls reeeiYable- Editorial contributio Royalties agents receivabl¢- Ti'av¢l expenses subsidy 82,061 8,040 2,000 86,595 8,040 94,635 5 Edltorlal expenditure 2023 2022 Editorial assistants remuneration 12,911 12.888 12.911 12,888 10 The Houghton Trust Limited Notes to tlie Account5 ror th¢ year ended 31 De¢¢mb¢r 2023 6 1nve8tmeTht management fees 2023 2022 Inv¢shn¢ni mallag¢ment fe¢$ 4,077 4,116 4,077 4,116 7 Exp¢nditure on charitable activities 2023 2022 liesearch grants 54,337 Individual edueatiomal grants 25,366 9.463 Administrative ¢xpenses Postage, stationery and i¢l¢phon¢ Travel expenses Tr¢a5ur¢r honoraria 25 7,197 1,091 2,142 34 8,366 1,019 2,040 3.604 1.205 277 Legal fecs Compllter n]nAitig costs Bank charges Sundry expenses 1,294 400 13 12,162 16,658 Total expenditure Charitable 8¢tivities 91,865 67,751 8 Taiigible fixed Assets orriee equipment C05t AÉ l January 2023 and J l D¢cemb¢r 2023 5,661 Depreciation At l January 2023 and 31 December 2023 5,655 Net book value At 31 December 2023 At 31 December 2022 The Houghton Trust Limited Note8 to the Aetounts for tlie year ended 31 December 2023 9 Flxed asset investments 2023 2022 Movem£nt in fixed assets listed invcslm¢Dts'. MaTkel value at l January 2023 412,575 445.578 Add.. additions to investment It eo$t Disw)sals at carrying valu¢ Add.. n¢t gain/(los$) on revaluation 198,068 (190,834) 22,145 181,523 (162,103) (52,423) Market value at 31 Decemb¢r2023 441,954 412 575 Net cash released fi'om investments in the year was £7234 (2022- £19,420) Invest￿lent5 at falr Y81ue Comprls¢d., 2023 2022 Equities Fixed interest securities 356,947 85,007 340.279 72296 Total 441.954 412,575 All investtnents are carried at their fair value. Investments in equities and fjxed interest securities are all traded in quoted public markets, pritnarily the London Stuck Exchange. Holdings in common invested funds, unit tmsts and open-ended investment eompanTeg arc at the bid price. Th¢ basi8 of falr valu¢ for quoted investments is equiv&lent to tlie market value, using Ihts bid pi'ifje. Asset Sales 8nd purtha5es are recognised at the date of trade at cost (tliat is theii. transaction value). 10 Debtor$ 2023 2022 Royaltie5 receivable Pr¢payments 52,061 276 56,595 979 52,337 57,574 11 Cash at bank 2023 2022 Bank curirnt account Inyestrnent advisors deposit account 200,668 4,441 210,972 6,493 205.109 217,465 12 The Houghlon Trust Llmlted Note5 to the Accollnts for the yea Y ended 31 De¢¢Thber 2023 12 Credltors due witlain l year 2023 2022 Research grants llldividu&l educational grant$ Accruals 7,000 1,800 3,780 7,572 2,142 9,714 12,580 13 Reeoffieiliation ofDet tnovement in funds to net easb flow from operatimg activities 2023 2021 Net movement in thnds Deduct interest income Shown in investing activities Deduct gaiDsladd back losses on i￿vestMents D¢cr¢a8e {increase) in debtors IncTca8c (d￿rease) in creditors 14,652 (9,259) (22,145} 5,237 (2,866) {33,264) (9,279) 52,423 (12,399) 9.686 Nel eosh used in opergtÈng aetiyities (14,381 7,167 13 Report of the Committee of Management to the Annual General Meetlng of the Houghton Trust Ltd. for the year 2023 th (7 May 2024) The Journal (Avlan Pothology), volume 52. Thejournal contlnues to be published forThe Houghton Trust by the Taylor & Francis Group IT&FI. It was published In slx parts In altemate month5. The journal publlshed 37 original research papers, 3 reviews and I book review In volume 52, the lowest number of artlcles per year ir) more than 10 years. The current fv)urnal Impact Factor IIFI is 2.8120221 and the Cltescore is 4.9120221, plating the journal 52nd of 456 In the'Anlmal Sclence and ZooloBV category,. The IF for 2023 Is not yet avallable. The 5-year IF wa$ 3.2. Edllorlal matter& Professor Damer Blake contlntsed as Edltor-in-chlef of the Journal. Durlng 2023, 194 manuscrlpts were 5ubmltted for conslderation for publicatlon, compared with 182 In 2022, the comparative numbers for the prevlous three years belng 208, 214 and 235. The acceptance rate wa$ 23%, the lowest figure In more than 10 years. SubKrlptlons. The journal clrculation Inumber of Institutlons worldwlde with access via elther subscription, sale5 deal, or subject collection) was 2845. There were 475,263 artlclè downloads In 2023, whlch is comparable wtth, but sliBhtly lower than, the previous 3 years. Royaltles. Atotal of £82,060 was pald by T&F forihe year ending 31" De￿mber 2023. Thls Is a decrease of £4.5K compared wlth 2022. Grants awafded. The Houghton Trust offer5 three types of research grant Ismall Project Research Grant, Researcher Mobllity GrdnL and Vacatlon Studentship} to fund 5pe¢ific projects related to avian diseases in UK unlverslties and research institutlons, In 2023, the Grants Subcomm5ttee awarded seven research 8rants totalllng £54,337, the highest annual amount ever awarded (compared with £41,630 In 2022, and £41,900 in 20211. The Grants Sub¢ommlttee offered 35 Intern3tlonal Travel Grants totslllng £25,366K, marking a return to pre-pandemic level number of submisslolls and the highest annual amount ever awarded laverage amount offered annually for 2014- 2022 Incluslve.. £20KI. Flb)an¢e. The Company had an excess of Income over expendlture 1£22.775.741 In 2023. This Is approxlmately £27K lowerthan the 2022 excess. Compared wlth 2022, Income was sllghtly1£4.3KI lower. ons15tent wlth the lower royalties. Expendlture was greater by £24.IK (Travel Grant fundlng increased by £15.9K,' Research Grant funding increased by £12.7K. but there were no legBI fees in 20231£3.6K in 2022 for sollcftor to update the Trust's Articles of Assoclatlonll. Total reseTves now stand at £699,406. of which £441,954 Is Investments at market value, as of 31" De￿mber 2023. The Companvs bankers are Cater Allen Private Bank, Bradford, York5hSre. The Trusgs Investments continue to be managed on behalf of the Cornpany by Investec Wealth & Investment, 30 Gresham Street, London. Approved by the Commlttee of Management on 7th May 2024. Slgned.. Professor Flona Tomley Ichalr of the Houghton Trust)