Charlty rgglstratlon numbar 504347 Company reglstratlon numb•r 1208214 (England and IAlal•s) HOWICK TRUSTEES LIMITED (A CHARITABLE COMPANY LIMITED BY GUARANTEE) GOVERNORS. ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 HOWICK TRUSTEES LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Gov6rnor5 Dr David E.C. B8rfng Marf( G.O. Bridgeman Sir Walter J.8. Riddell Bt Matthew G. Darby Victoria J. Baring David G. Knott Nick Lane Fox (Appointed 14 November 20221 Secretary Mrs C.B. Coley Charty nurnber 504347 Company numbèr 1208214 R•glst•rèd office Howck Estate Office Howick Alnwick Ntsrthumberfand NE66 3L8 Audltor Gr6av85 Wesl &Ay 17 Walkerg8te Ben￿4Ck-uPOn-TWeed Northumberfand TD15 1DJ Bankers B8rdays Bank P.L.C. 20 Bondgate Within Alnwick Northumberfand NE66 1TD Land Agents GSC Grays SF Linnet Court ca￿ertge Business Park Alnwi(* Northumborfand NE66 2GD Ind¢pendent Flnanclal Aifvisorschades Slanloy & Co. Limlted 55 Bishopsgate London EC2N 3AS HOWICK TRUSTEES LIMITED CONTENTS Page Chairman's Report Governors, rsp(Yt Indopsndenl auditorfs roport 8-11 ststement of finanoal aclivrfie 12-13 Balanea shggt 14 statement of eash fi(y￿S 15 Notes to th8 finandal statements 16-34 HOWICK TRUSTEES LIMITED CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 CHAIRMAN'S REPORT 202212023 This has been a busy year negotiating some slgnificant infrastructure issuÈs. Stom) Arwen had 16ft a large impact both on the proparty and buildlngs and in the gardens and arboretum. Writing in the 181e summer 2023 we are now finally mopping up the last bits of these. Also we had had to delay the upgrades to the sewaga treatment for the Main Hall until the winter 22. This was successfully installad and is runnlng smoothly. We were able to open nomially through 2022 and earfy 2023. The vis11￿ numbers in 2022 were strong wlth our highest total bèlng tantalisingly dose to 45000 al 44914. 2023 ¢s nJnnTrng IDwer aftèr a wel snowdrop opening and damp July. Visitors lo the area are lower and Northumb8r(and is not unique in this ￿th peopl* r8turning to holidays overseas. W8 would SUII expect 2023 to have 40000 wsilors and this is likely to be level we can expect in the current clin7al8. The inera8se In admissions prices for the season 2023 ha5 meant tha visitor incom6 overall is intteased. The cjear tsp from Stomi knrfen conlinu&d over the wlnt8r 2022 wlth S(x)ttish Woodland coming in wlh some very impressiv8 machinery and dealing with the conifer shstter behs and the damagè In the Pin&tum in the lower end of the Long Walk. They wer8 able lo pres8rve the majority of the int8rspaced young planting ol wild origin sp8cimens. Initsally, after the dearing. it did lo()k a bit like Mordor but hav8 greened up well. We h8ve removed the bigger slumps at the lop ol the pond field and are c4)nsidering options for whal to do wth them. The rest of the garden around tre Hall was also disrupted WTth the ground works for th8 new sewage system. The resulting visual effects of these two bits of work were not 8esthetic and we a¢tempted to infomi and explaln n8gative Comments from visitors but rnost have b88n understandlng. there havè been some The volunteers r8main central to helping k8ep the visitor 8xp8rienc• going and numbers remain good providing a whole range of activities ltr)urs, gardening. Msrf(or centre, photography lo nam8 but a few). We are as ever extremely grateful for all th8ir assistanc8. Work in Ihè artKJretum continues and the Gard8n and Arbor9tum Committ6è Is now well established, meèting twice a y8ar. We remaln closely connected wth the team at Royal Botanic Gardens Edinburgh and Kew and wll plan with them when trlps become a realistic possibility. The holiday lets remain popular despite the reduction in vistior number5 to lh& arèa. The Bathing House being unique is let whenever il is available. The olher hollday let properties are going well. They have bean IiicorpoTated Into Howick Hall Ltd commeraal operations for the TfUStges. the trading subsidiary Howtd( Trustees vthich Is n<>w running th8 Th8re have been no malor property issues to deal with but we await the govèmment deciding rts posilion regarding rural properties and EPC grading. There seems to be a recojnibon thal rK)l all are going to be 8ble to meet guidelines on a practical basis. Wo will await guidance as and when it becomes aYai18ble. Tht historic property remains a valuablè h8rifage asset ￿lt also a liability which n88ds to be managed. There have not been any major ch8ryes in staffing rn the Office. GSC Grays conUnu8 to support the team with accounts and advice as required. The team a￿ building on the cc*MmercFal opportunities through the auspices of Howck Hall Ltd but will promde an additional in￿rne strèarn. There remains a standing wder that these activ*ti"es should be sofuy applied and comF4ement the f*arita￿e actI￿ty in the house and gardens. KAM Catering conb'nue to deliverthè servrRs in the t89 rooms. 11 has been a busy year and the various teams have continwl to work diligenty and I remain immen5ety gratalul for all their efforts. I hwe that we can now have a peMNI of stsblity to allow soma to Ihe evolutk)n seen over the last few year5 b8d n effecbvely. Dr Dav¥J E C Bari Chainnan HOWICK TRUSTEES LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Govemors present thelr annval r¢port and flnanclal statemgnts ol Howl¢k Truslges Llmilod I'HTI for tho yaor $nd6d 31 March 2023. The financial sta18ments have been prepared in accordan￿ with the occountlng poliaes set out In note 1 to the rinancial statements and comply with the HTS Art'cles ofAssoaation, the Companies Act 2006 and 'Accounting and Reports'ng by Charities.. Statement ol Recommended Pr8Cttce applicable to ch8rits.es pr0P8ring tholr accounts in accordance wth the Financlal Raporting Standard applicabl8 In UK and Rèpublle of Ireland IFRS 1021. lèffectlve 1 January 20191. The financial statements recwd the r&wMs of HT having taken advantage of exemptions not b prepare consolidatsd group accounts. Obj•¢tiv•$ and actlvitl•s The objectives for which HT is established am.. ¢h8 acquisition and pr858rvation and ￿nserVatiOn and improvement for the bgnefil of the pubtic ol places of hlslorfi#l IY 8r¢haeological interest or of natural or cultivated beauty in Northumberfand and the prowsion of re?dy aiLess lo them by the public., to advance the education of the puilic in matt8rs of ￿nSerVation, horticul￿re, archrtecture, Ihe arts and the history of Howick and the surrounding area in paiti¢ular by the display and exhibition of related arhyork and the supply of inlerpretwe and educational materials. The principle aGtwity of HT is to malntaln and develop the garden and arboretum at Hovhck, wlth fts surroundlng countryside. if there are spare funds availabFe after that, they are spent on other objectwes. It also intends to restore the wnd Ihx* of Howick Hall and open it to the public In omjunction wfth the garden. HOWICK TRUSTEES LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Publ1¢ Beneflt The Governors have regard to the guidanca on public benefit issuèd by the Charity Commlssltsn and conslder tt)at HT fvifils Its oblig8lions to cornpty wth charitsble status by.. opening Howek Hall Garden5 and Arboratum lo Ihe pubtic for a small charge evtry day from 88rty Sprln9 until late Autumn.. developlng an education programme on the local Mr8 and fauna for both ￿sItorS and local schools,. and opening th8 front hall on Ihe ground floor of Howick Hall as 8 Visitor Centre to increas8 the inform8tion on the Gardgns and ￿boreturn available to the public. In the opinion of the Governors, HT ￿ntributeS to three of th8 Charity Comrnission's ta$t8 for publSc benefit'.- the 8dv8ncement of the arts, culture, hedtagè or scienc8. 2. the advancem8nl of environmental protertion or impiovemenl. 3. the adVan￿rne￿t of aducation. HT contribulgs lo heritage by protecting the pri¢)erty in its ownèr51wp, whid) has high h8ritage value and making most of it op8n to the public. Thè arboretum has scientific value slnce it is entirely planted wth trees and shrubs grown frorn seed collected in the wild under duly authorised pemiits where relevant, fvlty documented, mapped and with a comput6riS8d data base, SOTn8 of which is now on Hfs websit8. HT'8 policy is to mènage the land it owns to onhance Its frnvironmental v8lug foi the natural wo+ld where possible., of particular interest èt th8 moment is the batue to prevent thè 8n¢roachm8rit of the gray squirrel in order to preserve the nabve red squirrel al Howck. HT wishes to increase its eduealional role. particulady for thildren, in all aspects of nature but rèeognises that it ca only do so wthin the ￿nstraints of funds avai18ble lo it. The licence to the North-East branch Of the National Autistic Soci&ty to cr•ata 8 Sensory Garden outsidg of the south wall of th8 old walled 98rden has been renewed for a further 12 months. Flx•d A5￿t6 HT owns the freehold of approximately 1.215 acres of land in NorthumborfarKI, nearty 811 of which w8s received by grft from Lord Howick in 1977 and later years. About 1,182 acres are wthin an Area of OutstaThJing Natural Beauty 8nd indudes nearfy 2 mile5 of shoreline which is a Sile of Special Scientlfic Interest, and part of the Northumb8rfand Coast Special Prot8clron Area. It has ￿$0 been designated a Speual Area of Conservation by the European CommissKm. The main parts of the Estate are threè farn￿ tenanted at nomial commerual rales vthh farm bU￿dingS and hwse$ amounting to about 820 a(xes', aboui 230 aues ol mainly broadleaf woodlarKls.' 30 Muses eithei occupied by HTS èmployees and pensi￿er$. w let at rK)nnal market rents., and the cenlre parL ¢he east quadrant, and the east Wlng of Howck Hall. all Grade 2. listed buiklings and the histork home of the Earfs Grey. its surrounding gardens and polioes. Lord HIMid( retains the f￿h0[d of the west quadrant and west VAng Wth its garden. The lar￿ and buildings withln IheArea of Outstanding Natural Beauty are treated by the Govemors as funthonal Property arKI are held as part ofthe objects of Ftrs f*aritab￿ objectives. (htside the AONB. on the other sid8 of the bcmjndary road. HT owns treehokl of about 6 acres of broadleafwotmllands. HT also owns the freehI￿d of a nealby ￿MMercIal property gN8n lo it in 1979 by Lord of about 22 acfys let on normal commerclal t8nns to Tarmac Trading Ltd and used by Iheir underfessee to manufacture (xjncrete plpes". the site also conlains a mobtle t81eF+KJne mast let on normal commeru81 tems to EE Ltd. Thè (>werrKJr5 treat HOWICK TRUSTEES LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED> FOR THE YEAR ENDED 31 MARCH 2023 Summary of Pollcl•s to Achieve Objectiv•$ Howick Hall wa5 the home of the Earfs Grey, the most distinguished of whom was the 2fA1 Earl who was Prime Minister responsible for the Great Refom Bill of 1832, and for whom Eart Grey tea was created. The centre part of Howck Hall was bumt down in 1926 and lost 811 of its origin81 Gèorgian intèriors and much of tts contènts. Thè house was rebullt to qulte differènt internal dg5ign$ by Sir Herbert Baker in 1928, and lurthgr 8lt8rations were rnade in 1970. The Govemors have resolved to maintain the overall st￿e of gardening in the nai(tral and infomial manner established by Eart ond Countess Grey In 1920, and continued by their elder daught&r, Lody Mary Howick, for which the gardens are wall known. Howlck is bèst known for Its eollactl(x) of intèr-war daffodSls and other sprfng bulbs. ks woodl&nd gard8n start8d in 1930 wher8 many tènder 5hnJb5 3ucceed in thrivin9 together with rnany woodland h8rb8¢gOU5 plants, its more form81 border5 and ro¢kery 8round the H811, its 8rborglum p18nled $olely with Ire95 and 8hrub$ Irom the temperalg worfd grown from wild seed collected on expgdilions, and its bog garden whi shows all thg wild or￿JIn herbaceous plants c￿lleCted on expeditions f￿ the arboretum. A new Hydrangea Garden was started in the winter of 2015 in the south west comer of the garden and has established well. They have also resolved to continue to concentrate on English hardwoods in the woods al the expense of commercial conlfers to Improve thelr amenity value and habitat for wlld Ille. 88cause ol the 1926 firg, thg Govgmors have always fgtt that Ihèrè Fs gr88ter publlc benefft in dtrvel¢ping 3nd m8intsining thé gard9ns, 8rboreturn and surrounding land than there 15 in the H811, although th8 pr8sorvation of its xt8riors 3r9 9ssenti81 as Ihe centre piece lo the garden. The arboretum was started in 1988 and is based upon trees arKI shrubs grown from seed collected in the wild In their natural habitats from numerous expeditions, particularty to Sichuan in China and to Japan and more recently to North America and Russia. The Asiatic expedilth)ns were mainly undertaken in cTroperation wth Quarryhill Bolanical Garden in Calilomia under the leadership of the Royal Bolanic Gardens at Kew while those lo Japan, Russia and North America in recent years have been under ihe leadership of Royal Botsnic G8rden Edinburgh. Olher cx)untries visited indude India, New Zealand, Tasmania and a number in Eulope. The fjeld data on all ￿lleCtionS has bee recorded on a Microsoft database, much of which is now accessible on Hrs website. The arboretum has been professionally mapped. The￿ are cU￿enty about 12,500 trees and shlubs representing about 1.800 taxa. some of which are dassified as endangered in the¢r natural habitats. This represents a (xjnsidgrable r¢s¢)urcg in North East England, which %*ill offer educalional OPFQrtuniti85 in the fvture as well as C{￿t￿bUting lo gx situ asp* ol speues conservatson. The garden has an outstanding eolknbon of eady 20bl ceniury daffodil hybrids, many of which ar8 no long8r avaiL8blè. Frrs pdicy is to C￿$￿¥¢ this collaction and not to introduc* more re￿1 hybrids into the garden area. Summary of Poll¢lo5 to Achlg¥0 Obl9¢￿• ¢ontFnu•d As one of the few remaining places in England where the nallve reil sqvlrrel is $1111 to be seen, HT wll do it's best to prevent grey squirrels from establishing themselves and *711 cTrcyerate with all interested parties to keep thern at bay. It has to be said that this will not be easy aNI the number of grey squirrels controlled is increasing each year. The 9¥rdg0 and erix￿e1Urn are open daly from earty swn9 to latè auiumn.. all dotails ar• stiown on Frrs w8bsttg. Flnanclal revlew The Govemors consider that has adequate liquKlty to m8èt ils li8biliti"8s. Its prln(#p81 soure*s of in(xyne are investments, property rents and garden entrance fees. Whde inveslrnent irKX)me and property rents ar8 relativety stable and easy to cakulate, the Governors re￿gniSe that g8r(len entrance income (¥n b9 offected by ec4)nom conditions and the w&ather. However. since the actual garden income is kTh)wn by early November each year. it Is p0s￿ble to adjvsl expenditure accLYdingly. tt Is certoin lh* sth>stsntial fi1r￿S have lo btr raiwd to fund the sewage treatsnent works across the Eststè a$ mentroned above the requTrY 15 sfll being 85585sed.. the Govemors will review the oplKwis available to raise these fuThJs from the s￿e of irNestments (ff by or 5de of ptrriph9ral K¥opèrty. Furthèr detsrfs of Hic(*ne arKI exFwKlilurè #re set in Ihe Statement of Finanual Ac1Ml￿3 on pages 13 to 14 try8thèr wilh rdatwl rN)te& HOWICK TRUSTEES LIMITED GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 R￿erVeS It is not HT'S nomial policy to hold revènue resotves which dèdve from an èxcess of normal incom8 over nomial expenditur8,' Ihe Govemors intend to spend the income available lo them annually on HT'S objectives. The reason for thi5 15 that the Govamors conskler that HT h8$ sufficient liquidity io mtr8t unfores&arTr liabilities,. however, they are eonsaOUS that HT'S assets sliould ty lo generate sufficient income to meet ils day to day liabilities, all ol which are vulnerable lo inflation. The Govèrnors may also accumulate some revenue reserves if they know that there is rn8jor 8xpenditure of either 8 capital or revenue nature in the foreseeable fijture or if thèy wish to repay capital r8sgrves previously drawn down. The Governors are prepared to draw down on capital resetvès to fvrther Hfs objectivès if in their oplnion, HT'S over811 financial positSon justifies it. Investments Th& Artic18s of Association o)nfers on HT powers to 'invest funds of the foundation not Immediatoly required for its pur￿$8$ in or upon such investmènts. securiti&s or propeity as ft may think fil., The Govemors have estatrAish8d a policy to inv88t for the long lem lor c8pitsl growth on a medlurn risk basis. l investmènts have been acquired In accordance wth the powers conf6rrad by the Artides of Asswation and conform to the policy set by the Gov8rn0rs. The snvestment portfolio is managed to maintain a balance be￿een capltal growth and income. with the risk spread widely and this is achieved by eoncentrating on Commc>n Investment Funds, Fixed Interest Unit Trusts and one Iniemational Investment Trust purchased In consultation with HT'S finaneJal advisors, Chartes Stanl8y & Co. Limited., since these are 811 mixed funds with a wde range of underlying holdings. the Govemors consider that th8 qUes￿n of an ethical policy for investments doès rN)t arise. The Governors have delegated the overseeing of the portfcAio to an Investsnent Commlttee consisting of Dr Damd E C Baring, Mi Mark Bridgeman and Sir Watttsr Riddell. au ol whom hav6 substantlal finanaal &xporience, under a wrftten policy. The Govemors colleebvely rèview the invè5trnenl perftsrrnance of each fuThJ formally against the relevant indices annually and the office monitors perfom)ance infomally throughout thè year. The value of HT'S portrolio decreased from £2,667,568 at 31 March 2022 10 £1,859,827 at 31 March 2023. R5$k assessmènt The Govemors have developed a number of FK)licies on risk mana98ment whith are reviewed annually. Th&y (x)nsider the major risks facing HT are Public Liabllty and Empk)yers Liability, Health and Saf6ty, and Financial Managemènt. and the followng steps have been taken to mittgat8 Ihose rbsks.. Publi¢ knalllity Is covered by inwrance which 15 MieW￿ annually I￿1h HT'S insurance brokers. H88llh and Safety is reviewed annually by an extemal C￿rbsU1tant arhd the recommendations in his r8FXYt are nomialFy implemented. Ir any recommendalion is not accept8d a detallad note is filed regarding Ihe decision and the reasons ft)r it. UrKler Finallrial ManageThnt, Intèrrwl (a)ntrols are revievmd annualty ￿ a Samp￿ basis in conjunction with our auditors. An annual imjdget of ir￿e and experKliture is wepared for the Govemors, approval. data hald on the computer i% ba(*ed up regLtlarfy aTrJ stL¥8d off site. Flnanelal Rl$k Management Th8 Govern￿$ have consÈdered Iho financtal rfsks HT faces. They cortsKler ￿quI￿lty to be the k8y risk. Thi$ is monitored through the fygular of a Tar￿ of finanoal infcwmaiTh. induding annual budgets ol incom8 and èxpenditure. HOWICK TRUSTEES LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2023 Plans for I￿Ure perlods HT'S futurg plan5 have been materiolly affected by the events (political and pandemic rèlated) of the last few years. Th$ Govemors consider that a substant181 p8rt of HT'8 income may be adversely affected due lo the disruption. The sitor business and holiday let Were afte¢led by lockdowns. Thè stoek pthllo initialty saw a substantial reductSon in valuats'on which has now recovered. There remains ongoing unt8rt8inty and as such future planning VAII have lo be contingent on Ihèsè vaiiables. The internal wotl( on tho ground Iloor 13 now complete, however the facilitie3 created are now open for visitor use howeve¥ some dovelopmenl is ￿qUIred to expand the opportunitltss for in¢orne genèratlon to r•￿)up the expenditure on the radèvelopm8nl. For the time being, therefore, the lknmors wll continue to manage the 9arden and arboretum as at present. Share CapFtal HT is a c£Jmpany limited by guarantee, aThJ therefore does not have share cawtal. The guarantee is F*oV￿ed by the Govemors of HT and In the event of winding up thè Governors have each undertaken to contrfbute to paymgnl of liabilities such amount 88 may be required not èxcèeding 8 totsl of £1. Structure, 9ov•rnance and managèment HT is gtsvem8d by its Articles of AssodatSon. whlth wore revyawed In 2015 and subs•qu•nUy alt&rod by vrritten rèsolution on 2yd October 2015. This re¥￿V tak85 every five years, the next being du8 in 2025. The Govemors are responsibltr for setting the strategy for HT and establlshlng and monrt()ring the rnelhods by which the aims ol that strategy are achi8V8d. The Govemors are also responsiblè for ￿1 financsal matters. including establishing and monitoring Intemal fin3nci81 contro15, an annual budget Indudlng capital transactions, managing HTS investments, health and safety procedures and risk management. All day to day mana99ment is delegaled by the Govemors to Dr Davhj E C Baring under wriiten temis of reference vthlch are reviewed annualty. HT works closgly wth a neighbwring fam owned by Dr David E C Baring, rosulting in somè shargd sgrvicxs. Th&8e are dlsclosed in fvll in note 10. HT does not employ a Dir•ctor or Financial Director its emFknes arè paid aCCLYdirwJ lo national standards In horticulture, woods and èstatè VA)rL The Governors. 81$0 Ihe dir8£aors for the purFM)se of company W. and 8eryed duriThJ the yeor and up to the date of signaiure of the finwryal statements were: Dr David E.C. Baring Mark G.O. Bridgeman Sir Walter J.B. Ridd811 Bl Matthew G. Darby y￿lona J. Baring David G. Knott Nick Lan& Fox {Appinted 14 N¢)venthr 2022) Appgintment of Governors The Go¥err￿ fall vthin Ihe of Trustees as defined In tha Charibes Ad arKI within the meanlng of Directors as defined in the Crynparies Act. They are appointed by the board wilh the oY6ent of the fc*Jndar. L(xd Howck wlx) passed these Fvwers onto Dr Davhj E C BarFng. is M fixed tsrm of appointment aThJ ()Jv8moi3 rètire 8nd are aptA￿ted acuffdiThJ to Ihe WUiWBm8fits of HT. New Govemrs are gNèn 8 u¥py of the Artscles of AsSwal￿n. the latest report and aec(MJnts. and all of Hfs doojments covering EMAKAes and governar￿. Subjec* to Iheir experierth and fryp8rli58. tw are also given documents Issu8d by the Charity CommissTh eX￿31Th1￿J the duh.es of trustrts of dK*rit￿ and offered trainin9 in any area oflh8ir dulle5 whth they think fike to str¥ryth8n. management ofrounty estates. HOWICK TRUSTEES LIMITED GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 Statement of Gov•rnors' responsibilities The Govemors, who are also the directors of Howi& Trustees Limited for the purpose of company law, ar# r88ponsible lor preparing the Govemor5' Report 8nd the financial statements in accordance wlth applicable law and Unitgd Kingdom Accounting Standards Iuniled Kingdom Generally AC￿pted Accounting Praeticttl. Company Law requires the Ggvemors lo prepare financial statements for each fin8ncial year which give 8 true and fair view of the stat8 ol affairs of the HT and of the incoming resourees and application of resources, including the income and expenditure, of the charitsble company ftsr that y88r. In preparing these financial statements. the Govèrnor5 arg required to.. $8l&et sultable accounting polides and then apply them ca)nsistently- - observe the ￿ethodS and prin(xples In the Charities SORP: make judgemerts and eslimales that are reasonable And prudent., state whether applicable accounlitYJ standards have be8n loll¢)wed, subie¢t lo any material departurès disclosgd and èxplalned in the financial statem&nts,' and prepare the financial statements on the going concern b8313 unless il is inappropriate to presumg that the HT wll continue In operation. Th8 Gov8mors are responsible for kè8ping adequate a￿untIng records that disclose wth reasonable accuracy at any time the finanual posib'on of tho HT and gnabl8 them to gnsure that the financial stalèmonts cornply with the Companies Act 21106. They are also re5ponsiblg br 5aleguarding the assets of the HT and hgnce for taking rèastsnable steps for ihe prevention and detèction of fraud and other irregularities. Auditor In accordance with the o)mpanYs artides. a resolution proposing that Greaves West & Ayre be rèappointed as audltor of the company will be put al a General Meellng. Dlselosure of Inforrnatlon to audltor Each of the Govtrmrs has confirnied that there is no infomial%)n of which they 8re aware which is relevant to the audit, but of whith the auditor is unaware. They have further confirm8d that they have taken appropriat8 steps to identfy such relevant inforrnation and to establish that the auditor is aware of s￿h infomialion. The Goverrm. reFAyt was approved by the Board of Govamors. Dr David E.C. Baring Governor l ? ocfsB(e knxj HOWICK TRUSTEES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED Oplnlon We have audited the finandal statements of Howlck Trustees Limited {'HT'I for the year ended 31 March 2023 which o)mprise the statomant of fin8nct81 actimties, the balance shee( tho 8tal?rnenl of cash flows and notes to the financial statements, Indudlng significant accounting poliats. The financral reporting framework that has bèan applied Sn thelr prgpar8tion is applicable law and Unlted Kingdom Accounting Standards, induding Finand81 Reporting Standard 102 The Finanoal Reporting Standard 8ppIic8ble in the UK and RopublK of lrn18nd Iunited Klngdom GeneraltyAccepted Accounting Practicel- In our opinion. the finandal statements= give a true and fair view of the $tats ol the d￿￿tatIe company's affalrs as At 31 Marth 2023 8nd of its incoming resc4Jrces and applicatK)n of resources, including its income and gxpendifvre, for the year then ended., have been properly pr•parod kn a¢¢ordance wth United Kingdom Generalty Acc8Pt8d Awounling PracticE,' and have been prepaied In accordancè wlth the rsquiremonts of the Companies Act 2006. Basls for oplnlon We ¢onducled our audit in accordance wtth Intem8tional Slandards on Auditsng IUKI IISAS {UKII and applicable law. Our responsibilities under thosè standards are lurther described in Ihe Audilorfs rosponslbllitiè$ for Ihs 8udil of Ihe finan￿￿1 staten7ents section of our reptsrt. W8 are independenl of the HT In accordaneè with the ethical requirements that are relevant to r assessing the Hfs abilty to conts'nue as a going concem, disek)slng. as applicable, matters related lo going conc8rn ar￿ using the going concern basis of accounting unless Ihe Govemors either intend lo liquidate the charitable Ixjmpany or to cease operations, or have no realistic atternati￿ but to do so. Audltorfs responsibllitios forth• audlt of the Ilnanc5al statements Our objectives are to obtain reasonable assurance about whether the flnandal stalements as a whole are free from material misstst8mènt. whether due lo fraud or error, 8nd to issuè an auditorfs report that includes our opini¢)n. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in ac￿rdanCe with ISAS IUKI will a￿ayS detect a material misslatemenl when it èxists. Misstatements can arise from fraud or èrror and are ￿n￿MIer8d material If. Sndividually or in the aggregate. th8y could r8asonatAy be expected to influence the economic derysM)ns of users taken on the basis of these finanaal stalements. Irregularitie$. induding fraud, are instsn¢es (rf non-corn￿lan¢e laws and regulations. We design prO￿d￿re5 In line our responsibilities. ouuined above, to detect matsrial misstatements in respect of irregulaTi*es. I￿lUding fraud. The extent to whith procedures are capable ofdet8(ling Irregularlti•s. Induding fraud. is delailed belryw. HOWICK TRUSTEES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED Tho Ext•nt to whlch th• Audlt wos ¢on$ld?TOd ¢opablg of D?te¢tlng Irrogularltles, Includlng Fraud Our approach to identifying and assessing the risks of rnaterial misstalemenl in resped of irregularities, including fraud 8nd nOr￿CoMPlEan¢e ￿th laws and regulations, were as follows= the engagement pather ensured that the engagement team collectively had the appropriate competence. capabilthes and skllls to Idenlfy or racognlzè tM)n-compllance applleabla18ws and regulalons,. we identrfied the laws 8nd regulations applicable to the Charity through dis¢ussions with Gov￿or$ and othèr manag8m8nt, and frorn our cornmercial kno￿edge and experience ofthe tharity 5gclor,' w8 focused on specrfic laws and regulations whith we consldered may have a direct material effect on the rinancial stalernents or the operations of the Charity, including legislation such as the Companies Act 20Q6, Charits'es Act 2011 and emptyment legislation.. wa assèsssd the ext8nd of complianc8 with th8 18W5 8nd regulations identif18d above through makin9 enqulries Ol management, contacting the entity's solicitor for any detsils of non-comFliance and Inspected ¢urronl year legal expenditure" and Idenb.f￿ laws and regulations of particular relevance were cornrnunicated within the audit team regularfy and the team remained alert to instances of r￿￿OmPliancQ throughout the aud¢t. We assessed the susceptibilily of the Charitys financaal statsmenis lo material misstatement. including obtaining an understsnding of how fraud might OCUT, by: makiThJ enquiries of management as to Whe￿ they considered there was susceptibility to fraud. th8ir knowledge of actual. suspected and alleged fraud.. and considering the intemal c¥ntrol in pLace to mibgate risks of fraud and non-Q)mpliance wlh laws and regulations. To aAYdress the risk of fraud through management blas and override of o)nlrols. induding any fraud &%8oaated revenue recc¥Jnition, we.. P8rformed anatytical [￿CedUreS to hlentify any unusual or unexpected relationships., carried out a review oljcyJnal entries to identrfy unusual transactions: assessed whether judgèments and assumptions made in detemwning the ac40untiThJ estimates set out sn accounting policy Note 2 wèrè indi￿tive of potth)Ual blas.. . tr¥¢wl 8 sarnple of renl from hcwe and land artd li¢kel income from garden 8nd afboretum entrance fees Irom source documentati￿ to norninal18dgers,' . agreed a sample of dN¥Jend income to Nrfc¥malM re￿Ned frcKn fund managers ar￿ extemal independent data: aThJ . èV8luatÈd Ihts businbss r81knot8 of any sKJnifthtt transacbons that Are unLLsual or OLtside the nom)al cou of bLtsinès5. In resrxjrw to the lisk of Kregularilie5 arKI Th)n￿￿￿lIanCe wilh laws and rggLlalitins. wa dssKJfi￿ rKwedures which included, but were not limited to.. . th• rnwnulo$ ofTholww irflhw tharywl vAth gowmanc8.' 10- HOWICK TRUSTEES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED Th8re are inherent Iltnitalions in our audit procedures descrfbed above. The more removed that laws and ulations are from Iinancial tran58ctions, the Igss likely il is thal we WOL+ld become aware of non-compliance. Audits'ng standards also limit the audit prO￿dur¢S required tr) identify notFcompliance with laws and regulations Its enquiry of the Governors and other management and the Inspection of regulatory and legal ctsrr0sponden￿, if any. Material fflisstatemenls that arise due to fraud can be harder lo detect Ihan those that aris8 from error as they may involve deliberate concealment or collusion. A further description of ovr responsibilities Is availabte on the Flnancial Reportir59 Council's webstte al.. htlps'.11 www.frc.org.uklaudltorsresponsibiliti88. This description foms part of our auditor's report. Use of our report This report is mad8 Solely lo the charitable comp8ny'5 members, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our 8udit work has been undertaken so that we might slate to the etharita￿e companls membors thos8 matters we 8r8 required to stale to them in 8n auditorfs ￿￿K)rt and for no other purpose. To the fullest extent permitted by law, we do not awept or assume responslbllity to anyone other than the tharitable company and the charltablè company's m8mbers as a body, our audit work, for thls roport, or for the opinions we hav8 formed. Stuart Alllster CA Isenlor Statutory Auditor) for and on behalf of Greavtrs West & Ayro 2.¥.. 20? 9 Charter•d Accountants Statutory Audttor 17 Walkergate Berwid(-upon-Tw8ed Northurnb8rtand TD15 IDJ 11 HOWICK TRUSTEES LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Current financlal year Unrestricted Unrestrlctod funds funds Revènue Capltal 2023 2023 Total Totsl 2023 2022 Nots¥ Incom• and •ndowmen Donations and legaaes Charitable activities other trading activities InvÈstmenl$ Other incnm from: 71,239 243,039 313,216 73,054 80.958 71,239 243,039 313,216 73,054 84,980 66,182 272,800 392,678 65,201 22,097 4,022 Totsl income 781. 4,022 785.528 818,958 ndlture on: CharitatAe activities 895.111 118,942 1,014,053 929,610 Nat 98insllk)s¥esl on investments 12 1441,8751 1441,8751 130,313 Net loutgolngvlncomlng rnstsurc￿ befwe transfers 1113.605) {556.795) (670,400) 19,661 Gross transfers betwe￿ fur￿$ 68,501 {68,501} Nèt movèment Fn funds {45,1041 I625,2￿) 1670.4Tr)) 19,661 Fund balances al 1 April 2022 (23.430) 4,255.457 4.232,027 4,212,366 Fund balanc•$ at 31 Marth 2023 168,534) 3,630,161 3.561.627 4,232.027 The statement of finanaal activibg5 in¢4udgs ￿1 gains and k1s3es Tec(h3nised in the year. AJI in(x)mè and expgnditvre dwive fr(￿ continuing xtivities. The stateTh￿rt of financial acowties also comptles wlth the reryarements an in¢owne and expenditure account under the Compantes Aci 20L￿.