Charity registration number 504347
Company registration number 1208214 (England and Wales)
HOWICK TRUSTEES LIMITED
(A CHARITABLE COMPANY LIMITED BY GUARANTEE)
GOVERNORS. ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

HOWICK TRUSTEES LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Governors
Dr David E.C. Baring
Mark G.O. Bridgeman
Sir Walter J.B. Riddell Bt
Matthew G. Darby
Wictoria J. Baring
David G. Knott
Nick Lane Fox
Secretary
Mrs C.B. Coley (Resigned.. 27 March 2024)
Mr G. Waller (Appointed.. 6 March 2024)
Charity number
504347
Company number
1208214
Registered office
Howick Estate Offi
Howick
Alnwick
Northumberland
NE66 3LB
Auditor
Greaves West & Ayre
17 Walkergate
Berwi¢k-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Barclays Bank P.L.C.
Lloyds Bank P.L.C.
Land Agents
GSC Grays
SF Linnet Court
Cawledge Business Park
Alnwick
Northumberland
NE66 2GD
Independent Financial Advisors Charles Stanley & Co. Limited
55 Bishopsgate
London
EC2N 3AS

HOWICK TRUSTEES LIMITED
CONTENTS
Page
Chairman's Report
Governors, report
Independent auditor's report
8-11
Statement of financial activities
12-13
Balance sheet
14
statement of cash flows
Notes to the financial statements
16-35

HOWICK TRUSTEES LIMITED
CHAIRMAN'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
CHAIRMAN'S REPORT 2023 12024
This has been a more settled year wilh regards major projects. We have completed nearfy all the drainage
infrastructure projects required and the final Storm Arwen building repairs have been wrapped up. This means that
the "unpredictable" major drains on cashflow have been dealt with and will allow Lrs to resume the planned schedule
of works required lo maintain and develop the property portfolio.
Since the last report we have been able to open as normal. The weather has not been on our side and the
snowdrops opened with a very wet period and this has been a feature of 2024 thus far. This has naturally impacted
on visitor numbers and by the end of July our numbers are down by 3,000. I would slill anticipate we will be close lo
40,000 visitors by the end of the year. The income from visitors is down as a result by a modest amount. We had an
increase in entry fèe this season in light of last year's high inllalion.
There have not been any significant losses on the arboricultural side but we will need to remove the cedar over the
rockery to the southwest of the Main Hall. This will be an awkward project and create some mess but means we can
revisit what to do with the site as there will be more light in the area. The major change on the horizon for Ihe
gardens will be Ihe retirement of the Head Gardener in spring 2025 and a recruilmenl process will be an importanl
part of the second half of 2024.
The volunteers remain central lo helping keep the visitor experience going and numbers remain good providing a
whole range of activities {lours, gardening. visitor centre, photography to name but a few). We are as ever
extremely grateful for all their assistance. Work in the arboretum continues and the Garden and Arboretum
Committee is now well established, meeting twice a year. We remain closely connected with the team at Royal
Botanic Gardens Edinburgh and Kew and there is likely to be a collecting trip later this year.
The holiday let business has remained strong although the local market has suffered the location we have has
protected our numbers with many returning customers. We have had the opportunity lo let out a cottage in the
village for the second half of 2024, until it is occupied by the retiring Head Gardener next year. 11 has proved very
popular and shows there remains a strong demand in the area for this sort of holiday let.
The residential property portfolio has largely remained unchanged. We continue with regular property inspeclions
and making sure the compliance conditions are met appropriately. As ever getting Irades remains challenging and
we are fortunate lo have a bank of trades who are familiar with the estate and help keep things progressing. We will
await what the new govemment brings to the table with regards the residential letting market.
Sadly, Caroline Coley (Company Secretary} left at the beginning of the year and Graham Waller from the office has
taken on the role of Company Secretary. Kimberly White has joined Ihe team and is concentrating on the marketing
and visitor business side of things along with assisting in the office. GSC Grays continue to support the team with
accounls and advice as required. KAM Calering continue to deliver the services in the tea rooms. The banking has
moved to Lloyds bank for the Trustees and Howick Hall Lld will follow.
It has been a busy year and the various teams have continued to work diligently and I remain immensely grateful for
all their efforts. The overall picture for the charity remains viable. The cashfiow needs to be carefully managed along
with an
uture developments to ensure things head in Ihe right dire¢tion.
Dr David E C Baring
Chaimian
Date..

HOWICK TRUSTEES LIMITED
GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The Governors present their annual report and financial statements of Howick Trustees Limited ("HT"I for the year
ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the HT'S Articles ofAssociation, the Companies Act 2006 and "Accounting and
Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS
102)" (effective 1 January 2019).
The financial statements record the results of HT having taken advantage of exemptions not to prepare
consolidated group accounts.
Objectives and activities
The objectives for which HT is established are..
the acquisition and preservation and conservation and improvement for the benefit of the public of places of
historical or archaeological interest or of natural or cultivated beauty in Northumberland and the provision of
ready access to them by the publi¢.,
to advance the education of the public in matters of conservation, horticulture, architecture, the arts and the
history of Howick and the surrounding area in particular by the display and exhibition of related ar￿Ork and
the supply of interpretive and educational materials.
The principle activity of HT is to maintain and develop the garden and arboretum at Howick, with its surrounding
countryside; if there are spare funds available after that, they are spent on other objectives. It a Iso intends to restore
the ground floor of Howick Hall and open it to the public in conjunction with the garden.

HOWICK TRUSTEES LIMITED
GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Public Benefit
The Govemors have regard to the guidance on publi¢ benefit issued by the Charity Commission and consider that
HT fulfils its obligations to comply with charitable status by:
opening Howick Hall Gardens and Arboretum to the public for a small charge every day from early Spring
until late Autumn.,
developing an education programme on the local flora and fauna for both visitors and local schools., and
opening the front hall on the ground floor of Howick Hall as a Visitor Centre to increase the information on
the Gardens and Arboretum available to the public.
In the opinion of the Governors, HT contributes to three of the Charity Commission's tests for public benefit-.
1. the advancement of the arts, culture, heritage or science.
2. the advancement of environmental protection or improvement.
3. the advancement of education.
HT contributes to heritage by protecting the property in its ownership, which has high heritage value and making
most of it open to the public.
The arboretum has scientific value since it is entirely planted with trees and shrubs grown from seed collected in the
wild under duly authorised permits where relevant, fully documented, mapped and with a computerised data base,
some of which is now on HT'S website.
HT'S policy is to manage the land it owns to enhance its environmental value for the natural world where possible,. of
particular interest at the moment is the battle to prevent the encroachment of the grey squirrel in order to preserve
the native red squirrel at Howick.
HT wishes to increase its educational role, particularly for children, in all aspects of nature but recognises that it can
only do so within the ¢onstraints of funds available to it. The licence to the North-East branch of the National Autistic
Society to Create a Sensory Garden outside of the south wall of the old walled garden has been renewed for a
further 12 months.
Fixed Assets
HT owns the freehold of approximately 1,215 acres of land in Northumberland, nearly all of which was received by
gift from Lord Howick in 1977 and later years. About 1,182 acres are within an Area of Outstanding Natural Beauty
and includes nearly 2 miles of shoreline which is a Site of Special Scientific Interest, and part of the Northumberland
Coast Special Protection Area. It has also been designated a Special Area of Conservation by the European
Commission.
The main parts of the Estate are three fanns tenanted at nomial commercial rates with farm buildings and houses
amounting to about 820 acres; about 230 acres of mainly broadleaf woodlands., 30 houses either occupied by HT'S
employees and pensioners, or let at normal market rents,. and the centre part, the east quadrant, and the east wing
of Howick Hall, all Grade 2. listed buildings and the historic home of the Earls Grey, with its surrounding gardens
and policies. Lord Howick retains the freehold of the west quadrant and west wing with its garden. The land and
buildings within the Area of Outstanding Natural Beauty are treated by the Governors as functional property and are
held as part of the objects of HT'S charitable objectives. Outside the AONB, on the other side of the boundary road,
HT owns the freehold of about 6 acres of broadleaf woodlands.
HT also owns the freehold of a nearby Commercial property given to it in 1979 by Lord Howick of about 22 acres let
on normal commercial terms to Tarmac Trading Ltd and used by their underlessee to manufacture concrete pipes;
the site also contains a mobile telephone mast let on normal commercial terms to EE Ltd. The Govemors treat
these assets as investment properties.

HOWICK TRUSTEES LIMITED
GOVERNORS, REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Summary of Policies to Achieve Objectives
Howick Hall was the home of the Earls Grey, the mosl distinguished of whom was the 2nd Earl who was Prime
Minister responsible for the Great Reform Bill of 1832, and for whom Earl Grey lea was created. The centre part of
Howick Hall was burnt down in 1926 and lost all of its original Georgian interiors and much of its contents. The
house was rebuilt to quite different internal designs by Sir Herbert Baker in 1928, and further alterations were made
in 1970.
The Governors have resolved to maintain the overall style of gardening in the natural and informal manner
established by 5th Earl and Countess Grey in 1920, and continued by their elder daughter, Lady Mary Howick, for
which the gardens are well known. Howick is best known for its collection of inter-war daffodils and other spring
bulbs, its woodland garden started in 1930 where many tender shrubs succeed in thriving together with many
woodland herbaceous plants, its more formal borders and rockery around the Hall, its arboretum planted solely with
trees and shrubs from the temperate world grown from wild seed collected on expeditions, and its bog garden which
shows all the wild origin herbaceous plants collected on expedilions for the arboretum. A new Hydrangea Garden
was started in the winter of 2015 in the south west corner of the garden and has established well. They have also
resolved to continue to concentrate on English hardwoods in the woods at the expense of commercial conifers to
improve their amenity value and habitat for wild life.
Because of the 1926 fire, the Governors have always felt that there is greater public benefit in developing and
maintaining the gardens, arboretum and surrounding land than there is in the Hall, although the preservation of its
exteriors are essential as the centre piece to the garden.
The arboretum was started in 1988 and is based upon trees and shrubs grown from seed collected in the wild in
their natural habitats from numerous expeditions, particularly to Sichuan in China and to Japan and more recently to
North America and Russia. The Asiatic expeditions were mainly undertaken in co-operation with Quarryhill Botanical
Garden in California under the leadership of the Royal Botanic Gardens at Kew while those to Japan, Russia and
North America in recent years have been under the leadership of Royal Botanic Garden Edinburgh. Other countries
visited include India. New Zealand, Tasmania and a number in Europe. The field data on all collections has been
recorded on a Microsoft database, much of which is now accessible on HT'S website. The arboretum has been
professionally mapped. There are currently about 12.500 trees and shrubs representing about 1,800 taxa, some of
which are classified as endangered in their natural habitats. This represents a considerable resource in North East
England, which will offer educational opportunities in the future as well as contributing to ex situ aspects of species
conservation.
The garden has an outstanding collection of early 201h century daffodil hybrids, many of which are no longer
available. HT'S policy is to conserve this collection and not to introduce more recent hybrids into the garden area.
Summary of Policies to Achieve Objectlves contlnued
As one of the few remaining places in England where the native red squirrel is still to be seen, HT will do it's best to
prevent grey squirrels from establishing themselves and will co-operate with all interested parties to keep them at
bay. It has to be said that this will not be easy and the number of grey squirrels controlled is increasing each year.
The garden and arboretum are open daily from early spring to late autumn- all details are shown on HT'S website.
Financial revlew
The Governors consider that HT has adequate liquidity to meet its liabilities. Its principal sources of income are
investments, property rents and garden entrance fees. While investment income and property rents are relatively
stable and easy to calculate. the Governors recognise that garden entrance income can be affected by economic
conditions and the weather. However. since the actual garden income is known by early November each year, it is
possible to adjust expenditure accordingly.
It is certain that funds will have to be raised to fund the sewage treatment works across the Estate as mentioned
above and the amount required is still being assessed,. the Governors will review the options available to raise these
funds from the sale of investments or by borrowing or Sale of peripheral property.
Further details of income and expenditure are set out in the Statement of Financial Aclivities on pages 12 to 13
together with related notes.

HOWICK TRUSTEES LIMITED
GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Reserves
It is not HT'S normal policy to hold revenue reserves which derive from an excess of normal income over normal
expenditure,. the Governors intend to spend the income available to them annually on HT'S objectives. The reason
for this is that the Governors consider that HT has sufficient liquidity to meet unforeseen liabilities., however, they are
conscious that HT'S assets should try to generate sufficient income to meet its day to day liabilities, all of which are
vulnerable to inflation. The Governors may also accumulate some revenue reserves if they know that there is major
expenditure of either a capital or revenue nature in the foreseeable future or if they wish to repay capital reserves
previously drawn down.
The Governors are prepared to draw down on capital reserves to further HT'S objectives if in their opinion, HT'S
overall financial position justifies it.
Investrnents
The Articles of Association confers on HT powers to 'invest funds of the foundation not immediately required for its
purposes in or upon such investments, securities or property as it may think fit.,
The Governors have established a policy to invest for the long term for capital growth on a medium risk basis.
All investments have been acquired in accordance with the powers conferred by the Articles of Association and
conform to the policy set by the Governors. The investment portfolio is managed to maintain a balance be￿een
capital growth and income, with the risk spread widely and this is achieved by concenlraling on Common
Investment Funds, Fixed Interest Unil Trusts and one International Investment Trust purchased in consultation with
HT'S financial advisors, Charles Stanley & Co. Limited,. since these are all mixed funds with a wide range of
underlying holdings, the Governors consider that the question of an ethical policy for investments does not arise.
The Governors have delegated the overseeing of the portfolio to an Investment Committee consisting of Dr David E
C Baring, Mr Mark Bridgeman and Sir Walter Riddell, all of whom have substantial financial experience, under a
written policy.
The Governors collectively review the investment performance of each fund formally against the relevant indices
annually and the office monitors performan¢e informally throughout the year. The value of HT'S portfolio decreased
from £1,859,827 at 31 March 2023 to £1,612,661 at 31 March 2024.
Risk assessment
The Governors have developed a number of policies on risk management which are reviewed annually.
They consider the major risks facing HT are Public Liability and Employers Liability, Health and Safety, and
Financial Management, and the following steps have been taken to mitigate those risks..
Public Liability is covered by insurance which is reviewed annually with HT'S insurance brokers.
Health and Safety is reviewed annually by an external consultant and the recommendations in his report
are normally implemented. If any recommendation is not accepted a detailed note is filed regarding the
decision and the reasons for it.
Under Financial Management, internal controls are reviewed annually on a sample basis in conjunction
with our auditors. An annual budget of income and expenditure is prepared for the Governors. approval. All
data held on the computer is backed up regularly and stored off sile.
Financlal Rlsk Management
The Governors have considered the financial risks HT faces. They consider liquidity to be the key risk. This is
monitored through the regular review of a range of financial information, including annual budgets of income and
expenditure.

HOWICK TRUSTEES LIMITED
GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Plans for future periods
HT'S future plans have been materially affected by the events (political and pandemic related) of the last few years.
The Governors consider that a substantial part of HT'S income may be adversely affected due to the disruption. The
visitor business and holiday let were affected by lockdowns. The stock portfolio initially saw a substanlial reduction
in valuation which has now recovered. There remains ongoing uncertainty and as such future planning will have to
be Contingent on these variables. The internal work on the ground floor is now complete, however the facilities
created are now open for visitor use however some development is required to expand the opportunities for income
generation to recoup the expenditure on the ￿development.
For the time being, therefore, the Governors will continue to manage the garden and arboretum as at present.
Share Capital
HT is a company limited by guarantee, and therefore does not have share capital. The guarantee is provided by the
Governors of HT and in the event of winding up the Governors have each undertaken to contribute to ￿Yrnent of
liabilities such amounl as may be required not exceeding a total of £1.
Structure, governance and management
HT is governed by its Articles of Association, which were reviewed in 2015 and subsequently altered by written
resolution on 23 October 2015. This review takes place every five years, the next being due in 2025.
The Governors are responsible for setting the strategy for HT and establishing and monitoring the methods by
which the aims of that strategy are achieved. The Governors are also responsible for all financial matters, including
establishing and monitoring internal financial Controls, an annual budget including capital transactions, managing
HT'S investments, health and safety procedures and risk management. All day to day management is delegated by
the Govemors to Dr David E C Baring under written terms of reference which are reviewed annually. HT works
Closely with a neighbouring farm owned by Dr David E C Baring, resulting in some shared services. These are
disclosed in full in note 11.
HT does not employ a Director or Financial Director., its employees are paid according to national standards in
horticulture, woods and estate work.
The Governors, who are also the directors for the purpose of company law. and who served during year and up
to the date of signature of the financial statements were..
Dr David E.C. Baring
Mark G.O. Bridgeman
Sir Walter J.B. Riddell 8t
Matthew G. Darby
Victoria J. Baring
David G. Knott
Nick Lane Fox
Appoinlment of Governors
The Governors fall within the meaning of Trustees as defined in the Charities Act and within the meaning of
Directors as defined in the Companies Act. They are appointed by the board with the Consent of the founder. Lord
Howick who passed these powers onto Dr David E C Baring. There is no fixed term of appointment and Governors
retire and are appointed according to the requirements of HT.
New Governors are given a copy of the Articles of Association, the latest report and accounts, and all of HT'S
documents covering policies and govemance. Subject to their experience and expertise, they are also given
documents issued by the Charity Commission explaining the duties of trustees of charities and offered training in
any area of their duties which they think they would like to strengthen.
The present Governors have considerable knowledge and expertise in finance, horticultural matters and the
management of country estates.

HOWICK TRUSTEES LIMITED
GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Statement of Governors. responslbilities
The Governors, who are also the directors of Howick Trustees Limited for the purpose of company law, are
responsible for preparing the Governors, Report and the financial statemènts in accordance with applicable law and
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Governors to prepare financial statements for each financial year which give a true and
fair view of the state of affairs of the HT and of the incoming resources and application of resources, including the
income and expenditure, of the ¢haritsble Gompany for that year.
In preparing these financial statements, the Governors are required to..
select suitable accounling policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and estimates that are reasonable and prudent.
state whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the finanGial statements- and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the HT will
continue in operation.
The Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at
any time the financial position of the HT and enable them to ensure that the financial statements comply with the
Companie5 Act 2006. They are also responsible for safeguarding the assets of the HT and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
In acGordan¢e with the company's articles, a resolution proposing that Greaves West & Ayre be reappointed as
auditor ofthe company will be put at a General Meeting.
Disclosure of information to auditor
Each of the Governors has confirmed that there is no information of which they are aware which is relevant to the
audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to
identify such relevant information and to establish that the auditor is aware of such information.
The Governors, report was approved by the Board of Governors.
Dr David E.C. Baring
Governor
19 August 2024

HOWICK TRUSTEES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED
Opinion
We have audited the financial statements of Howick Trustees Limited {'HT') for the year ended 31 March 2024
which comprise the statement of financial adivilies, the balance sheet, the statement of cash flows and notes to the
financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United
Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its
incoming resources and application of resources, including its income and expenditure, for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting practi￿.,
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditows responsibilities for the audit ol
the financial statements section of our report. We are independent of the HT in accordance with the ethical
requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al
standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfomied. we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the HT'S ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the
relevant sections of this report.
Other Informatlon
The other information comprises the information included in the annual report other than the financial statements
and our auditor's report thereon. The Governors are responsible for the other information contained within the
annual report. Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report, we do not express any form of assurance ¢on¢lusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears
to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are
required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there 15 a material misstatement of this olher information,
we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the Course of our audit..
the information given in the Governors, report for the financial year for which the financial statements are
prepared, which includes the Directors, report prePa￿d for the purposes of company law, is Gonsistent with
the financial statements,. and
the Directors, report included within the Governors. report has been prepared in accordance with applicable
legal requirements.

HOWICK TRUSTEES LIMITED
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the HT and its environment obtained in the course of the audit,
we have not identified material misstatements in the directors, report included within the Govemors, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires
us to report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of Governors, remuneration specified by law are not made., or
we have not re￿iVed all the information and explanations we require for our audit
Responsibilities of Governors
As explained more fully in the statement of Governors, responsibilities, the Governors. who are also the directors of
the HT for the purpose of company law, are responsible for the preparation of the financial statements and for being
satisfied that they give a true and fair view, and for such internal control as the Govemors determine is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud or
error. In preparing the financial statements, the Governors are responsible for assessing the HT'S ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of
accounting unless the Governors either intend to liquidate the ¢haritable company or to ￿ase operations, or have
no realistic altemative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance
with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economi¢ decisions of users tsken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

HOWICK TRUSTEES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED
The Extent to which the Audit was considered capable of Detecting Irregularities, including Fraud
Our approach to identifying and assessing the risks of material misstatemenl in respect of irregularities, including
fraud and non-compliance with laws and regulations, were as follows:
the engagement partner ensured that the engagement team collectively had the appropriate cornpeten￿,
capabilities and skills to identify or recognize non-compliance with applicable laws and regulations.,
we identified the laws and regulations applicable to the Charity through discussions with Governors and
other management, and from our Commercial knowledge and experience of the charity sector.,
we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the Charity. including legislation such as the Companies Act 2006,
Charities Act 2011 and employment legislation-,
we assessed the extend of compliance with the laws and regulations identified above through making
enquiries of management, contacting the entity's solicitor for any details of non-compliance and inspected
current year legal expenditure., and
identified laws and regulations of particular relevance were communicated within the audit leam regularly
and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an
understanding of how fraud might occur, by=
making enquiries of management as to where they considered there was susceptibility to fraud, the
knowledge of actual. suspected and alleged fraud,. and
Considering the internal control in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls. including any fraud associated with
revenue recognition, we:
performed analytical procedures to identify any unusual or unexpected relationships.,
carried out a review of journal entries to identify unusual transactions.,
assessed whether judgements and assumptions made in determining the accounting estimates set out in
accounting policy Note 2 were indicative of potential bias-
traced a sample of rent from house and land and ticket income from garden and arboretum entrance fees
from source documentation to nominal ledgers-
agreed a sample of dividend income to information received from fund managers and external indeperxlent
data- and
evaluated the business rationale of any significant transactions that are unusual or outside the normal course
of business.
In response to the risk of irregularities and non-¢ompliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentstion-,
reading the minutes of meetings ofthose charged with governance.,
enquiring of management as to actual and potential litigation and claims against the Charity., and
reviewed health and safety audit report from Green's of Haddington.
10-

HOWICK TRUSTEES LIMITED
INDEPENDENT AUDITOR'S REPORT {CONTINUED>
TO THE GOVERNORS OF HOWICK TRUSTEES LIMITED
There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to
enquiry ofthe Governors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud ¢an be harder to detect than those that arise from error as they may
involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il
www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charitatrje company's
members those matters we are required to state to them in an auditor's report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Gharitable
company and the charitable company's members as a body, for our audit work, for this report, or forlhe opinions we
have formed.
stuart Allister CA (Senior Statutory Auditor)
for and on behalf of Greaves West & Ayre
Chartered Accountsnts
statutory Auditor
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
11

HOWICK TRUSTEES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Current financial year
Unrestricted Unrestricted
funds
funds
Revenue
Capital
2024
2024
Total
Total
2024
2023
Notes
wm
Donations and legacies
Charitable activities
Other trading activities
Investments
Other income
rom:
72,023
286,891
320,907
66,257
1,275
100,000
172,023
286,891
320,907
66,257
7,644
71,239
243.039
313.216
73,054
4,579
6,369
Total income
747,353
106,369
853,722
705,127
enditure on:
Charitable activities
898,961
103,903
1,002,864
933,652
Net gainsl{losses) on investments
13
(83,348)
(83,348) (441,875)
Net outgoing resources before transfers
(151.608)
(80,882) (232,4901 (670,400)
Gross transfers belween funds
120.359
(120,359)
Net movement in funds
(31.249) {201,241) (232,4901 (670.400)
Fund balances at 1 April 2023
(68,534) 3,630,161
3,561.627 4,232.027
Fund balances at 31 March 2024
(99,783) 3,428,920 3,329.137 3,561,627
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure
derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
The notes on pages 16 to 35 form part of these financial statements.
12-

HOWICK TRUSTEES LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Prior financial year
Unrestricted Unrestricted
funds
funds
Revenue
Capital
2023
2023
Total
2023
Notes
Income and endowments from:
Donations and legacies
Charitsble activities
Other trading activities
Investments
Other income
71,239
243,039
313,216
73,054
557
71,239
243,039
313,216
73.054
4,579
4,022
Total income
701,105
4,022
705,127
Ex
enditure on..
Charitable activities
814,710
118,942
933,652
Net gainsl(losses) on investments
13
(441 ,875) (441,875)
Net outgoing resources before transfers
(113,605) (556,795) (670,400)
Gross transfers be￿een funds
68,501
(68,501)
Net movement in funds
(45,104) (625,296) (670.400)
Fund balances at 1 April 2022
(23,430) 4,255,457
4,232.027
Fund balances at 31 March 2023
(68,534) 3,630,161
3,561,627
13-

HOWICK TRUSTEES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Heritage assets
Investment properties
Investments
15
16
17
18
1,316,113
312,199
187,947
1,612,661
1,338,135
212.199
220,000
1,859,827
3,428,920
3,630,161
Current assets
Debtors
Cash at bank and in hand
20
128,000
26,666
148,276
28,110
154,666
176,386
Creditors: amounts falling due viithin
one year
22
(197,782)
(234,892)
Net current liabilities
(43,116)
(58,506}
Total assets less current liabilities
3.385,804
3.571,655
Creditors: amounts falling due after
more than one year
24
(56,667)
{10,028)
Net assets
3,329,137
3,561,627
Income funds
Unrestricted funds - Capital
Unrestricted funds - Revenue
26
3,428,920
(99,783)
3,630,161
(68,534)
3,329,137
3,561.627
The notes on pages 16 to 35 form part of these financial statements.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the
Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006
and are for circulation to members of the company.
The financial statements were approved by the Governors on 19 August 2024 and were signed on their behalf by:
Dr David E.C. Baring
Governor
Mark G.O.
Governor
Idgeman
Company registration number 1208214
14-

HOWICK TRUSTEES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flovrfs from operating activities
Cash absorbed by opeptions
30
(200,914)
(231,443)
Investing activities
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Proceeds from disposal of investments
Investment income received
(46,571)
(360,615)
10.000
195,871
66,257
8,250
420,866
73,054
Net cash generated from investing
aGtivities
225,557
141,555
Financing activities
Repayment of borrowings
Payment of finance leases obligations
(49,812)
23,725
49,526
14,400
Net cash (used in)Igenerated from
financing activities
(26,087)
63,926
Net decrease in cash and cash equivalents
(1,444)
(25,962)
Cash and cash equivalents at beginning of year
28,110
54,072
Cash and cash equivalents at end of year
26,666
28,110
The notes on pages 16 to 35 form part of these financial statements.
15-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting pollcles
Charlty information
Howi¢k Trustees Limited ("HT ) is a private company limited by guarantee, incorporated in England and Wales
and is registered with the Charity Commission under number 504347. The registered office is Howick Estate
Office, Alnwick, Northumberland. NE66 3LB.
1.1 Accountlng convention
The financial ststements have been prepared in accordance with HT'S Articles ofAsso¢iation, the Companies
Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republi¢ of Ireland" ('FRS
102") and the Charities SORP Accounting and Reporting by Charities- Statement of Recommended Practi
applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The HT is a PUb￿C Benefit
Entity as defined by FRS 102.
The financial ststements are prepared in sterling, which is the functional currency of HT. Monetary amounts in
these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include
investment properties and certain financial instruments at fair value. The principal accounting policies adopted
are set out below.
1.2 Going concern
At the time of approving the financial statements, the Governors have a reasonable expectation that HT has
adequate resources to continue in operational existence for the foreseeable future, but as a minimum a period
of 12 months from the date of signing. Thus the Governors continue to adopt the going concern basis of
accounting in preparing the financial statements. HT has substantial net assets and continually manages cash
reserves. Despite the uncertain economic outlook and the financial uncertainty around the willingness of the
public to purchase admission tickets, visitor numbers continue to be strong and the Governors Consider the
going concern basis is appropriate.
1.3 Charitable funds
The revenue fund represents the income and expenditure incurred in the day to day running of HT.
The capital fund represents the value of the estate and investments held by HT which are separatety identified
in the accounts. Both of these funds are considered by the Governors to be unrestricted.
The restricted fund represents funds received whiGh are to be used in accordance with specific restrictions
imposed by the donors. The purpose and uses of the restricted funds are set out in the notes to the accounts.
1.4 Income
Income is recognised and included in the accounts when all of the following criteria are met..
HT has entitlement to the funds.,
• any performance conditions attached to the income have been met.,
there is sufficient Certainty that the receipt of the income is considered probable., and
the amount can be measured reliably.
Cash donations are recognised on receipt. Other donations are recognised once HT has been notified of the
donation, unless performance conditions require deferral of the amount.
All grants are used for charitable expenditure and capital items and are recognised in full in the year in which
they are receivable, or when the conditions for receipt have been met.
Investment income comprises dividends receivable during the year on listed investments held within the
investment portfolio as well as interest receivable.
16-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
{Continued)
1.5 Expenditu
Expenditure is recognised when there is a legal or constructive obligation to make a payment to a third party, it
is probable that settlement will be required and the amount of the obligation Can be measured reliably.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate
all costs related to the category. Expenditure includes any VAT which cannot be recovered and it reported as
part of the expenditure to which it relates. Where costs are attributable to more than one activity, they are
allocated on a reasonable and consistent basis, based on usage. Governance costs are those incurred in the
governance of the charity and are prtmarily associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are ¢apitalised and included at cost where the purchase price geneplly exceeds £500.
Depreciation is recognised $0 as to write off the cost or valuation of assets less their residual values over their
useful lives on the following bases:
Land and buildings
Buildings
Car Park and Biomass
Plant and machinery
Visitor Centre and Artwork
Hall
Tractors
1.30A and 2 /0 of original Cost
4% of original c05t
150/0 reducing balance
3.330h of original cost and 10 % of original cost
200/0 Straight line
250/0 reducing balance
The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale pro¢eeds
and the carrying value of the asset, and is recognised in the ststement of financial activities.
All assets are reviewed for impairment and written down to their recoverable amount, where necessary.
The land and buildings let under tenancy are treated by the governors as functional property and are held as
part of the objects of HT'S charitable objectives and therefore, in line with FRS102, these land and buildings
are held at cost less any depreciation and impairment rather than market value.
1.7 Investment properties
Investment property, which is property held to eam rentals andlor for ¢apitsl appreciation, is initially
recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently
it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is re¢ognised in
statement of financial activities. Depreciation is not Charged on investment properties.
1.8 Heritage assets
Heritage assets consist of a number of paintings, prints, sculptures and other pieces which the Governors
have deemed to be of historical and artistic importance that are held and maintained principally for their
contribution to knowledge and culture.
Purchased heritage assets are valued at cost. Donated heritage assets are valued by the Governors based on
their knowledge and experience and treated as deemed cost.
The heritage assets held are considered to have indefinite lives and are therefore not depreciated- as such
their value is reviewed on an annual basis at the balance sheet date for impairment.
Expenditure which, in the Govemors view, is ￿qUired to preserve or clearly prevent further deterioration of
individual collection items is recognised in the income and expenditure account when it is incurred.
17-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued)
1.9 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are
subsequently measured at fair value at each reporting date, adjusting for any impairment. Changes in fair
value and impairment are recognised in net incomel(expenditure) for the year. Transaction costs are
expensed as incurred.
A subsidiary is an entity controlled by HT. Control is the power to govern the financial and operating policies of
the entity so as to obtain benefits from its activities.
1.10 Impairment of fixed assets
At each reporting end date, HT reviews the carrying amounts of its tangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.11 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown
wilhin borrowings in current liabilities.
1.12 Financial instruments
HT has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther
Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in HT'S balance sheet when HT becomes party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net
basis or to realise the asset and settle the liability simultaneously.
Basic r
Inancial assets
Basic financial assets. which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently Garried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transa¢tion, where the transaction is
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Impaimient of financial assets
Financial assets. other than those held at fair value through income and expenditure, are assessed for
indicators of impairment at each reporting date. Financial assets are impaired where there is objective
evidence that. as a result of one or more events that occurred after the initial recognition of the financial asset.
the estimated future cash flows have been affected.
If an asset is impaired, the impaimient loss is the difference between the carrying amount and the present
value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss
is recognised in net incomel(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impaiment was
recognised, the impairment is reversed. The reversal is such that the Current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised. The
impairment reversal is recognised in net incomel(expenditure) for the year.
18-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued)
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
are settled, or when the HT transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of
the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic flnancial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaclion price unless
the arrangement constitutes a financing transaction, where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade Creditors are recognised initially at
transaction price and subsequently measured at amortised Cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are dere¢ognised when HT'S contra¢tual obligations expire or are discharged or cancelled.
1.13 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are
received.
Tennination benefits are recognised immediately as an expense when HT is demonstrably committed to
terminate the employment of an employee or to provide termination benefits.
1.14 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15 Leases
Leases are Classified as finance leases whenever the terms of the lease transfer substantially all the risks and
rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of
inception and the present value of the minimum lease payments. The related liability is included in the balanGe
sheet as a finan¢e lease obligation. Lease payments are treated as consisting of Capital and interest
elements. The interest is charged to net incomel(expenditure) for the year so as to produce a constant
periodic rate of interest on the remaining balance of the liability.
1.16 Group accounts
The financial statements present information about HT as an individual undertaking and not about its group.
HT and its subsidiary undertaking comprise a small-sized group. HT has therefore taken advantage of the
exemptions provided by section 399 {2A) of the Companies Act 2006 and relevant charity law not to prepare
group consolidated accounts.
19-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Critical accountlng estimates and judgements
In the application of HT'S accounting policies, the Governors are required to make judgements, estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are re¢ognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods where the revision affects both current and future
periods.
Key sources of estlmation uncertainty
The estimates and assumptions which have a significant risk of Causing a material adjustment to the carrying
amount of assets and liabilities are as follows.
Investment Property Valuation
Investment propety is measured at fair value at each reporting date with ¢hanges in fair value recognised in
statement of Financial Activities. The Board of Governors determine the fair value of investment property
using the assistance of an independent expert, Wardell Armstrong. Wardell Armstrong is an independent
consultsncy firm of registered valuers and property experts. Their valuation is prepared in accordance with
RICS Global Valuations Standards. The valuation methodology considers the property lease temis and
conditions, cash inflow stream and discount rate in order to derive the Fair Value of the subject P￿perty. The
governors have considered the market valuations of the property at 31 March 2024 and have deemed there to
be no material changes to the property's fair value of £220.000 at the year end.
Donations and legacies
Unrestricted Un￿StrICted Unrestricted
funds
funds
funds
Revenue
Capital
Revenue
2024
2024
2023
Donations and gifts
Grants
Donated goods and services
72.023
63.776
7,463
100,000
72.023
100,000
71,239
Grants recelvable for core activities
Other
7,463
7,463
-20-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Charitable activities
Garden and
arboretum
Woods
Total Garden and
arboretum
Woods
Total
2024
2024
2024
2023
2023
2023
Income within charitable
activities
243,832
43,059
286,891
233,938
9,101
243,039
Other trading activities
Unrestricted Unrestricted
funds
funds
Revenue
Revenue
2024
2023
Rents from houses and land
Biomass income
276,832
44,075
274,141
39,075
Other trading activities
320,907
313,216
Investments
Unrestricted Unrestricted
funds
funds
Revenue
Revenue
2024
2023
Income from listed investments
Interest receivable
65,996
261
72,998
56
66,257
73,054
Other income
Unrestricted Unrestricted
funds
funds
Revenue
Capital
2024
2024
Total Unrestrictsd Unrestricted
funds
funds
Revenue
Capital
2023
2023
Total
2024
2023
Net gain on disposal of
tangible fixed assets
other income
6,369
6,369
1,275
4,022
4,022
557
1,275
557
1,275
6,369
7,644
557
4,022
4,579
21

¢5) ff) y)
ry IN (7)
Tro)¢0￿)0
ro
uj m
)mm
Inrtrjr
r <YJ ￿ ¢£J
O Ln o) (D
¢o)r<o
OO¢D<NOU)
(D ¢JJ ￿ In o
i (Yi
OP)n¢D
u) (n c*>
o o rD(
0) Lt)
CL CLtt CL IJ
111
uj
o>(J((oiIci>cnz

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Governance costs
2024
2023
Audit and accountancy
Professional fees
20,500
54,201
21,610
54,039
74,701
75,649
Analysed between
Charitable activities
74,701
75,649
Govemance costs includes payments to the auditors of £10,500 (2023.. £9,500) for audit fees.
10 Net movement in funds
2024
2023
The net movement in funds is stated after chargingl{Grediting):
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets
103,903
(6,369)
118,942
(4,022)

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Transactions with Governors and Related Parties
No Governors (or any persons connected with them) received or were entitled to receive any remuneration or
benefits for their services to the Charitable Company during the year (2023: None).
Governors Expenses
During the year, no expenses were reimbursed to Govemors (2023.. £nil).
As at 31 March 2024, £57,588 (2023.. £692 due to HT) remained due from HT from transactions with the
Governors.
Transactions with Hon. David E.C. Baring
HT rented 1 house from Hon. David E.C. Baring {2023- 1) for employees and pensioners. Rent paid tolalled
£5,278 (2023.. £4,266). At the year end £2,375 (2023: £nil) was outstanding.
During the year, Hon. David E.C. Baring's employees performed work at cost on behalf of HT of £nil (2023..
£nil).
Transactions with Howick Estate Farm
HT rented 2 house from Howick Estate Farm (2023.. 0) for employees and pensioners. Rent paid totalled
£4,805 (2023.. £nil) and remained outstanding at the year end <2023: £nil).
During the year, Howick Estate Farm rented 1 house (2023-. Nil) from HT to house tenants while their usual
residence was unavailable. Howick Estate Farm paid rent of £5,587 (2023-. £nil). gardening costs of £383
(2023.. £nill to HT. HT was also reimbursed for council tax £1,403 (2023.. £nil) and water rates £207 (2023-.
£nil) in relation to this property.
HT shares the estate office with Howick Estate Farm and therefore shares the associated costs. During the
year 31 March 2024. Howick Estate Farm paid £3,001 {2023= £2,781} in office expenses, a division to HT'S
advantage. Other sundry office expenses were reimbursed by Howick Estate Farm of £61 (2023= £nil).
In order to optimise electricity tariffs with its suppliers. Howick Eslate Farm receives a portion of ils electricity
supply through the same account as HT. Therefore. Howick Estate Farm reimbursed HT £11,799 (2023.. £nil)
for its electricity expense for the year ended 31 March 2024.
During the year, HT obtained further unsecured loans of £78,853 (2023.. £90,000) from Howick Farm Estate
which were repayable on demand, but also repaid £177,851 (2023-. £nil}. At the year end £40,188 (2023..
£90,000) was due to Howick Farm Estate from HT.
During the year, HT repaid £nil (2023.. £nil) to Howick Farm Estate in relation to finance of a capital assel
acquired within HT. At the year end £9,526 (2023.. £9.526) remained due to Howick Farm Estate by HT.
Transactions wlth Howlck Estate
HT also shares the estate office with Howick Estate and therefore shares the associated costs. During the
year 31 March 2024, Howick Estate paid £3,001 (2023- £2,781) in office expenses, a division to HT'S
advantage. Other sundry office expenses were reimbursed by Howick Estate of £627 {2023.' £nill.
HT employs ￿0 office staff and ￿0 woodmen part-time" they also work part-time for Howick Estate on
separate contracts.
Transactions with Howick Hall Limited
During the year HT received a further loan of £75,155 (2023.. £72,041) and repaid £57,385 (2023.. £46,325). At
the year end, £43.487 was due from HT (2023: £25,716).

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11 Transactions with Governors and Related Parties
(Contlnued)
Transactions wlth Lord Howick
Lord Howick is deemed to be a related paty, due to him being a former Governor (until his retirement in 2019)
and father of current Chair of Governors Hon. David E.C. Baring.
During the year, Lord Howick donated a painting valued at £100,000 {2023: £nil) to HT. The valuation was
provided by an independent expert.
HT rented 3 houses (2023.. 3) from Lord Howick for employees and pensioners. Rent paid totalled £14,947
(2023.. £20,196). Of this, £4,200 remains outstanding at the year end.
Following completion and commissioning of the Biomass Boiler System, HT is able to recharge Lord Howick
his proportion of metered kw heat usage. During the year, Lord Howick reimbursed HT £6,076 (2023: £5,392)
for biomass energy.
Lord Howick contributed £nil (2023= £144) towards the cost of maintaining the party yew hedge between HTS
garden and the West Wing garden. In addition to this, Lord Howick also made a number of ad-hoc purchases
of stone and timber etc. from HT totalling £1,662 (2023.. £nil)- These transactions are recharged to Lord
Howick at a fair open market value on an arms length basis.
In order to optimise electricity tariffs with its suppliers, Lord Howick receives his electricity supply through the
same account as HT. Therefore. Lord Howick reimbursed HT £8,894 (2023: £5,053) for his electricity expense
for the year ended 31 March 2024. Similarly, water and sewerage of £1,230 (2023.. £302} was reimbursed by
Lord Howick.

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12 Employees
The average monthly number of employees during the year was-
2024
Number
2023
Number
25
24
Employment costs
2024
2023
Wages and salaries
Social security costs
Other pension costs
332,588
17,062
22,955
314,782
16,037
23,504
372,605
354,323
Remuneration of Key Management Personnel
Key management has been determined to be the Govemors and the 3 members {2023: 3) of the senior
management team. Governors receive no remuneration or benefits. The total remuneration of the senior
management team excluding employers National Insurance costs £77,764 (2023: £79.190).
There were no employees whose annual remuneration was more than £60,000 {2023.' None).
13 Net gainsl(losses) on investments
Unrestricted Unrestricted
funds
funds
Capital
Capital
2024
2023
Revaluation of investments
Gainllloss) on sale of investments
Revaluation of investment properties
(44,581) {565,537)
(6,714)
178,662
(32,053)
(55,000)
(83,348) (441,875)
14 Taxation
HT, being a registered charity, is not liable to UK income tax, coporation tax or capital gains tax as long as the
income it receives is applied to charitable purposes. There are therefore no tax charges in the accounts.
-26-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15 Tangible fixed assets
Land and
buildings
Plant and
machinery
Tractors
Totsl
Cost
At 1 April 2023
Additions
Disposals
971,539 1,094,850
612
187,446
84,900
(40,200)
2,253,835
85,512
(40,200)
At 31 March 2024
971,539
1,095,462
232,146
2,299,147
Depreciation and impairment
At 1 April 2023
Depreciation charged in the year
Eliminated in respect of disposals
318,198
17,757
458,254
71,843
139,248
14.303
(36,569)
915,700
103,903
(36,569)
At 31 March 2024
335,955
530,097
116,982
983,034
Carrying amount
At 31 March 2024
635,584
565,365
115,164
1,316,113
At 31 March 2023
653,341
636,596
48,198
1,338,135
The Governors consider that current open market value of freehold land and buildings to be £16,899,925
(2023.. £16,095,167), all of which is treated as functional property.
-27-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16 Heritage assets
Total
At 1 April 2023
Donated assets
212,199
100,000
At 31 March 2024
312,199
HT has been left a legacy of historical papers known as the Grey Archive, Currently on permanent loan to the
University of Durham. The Governors have brought these into the accounts at a nominal valuation of £1 since
no purpose would be served by incurring the expense of getting a professional valuation as the papers are
unique and irreplaceable and are held as part of HT'S objects.
The Governors have not insured the Grey Archive sin¢e no purpose would be served by incurring the cost of
the premium for these papers. the Governors have been informed that the Grey Archive is partly Covered by
Durham University's insurance policy.
Summary Analysis of Heritage Asset Transactions
2024
2023
2022
2021
2020
Purchases and additions
Donations
368
100,000
Total additions
100,000
368
Charge for impairment
Total charge for impairment
Disposals
Total disposals
Proceeds from disposals
Total sales proceeds
17 Investment property
2024
Fair value
At 1 April 2023
Net gains or losses through fair value adjustments
220,000
(32,053)
At 31 March 2024
187,947
-28-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Investment property
(Continued)
The investment property relates to Howick Pipework5. This commercial property was given to HT in 1979 by
Lord Howick and was independently valued on an open market basis by Wardell Armstrong, who have
considerable experience in this area, on 13 September 2023. The area of about 22 acres is let on normal
Commercial rates to Tarmac., the site also contains a mobile telephone mast let on normal commercial terms
to EE Ltd with T-mobile and Vodafone as subtenants.
The governors have considered the market valuations of the property at 31 March 2024 and have made
appropriate adjustments to the valuation of the property on 13 September 2023 to arrive at the property's fair
value at the year end.
All real estate is held in the United Kingdom.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts
would have been included as follows..
2024
2023
Cost
29,600
29,600
18 Fixed asset investments
Listed
investments
Cash in
Other
portfolio investments
Total
Cost or valuation
At 1 April 2023
Additions
Valuation changes
Disposals
1,858,350
1,476
262,652
1,859,827
262.652
(51,295)
(458,523)
(51,295)
(195,329)
(263,194)
At 31 March 2024
1,611,726
934
1,612.661
Carrying amount
At 31 March 2024
1,611,726
934
1,612,661
At 31 March 2023
1,858,350
1,476
1,859,827
2024
2023
Other investments comprise..
Notes
Investrnents in subsidiaries
29
-29-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18 Fixed asset investments
(Continued
2024
2023
Investments at fair value comprise:
Blackrock Fund Managers Ltd BLK Charities UK Equity A
RIT Capital Partners Ordinary £1
M&G Charifund Income Units
Legg Mason Investment Funds- Global Multi Strategy Bond
Schroder Oriental Income Fund Ordinary £0.01
425,345
601,676
335,640
115,291
133,774
528,404
741,120
341,884
113,168
133,774
1,611,726
1,858,350
Fixed asset investments revalued
The quoted investments, which are listed above, are held through authorised Common Investment Funds,
Unit Trusts and Investment Trusts.
All quoted investments are held in the United Kingdom. They are included above at market value. The historic
cost of the investment portfolio is £858.909 (2023: £937,243).
19 Financial instruments
2024
2023
Carrying amount of financial assets
Debt instruments measured at amortised cost
Instruments measured at fair value through profit or loss
85,330
1,611,726
102,574
1,858.350
Carrying amount of finan¢ial liabilities
Measured at amortised Cost
254,449
244,920
20 Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
74,294
35,647
18,059
93,347
44,735
10,194
128,000
148,276
-30-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21 Finance lease obligations
Future minimum lease payments due under finance leases:
2024
2023
Within one year
Within and five years
20,399
56,667
4,372
10,028
77,066
14,400
Finance lease payments represent rentals payable by the HT'S for certain items of plant and machinery.
Leases include purchase options at the end of the lease period. with no restrictions placed on the use of the
assets. The average lease temi is 3 years. All leases are on a fixed repayment basis and no arrangements
have been entered into for contingent rental payments.
Obligations due under finance leases are secured on the assets to which they relate.
22 Creditors: amounts falling due within one year
2024
2023
Notes
Obligations under finance leases
Loans and overdrafts
Payments received on account
Trade creditors
Amounts owed to subsidiary undertakings
Other creditors
Accruals and deferred income
21
20,399
49,714
5,445
28,231
43,487
475
50,031
4.372
99,526
3.610
74,042
25,716
475
27,151
197,782
234,892
23 Loans and overdrafts
2024
2023
Loans from related parties
49,714
99,526
Payable within one year
49,714
99,526
Loan from related parties is an interest free unsecured loan which is repayable in demand as noted in Note
10.
24 Creditors: amounts falling due after more than one year
2024
2023
Notes
Obligations under finance leases
21
56,667
10,028
31

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
25 Retirement benefit schemes
2024
2023
Defined contribution scheme5
Charge to profit or loss in respect of defined contribution schemes
45,910
47,008
The HT operates a defined contribution pension scheme for all qualifying employees. The assets of the
scheme are held separately from those of the HT in an independently administered fund.
26 Unrestricted funds -
These are unrestri¢ted funds which are material to the HT'S activities.
At 1 April
2023
Incoming
resources
Resources
expended
Transfers
Gains and At 31 March
losses
2024
3,630,161
106,369
(103,903)
(120,359)
(83,348)
3,428,920
Previous year:
At 1 April
2022
Incoming
resources
Resources
expended
Transfers
Gains and At 31 March
losses
2023
4,255,457
4,022
(118.942)
(68,501)
(441,875)
3,630.161
27 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are
not subject to specifi¢ conditions by donors and grantors as to how they may be used. These include
designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At 1 April
2023
Incoming
resources
Resources
expended
Transfers At 31 March
2024
General funds
(68,534)
747,353
(898,961)
120.359
(99,783)
P￿VIouS year:
At 1 April
2022
Incomlng
resources
Resources
expended
Transfers At 31 March
2023
General funds
(23,430)
701,105
(814,710)
68,501
(68,534)
-32-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
28 Analysis of net assets between funds
Unrestricted Unrestricted
funds -
funds -
Revenue
Capital
Total Unrestricted Unrestricted
funds -
funds -
Revenue
Capital
Total
2024
2024
2024
2023
2023
2023
Fund balances at 31
March 2024 are
represented by-
Tangible assets
Heritage assets
Investment properties
Investments
Current assetsl(liabilities)
Long term liabilities
1,316,113
312,199
187,947
1,612,661
1,316,113
312,199
187,947
1.612,661
(43,116}
(56,667)
1,338,135
212,199
275,000
1,859,827
1,338,135
212,199
220,000
1,859,827
(58,506)
(10,028)
(55,000)
(43,116)
(56,667)
(58,506}
(10,028)
(99,783) 3,428,920
3,329,137
(123,534) 3,685,161
3,561,627
Unrestricted Revenue Fund
The Unrestricted Revenue Fund represents the free funds which are available for use at the dis¢retion of the
Governors in furtherance of the general objectives of HT.
Unrestricted Capital Fund
The Unrestricted Capital Fund represents the value of the estate and investments held by HT which are
separately identified in the accounts.
Restri¢ted Fund
The restricted fund is used by the Governors to classify correctly and record those funds subject to specific
restricted conditions imposed by the donor.
Transfers between Funds
Transfers between funds are discussed and approved by the Governors. A full description of the purposes of
ea¢h fund held is given above.
A transfer of £120,359 (2023.. £68,501) from the Unrestricted Capital Fund to the Unrestrlcted Revenue Fund
has been carfied out in order to realign the Capital Fund with the actual present value of the fixed a5sels that
it represents as shown in the current year Statement of Financial Activities.
29 Subsidlaries
HT has a wholly owned trading subsidiary, Howick Hall Ltd (Company number 13733845), a company
incorporated in England and Wales.
Name of undertaking
Registered
office
Nature of buslness
Class of
shares held
/. Held
Direct Indirect
Howick Hall Ltd
Howick Estate
Operation of holiday let
Office, Howick, accommodation, functions and
AlnwiGk,
events
Northumberland.
United Kingdom,
NE66 3LB
Ordinary
100.00
The investment in subsidiaries are all stated at cost.
-33-

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
29 Subsidiaries
(Continued)
The aggregate capital and reserves and the result for the year of subsidiaries excluded from consoldation
was as follows..
Year ended Period ended
31 March
31 March
2024
2023
Turnover
Other income
Staff costs
Other costs
Depreciation
166,562
49
(29,220)
(99,715)
(2,469)
119,699
6,045
(20,221)
(78,744)
(3,999)
Surplus for the period
Donation to parent
35,207
(35,207)
22,780
(22,780)
Retained surplus
Capital and ￿SerVeS
The governors recognise the importance of its wholly owned trading subsidiary and are satisfied wilh its
performance and the fact that the £35.207 {2023: £22,780 surplus) surplus for the year was able to be
donated to HT in support of its charitable activities.
30 Cash generated from operations
2024
2023
Deficit for the year
(232,490)
(670,400)
Adjustments for..
Investment income recognised in statement of financial activities
Donated assets
Gain on disposal of tangible fixed assets
Lossl{gain) on disposal of investments
Fair value gains and losses on investment properties
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
(66,257)
(100,000)
(6,369)
6,714
32,053
44,581
103,903
(73,054)
(4,022)
(178,662)
55,000
565,537
118,942
Movements in working capital:
De¢reasel{increase) in debtors
(Decrease) in creditors
20,276
(3,325)
(34,352)
(10,432)
Cash absorbed by operations
(200,914)
{231,443)

HOWICK TRUSTEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
{Continued)
2023
30 Cash generated from operations
2024
Excluded from the statement of cash flows was the donation of a painting from Lord Howick of value £100,000
{2023.' £nil). This has been recognised as an addition of a heritage asset. Further information can be found in
note 11.
31 Analysis of changes in net (debt)Ifunds
At 1 April 2023
Cash flows
New financeAt 31 March 2024
leases
Cash at bank and in hand
28,110
(1,444)
26,666
Loans falling due within one year
Obligations under finance leases
{99,526)
(14,400)
49,812
(23,725)
<49,714)
(77,066)
(38,941)
(85,816}
24,643
(38,941)
(100,114)
-35-