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Docusign Envelope ID: A6451943-187A-8580-81FA-F0AD559639B8Docusign Envelope ID: CA859542-80E8-81A9-83B7-F6851F94E10A

Registered Number: 02004021 (England and Wales)

Charity Number: 517753

HAREWOOD HOUSE TRUST LIMITED (A Company Limited by Guarantee)

Annual Report

and

Financial Statements

For the Year Ended 31 December 2025

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HAREWOOD HOUSE TRUST LIMITED

CONTENTS	PAGE
Company Information	2
Trustees’ Report	3-13
Auditor’s Report	14-18
Consolidated Statement of Financial Activity (incorporating the Income and Expenditure Account)	19
Consolidated Balance Sheet	20
Charity Balance Sheet	21
Consolidated Cash Flow Statement	22
Notes to the Consolidated and Charity Financial Statements	23-42

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HAREWOOD HOUSE TRUST LIMITED

COMPANY INFORMATION
Trustees	David Lascelles, Earl of Harewood
	Diane Lascelles, Countess of Harewood
	Arif Ahmad
	Michael Bates
	Iwona Blazwick
	Jeremy Burton
	Rachel Mapplebeck
	Andrea Nixon
	Nima Poovaya-Smith
	Lady Emily Shard
Chair	Lady Emily Shard
Chief Executive Officer	Rachel Crewes
Company Secretary	Rachel Crewes
Registered Office	Harewood House
	Harewood
	Leeds
	West Yorks
	LS17 9LG
Principal Office	Harewood House
	Harewood
	Leeds
	West Yorks
	LS17 9LG
Registered Company Number	02004021
Charity Registration Number	517753
Bankers	NatWest Bank Plc
	Leeds City Office
	8 Park Row,
	Leeds, LS1 1QS
Solicitors	Wrigleys Solicitors LLP
	3 Wellington Place
	Leeds
	LS1 4AP
Auditors	Saffery LLP
	10 Wellington Place
	Leeds
	LS1 4AP
Investment Managers	Cazenove Capital
	1 London Wall Place,
	London
	EC2Y 5AU

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED

The Trustees submit their annual report and accounts for the Harewood House Trust Limited (the Trust) for the year ended 31 December 2025.

Directors and Trustees

The Trustees, who are also the directors of the Charity and who served during the financial period were:


Arif Ahmad	A F
Michael Bates	F
Iwona Blazwick
JeremyBurton	A F C
David Lascelles,Earl of Harewood	N
Diane Lascelles,Countess of Harewood
Rachel Mapplebeck
Andrea Nixon	A F
Nima Poovaya-Smith	C
LadyEmilyShard	F
Tabitha Barber –(6 June 2025)	C

A = member of Audit Committee
F = member of Finance & General Purposes Committee
N = member of Nominations Committee
C = member of Collections Committee

The Trustees who are also members of the Charity are Iwona Blazwick, Nima Poovaya-Smith, David Lascelles, Earl of Harewood and Diane Lascelles, Countess of Harewood.

Michael Bates is Chair of the Trust’s subsidiary Trading Company Board.

Governing Document

Harewood House Trust Limited is a registered Charity and a company limited by guarantee with each member’s liability limited to £1,000. The Charity’s governing document is contained in its Memorandum and Articles of Association dated 25 March 1986, last amended 15 January 2018. The Charity’s principal legal advisers and auditors are shown on page 2.

Structure, Governance and Management

The Trustees may appoint any person as a Trustee provided that the maximum of fifteen is not exceeded. Any Trustee so appointed shall retire at the next annual general meeting but shall be eligible for re-election. Trustees will then retire by rotation every three years but will be eligible for re-election.

The Trustees meet at least three times a year; in addition, there are four committees of Trustees, being the Finance and General Purposes Committee, the Audit Committee, the Collections Committee and the Nominations Committee.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Structure, Governance and Management (continued)

The Finance and General Purposes Committee meets at least biannually and its role is to supervise the assets, investments and all financial and administrative affairs of the Charity. It supervises budgetary matters and recommends approval of the annual budget to the Trustees, as well as reviewing the pay and remuneration of the Charity’s key management personnel. The Audit Committee meets biannually; its role is to review the annual reports, accounts, auditors’ reports and to report on them to the Trustees. It is also responsible for reviewing the effectiveness of internal controls and for the identification and management of risk. The Collections Committee manages any conflicts of interest arising in relation to the loan of collections to the Charity by the 7th Earl of Harewood's Will Trust, the Lascelles family or other family trusts. The Nominations Committee meets when required. The Trust Chief Executive Officer is responsible for day-to-day management and implementing decisions of the Trustees.

The Charity owns all of the share capital of Harewood House Trading Limited, the activities and results of which are shown at note 22 on page 37. During the year ended 31 December 2025, Harewood House Trading delivered the non-primary purpose trading activities of the group. Harewood House Trading is fully consolidated within the group accounts, which increases the level of turnover, assets and liabilities.

Key Management Personnel

Chief Executive Officer Rachel Crewes Deputy Chief Executive Officer Kath Knight

The Chief Executive Officer and Deputy Chief Executive are supported by the Senior Management Team comprising of: Head of Public Programme, Head Gardener, Head of Commercial and Visitor Experience, Head of Fundraising and Head of Marketing and Audience.

Recruitment, Induction and Training of Trustees

The Trust regularly reviews the balance of skills and experience of its Trustees. When required, due to Trustee retirements or the identification of skills and experience gaps, it seeks to identify and recruit suitable new Trustees through the Nominations Committee, from a diverse background.

On appointment, Trustees are given an induction to the work of the Charity and provided with the information necessary for them to perform their role successfully, including a copy of the governing document of the Charity, a copy of recent Annual Reports and the Charity Commission’s guidance, “CC3a – The Essential Trustee: What you need to know” and its guidance on operating for the public benefit

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Objectives and Activities

In setting objectives and planning activities, the Trustees have given careful consideration to the Charity Commission’s guidance on public benefit. The Charity holds a lease for Harewood House and the surrounding lands.

The objectives of the Charity are:

To preserve for the public benefit Harewood House, its ancillary buildings, gardens, arboreta, woodlands, and park, together with works of art acquired by the Charity, or donated or loaned by the Earl of Harewood, the late 7th Earl of Harewood’s estate, or other family trusts.
To promote the study of Harewood as a place of historic and cultural interest and natural beauty.
To provide facilities for recreation and leisure-time occupations.
To advance the education of the public in the arts and sciences.

During the year ended 31 December 2025, the Charity undertook the following activities:

Maintained the historic buildings and gardens and continued to conserve and interpret the collections.
Maximised access and quality of service for all visitors.
Developed exhibitions, programmes, publications, and educational activities to promote engagement with the collections.
Provided a range of events in keeping with the inherent qualities of Harewood.
Encouraged public funding and corporate partnerships through sponsorship and fundraising activities.
Invested in the development of membership.

Harewood House Trading Ltd runs commercial operations, including retail, catering, venue hire, and events, generating vital income to support the Trust’s charitable purposes.

The Trust’s long-term strategic direction is guided by Reimagine Harewood, a five-year programme (2025-2030) focused on:

Reinvigorating visitor infrastructure and landscape.
Enhancing cultural and educational engagement.
Expanding access and community participation.
Strengthening financial sustainability through diversified income streams.

Strategic Report

Achievements and Performance

2025 was an exceptional and transformative year for Harewood, with strong visitor growth, commercial performance, and increased national profile. By the end of the year, visitor numbers reached 282,772, an increase of 25% on 2024. Growth was driven by favourable weather, the opening of the new Adventure Playscape, and the success of the programme, which included Austen & Turner: A Country House Encounter and A Glittering Invitation: Harewood’s Grand Christmas Ball.

Programme

Austen & Turner: A Country House Encounter (May – October 2025) welcomed 55,000 visitors over its fivemonth run. The exhibition explored Harewood’s connections to Jane Austen and J.M.W. Turner during the 250th anniversary year of their births. Juxtaposing Harewood’s collection of early Turner paintings with high-profile loans, it revealed new narratives of two major artists and their relationship to empire, landscape, and legacy.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Programme (continued)

Collaborative curation and contemporary responses challenged existing perceptions and made their work accessible to new and under-served audiences.

The exhibition delivered lasting curatorial benefits, including new academic partnerships, major national loans, and investment in exhibition infrastructure supported by external funding. Programme partners included the Lascelles Family Will Trust, Arts Council England, Weston Loan Programme with the Art Fund, and the Golden Bottle Trust.

Curation was undertaken in collaboration with the Centre for Eighteenth Century Studies at the University of York, with support from Jade Foster and Diane Howse. Forty-eight loan objects were included from thirteen lenders, such as ten works by J.M.W. Turner from Tate, Turner’s watercolour kit from the Royal Academy, and the third volume of Austen’s unfinished novel Sanditon .

Two contemporary artists enhanced the exhibition. Lela Harris created an imagined portrait of Austen’s only Black character, Miss Lambe from Sanditon , while Dr Rommi Smith, a writer, poet and performer, created works based upon the themes and content of the exhibition including – Perhaps , a contrapuntal poem exploring a dialogue between Austen and Turner, and Landscape #1 , an imagined letter from Austen to Turner.

Access initiatives included audio descriptions by Chikodi Nwaiwu, tactile resources by Sam Metz, and EnChroma glasses for visitors with red/green colour vision deficiency. An access station held and signposted these resources.

The exhibition increased the proportion of visitors entering the House to 45%, up from a typical 35%, supporting summer commercial performance.

Visitor Experience and Infrastructure

The Adventure Playscape , a new outdoor play environment which opened in April 2025, encouraged children and families to engage with the landscape through imaginative play. It proved highly popular and contributed significantly to family visitation and membership engagement.

Improvements to visitor routes and infrastructure included reopening a route through the previously closed South Garden, restoring access between the West Garden and the Lakeside, and introducing motorised Tramper vehicles to improve accessibility.

Learning, Community Engagement and Access

Learning and community engagement remained central to Harewood’s mission. The Trust delivered workshops, school visits, and outdoor learning activities connecting participants with Harewood’s heritage and environment. Over 2,700 school visits took place, including 17 online Transatlantic Slave Trade workshops during Black History Month, reaching 700 students, alongside 600 on-site visits.

Programming addressed Harewood’s complex history, including links to the Transatlantic trade in enslaved individuals, encouraging reflection and dialogue through exhibitions, talks, and learning activities.

Family and community engagement initiatives included the Family House Takeover with Leap then Look , featuring hands-on activities, mini sculpture kits, trails, and interactive exhibits. Participation exceeded 70% of all visitors to site. Winter experience tours included attic, behind-the-ropes, private apartment, and garden tours.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Learning, Community Engagement and Access (continued)

The Community Access Membership scheme expanded to 20 members, enabling partner organisations to support individuals and families who may face barriers to visiting. October half-term featured a large-scale community scarecrow trail, supported by volunteers. Over 6,000 visitors benefited from the £2 Access+ ticket scheme, available to those on income benefits.

Christmas

Christmas 2025 featured an installation by Siobhan Murphy (@interiorcurve), filling the House with colour, texture, and theatrical flair. Sustainable elements included a 700-tutu Christmas tree and installations made from recycled materials and donated pointe shoes from the English National Ballet. An expanded volunteer cohort strengthened skills and connection across the organisation. Social media reach exceeded 130,000 interactions, generating unprecedented digital engagement.

Collections Care and Conservation

Conservation projects completed in 2025, funded by the Patricia Harewood Trust, included:

Replacement of acidic backboards for Turner watercolours by Richard Hawkes.
Restoration of the second of six Chippendale torchères at Lucy Bunning’s studio.
Conservation of the painting of the 2nd Earl of Harewood by Sir Thomas Lawrence by Critchlow & Kukkonen, including surface cleaning, consolidation, removal of discoloured varnish, retouching, and revarnishing.

Gardens and Grounds

Gardens and landscape continued to play a central role in the visitor experience. Seasonal planting schemes, horticultural displays, and biodiversity initiatives supported pollinators and wildlife.

Work focused on improving access and circulation while maintaining the historic character of the landscape. The Conservation Policy & Management Plan for the Gardens identifies 23 Character Areas and provides detailed management and maintenance guidance.

In the South Garden, historic vistas were reopened. The West Garden contains threatened conifers from the International Conifer Conservation Programme, with additional endangered plantings planned. The Walled Garden continues organic “no-dig” cultivation and plants-for-pollinators schemes to boost insect populations.

Lake Sluice Gate

Following a 2022 inspection, a Measure in the Interests of Safety notice required repair of a historic dam sluice gate. Work began in autumn 2025 but was paused due to complications and will recommence in 2026.

Commercial

Trading remained strong. Outdoor events and venue hire performed well, with retail and catering benefitting from higher visitor numbers. Emmerdale Village Tours in partnership with ITV and Continuum performed reliably, and the filming of a major Austen adaptation in August further supported income generation.

Staff and Volunteers

Staff and volunteers are central to the Trust’s success. In 2025, 247 volunteers contributed across visitor welcome, learning programmes, and events.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Museums and Galleries Exhibition Tax Relief

The Trust benefited from Museums and Galleries Exhibition Tax Relief (MGETR), allowing a proportion of eligible exhibition production costs to be claimed as a tax credit.

During the year, claims for two financial years (2023 and 2024) were submitted. The higher level of relief reflects the exceptional two-year claim period and improved internal processes to identify and record eligible expenditure.

MGETR continues to support high-quality exhibitions and public programmes while contributing to financial sustainability.

Fundraising

The Trust is regulated by the Fundraising Regulator, confirming adherence to the Code of Fundraising Practice and the Fundraising Promise. No complaints were received.

A – Financial Review

The results for the year ended 31 December 2025 are shown on page 19 in the consolidated statement of financial activity (incorporating the income and expenditure account). Net assets have increased from £17,953,399 to £18,438,112 a movement of £484,713 inclusive of all donations and unrealised gains on investments. The results for the year and the balance sheet of Harewood House Trading Limited are shown at note 22 (page 37), and the results are consolidated within these accounts.

Overall income from day visitor and membership admissions was £2,018,040 (2024 - £1,963,959). Within this number, visitor and membership admissions under gift aid was down on prior year at £507,893 (2024 - £865,534). Costs of generating voluntary income increased to £1,140,433 (2024 - £969,093). Fundraising and trading costs increased to £2,831,220 (2024 - £2,634,449). Expenditure on charitable activities decreased to £1,666,446 (2024 - £1,688,189).

The Group’s trading activities (events, retail, catering and film work) generated a surplus of £149,221 (2024 - £167,763) for the year.

The overall consolidated surplus of the charity for the year was £484,713 (2024 - £1,743), which included non-admissions related grants and donations of £842,409 (2023 - £293,623) .

The unrestricted Endowment Fund (comprised of Heritage Assets) at 31 December 2025 was valued at £10,088,916 (2024 - £10,088,916). The Endowment Fund, established in 2015 was valued at £1,106,059 at 31 December 2025 (2024 - £1,649,396).

There are £11,501,050 (2024 - £11,501,050) of heritage works of art which are maintained and displayed for the public benefit. These were last valued during 2016. These assets represent a small proportion of the works of art made available by the Trust for the public benefit, the rest of which are loaned to the Trust from the estate of the 7[th] Earl of Harewood, other Lascelles family trusts and family members as per loan agreements.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

B – Investment Policy & Investment Performance

The power to appoint investment managers is reserved to the Board of Trustees on the recommendation of the Finance & General Purposes Committee. The latter has responsibility for monitoring investment managers and for conducting a review of investment performance.

Following the creation of the Endowment Fund in December 2015, Cazenove Capital Limited were appointed investment managers in 2016 and the funds were invested in accordance with the investment policy and objectives.

The investment objective for the Trust’s Endowment Fund is to maximise income to support the ongoing activities of the Trust whilst maintaining the value of the capital. This involves an acceptance of medium to high risk and is likely to mean that the capital value will fluctuate.

The investment objective for the Trust’s Capital & Projects fund is to ensure assets are readily available to meet planned, and any emergency, capital and project costs and is held in cash.

The investment objective for the Trust’s short-term reserves, also held in cash, is to preserve the capital value with a minimum level of risk. Assets should be readily available to meet unanticipated cash flow requirements.

The Finance & General Purposes Committee regularly review performance with the investment managers. The Committee was satisfied overall with the performance of the investment portfolio during the year, taking account of the general market uncertainties.

In 2025 dividends and interest were received from the fund of £48,981 (2024 - £77,313).

C – Reserves Policy

Harewood House Trust Limited is reliant on the following sources of income:

Donations and admissions income from visitors and from Harewood House Trust members
Investment income generated from the Endowment Fund (which had a capital value of £1.1m at 31 December 2025)
Profits generated by Harewood House Trading through events facility fees, catering, retail and other non-primary purpose income.
Other sponsorship, grant and donation income.

As at 31 December 2025, the group had total funds of £18,438,112 (2024 - £17,953,399). This includes an Endowment Fund of £1,106,059 (2024 - £1,649,396). The reserves shown as an unrestricted endowment fund of £10,088,916 could only be realised by disposing of the Trust’s heritage assets.

The Trustees have reviewed the circumstances of the Trust and consider that it has access to adequate resources to be able to fund its operations for the foreseeable future. At 31 December 2025, the Trust had free reserves of £nil (2024-£nil). A strategic review of the business is currently being undertaken to look at income opportunities and efficiencies in conjunction with the wider Harewood Estate.

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HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

D – Going Concern

The financial statements have been prepared on the going concern basis. The Trustees have reviewed cash flow forecasts for a period of at least one year from the date of signing these financial statements and considered appropriate downside sensitivities. Given the seasonal and economic challenges facing the organisation and sector, confirmation has been received that the Endowment Fund can be drawn down as required. The use of the endowment is in order to reduce reliance on expensive overdraft arrangements and to bridge any operational funding gaps whilst the organisation undergoes significant capital developments planned for the site. Having considered the forecasts, the Trustees are satisfied that liabilities can be met as they fall due and there is sufficient headroom in the forecasts that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

E – Principal Risks and Uncertainties

The Trustees continually assess the risks to which the charity is exposed and are satisfied that systems are in place to mitigate those risks and also to minimise or manage any potential impact on the Trust should those risks materialise. The principal risks and uncertainties identified are shown below, with actions to address those risks. The Trust’s Risk Register is reviewed as an ongoing agenda point for Executive Team Meetings and Trustee Committee meetings.

Risk of damage or loss to the House & Collections

The Trust has put in place and regularly reviews and updates: comprehensive security systems; systems designed to prevent and detect potential damage in particular to the House and its collections by fire, flood or other peril; emergency disaster and evacuation plans; expert advised care, maintenance and restoration plans. Insurance cover is in place and regularly reviewed to ensure that it remains appropriate.

Reputational and public liability risks

There are potentially serious reputational impacts (including reduced visitor numbers or event bookings; disruption to opening; prosecutions or fines) resulting from an incident, accident or general poor performance concerning either the Trust’s own operations or a third party hosted event. The Trust’s approach to addressing these risks includes: health & safety systems and procedures; staff training; a focus on the management and maintenance of the physical areas open to visitors; careful management of third party event contracts; proactive public relations plans in the event of an incident; seeking and monitoring feedback from visitors: and maintaining public liability insurance.

Economic risks

Income levels are strongly impacted by visitor and membership numbers, which in turn are affected by weather and the economic climate. The Trust continues to develop, improve and monitor the visitor offer and seek ways to mitigate the risk of reliance on visitors by diversifying income streams from Trading and Fundraising. Financial risks from running events have been effectively transferred to third parties as the Trust receives a facility fee for externally organised events at Harewood. The establishment of the Endowment Fund in 2015 helps provide additional income to contribute towards the Trust’s operational revenue. The Trust will increasingly seek opportunities for grant funding in order to reduce reliance on support from the Harewood Estate and/or family members.

The Trust is also exposed to price or liquidity risk through changes in interest rates and to the credit risk of the securities it holds. Equity holdings within the investment portfolio are subject to market volatilities. The Trustees have appointed qualified investment managers to manage these risks.

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HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

E – Principal Risks and Uncertainties (continued)

Conflicts of interest risks

The necessarily close relationship of the Trust with the Harewood Estate and related family members brings risks of conflict of interest with family Trustees. Actions taken to address these risks include: formal agreements to govern the relationship and transactions between the Trust and Estate; maintaining a conflicts of interest register; maintaining detailed records of transactions between the Trust, Estate and family members which are reviewed by independent Trustees on the Finance & General Purposes Committee; an employee Whistleblowing Policy; ensuring independent Trustees take decisions on any matters with a potential conflict; and receiving ongoing guidance from legal advisers and formal loan agreements for works of art placed on loan by the Lascelles family.

In order to indemnify the Trustees against the consequences of neglect or default on their part, the Charity has purchased indemnity insurance.

F – Plans for future periods

In 2026 Harewood House Trust will continue to develop its cultural programme, learning activities, and landscape initiatives while progressing major funding opportunities intended to support the long-term care and accessibility of the Trust estate.

Cultural Programme and Exhibitions

The Trust will present a programme of exhibitions that continue Harewood’s commitment to connecting historic collections with contemporary artistic practice.

A major exhibition developed in partnership with the National Portrait Gallery will present the work of Cecil Beaton, exploring his influential portrait photography and his role in shaping twentieth-century visual culture. The exhibition will bring significant works from the National Portrait Gallery’s collection to Harewood and will be accompanied by interpretation, talks, and public events.

Alongside this, Harewood will present an exhibition by contemporary artist Charlotte Verity, whose work explores close observation of the natural world through drawing and painting. Her exhibition will respond directly to Harewood’s gardens and landscape, creating a dialogue between contemporary artistic practice and the historic setting of the estate.

Together these exhibitions will be supported by a programme of talks, workshops, and learning activities designed to engage visitors with art, nature, and heritage.

Learning, Community Engagement and Access

Learning and community engagement will remain central to the Trust’s work. Harewood will continue to deliver workshops, outdoor learning programmes, and creative activities for schools, families, and community organisations.

The Community Access Membership (CAM) scheme will continue to develop, enabling organisations working with under-served communities to access the site and participate in programmes. Access initiatives and inclusive programming will ensure that Harewood remains welcoming to a broad range of visitors.

Interpretation and learning activity will also continue to explore Harewood’s history and heritage, encouraging reflection and understanding through dialogue and creative engagement.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

F – Plans for future periods (continued)

Gardens and Landscape

Work across the gardens and landscape will continue to enhance biodiversity, improve visitor routes, and strengthen the connection between horticulture, heritage, and learning. Seasonal planting, habitat initiatives, and interpretation will support both environmental sustainability and visitor enjoyment.

Maintenance and conservation work across Harewood’s historic landscape and infrastructure will continue to be developed and delivered where possible, subject to the securing of external funding. These initiatives aim to support the long-term care of the site, improve visitor access and routes through the landscape, and ensure that Harewood’s heritage can be sustainably managed for future generations.

Capital Development and Funding

A key priority for 2026 will be the preparation and submission of a funding application to the National Heritage Lottery Fund (NHLF) . This application will seek support for improvements to visitor infrastructure, interpretation, and access across the site, including proposals related to the development of visitor facilities and the wider landscape. If successful, this funding would enable the Trust to undertake a programme of work that would enhance the visitor welcome, strengthen interpretation of Harewood’s heritage, and support the long-term sustainability of the Trust.

Organisation and Workforce

The Trust will continue to invest in its staff and volunteers through training, professional development, and wellbeing initiatives. Ensuring that Harewood remains an inclusive and supportive workplace will remain a priority as the organisation continues to develop its programmes and activities.

Statement of Trustees’ Responsibilities

The Trustees, who are also directors of Harewood House Trust Limited for the purposes of company law, are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in Charities SORP (FRS102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Statement of Trustees’ Responsibilities (continued)

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to Disclosure of Information to Auditors

So far as the Trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

The Trustees’ report, including a strategic report, were approved by order of the Board of Trustee and signed on their behalf by:

Chair and Trustee ………………………………………….. EMILY SHARD

07 July 2026

Date

…………………………….……………

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HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED

Opinion

We have audited the financial statements of Harewood House Trust Limited (the ‘parent charitable company’) and its subsidiary, Harewood House Trading Limited (the ‘group’), for the year ended 31 December 2025 which comprise the consolidated statement of financial activities incorporating the income and expenditure account, the consolidated balance sheet, the company balance sheet, the consolidated 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 affairs of the group and the parent charitable company as at 31 December 2025 and of the group’s 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 Practice; 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical 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 trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company'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 trustees with respect to going concern are described in the relevant sections of this report.

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HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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 conclusion 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 is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Annual Report which includes the Directors’ Report and the Strategic Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF

HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 12, the trustees (who are also the directors of the parent charitable company for the purposes 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 trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the group and parent 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 economic decisions of users taken 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

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HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members and trustees 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 parent charitable company, the parent charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………………….

Sally Appleton (Senior Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 10 Wellington Place Leeds LS1 4AP 28 July 2026 Date: …………………………………………….

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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HAREWOOD HOUSE TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY

(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2025

Unrestricted Funds £ 574,312 2,141,869 2,152,023 48,981	Restricted	Restricted	Endowment Fund £ - - - -	Total 31.12.25 £ 1,677,591 2,141,869 2,152,023 48,981	Total 31.12.24 £ 2,204,977 1,186,475 1,719,560 77,313
	Funds £ 1,103,279 - - -	Funds
4,917,185	1,103,279		-	6,020,464	5,188,325
1,140,433 2,831,220 1,173,287	- - 493,159		- - -	1,140,433 2,831,220 1,666,446	969,093 2,634,449 1,688,189
5,144,940	493,159		-	5,638,099	5,291,731
(227,755) -	610,120 79,729		- 22,619	382,365 102,348	(103,406) 105,149
(227,755)	689,849		22,619	484,713	1,743
1,402,923	(836,967)		(565,956)	-	-
1,175,168	(147,118)		(543,337)	484,713	1,743
4,183,913	2,031,174		11,738,312	17,953,399	17,951,656
5,359,081	1,884,056		11,194,975	18,438,112	17,953,399

The Statement of Financial Activity includes all gains and losses recognised in the year.

The notes at pages 24-42 form part of these financial statements.

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HAREWOOD HOUSE TRUST LIMITED

Fixed assets Tangible assets Heritage assets Investments Current assets Stocks Debtors Cash at bank and in hand Liabilities Creditors - amounts falling due within one year Net current assets / (liabilities) Total assets less current liabilities Net assets Financed by: Funds of the charity Endowment funds Restricted funds Unrestricted funds Total funds	NOTES 31.12.25 £ 17 2,852,009 17 13,446,417 18 1,904,341 18,202,767 19 80,054 20 247,576 448,795 776,426 21 (541,081) (541,081) 235,345 18,438,112 18,438,112 23 11,194,975 23 1,884,056 23 5,359,081 18,438,112 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025	31.12.24 £ 2,453,106 13,505,513 2,301,993	31.12.24
		18,260,612
		73,390 356,191 21,703
		451,284 (758,497)
		(758,497)
		(307,213)
		17,953,399
		17,953,399
		11,738,312 2,031,174 4,183,913
		17,953,399

Approved and authorised for issue by the Trustees and signed on their behalf by:

07 July 2026 ………………………………………………………

EMILY SHARD - DIRECTOR

Company registration number 02004021

The notes at pages 24-42 form part of these financial statements.

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HAREWOOD HOUSE TRUST LIMITED

CHARITY BALANCE SHEET

AS AT 31 DECEMBER 2025

Fixed assets Tangible assets Heritage assets Investments Current assets Debtors Cash at bank and in hand Liabilities Creditors - amounts falling due within one year Net current assets / (liabilities) Total assets less current liabilities Net assets Financed by: Funds Endowment fund Restricted funds Unrestricted funds Total funds	NOTES 17 17 18 20 21 23 23	31.12.25 £ 2,829,054 13,446,417 1,904,441 18,179,912 226,112 97,514 323,626 (306,814) (306,814) 16,813 18,196,724 18,196,724 11,194,975 1,884,056 5,117,693 18,196,724	31.12.24 £ 2,407,680 13,505,513 2,302,093
			18,215,286
			467,470 6,044
			473,514 (954,598)
			(954,598)
			(481,084)
			17,734,202
			17,734,202
			11,738,312 2,031,174 3,964,716
			17,734,202

Approved and authorised for issue by the Trustees on and signed on their behalf by:

----- Start of picture text -----
07 July 2026
----- End of picture text -----

………………………………………………………

EMILY SHARD - DIRECTOR

The notes at pages 24-42 form part of these financial statements.

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HAREWOOD HOUSE TRUST LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

£ £ 597,692 48,981 500,000 548,981 (720,664) 1,083 (170,600) 427,092 31.12.25	£ £ 203,801 77,313 250,000 327,313 (1,064,068) - (736,755) (532,954) 31.12.24	£ £ 203,801 77,313 250,000 327,313 (1,064,068) - (736,755) (532,954) 31.12.24
548,981	327,313
(720,664) 1,083	(1,064,068) -
		(736,755)
		(532,954)

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

A Reconciliation of cash generated from operations

B	Net income / (expenditure) Investment income Depreciation Loss on disposal of fixed assets Increase in stocks Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash inflow from operating activities Analysis of cash and cash equivalents and changes during the year Analysis of cash and cash equivalents Cash at bank and in hand Analysis of change in cash and cash equivalents Balance As at 1 January 2025 Increase / (decrease) in net cash and funds Balance As at 31 December 2025

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

1 Company information

The company is a registered charity, number 517753 and a company limited by guarantee, registered number 02004021, which is incorporated and domiciled in the UK. The address of the registered office is Harewood House, Harewood, Leeds, LS17 9LG.

2 Accounting policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice for Charities (Charities SORP 2019), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Charities Act 2011 and the Companies Act 2006, as modified by the inclusion of fixed assets at market value.

Harewood House Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

These financial statements consolidate the financial statement of financial activities and the balance sheet of the charity and its group undertakings. The results are consolidated on a line-by-line basis. No separate statement of financial activity have been presented for the charity alone as permitted by section 408 Companies Act 2006. The group accounts comply with the Charities Act 2011.

(b) Going concern

The financial statements have been prepared on the going concern basis. The trustees have reviewed cash flow forecasts for a period of at least one year from the date of signing these financial statements and considered appropriate downside sensitivities. Given the seasonal and economic challenges facing the organisation and sector, confirmation has been received that the endowment fund can be drawn down as required. The release of the investment is in order to reduce reliance on expensive overdraft arrangements and to bridge any operational funding gaps whilst the organisation undergoes significant capital developments planned for the site. Having considered the forecasts, the trustees are satisfied that liabilities can be met as they fall due and there is sufficient headroom in the forecasts that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

2 Accounting policies (continued)

(c) Income

Income represents income receivable in the period comprising admissions, donations, special events, retail sales, and catering income along with other income arising from the charity's principal activities.

Income from commercial trading is recognised on an accruals basis.

Investment income and income tax recovered on gift aid donations is recognised on a receivable basis.

Voluntary income including donations and grants are recognised where there is entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Grant income is deferred when the donor specifies that the grant can only be used in a future accounting period or has imposed conditions to be met

(d) Volunteers

The value of services provided by volunteers has not been incorporated in the financial statements.

(e) Tangible fixed assets and heritage assets

Expenditure on assets less than £500 is not capitalised.

Heritage assets are recognised in the financial statements where reliable cost or valuation information is available.

Motor vehicles - 20% straight line Plant and machinery - 10% - 20% straight line Playground equipment - 10% straight line Heritage works of art - Not depreciated Heritage buildings & refurbishment - 2% - 5% straight line Modern and contemporary works of art Not depreciated Biomass and other site improvements - 4% - 10% straight line Leasehold improvements 3% - 20% straight line

Assets under construction are not depreciated.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

2 Accounting policies (continued)

(f) Stocks

Stocks are valued at the lower of cost and net realisable value.

(g) Investments

Realised and unrealised surpluses and deficits on any investments are recognised in the Statement of Financial Activities. Any income from investments is accounted for on a receivable basis. Where held, investments are stated at market value.

Cash and cash equivalents held on deposit with a maturity date of less than one year which are held for investment purposes rather than to meet short term cash commitments are classified as current asset investments. Such investments are measured at the value of the deposit at the balance sheet date.

(h) Pensions

The charity operates a defined contribution scheme under auto-enrolment, the assets of which are held separately to those of the charity. Contributions are charged in the Statement of Finacial Activities in the year in which they are paid.

(i) Expenditure and allocation of support costs

All expenditure is accounted for on an accruals basis inclusive of any VAT which cannot be recovered and classified under activity headings that aggregate all costs related to the category.

Costs of generating voluntary funds are the costs incurred in attracting voluntary income and the costs of the commercial trading operation.

Charitable activity costs include expenditure on repairs and maintenance of Harewood House, grounds and gardens, educational programmes intended to advance public knowledge and enhance scholarly use of the collections. Governance costs are included in charitable activity costs, as are those associated with the statutory and constitutional requirements of the charity.

Support costs comprise the costs of management, the finance office, depreciation, site management and finance costs which cannot be directly attributed to an activity of the charity but nevertheless support those activities. Support costs are allocated to the activity costs on a basis which is consistent with the direct costs charged to those activities.

(j) Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

(k) Critical Accounting Estimates

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in those financial statements. The following judgements and estimates are considered by the Trustee to have the most significant effect on amounts recognised in the financial statements.

The fair value of works of art is determined by reference to professional valuations conducted by Christie's, qualified art valuers with expertise in National Heritage. The most recent valuation was conducted in March 2024.

The charity reviews the carrying values annually for indicators of significant changes in fair value.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

3 Lease of Harewood House

On 4 June 1986, the charity took an assignment of a short lease of Harewood House and surrounding land and on 12 December 1996 took a further assignment of a lease of the same property for a period of 99 years from December 1996. This lease was further extended on 18 November 2016 to run for 99 years and three days from 30 November 2016 at a peppercorn rent. The charity entered into an assignment of this lease to the charity on 18 November 2016 for the same term.

4 Donations and legacies

Admissions under gift aid,
donations and grants	31.12.25	31.12.25	31.12.25	31.12.24	31.12.24	31.12.24
	£	£	£	£	£	£
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
Admissions and Harewood
Membership under gift aid	507,893	-	507,893	865,534	-	865,534
Donation from Executors of the
7th Earl of Harewood and	-	907,924	907,924	-	1,101,684	1,101,684
subsequent Will Trust
Leeds City Council Grow Fund	-	-	-	-	10,000	10,000
Arts Council England	-	91,463	91,463	-	95,680	95,680
Ecclesiastical	-	-	-	-	2,500	2,500
Henry Moore Foundation	-	-	-	-	6,000	6,000
National Lottery Heritage Fund	-	64,247	64,247	-	112,128	112,128
CLACT GRANT	-	3,145	3,145	-	-	-
Museum Development MD North	-	4,500	4,500	-	-	-
C Hoare & Co	-	5,000	5,000	-	-	-
Jaguar Landrover Leeds	10,000	-	10,000	-	-	-
Art Fund Weston	-	27,000	27,000	-	-	-
Other donations	56,419	-	56,419	11,451	-	11,451
	574,312	1,103,279	1,677,591	876,985	1,327,992	2,204,977

The income from Arts Council relates to the Austen & Turner exhibition and therefore these funds have been restricted. In the prior year the funds of £96k related to the Biennial exhibition.

The income from the Executors of the 7th Earl of Harewood and subsequent Will Trust relates to the redevelopment of the sluice lake (£428,095), ongoing programming (£250,000), playground improvements (£211,000), stair lift replacement and mess room upgrade (£18,829) and therefore these funds have been restricted.

The Trust benefits greatly from the involvement and contributions of volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of volunteers is not recognised in the accounts.

The grants received from the National Lottery Heritage Fund were expended on the Digital Masterplan and therefore these funds have been restricted.

The Western Loan Programme with Arts Fund relates to the Austen & Turner exhibition and therefore these funds have been restricted.

Income from charitable activities

Income from charitable activities
Conservation and education Admissions and Harewood Membership (non-gift aid) Guide books and education Museums and Galleries Exhibition Tax Relief	31.12.25	31.12.24	31.12.25 31.12.24 £ £ 1,510,147 1,098,425 51,087 32,186 580,635 55,864	31.12.24


			2,141,869 1,186,475

The above are unrestricted.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

6 7 8 9 10	Other trading activities Retail, events and catering Retail shop Catering Events Filming Income from the charity The above revenue is all unrestricted. Income from investments Dividends The above income is all unrestricted. Costs of generating voluntary income Marketing and promotion Operating costs Support (see note 12) Governance costs (see note 13) The above costs are all unrestricted. Fundraising trading costs Commercial trading operation House and event operation Development Support (see note 12) Governance costs (see note 13) The above costs are all unrestricted. Investment management costs Investment management fees	31.12.25 £ 490,680 1,034,410 371,975 165,031 89,927 2,152,023 31.12.25 £ 48,981 48,981 31.12.25 £ 170,363 410,154 552,707 7,209 1,140,433 31.12.25 £ 1,160,614 330,719 78,348 1,247,862 13,677 2,831,220 31.12.25 £ 4,846 4,846		31.12.24
				£ 368,245 837,068 325,338 102,497 86,412
			1,719,560
				31.12.24
				£ 77,313
				77,313
				31.12.24
				£ 107,149 416,958 435,136 9,850
				969,093
			31.12.24 £ 1,108,644 326,030 80,537 1,101,698 17,540	31.12.24
			2,634,449
				31.12.24
				£ 5,607
				5,607

These fees are deducted from the investment portfolio through cash generated.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

11 Analysis of expenditure on charitable activities

Conservation of Harewood House and Gardens £ 178,315 - 334,635 85,182 408,459 5,327	Conservation of art and educational projects £ - 346,566 - 28,394 275,969 3,599	£ £ 178,315 197,328 346,566 404,053 334,635 323,962 113,576 71,432 684,428 676,109 8,926 15,305 Total 2025 Total 2024



1,011,918	654,528	1,666,446 1,688,189
	723,819
964,370

All of the above expenditure includes £493,159 of restricted funds (2024 - £579,688) and is for the purpose of conservation of the House, Gardens and collections which generate voluntary income and income from charitable activities.

12 Analysis of support costs

Security &	Security &	Head office and Finance Office £ 23,840	Depreciation £ 80,830	Bank Charges and Interest £ 4,412	Total 2025 £ 552,707	Total 2024
	Site Services					£ 435,136
	£ 443,625
1,001,590		53,820	182,494	9,958	1,247,862	1,101,698
327,849 221,505		17,615 11,903	59,735 40,359	3,260 2,202	408,459 275,969	380,884 295,225
549,354		29,518	100,094	5,462	684,428	676,109
1,994,569		107,178	363,418	19,832	2,484,997	2,212,943
				13,557
1,758,919		112,780	327,687

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES 13 14	Governance costs Trustees' meeting expenditure Trustees' indemnity insurance Auditor's remuneration Staff costs Wages and salaries National insurance Pension costs

The Trust had two (2024: two) employees with remuneration and benefits in excess of £60,000 as follows:

£60,000 to £70,000 £70,000 to £80,000 £90,000 - £100,000 £100-000 - £110,000 Total	2025 2024 1 1 - - 1 1 - - 2 2

Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The trustees receive no remuneration for their services. Meeting expenses are shown in note 13 above.

The key management personnel of the parent charity, Harewood House Trust Limited, and the group comprise the Trustees, CEO, Deputy CEO, Head of Commercial and Visitor Experience, Head of Development, Head of Public Engagement, Head of Gardens and Grounds and Head of Marketing and Audiences.

The total employee remuneration and benefits of the key management personnel of the Trust were £373,213 (2024 - £493,686).

The Trust made redundancy payments of nil (2024 - £6,500 - 1 employee).

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

14 Staff costs (continued)

The average monthly headcount was 128 staff, comprising 67 permanent and 61 casual employees (2024 - 132). The average monthly number of full-time equivalent employees (including casual and part-time staff) during the year was as follows:

15

House & admissions Gardens Retail & catering Events Support & management Full time and full-time equivalents Operating deficit The operating surplus/deficit is stated after charging: Auditor's remuneration 2023 Auditor's remuneration 2024 Auditor's remuneration 2025 Depreciation Trustees' meeting expenses Trustees' indemnity insurance		31.12.25 No 19 9 9 3 18 58 31.12.25 £ - - 25,700 363,418 1,172 2,940	31.12.24
			No 16 7 18 3 22
			66
			31.12.24
			£ 12,900 26,000 - 327,686 2,715 2,940

16 Taxation

(a) Charity - The charity is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

(b) Subsidiary undertakings - No liability to UK corporation tax arose on ordinary activities for the year.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

17 Group tangible fixed assets

Cost As at 1 January 2025 Additions Transfers Disposals As at 31 December 2025 Depreciation As at 1 January 2025 Charge for the year Disposals As at 31 December 2025 Net book value As at 31 December 2025 As at 31 December 2024	Heritage works of art (note 17 (a)) £ 11,501,050 - - - 11,501,050 - - - - - 11,501,050 11,501,050	Heritage buildings & refurbishment (note 17 (a)) £ 3,133,545 - - - 3,133,545 1,202,225 59,095 - 1,261,320 1,872,225 1,931,320	Modern & contemporary works of art (note 17 (a)) £ 73,144 - - - 73,144 - - - - 73,144 73,144	Biomass installation £ 352,047 - - - 352,047 153,180 15,254 - 168,434 183,613 198,867	Plant and machinery £ 3,454,257 106,904 249,603 (62,091) 3,748,673 2,939,943 213,592 (62,091) 3,091,444 657,229 514,314		Playground equipment £ 258,395 - 703,734 (258,395) 703,734 242,227 52,778 (242,227) 52,778 650,956 16,168		£ 623,297 8,870 61,067 - 693,234 25,971 22,699 - 48,670 644,564 597,326 Leasehold improvements		£ 1,126,432 604,890 (1,014,404) (1,272) 715,646 - - - - 715,646 1,126,432 Assets under construction	Total £ 20,522,167 720,664 - (321,758)

												20,921,073
												4,563,546 363,418 (304,318)
												4,622,646
												16,298,426
												15,958,620

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

17 Cont'd Charity tangible fixed assets

Cost As at 1 January 2025 Additions Transfers Disposals As at 31 December 2025 Depreciation As at 1 January 2025 Charge for the year Disposals As at 31 December 2025 As at 31 December 2025 As at 31 December 2024	Heritage works of art (note 17 (a)) £ 11,501,050 - - - 11,501,050 - - - - 11,501,050 11,501,050	Heritage buildings & refurbishment (note 17 (a)) £ 3,133,545 - - - 3,133,545 1,202,225 59,095 1,261,320 1,872,225 1,931,320		Modern & contemporary works of art (note 17 (a)) £ 73,144 - - - 73,144 - - - - 73,144 73,144	Biomass installation £ 352,047 - - - 352,047 153,180 15,254 - 168,434 183,613 198,867	Plant and machinery £ 3,246,839 106,904 249,603 (55,881) 3,547,465 2,777,951 191,120 (55,881) 2,913,190 634,274 468,887		Playground equipment £ 258,395 - 703,734 (258,395) 703,734 242,227 52,778 (242,227) 52,778 650,956 16,168		£ 623,297 8,870 61,067 - 693,234 25,971 22,699 - 48,670 644,564 597,326 Leasehold improvements		£ 1,126,431 604,890 (1,014,404) (1,272) 715,645 - - - - 715,645 1,126,431 Assets under construction	Total £ 20,314,748 720,664 - (315,548)
													20,719,864
													4,401,554 340,946 (298,108)
													4,444,392
													16,275,471
													15,913,193

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

17 (a) Heritage Assets

The charity holds three categories of heritage assets in support of its charitable objectives, to preserve Harewood House, its ancillary buildings, surroundings and collections for the public benefit.

Heritage building refurbishment

Costs of £2,633,511 are included in the balance sheet, largely relating to the refurbishment of the "Courtyard" stables block in 2005 and 2006. These are recorded at the cost incurred by the charity and are depreciated over periods of 20 and 50 years. The Courtyard is open to visitors to Harewood House, as a café and retail outlet, with an education facility and with function rooms which are available to hire.

All buildings managed by the charity are subject to regular inspection and assessment of maintenance requirements.

The charity was assigned a 99 year lease of Harewood House and the surrounding land from December 1996 which was extended until 2115 in November 2016, but the value of this lease has not been capitalised because of the difficulty in providing a reliable valuation.

Works of art

These consist of certain works of art, furniture and mirrors, most of which were donated to the charity by the 7th Earl of Harewood. The charity also made some purchases. These items are of national significance due to their association with Harewood House.

The charity holds heritage works of art valued by Christies in 2016 at £11,501,050. The items are deemed to have indeterminate lives and a high residual value so the Trustees do not consider it appropriate to charge depreciation.

The charity's works of art are displayed within the collections in Harewood House, which are open to the public, and are cared for by the Charity's curatorial team.

Modern and contemporary works of art

This is a category of heritage fixed asset set up in 2022 following the acquisition of works of art for the modern and contemporary collection at Harewood House Trust. The items in this collection are deemed to be part of the heritage assets of the Trust due to their artistic qualities and contributions to knowledge and culture.

The items are deemed to have indeterminate lives and a high residual value so the Trustees do not consider it appropriate to charge depreciation.

The charity's works of art are displayed within the collections in Harewood House, which are open to the public, and are cared for by the Charity's curatorial team.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

18 Group Investments

At 31 December 2025 the charity held listed investments with a valuation of £1,904,441.

During the year ended 31 December 2025, a sale of £500,000 (2024: £250,000) was made from the portfolio. No other increases or withdrawals were made to the externally managed portfolio during the year. Movements shown below represent a fair value movement as reported by the fund manager.

Charity investments

Non-listed investments held by the charity relate to £100 investment in the wholly-owned subsidiary company,

Harewood Harewood House Trading Ltd. (2024: £100).

	Charity 31.12.24	Charity
		£ 100
Charity 31.12.24 £ 2,446,944 (250,000) 105,149	Charity 31.12.24	Charity
2,302,093
2,446,944
2,302,093
2,302,093

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

18 Investments (Continued)

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common

investment funds, unit trusts and open-ended investment companies are on a net asset value basis. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.

19 20 21	Stocks Retail, catering and guide books Debtors Trade debtors Prepayments VAT Amounts owed from trading subsidiary Creditors: amounts falling due within one year Bank overdraft Trade creditors Other creditors including social security and other taxes VAT Amounts owed to trading subsidiary Accruals Event deposits in advance		Group 31.12.25 £ 80,054 80,054 Group 31.12.25 £ 89,052 158,524 - - 247,576 Group 31.12.25 £ - 215,826 100,816 40,646 - 178,793 5,000 541,081		Group 31.12.24 £ 73,390 73,390 Group 31.12.24 £ 248,060 108,131 - - 356,191 Group 31.12.24 £ - 407,812 112,261 - - 233,424 5,000 758,497		Charity 31.12.25 £ - - Charity 31.12.25 £ 41,395 156,524 - 28,193 226,112 Charity 31.12.25 £ - 143,791 20,879 - - 142,143 - 306,814		Charity 31.12.24	Charity
										£ -
										-
									Charity 31.12.24	Charity
									£ 148,609 108,131 210,730 -
										467,470
									Charity 31.12.24	Charity
									£ 84,707 289,347 46,001 - 338,299 196,244 -
									954,598

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

22 Subsidiary company - Harewood House Trading Limited

The charity owns the whole of the issued ordinary share capital (100 shares of £1 each) of Harewood House Trading Limited, a company registered in England and Wales. The subsidiary is used for non-primary purpose trading activities.

All activities have been consolidated on a line by line basis in the Statement of Financial Activity.

Summary Profit & Loss Account

31.12.25 31.12.24 £ £ 2,061,158 1,633,149 (1,911,937) (1,465,386)	31.12.25 31.12.24 £ £ 2,061,158 1,633,149 (1,911,937) (1,465,386)	31.12.24
149,221 167,763
(126,925) (325,000)
	22,296 (157,237)
31.12.25 31.12.24 £ £ 22,955 45,426 480,996 611,504 (262,360) (437,635)		31.12.24
241,591 219,295
100 100 241,491 219,195
241,591 219,295

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

23 Group funds

Reconciliation and analysis of movement in funds

Unrestricted	Total 31.12.24 £ 17,951,656 5,188,325 (5,291,731) 105,149 -	Total
Fund £ 4,183,913 4,917,185 (5,144,940) - 1,402,923
5,359,081	17,953,399
Unrestricted	Total 31.12.23 £ 17,880,568 4,910,584 (4,858,442) 18,946 -	Total
Fund £ 4,058,296 3,860,333 (4,712,043) - 977,327
4,183,913	17,951,656

The endowment fund which was originally £2,500,000 was donated by the Trustees of the 7th Earl of Harewood Will Trust in the year ended 31 December 2015 to be invested with the aim of generating the greatest possible income return, without unduly putting the capital at risk. Any income generated from the endowment fund may be used for the general purposes of Harewood House Trust Limited, including to cover general running costs, and as such has been shown as unrestricted income. Capital must be invested with the aim of maximising income whilst maintaining the value of the capital.

During the year permission was granted to withdraw £500,000 from the portfolio through a transfer from the endowment fund. The remaining transfer of £65,596 relates to prior year investment gains which related to restricted funds.

The new playscape (£703k) , IT infrastructure (£45k) and the Digital Masterplan (£169k) were completed in the year, therefore funds were transferred from restricted to unrestricted. The House window restoration project of £727k was completed in 2024.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

23 Group Funds Continued

Summary of Restricted Funds Will Trust Projects Fund Patricia Harewood Trust Fund Arts Council England National Lottery Heritage Fund Investment gains/(losses) Other grant income Total Comparative 2024 Will Trust Projects Fund Patricia Harewood Trust Fund Arts Council (MEND) National Lottery Heritage Fund Investment gains/(losses) Other grant income Total	Opening Value £ 1,367,047 658,480 - 22,950 (17,303) - 2,031,174 Opening Value £ 890,173 670,000 467,327 - (17,303) - 2,010,197	Opening	Income in Year £ 907,924 91,463 64,247 - 39,645 1,103,279 Income in Year £ 1,101,684 - 95,680 112,128 - 18,500 1,327,992		Expenditure in Year £ (250,000) (45,383) (91,463) (87,197) 17,303 (36,419) (493,159) Expenditure in Year £ (364,810) (11,520) (95,680) (89,178) - (18,500) (579,688)	Investment gains/(losses) £ - 79,729 - - - - 79,729 Expenditure in Year £ (364,810) (11,520) (95,680) (89,178) - (18,500) (579,688)		Transfers £ - 111,339 - - - - 111,339 Transfers £ - - - - - - -	Capital Projects £ (948,306) - - - - - (948,306) Capital Projects £ (260,000) - (467,327) - - (727,327)		Balance 31.12.25
											£ 1,076,665 804,165 - - - 3,226 1,884,056 Balance 31.12.24
											£ 1,367,047 658,480 - 22,950 (17,303) - 2,031,174

The funds received from the Executors of the 7th Earl of Harewood and subsequent Will Trust are restricted for annual programming costs and the conservation of Harewood. Of these amounts £250,000 (2024: 364,810) has been spent in the year on programming, which is included within the SOFA, and the balance has been used to fund ongoing capital expenditure on projects some of which remain in progress at the year-end. As such, the balances are carried forward in restricted funds until the projects complete in subsequent financial years.

Patricia Harewood Trust Fund is restricted for the conservation of the Trust's collection.

In 2024 funds were from Arts Council England (MEND) for a house window restoration preoject that was completed in the year, therefore funds were transferred to unrestricted.

The funds received from the National Lottery Heritage were restricted for the Digital Masterplan which was completed during 2025.

Analysis of group net assets between funds

Fixed assets Net current assets / (liabilities) Total Comparative 2024 Fixed assets Net current assets / (liabilities) Total		Unrestricted Fund £ 6,355,094 (996,013) 5,359,081 Unrestricted Fund £ 5,869,603 (1,685,689) 4,183,914		Restricted Fund £ 652,697 1,231,359 1,884,056 Restricted Fund £ 652,697 1,378,477 2,031,174		Endowment Fund £ 1,106,059 - 1,106,059 Endowment Fund £ 1,649,396 - 1,649,396		Unrestricted Endowment Fund £ 10,088,916 - 10,088,916 Unrestricted Endowment Fund £ 10,088,916 - 10,088,916		Total 31.12.25
										£ 18,202,766 235,346 18,438,112 Total 31.12.24
										£ 18,260,612 (307,212) 17,953,400

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

24	Financial instruments Financial assets measured at amortised cost Financial liabilities measured at amortised cost		31.12.25 £ 537,847 440,265		31.12.24
					£ 269,763
					646,236

25 Transactions with trustees and connected persons

The Trust entered into transactions with a number of entities that members of the Lascelles family have a direct interest in. These transactions are with both Harewood House Trust and Harewood House Trading Limited.

Harewood Estate is the trading name used by David & Diane Lascelles, Earl and Countess of Harewood, to manage the countryside surrounding Harewood House and a number of other commercial interests including property rentals.

David Lascelles, Earl of Harewood, and his son, the Hon. Benjamin George Lascelles, have direct interest in the following companies:

•Harewood Energy Supply Co Limited

•Harewood Provisions Company Limited, t/a Harewood Food and Drink Project
•Harewood Farming Company Limited
•Harewood Holidays

Diane Lascelles, Countess of Harewood also has a direct interest in Harewood Provisions Limited and is a trustee of the Geraldine Connor Foundation.

The Hon. Edward David Lascelles, son of David Lascelles, Earl of Harewood, has a direct interest in the Harewood Provisions Company Limited and Harewood Holistics.

Sophie Lascelles, wife of The Hon. Edward David Lascelles, has a direct interest in Harewood Holistics.

Details of transactions with businesses in which the Lascelles family have an interest:

(a) Transactions with Harewood Estate £8,095 (2024 - £4,551)

The charity was reimbursed by the Harewood Estate for recharges of office expenses and corporate membership cards.

(b) Purchases from Harewood Estate £288,385 (2024- £277,362)

Harewood Estate recharged the charity, at cost of £225,482 (2024 - £213,774) for its share of security services provided to the charity by a third-party specialist security organisation. Charges were also made at cost for fuel and repairs provided by the Estate.

The Trust previously charged Harewood Provisions for produce from the Walled Garden used in their cafes.

(d) Transactions with David Lascelles £3,999 (2024 - £227).

(e) Purchases from Harewood Provisions Company Limited £993 (2024 - £840)

Harewood Provisions Company Limited sells a range of drinks to the charity at an approved commercial rate which is permitted by the charity’s Articles and charity law.

(f) Transactions with the Earl and Countess of Harewood £31,420 (2024 - 39,420)

The charity charged the Earl and Countess of Harewood with rent for the private apartments and costs relating to an event.

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

25 Transactions with trustees and connected persons (continued)

(g) Purchases from Harewood Energy Supply Co Limited £124,181 (2024 - £81,674) Harewood Energy Supply Co Limited charged the Trust for biomass running costs. The charge per unit was based on cost, as assessed by an independent report.

(h) Purchases by Harewood House Trading Limited from Harewood Estate £19,968 (2024 - £12,939) Harewood Estate provides services to the charity at an approved commercial rate which is permitted by the Charity’s Articles and charity law.

(i) Transactions between Harewood House Trading Limited and Harewood Provisions Company Limted £194 (2024 - £12,792 sales credit)

The Trading company charged Harewood Provisions Company Limited for commission due on income received from the catering facilities they operated at Harewood.

(j) Purchases by Harewood House Trading Limited from Harewood Provisions Company Limited £1,760 (2024 - £20,946)

Harewood Provisions Company Limited charge Harewood House Trading Limited for catering services at an approved commercial rate which is permitted by the charity’s Articles and charity law.

(k) Purchases by David Lascelles £nil (2024 - £3,108).

(l) Transactions with Harewood Food & Drink Project Limited £240 (2024 - £nil). The charity provided member marketing and posters.

(m) Transactions with Harewood Estate £300 (2024 - £nil) relating to a referral fee for a wedding.

(n) David Lascelles, Earl of Harewood, is a trustee of a settlement which is the ultimate owner of Harewood House and the surrounding land. The charity is the tenant of that property at a peppercorn rent. �

(o) Chair of Trustees, Lady Emily Shard is the daughter of David Lascelles, Earl of Harewood. She has a formal rental agreement for an apartment in the East wing of the house.

Transactions with Lady Emily Shard £8,190 (2024 - £8,190)

Donations from the Executors of the 7th Earl of Harewood's Will Trust £907,924 (2024 - £995,696). The charity received donations from the Executors of the 7th Earl of Harewood Will Trust during the year towards unrestricted operational costs. The 7th Earl of Harewood Will Trust also has a direct interest in Harewood Energy Supply Co.

(p) Transactions with The Blue Barn £27 (2024 - £147)

Michael Bates is a director of The Blue Barn and a trustee of the charity and director of the trading subsidiary. The charity purchased items throughout the year on standard commercial terms. The amount owed to The Blue Barn by Harewood House Trust at the year end was £nil (2024 - £nil).

Trustee expenses

In addition to the above, meeting and travel expenses of £1,172 (2024 - £1,860) were incurred by the Board of Trustees in carrying out their duties. These items represent a reimbursement of expenses at cost and any meeting costs.

At 31 December 2025 balances were as follows:

Owed to the Charity by: Harewood Estate (2025 - £4,320) (2024 - £300) Owed to the Trading Company by: Harewood Provisions Company Limited (2025 - £nil) (2024 - £1,225)

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HAREWOOD HOUSE TRUST LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

NOTES

25 Transactions with trustees and connected persons (continued)

As the charity and trading company re-invoice other parties for services as described above, some invoices rendered near to the end of the charity's financial year remain outstanding. These do not represent loans but are simply amounts outstanding as at 31 December 2025. In practice invoices are paid promptly, and these amounts were repaid shortly after the year end.

At the year end there was an outstanding intercompany trading balance between the charity and Harewood House Trading Limited of £28,193 (2024 - £663,299).

Owed by the Charity to:

Harewood Estate	(2025 - £4,827)	(2024 - £26,396)
Harewood Energy Supply Co Limited	(2025 - £8,040)	(2024 - £33,485)
Harewood Provisions Company Limited	(2025 - nil)	(2024 - £840)
Harewood Farming Company Limited	(2025 - nil)	(2024 - £168)
David Lascelles	(2025 - £2,913)	(2024 - nil)
Owed to the Charity from:
Harewood Food and Drink Project Limited	(2025 - £240)	(2024 - nil)
Owed by the Trading Company to:
Harewood Estate	(2025 - £69)	(2024 - £12,295)
Harewood Provisions Company	(2025 - £572)	(2024 - £1,025)

Harewood House Trust recharge some costs to Harewood House Trading Limited and vice versa. These costs primarily relate to payroll costs and other central costs.

Value of transactions between the companies

Harewood House Trust to Harewood House Trading Limited (2025 - £1,277,103) (2024 - £772,482) Harewood House Trading Limited to Harewood House Trust (2025 - £910,610) (2024 - £300,000)

Page 42

2025-12-31-accounts

Annual Report

and

Financial Statements

HAREWOOD HOUSE TRUST LIMITED

HAREWOOD HOUSE TRUST LIMITED

COMPANY INFORMATION

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED

Directors and Trustees

Governing Document

Structure, Governance and Management

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Structure, Governance and Management (continued)

Key Management Personnel

Recruitment, Induction and Training of Trustees

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Objectives and Activities

Strategic Report

Achievements and Performance

Programme

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Programme (continued)

Visitor Experience and Infrastructure

Learning, Community Engagement and Access

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Learning, Community Engagement and Access (continued)

Christmas

Collections Care and Conservation

Gardens and Grounds

Lake Sluice Gate

Commercial

Staff and Volunteers

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Museums and Galleries Exhibition Tax Relief

Fundraising

A – Financial Review

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

B – Investment Policy & Investment Performance

C – Reserves Policy

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

D – Going Concern

E – Principal Risks and Uncertainties

Risk of damage or loss to the House & Collections

Reputational and public liability risks

Economic risks

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF

HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

E – Principal Risks and Uncertainties (continued)

Conflicts of interest risks

F – Plans for future periods

Cultural Programme and Exhibitions

Learning, Community Engagement and Access

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

F – Plans for future periods (continued)

Gardens and Landscape

Capital Development and Funding

Organisation and Workforce

Statement of Trustees’ Responsibilities

HAREWOOD HOUSE TRUST LIMITED

TRUSTEES’ REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Statement of Trustees’ Responsibilities (continued)

Statement as to Disclosure of Information to Auditors

HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED

Opinion

Basis for opinion

Conclusions relating to going concern

HAREWOOD HOUSE TRUST LIMITED

AUDITOR’S REPORT TO THE MEMBERS OF HAREWOOD HOUSE TRUST LIMITED (CONTINUED)

Other information