Chatity regislTation number. 1170912 Heritage Concern Foundation CIO Atmual ReF￿ alld FJDaDcial Statenxnts forthe Year Eauled 31 Match 2(r23 Saul F&irholn) Limited 12 Tentercroft Str Lincoln tN5 7DB Herltsge Concern Foundation CIO Contents Trnstees, Repcrt......................__................-..............- .................................................................2 to 6 7t09 StateTnent of fitwKial activities io Balance Sheet li Ca8bt]ow Statell￿￿t 12 Notes to thefiEJ4n¢ial statenjents 13to20 Heritage Concern Foundation CIO R￿er￿￿e and Admimistrative Detalls 117(812 David Edwanl Butler JaI￿S Edward BuU¢r Williarn Marky tan mCDon￿d Audltors Saul Fair]￿lM La￿1￿￿ 12 Tentetcroft Street tN5 7DB Heritage Concern Foundalion CIO The financial Statements havebegDPTepatedinaccordaw2 Fith wcouDtiDgp)IR¢itJ setoutinnotes to tbeaccounts and cowly with the ctrLarii￿5 gov¢rnillg documenL tbe Cljarities Act 2011 and A£￿￿￿tIng a￿1 Reportitig by Charitie5: Statemeat of P￿Ctice ISORP Octt)bex 2019) applI￿bit to CI￿rI11eS preparing their accowits iti accordance with Charities Art 2011. 1170912 sa￿li18h Mugdock Road Milngavie Gl&s"gow G62 8FJ Daytd Edw8￿ Butler {F￿lTr￿￿teE) Dullean Gra1￿￿ (Chairmall) (FJrstThJstee) James Faward ButleJ William Mgrley lall McDonaid Paul O'Donnell Independent Auditor Roger White ACA Saul FairiM)ImLirnited Chartered AccouDtant5 12 Tentercroft Street Linco]n IN5 7DB Primapal B8nkers Trustees SavAng Bank GOWen￿￿8 doeument The Herilage Co￿e￿ Foundation 15 a clthTitable orgdniyation that was firstTrgistered with the charity cojnmission on 23￿ Dtt¢Mb￿ 20I6. The njembers of the chaTAty are Trustees WILO s￿ed during the year and are abov& Itt th event of the ch#LYry being WOUr￿ the liability in respect of each Member is The Heritage Concern Foll1￿#tIOn was origiDally constituted byDeed of Trust dated 2yd December 2016 a￿1 is a red C￿i￿ble IDcoEwEated Organisaiion (CIO). c1￿]ty numkr 117tYJ12. The Constithtion was up]atcd on 13 June 2024 to amend the objectives stated Etlow for covetage over the whole of the UK and not just Ellglatsl and Wales. This aknnt not apply to ￿￿efinancIal state1t￿￿. Page 2 Heritage Concern Fountholl CIO Recnjltmenl ￿p￿1￿tment8lld of TrD#ees The clwity is nTrwged by a board ofT￿te¢S that ￿ also the only members of the charity, they are refetted to thmughout this report as ThTStees. The Offi￿$ of the Trnst Con4￿lse a ch￿ and Trea￿jrer. The decision n]akiDg pri>cess for ts day to day Thnning of Cbarity is llwdeby Truste￿. AtpresenL the c]wity employs no staff As 8et out iti the Constitlltiow illdividuals W 16 ovu are eligible to join tbe Board of TT￿St￿. providcd they are not IE8ally disqualified from doing so. Otl*r than the Tnutees, every must be appointed for a lerm of tltree years by & resolution pass￿1 at a pTh)￿y corjvened ll￿ting of the Tn￿te¢s. This was recently arried out on 6th Septembet 2024. In selecting indiyjlth￿]8 for aptM)inbw¢ as Trnstee6, the TTUSttts Jwst have TegaTd to the skill& knowledge at￿ expuieDcc needed for th effecrive admiDiStrarion of the clwity. Related Partles The constitution gDverD5 the dec]oratioTh of any confiicts of iDtexe8t or loyalty. Where a coDllict of in*￿st or loy81ty oJises the Tro8tee declare the nattwe and exlent of any inte￿s< direct or iDdire£t, whichhe OT she has iti aprow Iranswtioll or arraUgeff￿DI with the cljarityor ID ally Iransartion or arraDgemeDterAtered into by the cRwiry which has notprevlously bt£ndcelart' and ab5eDt bIll￿]f orhersejf fromwkydl5cu￿1ODS of tkTrnstee5 in which it is possible that a CODfiict of interest wlll arise ithe£D bis or I￿r duty to xt solely in the interests of the c])arity aDd any personal interest (I￿luding liJJited to any fi￿8￿]￿1 inter&8t). Any Trnstec absenting hiD7self or herself from ally dISc￿810￿S iti acconkn WAth this clause mllst ￿t vote orbe Counted as part of the qllorumirkany thcisioll of the Trn$t￿S on tr* ]￿a￿. The TDJstEes' policy is to invest 5uryIu5 funds ID fixeAI iDt¢r¢# d¢yJsits 5iDce tbe V4h￿ of investtnents can faJL This is norD)ally llot the case with cash (kpisits. so iDvestrn¢ut risk is miDin The Trnstecs do not coJLsi¢kT th* the Charity is exr￿s￿l to ally maj￿rIstS. In common with n]any othercbtiritics in the currellt economic climate. it Contin￿ w be Te]iant on Ék g(K¥Jwill of menLbet5 alld con5i¢]eTS that it has adequate resetves to nxet obligations rw)w and its the firtw All ch￿1¢Y a￿l￿tte5 are risk a&sessed to minirnise any ri5k5 tIEwgb our &tivity and appTrpriate levds of insurance ar¢ held. Risk assessr￿llts are revIew￿j anllually or as requi￿d. Budgetary and intErnal control risks are miDiTni8¢d by tbe 1]￿pIe￿entatiOn of pr(KYdures for tlt autlM)risaknott of all transactions and proie¢t& Attention is alway5 Fthid to risks relafing to He￿th alld Safety given th choriry involvement IAnd ll￿ageMent i$su&s arising during the year. n￿etingS di5CUSs a￿1 reviewHealth safetyri5ks on ®u]arbasis. Governance prOCtw￿ and TTDSt Po]icies and pr(￿Ur&S arereviewed on an 8ffjnua] basis lo ensure they are fit for purrM)se al￿ retlect ojrrent best PT3¢tice. (oriw￿) The objective of the Cknity is to pronmrte the Congov￿10￿ pmtection ajyj improve￿￿t of physical amd natLual envirO￿t{1￿clUdI￿g i1sFlora￿tF￿uDa)thMuSkn the makingof grants to cknities registered inFthglatLd and Wales whose purposes are in particular but not limited to. the promotion of the conseThatioJL protection alld i]nprovenwrt of the physical and Datt￿al envirnwn￿t its Plorn atsl Fauna). Herhage Concern Foundalion CIO TrDstrw' Report OBJECTIVLS AcfIviTILS COhTD (AMe￿d 13th June 2024 not applicable to these fill￿]01 stst]￿￿ts) The objective of the Charity is to pmnK*e eo]k$emtio￿ prikntion aud illwrOve￿Tht of the physical and natural environment (indudTrng its Floia athd FkllD2) thn)ugh the makiog of gtADts ÈD charities regtstered or active ill the UThted Kingdom WI￿¢ aTe in particthr but not limi*d to. the promotion of conservatiotL Protection and i0]wven￿t of thephysical and enyirounxnt (l￿1￿]illg its Flor& ard Fauna). The Trnsteesrep)rtth8tdurillg thewifyltkn cljarityteceivedthnatiow of £5.838.39612022: nil) at￿Ig[allts weT¢ made to appropriate applickllts otA3tiDgwth thegwthliw of the c]wity. Grants totsJiDg£3.5(XJ were paid out in the period (2￿￿.. £5(K)). patron of the ebaritsble entity from his estate. Tr £5.838,396 is wntstive of £4,856,396 tr8nsfer of land by the estaie aftu administratioll and £982.(MK) in recoverable value Jjded tsx wbich was iniually paid oyer to H Reverue and Oistoms. Parts of thc tand wete under lease with entitie5 ttading elw 1th1￿$try for the developnwtt of wind bjd)l￿S, this provided £20270 in rcDto] inco￿￿. Just prior to the year end the interests in the land were transfetted to the clmrity ID linc with wishes of ￿ deceased which resulted in the £20,270 becoming payable io the clmrity. SigDificalltty higbcT r¢ll￿1$ are the leas&8 alld vKre p8id into the estate tsustbefore the transferof iti(er&%L lTher¢i8 eXr￿￿dtO t￿aPayr￿t0f sigDifi¢8Dt cashfiu¥Js in tbe nextfinancial year for cash generated from such sak of otlw assets from the Until th thinistration of the Trust is completed tt*se a￿ ll(￿ cowidered w be d(ynawl as 1he risks a￿a rewards of ownenlllp haye not transferred to the charity. The xentsls frnm ¢ovwing th laThl ¢k>JIatio￿ will 419) nmyve through the ciwAty next year. controls rolNJst ellough to diStrib￿e al￿ designate liquid fuDds Jine with the ch&rity's obje¢tive5 al￿ I￿reased The land acquir￿1 by tbe Cbarlty comprises significant areas of foTestry tanging from gixxl quality to poor qu￿ltY timber. peatland. bOgla￿l, wedaDd and small locbans which provide a diverse ¢nvironmeD¢ for ItThl species of wildlife and birds. The Th]stee8 [￿1)g￿lse their resEx)DMI)ility in managing these assets in & positive amd eThviroJllrrllt2llyfrierylly mathD¢r JD lir¢ with the objectives set outitidK (Jwity's collstitittio STATEMENT OF PUBLIC B￿￿rr Fmm l April 21M18, section 4 of Charities Act2(M)6 reqntres all clwitiG5 to the Jeg81 requIrell￿8 that it8 aims are for the pub]Ac betrfiL The Tn￿ confjrni that they have corywjied with the duty lo have due regard to Charlty Commissiun'5 general gUIda￿e on public IxllefiL The Charity COllllUi58kOll Stat&8 that there two prillciples to Ee met In orderto $l￿W that an organisation's ain]s are for the public benefit: fr5tty. Ib￿ rnust be an identtfiable b￿fit orbenefits alld secondly that the beJ)efit must be to tbe pub]ic. or a Sectionof thepublic. The Thistxs are satisfied that th aims objective* of cl￿Aty, beiDg theprote£tion of ￿ nattwal environ￿￿t in which we live, meet these winciples. Page4 Heritage Concern Foundation CIO FINANc￿L REVIEW Tbe year to 314t Matth 2023 saw incow to tl* Ch￿ltY of £5.858,￿ (2022.. £Nil)" experylitswe was £58,38712022: £23,749). A5 a Te5uli there was a surp1￿% of £5,8(K).279 (2022.. deficit of £23.749). lThis ￿mprised a deficit Oll UDre8tricted fiwds (£8283) alld a surplus desigTrated of £5,808562. Tr balance on ¢strided funds as at 31° March 2023 was £86,fA)8. ThE bajattce ottRestricted fiTr¥Js as at 31° March 2023 was £85.992 arwj the balance on desigtoted fu￿ as at 314t IAarth 21Y23 w&8 £5,808562. Ag at 31°.Marcb 2023 tbe charity held assets of £5.981.162. The p)licy of the charity remains to earn sthpluscs OD vnrestricted funds activilies to further s(rengthen the fina[￿l21P0SltiOll to enableittt) fijzther invest ID deliveriDg the charity's aim8 The Trnstees have takeo the view that pl&ing ttwly traIL%￿ latKI in a th51g￿d fulld pmvides a moTe llLe8ningfill pr¢8eDtation of tbe cFLarity's unrestsicÈd fuTMf p)sitio Freehdd property and eurreLt #wets During the year tbe asset value long term and cUr￿ltha¥e itKz¢a8&I sigrrificandy to the donation of freehold land into tk C&￿ity along the rigbt to Tec4)vuy the Value added t&x paid over to HM Revenue and Custon)s in regard8 to the land dollat&J. Tr value of the current a&%et donation eall be seell OD the balance she¢t at £982.(X)O. which bas bccll recover￿ after the year eTAd. The ]alld is splyt into three Categ￿leS within the note4 to the fi]Trancials ￿&temEnts bcing Freehold taNI valu< Jaud under tew which is subject to amottithon over the IC￿e terni and Ittvestn￿ntpr0pCty that geDerate6 rentsl iwme. Reservespoliey TheTn]stees baveba5ed theirfftserYesp)licy on the Itwd Iss¢ts of theclwity. Tr Tn]stres policy is to maintain fEte reserYe6 at a level at least equivalellt tt) fond its fimtre 0￿rations for six nwynths. Based on tbe financial The Cfftarity caThies adwte reserves to enable it to colthue operatioA% for the forewable fi2ture 2nd fL]Dding will CODLinue to flow in. On this basis tF£ TrLrfees colkgidtrit wry)priate io pr4Trare tte W￿￿le181 SrAtements of the cljarity on a going con¢ern basis. The Trnstees UDde¥staDd that stteams will pmvid¢ addItiOT￿ fo￿l￿g to enable tbe Ch&ity to colltimie with its obifftiyes. The Charity is expected to T￿l¥C a dOr￿tIO￿ in c&sh of elrca £2m afterthe next fina￿181 year. The furtkn is the ren]aiw doDatioD PDxetds from the sale of estste assets withtn the afore￿￿]0￿edThj8L The Trnstees have started planning actiyities tt) M￿Ye the a￿L% of the clwitabk Ille0q￿r￿I organisarioll into a Scottish charitable incorporated organis2tion due to the ]and now owJ*d IKing a Scottish estats and all of the Trustees being resident in ScotlanÉt The new Scottisb Charitab]e Incorpo￿ted orgaDization wi]1 have tbe sa aritable purp)ses a￿1 the game group of Tnkn. Tr transfex of assets will ¢oinside with the change ITh the objectives of this charity toallow for&>nations to cI￿ltieS based tt￿u￿ted Killgdonl The chatityconJD]iSSiOII have been made aware of the intention to transfer assets. BaseA on legal obtsined the TrnsteGs be]ieve that the trdDsftt of assets Ixiween it￿l￿rated C￿l11t% d￿S not the cons¢rfofcharirie6 Coll)￿sSiO Page 5 Herltage Concern Foundallon CIO All liquid assets of the ChaTiry are kld in fiLthemce of its Obi￿ti￿ The (jwity holds tm) ￿Dd5 as cwtodian trus￿ on bebaif of oth￿. TRUSTEES RKSPONSIBtLTrIE8 The are r￿n6]ble for preparing the Annual Re[￿ atKi tbe floatic1￿ Ststell￿ts ID ￿cOrdanCe with 4)p]ithle jaw and r¢gulatiODS. Law appbcable to Clwitable Incorporated organisations in ￿)gI&lld and Waks requires th¢ Truste￿ to prep8 accounts foT ¢￿h finallcial y￿. Lnthr that law the Tn￿te￿ hve eleL*ed to prepare the fillawi8] ststen*nts in aC￿rda￿e with United Kingdom GeneTally Accepted A￿ount1ti8 P￿iCe {United KingdoyD Stalldards and appJi¢abk Jaw). The financial statements are requird by law to give atrne aDd fair view of the state of affairs of the table Incorporated organisatiou and of the financial xtivitses of the C￿ltable JncotwTrbJ OTgaDisalion for that P￿10d. pr¢pwing tbose a￿￿unts the Tn￿leeS aterequired to: 8ele£t suitable accoutiting tM)licies a￿1 then apply them ¢onsistently' make judgements alhl estimates tbat are NsoDab]e a￿{ pKDdenL follow app]icablc aCco￿￿tillg standards and Sta￿￿￿[￿ of rec0]ll￿N￿l wxtice. subject to any n￿la1 departures disek)sed and explained ID Iworated orgaDi5alioll vlill Co￿AnUe in business. TheTn]8tees areTeynsible forkeeping wJequa* AccountiTAg record8 TApbich disc105ewithreasoJh&bl¢ a￿Y at any ¢i￿e tl* fiDaticiai p)sition of Charitabje Incor￿ or￿n]Satron and to enable them toejksure that the accounts collwly iTrith the Trnst ￿arItIeS Reg￿atio]Is and the Companies Act 2006. They are also resp)tisiblB for safeguardillg the ￿ets of the Cbaritable In￿Wat¢d orgaDisalion for taking reasonable steps for tbe prevention and dete£ti￿ of fra￿1 alld ofjw I￿¢g￿laritIes. DISCIA)SiIRE OF INFROMATIOYI AUDITOK8 Each of thepersolls wFK¥ are at th lill￿ when this Ibjstees. rqxxt 18 approv￿]￿ C0nfirJ]￿ that there is no rejevatst audit inforiton of which tk Clwitable Incorwated orgatiisation's SI￿110t5 are UDawaJe, and the ttustees havetskEll all stcps that theyought to bave tsken to awareof artyrelevant audit infonnation and to esthli%h that the audatoly are awdre of that in(tAYu&tio Approved by the Tn]stees ots 3￿ January 2(125 alld ￿8lled on d*ir be1￿]f by. David Edward Butler Tn]stL T￿Ste Page 6 Independ¢nt Auditor's Report to the Trustres of Heritage Concern Foundation CIO opIrqJoN We have audited thE fjnaneial sratements of Heritsge Con¢enL Foundation Cto {the"CIMitable Origanisation,) for the year ended 31° MaTch 2023 which ¢oraprise the sta￿ellt of Fin￿la1 Activities, the Balauce She4 Stst£￿eTht of Cash Flows aThd noteg to tbe finaoc1818ta￿ettt8. ioeluding a summary of significant accounlin8 polic&es. The finall¢ial reporting frmework that has been applied ill the.ir preparation is appLicÉble 18w and Unit¢d Kingdo Aecountitig Standards, iticluding Financial Reportiog Swidard 102.. The Finstici￿ Rwrting Standard applicable LD the UK Iunited Kingdora Getter￿ly Accepted Accounting Ptactice). Jn our opinion, th6 financial statetllents'.- givE a trne and fair Yiew of the Stale of the Cbatity's affaits as at 31Jt March 2023 and of its inco￿1ng rcsources and application of resources for the year then ended. bave been properly prep&r¢d iti a¢cordallce with Lioited Kingdom Generally Acw)ted Accountill8 Practice. have been preparnl in aGcordaoce with the TeqUirell￿nts of the Charitie8 Act 2011. BASIS FOR OPINION We conducted OUT audit in accordan-e with Illternationai Stsndards OD Audiring (UK) USAS (UK)) and applic&ble law. Our responsibilities under those standards are furtber described in the Auditor's responsi￿111tieS for the audit of tbe fjnattcial Statements sectioll of our report. We are indeperldent of th¢ Charitsble Orgallisation ill a¢cordatLce with the ethiGal requirements that are relei'ant io our audit of the financial statements in the UK, including the FRC'S Ethical Standard, aJMI we have fuifillcd our Oth￿ ethi￿1 responsibilitie5 ITh accnrdan¢e with these requirements. We believe that thE audit evidence we have obtailled is sufficient and am)roptiatr to provide a basis our opinio cor4CLUSIONS RELATING TO GOll¥G CONCERN audiung the fmancial statellLents, we have con¢luded thatthe tnJstee8' use of the going concernbasis of aeeounling in the preparation of the financial sts1£￿ents 15 apprnpriate. Based on tkne work we have perfom]ed, we have lloi identified any material uncertainties relating to events or conditions that, individually or Colleclively, may cast significant doubt on th¢ Clkqritsble Org&Disalion's ability to contirLue as a going concern for aperiod of at least 12 months from the f]naTkcial statements are autbtsrised fDr ISSUE. Our rcsp)nskbilities attd the resFrt)nsibilities of tbe with re4)e¢t to EOll)g ¢ortcern are de￿ribEd in the Telev8TLt sections ofthis reporL OTHER ll%FORMATION The trustees are rtqponsil)le for the other Inforn￿tiOTh The other stif0m￿tion Comprises tbe inforJn&tion in¢lllded in the annual report other th￿1 the fman¢ial stat£ments and our auditor's report thereotL. Our opinioll on the fitrallcial statements doe5 not cover the other inforKtLation except w the exlellt otherwise tApliciily statcd in our report, w6 do Dot express ally forw of a￿ce ¢ollclusion therw tn Gomitction with our audit of the fmaDCSal sthtements. our res￿oSi￿11￿ty is to read the other Info￿atiOn in doing ,80, consider whether the other infornatioll is mateTially iucon5iStent witb the Fit￿le￿al stste￿ertts or our knowledge obtained ill the a￿dit or otherwise appears to be mjteriaily misstated. If we Identify such material incortsistettcies or apparellt n)aterial mis5taterncThtg. we are required to determioe whetFLer ther¢ is a m&terial Mi￿￿￿¢ment in the financial State￿Lellts or a materid misst2￿ment of the other inforniation. If. based oll the work we bave p¢rfckmi¢d, we conclude that ther¢ is a mateTial Jni&statemellt of this other itrfonttatioffj we are required to report tbat fact We have nothillg to report in this regard. Pllge 7 Independent Auditor's Report ¢0 the Trustees of Heritage Concern Foundation CIO oP￿10￿s ON OTHER MATTERS PRFSCRIBED BY THE COMPANUES ACT 2006 In ow opinioll, based on tILe work undertaken inthe course of tb¢ audit.'- the informatiDn given in the ￿Stee8, report (iDcotporatiog the strategi¢ ieport) for the fJwiGial year for hi¢b the fmancial statements are preparEd is consiswJ¢ with the fllwicial stateuLents; and the trustees, report (incorporating the strategic r¢txTrrt) have b&3n prepsred in a¢cordan¢e applicable legal i¢quIre￿ellts. MATTERS 011 ARE REQUIRED TO REPORT BY EXCEwrtor4 Tn the lighiof the knowledge andunderswidiugof the Charity and i¢senN'ironmeut obtained ill the course of the audit, e h&ve Dot identifL¢d material D]isStst¢rneJ￿ in the Tn￿t￿￿' Annual R4￿ including the Strategic ReporL Wehavenothing to report inr&8pect of th¢ following matlets i￿relation towbicbthe Charities {Accounts alldR¢ports) ReguLatioJs 2008 requires us to rety)rt to you 1£ opinio￿- adequate accounting records have not bec￿ kept or returns adwuak for Our audii have not beett yeceived from brdncbes ILOt Trisited by us,. the fioanGial 8*ateAnellts ￿e not in agreement with the accounting ￿ordS and TebJrns' ¢erthin disclosures of trustees, remuoeratiom specified by law noi It￿]e. or we have not obtsined all the loforn￿tiOll alld eXpla[￿ti￿ n￿essary for tbe purpos&8 of our audit. RESPONStBILITIES OF THE TRUSTEF.,8 As explailledmore fi￿Y in the trLlStee6' responsibilities 8tatementset out onpage5 six. th¢tr￿stee$ are rewnsible for the preparation of the fillancial statewents and for beiDg satisfied that they gii'e 8 tnte and fair view, end for such internal ¢oThtrCTrl a8 they de￿lT￿ille is necessary t(Tr enable tbe preparnrioll of financial statements tiiji Ate free from raaterial misstatem¢n¢ wbether due to fraud or error. Itt preparing the fllwLcAal statements, the trustw are r&qponsible for assessing the Clwity's ability to continue a8 a goillg ¢oncm disclosing, 85 Appjicable: mattets related to going concern and using the going cottcern basis of accounting unless the tn￿t￿ either intend to liquidatr the Charity or oixrntions, or have no realistic alternauve b￿t to do 80. OL]I RESPONSIBILITIES FOR TKE AUDrr OF THE, FE*Af*'CIAI, STATEMEFfIS Our obje£tives are to obtain reasonable &%surdnce whetber tbe finartcia] btsrements a5 a wbole are free from material tni55tstem¢nt, whether due tl) fraud or aTor. and to ISSU¢ an auditor's re[￿)rt that includes our opinion. Rea80nable assuraD¢e is a high fievel of &4wrance, but is not a Buardntrc that an audit co1￿ucted in accordance with ISAS (UK) will always d6tect a rnateria] misststemellt when it exists. Misstatemenrs Can arise from fraud or error and are considered rnalerial if, indiyidually or in the aggtegate, they ¢ould ￿SOnablY be expected to infiuwce the economA¢ thi8ions of users tak￿ on the basis of fmancial statements. OUR RESPONSIBILrrIES FOR THE Abl)fT OF THE FIF4ANCIAL STATEMETrYS (Cont'd) Irregularities, 1￿cludIng fraud, are inst￿Ge& of non-¢0￿P1lancc with l&ws and regulations. We design procedures in line with our rtsponskl)ilities, Outlined above, to detect Illa￿81 misstatements in respect of irr¢gulariti4 irLcludiDg fraud is dctailed below.. We have identified areas of laws and regula¢ions that could re&g)nably be expected to bave a m&terial efif* oll the finattcial statements from our genera] comucial exE)erieThc& knowledge of the sector, 4 review ol regulatory and legaL correspondence and through di%us8ioLs with TnLStecs and other nlaoage￿ertl obtsined a8 part of the work required by auditing $ialldards. We hav¢ also discussed with the Trllstees and otlLer mana8en)ent the polici6s and prooedures relating to compliallce laws aDd regulations. We communicated laws alld regulations throughout the ttam attd retnained alert to any inthcalions of non-complianct throughout the audiL Page 8 Independent Auditor's Report to the Trustees of Heritsge Concern Foundation CIO The potEntial itiLpact of different lawg and regulalyons varies considerabty. Tr Charitable Orgallisation is subject to laws alld fE8ulations thatdirectly impactthe f￿￿Cial statements and w'e have a83esthl the ektentof compli8￿ce with such laws as part of our financial stateftnents audii. We evaluated managemeni's incelltives and opportunities for udulaLI JILanipulation of the financial sta￿ents (including risk of ove￿Ide of conlmls) alld detemiined that the principal risks were related to mallagemelli bias ill accoullting estimates and iudgmentaL areas of the finan¢ial Stste￿¢llts such as depreciation of tangible fixed assets. We carried out detsiled substalltive tr6ts on accounting ¢sti￿at¢S, including revicwitig the ]neth(xts used by management to mak¢ those estimates, re-performlng the culatiow and reviewing the outcome of prioTyeAr estiinates. Wc are not responsible forprvventing non.comp]iallce andcaolloi be expect￿ to detectnon-compliancewith￿l law8 and regulations. A fitrther description of our reswnsibijiiies for the audit of the finan¢io1 state￿£llts is located on the Finallcial Reporting Council's w¢bsite aL' vnyw.frc.0rg.uklaudi￿t91e￿bII1tse3. This description forJDs part of our auditor's r6POrt The fitMllcial Staten￿rnts For the year end 31* Match 2022 were not audiÉ¢d. USE OF OUR REPORT This report is made solely to the Clwity'8 mernbers, as a ￿y. irL a￿rdanc£ Chan'tieE Act 2011. Olf audii work has been undertaken so tILat we might state to the Charity's member5 those maiters we or¢ r¢quired to state tg them in an auditor'5 report and for DO other pllpose. To the full&5[ extent pe￿nitted by law, we do not accept or asgume responsibility to anyone other than the ch￿Ity'S Me￿be￿8 as a body, foT our auditwork, for tbis repor¢ orfor the opinions we have fonlled. Roger Ivhite (Senior Statutory Auditor) For attd on beha]f of Saul F&itholm Lill]it¢£L StattLtory Auditor 12 Tentercroft Street LinGolD LN5 7DB 14 Febnthry 2025 Page 9 Heritage Concern Foundation CIO Statement of Thwicial Activiti￿ for the Year Elld￿ 31 Marth 2023 Totsl Ye Ettded 31 Ended 31 March 2022 20 Note ftsource6 from generdt¢d fi￿a5 TnVestn￿ntJ5jcOrne 20.Tr0 5.83&Y)6 20.270 5.838,396 Voilltttary Income Totsl incoming resources 5.858,666 5.858.666 Re50urcts ¢￿ellded CtrJ2Titable donations Charitable adivitt&8 3.5(MJ 54887 S￿) 54.887 23.249 58.387 58,387 23,749 Net moveD￿llt in fullds 5.81K)279 5,81K1279 (23,749) Totsl funds brought forward Tothl fu￿d& carrled forvwd 94.891 85.W2 180,883 5.981.162 204,632 15 5.895.170 85,W2 180,883 Herftsge Concern Fowidation CIO Balance Sheet &s at 31 March 201 31 Marth 2022 xed Assets Tangible a55ets Investroellt propwly 12 13 4.830594 6,250 4,856,396 6,250 Cash at Bank 174.6Y2 981(MK> 175,(YJl io 1.156,W2 175.399 Credltors: Amoujts fauiog due wIthID one year li 31. 1,124,766 174.633 Net Assets 5.981,162 180.883 The fuD(18 ofthe charity: 15 85.992 85.992 Unrestrict￿1 Fwidg UJ]restricted Funds Designated Funds 15 15 86.fAk8 5.808562 94.891 Total Charlty FwKI8 5.981.162 180,883 The finallclal statements have beenprepared accordauce with 1￿cOu￿tiDg aud lie￿ti￿g by Chwities: Statefflent of Recoll￿)￿￿d Practice appli¢ab]e to Cknitses preparin8 tbeir &couTrts in 2ccordaDce with the Charities Act 2011. Appmved by the BoO￿ OD 3￿ JaDuary 2015 athj sigJ*d on its beljalf by: David Edward Butler Charity No. 117(N)12 The Dotes (m pages 10 to 20 fotm an Illte￿￿ part of these financial Heritage Concern FoundalioD Cto C&sh Flow Statement 202 Cash Ilows Operating aelivldes 4.855.997 (18,217) Cash Ilows from knvesung *c¢iwitles Interest received Dollation of IAnd and 1113 (4,856J96) Net (xsh Ilows from Inve* *¢llvltirs (4,856,396) Net (dccrease)Ancrease in c￿h and cash eqtiiv8lents C&4h and equivalents at i. Awil 2022 (399) 175.(P)I 118,217) 193.308 C&sb And cashquivalents at 31M Match 2023 174.692 175,091 . tion rfnet kncome net cash Ilows frD Net IncomellF.ApeAkdlthre) for th¢ re￿rtillg PUHKI (85 perthe stateDrnt of flnandal p)sitlon) Adjustment for. Amortis&tion Deprcciation IDtercst received Increase in Debtors lI￿rease1{De¢rW8) in Creditor5 5,8(Kl279 (23.749) 6250 6.250 io (981.692) 31.160 (308) (410) 4.855.997 (18.217) The not&s onpages lo try 20 forni an illt¢gr￿ part of these fillallci Heritage Concern Foundation CIO Notes to the Trlnanual StateDKnts for the Year Euded 31 March 2023 l Accounting poiicles The fin￿￿1a1 stafements have I￿ell wwed ith arAxyrda￿e with Acuyuntillg atul Re￿rtIllg by Chgrities: st￿n￿nt of ReCon]me￿Ie0 Pmice applicable to charilies prqiaring their aecounts in accordance with the Charities Act 2011. The CIO meets definition of a pub]ic benefit entity under CI￿ltieS Act 2011. Assets aul ]iabilities a initially recogDised at historlcal cost or tratiwiion value fmle&8 otIV￿ stated its ￿ relevant accounting txjlicy notes. Going eoncern ullcertaiDtie8 exisL Tr Tntstees have CO￿1{￿￿[ the kvel of funds, fOre￿t incoJEJe ard expenditure for a tryiod of12mollths afterd￿¢Of 4)provalof these financial statell￿nt& Thebudgcted Incoa￿ Élld exFnditur¢ is sufficient considering the level of r¢s¢rves for clw£ty to ￿ able lo continue As a goi￿8 eoncer FIAed assets of the charity are de￿￿]ated at appr(yri* tatrs wnsidenl by the trusiles to ￿11¢ them down over their estimated usefill life to a fair residu81 vah De￿latiO￿On freeholdwoFffjhas be￿ charg￿1 at0% ￿lt￿rese￿tsthe donafion oflaDd into the charity wbich 15 not C4)nsidered to be & deprecithDg a&set Trn5tees view that expendith on m8inÉenance of any structures that exist on the land which are consideTrJ iAsigDificaDt in value is sll¢h at to Jnairntain the values of the cbariryprom at le&st t4￿1 to COBL tand under le￿ has be¢Th valued by 3 p8ty vaju￿S atdoJthtioD kn theclwlty xnd is subjed to amortizatio of the lease value over the le2se negotiat¢¢l InvÈ4tmettts Investn￿ntS property which 15 land 8ccntiDg reutal has beu Vaj￿d by 3 paty vaiueLS at fair value and will continue (o be a&stt&sed illto the future QD that basis. un￿trICted fullds are dolllltions aThd othex re¢eivable or gelltrdted for the objects of the DeSIg￿ed ll￿es￿le￿a futmls Ate fU￿]S that b&ve be£D 5& aside by Trustees fi* Wiajlar putposes. The aim and uge of the desigDated fiujd is set oot in the not&% lo the financial staten￿nts. Jf required these fuJMIs can Trattributed to tst￿ UDf&strictrAI if the need a(ises at discretion of the Th]stees. Restric￿1 fi￿d& Only ulllised a￿di￿t the proie£ts to 7wknich the fullder Intend￿ them for, although th¢ cbaTity does Th)t in general Ttteive restrlcred fwM]ing d￿ tse amouuts. discoullted at the pre.tAX discount rate that reflects the Iasks s￿ifiC to the liabi]ity. tbe unwindittg of the discount is The charity Only h&9 finaocia] ys8¢ts a￿1 fina￿la] liabaiiies of a kind that qua]ify &8 basie financial i11stru￿¥llts. B&sic fitiallcial instruments aTr initially Te¢ogDi8ed at Iransaction value alld sllbse(wtly measured at their settlE1]￿t Yalue with tlle exception of b4Dk loaos which are suhwuently measured at amortised cost USiDg the efirective Inte￿St The charity is exeowt from cortM)ration tsx OD its clwitable a(Xivilies. In the application of the cbarithble cojwy's aec(xwÉing wTrlicie4 the TNstees are requi￿1 to make judgements. estimates and assurnNioALS atmxtt the carryit)g al￿ts￿t of assets ]iabilities tILat are not readily apparentfromother sources. Tbe estimates and assocAa*d &SSWtioDS b&8e on bistoric31 eXp￿rence and other Eaciors that CO]k8idered ts) IKtrkvallL AchMI t&whs ]nay differ from e5timate8. Page 14 Heritage Coneern Foundath)n CIO Notes to the Ffinancial Statements for the Year Ended 31 March 2023 The ¢sti￿te8 and undedying ￿Um￿lonS are reviewed oo an ongoillg b&sis. Revisions to accountiJ)g e3tillkit￿ are recogDi¥AI in the pui(yJ in wFtich the estimtitr is Teyised where the revA8iOll affects ollly that peri(yL or in the wiod of the revision and futtre the ￿ViSion affects botb current and future 2 Volwitary Income Year Efyled 31 Marth 20 Year Ended 31 March natlons and legacles Ik)natioDs 5.838.396 5.838,396 5.838396 5,838,396 The significantly incre4sd attd exceOioDai donatio￿5 re£eived a￿1￿8 ts year call￿ ftiym a deceased long" termpatroo of the cbglitable elltity frDtll his es(Hte. The£5.838J96 is ￿tstive of £4.856.396 transfrrof latKI by the esta* after ad￿l￿tr￿10￿ a[￿ £982.IMM) in re￿verable val￿e added th which was initially paid over to HM Revenue and Customs. The laDd was trallSfe￿ed witb no T¢5trictioDS and has tberefore bee el￿ere￿ iuto the Unrestricted fund bat de￿ignat￿l within th La￿] alma PTOtw fund up)n the balallce slret. Totsl Fu]Kls Total Funds Year Year Fjnded 31M 31 March 2023 2022 Rental Jncon 20210 20270 20.270 20,270 P8rts of the land th)Datul w￿e utth lease ftir which rental income was being Teceived. The tra[￿er of the IHDd took place before the year end and therekn thE charity received & smiu Pro￿rtIOn of the Fctstsl incont. Relltal I￿ome is uDrestricted incorne ¢Jue to the ab8eDce of restrictio￿5 withiD tk dispositiO]ts of the will. 4 Charhable doDHtIoJLS Total Funds Year Ettded 31 March 2023 Totsl Fwids Year Ended 31 March 2022 aMrAtable thnations 3,51XJ 3.51M) 500 3,5 tk>n8tion5 were lljade inliDe with the chaTitsble aitlls of the CIO, During the year £l.IX)O was doftjated ro Marine Conservatiojk Society, £2.(MK) ts> DLknWildlife Tro8L £51XI to Britith Dragonfiies (2022.. £500). Page 15 Heritage ConL*rn Foundatlon CIO Statement of financlal actlvfities by fund Year Ended 31 Marth 2023 Tots] cb•Aitstde 31 Mareh 31 Marth 2022 AccouDtancy fees Examiners fee tzgal fe£s CoDsultallcy Fe 50 511 8.717 iO.(MMI 29.804 4(lJ5 1833 1275 29,8[ 2.833 1275 1.0 1,350 59 6.250 hlotor vehicle expenses Bank cbarges Mou)rdepreciation 6250 6.250 54.887 23.249 ]ncluded withill direct charitable expenditure 1$ £44.887 (￿}22-£2l73s) reI8ting to suptM)rt costs and £lO,OOD (2￿22 . £511) relatillg tt> goverjjallce wsts. All charitab￿ extwM]iDlle bas provided fn)m unrestricted funds in 2(r23 alld 2(r22. of expenses. 7 F4uployees' Temuneration The Charlty employed no 8(aff during tE£ peri(%L 8 Ne¢ Incoming res￿￿1￿*S Net illcoming Iuourtts is Stated aftercharging: Depieciatton of Owned assets 6,250 31 Marcb 2023 31 M8reh 2022 Audii of fit￿￿la1 stateff¢nts 10,000 600 Non audit fees 561 Page 16 Heritage Conttrn Foundatlon CIO Statement of flnancU actAvllies by fund Year Ended 31 March 2023 AO Other Debtors 31 MAreh 2017 31 Martjk 2022 VAT recoverable 982.(MX) 11 Other CTeditOT8: AThunts fthg duewlthts one year 31 Marcb 21723 31 Marth 2022 11,535 18JlX) 2,lYJI 71K) VAT 31.926 766 under Motor Vehleles A5 at l April 2022 Addition8 Di6P05al8 25.000 4.830.594 1480.334 2J50 As at 31 March 2023 2.480,334 US0.2(A) 4,855,594 Depreciatio Ag at l April 2022 Provision for year Eliminated on Disp05als 18,750 6250 18,750 6,250 As at 31 Marth 2023 25.￿0 Net Bty)k Valve As at 31 March 2(r23 2.480,334 1350 4.830.594 As at 31 March 2(Y22 6.250 6,250 During the fteehom property w&$ donated to the cbarity from all admlDisterdTa￿tholdltig ￿set8 on beha]f of the charity. The 255ets iticlllded valued at£4.910.(MX) in totsl. 1The ThJs¢transferred the Litle of the land to the cbarity just before the year eJMI. At this ￿1￿( freehold land colllinut￿l ty be valued at f2.350260. l￿d ullder lease was vallled at a lower amowitof £2.480.334 due to ts ]and transfer takiog place 7 llK)nths after iDitKal valu￿￿Or￿ at wbich point the of the kgses had slN)rtetrt reduciug the wdlite of the ullder lease. No depr￿latiOll bas beerl charged agaiDst freeknld laiMI due to its T)at[￿e a￿1 ai)]orti7Aitm bas been thaTged agaiDSt the laod underlease as 1¢ vlas traDsforrcd just tKfoFC tbc Iinaocial ye4r etsl. P¥17 Heritage Concern Foundation CIO Statement or rAnane1￿ by fuud Year Ended 31 March 2023 13 tllvtstnknts As at l April 2(722 Additions Disposals 25,802 25.8￿1 As at 31 March 2(Y23 25.81r2 25.8(r2 The land donatton identified within ￿te 12 Inchthd ]attd used fr*r 3rd paty wind farm develq)ments. This knd was a¢nving rentsl iticorlle under tk Iwes transferreAI to the charity aNI tberefore call be collsid¢red inveslment propeTty. Th¢ land valued 7 months prior to thetratLfv 4)f tide at fair value. lio gigtiificant ll￿vements bettveell the dats of valuation and the year-eod bave (Kcutted inregard to fair value of t￿ underlying lthl. 14 Rejated partits During the year there were no reja￿1 party IraD8actions (2022- nil). At l Aprti At31 Ga*rdl funds 94.891 20270 5J38.396 128.553) (29.834) 80,608 5.808.562 La[￿ alld Spiders Web ApEtal 85.992 85,W2 180.883 5,981,162 AtIApr 2021 At31 e￿eThded M4reh 2022 Ge]￿al funds 118.640 (23,749) 94,891 IA)d a￿] Spiders Web Ap￿1 85.992 204.632 (23.749) 180.883 Page 18 eritage Concern Found8tioD CIO Statement of financlal activities by fnDd Year Ended 31 March 2023 The Trusteu bave taken the view that placing llewty transfetred larM] in a desigthatrd fllr)d provides a nyxe eallillgfLd presentstion of the charity's uDrestri¢trJ ￿lti0 Restricted fiinds hem gTe re]ation to ￿ IaDd and Spiders Wej) ApEeal 16 Flet assets by fllnd Funts 31 March 2023 31 2022 Fixed assets 4.830594 25.802 4.830,594 6.250 Investhrnt pmpety 981IMM) 1,156.W2 175,399 due within one ye (2.092) 29.W) (31,￿6) 766 86.(A)8 5.808.562 5.981.162 180,883 17 AD¥lysts of net del The clRrAty had no debt thAng year. 18 Contlngent Ilabllltles The curm)i assets of the clkarity t￿h]de a £981(th re4x)verable am(xrt This is ID Tegards to a VAT claim which was attached to the]and donated. Tr£981(KKJ was originally paid ovutt> HMRC by the administering Trust. A claim for T¥payn￿nt of the VAT was by the charity a[￿ initial ￿vIeW by HMRC was repaid to the chaTity in September 2023 8fft￿ th yw eod. There is sttllowbing cottesp)ndence with HMRC in regards to the VAT repaymeni and until swh llll￿ as the matter is closed th Trustees feel it prndent to disclose wAthin the fjnallcial Statell￿￿ as a tK¥ssibk c￿ll￿gent liability. Page 19 Heritage Concern Foulldatlon CIO Statsment of finanLial %tAvltAes by fund Year Ended 31 Marth 2023 2023 2022 Invtrstment Tnwme Incoming Donaliolls 20270 5,838.396 5.858.666 ourees expended Costs of generatitig fimds Charitable activiti&s Support costs Governance costs 3,500 44,887 500 22,688 561 N¢t in funds 5.8(M).279 (23,749) Total funds brought forward 5,895,170 180,883 No nM)vements bave oCcU￿ed in Re8tiicted futsjs Lkniug th¢ finoti¢iti ye4r. Page 20