Charity registration numlw: 1170912 Heritage Concern Foundation CIO for the 31 Manb 2024 Saul Fairhol Lirnited 12 Tter¢rOfi Street tincoln LN5 7DB
Heritage Concern FouDdallon CIO Conients Referen¢e alAlnIStrat1We........... .. Trustee8' Report 2to6 7t09 steMent of financia] actiwiey -.LQ. Balance Sheet li Casittlow siatemeDt 12 13to21
Herttage CoDcern Foundation CIO Referentt and Admlnlstrative Detsils Hltage Con(xrn FouDdatson CIO 1170912 D&vAd Edw Bud James FAlward But]er O'Donnell AuditOT5 Saul Fairt]rO L4mite 12 Telltercmft Street LN5 7DB
Heritage Concern Foundfttlon CIO Tbefinancial statements have bp£n preparalin accordwith8ccollDttngW)]ICles setoutin teSt0 the accounts alld con¥ly with the clwity's goyetnitig docuoThL the Cb]i]eS Aa 2011 alld AccowitiDg alld ReportiDg by ChArities.' statellnt of Rttlded Practice (SORP OLtottr 2019) applicable to clJaritie8 prepariDg tbeir accounts in accord with C1]tieS Act 2011. I17?12 Sandaigb Mugdo¢k Milngavie Glasgow G62 8EI David Edwatrd Budcr (FJrstTEUStee) Duncan Graham (Chaiffj) (FRrst Tnth) James Edward Buder Donald Catneron Graham (freasurer) Wi]]iam MJrl¢y Paul O'Donnell Indnd¢tAd1t0r Roger White ACA Saul Fairholw LimÉted Charter¢d Accoulltants 12 Tentercroft Street Lincoln LN5 7DB Baj of So)tlalld The Heritgge CottcemFou]x]ation is a charitableinc(Hwnted orgaui7atioll that was first registered with the charity commission on 23 December 2016. The ]neI5 of the clJatÉty ate the ThteeS who served during the year and arc named tn the event of tte cthatity lg woulld up, the liability in respect of each menth ts The Heritage conce Fo10 ffliginally constituted by Deed of TTll dated 23 December 2016 and 15 a registered Charithble IDLX)rwrated Org&Disation (CIO). [arity nurnber 1170912. The Constitution w&$ upjated on 13th June 2024 to arJJend objectives stated below for (Xbverdge over the wbole ofthe UK and not just Eng18md and Wales. This allld( not appty to flluncial ststetwts. Page 2
Heritage Concern Foundatlon CIO The charity is managed by a ts)ard of TDJsu that are a180 the only of the chatity, tbey are refered throughout this re[ as Trnstees. The Office of theTnJstcon]pllse a Chair and Trea5DTer. The decision ll1& process for the day to day running of the Charity is made by the Trnstees. At pr&n¢ rhe CIlty empk>ys no stsff to roanage its activiti&8 as its administrative prc(ess is readtly bandled by its TrllSt. As set out in the Constithtion. indiYidua]s aged 16 armj over ellb]e to join the of Thisteffj Eyovided they not legally disqua]ified from doiog so. Other than the first Trn5te4 every tnL%tee Jnust be appointrd for a t¢ruL of tbree years by a resolution pa&sed al a prrwly (x)nvelled meeting of the Tntte5. This was recently ¢alli¢d out on 6 SepteTnber 2024. tn selecting individua15 for app)intDlI a5 Trustees. t] Trnstees must have regard to the skill& kDowledge and exle0CC neojed for the effective adlDti0th of the cbaJity. Three of the Th1&tS had iDterests fromwdyments by the ctharity forsaviees provided in the year. Tknse included seryice$ provided by Donald Cameron Graham as tIllg iwexoal aea)untllnt WMI servilxs pmvided by ButlerL8md Management of which David FAward Butfrx (Owner) a1 JaDXS Edwanl Bud¢r (employee) are IK)th interested parties. Other related parties that do not have intts in the chauty illclude the reMttE Trustees artd Cro&saig R4tate ILP (rnettthrs irLlllde all FllstTrustx8) The cotwitutioll govern3 th¢ thlamioD of aDy )llICts of intemt or loyalty. Where a eonfiict of i]Jterest or loyalty arises the TnL%tee declare natUTC a1 cxtclltof any intew direct orindirecu which he w she has iti a proposed trallsaetiorj OT arrdngeTn¢ntwith thc CTr1ty or in aJ)y traL8actson or aTrangement entered into by the charity whiehh8s notEKeviOllYbeelldCC1ar¢: aDd absetti himself orb¢elf from any discussions of tbe TThstees in wbicb it is possible that k ¢onfjirt of int¢rest will arise bween hts ff her duty to act solely iti the i]Ltere5ts of the ch2Tiry and any interest (irycluding btst ]Mx lÈrniied to any fiacIal inteEeSt). Any Tnjytce absenting himself OT hetse]f from atty diswssÉons in accord with this clause must not vote or be counted 85 Part of the quornm in any decision of the on the ]Datt¢r. YesÉmellt pollcy Tho ThJstees' policy 15 to iuveth f¥ll¥ls ID fixed depsits stnce the v8lue of iV&Stents can f8JL Thi8 Is normally the c&8e with cash del11% so IDveAmprisk Is mini Rlsk management The Trnstees do not eonsi4kn that the chty is to aDy major risks. In comuxjn with many charities in the current economic climate. it colltinucs to be re]iatit the g(utwill of 8] considers thkt it bas adeqe tsseryes to meet ob]igations now a1 ill the funre. A]1 charity activilies are risk assessed to minin)ise auy risks through our tiVity and appropriate leveb of insur2nce are held. Risk assessments are reviewed aDllually as m]uired. Budgetary and ititerD81 control risks Att¢Dtion is Always paid to risks relating to H¢alth aDd Safety given tbe charity involvement with Land rnaDagernent issue8 arising dLring theY,eelIngS disc4w and review Health and safetyrisks on aregularbasis. Governan¢e presSeS alTrUSt Po]icie5 and pr¥x%d review on all allllual basis to ensllre they a fitfor purpose and refkct CUTreDt IK8t practic (original) The objectsve of th¢ Charity is to ptonJ)te the conser¥allo pr¢¢tion alld iyvement of th¢ physi1 and natural environment{xnclud&ng its Floza andFauna) through then)akitig of grallts to clwiiiesregisteredin England and Wales whose tHryses are in pIcular but not ]imited trp. the ptomotion of the ConsVatio protection in4)roveMt of the physical naturnl environ (Indlittg its Flora and Faun4).
Heritage Concern Foundation CIO (AMelld 13tb Jllne 2024 oot applicable these fitial Stater} The objective of the Charity is to promote the protection and irnpmvettni of the physical and natural envitonment (including its Flora and Fauoa) thmugh the makit]g of grant5 ro clwities registered or tictive in the Uniied Kitigdom whosc purpow are io particu]ar llot limitrd to. the promotion of the conservation, pn)tection alld improv¢tneDt of the physAcal and natsral eDv]D)Jt (tlUdIng its Flora aud Fauna). Charltable aetfivhl The Trustres rewbrt th duEiDg the perAThJ the charity re£oved doD2tioll3 of £niJ (2023: £5,838,396) and grants were ade to approwiate applicants opmtitig llT#kT the glli(kJines of the cbatity. Grsnts totltig £3.0(K> were paid out in the peziod (2023: £3.5(X)). The significantly incre4sed and exctyixL•I (k)n4tiOD$ weived durlllg W23 came fTh)Jn a deceased IoDg.term patron of the cbaritable entity fro his estste. The £5,838J96 li w)r&wtstive of £4.856,396 tsaDsfer of land by the estaie after administrwion and £982.(KX) in CovebIe vajue added tsx wbich w&8 itEitiaJly paid over to HM Revenue al CustotDs. Parts of the land were 1¢&ge with entities Irading in the energy [lUStry for the development of wind tiubiDes, this provid r20270 in renthl irthnK. Just prior to the year end the tlltere in the land were transfer to the charlty in ]iDe with the wi8hes of the de£e&sed which re8ultrd in the £20,270 l)ecomillg payable to the charity. In2024the ¢barity has[e1ved Iticomefromtherightstransfeedtojtbythe]and dol0]ll 2023. This included Tree crop cowensatiou of £250,1XKI and £208.630 ID regard to leases ll[ thelaTrJ withenergy compaDies. Both sourees of illcome are deeme4J to in contrib10 to tF¢ protection and inTrpttwement of the physical alld natural enVironllt on the lalld alld go towards furthering the chaTitabte aims of th6 Charity. As a te5uIt of thiB significant incre&8e ID the Th]s have [0gZed th ne&1 kn COnstset $ySlern8 8Dd colltrols robust enough distribute and designate Iiquid in ]ine with the cbarity's objectives and increased 8rdllt potentiaL The Trustees have therefiKe starteAJ to plan alld take s(eps to IP]eWit the &fOr¢mtioDed systrjns and nr£es5ary contro]s. The land acqu[r1 by thecknity comlse$ signific2titar¢as of forestry ranging ftonLgo(Klquality to ptMJrqua]ity timber. peadall& i]an& wetlAnd alld sma]] ]ban$ which wide a diveThe ellviroDn]ent for l(Kal Species of wildlife atul bird& The Trt recogDise their respo$[bilIty in managing these assets" in a wsitive and environllIally friendly mArther in line With the obi¢ctsves t outiti the Cknity'8 coDslitutio STATEMENT OF PUBIJC BENEFrr From l Awil 2008, Se¢lion 4 of the Charities Act 2(Mkn all cbarities to n]eet the Iegal wuirements that its aims fur the publi¢ belfit. The Trnstees confittn thattlw have compjied with the duty to have due regard to the Charity Cojnmission's general guidall on public l*nefiL The (Jmtity CotDmiSSiQn stste6 that there are two priftciple5 to be met in Ord tt) show aD 0[gliSatIon,S aims are fDr the public benefit: firstly. there must identifiable benefit or b¢Defits alld sccondly that thebenefit IIIUSt be to the public, or a section of the pubIic. The Thist¢ ate satisfied that the attn5 and objeAives of the charity. teiDg the prithtion of the nabThi enviroDm¢nt ID which we liv< meet tlKge prI1p1&S. Page 4
Heritage Coneern Foundati( CIO The year kn 314t March 224 saw irthming to the cTrwity of £475.934 {2023: £5,858.666)' expellditure was £197,388 (2023: £58.387). As a result theTe was a Surplus of £278.546 (. £5,800279). This comprised a surylus on testriCted futtds £354271 (2023: (8.283) defi¢it) a deficit OTA de&igDated of £75.72512023.. £5.808,5621. The balaDce oo unttstricted gs * 31".Marth 2(Y24 was £440,879 (21Y23: £86.608). The balance on Restricted fid8 as at 31* March 2024 was £85.gJ2 (2023: £85992) and the balance on desigllated funds Es at 31" March 2024 was £5,732,837 {2023: £5,808J621. As at 3l".Mwb 21>24 the chatity held assets of £6,259.708 (2(L3..£5,981,162). The policy of the clwity retithins iu eatD S]USe oll UDrestricted aCtitieS to further strengthen the finaDcial position to able it to fUrd investirA deliverin8 the chatiry's aims The Trnstees have tskeD the view that placing land funds traD$re1 in 2023 in a de5igDated fimd pmvides & more meaaingM presentation of the clwity's unrestriued fvrwj This Iw CODtinued IXL 2024. During the 2023 Ye a&set value Ex)th IoD8 tenn ar{ curTht ]Dcrew sigDifi¢antly due to the doltiOn of freeh0ld18d into the eIrIty with the rigbt to recovery the Value added tsz paid over to HM ReveDue and Customs io regards io thc 18Dd doDate4L £982.(KM) ID reganls to a VAT Clai0 the trSfer of th¢ laod has been r¢ceived into cash [lS dur&Dg 2024. The laDd is spbc ill three ea¥egories within the notes to (he fiDaDcials statements king Freehold tAlld Yalu4 Iand le which 1$ subjt to over the jew terni alld tnvestmeni pmpety that geJLer&te5 rentsl income. Reserves WTrllcy TheThIstXshav¢ badtheIrrves)IIcy on the liquid assets of theCh1ty. The Tmlsteu poli¢y is to tnaintain frtt reseryes at a level at least equivalent to fuDd its futsllB operations ft)r six months. Based on the fjnattcial stateellts ttLe amount of free se&S is in exee&s of this aDXXlntat th¢ yw cd. The Chatity cwries adequate reserves to enable it to conlinue OFtrdtioDS for the forese£abk futUTe And fiu]ding will continue to flow in. On this b&sis the Tn]ste£g consider it appropriate to prepare the Fwncial Statsments of the c]wity on a going (x)ncern b&sis. The Trustees understajhj that fvture i)ME 5trramB will provide a(klitional knding to enable th¢ ChaTity to continue with its obFctive& The Charity is eXptea to receive a doDattOD in casb of CiTC& £2m after tbefmaDcial year. The fits£2m is the ren]aiDiog donatioll pmceeds from the Sale of Ktste within the aforementionca TTUSL The Trnstr£s have started planning actiti to move the of the charitable illwry)rated Orga5ctI itLto a Scottish charitable iticorporated oTgaDiS81ion due to the lar#1 now ovme4] being a Scottish estate and all of the TTUStecs being resident in scotla1. The new Scottish Charlble iDcorporaled oEgaDt7arion will have the same baritable prSe$ and the sae group of Th. The transfer of &sEets will coincide with the change in the objectiY&s of this charity to allow fordoDations to chitieSbaSed theUniiedKingdonL Thec]witycomukissiott have heen made aware of the intenlion to transfer asseLS. Baseil legal ¥A1ce obtsined the Tn]stees be]ieYe that the transfer of assets between illcoryNnted clwities does notrequire the consent of Charitie5 CollllDissio Page 5
Heritage Concern Folmdation CIO All liquid a&5 of the Charity are held in fllrt of Lts prin objedive. The Chlty holds ffo lld$ as custodiall th15tee on bebalf of othen. TRusfEFS RFSPOliSIBILrrIKs The TNstees aTe responsible for prepariDg the Anllud Rqx)rt atbl the statements ill accothce with applicable l&w and regulatiolls. accoullts fw each fi[la1 year. UDder that law the Trnsttts have to prepare the fillaDl stakments i accordance with United Killgdom Cnenlly Accetrted AccounuDg Practice (United Kitlgdotn Stamlarth Élld applicable law). Tr fmancial staternents are requi0 by law to give a ts Dd hÈr view of the state of affain of the Charitable tncorporated otgatii5atton and of the finaticial activities of the CThllrKtable Inc0t[K thgaDisation f that periLMI. Ill preparing those aC)ts the Tntte$ Tr4uired to: $tht suitable accounting po]icies and thell apply them consi&tendy: make judgements and estimates tbat ate Th50nable and pMlen¢ follow appjicable &countillg Sta and stalements of practic< subiectto any waterial depattsre8 disc105ed aud explained irL the accounts: prepare the OD the going collcern basi5 uuless it IS ill4ry)ropriate to that tbe Charitab]e The Thstees areresp)nsible forkeeping adequateacccwitiJgrecord8 whichdisc105ewith reasonabbaccuracy at aoy time the finaThciat position of the Chatitable Incotpjrated OrganisatioD andty ellable them to ellsur¢ that the accounts conwly WAth the Tt Deed. Chatlties Regu]ations the COpani&S Act 2(KJ6. They are a]so [M)usIble for safeguaTding the sets of the LIrItable IncWF Organis0 Fthce for takrng re•soDable steps for the prevention alld detection of frdlld alld other irregu]aTiiies. DISCtL)SURE OF INFROMATION TO AlRs Fch of the persons W] aTe TrL%te¢s at the time Wh this Trnste¢5' ieiKKt is [OvebaS confirmsj thaL' there is no rdevaut alldit InfoTnttOD of which the CTraritable Illcory thganil0D'S auditors 8 llllawa, alld the tntstees havetskeD all steps that they (Mjghtlohave taken to thee1V&S ae of anyrelevant audit inf(Knlon and to establisb that the auditOE5 are awar¢ of that i]J[ornli0tt. Approved by the TTU5tees oll 21° FebThary 225 and si8r*d on theirbehajf by.. David Edward Buder Page 6
Independent Auditorls Report to the Trustees of Heritage Concern Follnd#tion CIO opDao We have audited the finall¢ial Statements of Herltage Concem Foundation CIO (the"Ch8rit&ble OrtgaDisation"} for the year ended 31" March 2024 wbi¢h ¢omprise tlLe Statement of Fillallciai Activities, the Balance Shee4 St4terntll( of Cash Flows alld aotes ts) the fllTrallcial Statements. it)cluding a summary of significath accounting poliGies. The fmancial reporting frajllework that kn beeTr applied in their PTeparats"on is applicable law atLd United Kmgdom Accountillg Standards, IJA¢Ludi Financial ReIrllE Standard 102.. The Financial Reporting Standard applicable in the UK (United Killgdom Geller8lly AGcepted Accounting Practice). In our opinion, the flnancial statell)ents:_ give a tre and fair view of th¢ $tAte of the Charity's affairs as at 31" Marth 2024 attd of its incoming re8ourC and applicatiou of resourc¢s forthe year tben ended,. hMTre been properly prq)ared in accordaucewith L'nited Killgdorn Generally Accepted AccountiJJg PrdctiGe,' have b¢¢ll prepared ill accord8ttGe with the requirements of the Cbairtie8 Act 2011. BASIS FOR OPINION We couduct¢d our au(h'i in aGcordattce WAth InternatiODal Stsndard8 on Auditing (UK) (ISAS (iU()} and appli¢8ble law. Our r¢sponsibilities und6r those standards are further dwribed in the Auditof s responsibilities for the audit of the [all¢la1 statements 8ection of our repo We are independcnt of the CFJaritable Organisation in accordanrx with the etbical requIrents that arc relevant to our audit of thc flnancial statements in tbe UK including the FRC'S Ethical Stalldrf and we have fulfilled our other ethica] r&%ponsJThilitiL% in a¢¢ordan¢e witb these requiretllen We b¢li¢ve that the audit we have obtaingj 16 oppr¢)PTi&te to provide a basis for our opinioll. CONCLUSIONS RELATLYG TO GOING COICEILY Inauditing the financial Statements, we haveconcludedthat the trwtees, V8¢of the going concern basis ofaccounting in the preparntion of the financial statements is appropriate. B&8ed oll th6 work we have perfonnel we ljave not idthtified any material uncertainties relating to events or conditiolls tha¢ individually or collectively. may cast significant doubt on the Charitable Organi&qtion's ability to ontinue &8 a going GOILGCM ftsr a peri(MJ of at least 12 months fro when the finall¢ial statements are authorised for i$8ue. Our respollsibilitie5 and the r&%ponsibdities of the Inle¢S with rewt to going concern are described in the JElevant sections of this report. (YnlKR INFOILMATIOF4 The tntee8 are responsible for the other inforn]ation. The other iuforn]ation comprises the infomiation included in the aunual report other thall the fllLlltt¢tsl staternenls alld our auditor's re4xTrrt theretsn. Ow opinion on the fu1¢la1 sta¢¢ments does not cover the other infonnation gn¢L except to the &Ktent otherwyse explicit]y srated in ourrw¢ we do not expr¢s8 any forni of asanCe conclusion therw In nneCtiOn with our awlit of tbe finallcial Statemen our resKKM]sibility is to read the odLer information in doing so, cothsider whether the other inforttvdtion is moterially inconststent with the financial Statements or our knowledge obtiin¢d iti the audit or otherwise appears to be Tnatthially ltate<L If we identify such materlal inGonsiyttrttcies or apparent material rnisstatemen we are requitEd to deter1The whether there is a materi tl85tatemEnt itt financial starements or a n]aterial mi&sratrment of Ihe other iorMatIon. If, based on the work we haTre perforD]ed, we conclude that tbere is a rnaieriaI misb-tatellttt of th's other inf0rniati0 we are required to report that fact We have nothing to report in this regard. Page 7
Independ¢nt Auditor's Report to the Trustee8 of Heritage Concern Foundation CIO OPJL¥IIONS OTri OTHER MATfERS PRESCRIBED BY THE COMPANIES Acr 20110 our opinion. bascd on the work undenaken iTh the course of tlLe audiL"_ ¢IL¢ infornation given in the tsustee5' report (inwrporatiDg tkn strat¢gi¢ r¢port) for the finaucial yEar £or which the finallcial state]nent8 are prepared is consistent with th¢ fJJw¢iai 5tat¢ments" atLd the thistees, repon (inwrporating the straiegic report) have been prepared in accordance wÉth applicable legal reqpjiremts. MArfERS ON WHICH WE ARE REQLJRED TO REPORT BY EXCEPTtON In the light of the knowledge aTLd ulldastanding of the C1]ty and its eJ)Nryronment obtaiJJedin the course of the audil we have noi identified mai¢riaL misstatements in the Trustee8' Annua] Report inctuding the Strategic ReporL We havenothing to r¢port illrespcctof the following rnatters irtrelationto wbich the Charities (Accouttts alldReports) Regulations 2008 J¢quires US to report io you if, in our opilliori- adequate accounting record8 have not been kq)t or retun adequate for our audit bave not beeu r¢c¢iv¢d from brallches not visited by u8,. the fancIaL statements are not iu agre¢ent with the a¢utIng records aud reDm' ertairt disclosures of thjsttts, remunerntion specified by law are not rnade" or we have not obtained all the itiforniation and ¢KplanLtioll8 ne¢usary for th¢ PUTP05e8 tsf our audit. RESPONSIBILITIES OF TKE TRUSTELS As explained more fully in the trustees, resymsiThiliues stat¢rnent s¢touton pages SIK, th¢ trustees are responsible for the preparatioll of the finaL¢ial statenents and for being satisfied that th¢y give a true and faKr Mew, and for Such inten1 control as they deterniine is necessary lo enable tlLe prepar&u¢)ll of financial statements tILat are free from n]aterial misst8tellLelll whetlLer thje to fraud oreThor. In preparing th¢ finanGial statement4 the trustees are respojtsibte for 4s8¢ssing the Chtirity's ability tr> continue as a going conce th'sclosing: as applicable, matter6 rejaied to going conc¢rn and using the going concern basis of accounting uoless the trustees either intend ts> liquidate the Clty or tt> ceas¢ oper&tioDs, or have no Tralistic altemative but to do so. OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain lsOnable assurance about whether tkn fuJancio] statements gs a whole are free from Mala1 mi88thtemellt, whether thie to fraud or error, ond io issue an auditor's rep)rt that includes our opinion. Reasonable assurallce 18 a bigb level of &8surdnce, bui is ngt a guaran tIt an audit wnduded in accordallce Thryth ISAS (UK) will always detect a terIal misstatemelliwheo itexists. Misstatement8 w arise from fraud or tr and Are considered maierial if, indhvidually or in the aggrega, they could reasonably be expected to infiuenGe the economic decisioL8 of users taken otl the basL8 of the fanCial 8tatements. OUR REspofqsIBJLTfIES FOR THE AUDIT OF THE FINANCIAL STATEM£.YTS (Cont'd) lttegularities, iticludittg fraud are instances of non-eompliance with ]AWS and regulations. We desi pr(Kedures in lirAe with our responsibilities, ouilined alx)ve, to detect materiAI misgtAicments itt respect of irregul1ties, including fraud is detailed below.. We have idenlifid aa5 of laws and Tegutatioa5 that could reasonably be expected to have a tllaterial effect on the financial statemellts fro our g6neral wmrnercial cxperitZLce, ktLowledge of the sector, a review tsf regulatory 8nd legal correspondence and throgh discussions with Trnstees and other management obtained as part of the work required by auditing standards. We haYE also discussed with the Trustees and other management the policies and procedures retating to compliallce 54qth laws and regulations. We ¢ommwitcated laws and reglllats'ons thrOUOut the tearn and remained alert to any illth'catioll5 of non-compliance througbout the audiL Page 8
Independent Auditor's Report to the Trustee5 of Heritag¢ Concern Fowidation CIO The potential impact of derellt hws and regulations l'ori considerably. The Charitable Organisation is subject tts laws alld regulations that directly impact the fnvmcial Sthiements and we have ass&ised the extentof compliance with SLIGh laws as part of our fit)aLcial staten)ents audiL We evaluated management's ineentives and opporbmities for fraudulent manipulaiion trf the financial Stamellts (itt¢luding of override of controls) alld deterrnined that tbe Pfillcipal risks were related to management blas io accountiug estimates alld judgmental areas of the fllmncial Stateettts such as depreciation of taogbj le fixed a&s¢¢s. We ¢arried out detsiled substamtxve tests on acwunting estimates. ineluding reviewing the methods used by rnanagemeni to those eStInte9, re.performing the ea1¢Ulatio and reviewing the outcome of priory estimates. We 8xe notresponsible forpreventiDg non-comp]ian¢¢ 8Dd callnotb¢ exp1 to detectnon-compIiance witb all laws and regulations. A fier description of our re6pon8thiJities for the audit of the fin8llci statements 18 located on the Financial Reportillg Council's webskte aL w%.fr¢.0.Uk/audltor8rcsEXwibilItie8. This de8cription forn part of our auditor's report. USE OF OUR REPORT This report is made solely to the Charity's membeG, as 8 Ix)dy, io accordance with Clwities Act 2011. Our audit work has been undertaken so that slat¢ ¢0 the Cljarity's tnembers those matters wpe are required to st&¢e to them in att auditor's report and for no other purFose. To the fiest exteni petmitted by law, we do not accept or assume responsibility to anyone other thall the Cbariry's llLellLber5 &8 a ldy. for ouraudit wort for this reporL orfor e opinions we have foDned. Roger wkn.te (Senior StatutoryAuditor) For and on behalf of Saul Fairho]m limited, Stabjtory Auditor 12 Tentercrofi Street Lincoln LN5 7DB 28th February 2025 Page 9
Heritage Concern Fowidation CIO Statement of TrIDan(>al ArtiTities for the Year Ended 31 March 202A Totsl Year Ended 31 March 24)24 Year Ended 31 2023 Notr Incoming resources funds Investment Incortte 475.934 475,934 20.270 5,838J96 Voluutgry lllcomE Total incomingresources 475934 Rewurce5 exptnded alaritsble do[LI0$ 3,0 118.663 75.725 3,5(X) ,887 Charitable activities 118,663 75.725 Inv6Stmttttt expenditure 197J88 197.388 Netmovemellt in funds 218546 278.546 5,8(K).279 Tothl fulld5 brought forward Total funds carrAsJ forward 5 895.170 85.992 85.992 5.981.162 180 883 15 6,173.716 6,259.708 5.981 162 The not¢s oll pages 10 to 21 forni an inte1part of these fjDaDcial
Huitage con{ FoDDdalion CIO Balance Sheet as at 31 March 2O2A 31 M*rch 2024 Fixed Assets Tangible &8sets Inve8ttuent property 12 13 4,754,869 4.830.594 4.780,611 4.856.396 Current Assets Cash at Bank Other Debtors lJh.917 9,765 174,692 982,(KK) io Current A&qets 1516.682 1.156,692 Credltors: Amounts folmng dDt wlthln one year li 31.926 Net current wets 1.479,(r37 1124 766 Net knets 5,981162 The fullds of the charlty: 15 85.992 85,9)2 U]wostsleted Funds 15 15 440.879 5.731837 86,6118 5,808,562 Desi8n&ted Flu Totsd Cjwity Fu]Mls 5.981.162 2011. Approved by the Board ott 21" February 2025 sig1 on its b]fb. David Edward Buder Trnstee Chlty No. 1170912 The notes onpages 10 to 21 forni an iDle part of these financial
Herltage Collcern Foundatlon CIO Cash Flow Ststement 20 Operathig actrvlde 1.316,246 4.855.997 Cash flows from 1nytsti aetlTI InterestTeceived 15,979 12.13 {4.856.396) 15,979 (4,856.396) Net (decrea5e)flla8e in e&8b and cash equAvaieDts Cash and cash equivale1 at i" AprAI 2023 1.331225 174,692 (399) 175,091 Casb awl cash quiYaIEllts at 31" Match 2(F24 1,506,917 174,692 nduatlon otnet Income to net Ih)ws from Net tnc0mel(ExdItllre) tor the TqxKt[ {aspEr the statement of finaudal Adjustmentfor: Amortisation DeplatiOn Interest Teceived 278.546 5,800,279 75,725 6,250 (15,979) 972,235 5,719 Jo (981,6921 31,1&1 Inerease in Crediiors Net eLsh proTlded by otratlng dlFltles 1.316,246 4,855,997 The notes pag&$ 10 to 21 forni aD illte8 part of Ih¢se fina¢181
Heritage Coneern Fotmdvdtion CIO
Notes lo the Finan¢lal Statements for the Year Ended 31 March 2024
l AccowJ¢lug poll(ies
of prep4ratlon
The fiDallcial stateEnellts have prep8rn1 ill aecorkn Accounting Rewting by Charities:
Ststemellt of RecollllllendeAI Practice applicable to clwkties pryating thelr 0nts ID 0rdall¢C with the
Charities Art 2011.
The CIO Jneets the defi]]ition of & pllb]ic lthefit entity Dnder Cljatities Act 2011. Asscts and ]iahilitie6 are
]icy ll
Heritage Concern Foundatlon CIO Notes to the Financial Statenwits for the Year Ended 31 Marth 2024 DonatioDS ore credited to the StatgmeDt of FUEal A1VitieS when re£eived. Tax Teclainthle under gift Lid is cre4Jited on a receivable basTs. T2gacie5 ate r¢wgDiS wheD notified if there is s[FIcIent evidence that the legY will be receiv ard of the likely vthje. IDteTBSi is TetilSed when re<%iv8ble. Liabilities a reeogtiised &8 UrCeS exkd soon as tlwe is a legal or conslrndive obligation committing the charity to the expenditLTr. All e%nditu 15 accoullted for on an accluals basis, rLet of VAT. Ail expellditure bas been ckn5ifieJJ under Ileadings th& aggregate all costs related to the category. Clwitable expendikn comptises those costs incl] by the c]wity in the (k]ivery of its activiti and 5ervice5 for its beneficiaries. It inctudes both c<tsts that can allo ditrctty to SI activities and those at bDk and In hattd Cash at baJ)k and cash in hand includ&8 cash atml sIE term highly ]iquid inYe8tm¢nts WAth short tt)abJrity terms upoo which small amounts of interest ac(The. Debtors cTrJarity before the year d. It is deemed that e£¢wmi¢ will fiow to the etttity after dats for whioh Governance Costs Governance costs include t]M)se costs aSs(KI with meeting tbe conStitional and Stary reqUireEnts of the charity and tncl¥)Je the audit fees and costs linked to the strategic Jnallagement of the CIO. IalItieS provw LiAbilities are recognised whell thete is an obligation at theBa18nce sheet date 35 a resultof a past even( it is probable that a tssfer of ecooomic benefit will be requtLYd in settlell( and the amount of the settlement e4m be estited re]itbly. Liabilities recogtiised at the amount that t clwity anticipales it will pay to $¢ttie the debt or the amollDt it has LEceivcd &8 advanced payments for the goo(Ls or seEvice6 it must provide, Provisions arc IurEd at the best estimatc of the amounts required to settle the obligation. Where the effeet of the time valueof moneyismaterial. thepmvision isbased(trn th¢ pr&8entvalue of th0seamnts, discounted at the pff.tsx di$collDt ra¢ ttk2t retlects the risks SEttific to the liability. the UnWiDding of the discount is The charley only has financial assets and financial liabillties of a ki] that qua]ify as basic financtal instruments. B&sic financial xnStnunts a initially rttogoised at transaction vallle and subsequently rneasud at their settlement value with the exceyion of baDk loaDs which subsequently measur&J at Taxation The charity is exempt from COTporatton t&5 on its charitable activities. Thc chartty has receiyed illCQllL¢ gelleed from land donated to it in 2023. The is dee4ned to be received in iegard to the cbarity's imary purpose and is used and will be used in Tegard to tk conseTv*ioD, protection and i]nproVet of thephysical attd envimnmeni sIbJatrd the laTrl TheTrnste¢s nfu]n thatall income generaj will be used in line with the c1[11#ble pllposes of the chatity thethre giving the clmrity exernption from tax liabi]ity. Page 14
Heritage Concern Foundation CIO Notes to the FiDanoai Statements for the Year EDdLMI 31 March 2024 In the applicatiott of the cljaritable con)pany'8 aXxMting w)IicAe8. ttEe ThLSte&4 4re requir1 to raake judgements. e8ttiDates alld &ssumptions about the CaryiDg amount of assets and liabilities that aTe not readily apparent froD] other50urces. The estimates and 2Slated assumpttons aTr based onhistoricaleAFerieDce and other factors that are COD5ideml to be ttlevaDL Actual rcsults may differ these estilljates. The estimates and underlying 25mptiOnS are reviewed OD att Ongoing basis. Revfrsiotss to acCltillg estiluates a recogniwl in the period iti wbich the estimate is Itcd whcrc the revision afftcts only thperio or the EeTi(Kl of the revision attd futUTe tdS whuc thc vilIon affects brrth cuttent atsd fueFen(lS. TheT¢ are unrestrll Xestrieted Totsl Funds Trtal Funds Yejr Ended Year Fed 31 March 31 March 2023 Donations atyd kgJLies Dotiations 5 838.396 5 838 396 The sAgDifi¢aDtly increased Alld exce[onal donation5 reiVed during 2tY23 came from a dectas&t IoDg.term patron of the charitabk entity fromhii estate. The £5.838,396 is Wiresent1ve of £4,856,396 transfer of laDd by the estate after adrniuisttation alld £981(KX) in valDe &lded tax wbich was rtteived during the year. The land was transfeETed with no restrictions and bas tFwefore been enterul illto the UDre8tricted fund but designated withÈn the LaDd 2lld property fund utA)ll tk baJao(x 8lLeeL 3 1Dve5tment Income Funds Year Ended 31 Marcb Year Ended 31 March 2023 Jnt¢rest received 15.979 15.979 Bank Compewtion Wayleave Th0e Tree Crop Compensation R2JJtsl Income 25 250.( 250,(X)O 208.630 208.630 20,270 475,934 475.934 Parts of the land (knn&ted were under lew fw whÉch rental i)me was being received. Rents] tneome is teStriCted itme due the absence of restsidions wÉthin the disp)sitions of the will. The full amount Te1vable has been received in 2024. ]kning 2Q24 (th iw)me was receiv ID ]ine with the rights transferred with the land ID 2023 being Tree crop comt*nsation fiDm ]VitieS cothcted by energy companies on site in regard to the wind fkmls. Jnterest has been CeIVed from cash osIted in sbort tErm higb interest dep)sit accourlts. Page 15
Heritage Concern Foundation CIO Stalement of financial actiTilio by fijnd Year Ended 31 Marcb 2024 4 Charltabk donatlons Re5tr1cted Tot81 FnndB Total Funds Ended Year Ended 31 March 31 March Charitable (knnations 3.0 3,500 3,0( 3.500 Donations were n)ale iffj line with th? cjwitable aim5 of the CIO. I)utAng the year £5( (2023: £1,otK)I was donated to MaTAneCoDservation Sety. q(KK)(2(F23: Q(XKI)to DurhamWiMlif¢Tnrt £5) (2023: £500) to British Dragontlies. Totsl Totsl aritalAe 31 Marcb 31 Moreh 2024 EXnine[S fee Legal fees Consultancy Fees iQ.(KX) 11262 212 3.802 320 lo.t 11262 212 10,0 29,804 4,665 2.833 1.275 Motoi vehide exFnses BaDk charges Motoi depreci*ioll 320 6.250 27,( 7286 Pmf&ssional Estate malgeMent costs Land h(aDagement fets Investentexpem1I1llre 7.286 7,960 50.765 50.765 75.725 75,725 194.388 194.388 54.8 Included within direLt cbarltsble extKDdithre is £36,438 (21)23- £44.88T) re]Bting to supixirt costs and £IO,IKK) (2023 - £10,0(X)) relatitig to goyernattce costs. nl225 h&s attiibuted to direct costs for management of the land utx)n wbich relltsl income attd crop corntrn5ation b&% beea received whilst £75,725 of lease amortizatioll ha5 beEn attributed to the lte down of tbe le value. All cbaritable exrKndlttt ha8 been Dllring the year ButltrL#Dd ManagemeJ]t for ljnd maDagernent services totsliDg £50,765 (2023.. Nil). 2 of the Trustees have an intttest in Buller Ly1 Managelljellt Ltl Davxd Edw2rd ButlgT As the owner and dtre£tor of this entity al James FAlward Butler is an employee. Page 16
Heritage Concern Foundatlon CIO Statement of fiDan activities by fund Year Ended 31 Mxrth 2024 Butler talld hlanxgementprovided services w the TrustthiDisW the death e9tate of the late Barry Atkillsoll aud to Barry Atkinson hitnse]f ID relioD ts) ItiaDag¢Ixi¢nt of the land before it was don&ted to the Cbarity. The r&tS At wbich this company charges fees 18 consideredto at krjn's length cornmercial value. During tbe year Donald Cameron Graham bay [enetteA for a(xx)untsJhcy 8eryices to the chlty totaling £27.IKK> (2023.. Nil) £135(M) h&8 been attributcd tD dirECt c11tble Costs and £13.5(X) has been attributed against tnvesbnent geTrntIng lalld Due to 8igoifjcant nabjre of the donation irl 2023 the accountitig seryices required by the th8rity illcrea5ed througb ]rreaSed tr8rtsactional activity and to be at arrn's length CO]n1 vajue. Thistee meetings were held to agreethe servicc4 to provided by the interes] Tn. A quorutn of the 3 Trustees that held no interest in these IraDsactions w&% tt5Eth5ibk foragteeiDg these seThiceg to be provided goillg forwanl. 7 EmWoyees' remuneration The Cjwity employed Do staff duritjg (2023: Dil) 8 Net incoAimg Net iOCOrniDg resources is ststed after C08. 31 Mardk 21ll4 31 Marth 2023 Depreci&tioTh of &8sets 250 75,725 9 Audltors remulleratmm 31 March 2024 31 mch 2023 Audit of fiDanci815talements lo, 600 ID,(KY) Non audit AO Other Debto 31 Mreh 2024 31 2023 VAT recovetab]e Pryaid Interest 951 982.(XX> 8.815 9.765 982,(KM) Page 17
Heritage ConeerD FoundatiDn CIO Statement of financial actiTiti£¥ by thnd Year Ende4131 March 2024 11 Other Creditors: fgllh)g du¢ wlthln one year 31 W 2024 31 Marth 2023 12552 25,)3 11,535 18.30 2,(1 31.926 Acern2ls VAT 37,645 12 Trlxed &8sets Motor Vehldes Totsl As at l April 2023 Additions Disposh18 2,480J34 13502fA) 4.855.594 As &t 31 March 2024 4.855.594 Depredatjon and AmortlsalAon As at l Awil 2023 Provision for year 75.725 75,725 As at 31 Mah 2024 75.725 100,725 Net Book Value As at 31 M&rch 2024 50.2fA> 4.754.869 As at 31 March 2023 Dwing 2023 freehold PTOtthy was dor to the etlty from an thtuistemj Tt holding 18s¢ts on l*h8Ifof the ohlty. The ats included valued at £4.910.IKX) in totaL The ThIst transfetted the tid¢ of th¢ land to the chatity just before the 2023 year.end. At this p)int freeknld ]and continued to be valued at £2.350,2(rf). L8NI lease was valued at a loVrMOUnt of £2.480.334 thje to the land transfer takitig place 7 aft¢r iDitial valuatioll at which point the of tbe leases had Shorten reducing the value of the laud under kase. No depreciation has been charged agatllst freehold land due to its ttaulle. £75,725 in aort17atoll of the larUnder Ie has been Charg in 2024 (2023: Nil). Page 18
Huitage Concern Foullthon CIO StatemeDt of finan(7al actlvlties by fund Year Ended 31 March 2024 13 Investtllents Total As at l April 2023 Additions Disposals 25,802 As at 31 Msrch 2024 25,82 The land doDation ideutified within note 12 Incltmjed laod used for 3partY WiDd fam developments. This land was accruiDg reDtsI incom¢ llTKier the leases trattsfetred to the cbarlty and th¢refore caD be considered itiYe5tment prom. The hir value of the ]and duTillg the year Iw Dotn¥)YNJ )natr1iy. 14 Rdated port*s During the year tb were no ft]Ated pty t(ansxtiODS Otbttthattlknse higb]ighbA withiThnote 6 (20 - nil). 15 ANlysis of tuttds At l Apdl 20 At31 Mareh 2024 Unrestrlcted Funds Genuai fLmds 86,( 5.808,562 475.934 (121,663) (75.725) 440,879 5,731837 Designated Land fund Restrleted Fwid4 14Dd and Spidet5 Web Appeal 85,992 5 981 [62 475.934 197.388 6 259 708 At l April Incoming At31 Mareh 2013 expended General funds Designated IAnd f]d Restrlcted Fun 9S.891 20270 5,838.396 (28.553) (29.834) 86.608 5,808,562 Laud and Spidtts Web Apttal 85,992 180,883 58387 5981.162 Page 19
Herltage Concern Foundati( CIO Statement of financial aetlvities by fund Year Elldl 31 Marth 2024 The TrSte£S have tsken the view thatplacing newly traDrfetted la1 in a designa1 fimd pmvides amo rneaDIngfi presentation of the cbarity's uDresLricted fulld Restrithd funits held are in relation to the land aDd Spldery Web Aptul 16 F4el xwts by tuj Totsl Total Reytrithd Fujkds 31 Funds 31 March Mareh 24 2023 Designated Fixed assets 4.754,869 4.754,869 25.8( 4,830594 25.802 tnvesttnent property Cellt assets 478J24 951166 1,516,682 1.156,692 CreditoTr". Amouttts f2llillg due witbill one year 37.645 31,926 Net assets 440.879 5,732,837 6259.708 5,981,162 17 ADalysls of debt The ¢har&ty h*1 no debt duritig tbe year. 18 Contlngent Il•bllltks £982.OlJ) wa8 OTigiDally p&d over to HMRC by th¢ administering Trust in gard to the traDsfer of land in 2023. A claim for repayfflent of the VAT w&$ rnadc by the charity ar4J Ex)ll initial review by IINIRC was repaid to the cljarity ID Septelljber 2023 dlThg the y. Tlwe is still ongoing corymlence Fith HMRC in regards to the VAI. repaymellt and utitil yjch as the matter is c105ed tre TrusteeB feel it Wlthnt to disclose within the fula1 Statellnts &% a p>ssible contsngeot liabihty. Page 10
Hltage Concern FoundAlion CIO Statement or rman11 adiTities by fund YeAr Ended 31 Marth 2024 income fuThl illrome fund 2024 2023 Incom1]4 resources Inv¢5ttThettt Incorne ljcoming tknaati(IlJS Total illcomillg r&soure Resources expended Costs of getWdliog llds Chtable activities sUprt cos GOVeance costs Land management costs Amortisation 475.934 20,270 5 838 396 5,858,666 475.934 3,5(X) 44,887 10,000 36.438 iO.(KX) 72.225 197,388 58,387 Net movemetLts in nds Z78,546 5.8tK)279 R¢¢onclllation offun¢Ls Total fumts brought foEwaTd Total funds carried forward 6.173,716 5,895,170 No movemellts have (K¢UTr1 in Restricted dwing th¢fiDaneial y. Page 21