Charity registration numlw: 1170912 Heritage Concern Foundation CIO for the 31 Manb 2024 Saul Fairhol￿ Lirnited 12 T￿ter¢rOfi Street tincoln LN5 7DB Heritage Concern FouDdallon CIO Conients Referen¢e al￿A￿lnIStrat1We........... .. Trustee8' Report 2to6 7t09 s￿teMent of financia] actiwiey -.LQ. Balance Sheet li Casittlow siatemeDt 12 13to21 Herttage CoDcern Foundation CIO Referentt and Admlnlstrative Detsils H￿ltage 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 accord￿with8ccollDttngW)]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.' statell￿nt of R￿￿tt￿lded 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 Ind￿nd¢￿tA￿d1t0r 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 ]ne￿I￿5 of the clJatÉty ate the Th￿teeS who served during the year and arc named tn the event of tte cthatity ￿l￿g woulld up, the liability in respect of each menth ts The Heritage conce￿ Fo￿￿￿10￿ 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 all￿ld(￿ not appty to flluncial ststetwts. Page 2 Heritage Concern Foundatlon CIO The charity is managed by a ts)ard of TDJs*u 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 ll￿1￿& process for the day to day running of the Charity is made by the Trnstees. At pr&￿n¢ rhe CI￿lty 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 ell￿b]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 Tn￿tte5. This was recently ¢alli¢d out on 6 SepteTnber 2024. tn selecting individua15 for app)intD￿lI a5 Trustees. t]* Trnstees must have regard to the skill& kDowledge and ex￿le0CC neojed for the effective ad￿lD￿ti0th of the cbaJity. Three of the Th1&t￿S 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) a￿1 JaDXS Edwanl Bud¢r (employee) are IK)th interested parties. Other related parties that do not have int￿ts 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 a￿1 cxtclltof any intew direct orindirecu which he w she has iti a proposed trallsaetiorj OT arrdngeTn¢ntwith thc CTr￿1ty or in aJ)y traL8actson or aTrangement entered into by the charity whiehh8s notEKeviOll￿YbeelldCC1ar¢￿: aDd absetti himself orb¢￿elf from any discussions of tbe TThstees in wbicb it is possible that k ¢onfjirt of int¢rest will arise b￿ween hts ff her duty to act solely iti the i]Ltere5ts of the ch2Tiry and any interest (irycluding btst ]Mx lÈrniied to any fi￿a￿cIal 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 i￿V&St￿ents can f8JL Thi8 Is normally the c&8e with cash del￿11% so IDveAmp￿risk Is mini Rlsk management The Trnstees do not eonsi4kn that the ch￿￿ty 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 adeq￿￿e tsseryes to meet ob]igations now a￿1 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 pr￿esSeS al￿TrUSt 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¢ physi￿1 and natural environment{xnclud&ng its Floza andFauna) through then)akitig of grallts to clwiiiesregisteredin England and Wales whose tHryses are in p￿Icular but not ]imited trp. the ptomotion of the Cons￿Vatio￿ protection in4)roveM￿t of the physical naturnl environ￿ (Ind￿littg 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 irnpmvett*ni 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)J￿t (t￿lUdIng 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 tot￿ltig £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 ￿Cove￿bIe 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 Iticomefromtherightstransfe￿edtojtbythe]and do￿l0￿]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 contrib￿10￿ to tF¢ protection and inTrpttwement of the physical alld natural enViron￿llt 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 [￿0g￿Zed th ne&1 kn COnsts￿et $ySlern8 8Dd colltrols robust enough ￿ distribute and designate Iiquid in ]ine with the cbarity's objectives and increased 8rdllt potentiaL The Trustees have therefiKe starteAJ to plan alld take s(eps to I￿P]e￿Wit the &fOr¢m￿tioDed systrjns and nr£es5ary contro]s. The land acqu[r￿1 by thecknity com￿lse$ 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￿$[bilIty in managing these assets" in a wsitive and environ￿￿llIally friendly mArther in line With the obi¢ctsves *t outiti the Cknity'8 coDslitutio STATEMENT OF PUBIJC BENEFrr From l Awil 2008, Se¢lion 4 of the Charities Act 2(Mkn all cbarities to n]eet the Iegal wuirements that its aims fur the publi¢ bel￿fit. The Trnstees confittn thattlw have compjied with the duty to have due regard to the Charity Cojnmission's general guidall￿ on public l*nefiL The (Jmtity CotDmiSSiQn stste6 that there are two priftciple5 to be met in Ord￿ tt) show aD 0[g￿liSatIon,S aims are fDr the public benefit: firstly. there must identifiable benefit or b¢Defits alld sccondly that thebenefit IIIUSt be to the public, or a section of the pubIic. The Thist¢￿ ate satisfied that the attn5 and objeAives of the charity. teiDg the prithtion of the nabThi enviroDm¢nt ID which we liv< meet tlKge prI￿1p1&S. Page 4 Heritage Coneern Foundati(￿ CIO The year kn 314t March 2￿24 saw irthming to the cTrwity of £475.934 {2023: £5,858.666)' expellditure was £197,388 (2023: £58.387). As a result theTe was a Surplus of £278.546 (￿. £5,800279). This comprised a surylus on ￿t￿estriCted futtds £354271 (2023: (8.283) defi¢it) a deficit OTA de&igDated of £75.72512023.. £5.808,5621. The balaDce oo unttstricted gs * 31".Marth 2(Y24 was £440,879 (21Y23: £86.608). The balance on Restricted fi￿d8 as at 31* March 2024 was £85.gJ2 (2023: £85992) and the balance on desigllated funds Es at 31" March 2024 was £5,732,837 {2023: £5,808J621. As at 3l".Mw￿b 21>24 the chatity held assets of £6,259.708 (2(L3..£5,981,162). The policy of the clwity retithins iu eatD S￿￿]USe￿ oll UDrestricted aCti￿tieS to further strengthen the finaDcial position to ￿able it to fUrd￿ investirA deliverin8 the chatiry's aims The Trnstees have tskeD the view that placing land funds traD$re￿￿1 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 dol￿tiOn of freeh0ld18￿d into the eI￿rIty 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 Clai￿0￿ the tr￿Sfer 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$ subj￿t to over the jew terni alld tnvestmeni pmpety that geJLer&te5 rentsl income. Reserves WTrllcy TheThIstXshav¢ ba￿dtheIrr￿￿ves￿)IIcy on the liquid assets of theCh￿1ty. 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 state￿ellts ttLe amount of free ￿se￿&S is in exee&s of this aDXXlntat th¢ yw c￿d. 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 eXp￿tea 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 acti￿ti￿ to move the of the charitable illwry)rated Orga￿5￿ctI￿ 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 scotla￿1. The new Scottish Charl￿ble iDcorporaled oEgaDt7arion will have the same baritable p￿r￿Se$ and the sa￿e group of Th￿. The transfer of &sEets will coincide with the change in the objectiY&s of this charity to allow fordoDations to ch￿itieSbaSed theUniiedKingdonL Thec]witycomukissiott have heen made aware of the intenlion to transfer asseLS. Baseil legal ¥A1￿ce 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 Ch￿lty 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 fillaD￿l stakments i accordance with United Killgdom C*nenlly Accetrted AccounuDg Practice (United Kitlgdotn Stamlarth Élld applicable law). Tr fmancial staternents are requi￿0 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 Tn￿tte$ 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 T￿￿t Deed. Chatlties Regu]ations the CO￿pani&S Act 2(KJ6. They are a]so ￿[M)usIble for safeguaTding the ￿sets of the LI￿rItable IncWF￿￿ Organis￿0￿ Fthce for takrng re•soDable steps for the prevention alld detection of frdlld alld other irregu]aTiiies. DISCtL)SURE OF INFROMATION TO A￿l￿Rs F￿ch of the persons W]￿ aTe TrL%te¢s at the time Wh￿ this Trnste¢5' ieiKKt is ￿￿[Ove￿baS confirmsj thaL' there is no rdevaut alldit InfoTn￿ttOD of which the CTraritable Illcory￿￿ thgani￿l0D'S auditors 8 llllawa￿, alld the tntstees havetskeD all steps that they (Mjghtlohave taken to the￿e1V&S a￿￿e of anyrelevant audit inf(Kn￿lon and to establisb that the auditOE5 are awar¢ of that i]J[orn￿li0tt. Approved by the TTU5tees oll 21° FebThary 2￿25 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 Re￿Ir￿llE 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 tr￿e 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 requIr￿￿ents 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 In￿le¢S with rewt to going concern are described in the JElevant sections of this report. (YnlKR INFOILMATIOF4 The tn￿tee8 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 fu￿1¢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 as￿anCe 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 ￿l￿tate 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 C￿lty 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 Ma￿la1 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￿ tI￿t an audit wnduded in accordallce Thryth ISAS (UK) will always detect a ￿￿terIal misstatemelliwheo itexists. Misstatement8 w arise from fraud or t￿r 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￿ f￿anCial 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 irregul￿1ties, including fraud is detailed below.. We have idenlifid a￿a5 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 thro￿gh 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 thrOU￿Out 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 d￿erellt 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 Sta￿mellts (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 State￿ettts 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 eStIn￿te9, re.performing the ea1¢Ulatio￿ and reviewing the outcome of priory￿ estimates. We 8xe notresponsible forpreventiDg non-comp]ian¢¢ 8Dd callnotb¢ exp￿1 to detectnon-compIiance witb all laws and regulations. A fi￿er 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 fi￿est exteni petmitted by law, we do not accept or assume responsibility to anyone other thall the Cbariry's llLellLber5 &8 a l￿dy. 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 inte￿1part 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 sig￿1 on its b￿￿]fb￿. David Edward Buder Trnstee Ch￿lty 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)fll￿a8e 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(Ex￿dItllre) tor the TqxKt[￿ {aspEr the statement of finaudal Adjustmentfor: Amortisation Dep￿latiOn 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 ot*ratlng *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 ￿0￿nts 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 llUlltcaftbe me&wAtd Fith sufficIe￿t reliability. Inves(ment iryco￿ is wogDise41 on a receivabk b&sis. Page 13 Heritage Concern Foundatlon CIO Notes to the Financial Statenwits for the Year Ended 31 Marth 2024 DonatioDS ore credited to the StatgmeDt of FU￿￿Eal A￿1VitieS 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 leg￿Y will be receiv￿ ard of the likely vthje. IDteTBSi is Te￿￿tilSed when re<%iv8ble. Liabilities a￿ reeogtiised &8 ￿UrCeS ex￿￿￿kd ￿ 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 (2023.. Nil) £135(M) h&8 been attributcd tD dirECt c1￿1t￿ble Costs and £13.5(X) has been attributed against tnvesbnent geT￿rntIng lalld Due to 8igoifjcant nabjre of the donation irl 2023 the accountitig seryices required by the th8rity illcrea5ed througb ]r￿reaSed tr8rtsactional activity and to be at arrn's length CO]n￿￿1 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 C￿￿08. 31 Mardk 21ll4 31 Marth 2023 Depreci&tioTh of &8sets 250 75,725 9 Audltors remulleratmm 31 March 2024 31 m￿ch 2023 Audit of fiDanci815talements lo,￿ 600 ID,(KY) Non audit AO Other Debto 31 M*reh 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 Ma￿h 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 et￿lty from an thtuistemj T￿￿t holding 18s¢ts on l*h8Ifof the oh￿lty. The a￿ts 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 loV￿r￿MOUnt 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 a￿ort17at￿oll of the lar￿Under I￿e 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 25,8￿2 The land doDation ideutified within note 12 Incltmjed laod used for 3￿partY 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 )natr1i￿y. 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 Elld￿l 31 Marth 2024 The Tr￿Ste£S have tsken the view thatplacing newly traDrfetted la1￿ in a designa￿1 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 C￿￿ellt 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 d￿lThg 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 fu￿￿la1 Statell￿nts &% a p>ssible contsngeot liabihty. Page 10 H￿ltage 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 Ch￿￿table activities sUp￿rt cos GOVe￿ance 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¢UTr￿1 in Restricted dwing th¢fiDaneial y￿. Page 21