Charity registration number: 1170912 Heritage Concern Foundation CIO Annual Report and Financial Statements for the Year Ended 31 March 2025 Saul Fairholm Limited 12 Tentercroft Street Lincoln LN5 7DB Heritage Coneern Foundation CIO Contents Reference and Administrative... Trnstees, Report Indep￿KIefttAuditor's report 2to6 7t09 Statement of financial activiti¢s io Balance Sheet Cashflow statement 12 Notes to the financial statements 13to21 Heritage Con¢ern Foundation CIO Reference and Administrative Details Charity name Heritag¢ Concern Foundation CIO Charity registration number 1170912 Trustees David EdwaTd But]¢r Duncan Graham James Edward Butler Donald Cameron Graham William Marley lan M¢Donald Paul O'Donnell Auditors Saul Fairholm Limitsd 12 Tenteicroft Street Lincoln LN5 7DB Page I Heritage Concern Foundation CIO Trustees, Report The financial statements have been prepared in accordance with accounting policies set out in notes to the accounts and comply with the charity's governing document, the CharÉties Art 201 l and Accounting and Reportino by Charities: Statement of Recommended Practice (SORP October 2019) applicable to charities preparing their accounts in accordance with Charities Act 2011. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1170912 Prfincipal address Sandaigh Mugdock Road Milngavie Glasgow G62 8EJ Trustees David Edward Butler (First Trustee) Duncan Graham (Chairman) {Fir5t Trustee) James Edward Butler Donald Cameron Cvraham (Treasurer) William Marley Ian McDonald Paul O'Donnell Independent Auditor Roger White ACA Saul Fairholm Limited Chart¢red Accountants 12 Tentercroft Street Lincoln LN5 7DB Principal Bankers Bank of Scotland STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Herrtage Concern Foundation is a chaTitable incorporated organization that was first registered with the charity rommissiorE on 23¥d December 2016. The members of the charity are the Trustees who served during the year and aTe named above. In the event of the charity being wound up, the liability in respect of each member is nil. The Heritage Concern Foundation was originally constituted by Deed of Trust dated 23Fd December 2016 and is a registered Charitable InwrpoiRted Organisation (CIO). Charity number 1170912. The Constitution was updated on 13th June 2024 to arnend the objectives stated below for coverage over the whole of the UK and not just England and Wales. Page 2 Heritage Concern Foundation CIO Trustees, Report Recruitment, appolntment and reslgngtion of Trustees The charity is mana(Yed by a board of Trustees that are also the only members of the charity, they are referred to throughout this report as Trusfres. The officers of the 'frust comprise a Chair and Treasurer, The decision inaking process for the day to day running of the Charity is made by the Trustees. At present the charity employs no staff to manage its activities as its administrative process is readily handled by its TTUStees. As set out in the Constitution, individuals aged 16 and over are eligible to join the Board of Trusfres. provided they are not legally disqualified from doing so. Other than the first Trustees, every trustee must be appointed for a temi of three years by a resolution passed at a properly convened meeting of the Trustees. This was recently Carried out on 6 Septemb¢r 2024. In selecting individuals for appointment as Trustees, the Trustees must have regard to th¢ sk711s, knowledge and experience needed for the effective administration of the charity. Related Parties Three of the Trustees had interests from payments by the charity for services provided in the year. These included Se￿iCeS provided by Donald Cameron Graham as acting internal accouiitant and services provided by Butler Land Management of which David Edward Butler (owner) and James Edward Butler (employee) are both interested parttes. Other related parties that do not have current interests in the charity include the remaining Trustees and Crossaig Estate LLP (members include 811 First Twstees) The constitution governs the declaration of any conflicts of int¢r¢st or loyalty. Where a conflict of interest or loyalty arises the Trustee must declare the nature and extent of any interest, direct or indirect, which he or she has in a proposed transaction or aiTangem¢nt with the charity or in any transaction or a￿angem¢nt entered into by th¢ harity which has not previously been declared; and absent himself or herself from any discussions of the Trustees in which it is possible that a contlict of interest will arise between his or her duty to act solely in the interests of the charity and any personal interest (including but not limited to any f￿ancial interest). Any Trustee absenting himself or hers¢lf from any discussions in a¢¢ordance with this clause must not vote or be counted as part of the quorum in any decision of the Truste¢s on the matter. Investment policy The Trustees, policy is to Invest surplus funds in fixed interest deposits since the value of investments can fall. This is normally not the case with cash dep051ts, so investment rislc is minimised. Risk management The Trustees do not consider that the Charity is exposed to any major risks. In common with many other charitÉes in the current economi¢ climate, it continues to be reliant on the goodwill of members and considers that it has adequate reserves to meet obligations now and in th¢ futur¢. All charity activities are risk &ssEss¢d to minimise any risks through our activity and appropriate levels of insurance are h¢ld. Risk ass¢5sments are Teviewed annually or as r¢quired. Budg¢tary and internal control risks are minimised by the implementation of procedures for the authorisation of all transactkoiis and projects. Attention 15 always paid to risks relating to Health and Safety given the charity involvement with Land management issues arising during the year, meetings discuss and review Health and safety risks on a regular basis. Governance processes and Trust Policies and procedur¢s are reviewed on an annual basis to ensure they are fit for purpose and reflect current best p￿CtIce. OBJECTIVES AND ACTIVITIES (original) The objective of the Charity is to promote the conservation, protection and improvement of the physical and natural ¢nv?ronrnent (including its Flora and Fauna) throughthe rnaking of grants to charities registered in England and Wales whose puryoses are in particular but not limited to, the promotion of the conservation, protection and improvement of the physical and natural environment (including its Flora and Fauna). Page 3 Heritage Concern Foundation CIO Trustees, Report OBJECTIVES AND ACTIVITIES CONT'D (Amended 13th June 2024) The objective of the Charity is to promote the conservation, protection and improvement of the physical and natural environment (including its Flord and Fauna) t]]rough the making of grants to charities registered or activ¢ in the United Kin(rdom whose purposes are in particular but not limited to, the promotion of the conservation, protection and imPiDvement of the physical and natural environment (including Tts Flora and Fauna). ACHIEVEMENT AND PERFORMANCE Charitable aetivities The Trustees report that during the period the charity received donations of £2,203,583 (2024.. £nil) and grant5 were made to appropriate applicants operating under the guidelines of the charity. Grants totaling £21,000 were paid out in the period (2024: £3,000). The significantly increased and exceptional donations received during 2025 came from a deceased long-tern] patron of th¢ charitable entity fiY)m his estate, The £2,203,583 is representative of the remaining cash donated to the charity onc¢ administration of the estate has been completed. In 2025 the charity received income from the rights transferred to it by the original land donation in 2023. This included Tree crop compensation of £156,136 and £261,444 in regard to leases upon the land with energy companies. Both 50ur¢es of income are deemed to be in contribution to the conservation, protection and improvement of the physical and natural environment on the land and will go towards fuithering the charitable aims of the ¢harity. As a result of this significant increase in income th¢ Trustees have recognized the need to consti'uct systems and controls robust enough to distribute and designate liquid funds in line with the ch￿'ity'S objectives and increased grant potential. The Trnstees have therefore started to plan and tske steps to implement the aforementioned systems and n¢cessary ¢ontrols. The land acquired by the Charity comprises SI￿]fIcant area5 of forestry rancring from good quality to poor quality timber, peatlan(L bogland, wetland and small lochans which provide a diverse environment for local species of wildlife and birds. The Trustees reCO.(￿lSe their responsibility in mana(ring these assets in a positive and environmentally friendly manner in line with the objectives set out in the Charity's constitution. STATEMENT OF PUBLIC BENEFIT From l April 2008, section 4 of the Charities Act 2006 requires all chartties to meet the legal requirement5 that its aims are for the public benefit. The Trustees confirm that they have coinplied with the duty to have due regard to the Charity Commission's general guidance on public benefit. The Charity Commission states that there are two principles to be met in order to show that an organisation's aims are for the public benefit: firstly, there must be an identifiable benefit or benefits and secondly that the benefit must be to the public, or a section of the public. The Trustees are satisfied that the aims and objeetives of the charity, being the protection of the na￿ra[ environment in which we Itve, Meet these principles. Page 4 Heritage Concern Foundation CIO Trustees, Report FINANCIAL REVIEW The year to 3151 March 2025 saw incoming resources to the charity of £2,696,391 (2024: £475.934)' expenditure was £ l i9,544 (2024: £121.663 restated). As a result there a surplus of £2,556,847 (2024: £354,271). This comprised a surplus on unrestricted funds £2,556,847 (2024.. i54,271) and designated funds of £nil (2024: £nil reststed). The balance on unrestricted funds as at 31 $1 March 2025 was £794,143 (2024: £440,879). The balanc¢ on Restricted funds as at 31$1 March 2025 wag £85.992 (2024: £85,992) and the balance on designated funds as at 31 Sl March 2025 was £8,012.145 (2024: £5,808.562 restated). As at 31 st March 2025 the charity held assets of £8.892,280 (2024: £6,335,433 restated). The policy of the cha]'ity remains to earn surpluses on unitstricted ￿ndS activittes to ￿rther strengthen the financial position to enable it to further invest in delivering the ¢harity's aims The Trustees have taken the view that placino land funds transferred in 2023 in a designafrd fund provides a more Eneaningful presentation of the charity's umtstricted fund position. This has continued in 2025. Freehold property and current assets During the 2023 year the asset value both long terni and current increased significantly due to the donation of freehold land ftnto the charity along with the rioht to recovery the Value added tax paid over to HM Revenue and Customs in regards to the land donated. £982,000 in regards to a VAT claim on the transfer of the land has been received into cash funds during 2023. The land is split into three categories within the notes to the financials statements being Freehold Land value, Land under lease which is subject to amortization over the lease tern) and Investment property that generates rental income. Reserves policy The Trustees have based their reserves policy on the liquid assets of the Charity. Th¢ Trustees policy is to maintain free reserves at a level at l¢ast equival¢nt to fund its future operations for six months. Based on the financial statements tbe amount of fr¢¢ reserves is in excess of this amount at the year end. Th¢ Charity carries adequate reserves to enable it to continue operations for the foreseeable ￿tUre and funding will continue to flow in. On this basis the Trusfres ¢onsid¢r it appropriafr to prepare th¢ Financial Stafrments of the Charity on a going Concern basis. FUTURE DEVELOPMENTS The Trustee5 understand that futur¢ incom¢ streams will provid¢ additional funding to enable the Charity to continue with its objectives. The Trustees have moved the assets of the eharitable ineorporated Organisation into a Scottish charitable incorporated organization in October 2025 due to the land owned being a Scottish estate and all of the Trustees being resident in Scotland. The new Scottish Charitable incoTporated organization will hav¢ the same charitable purposes and the same giDup of Trustees. The transfer of assets will coincide with the change in the obje¢tives of this charity to allow for donations to charities based in the United Kin(Jdom. The charity commission have been made aware of the transf¢r of assets. Based on legal advice obtained the Trustees believe that the transfer of assets betw¢en incorporated charities does not require the consent of Charities Commission. Pag¢ 5 Heritage Colleern Foundation CIO Trustees, Report FUNDS HELD All liquid assets of the Charity aTe held in filltherance of its prime objective. The Charty holds no funds as custodian trustee on behalf of others. TRUSTEES RESPONSIBILJTIES The Tn￿teeS are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulatAons. Law applicabl¢ to Charitable Incorporated organisations in England and Wales requires the Trustees to prepare accounts for each financial ye2r. Under that law the Tnjstees have elected to prepare the financial statements in accord8n¢e with United Kingdom Generally Accepted Accounting Practice (United Kingdom Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the Charitable Incorporated organisation and of the financial activities of the Charitable Incorporated OrganisatKon for that period. In pr¢paring those accounts the Trustees are required to: select suitsble accOUntll￿ policies and then apply them consistently> make judgements and estimates that are reasonable and prudent. follow applicable accounting standards and statements of recommended practice, subject to any material departures disclosed and explained in the accounts. prepare the a¢counts on the going concern basis unless it is inappropriate to presume that the Charitable Incorporated or£anisation will wntinue in business. The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Charitable Incorporated OrganisalioD and to enable them to ensure that the accounts comply with the Trust Deed, Charities Regulations and the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the ChaTitable Incorporated organisation and hence for taktng reasollable steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFROIVIATION TO AUDrfoRS Each of the persons who are Trustees at the time when this Trustees. report is approved has confirnied that: there is no relevant audit inforn]ation of which th¢ Charitable Incorporated Organisation's auditors are unaware, and the trustees have taken all steps that they ought to have taken to make themselves aW￿E ofany relevant audit inforniation and to establish that the audito￿ are aware of that inforniation. Approved by the Trustees on 22° January 2026 and signed on their behalf by: Donald Cameron Graham, Trustee Duncan Trustee Pag¢ 6 Independent Auditor's Report to the Trustees of Heritage Concern Foundation CIO OPINION We have audited the fmancial statements of Heritage Concern Foundation CIO (the "Chai'itable Origanisation") for the year ended 3 1st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, Statement of Cash Flows and notes to the financial statements. including a summary of significant accounting policie5. The financial reportinty frameworf< that ha5 b¢en applied in their preparation is applicable law and United Kingdorn Accounting Standards, includino Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK (Unit¢d Kingdom Generally Ac¢¢pt¢d Accounting Prdctice). In our opinion, the financial statements:. give a true and fair view of the state of the Charity's affairs as at 315t March 2025 and of its incoming resources and application of r¢sources for the year then ended. have be¢n properly prepared in a¢coTdance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Cliairties Act 2011. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stanaards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We ar¢ independent of the Charitable Organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standttrd, and we have fulfilled our other ethical responsibilities in accordance with these requÉrements. We believe that th¢ audRt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. EMPHASIS OF MATTER - FINANCIAL STATEMEIYTS PREPARED ON A BASIS OTHER THAN GOING CONCERN We draw attention to the Basis of preparation section of Note I to the financial statements, which explains that the assets of the charity have been transferred after the year end (October 2025) into Heritage Concern Foundation SCIO. The Trustees therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. AccordingIy. the financial statements have been prepared on a basis other than goin(r concern as described in note l. Our opinion is not modifted in respect of this matter. OTHER INFORMATION Th¢ ttvslees are responsible for the other infonnation. The other information comprises the infonnation included in the annual report other than the financial statements and our auditor's report thereon. OUT opinion on the financial statements does not cover the other inforn]ation and, except to the extent othe￿is¢ ¢xpli¢itly stated in our report, we do not express any forni of assurance concliision thereon. In connection with our audit of the financial statements, our responsibility is to read the other infoi'Enation and, in doino so, consider whether the other infonnation is matsrially inconsRstent with the fmancial ststements or our knowled¢Fe obtained in the audit or oth¢￿iSe appears to be materially misstated. If we identify such material incon51Stencies or apparent material misstat¢ments, we are itquired to deterniine whether there is a materia misstatement in the financial statements or a material mis$tateiTrent of the other inforniation. If. based on tlie work we have perfolined, we Conclude that there ts a material misstatement of this other infornlation. we are required to report that fact. We have nothino to report in this r¢gard. Page 7 Independent Auditor's Report to the Trnstees of Heritage Concern Foundation CIO OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COIIIPANIES ACT 2006 In our opinion, based on the work undertaken Én the course of the audit:. the information given in the trllste¢s' report (incorporating the strategic report) for the financ?al year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report {in¢orporating the strategic report) have been prepared in ￿CordanCe with applicable legal requirements. TTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION En the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audiL we have not identifIed material misstatements in the Trustees. Annual Report including the Strateoic Report. We have nothingto Teport in respect ofthe following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:_ adequate accounting records have not been kept or retUTns adequate for our audit have not been received from branches not visited by us. the f]nancial statanents are not in agreement with the accounting records and returns, certain disclosures of trustees, remuneration specified by law are not made; or we have not obtained all the information and explanations llecessary for the purposes of our audit. RESPONSIBILITIES OF THE TRUSTEES As explained inore fully in the truste¢s' responsibilities statement set out on pages six, the trustees are responsible for the preparatton of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they detemiine is necessary to enable the preparatÉon of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are Tespot]sible for assessÉng the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going conc¢rn basis of accounting unless the trust¢¢s ¢ither intend to liquidate the Charity or to r¢ase operations, oy have no realistic alternativ¢ but to do so. OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our obje¢tives are to obtain Teasonable assurance about wh¢ther th¢ financial statements as a whole are free from mat¢rial misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high lev¢1 of assurance, but is not a guarantee that an audit conducied in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered mateTTal if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial stateixents. OUR RESPONSIBILITIES FOR THE AUDI.T OF THE FINANCIAL STATEMENTS {Cont'd) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of intgularities, including fraud is detailed below.. We liave identified ai'eas of law5 and regulations that could reasonably be expected to have a material effect on the financial statements frorn our gen¢ral commerclal experTenr¢, knowledg¢ of th¢ s¢ctor, a review of r¢guSatory and legal cO￿espondence and thTough discussions with Trustees and other management obtained as part of the work required by auditing standards. We have also discussed with the Trustees and other management the poli¢ies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-complÈance throughout th¢ audit. Page 8 Independent Auditor's Report to the Trustees of Heritage Coneern Foundation CIO The potential impact of diffeTent laws and retrulations varies considerably. The Charitable Organisation is subject to laws and regulations that directly impact the fuiancial stateinents and we have assessed the ext¢nt of compliance wtth such laws as part of our financial statements audit. We evaluated management's in¢entive5 and opportunities for fraudulent manipulation of the ftnancial statements (including risk of ov¢rride of controls) and detennined that the principal risks were related to management bias in accounting esttmates and jud(rmental areas of the finan¢ial statements such as depreciation of tanoible fixed assets. We carried out detsiled substantive tests on accounting estiinates, including reviewing the methods used by managern¢nt to make those ¢stimates, re-perforniing the calculation, and reviewing the outcome of prior year estimate5. We are not responsible forpreventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc,opy.uklauditorsresponsibilities. This description fornis part of our auditor's report. USE OFOUR REPORT This report is made solely to the Charity's members. as a body, in accordance with Charities Act 201 l. Our audit work has been undeitaken so that we might state to the Charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the Charity's members as a body, for our audit work, for this reporL or for the opinions we have forn]ed. Roger White (Senior Stathtory Auditor) For and on behalf of Saul Fairholm Limited, Statutory Auditt)r 12 Tentercrnft Street Lincoln LN5 7DB 26. January 2026 Page 9 Heritage Concern Foundation CIO Statement of Finaneial Activities for the Year Ended 31 March 2025 Total Funds Year Ended 31 March 2025 Total Funds Year Ended 31 March 2024 Unrestrieted Funds Restricted fiEnd$ Note Incoming re50urc&5 Income resources from generated funds Investment Income 492,808 2,203,583 492.808 2,203,583 475,934 Voluntary incom¢ Total incorning resources 2 696 391 2 696 391 475.934 Resources expended Charttable donations 21,000 118.544 21,000 118.544 3,000 118,663 Charitable activities Investment expenditure Total resources expended 139.544 IJ9 544 121.663 Net movement in funds 2,556,847 2,556,847 354,971 Reconciliation of funds Total funds brought fonvard Total funds caTried forward 6249441 85,992 6,335,433 5,981,162 15 8.806.288 85.992 8 892.280 6 335 4J3 Tlie notes on pages 10 to 21 forn) an integral part of th¢se financial stakments. Heritage Con¢ern Foundation CIO Balance Sheet as at 31 Mareb 2025 31 March 2024 (Restated) 31 Mareh 2025 Note Fixed Assets TangAble assets Investment property 12 13 4,830,594 4.830,594 4,856,396 4,856,396 Current Assets Cash at Bank Other Debtors 3,841,148 234 635 1,506,917 10 Current Assets 4.075.783 1,516,682 Creditors: Amounts falling due ithin one year 37.645 Net current assets 4,035 884 1.479.037 Net Assets 8 892 280 6 335 433 The funds of the charity: Restri¢ted Funds 15 85,992 85,992 Unrestrleted Funds Unrestricted Funds Designated Funds 15 15 794,143 8,012,145 440.879 5.808,562 Total Charlty Funds 8 892 280 6,335.433 The financial statsments have been prepared in accordance with Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Charities A¢t ?oii. Approved by the Board on 22 January 2026 and signed on its behalf by." Donald Cameron Graham, Tnjstee Trustee Charity No. 1170912 The notes on pages 10 to 21 forni an integral part of these fmancial statements. Heritage Concern Foundation CIO Cash Flow Statement Notes 2025 2024 Cash flows from Operating activities Net eash nows from operdting aetfvltles 2,259,620 1,316,246 Cash flows from investing activities Interest received Donation of Land and property 74,611 15,979 12,13 Net cash flows from investing activities 74,611 15.979 Net (decremseyincrease in cash and cash equivalents Cash and cash equivalents at 1st April 2024 2,334.231 1,506,917 1,332,225 174,692 Cash and cash equivalents at 31# March 2025 3,841,148 1,506,917 Reeonciliatlon of net income to net cash flows fr erdtin actlvAtftes Net JDcomel(Expenditure) for the reportxng period (as per the statement of financial position) Adjustment for: Amortisation Depreciation Interest received DwT¢ase/{Increase) in Debtors Increase in Cr¢ditors 2,556,847 354,271 {74,611) (224,870) 2,254 (15,979) 972,235 5,719 io Net Cash provided by operating actfivitAes 2,259,620 1,3 l6,246 The notes on pages 10 to 21 forni an integral part of these financial statements. Heritage Cojjeern Foundation CIO Notes to the Financial Statements for the Year Ended 31 March 2025 l Accounting polieie$ Basls of preparation The financial statempA)ts have been prepared in accordance wÈth Accounting and Reporting by Charities: Statement of Recommend¢d Practice applicable to charities preparino thety accounts in accordance with the Charftties Act 2011. The CIO meets the definition of a public benefit entity under Charittes Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless othenvise stated in the relevant accounting policy notes. Going concern Following the year end the assets of the CTO have been transferred into Heritage Concern Foundation SCIO (October 2025). The transfer has been notified to Charities Commission prior to transfer, The assets are valued at realisable value at the year end. The Trustees are committed to ensuring that the CIO meets all its liabilities aftei. date for it to be wound down without default. The Trustees will ensure that the CIO has the necessary funds to meet such liabilities existing at the year end and liabilities occurring after the year end up to transfer. The Trustees therefore do not consider the Charity to be a goincr concern. Fixed 25sets Fixed assets of the charity are depreciated at appr()priate rates ¢onsider¢d by th¢ trustees to write them down over their estimated useful life to a fair residual value. Depreciation on freehold propeity has been charged at O % as it represents the donation of land into the charity which is not considered to be a depreciatin(J asset and the Trustees view that expenditure on maintenance of any structures that exist on the land which are considered insignificant in value is such at to maintain the values of the charity property at least equal to cost. Land under lease has been valued by 3Td parry valuers at donation to the charity and is subject to amorti7ation of the lease value over the lease ternis negotiated. However, the land is subject to discounting of its value based on th¢ development of windfarnis. Th¢ discount applied is due to be unwound a5 the development of the windfarm proceeds. Currently th¢ developinent is yet to move forwai'd significantly so no increase in land value has been posted. TherefoTe, th¢ amortization of the land in 2024 has been restated to take into consideration that developiTtellÈ of the wiiidfarni will occur and the value of the land will be subject to increased valuation in line with discount value5 originally applie(L Investments Investments propety whtch is land accrning rental income has been valued by J and will continue to be assessed into the fijture on that basis. party valuers at fair value Fund aceounting policy Unrestricted funds are donation5 and other incoming resources receivable or generated for the objects of the charity without further sp¢cified purpose and are available as generdl funds, Designated unrestricted funds are funds that have been set aside by the Trustees for particular purposes. The aim and use of the designated thnd is set out in the notes to the fmw)cial statements. If r¢quired these funds can be Te~attributed to other unrestricted funds if the need arises at the discretion of the Trnstees. Restrieted funds are only utilised against the projects to which the funder intended them for, although the charity does not tn general receive restricted funding due Èo the nature of its activities. Further details of each fund are disclosed in note 15. Incoming resources Voluntary income including donations, gifts legacies and grants receivable is reco