Charity règlstr•Uon Thjmbor. 1187992 Heal Rewilding CIO nual ftepc￿ and FwMnct81 Statemonts forth• Yoor EnW 31 2023 ocm aciiiole H•al Rewlldlng CIO Cont•nts Icontlniied) R8ffjr•n￿ and fvAmlnlstr8lve Del•ils Tru$teos' ReF¥ 2105 I￿19p￿￿ont Audftc￿' Rewi 8t09 $tatern8ntof Fifiand￿ 10 Balonce 11 No188 lothe FI￿&￿1 St8temenls 12to22 H•al Rwlldlng CIO Rfjferen￿ ond Admlnlslratfve Chalr Stannard Tru¥te•s Pws Watsc Jeromy rth Bms D￿n8 Sttm alhan Sknn¢tt Jan Slannard Robgrt Qhjhn lapFthlod 19 Aprl 2024) 1187W2 Ch•rfty R¢glstratlon Numbqr Prfn¢lpal Offlc• Loww Wo$18am Farm with￿ Frkry Frryn& Somerset BA11 SHH ACMdgLLP Stsfford House Blackbrook Part Avenu Tauntr Somersel TA12PX Audltor P898 1 H•al Rowlkllng CIO Th$ trust8és pr¢senl Ihtr annual rnplxt tO9otrw wjth the statements ofth8 oharfty fortho year ended 31 March 2023. Rowildlng 1$ a i*aritsb* tYganSsakn. 11 vrds Incottmted on tho 17 Fobnjary 2020 In acwdance ￿th tho arttdes of asaotialKJn oThY ￿ r8gFSt8rwJ ¥￿th the charity commi#810ry numbèr 1187992. ObJ•ctlv•• and a¢tfvltlè• ObJ•cls and alms Th& ctyJjoctives of thè chwity, as $91 ts ¢￿S￿b)llon. aro". . lo promote for Ihg b8ngfft of thè Ihe cons8rvalb)n lrnFYOVwn￿t oflh8 rtaiw4 and ltyskal envirOnm￿L In Engl￿d ond Wales. Lwkng thg KYOC￿ ol to restoro ￿e4c￿￿al dr¥erslty *Yl cos￿5￿￿$., - to advance envlrornM8nt￿ lrnprovem￿ ¥thY wOt¢¢t1￿ for tho benèfit of the PU￿1¢ throLKJh the conservation and protsction oftho gnvmmgnl and thè Pro￿tC￿ of *Lc6y&tgm8 soMc8s', and - to advance the oducatlon &MI Iha ￿¥￿ageM￿l cl th• wbllc kn tha T8skiratitin, rehabirrt8Uon, conseryation and enhancement oftha natural enwr¢Mmenl to pmmote stL* and reSta￿h in such $ublects and d1s88minats findings to lh• at l*ge. Publlc b•n•flt The tnJslee3 confirni that Ihoy have ¢omF4ied w6th the requlromènts of s8ction 17 of the Chari&è8 A¢t 2011 lo h8Vg due rtyard lo the p￿11￿ benèfit p￿}lish￿J ty the Charity Commi8skM for England and W*4. Achlpv•mont8 and pwfomwire This fi￿n￿al yoaf Saw th• most stytrtant athitsvemenl slncg Heal was foundèd the gcqulsition of our l(AjndatI￿ r8wikJing $lie in Somefset, moving ￿ charfty fr(Mn Cor￿Pt to delNery. Thls 460-acre fomer d￿ry fami 18 ncpw a new natwe whore wikllrfe flnd$ ¥anctuory &nd visitovs. }￿unteerS and th$ commurlty ca¢7 expwI￿a bèing ￿ a wkder l&)dseape. Thrwghout thls financial y•ar, day-l￿aY r￿a￿C￿$ were uMlert*en only fiAI-time member8 of Staff, Supportèd by part-Um8 admlnlslrator. and the ehartty Is Frfoud of %that was ac14ey￿ giv8n th81 level of restyjrce. The announcement. of tho ècquisltlon r8a¢hed ovor 4.4m peopl? Isith over 220 artides and three br08dcasl ￿9¢05. Subs¢rtber8 to th$ Heal new￿6ttèr reached over 3,CW. Tho chwty seryjred 8 £100,Ixio grant from Iho Nalurd Env*w)8nt Investment Readine&8 Fund, a Govgrnmgnt PIOgramme supporling wfvate Sector inveslm8nl inio naturg recovery and ¢Hmal8 action, end bag8n work wth Finan¢è Earth arKI thre8 t8chnitsl p•1nws on thls high-pronè wolect. An appllc8tion to the New to Naturo pr￿ramme resulled in a Rewildtry Comms Tralneg post b?in9 craated for Iha nèxt finanaal year. A new team of voluntogrs was esta￿￿5￿ in èÈrty 2023 for kvacbcal work at H&al Somgrset. drawn ftom th9 8xisUng volunteer base of over 3CQ and w peoFlg INTng near Ihe site. Th& Charlty urtdert￿k a period of commuTrlty gngagemgnl nebghbours and the local vMl8g following th9 S¢te a¢qU￿￿on. Worto to refU￿1$h tho main buikying at th* Heal Sr)mersel sit• Wan, as w8M 8$ preparations for wnkng wblkty are8S to kn. Page 2 H•al Rewlldlng CIO Flnanclal r•vlew Th6 Trustags ar• pleased to see 4 52 per IFKx8aso In total incwe to £334,879. Unrestri¢tod expenditure was hlgher than expected. 81 E208.720. a$ 8 resLdt of thè acqvi8hkn of the Heal Som¢r8et slt6. As a r&8￿1, UlY8strt¢ted ful￿1n9 saw 8 dfjf￿ of £52,OS4 incfudiftg rostrictod h)¢om• and expeNJllwe. an overall $urtAus of £41521 wa¥ acW&J. lTr&vklual and tMJsiness supp￿r¥ contlnued to help us fAJlhJ fw)d, donations risirg to £94,575 (lonatsd ¢ompar6d ￿th £55.916 in Ihe pravic￿S finan¢Lg1 yoar. Three major corporatè supportgrs provld•(i slgnfficanl c￿tinuIng financkql hdp to the charity *ilh a numbgr of other small•r busines$ Partners who b9¢arne Invofv8d durlwJ thè financial year. A8 pl￿ed. tho Charlty s￿red Impact londing to underpin ￿ acquisition of Ih8 Foundati)n Ste, fr(¥n Dirgct Lintr Group and Trloth)$ Bank UK. Sup￿•￿?ntlng the lo1￿ furKI whlth had been a¢thM￿r0 SI￿ summgr 2020. Thèland ftjnd is m8nllést in thro• inithatfvos: He￿ 3x3 laThJ s[￿S￿￿op. corpor818 a¢¢e sponsorship and o Employeqs Square Sthem¢. Lev* of reseNas makntsThd throughout the period. GolnB conc•m Tho Charity is rKNnarlty angaged thtr ro￿r￿j of lo r08tore bio109teal dNerslty and ecosysl•ms and is tharef￿9 rdiant on racaipt of donatioro. granl fundirKJ oThJ other incomg streams ￿je￿ as a¢olllourf8m. wporate arKI PLWC ev8nts. arKI Bkxjiversty Not Galn IBNGI to genarats suffic4ont cash to meet interesl and ¢aFAlal repa￿￿￿nIS cffi loans as thay f8U duè. F¢llovthg the year 8nd, in June 2024 th& C￿lY agrwj an amendment to its cdgirAI loan agroemonl th UK Insuranc8 for an athjitiontl fa￿lity. %thi¢h was us*J to repay in full tha Triodos Loan. FC41o￿ng th8 T8.finan&ng. the th8rity ha8 loans totalhw £5.5m I￿1h UK Insuron¢e wtth the fjrsl caplt81 paJTrent not ¢thJe until 30 Augwl 2027. Tho Trugtees ao Confident that the ¢lwrity hill bo suctoutsm. o)Thmu)ity ￿k. fwhjraising and t¥¥nd awafftn8¥$' {41 to nallse and b8gln dehvery ol a natur*led 18nd m#nagwrtent pl￿ for Ho¥1 SomErset- and {51 lo reffne core element8 of the H&al stte financlng and op8ratlons bhjewint ￿ prèparation for the aquisitlon of a sg¢ond site in 202512026 and fty wbsewnt kn. Po$t balanc• sh•¢t ov•nt* AS Set oul In note 21 to the flnancial *aiemert4 felky￿ V)& gnd lh8 fAwty secur￿ addltional l&ndlng from UK In8uran¢e whkh was us•d to repay the TrKths bank loan. Paga 3 Il•*l R•wllthg CKJ Tr￿￿￿￿. R•port (contlnu•d) Trn8t¢es and offk•rn tsu818e8 and ofknrs semig anrl li￿ tho yoBr TAWe 85 fokn*8: TNstoe&' Pjers Wats( Cith Barn8s tknna Slimson Jonathan 8imn&tt Jan SlanrArd Robert (oFyokkted 19 2024) ch￿r. Jan Stannard R•crulim•nt and appolnlm•nt of trusl••s Tho powers of appointing and additlonal trustees Is ¥8sl¢d In th8 truste85. Tha Jtxnt twstees are respon$lbl8 forth8 doy lo day admink8lralKJn of th¢ ¢hwrty. Page 4 H••1 R•wlldlng CIO TNstw' R•port (condni Stat•mont of Tru$te•i' R•$ponslbllltle• Thè trust￿ ar• r8swnslblg for waparirfj the bithes. I•wi aThJ the f[W¢i￿ st8t8mènts In acwrdance wlth ￿p1kable and United [￿ngdoM A￿Untir￿j StaThlards inckJdl￿ Financjal Rewrbng Stsnd8rd 102.. Tha F(n￿￿01 Raporthw StaThlard appll¢•tle IA th6 UK ond Rewblk of Ifeland (Unitsd KirKJd¢m Goneralty A¢cepbJ A¢r￿Un￿ Practt8}. The law applKabk to charttség in England & Wo1¢s WLHres ￿ tru5te8s lo prepar8 flnancwl statèments for each finartcial year wN¢h gN8 a fa* vlw of the $tats of affairs of the charity and of thg hKom8 and gxpgnditurg of tho (*atity for that F4riod. In preparkng thesg flnancial 8tatem8nt8, the tru$tse8 ar8 requir￿￿ b).. sdect sullable 8CCLrtmting pollc*s and 8￿Y Ihom c(xi*l*. obs0￿ tho mgthod8 ￿ wirK4plos in th8 c￿r￿•S SORP., m8keJudgements and acccyjnting estknates thal 8re reasonat48 and BNithnl.' stat& whother applkable attountlrs SI￿dardS havs been Idknw&J. sublect to any materf81 departuras diKIDsgd and oxpl•ned In Ihe ststements,. and preparo th8 financk71 $t81ernents Ihe goirvJ concém basi% urkn inapproprlato to prnsume Ih8t the cknarty will cononue in Wess. The trusts8$ ar& r48F4Jnslblè for Maint￿nIng pmper a¢(*yJntir¥J record8 whkh ths¢lose wlth reasonable accuracy at any tim6 Ihè fin8naal positiffi of thg chwity and 8nd)1• them to ensure th81 th8 ffinanCI￿ staloments c￿n￿Y wllh the Charit1￿ Act 2011. th8 Charity IAccJ)unts and Report81 Regulauons 2CI)8 the wovisions of Ihe c*n$ti￿1*)n. Tho trustè8s are also reSpOnsb￿ for safggu8rdlng tho a￿1$ of the ¢harity ond for ta￿ reasonable ¥teps for the prevenlon Èrtd delectw offraud ond oth8r Itrwarities. In so far as thg Trust•89 3r• aw there is no relevani audEt ￿fOrMal￿n of Ihe charitys audrt￿$ are unaware: and th• Tru3tees hav6 taken 41 sty thot they have ought lo havè taken lo makè Ihemselvos aware of any relovanl audit Infomation and tts estabNsh that1h8 a￿￿tr)r8 are awwe of that Inforrnatlon. The trustsgs arg l8$WM￿e Iw the mav)lenarth 8nd kntagrity of Ih9 cofpDrato and fin8nclBI Infomalion Included gn the charitable comwrfs wthite. L8glslation In the Ut*ed Klngdom govgmlng tha preparatkn and dl&8•min81bn oi fina￿ slatemgntg rnay déffer from legls18tion In otherluristhdlons. Th6 onnual r•pDrt was 8PFyoved by th8 tnjst￿s rf the Choffty ￿ 22: 9 ..2Wond *gfie￿ on It8 behaw by. Jan Stannard Chair P8ge 5 H￿• R•wHdlng CIO Indop•ndènl R•mto th• M•mb•r8 of Hoal R•wlkllng CIO Oplnlon We hav8 audiled Ih• fin￿KIal StateM￿ts of Hgal Re*AdlrvJ CIO (tho 'charW) for ygor ¢ThJèd 31 M81¢h 2023. which Com￿e thè Ststemenl of Finartial AciNilw. B1￿ce Sheet, and No19$ kj the FInancI￿ St8tsm6nts, Inct￿￿k)g • 8umrnary of slgntht8nt ar￿nting wilides. Thè flnanclal raporting fr8me%wrt that has been applied in their preparation is United Kh)￿￿￿M A¢cwnting Stand8rds, Compdslng Charfties SORP - FRS 11Y2 The Finnew R8portlng Standard applic8lAe In the UK ond Republic of frel8nd' 8pplkatA8 law {LIn1￿￿ lfjrykn G8n8raty Acc8ptsd Aceountsng Pra¢ticg1. In our othion the financlal $lat8mg111$- gwe a tru& and falr vtow of th8 Btata Of￿ c*arfWs affairs as at 31 M￿h 2023 and of Its Incomlng resources and of r•sertJrces, IEKludlTrJ Its ￿￿]Ma and ¢xpenthttJré, for Ihe y8ar thon 8nded., have b8en properfy prep*od in ac￿(janCe wlth UThted Generalty A¢￿pIed Accounting Praciic8; and have been pr￿￿ In aLYord4nc8 wlth Ihe raquiwnenls of the Ch8rilw Act 2011. Ba81$ foroplnlon We conthJ¢ted our 8LB*t in acC￿￿nCe wth Internalw)nal StsThJ8rds ￿ A￿rtIr￿ {UK) IISA8 IUKII and awjlkable law. Our raspon8iblllles under t1￿8 8tsnd8rds ar& furth8T dos¢rits8d In the audltor responsiblltias for the audit of the f￿anC￿l sktaments s8cti¢m of our roporL Wa ar6 independonl of the charity In a¢corrJance th the ethk* Wulrern￿ts that arè rtlavanl to our audll of the fmBncKql slatemonts In th• UK, incbAlang the FRtrs EtNc8t Standard. and ￿ have fijlfilknj our other 8lhl(al respon8ilN'lillo5 In act￿an¢$ ￿9th Ihw requ*￿ents. We believe the P￿denCe have obtalned Is suffident and appr(V￿ to prtivide 8 basis for ow oplnion. Conclusloni relatlng to goSng concorn In auditing the ftnartck818tatgments. ￿ have Ccffldyd￿ thal the tru5t80* uee of Iha wlng conc basls of a¢¢oJnknrg in Iho weparatton of thè statemonts ij wroprf81e. $¢11 on tha ￿)[k we have p&fornw￿, we rnl pJen1ffi￿ 8ny matèrial ururtaintiè8 re18tlng to vents or conditions Ih8L iThJiwdudty or may &36t slgnifKant on the ¢haritl8 ablllty to contlnu8 as a g&n9 ¢oncem for a of at l&asl 12 months frorn %*Jon fin8nclal stalornenls are authorfs8d for issue. Our responslbilltl￿ 8ThJ the ￿sponsIbl11￿0$ of the InBlees *Tth resFe¢t lo goJrvJ concèm are d￿Cribed In the relèvant seetions of this r8FKwL othor mèttors Comparat￿ fourés aro Vna￿li￿. Other Infomiallon Thg trusts68 are rgsponsible for th8 informab"on. The othw Inforniation tho Infomi8tion Included in the annual repNt. 0￿r than the f￿ar￿al statèments and our audltorfs raport Ihèreon. Our oplnlon on the finan¢i81 Stslemon15 does not cover the other ￿fOrmation and. oxcept to Ihe extent olherwise axplifjty ststfjd in ow rwl. ￿ do express ary fomi ol a$$urance con¢luslon thereon. Pw6 Ind•p•ndènl Audltoes Roport to IA•rnb￿ of H•al Rawlldlng CIO (¢ontlnu•d) In conn•ction wilh our wdS1 of Iho fThrLyxl Slatern￿ts. our r8¥KJnsW l¥ lo r8*1 the other Inf0M￿tKIn and. m thkng so, conshjer vtheihgr the ottw ¥)fcrfmalion is rnater1al￿ Irv))r￿ls18Dt the fin8￿la1 $1gl•ments ￿ our kno￿90 obtslned kn th8 8LhSit or olh8Nhs8 appears to bè malerfal mlsstst&J. Ir tdènify Such Materi￿ incot)slslenca8s or waronl fftalerial mls8tstem¢nts. we arn requlred lo deterniln8 thera 8 mai81ts1 mi55t&tamenl In Ihè fthandal statsments or rn8terlal mlsthtemtynt of th• s)Ihtsr ￿roMi0￿￿. K, based on tha w￿￿ * hav? performed. w8 rnndLKI8 that ther& Js a malert81 rnisstatemenl of thls other Infom)alion, we rtsqutred lo report that la(#. W$ havè nothlrKJ to r•port In thts regard. Matt•r• on whlch w• ar• r•qulrod to report by •xe•ptlon In tha Ilghl of ovr knoYlodg¥ arK1 Underst￿d[ro of the charity and its 6nvironmenl obtaln•d In Iha eourso ofthe audit, we hav& not identif*J matsri￿ misstatements Tntstees. ReFQrt. Wo have nolhiw to report in respect of Ihe f(AbMng malter8 where the Charitiès (Ae&yJnts aThJ Rèport) R•gu181wJro 2Cw)8 w(￿r•S us to r¢wt lo yw If. In tyJr oF4nlon: Bdequate occ¢wnting rewds hav8 not been kept ￿ retum$ 8dequaty for ￿r havé not begn recelved from branchas not v65ited ty us: or the finan¢lal 8tat8mMts arg rn)l in a￿￿ment 8¢¢￿j￿1n9 rec(¥ds rtbjms: or rt8ln thsclosure5 of trusto8s remw￿lIC￿ SFWIfi￿ by l•w aro not made; or we have not om tr* infomWp)n and exOanaI*￿s w8 requiro for our8wJIL R•#ponslbll1ll￿ of tru81eo8 As explained more fully In th8 Statèmenl of Trustee5' R•swn$ibibti&s. th• trustees are res[￿nSible the preparallon of th& financial stot8rn0fits * for bery salk8fied thal give A true and fair wew, ond for 8uch Int•inal c4JntrcA as th& IrLKStees d6t8wrnine necessary to 8nablè the pr8paration of finan¢ial slatemgnts that are free from m8tedal nWsSt*￿Ient. vthether due to fraud ￿ err￿. In preparing thg financlal ststw￿ts, lh8 tntstoas arè r95p￿SIbl8 fix ass955ing the chariirfs ablllty to ntlAue 85 a golfig ¢oncém. dlsc4oslng. appllcablg. maiters r•katèd to golng ¢oncem and uslng Ihe ng conchTn basvJ of accounting Unl￿ the tru51e8s dther inlend to Ih]UK(8te Ihe ¢harity ￿ lo cease operation8. or havè m r90kl￿ aHemative t￿1 to dts so. Audltor R•spon•lbllllles forth• audlt of the flnandal ststemènts Our obl8cUvas are lo obtsin reason81￿? assurane8 atwl vhth¢r the flnancw Sktern￿ts 8$ 8 whole afe fr88 from material ml8slatemént, whether due lo fraud ¢x error. and to i48ue an auditor'8 report that indudes our oplnk)n. Rea50n8tk BS8LwarTh b a thl of assurance. Js nol a guarant6& th8l an audit conducted Sn a¢cordanc8 K8As (UK) wll always detect a material misstat¢mgnl wh8n 118xlsts. Misslalements can 8TiSO Ircfft lwd cy wfor and ar8 consid8r&J matèri81 if. individually or in th8 8ggre9ale, Ihw could reasonatrty be io th8 oConeffl￿ de¢1*0￿$ of usors taken on th? basis of Ihes& finandal statements. The exlenl to whlch our procethjres are ca￿ble of detèctiry Irr8wlaribes, fraud 1$ delaN&J below.. H••1 R*￿dIng CIO dwndent A￿tt0￿$ R•port to th• M•mbws ofHgal Rv4AldFng CIO (¢ontlnuod) Id•nlFfylng and a••tWng Wentw rfgks (rt Ma￿11 mlutst•mont du• lo IrMgularltla$ Wa eonsldarnd tho frAloMng vthen klenbfv 88sassing rlsks of matarial misststsmenl due to Irr6guI8￿•5. I￿lUdIng fraud and n￿l-C￿￿ *ilh la￿ and r•3ulatws.' - th• legal and rewlatw framew￿ in whlc* the rpwat06 - the nalure of the sector in the chaffty opera - tho ¢￿trol enwronmonl oThJ controls 98tabllshed to mttigatè ￿ch risk8 - thè results of (Mjr wulrfes ol managomwrt ¥b￿rt thetr kkMiftcthicr* and 8$s8ssm8nt of risks ol Irrggularltles - (Is¢ussk)n8 the audit •ryJagemert team al￿t fra￿J mlghl rxcur - the Incentivé5 for fraud. Lthvs reg￿&tIonS Bra COr￿#￿er￿ to bo *iificant to the tharity indude Ihose ffjlating to the r8qulrements offinénclal reporung fram8wc¥k FRS102, the Charities Act 2011, UK tsx legls1811on. and employment law. In additson, wg ¢onshJer oth8r IM a￿fj re￿131￿ knthich may not oFedty Imp8cl th fin8nci818tat8monts but may impad on the opwalkn of tharlty. As a fè$uIt ol thes& procedures con¢Jth. Intemallonal Authllng Standards. Ihat a rfsk kn r•l8tMJn to the tmjlenbal for M￿agam￿l ovorrkts Of￿￿trolS eyistad. A￿lEt rupon8•¥ to rf$k* Id•nttfl We undertook 8udll procedw8s to r&S￿d to th8 risks thniifiod. ￿ L1esww8d ow audll tesiing to respond ￿ th$se risks. Th& 8ddlIk￿al procaJLwes wo Induded the fullowiTrJ: - gaining an undeiolanding tsf th• dwitys ￿n￿ring ¢ompkrtce 7Mth law8 Jul8Uons - testing the apwopriat&)ess ofjoumd gntries 8TrJ other adI.￿tm￿nIS - ¢onsk1erfng whather 8cc0l￿￿ng e8Umatss wwè 1th1￿tiVe of pobn14￿ tlas - ￿nSIderi￿j whother any trBn$*l￿ arose outside Ihè nc￿M*1 cojrso of busir*sS making énquiries of mana9emenl . c¢rroborattng tyjr anffjurles Ihrowth reviww of Bo*d MinutBs and c(rfYesp￿￿. We also communlcated r8l•vant kn and re9Jl81ion8 and ptstenff4 fraud risk8 to all enga9•m￿t tsarn mgmb8rs rfjmained &l•rt to any kidKators of fra￿1 ￿ Tr)n li5sued Octob&r 20191- (Ch8rilies SORP IFRS 10211. tha FirArda Rep￿9 Standard appucable In Ihe Unll Klng(lom and R9publ￿ ef Ir•land IFRS102). and tha ChartU85 kl 2011. Heal RewldlTrJ CIO me¢iÈ the d•flnitKm ofa Iwbf¢ b￿fft 8nW urthr FRS 102. Golng cone•rn Tl* charity ig prlmarity engaged V•ilh tho rwklwv4 ol laTrJ to rost￿ bhib)gi¢al dNersty and yst8mi 8r*d Ss therefore rekn on récèlpt cl Oonalions. ￿an1 fundkng aTrJ other incorne straams $uch as eetrlourism. ¢¢xporats aTrJ publ￿ ev￿ts, a￿1 8k￿l¥gr£Ify Not Galn IBNGI to gèngrate 8uifid8nl cash to meet Interest aThJ caW repayments cm k)ans as Ihty fall due. Followng the ygar ¢nd. in June 2024 the thrity atyeed an arnendment lo Its origlrkal loan agre8ment wrth UK Insurance for an £ddrtlonal 18cilty, wa8 us&J to repay in full the Trl¢(los Lo¥n. Foll￿n9 the re-financing, the ¢harity rw has h)ans to1￿￿￿a £S.Sm with UK knsur8nce vhlh th& first capltd p8ymenl not due until 30 Auwsl 2027. Th8 Trn8tses art ¢onfh48nt that thè charlty be sU￿S￿lI in generatir& suffic49nt Kwme to meet Ihè payments under thls loan 09reemanl the bas￿ of ihe forecasts propared. tog81hor with the relhancww. have wgparnd tho accounts 8 gokvJ bth. Prlor porlod errw8 Whèr8 an error or admisslon ts I￿enbr￿￿ in respgd of ¢omparatNe figures thig Is adjusted In Ihe prgc6dlrKJ period. Incomè and ondowments AM Income Is retWi8ed when Ihè charity èntiuwnenl to tho ￿￿¢￿8, ft L8 probabl6 that the irKomo will b8 recoiv8d and the amounl bts measured wTrth suffi¢bBni rehabuty. Donatlon8 and l•ga¢lo8 Donations and le9￿ récw￿ed on a b&* rnc8ipt F)robabf& and the amount can b8 rel10￿Y rnea5ured. Investm•nt In¢om• Investment incom& is ￿0@nI$¢d recelvable. Pagè 12 Il•al Rv•Aldlng CIO Not•¥ to tho Flnanclal Stat•mthts for tha Year Ended 31 IAarch 2D23 Icohtlnu•dl Expèndltur• All axpondrturo Is recc*Jnlsed is a c+thgatiL￿ to that 0xp9t￿re, tt 1$ probable 8eluem￿t Is requlred and the amount can be measured rellatly. AU ar8 allocated to th& appn¢ab18 •xpaThJliurè hèading th8t aggregatè similar costs to that category. WheTe Costs cannot t* dIrec￿Y attributed to p8rtb%l¥ h&adings they hav& bgon dk¢8ted on a basls conslstent thith th& use of rosources, central stsff ¢08ts alhxaled on the basts of Iwne spent. and depreciation charges allocated on Ihe ol Ihe aS￿S w. Other su0￿rt costs aro alhxale¢l b8s•d on th• pread of staff costs. Al resour￿ exponded are incluBfve of VAT. Ralslng fund8 The8e are wsts Inwrred in attractirwJ vokntwy uwx)me and fhcw lThxrnJ in Irathng act￿￿eS that r¥l8e funds. Charltabh acthTltle• Charitable expendi￿18 ccffjkThos Ihow c￿ts incurrej by tho chty in Ihè defvery of Its ac1m￿o5 and s8M&qs for ils bèneficiaries. It i￿lUdeS trrtjih costs thal can a￿ed direcly to such actiwti&s and thos• etssts of On indirect nalure r*¢essary to WJFWt thom. Taxatlon The charity is a ragl$t8red charity and Is. thgrofc¢è, •xgmpl frcm Ir¥bllty to la¥atp)n ¢)n In¢ome and capital galns. to the extent that they 8rè 8Wied flythwttable purproes. Infanglbl• as$•ts Intan9ible assats are sts￿j in th• B*arKe Shgat ai cost 18s8 awjmulaw amorti881ion and Impai￿OnL Thoy ar¥ amortis&J a slrabJht fiw basL8 over èstimated useful hves. H•rltao0 assèts Th6 charity hold5 herltag& assets. are t8roibl& assets of sd&nlifK are hgld to advance the pr8s8rv8tk￿ ￿nserVath)n rt4ects of the charlty. No￿Y wrcha8ed heritag9 as88ts are capltslised and includ•d at eost indtxkng any rKidenW costs ol w(l$it￿. Investm•nl$ Inv851rngnts in Subsidiary undwlakirvjs are rfu(1gd in tho balan¢8 she8t at cost impaIrn￿ Cash and cash èqulv•l8nts Cash and cash ewivalenls comwis¢ ¢ash on hand and call and othar sh¢xt-t8m hl9hly Iiquld Inv&strnenls that are readily ¢fy)v•rtitle to a knchyn arn¢￿nt of and am subI￿L t¢ on n9￿nIfIcant dsk tsl ¢hong6 in val Fund stru¢ture unr8stri￿8d income furth we general fvnds that are avoiLqt4e for use at the trustees dlsc¥¢liw In furtherance ol the oblect6ves of tho charity. Restrict9d in¢ome funds thos8 donaled fc¥ ￿ in a pw11￿￿r area or for S￿cIfiC purpos8S, the usg ofwht¢h i8 restrKtsd to thal Are8 or purpose. P*Je 13 H•al Rewlldlng CIO Noto• to th• Fln•nclal Stat•m•nts forthe Y￿r End￿ 31 March 2023 (contlnu•d) P•n•k*n Tha tharfty oper8ts8 a defined ¢crtrilxthn scheme, COr*I￿tiOnS payabjo to the ¢c¥np*$ pen8vJn xt*me oro thwged kn Ihe 8tstsm8ntofffirArK?•l aclmkn In the perK)d to whith thgy relalg, Fln&nGlal In8lrwnents Cla••lflcatlon The charfty only enter5 intv ba51c finandal fnstruments Ihal rogJlt n tho r￿9)It￿)n of rm￿ClaI assets Ilabllitks 8u¢h 0$ trado and other debtors aTrJ cth"tWS ko8therwth loans lo ralatsd pertias. Dèbt Instruments, such as trai1¥ debttrt aFYl Credit￿8, ar¢ inlljally measur8d at transaction Wbce Wxt 8ubsequenUy m888ured 818miMUsed ¢08L Fknanclal a888ts are assessed al the e￿1 of e¥h Ferlod for obieckn eWd￿¢? of knpalrn)onl. If objectiv• 8vidon¢e of impalrmenl i8 an Impoirrn&tt krts Is r•co￿ls￿d in lh8 Inccffie statement. Crttlcal Acccwntlng E*thMto1 and Judoom¢nts Thg w8paralion of the finandal statements in conftymty wth FRS 102 r•qulres management lo makè ludg8m8nt$, esllmatss and assumpi•)rts thal all￿tthe of aThl reFQrtgd amounts of assets and liabilities, and expenses. EslNnales 8NI I￿￿geM¥nts are ¢cfflUnu8lly ev8hJat8d 8nd ar• based cffi htslorftsl exporience and olhof f8dors, i1￿lutIng exp8¢tailon8 of fulur6 èvents that •re believed to ba rtasonabb undèr the ¢￿Umst8ncfjs. Thè company makes eslm8tÈs and aSSumptkM￿ cyjnceming the fvILNe. The r•sultiwvJ accountkn astimates by dofinibon. seldom equal tho rejated aclual results. The Trustees considgr that th&ra are no crikncal accounbng estbmates and judgemonts have a sTr3nifiwl risk of causlng 8 mat8rJal arfiuslmenl to the ￿r￿n9 amounts of a$s8ts and liab￿￿1￿¥ Tr￿thin no￿ fIn￿cIal year. 8a$ls of Con8olldatl¢n The finan¢lal slaternenls present at*xrt Ihg charity as an Ind￿lu81 undowtskirvJ and not about group. Th9 chartty aThJ Its subsld(8ry undartsknngs. comprfs& a smalWzed group. Th8 charlty has Ih6r•fore tskon advantsge of the provhyed by thé Chèrilbgs SORP {FRS102) 8nd the Compan18$ Act ftr $mall groups and consc4tdaied a￿Ount$ are not wep8r8d. Pag6 14 He41 Rewlldlng CIO Not•¥ to the Flnanel•l Stat•m6nts for the Y￿r End•d 31 March 2023 (contlnuedl 2 Income from donatlons and1•gaelo8 Unr•8trf¢t nds R•strktod funds Total fvndg Don8tion8- Land fijnd Donations Sponsor8hips Grants- Land fuThJ Gronts- NEIRF Grants FundralsiThJ Total for 2023 84.575 84.57S 80.148 50.000 10.OCX) 83,638 5,0 18,832 80.148 10.000 83,838 18.832 153.980 178,213 332,193 tlonab'ons- Land fund t>onabon$ Sponsorships Grants Fundralslng Total for 2022 S5.916 55.918 58,361 50.000 30.000 25,515 58.361 .000 30.0￿j 25.515 163.876 55,916 219.792 3 Inve¥tment Incom• Unr##trlct9d funds R•strlct•d funds Total fund$ Other investment In￿m$ 2.686 2,686 Total for 2023 2.686 Total for 2022 4 Exp•ndlturè on rnl$lng funds al Ralslno funds Unrestrlet•d funds Re¥trfctgd funds Total lunds Fvndralslng 5,452 5.452 Total for 2023 5.452 5.452 Fundralsing Total for 2022 12,115 12,115 12.115 12.115 Pagè 15 H•al Rowmdlng CIQ Mots• to th• Pknanclal stat￿)1￿￿ forth• Yoar Endod 31 Mwch 2023 Icontlnu•d) •ndltyM on tharftab￿ a¢tfvlths Unr•strlct8d Restrlcted funds Total funds Othor axpens88 Int8fÉSi Wa98s & salaTi8S aKI m81llt8nan 5,621 89.706 5.621 69.7( Travd R•nl Insurance Consultancy & profes$K￿al 1888- NEiRF Consultancy & professtwal fees IT, phwes ond sofhya Mark8ling Total lor2023 6,861 8.118 6.881 8,118 360 7.943 83,638 46,208 9,891 4,020 286.9t 7.943 83.638 46208 9.891 4.020 203,288 83.638 Other oxpénsés WA969 & 88larfes Tr8v81 Rent Insurance Conwltancy & profa$W￿ feèg IT. phongs ond 8oftw8re Marketin9 Total for 2022 1.310 51,554 1.958 720 1.310 51,554 1.958 720 9,9 7,427 13.198 7,427 13.198 87.002 87,002 Paga 16 Haal R•wlkllw CIO Not•* to th• Flnancl81 Statsments lor th• YoAr EThd￿ 31 Mareh 2Q3 Icontlnuodl 6 Trustges MMU￿ratIon and èxpen￿ No trusteeg, any Pers￿ hith Ihem. have rKelb¥J 8ny r￿n￿eratIon fr(¥n the charity durfng the y8ar.12022- MI One trustee (2022: Noro) was rgwnlyJrs•J for I￿rr&￿ dwing the ygar of £4,31312022.' £NIII Credli ors incbJd8s £Nil 12022: £4,519) of t￿t ￿re r￿MbUrS￿d in th9 2022-23 noncial year, 7 Staff costs Tho aggreg8tg payYoN frJsts werg 8$ 2022 SaLqri$8 So¢lo1 S￿￿r Pensk)n cosls 43,044 49,904 523 1.127 44.539 51,554 No employee receNed omoivrnents of miyo than £60.￿0 the year The total employ¢0 benefrts ot the k8y manag6rn8nt Porsonnel of th8 thBrfty £33,591 12022 - £30,862). Tho av&r8ge heade￿nt durityd swr wa$ 2 {2022: 3} 8 AudJtornllndèptrnd•nt èxamlnoe• remun•ratlon 2023 2022 Audll Ae¢t)unts lTrJependent examlnatiLin. Predec8wf 1,440 1.440 10,500 Page 17 H￿1 Rowlldlng CIO Nots8 to th• Flnan¢lal Stst•mèntg ftyth? Y•ar En(l•d 31 March 2023 {contlnu¢d} 9 T•xatlon Thè charfty is a rogi8tsred ¢h8rtty 8TrJ Is th8rth ￿eMpt frr4n ￿xth￿)n io thé exlenl tlw ar8 ap￿ for ch8ritsbl8 10 htangtblo fix•d ass•ts Sportlng rfghts Total Cost AddSllon$ 18.000 At 31 March 20ZJ 18,￿0 18.000 Amortl*atlon At 31 Mar&1 2023 N•1 book valug Al 31 Ma￿h 2023 18.000 11 H¢rttag• ass•ts Land and bulldings Toial Cost Addluons 5,524.966 5.524.966 At 31 March 2023 5,524,966 5.524.966 D•precl•tlon At 31 March %)23 Nel book val Al 31 March 2023 5,524.966 S.524.966 8umm•ry of trJnuctlon• 12 Flx¢d •¥•et Inv•slménts At th8 balarKe sh9¥1 date, the thaiity has $ub8KJiary ccxnponies. Hoal Rewldlng lEnt￿p119&S) Llmitsd leompany number. 123858721. Heal Rewldino CIO 100% of the share capital. The company was dcmnt th[w￿out the ￿tren{ and previws finandal pedods. H8al Somerset Llmiled prev1￿J$1Y Heal 8￿th Limited l¢))mpany numb4r. 133537091. Heal Rgwitd¥ig CIO own8 100% ofthe share Heal North Umtted (Comp￿Y numter. 13357428}. Heal R¢wI￿ CIO tr•ms 100% of the sharè capit81. The company wa$ dormant thrwI¥￿t th• ejjrrent aThJ financlal pariLtyts. Paga 18 Hoal Rowmng CIO Notss to th• FIn•￿Ill Stat•moth forth• Y•ar En(knd 31 IAar¢h 2023 (contlnu•d} 13 D•btoY• 2022 Trade deLrtors Dua frorn group undert8klngs Pr8paymènts and a¢cA￿d In¢omo VAT Other d&bt￿S 3.953 121.405 19.739 428 40.850 882 145.525 41,732 14 Credltorn: amounts falllng du• wlthln yèar 2023 2022 Tradè cr•Jitorg Other creditors Aeerual8 and ¢Jef&rred incomo D&feffed ¢¢￿Sideration Lo&n$ 215 11.396 17271 1Cw).OC 319.OCK) 11.695 15 Cr•dltor¥: a￿￿untI fttlllng du• •ft•r one y•ar 2023 2022 5.186,775 18 s0CLÈr￿ d¢bts Crodilors includg tho lolloknJ Ilabliti08, SèeUFity has t*n gb4en by tha ch8rfty: 2023 Trfo(los Bank UK Insurance Lmnil 3.620,OCIJ 1.88S.77fj 5 505 775 Th• kan from Trkths knk of £3.620.OCM) securwj by a charge over lh8 fr￿￿1 property 81 Lower West Barn Fam, Witham Friory. Frome, Somer5eL BA11 &4H (xxnwising of 460.66 acres of agri¢ullural laThJ, bU1￿1ng5 and th￿IlIng$. In adth￿￿). a debenlure In th8 form proMd•d by Ihe Bank comprising a fh)ating ch8rge ovw all assets 8nd uThJèrtakin9È (both wes8nl futur81 of th8 Charity, The hjan 1$ over a 5 year wtth thfr i￿tAl agroemenl daw 29.12.2022. The Interest rate on Ihe 108n18 7,25%. The loan from UK Insurance UmSte(l of £1.885.775 Is also secwed by a legal thr99 over thg above property. A6 out in not8 21. fol￿ng the y￿r Iho d￿rity T08tr4rthred its dobl P89• 19 H•al R•wlldlny CIO 14otes lo th• Fln•nclal Statsm•nts for tho Y•ar End•d 31 Alarch 2023 (￿ntInu•d) iJ8e of lh¢ land fund is rnstrlrted to the purch8s8 ofknd f(¥ r¢vAthry mxpose8. Naluial Envlronment 1nvèstrn￿ R￿dinesS Fund was rece￿ad frcffi tho Envlronménl Ag and is for the purposo of creaung a blueFxlnl for PTlvats In￿SIMon1 In rw IC￿and rvthldlThJ slies. 18 Analy•l• ot n•1 aw1¥ b•tW￿ fund8 Tgtsl fun at 31 M•r¢h 2023 Unr•strl¢l•d R•8trkt•d lund$ lund5 IntsngtrA8 fixed ass￿$ Her1898 8$sets FLyed asset Inv08tments Current a8S8ts currnnt1l81ili￿e9 Creditors over 1 ￿ar Total ngt assats 18.(#JJ 5.400.966 18.OCKJ 5.524,966 124.( 239.542 1436.864) 5.186.775 69,099 308.641 1436.8641 5.186.775 34.872 227.971 Tolgl funds al 31 March 2022 Unretstrkt lund• Restrl¢t•d nd8 FLYed asset investments Current assets Current liabililes 104,199 2.943 197,142 11,695 185.450 Total reststed ng1 a5$0ts 92,507 92.943 19 R•lat•d party tran$actlons Ther8 were no ￿10￿￿ p3rty tr8ll58clh)ns In th8 (2022- Nill. Page 21 HMI R•wlldkng ¢10 Not•• to th• Flnandal St4tsment* forth• Y￿r Endtsd 31 Mar¢h 2023 (eonllnuod) 20 L•gal InfomiJtion H&al Rèwldlng CIO Is re9lstergd vAlh char￿8S Comrnlsstc¥) In England. The rog181ored ch8rlty number 1$ 1187992. The regl$ler8d offic• h LawWeg1 Bam Farm. Wnham Frlgry, Frorne. Scffjer891. BA11 SHH. 21 Post balanc• sha•t ov•nts After the ypar end. In June 2024. the clwity S￿￿d an amfjndm8nt apmment UK Insurance Limlted, ¥thlc* Inueased th$ total amounl borro1￿ UK Insur8rKe Lwnmed to £5.SOO.C#)O. Follwng Ihe drawdown of th68e additi￿al funds. tho Tr￿0$ Bank h)an was repaid In full tn June 2Q24. The lending frcth UK Insuranca comprtses kn faclitks. F￿lity A £3.000,(K￿ at 0.5% interest per annum and FodW B bekw £2.￿,¢)￿) at 3￿% ktsresl per anrwm. Interest on Faolity A k8 paydbl8 ￿nU￿ty h) 8ff&ws. Interest cm Facllty B Is ffirst payablo kn Augu8t 2025, 8r¥J thereafter annually Sn arrws. Both fadlltlès aro s9￿0￿ tho laThJ a4Lthr*J by tho charlty by way of a first legal mortgage over the PfOPÉrty and land al Wtham Frlary. a fii$l fixed tharge over any insurance ¢181ms. rènt. ¢ontracls rolaung lo Ihe prr¥)6rty, and au present and fukjre goothu asbj a f￿$1 Iloa14ng ¢harge ovw all pwgnt and futu￿ thattels. 22 Prfor perlod adlustm•nt During th& year It w3$ idenllfied that the knveslmgnt in of the dc¥manl tr8dlng subsldiari&8 h*1 been omHtod from Ihg tsalarkce sheet In the p8rithI. A prjor p9￿¢a adjustment has been mado lo I￿r￿j In these Inveslments at cost. The result 1$ a £2 Increas8 to Investm•nts ond 8 £2 Inue8se Eo tota chty funts. Page