The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of an investment holding company.

The results for the year are set out on page 5.

Ordinary dividends were paid amounting to €24,382,455. The director does not recommend payment of a final dividend.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

• properly select and apply accounting policies;

• present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

• provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

• make an assessment of the company's ability to continue as a going concern.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small company provisions

The directors have taken advantage of the small company exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors' report on the grounds that the company is entitled to prepare its financial statements for the period in accordance with the small companies' regime.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HEIM Partners Limited for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of HEIM Partners Limited, as a body, in accordance with the terms of our engagement letter dated 30 August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of HEIM Partners Limited and state those matters that we have agreed to state to the board of directors of HEIM Partners Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HEIM Partners Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that HEIM Partners Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of HEIM Partners Limited. You consider that HEIM Partners Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of HEIM Partners Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The notes on pages 9 to 16 form part of these financial statements.

The notes on pages 9 to 16 form part of these financial statements.

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The notes on pages 9 to 16 form part of these financial statements.

The notes on pages 9 to 16 form part of these financial statements.

HEIM Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE. The company's principal activities and nature of its operations are disclosed in the director's report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in euros which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial instruments and in accordance with the accounting policies set out below.

The director has at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Associates are all entities over which the company has significant influence but not control or joint control. This is generally the case where the company holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost.

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the company’s share of the post-acquisition profits or losses of the investee in profit or loss, and the company’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates are recognised as a reduction in the carrying amount of the investment.

When the company’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the company does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The company’s current tax charge relates solely to withholding tax on dividend income received from overseas associates.

Transactions in currencies other than Euros are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

A brief outline of the IFRSs which were issued by the IASB effective for financial periods beginning on or after 1 January 2024 and which were adopted by the company in the financial statements is as follows:

Classification of Liabilities as Current or Non-current (Amendments to IAS 1)

The company has adopted the amendments to IAS 1 for the first time in the current year. The amendments clarify that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period. Expectations about whether an entity will exercise a right to defer settlement of liability do not affect its classification. In addition, a liability is classified as non-current where the right to defer settlement of a liability for at least 12 months after the reporting date exists as at the end of the reporting period.

The amendments also clarify that (for the purposes of classification as current or non-current), settlement is the transfer of cash, the entity’s own equity instruments (except for certain options as described below), and other assets or services.

An option granted to a lender to convert a liability into equity shares will not affect the classification of the liability as current or non-current if the option is recognized as an equity instrument separate from the liability in accordance with IAS 32 Financial Instruments: Presentation.

These amendments had no impact on the classification of current and non-current liabilities.

Non-current Liabilities with Covenants (Amendments to IAS 1)

The amendments to IAS 1 Non-current Liabilities with Covenants specify that only those covenants with which an entity must comply on or before the end of the reporting period affect the classification of a liability as current or non-current. Such covenants affect this classification even if the assessment of compliance with the covenant as at the end of the reporting period is only performed after the reporting period.

These amendments had no impact on the classification of liabilities on the company’s reporting.

Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)

The amendments address the accounting that should be applied by a seller-lessee in a sale and leaseback transaction when the leaseback contains variable lease payments, such as turnover rentals, which do not depend on an index or rate.

When the transfer of an asset by a seller-lessee meets IFRS 15 Revenue from Contracts with Customers requirements to be accounted for as a sale, IFRS 16 Leases requires the seller-lessee to recognise only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. Therefore, no gain or loss is recognised on the right of use retained by the seller-lessee.

There is no impact of these amendments as the company does not have any sale and lease-back arrangements.

Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7)

IAS 7 and IFRS 7 were amended to meet investors’ demands for more detailed information about supplier finance arrangements (which are sometimes referred to as supply chain finance, payables finance, or reverse factoring arrangements). These amendments require an entity to disclose information about its supplier finance arrangements to enable users of financial statements to assess the effects of those arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk.

There is no impact of these amendments as the company does not have any finance arrangement that meets the definition of a supplier finance arrangement under IAS 7.

A brief outline of the likely impact on future financial statements of IFRSs which is issued by the IASB but not yet effective and have not been adopted in the financial statements is as follows.

• Lack of Exchangeability (Amendments to IAS 21) - effective 1 January 2025

• Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) - effective 1 January 2026

• Annual improvements to IFRS Accounting Standards - Volume 11 - effective 1 January 2026

• IFRS 18 Presentation and Disclosure in Financial Statements - effective 1 January 2027

• IFRS 19 Subsidiaries without Public Accountability: Disclosures - effective 1 January 2027 (use of this standard is optional)

The adoption of the above IFRSs are not expected to have a material impact on the financial statements.

There were no employees in the current and preceding years.

The charge for the year can be reconciled to the profit per the income statement as follows:

Details of the company's associates at 31 December 2024 are as follows:

Associates are accounted for using the equity method in these financial statements as set out in the company’s accounting policies in note 2.

(i) Pursuant to a shareholder agreement, the company has the right to cast 49% of the votes at shareholder meetings of BC Moldova-Agroindbank S.A. (MAIB).

(ii) The financial year end date of MAIB is 31 December. For the purposes of applying the equity method of accounting, the financial statements of MAIB for the year ended 31 December 2024 have been used. As at 31 December 2024, the carry value of the company’s interest in MAIB was €168,040,202 (2023: €167,899,031).

(iii) On 03 October 2024 the company disposed of 2,495,440 shares for cash consideration of €9,594,704 (net of transaction costs). The company holds 39.88% share of profit and interest in the associate company. Upon completion of the share buy back the company recorded a loss on disposal £232,133, reported on the financial statements.

(iiiI) The The company’s share of the profit of its associate was €26,107,009 (2023: €28,394,495) out of the associate’s total comprehensive income of €72,158,929 (2023: €69,103,177).

During 2024, the associate changed its accounting policy for its “land and buildings” class of assets within premises and equipment, adopting the cost model in place of the revaluation model. This change was made in accordance with IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors. The new accounting policy has been applied retrospectively, and the comparative information for prior periods has been restated accordingly.

As a result of this restatement, the company’s share of the associate’s profits for prior reporting periods decreased by £3,295,214. This adjustment has been recognised within the company’s share of the associate’s profit for the year ended 31 December 2024.

Share premium account - this reserve records the amount above nominal value received for shares sold, less transaction costs.

Profit and loss account - this reserve records retained earnings and accumulated losses.

The company is not subject to any externally imposed capital requirements.

During the year the company paid fees of €21,727 (2023: €20,300) to Dixcart International Limited in relation to key management personnel services.