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Registered number: 03462405 Charity number: 1069229

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

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TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

	Page
Reference and administrative details ofthe Company, its Trustees and advisers	1
Trustees’ report	2-18
Independent auditors’ report on the financial statements	19-22
Consolidated statement offinancial activities	23
Consolidated balance sheet	24-25
Company balance sheet	26 -27
Consolidated statement of cash flows	28
Notestothefinancialstatements	29-55

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) ! —REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS : FOR THE YEAR ENDED 31 MARCH 2025

Trustees	P J Faulkner
	D J Hassall
	G Johnston
	R Wallace
	JC Thelwall
	R J Calvert OBE
	RG Ellis
	Cllr S Clark
	C S$ Austin
Company registered
number	03462405
Charity registered
number	1069229
Registered office	The Forest Centre, Martson Moretaine
	Bedford
	Bedfordshire
	MK43 OPR
Company secretary	J Russell and G Sorrell
Chiefexecutive officers	J Russell and G Sorrell
independent auditors	Hillier Hopkins LLP Chartered Accountants
	StatutoryAuditor 249 SilburyBoulevard Milton Keynes Buckinghamshire MK9 1NA	:
Bankers	National Westminster Bank plc National WestminsterHouse TrinityGardens
	9-11 Bromham Road
	Bedford
	Bedfordshire
	MK40 2UQ .
Solicitors	Woodfines LLP Brickstone House
	Priory Business Park
	Stannard Way
	Bedford
	Bedfordshire
	MK443WG

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report together with the audited financial statements for the 1 April 2024 to 31 March 2025. The annual report serves the purposes of both a Trustees’ report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

a. Policies and objectives

Our objectives and charitable aims

The abjects of the charitable company are stated in the Articles of Association of the Trust and are to benefit the public by:

The conservation, protection and improvement of the physical and natural environment of the Marston Vale in Bedfordshire and the surrounding area by creating the Forest of Marston Vale as a Community Forest;
The promotion and advancement of biodiversity, by planting trees and establishing and managing woodlands in the Marston Vale in Bedfordshire and the surrounding area;

The Trust is meeting these aims and realising clear public benefit from the creation of accessible woodland and green space; the regeneration of the rural environment; the protection and proper management of high-quality green space; the protection of wildlife and the creation of varied and valuable habitat for plants and animals; influencing the behaviours and strategies of landowners and developers.

Advancing, through community engagement, the education of the public in the improvement and protection of the environment, and in the environmental, social and economic benefits of tree planting, woodland creation and access to nature.

The Trust is meeting this aim through a program of digital and analogue communication to engage schools, community groups, and the public with the work of the Trust and the broader benefits it delivers; the delivery of public tree planting events, walks and other face to face community engagement activities.

Providing recreational and other facilities in the Marston Vale and the surrounding area to members of the public at large in the interests of social welfare.

The Trust meets this objective by the provision of the Millennium Country Park, the facilities at the Forest Centre and the community woodlands across the Forest of Marston Vale, all of which have open access to the general public.

b. Overview

As a charity, the overriding purpose of The Forest of Marston Vale Trust is to spearhead the ongoing creation of the Forest of Marston Vale. In doing this, the Trust is guided by the broad vision and proposals set out in the Forest Plan (2000), a strategic plan produced through extensive public and stakeholder consultation that provides the framework for the creation of the Forest. In March 2025, following a fresh consultation process, Trustees approved a new draft Forest Plan (2025) which has been shared with key stakeholders for their feedback and, subject to any final edits, endorsement. It’s expected that the new Plan will be published and formally launched in late 2025 or early 2026.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

cs TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

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To help implement the original 40-year vision for creating the Forest of Marston Vale, the Trust produces
periodic operational plans and strategies to identify shorter-term priorities and actions. In 2015, the Trust
approved a new Forest Delivery Strategy, which was produced with the engagement of Trustees, staff and
volunteers. It identified three key ways (Physically, Emotionally and Economically) in which the Trust will focus
on creating the Forest of Marston Vale, and sets three priority objectives for each of these.
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The Forest Delivery Strategy is summarised in the graphic! below:
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The financial year ending 31 March 2025 marks the tenth year of the Trust working to this Forest Delivery
Strategy. Accordingly, this Trustees annual report uses this broad framework for reporting on notable
achievements during this period, in the following section. |
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The Forest Delivery Strategy is summarised in the graphic! below:

The work to create the Forest of Marston Vale has already begun to transform the area, delivering significant social, economic and environmental benefits. The Forest is taking shape — woodland cover has trebled and there is now almost 17% tree cover, up from 3.6% in 1995. Research has shown that the 1,256 hectares of new woodland planted between 1995 and 2024 is already providing benefits worth £30.73m every year, that’s an annual benefit of £24,467 per hectare. Overall, every £1 invested in creating the Forest to date, has generated an estimated £18 of social, economic and environmental benefits. A further annual benefit of £3.89m arises from planting activity in a “halo” around the Forest boundary delivered as part of the Trees for Climate programme. An incredible return on investment for the local area.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

The sections below are taken from the headings within the Forest Delivery Strategy:

Creating the Forest physically

During the winter of 2024/25, the Trust’s activities resulted in the planting of 122,873 trees and shrubs, creating 110 hectares of woodland habitat and providing 5.1km of new public access. Additionally, over 8.5km of new hedgerow were delivered.

The Trust, as one of England's Community Forests, is a partner in delivering the Defra-funded Trees for Climate programme. Launched in November 2020, Trees for Climate is playing a significant part in the Government's commitment to address climate change and carbon mitigation through tree planting and woodland creation. This fifth year of the programme saw the delivery of 31 schemes totalling 110 hectares, in part made possible by the opportunity for the Trust to deliver planting outside its designated boundary as part of Trees for Climate. This activity in a Defra-agreed “halo” is based on their previous work which identified a “zone of influence” surrounding community forests which directly benefitted from their creation. Over the five years of the programme, the Trust have delivered 503 hectares against an initial target of 450, with the England's Community Forests network as a whole delivering over 6,500 hectares across the 15 forests.

Community engagement is critical to the success of the Trust, and the ‘Community’ strand of ‘Trees for Climate’ is committed to delivering 2 hectares of tree planting each year with community groups across the Forest. This year’s activities included work with CPRE, including supporting their Hedgerow Heroes project, and schemes with 2 schools and Cranfield University. A public tree planting event was held at Silsoe, and Trust staff and volunteers supported multiple other planting days.

Work to identify further future planting sites continued during the year, with discussions held with a range of stakeholders including planners, landowners and developers. Securing additional land for woodland creation and tree planting remains a key objective and challenge for the Trust; it is fundamentally important to the ongoing creation of the Forest of Marston Vale. The resources available to the Trust under the Trees for Climate programme have boosted efforts to renew the dialogue with farmers and landowners across the Forest area and beyond. With around 75% of land within the Forest being farmed, the farming and landowning community are key to increasing woodland creation and tree planting activity.

In July 2024, the Forest Centre & Millennium Country Park was awarded its 18th consecutive Green Flag award. The scheme recognises and rewards well managed parks and green spaces across the UK and around the world.

Resurfacing and associated drainage improvement works were delivered at two community woodlands to address the impact of the unusually high levels of rainfall the previous winter. In total, 2,700m of access paths at Rectory Wood and Conquest Wood were improved, creating a more accessible surface with more resilience to extreme weather.

The refurbishment of the Sensory Wildlife Garden at the Millennium Country Park resumed, having been paused due to the discovery of significant numbers of great crested newts (a European protected species). Now largely complete, the project includes upgraded paths, a new bog garden, improved raised beds, new planting and tactile boards.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Activities undertaken to achieve objectives (continued)

Under the guidance of the Trust's new Community Forester and with funding from Rebel Restoration and The Nature Recovery Project, restoration work began at Holcot Wood. After years without active management, the 10-year management plan for Holcot Wood and Reynolds Wood will see the woodlands become healthy and more resilient, while boosting biodiversity. One of the key objectives of the project is to showcase contemporary, sustainable forestry practices and inspire woodland owners to bring their woods into active management.

Creating the Forest emotionally

During the 2024/25 seasona total of 1,250 people were difectly engaged in the Trust’s tree planting activities.

Clear, consistent and compelling communications remained a clear focus of the Charity. Digital media continued to be at the centre of activities, with significant improvements made to the Trust's website to better tell the story of the Community Forest and deliver an improved user journey and experience. Messages were amplified through a coordinated approach with England’s ‘Community Forests, sharing ideas and resources to deliver campaigns promoting the community forest approach to woodland creation nationally. An emphasis on attracting visitors and customers to the Forest Centre & Millennium Country Park, necessitated by the challenging economy, was balanced by charity brand building, awareness and educational communications, including a range of news pieces and blogs. To support the refresh of the Forest Plan, the Trust's communications team supported consultation activities targeting the public, local business and other stakeholders. This included the creation of a new animation to communicate the broad range of benefits arising from the ongoing creation of the Forest. Feedback from the consultation was overwhelmingly positive and helped inform the Trust’s future strategy.

The Trust's Community Engagement Officer delivered a range of events, including:

e 20 planting days.
e A regular fortnightly volunteer group to support the woodland restoration at Holcot Wood.
e A public tree planting event at Silsoe.
® Guided walks for members of the public in the the Trust's community woodlands.
e Talks and presentations including visiting Houghton Conquest Gardening Club and supporting a "Meet an Employer" day at Mark Rutherford School.

And continued to be proactive in engaging with local communities in whatever ways were possible, including:

e Managing nearly 7,000 hours of volunteer support across a range of activities and delivering regular volunteers' meetings and social events. :
e Regular engagement with Parish Councils throughout the Forest. e Supporting a programme of "Learning Lunchtimes" - free talks for members of the public, held weekly during the winter.
e Working with the Sight Loss Council and volunteers to audio describe some of the Trust's printed materials. e Attending Marston Vale Community Rail Partnership méetings. ¢ Maintaining relationships with groups that have previously planted trees with the Trust and providing ongoing support and advice.

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Supported visits to the Millennium Country Park were popular, with just over 1,000 students taking part in 20 Ranger-led visits and enjoying activities like bug hunting, map making, pond dipping and woodland games. Five evening visits for brownie and cub groups allowed a further 100 children to participate.

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THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Activities undertaken to achieve objectives (continued)

Work began on a 3-year programme to improve the quality of visits to Millennium Country Park and encourage visitors to explore the Park more fully and with increased confidence. Signs and waymarking have been reviewed and will be improved, and interpretation updated and rebranded. A smail suite of marked walk routes is being developed to guide visitors into different areas.

Corporate support continued to grow, delivering restricted and unrestricted fundraising income, with three new Corporate Friends pledging their support and taking the total number to 34. The Trust's ability to offer engaging planting events which deliver corporate ESG objectives and help to mitigate carbon emissions while also delivering the Charity’s environmental, social and economic goals remains an attractive prospect to corporates — 31 corporate tree planting events took place this year, involving a total of 486 people.

| | The Trust's corporate partnership with Midas Pattern Company Limited, an exemplar carbon net zero | manufacturing business, continued to flourish and bring benefits beyond the financial with an introduction to the | Green Earth Café. This Bedford-based business was responsible for designing and delivering the Eco Village at 7 Bedford’s River Festival in July, an event which attracted over a quarter of a million people. The Trust benefitted | from the co-branding of the Eco Village alongside Green Earth Café and Midas Pattern Company and created a | range of new exhibition materials to engage with the diverse audience attending the event. The Charity’s individual giving programme, Friends of the Forest, continued to deliver a significant proportion of | the Charity’s unrestricted income, achieving excellent retention levels and continuing to attract new support despite the cost-of-living crisis.

Creating the Forest economically

The Trust has continued to proactively engage in planning and development matters within the Forest area, maintaining the pursuit of high-quality net environmental gains from any development occurring within the Forest area. This activity is supported by the Forest of Marston Vale Supplementary Planning Document (SPD) which was officially adopted by Bedford Borough Council and Central Bedfordshire Council in December 2022. The document provides additional detail and design guidance on how development schemes can achieve the 30% tree cover requirements that already exist within policies supporting the creation of the Forest of Marston Vale. Since the adoption of the SPD, the input required from the Trust has increased as both applicants and planning officers have sought advice.

As part of the original agreement with the operator of the wind turbine at the Millennium Country Park, the Trust secured the creation of a new Community Fund, which receives £10,000 annually from the operator to be distributed as grants to local community groups. It was an important aspect of how the renewable energy development, on the Trust’s land, could demonstrate its commitment to social responsibility, as part of sustainable development principles. The Trust helps to administer the Community Fund and during the year promotion and publicity of the Community Fund continued, encouraging community groups to apply for small grants. In the year 2024/25 the Community Fund supported eight projects including those from Houghton Conquest Lower School (forest school equipment), Marston Moreteyne VC School PTA (a new climbing structure for the Early Years playground), Marston Vale Community Rail Partnership (funding to make parts of the gardens at Ridgemont Heritage Centre more easily accessible) and Wootton Methodist Church (a defibrillator, new seating, Memory Gym equipment).

The start of 2025 saw the Trust fulfil a long-held ambition to encourage and develop new talent by offering a Forestry Traineeship. This new endeavour, funded by The Nature Recovery Project, offers individuals a year of paid practical experience, including formal training and industry placements as a potential route into forestry, woodland management and conservation.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

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TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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Objectives and activities (continued) .

Activities undertaken to achieve objectives (continued)

As part of demonstrating the Trust's commitment to sustainable forest management, it continued to develop its firewood enterprise, selling 8 bulk bags and over 1,000 nets of locally sourced, sustainably produced (hardwood) firewood. The hard work and enthusiasm of: Firewood Volunteers continues to be pivotal to the success of the enterprise and means the organisation will go into winter 2025 with the barn fully stocked with processed material. The Millennium Country Park and the Grange Estate hosted a number of running events, which collectively involved nearly 1,800 participants. In addition, the regular weekly Millennium Country parkrun continues to be popular, with this free and inclusive community event attracting around 9,750 finishers during the year. | The Forest Centre team continued to explore enhancements to the visitor experience at the Forest Centre, with changes to menus and the broader offer. The transformed mezzanine and café as whole were well used, including by an increasing number of people seeking a space to work from or meet professionally and offering additional revenue outside the peak times normally associated with visitors to the Millennium Country Park. The toilets were completely refurbished to offer a more modern aesthetic and a more functional layout.

The Millennium Country Park and the Grange Estate hosted a number of running events, which collectively involved nearly 1,800 participants. In addition, the regular weekly Millennium Country parkrun continues to be popular, with this free and inclusive community event attracting around 9,750 finishers during the year.

Wheels Free Cycles returned for a second year to deliver a cycle hire offer through spring and summer at weekends and during school holidays. The offer includes a range of adapted bikes, already owned by the Trust, which allow even more people to visit and benefit from time spent outdoors.

Building on the success of 2023, the Christmas Fair returned for a second year to offer two days of free entertainment alongside activities, food and drink and stalls selling a wide range of products. Once again, the event showcased the flexibility of the venue and demonstrated how a diverse audience could be brought together at a single event.

Strategic report

Achievements and performance

a. Key performance indicators

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Trustees on a quarterly basis review the financial performance of the Trust, against the approved annual budget, via management accounts which include monitoring of; | e Profit & Loss of Marston Vale Services, with a catering target gross profit of 69%.

e Profit & Loss, Balance sheet, Reserves, Capital Expenditure of Marston Vale Farms & the Forest of Marston Vale Trust.

b. Review of activities

| During the year the charity and its wholly owned trading subsidiaries, Marston Vale Services trading as The Forest Centre Limited and Marston Vale Farms Limited, donated via covenant £nil and £178,374 respectively (2024 - Enil and £162,935).

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

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ecTRUSTEES’a REPORTee (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Strategic report (continued)

Achievements and performance (continued)

c. Investment policy and performance

The Trust has an investment Policy which divides its investments into 4 separate funds, each with a specific purpose and its own objectives for growth and income. The Trust's investments are managed through its appointed Investment Managers, Quilter Cheviot.

Community Woodland Creation Fund

The Trust is primarily concerned with the creation of community woodland which is well managed woodland with excellent public access. The Trust has built a financial model for the 25-year cost of creating community woodland. This model cost has been endorsed by the Forestry Commission and sufficient restricted funds are secured against the modelled requirements before any new woodland is planted. The Community Woodland Fund is a key Restricted Fund and is monitored: to ensure that there is sufficient funding for all community woodiands being created.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The Trust's reserves policy is to hold sufficient reserves of unrestricted funds to cover one year of the Forest Teams' direct costs. The Forest Team comprises those staff responsible for raising funds for projects and delivering projects. This level of reserve has been selected to secure the team and the long term viability of the Trust and recognises that certain of the Trust's income streams are variable in nature. By ensuring that the Team can be secured for a year ahead, it allows the Trust to respond to down turns in revenue and find alternative income streams or reduce costs in a controlled way.

The charity has total funds of £18,383,145 at the year end (2024 - £17,994,224) of which £15,031 ,000 (2024 - £14,596,755) is restricted. As a result of this year's activities, the charity's unrestricted General Fund (excluding the designated funds) has decreased from £2,505,807 to £2,426,303. However, it should be noted that of this figure, £797,900 (2024 - £727,541) is represented by fixed assets that are not so easily accessible and £1,017,536 (2024 - £1,021,362) is held for the Capital Projects Fund within the investments. So only £610,867 (2024 - £756,903) being the net current asset, is accessible by the group, which is equivalent to in about 8 months of the Forest Team costs (excluding depreciation charges of approx. £929,650 for 2025) in accordance with the charity's reserve policy.

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| THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) SS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

c. Principal risks and uncertainties

| Principal financial risks to the charity are: | ' | e The uncertainty of income by its social enterprise (cafe, shop & conference rooms) in the current economic | environment. | e Volatility of the stock market which can unduly affect the value of the Trusts investments. | |e The lack of clarity on Defra-based funding after the current Trees for Climate programme ends. | d. Financial risk management objectives and policies | | | | Statement of Investment Policy of the Forest of Marston Vale| Trust - Adopted by the board 20th July 2023: | Introduction | The objects of the charitable company are stated in the Articles of Association of the Trust and are to benefit the public by:

The conservation, protection and improvement of the physical and natural environment of the Marston Vale in Bedfordshire and the surrounding area by creating the Forest of Marston Vale as a Community Forest.
The promotion and advancement of biodiversity, by planting trees and establishing and managing woodlands in the Marston Vale in Bedfordshire and the:surrounding area.

The Trust is meeting these aims and realising clear public benefit from the creation of accessible woodland and green space; the regeneration of the rural environment; the protection and proper management of high- quality green space; the protection of wildlife and the creation of varied and valuable habitat for plants and animals; influencing the behaviours and strategies of landowners and developers.

Advancing, through community engagement, the education of the public in the improvement and protection of the environment, and in the environmental, social. and economic benefits of tree planting, woodland creation and access to nature. . |

Providing recreational and other facilities in the Marston Vale and the surrounding area to members of the public at large in the interests of social welfare. .

Governance

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The Forest of Marston Vale Trust is registered as a company limited by guarantee and was set up by a Trust Deed on 7th November 1997 and is a registered charity (number 1069229). The principal object of the company is to provide the environmental regeneration of the Marston Vale through the creation of the Forest of Marston Vale. The creation of the Forest of Marston Vale is guided by the Forest Plan and delivered through the Forest Delivery Strategy.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

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TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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Strategic report (continued)

Financial risk management objectives and policies (continued)

The Board of Trustees is responsible for setting this investment policy and ratifying any changes to it.

All instructions to the Trust’s appointed investment managers will be signed off by one member of the Leadership Team (Forest Director or Commercial Director) and one Trustee.

Purpose

The Charity has four funds:

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The lower-medium risk funds will be managed as one portfolio, as will the medium risk funds. The different funds will be designated within these.

Total return target

The total return target for the medium investment portfolio has been set at inflation plus 3.5% p.a. net of fees, and the lower-medium risk portfolio target is set at inflation plus 2% p.a. net of fees annualised over the longterm. This implies nominal targets of 5.5% p.a. and 4.0% p.a. respectively assuming the Bank of England’s official 2% target for CPI inflation.

Should CPI materially exceed the official Bank of England target for an extended period (two years) the total return target may need to be revised.

Liquidity requirement The charity holds in cash reserves sufficient funds to meet immediate cash-flow requirements.

Ethical and other constraints

In principle the Trustees wish to be responsible investors and are aware that Quilter Cheviot take account of environmental, social and governance (ESG) issues in their investment analysis and decision-making processes and engage with company management where appropriate.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) TRUSTEES" REPORT (CONTINUED) FOR THE YEAR THE YEAR YEAR ENDED 31 MARCH 2025

a | TRUSTEES" REPORT (CONTINUED) ; FOR THE YEAR THE YEAR YEAR ENDED 31 MARCH 2025 eee | | Strategic report (continued) | Financial risk management objectives and policies (continued)

Risk tolerance

A reasonable level of capital volatility within the investment portfolios is considered by the Trustees to be acceptable given the charity's risk and return objectives. The two portfolios will be managed in accordance with the risk profiles outlined below: . )

General Purpose and Capital Projects Funds:

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Diversification within the portfolio should be such as to limit the downside risk in the portfolio. However, the
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Ability to bear loss

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The charity has a ‘moderate’ ability to bear investment losses.

For the Specific Use and Woodland Endowment Funds, in extreme circumstances, falls in the value of the portfolio of up to 35% would not have a material impact on the charity's overall financial position and commitments. ; |

For the General Purpose and Capital Projects Funds, in extreme circumstances, falls in the value of the portfolio of up to 20% would not have a material impact on the charity's overall financial position and commitments.

Currency | The charity's liabilities are in sterling therefore the manager is expected to be mindful of this fact when investing the charity's assets. |

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

el TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Strategic report (continued)

Financial risk management objectives and policies (continued)

Permitted asset classes, asset class ranges and benchmark indices The table below shows the strategic asset allocation and benchmark indices against which performance of the portfolio will be monitored. The table also shows the broad asset classes in which investment is permitted. Maximum and minimum ranges have been set in each asset class to limit the degree of divergence from the strategic asset allocation and therefore the overall risk.

Specific Use and Woodland Endowment Funds:

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Investment Long-term asset Ranges Benchmark indices
allocation (%) g
IFiedincome. 7 7B) | 10-80/
UK governm ent bonds 12.0 FTSE Actuaries All Stock Gilts
‘UK corporate'bonds a BB. - oo _ICE BofAML Sterling Corporate Bonds... oo 4
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Total equities 70.0 50-75
PUKE 80 RTSAN Share Yo a
Overseas 40.0 FTSE All World ex UK
| Aormatives a AOR 8 0°20" io five years 50% FTSE All Share oS
Cash 2.5 0-15 UK interbank 1 week
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We have determined to use a composite of 50% iBoxx £ Gilt 1-5 years and 50% MSCI AC Warld index (ACWI) for this portion as we are allocating to alternatives which we believe have the characteristics of equity like returns and bond like volatility and therefore this most closely represents the attributes of the underlying vehicles Performance of the overall portfolio will be monitored against its target of CPI inflation plus 3.5% p.a. net of fees, the composite of market indices (as shown above) and the ARC Steady Growth Charities Index.

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General Purpose and Capital Projects Funds:
Investment allocationLong term asset Ranges Benchmark indices
(%) %
‘Fixed interest - St, a 2 ey
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**12.5% HFRX Global hedged GBP, 5% MSC] UK Real Estate IMI, 2.5% CRB Commodities

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| ON | || THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) eR TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ee

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Strategic Report (continued)

Financial risk management objectives and policies (continued)

Performance of the overall portfolio will be monitored against its target of CPI inflation plus 2% p.a. net of fees, the composite of market indices (as shown above) and the ARC Balanced Charities Index

Approach to investment

The Trustees have a preference for direct investment where possible. However, it is understood that collective investment schemes will be used to provide the most efficient means to access a particular markets or asset classes and for reasons of diversification.

Investment manager

The Trustees appointed Quilter Cheviot in June 2018 to manage the assets of the portfolio in accordance with the principles set out in this statement and within the guidelines set down from time to time by the Trustees. The Trustees will monitor the performance of the manager against the stated investment benchmark on a quarterly basis but it is anticipated that the manager will be given a period of tenure of between three and five years.

Custody of assets: the investment assets are held in Quilter Cheviot's nominee company who produce an annual verification as part of the audit process.

e. Principal funding

The Trust's operating costs are covered by a combination of donated profit from the wholly owned subsidiary companies (Marston Vale Services trading as The Forest Centre Limited and Marston Vale Farms Limited), income from land holdings (including grants) and management fees on projects. Income for projects has been secured by the Forest Team from a number of sources including developer contributions (e.g. via Section 106 Agreements), fundraising, corporate donations and a rangejof grant giving bodies.

The Trees for Climate program, funded and supported by UK Government, has transformed the scale and speed of woodland creation which will be possible across its duration.

Structure, governance and management

a. Constitution

The Forest of Marston Vale Trust is registered as a charitable company limited by guarantee and was set up by a Trust deed on 7th November 1997 and is a registered charity (number 1069229). The principal object of the company is to provide the environmental regeneration of the Marston Vale through the creation of the Forest of Marston Vale. The creation of the Forest of Marston Vale is :guided by the Forest Plan and delivered through the Forest Delivery Strategy. |

b. Methods of appointment or election of Trustees

Under the Articles of Association of The Forest of Marston Vale Trust, each Member has the right to appoint or remove a Trustee.

Additional Trustees are co-opted onto the board of Directors to strengthen key areas, identified through a skills audit review. |

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THE FOREST OF MARSTON VALE TRUST

| || New Trustees are provided with an induction pack which includes background information about the Trust's activities and a summary of Trustees duties and responsibilities. All Trustees are required to sign and return a copy of the duties and responsibilities. Trustees are encouraged to meet with members of the Staff Team and : Team members present to the Board on matters of particular interest as and when necessary. Trustees are / encouraged to attend public events organised by the Trust from time to time.

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Board of Trustees meets at least five times a year (including the AGM).

From April 2019 the Board restructured the Leadership Team delegating management of the day-to-day operations of the Charity jointly to the Forest Director and the Commercial Director. The Forest Director is also a Director of Marston Vale Farms Limited; the Commercial Director is also a Director of Marston Vale Services trading as The Forest Centre Limited. The new Leadership Team is supported by a sub-group of 4 Trustees.

Budgets are prepared annually and reviewed by the Board of Trustees before finalisation and approval. Management Accounts are prepared on a quarterly basis and reviewed by the Board. Operational accounts are prepared on a monthly basis and reviewed by the Leadership Team, Trustees sub-group and in-house Accountant.

d. Policies adopted for the induction and training of Trustees

e. Pay policy for key management personnel

The board of directors, who are also the trustees of the Forest of Marston Vale Trust and the senior leadership team comprise the key management personnel of the charity, in charge of directing and controlling the operation of the Trust on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in note 26 to the accounts.

The pay of the senior staff is reviewed annually and normally it is increased in accordance with cost-of-living increases, such as inflation. In view of the nature of the charity, the directors when recruiting, benchmark against pay levels in other environmental organisations with visitor facilities of a similar size run on a social enterprise basis. Pay for senior managers are set by the Trustee board based on affordability and sustainability of the charity and whether the pay level is appropriate for the specific role. The combined gross salary, including benefits including pension and employers NI, for senior managers at the Trust is £152,674 (2024 - £144,297).

f. Related party relationships

The Forest of Marston Vale Trust is the sole shareholder of two operating subsidiaries (Marston Vale Services trading as The Forest Centre Limited and Marston Vale Farms Limited) which are governed by their own Memoranda and Articles of Association. Marston Vale Services trading as The Forest Centre Limited operates the Charity's commercial operations under license from the Trust. All profits from both subsidiaries are covenanted to The Forest of Marston Vale Trust as the parent charity.

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;

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) a TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 |

Structure, governance and management (continued)

g- Financial risk management

The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

h. Trustees’ indemnities

Indemnity insurance has been taken out in respect of the Trustees for the period.

i. Risk management

| |

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable insurance cover and policies are in place to provide adequate assurance against fraud and error.

The Trust's reserves policy has been designed to secure the fundraising and delivery activities for a minimum of one year, in the event that Trust unrestricted net income from all sources does not meet operating costs.

j. Public benefit

The Forest of Marston Vale is one of fifteen Community Forests in England, most of which were established in the early nineties, originally with a forty-year planned delivery period. In line with all of England's Community Forests, the Forest of Marston Vale was set a Government target of achieving 30% woodland cover as a mechanism for facilitating environmental, social and economic regeneration, by engaging with communities and businesses. ;

The Forest of Marston Vale Trust is an independent registered charity and a company limited by guarantee. The Trust is committed to the environmental regeneration of 61, square miles of Bedfordshire through the creation of the Forest of Marston Vale. As the largest environmental regeneration project in Bedfordshire, stretching from the M1 to Willington, approximately half of the Forest is in Central Bedfordshire and half in Bedford Borough.

Initially funded by the Countryside Agency and the (then) three local authorities, the delivery of the Forest is now sustained by the Forest of Marston Vale Trust, which was established by the original partners in 1997, as an independent Trust. All commercial activities are carried out by the Trust's wholly owned operating company, Marston Vale Services trading as The Forest Centre Limited; a social enterprise operating the Forest Centre, a commercial visitor centre and conference and events venue that donates all profits to the Trust as the parent charity.

The charity in turn supports delivery of the Forest of Marston Vale and brings in funding from a wide range of sources (grants from trusts, lottery funding and corporate sponsorship) and delivers high quality public access green space in line with the aims of the original Community Forest and Forest Plans. The Forest of Marston Vale Trust has a second operational subsidiary, Marston Vale Farms Limited, which is a vehicle for securing funding for woodland creation on behalf of the Trust, again all profits are covenanted to the Trust.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

TRUSTEES‘ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Plans for future periods

Aims for 2025/26:

Deliver year 6 of the Trees for Climate programme (c.113 hectares). Continue to develop programme management systems to drive delivery efficiencies.

Secure funding from a variety of sources to continue delivering the Forest of Marston Vale in line with the aims of the Forest Plan, by working with a range of partners, stakeholders and funders.

Work collaboratively with other Community Forests, as England’s Community Forests, to secure funding and support from Government and the private sector to continue the momentum and achievements being delivered under the Trees for Climate programme and secure further acceleration of the creation of England’s Community Forests individually and collectively.

Work collaboratively with other Community Forests, as England’s Community Forests, to benefit from shared experience and expertise across a broad range of activity, including strategy, communications, fundraising, partnerships, project delivery and technology.

Continue to work to secure meaningful environmental gains from all approved development schemes (residential, employment and mixed use) within or adjacent to the Forest area. The key objective is to ensure that all development proposals are policy-compliant in terms of demonstrating how they positively and proportionately contribute to the physical creation of the Forest of Marston Vale.

Finalise and launch the Forest Plan 2025 as the strategic framework for the ongoing creation of the Forest of Marston Vale, providing renewed clarity and focus for the next 25 years (2025-2050).

Build on the success of the Forest Centre’s balcony and terrace by refreshing the main café seating area to create a more modern ambience and deliver a comfortable, welcoming experience while retaining the flexibility needed in a multi-use space. Update the café counter and service space to reflect the design style of the wider space and offer improved efficiencies.

Continue work on a 3-year programme of works at the Millennium Country Park to improve the quality of visits, encouraging visitors to explore the Park more fully and with increased confidence. A new information node will be crafted and installed by lacal woodworker, fan Freemantle; made from oak and with hand carved decorations, the structure will display a site map, site history and a suite of marked walks. Signs and waymarking will be improved and interpretation updated and rebranded. A new timber bird hide will replace an older hide, now beyond economic repair. New welcome signage will start to be rolled out across the Trust’s estate as the first part of a broader refresh of signage and interpretation. ,

Continue the programme of woodland management work at Holcot and Reynolds Woods and deliver open days to showcase sustainable forestry practices to other landowners and the public.

Continue to explore projects and initiatives to promote, support and demonstrate sustainable forestry and woodland management, making use of the Trust’s own young woodlands as well as woodlands owned and managed by partners and other landowners.

Continue to encourage and develop new talent by recruiting two additional Forestry Trainees to complete the 12-month programme.

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| | : | THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) a TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Plans for future periods (continued)

Aims for 2025/26 continued:

Work in partnership with Central Bedfordshire Council, The Greensand Trust and Bedford Rural Community Charity to plan a “green wheel” for Marston Moretaine which will promote a circular route around the village set in mainly natural surroundings based on footpaths and bridleways. There is a longer-term aspiration to also deliver “green wheels” around Cranfield and Lidlington. | Continue to explore and enhance the way the Trust connects with its target audiences, both charitable and commercial, building awareness and boosting income. Continue work on website improvements and developing a new house style for infographics and promotional materials. Work across the organisation to develop outlines for a broad range of potential projects and create a pipeline which better enables the fundraising team to respond to funding opportunities.

Aims for 2026/27 and beyond:

Successfully deliver year 7 of the Trees for Climate programme locally, securing and planting new schemes to achieve or better the programme target.

| Continue the programme of woodland management at Holcot and Reynolds Wood and explore opportunities to bring other local woodland into active management. .

Continue to develop projects and initiatives to expand the woodland economy and demonstrate sustainable forestry and woodland management, including expanding’ the activity of the Trust's firewood enterprise using material from the woodlands it manages.

Recruit the next intake of Forestry Trainees and explore the potential to expand the programme to include a Conservation Trainee.

Expand the programme of walks and talks to offer more community engagement events across the Trust's portfolio of woodlands.

Continue to work with schools to promote tree planting and encourage a broader engagement with nature. Expand on work to deliver the Trust's communications strategy, focusing on brand building to further grow awareness and engagement, and create new fundraising and commercial opportunities. Again partner with Midas Pattern Company and The Green Earth Café to deliver a dedicated eco space at the Bedford River Festival 2026 — a two-day event attracting c.250,000 people.

Continue to enhance the visitor offer at the Forest Centre & Millennium Country Park to provide an enriched visitor experience which further delivers on the Trust’s fourth charitable objective. Explore options to further develop the café garden and environs to deliver a welcoming environment for visitors, while addressing the likely impact of increased visitor pressure from proposed nearby developments and ensuring that the awardwinning quality of the site is not eroded. Explore and trial;opportunities to expand the offer and the range of events to target new audiences, in particular demographics which don’t currently make good use of the facility. Explore potential new revenue generating projects, fundraising and partnership opportunities to further fund the creation of the Forest of Marston Vale and ensure the sustainability of the charity. To this end unrestricted income supports the activities of the Trust and the Forest Team, enabling the team to secure restricted funds to deliver projects in furtherance of the objectives of the Forest of Marston Vale.

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| |a

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Statement of Trustees‘ responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees’ report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
e observe the methods and principles of the Charities SORP (FRS 102); ° make judgments and accounting estimates that are reasonable and prudent;
° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
° prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

° so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
° that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

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ry |(a ale
P J Faulkner D J Hassall
Trustee . Trustee
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Date: 4 December 2025

Page 18

SSSSSSSSSSSSSSSSSSSSSSSSSSSsSSSSsSSssSSSSSSSSSSSSSSe

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ee SSSSSSSSSSSSSSSSSSSSSSSSSSSsSSSSsSSssSSSSSSSSSSSSSSe | | | THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) TO INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOREST OF MARSTON VALE TRUST

Opinion

We have audited the financial statements of The Forest of Marston Vale Trust (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
e have been properly prepared in accordance with, United Kingdom Generally Accepted Accounting Practice; and
° have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the| audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees’ with respect to going concern are described in the relevant sections of this report.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

} |

;

| |, | | | | | |

TTT TTT | INDEPENDENT AUDITORS" REPORT TO THE MEMBERS OF THE FOREST OF MARSTON VALE TRUST | (CONTINUED)

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditors’ report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

° the informfinanci a ltionstatements given in thar e Tp r ustees’epared isrepc o nsistentrt includingwiththethe Strategic financial statements.report for the financial year for which e the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

° the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
« the parent charitable company financial statements are not in agreement with the accounting records and returns; or
. certain disclosures of Trustees’ remuneration specified by law are not made; or ° we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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Page 20

| : a THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) | | , INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE FOREST OF MARSTON VALE TRUST | (CONTINUED)

Responsibilities of trustees (continued)

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about! whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material 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 statements. 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 irregularities, including fraud. The extent to which our|procedures are capable of detecting irregularities, including fraud is detailed below:

¢ we consider the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
e the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
e any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: ° identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; ; t
° detecting and responding to the risks of fraud land whether they have knowledge of any actual, suspected or alleged fraud; | |
° — the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
e the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (Uk), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE FOREST OF MARSTON VALE TRUST (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements (continued)

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Charities Act 2011 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions

we havetal

Neal Carter ACA (senior statutory auditor) for and on behalf of

Hillier Hopkins LLP Chartered Accountants Statutory Auditor 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA

Date: 4-12-2996

Page 22

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

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||||||||| |---|---|---|---|---|---|---|---| |sss| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |2025|2025|2025|2024| |Note|T£|£|£|£| |Income|from:| |Donations|and|legacies|4|662,453|-|662,453|566,482| |Charitable|activities|5|-|2,381,948|2,381,948|3,798,098| |Other|trading|activities|6|1,168,517|-|1,168,517|1,227,377| |Investments|7|28,253|105,343|133,596|119,318| ||| |Total|income|1,859,223|2,487,291|4,346,514|5,711,275| |Expenditure|on:| |Raising|funds|8|895,110|-|895,110|'|916,062| |Charitable|activities|9|919,396|2,144,438|3,063,834|3,599,027| |Total|expenditure|4,814,506|2,144,438|3,958,944|4,515,089| |Net|income|before|net| |gainsi/(losses)|on|investments|44,717|342,853|387,570|1,196,786| |Net gains/(losses)|on|investments|4,756|(3,405)|1,351|319,163| |Net income|49,473|339,448|388,921|1,515,349| |Transfers|between funds|22|(94,797)|94,797|-|-| |Net movement|in funds|(45,324)|434,245|388,921|1,515,349| |Reconciliation|of funds:| ||| |Total|funds|brought|forward|3,397,469|14,596,755|17,994,224|16,478,875| |Net movement|in|funds|(45,324)|434,245|388,921|1,515,349| |Total funds|carried forward|3,352,145|15,031,000|18,383,145|17,994,224|

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THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee) REGISTERED NUMBER: 03462405

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

			2025		2024
	Note		£		£
Fixed assets
Tangible assets	15		10,479,512		10,385,532
Investments	16		4,328,250		4,356,197
			14,807,762		14,741,729
Current assets
Stocks	17	20,245		27,659
Debtors	18	295,644		2,024,095
Cash at bank and in hand		4,272,401		1,582,505
.
		4,588,290		3,634,259
Current liabilities
Creditors: amounts falling due within one
year	19	(1,002,947)		(373,032)
Net current assets			3,585,343		3,261,227
.Total assets less current liabilities			18,393,105		18,002,956
Creditors: amounts falling due aftermore
than one year	20		(3,505)		(663)
Provisions for liabilities			(6,455)		(8,069)
Total net assets			18,383,145		17,994,224
Charity funds
Restricted funds	22		15,031,000		14,596,755
Unrestricted funds
Designated funds	22	925,842		891,662
General funds	22	2,426,303		2,505,807
Total unrestricted funds	22		3,352,145		3,397,469
Totalfunds			18,383,145		17,994,224

Page 24

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) REGISTERED NUMBER: 03462405

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

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(Wo b
Pere rere rrr eh errr rerrrrery errreeerett iti . ee Aa . aliases
P J Faulkner | DJHas —
Trustee _ Trustee
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Date: 4 December 2025

The notes on pages 29 to 55 form part of these financial statements.

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i i

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THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee) REGISTERED NUMBER: 03462405

COMPANY BALANCE SHEET AS AT 31 MARCH 2025

				2025		2024
		Note		£		£
Fixed assets
Tangible assets		15		10,453,692		10,353,256
Investments		16		4,328,252		4,356,199
				14,781,944		14,709,455
Current assets	:
Debtors		18	583,257		2,353,137
Cash at bank and in hand			4,043,710		1,377,172
			4,626,967		3,730,309
Current liabilities				:
Creditors: amounts falling due within one
year		19	(884,765)		(258,084).
Net current assets				3,742,202		3,472,225
Total assets less current liabilities				18,524,146		18,181,680
Total net assets				18,524,146		18,181,680
Charity funds
Restricted funds		22		15,031,000		14,596,755
Unrestricted funds
Designated funds		22	925,842		891,662
General funds		22	2,567,304		2,693,263
Total unrestricted funds		22		3,493,146		3,584,925
Totalfunds				18,524,146		18,181,680

The Company's net movement in funds for the year was £342,466 (2024 - £1,506,294).

Page 26

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:THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) REGISTERED NUMBER: 03462405

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COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

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The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

P[J][Faulkner] Yee. | DJHassall ° We Trustee Trustee a

Date: 4 December 2025

The notes on pages 29 to 55 form part of these financial statements.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |.| |Net|cash|used|in|operating|activities|2,874,978|290,697| |Cash|flows|from|investing|activities| |Proceeds|from|the|sale|of tangible|fixed|assets|5,218|4,500| |Purchase|of tangible|fixed|assets|(219,598)|(275,388)| |Proceeds|from|sale|of investments|397,201|773,185| |Purchase|of investments|(367,903)|(750,719)| |Net|cash|used|in|investing|activities|(185,082)|(248,422)| |Change|in|cash|and|cash|equivalents|in|the year|2,689,896|42,275| |Cash|and|cash|equivalents|at the|beginning|of the|year|1,582,505|1,540,230| |Cash|and|cash|equivalents|at the|end|of the|year|4,272,401|1,582,505| |The|notes|on|pages|29|to|55|form|part|of these|financial|statements|

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THE FOREST OF MARSTON VALE TRUST | (A company limited by guarantee) | SSSS SSS SSS SS | | NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

General information The company is a private company limited by guarantee incorporated in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
Accounting policies

2.1 Basis of preparation of financial statements | | The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland “ 102) and the Companies Act 2006. The Forest of Marston Vale Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. .

The consolidated statement of financial activities (SOFA) and consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of financial activities in these financial statements. | Income ,

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable andj that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution..

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.2 Income (continued)

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Turnover for Marston Vale Services trading as The Forest Centre Limited comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Turnover for Marston Vale Farms Limited presents grants that the company were entitled to receive during the year and do not relate to what has been received during the year.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT. ;

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eee THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) | NN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 eee

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2. Accounting policies (continued)
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2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. | .

2.5 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

A review for impairment of a fixed asset is carried aut if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases: . Forest Centre and Millennium - 2% on cost Country Park | Long-term leasehold property - 2% on cost Short-term leasehold property - Lease period Plant and machinery - 5-10 years on reducing balance Motor vehicles ~ 25% onreducing balance Fixtures and fittings - 5-10 years on cost Office equipment - 5-10 years on cost Computer equipment - 15 - 20% reducing balance

2.7 Investments | Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the consolidated statement of financial activities.

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THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.7 Investments (continued)

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities

Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the consolidated statement of financial activities as a finance cost.

2.12 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

Page 32

THE FOREST OF MARSTON VALE TRUST (A company limited 'by guarantee)

ee NOTES TO THE TO THE THE FOR THE YEAR THE YEAR YEAR ENDED SO 2. Accounting policies (continued)

NOTES TO THE TO THE THE FINANCIAL STATEMENTS FOR THE YEAR THE YEAR YEAR ENDED 31 MARCH 2025

2.13 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using'the effective interest method.

2.14 Operating leases

Operating leases | Rentals paid under operating leases are charged to the consolidated statement of financial activities on a straight line basis over the lease term. |

2.15 Pensions

| The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 5th April 2022.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. ‘ .

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and : administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. These are all considered low risk due to their nature, but include accrued income, depreciation charge and accruals.

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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||||||| |---|---|---|---|---|---| |4.|Income|from|donations|and|legacies| |Unrestricted|Total| |"|funds|funds| |2025|2025| |£|£| |Donations|662,453|662,453| |Unrestricted|Total| |funds|funds| |2024|2024| |£|£| |Donations|566,482|566,482| |5.|Income|from|charitable|activities| |Restricted|Total| |funds|funds| |2025|2025| |£|£| |Creation|of community woodland|2,381 ,948|2,381,948| |Restricted|Total| |funds|funds| |2024|2024| |£|£| |Creation|of community woodland|3,798,098|3,798,098|

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Page 34

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

		NOTESTOTHE FINANCIALSTATEMENTS	NOTESTOTHE FINANCIALSTATEMENTS
		FORTHEYEARENDED 31 MARCH 2025
6.		Income from othertrading activities
		Incomefromfundraising events	!

				Unrestricted		Total
			.		funds	funds
					2025	2025
				.	£	£
	'	Royalties and rents receivable from the extraction	ofminerals under licence
		fees			38,846	38,846
		Miscellaneous income				388
		Wind turbine income				80,669
						119,903
			;	Unrestricted		Total
					funds	funds
						2024
			;		£	£
		Royalties and rents receivable from the extraction	ofminerals under licence
		fees			38,571	38,571
		Miscellaneous income			752	752
			.
		Wind turbine income			171,550	171,550
						210,873
		Income from non charitable trading activities	_
				Unrestricted		Total
					funds	funds
					2025	2025
					£	£
		Marston ValeServicestrading asThe ForestCentreLimited			849,674	849,674
		Marston Vale Farms Limited				198,940
						1,048,614

Page 35

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

reer

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

6. Income from other trading activities (continued)

Income from non charitable trading activities (continued)

		:	Unrestricted	Total
			funds	funds
			2024	2024
			£	£
Marston	Vale	Services trading as The Forest Centre Limited	816,013	816,013
Marston	Vale	Farms Limited	200,491	200,491
			1,016,504	1,016,504

7. Investment income

	Unrestricted	Restricted	Total
	funds	funds	funds
	2025	2025	2025
	£	£	£
Subsidiaries bank interest	4	-	1
Investment income for charity	28,252	105,343	133,595
	28,253	105,343	133,596
	Unrestricted	Restricted	Total
	funds	funds	funds
	2024	2024	2024
	£	£	£
Subsidiaries bank interest	1	-	1
Investment income for charity	46,629	72,688	419,317
	46,630	72,688	119,318

Page 36

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| | |me| | THE FOREST OF MARSTON VALE TRUST | (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

|8.|Expenditure on raising funds||||||||| |---|---|---|---|---|---|---|---|---| ||Costs of raising voluntary income|,||||||| ||||||||Unrestricted|Total| ||||||||funds|funds| ||||||||2025|2025| ||||||||£|£| ||Other costs||||||53,286|53,286| ||Wages and salaries||||||25,118|25,118| ||National Insurance costs||||||2,853|2,853| ||||||||eee|| ||||||||81,257|81,257| ||||||||||| ||||||||||| ||||||||Unrestricted|Total| ||||||||funds|funds| |||||||||2024|2024| ||||||||£|£| ||Othercosts|||||||64,691|64,691| ||Wages and salaries||||||23,522|23,522| ||National Insurance costs||||||2,661|2,661| ||||||||90,874|90,874| ||||||||||| ||||||||||| ||Other trading expenses|||||||| ||||||||Unrestricted|Total| ||||||||funds|funds| ||||||||2025|2025| ||||||||£|£| ||Marston Vale Servicestrading asThe Forest Centre|||||Limited costs|349,765|349,765| ||Marston Vale Farms Limited costs||||||15,554|15,554| ||Subsidiary staffcosts||||||442,078|442,078| ||Subsidiary depreciation||||||6,456|6,456| ||||||||||| |||||||||813,853|813,853| |||||||||SoS|OO|

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Expenditure on raising funds (continued)

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Total| |funds|funds| |2024|2024| |;|£|£| |Marston|Vale|Services|trading|as The|Forest|Centre|Limited|costs|344,133|344,133| |Marston|Vale|Farms|Limited|costs|28,009|28,009| |Subsidiary|staff costs|444,977|444,977| |Subsidiary|depreciation|8,069|8,069| |825,|188|825,|188| |ee|

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| | : 9. Analysis of expenditure on charitable activities

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||||||| |---|---|---|---|---|---| |Summary|by fund|type||| ||| |Unrestricted|Restricted||| |funds|funds|Total||| |2025|2025|2025||| |£| |Creation|of community woodland|919,396|2,144,438|3,063,834||| |.||| |Unrestricted|Restricted||| |funds|funds|Total|}| |2024|2024|2024||| |£| |Creation|of community woodland|752,307|2,846,720|3,599,027||| |Summary|by|expenditure type||| |Staff costs costs|Depreciation|Other|costs|Total|,|

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Staff costs costs Depreciation Other costs Total 2025 2025 2025 2025 £ £ £ £ Creation of community woodland 620,079 118,861 2,324,894 3,063,834

Page 38

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THE FOREST OF MARSTON VALE TRUST {A company limited by guarantee)

| —_____

|

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Analysis of expenditure on charitable activities (continued) Summary by expenditure type (continued) . Staff costs Depreciation Other costs Total | 2024 2024 2024 2024 £ £ £ £ Creation of community woodland 483, 938 106,730 3,008,359 3,599,027 10. Analysis of expenditure by activities . Activities | undertaken Support Total directly costs funds 2025 2025 2025 £ £ £ Creation of community woodland 3,001,718 62,116 3,063,834 | Activities | undertaken Support Total directly costs funds 2024 2024 2024 ; £ £ £ Creation of community woodland 3,525, 732 73,295 3,599,027 Analysis of direct costs Total Total funds funds 2025 2024 £ £ Staff costs 577,994 442,761 Depreciation . 118,861 106,730 Grants, tree sponsorship and similar incoming resources 2,304,863 2,976,241 3 3,001,718 3,525,732 | OO |

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.
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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Analysis of expenditure by activities (continued)

Analysis of support costs

Governance costs

Total Total } funds funds | 2025 2024 | £ 62,116 73,295

41. Auditors’ remuneration

The auditors’ remuneration amounts to an auditor fee of £15,950 (2024 - £12,619), and taxation compliance of £1,350 (2024 - £1,250).

12. Staff costs

	Group	Group	Company	Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	985,235	866,297	566,547	443,905
Social security costs	73,272	59,842	59,425	46,937
Contribution to defined contribution pension
schemes	31,621	28,959	22,078	19,279
	41,090,128	955,098	648,050	510,121

The average number of persons employed by the Company during the year was as follows:

		Group	Group
		2025	2024
		No.	No.
Total	employees	65	59

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ee 12. Staff costs (continued)

The average headcount expressed as full-time equivalents was:

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||||| |---|---|---|---| |Group|Group| |||2025|2024| |No.|No.| |Forest|creation|16|11| |Social|enterprise|16|17| |Governance|1|1| |32|29|

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The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000

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|||| |---|---|---| |Group|Group| |||2025|2024| |No.|No.| |||4|1|

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The senior management team's remuneration for the year was £152,674 (2024 - £144,297).

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL).

14. Taxation

Taxation : The Forest of Marston Vale Trust is a registered charity and therefore is not liable to income tax or corporation tax on income or gains derived from its: charitable activities, as they fall within the various exemptions available to registered charities. | During the previous years Marston Vale Services trading as The Forest Centre Limited has had taxable losses to offset against future profits of £226,423 (2024 - £277,993) as a result of the pension scheme deficit payment in the previous years and normal losses. The tax benefit of these losses have not been reflected as a deferred tax asset of £56,606 (2024 - £69,498) due to the uncertainty of when this will arise due to the restrictions on the covenant. .

There are no factors considered likely to affect future tax charges.

Page 41

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} , , | | |

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

15. Tangible fixed assets

	Group		,
		Other	Forest	Other	Other
		Freehold	Centre and	Fixtures and	Fixtures and
		and Leasehold Land	== Millennium Country Park	Fittings, Plantand Equipment	Fittings, Plant and Equipment	Total
		£	£	£	£	£
	Cost orvaluation
	At 1 April 2024	4,885,283	7,523,969	34,229	92,172	12,535,653
	Additions	56,297	160,894	-	2,407	219,598
	Disposals	-	(494)	-	(5,577)	(6,071)
	At31 March 2025	4,941,580	7,684,369	34,229	89,002	12,749,180
:	Depreciation
	At 1 April 2024	-	2,049,665	31,558	68,898	2,150,121
	Charge forthe year	-	119,338	668	3,551	123,557
	On disposals	-	(434)	-	(3,576)	(4,010)
	At 31 March 2025	-	2,168,569	32,226	68,873	2,269,668
	Net book value
	At 31 March 2025	4,941,580	5,515,800	2,003	20,129	10,479,512
	At31March2024	4,885,283	5,474,304	2,671	23,274	10,385,532

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

a

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |15.|Tangible|fixed|assets|(continued)|.| |Company|)| |Other|Forest|Other|Other| |Freehold|Centre and|Fixtures|and|Fixtures|and| |and|Millennium|Fittings,|Fittings,| |Leasehold|Country|Plant and|Plant and| |Land|iPark|Equipment|Equipment|Total| |£|£|£|£|£| |Cost|or|valuation| |At|1|April|2024|4,885,283|7,431,410|34,229|92,172|12,443,094| |Additions|56,297|160,894|-|2,407|219,598| |Disposals|-|(494)|-|(5,577)|(6,071)| |At 31|March 2025|a4,941 ,580|7,591,810|34,229|89,002|12,656,621| |Depreciation| |At|1|April|2024|-|1,989,382|31,558|68,898|2,089,838| |Charge|for the|year|-|112,882|668|3,551|117,101| |On|disposals|-|(434)|-|(3,576)|(4,010)| |At|31|March|2025|-|2,101,830|32,226|68,873|2,202,929| |$$| |Net|book|value| |At| |31 March 2025|4,941,580|5,489,980|2,003|20,129|10,453,692| |At|31|March|2024|4,885,283|5,442,028|2,671|23,274|10,353,256| |Other freehold|and|leasehold|land|comprises:|.|

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e Leasehold land with net book value of £50,000 cost - £50,000) which was acquired on a 125 year lease of which 113 years were remaining at the balance sheet date; and

« Leasehold land with a net book value of £640,000 was acquired in 2019 on a 999 year lease jointly with The Woodland Trust.
e Freehold land at cost.

The Forest Centre Is subject to a legal charge in favour of The Millennium Commission. Other freehold and leasehold land includes a 70 hectare parcel of land at Rectory Farm that is subject to a legal charge in favour of Grantscape.

Page 43

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

16. Fixed asset investments

				Listed
				securities
Group				£
Cost or valuation	:
At 1 April 2024				4,356,197
Additions				367,903
Disposals				(397,201)
Revaluations				1,351
At 31 March 2025				4,328,250
Net book value
At 31 March 2025				4,328,250
At31 March 2024				4,356,197
		Investments
		in
		subsidiary	Listed
		companies	investments	Total
Company		£	£	£
Cost or valuation
At 1 April 2024		2	4,356,197	4,356,199
Additions		=	367,903	367,903
Disposals		-	(397,201)	(397,201)
Revaluations		-	1,351	1,351
At 31 March 2025		2	4,328,250	4,328,252
Net book value
At 31 March 2025		2	4,328,250	4,328,252
At31March2024		2	4,356,197	4,356,199

Page 44

| |

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |17.|Stocks||| |Group|Group| |2025|2024| |£|£| |Finished|goods|and|goods|for|resale|20,245|27,659| |———|—eOO—| |,| |18.|Debtors||| |||Group|Group|Company|Company| |2025|2024|2025|2024| |£|£|£|£| |Due within|one year||| |Trade|debtors|'|87,646|143,234|66,047|121,192| |Amounts|owed|by|group|undertakings|-|-|316,999|369,907| |Other|debtors|63,549|129,345|100,081|151,649| |Prepayments|and|accrued|income|444,449|1,751,516|100,130|1,710,389| |295,644|2,024,095|583,257|2,353, 137| |19.|Creditors:|Amounts|falling|due within|one year| |||Group|Group|Company|Company| |2025|2024|2025|2024| |;|£|£|£|£| |)| |Trade|creditors|307,139|159,055|269,686|120,151| |Other taxation|and|social|security|122,555|17,826|-|-| |Other|creditors|257,375|20,761|243,940|9,322| |Accruals|and|deferred|income|44 5,878|175,390|371,139|128,611| |1 ,002,947|373,032|884,765|258,084| |Group|Group|Company|Company| ||2025£|2024£|2025£|2024£| |Deferred|income|at|1|April 2024||46,523|41,378|29,127|29,749| |Resources|deferred|during the year|‘77,877|100,057|62,637|23,231| |Amounts|released|from|previous|periods|(39,337)|(94,912)|(24,431)|(23, 853)| |185,063|46,523|67,333|29,127| |SS SSeS| |Deferred|income|relates|to|rents|received|in|advance,|deposits|and|project|income|not yet|spent.|

----- End of picture text -----

Page 45

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| :

THE FOREST OF MARSTON VALE TRUST . (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

20. Creditors: Amounts falling due after more than one year

Group Group 2025 2024 £ £ Accruals and deferred income 3,505 663

21. Deferred taxation

Group

2025 2024 - £ £ Brought forward 8,069 10,086 Charge/credit for the period (1,614) (2,017) 6,455 8,069 | The deferred tax liability is made up as follows: : Group Group | 2025 2024 : |Accelerated capital allowances 6,455 8,069

;

Page 46

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|Transfers|Gains/|31|March| |1|April|2024|Income|Expenditure|infjout|(Losses)|2025| |£|£|£|£|£|£| |Unrestricted|funds| |Designated|funds| |England|Woodland| |Grant|Scheme|891,662|-|-|34,180|-|925,842| |General|funds| |General|Funds|2,693,261|810,609|(812,346)|(128,977)|4,756|2,567,303| |Subsidiaries|reserves|(187,454)|1,048,614|(1,002,160)|-|-|(141,000)| |2,505,807|1,859,223|(1,814,506)|(128,977)|4,756|2,426,303| |Total|Unrestricted| |funds|3,397,469|1,859,223|(1,814,506)|(94,797)|4,756|3,352,145| |Restricted|funds| |The|Forest|Centre|and| |Country|Park|4,772,680|-|(67,890)|38,500|-|4,743,290| |Land|aquired|for the| |creation|of Community| |Woodland|4,885,283|-|-|56,297|-|4,941,580| |Creation|of Community| |Woodland|Fund|3,093,353|409,684|(275,008)|-|(3,405)|3,224,624| |Trees|for|Climate|1,845,439|2,077,607|(1,801,540)|-|-|2,121,506| |14,596,755|2,487,291|(2,144,438)|94,797|(3,405)|15,031,000| |Total|of funds|17,994,224|4,346,514|(3,958,944)|-|1,351|18,383,145|

----- End of picture text -----

eee

Page 47

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

ep

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22. Statement of funds (continued)

The Forest Centre and Country Park

This fund represents funding received for the original creation of the Forest Centre and Millennium Country Park.

Land acquired for the Creation of Community Woodland This fund represents funding received for the acquisition of specific areas of land for the creation of community woodland.

Creation of Community Woodland Designated and Restricted Funds

These funds represent funding received for the long term creation of community woodland.

Trees for climate fund

These funds represent funding received for the Trees for Climate project.

Designated funds

These funds represent funding recieved for EWGS (England Woodland Grant Scheme) money. It is designated for the future management of the Trust's woodland sites.

Statement of funds - prior year

							Balance at
	Balance at 1 April2023	Income	Expenditure	Transfers infout	Gains/ (Losses)		31 March 2024
	£	£	£	£		£	£
Unrestricted
funds
Designated
funds
England
Woodland
Grant Scheme	807,249	~	-	84,414	-		891,663
General funds
General Funds	2,727,480	823,985	(660,920)	(249,376)	52,091		2,693,260
Subsidiaries
reserves	(196,509)	1,016,504	(1,007,449)	-	-		(187,454)
	2,530,971	1,840,489	(1,668,369)	(249,376)	52,091		2,505,806
Total
Unrestricted
funds	3,338,220	1,840,489	(1,668,369)	(164,962)	52,091		3,397,469

Page 48

, | | | |

THE FOREST OF MARSTON VALE TRUST

. (Acompany limited by guarantee)

ee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

22.	Statement offunds (continued)	Statement offunds (continued)	Statement offunds (continued)
								Balance at
		1	Balance at April2023	Income	—Expenditure	Transfers infout	Gains/ (Losses)	31 March 2024
			£	£	£	£	£	£
	Restricted
	funds
	The Forest
	Centre and
	Country Park		4,620,636	55,000	(67,918)	164,962	-	4,772,680
	Land aquired
	for the creation
	ofCommunity
	Woodland		4,885,283	-	-	-	-	4,885,283
	Creation of
	Community Woodland Fund		2,744,104	667,391	(585,214)	-	267,072	3,093,353
	Trees for
	Climate		890,632	3,148,395	(2,193,588)	-	-	1,845,439
		ae
		13,140,655		3,870,786	(2,846,720)	164,962	267,072	14,596,755
		aee—=—eeee			eee	eee	eee
	Total offunds	16,478,875		5,711,275	(4,515,089)	-	319,163	17,994,224
23.	Summary offunds
	Summary offunds		- currentyear
								Balance at
		Balance at 1				Transfers	Gains/	31 March
			April 2024	Income	Expenditure	in/out	(Losses)	2025
			£	£	£	£	£	£
	Designated
	funds		891,662	-	-	34,180	-	925,842
	General funds		2,505,807	1,859,223	(1,814,506)	(128,977)	4,756	2,426,303
	Restricted
	funds	14,596,755		2,487,291	(2,144,438)	94,797	(3,405)	15,031,000
		17,994,224		4,346,514	(3,958,944)	-	1,351	18,383,145

Page 49

}

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

23. Summary of funds (continued)

Summary of funds- prior year

						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April2023	Income	Expenditure	infout	(Losses)	2024
	£	£	£	£	£	£
Designated
funds	807,249	-	-	84,414	-	891,663
Generalfunds	2,530,971	1,840,489	(1,668,369)	(249,376)	52,091	2,505,806
Restricted
funds	13,140,655	3,870,786	(2,846,720)	164,962	267,072	14,596,755
	16,478,875	5,711,275	(4,515,089)	-	319,163	17,994,224
Analysis of net assets between funds
Analysis of net assets between funds - currentyear
				Unrestricted	Restricted	Total
				funds	funds	funds
				2025	2025	2025
				£	£	£
Tangible fixed assets				797,900	9,681,612	10,479,512
Fixed asset investments				-	4,328,250	4,328,250
Current assets				3,567,152	1,021,138	4,588,290
Creditors duewithin oneyear				(1,002,947)	-"	(1,002,947)
Creditors due in morethan oneyear				(3,505)	~	(3,505)
Provisions for liabilities and charges -				(6,455)	-	(6,455)
Total				3,352,145	15,031,000	18,383,145

24. Analysis of net assets between funds

Page 50

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

ee

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds- prior year

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |;|funds|funds|funds| |2024|2024|2024| |£|£|£| |Tangible|fixed|assets|727,541|9,657,991|10,385,532| |Fixed|asset|investments|-|4,356,197|4,356,197| |Current|assets|3,051,692|582, 567|3,634,259| |Creditors|due|within|one|year|(373,032)|-|(373,032)| |Creditors|due|in|more|than|one|year|(663)|-|(663)| |Provisions|for|liabilities|and|charges|(8,069)|-|(8,069)| |Total|3,397,469|14,596,755|17,994,224|

----- End of picture text -----

Total

25. Reconciliation of net movement in funds to net cash flow from operating activities

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Group| |2025|2024| |£|£| |Net|income|for the|year|(as|per Statement|of|Financial|Activities)|388,921|1,515,349| |Adjustments|for:| |Depreciation|charges|123,774|114,256| |Gains|on|investments|(1,351)|(319, 163)| |Loss|on|the|sale|of fixed|assets|4,624|542| |Decrease|in|stocks|7,414|24| |Decrease/(increase)|in|debtors|1,723,376|(812,202)| |Increase/(decrease)|in|creditors|629,834|(206,092)| |Deferred|tax charge|(1,614)|(2,017)| |Net cash|provided|by|operating|activities|2,874,978|290,697|

----- End of picture text -----

Page 51

} | | | || |

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

26. Analysis of cash and cash equivalents

----- Start of picture text -----
, Group Group
2025 2024
£ £
Cash in hand 4,272,401 1,582,505
Analysis of changes changes in net debt debt
At 1 April At 31 March
2024 Cash flows 2025
£ £
Cash at bank and in hand 1,582,505 2,689,896 4,272,401
—— ——————
ee
----- End of picture text -----

27. Analysis of changes changes in net debt debt

28. Pension commitments

The group operates a defined contributions scheme on behalf of the employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The contributions paid by the group in the year to the defined contribution scheme were £31,621 (2024 - £28,959). There were outstanding contributions at the balance sheet date of £5,853 (2024 - £5,245).

The group operates a Defined benefit pension scheme.

Day to day management of the pension fund, is delegated to the investment managers under the guidance of the trustees. The assets of the scheme are held in separate funds administered by the trustees and are in the name of Marston Vale Services trading as The Forest Centre Limited.

A formal actuarial valuation is carried out once every three years by an independent professionally qualified actuary, in order to assess the amount of assets that need to be set aside to meet the pension obligations, and to determine the future level of funding that the company should put into the scheme.

"The last formal valuation was carried out on 5 April 2022 and finalised in June 2023. The market value of the assets of the fund was £1,193,000 at that date. The actuarial valuation of these assets showed they were sufficient to cover 97% of the benefits which had accrued to members.

The contribution made for the year ended 31 March 2025 was fnil (2024 - £nil). The agreed contribution rate for future years is either 28.3% or 28.8% depending on the employee contribution rates.

The scheme was in deficit and the company had entered into an agreement to make deficit payments from April 2014 at £2,083 per month for 10 years. This has now ceased due to the additional deficit payments that have been paid during the previous years, and the 2022 valuation does not recommend that these commence in the future. The scheme closed to new entrants during the year.

Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages):

					2025	2024
Discount	rate	at	31	March	5.8%	5.1%

| } | |

Page 52

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

28. Pension commitments (continued)

----- Start of picture text -----
2025 2024
£ £
Market value of assets 1,463,556 1,455,000
Present value of scheme liabilities (1,463,556) (1,455,000)
Deficit in the scheme - -
Related deferred tax asset - ~
Net pension liability - -
2025 2024
£ £
Movements in deficit during the year:
Deficit in scheme at beginning of year - -
Contributions - -
Actuarial loss - -
Deficit in scheme at end of year ~ -
Operating lease commitments
At 31 March 2025 the Group and the Company had commitments to make future minimum lease
payments under non-cancellable operating leases as follows:
Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Not later than 1 year 1,552 2,837 1,552 1,552
Later than 1 year and not later than 5 years 4,661 4,661 4,661 4,661
Later than 5 years 954 958 954 958
7,167 8,456 7,167 7,171
----- End of picture text -----

29. Operating lease commitments

At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Page 53

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

30. Related party transactions

C Austin is an employee of Bedford Borough Council which the group made sales to them of £52,674 (2024 - £7,849) and purchases of £1,402 (2024 - £2,336), of which £nil (2024 - £1,001) was owed to them at the year end, included in creditors and £36,781 (2024 - £12,599) due from them at the year end included in debtors. There were also Trees for Climate grant payments made in the year to them for £31,678 (2024 - £30,772).

During the year the group made sales to Central Bedfordshire Council of £120,023 (2024 - £40,813) and grants totalling £71,197 (2024 - £55,000), purchases of £5,165 (2024 - £1,216), of which £1,196 (2024 - £56,534) is due to the group at the year end and £2,919 due to them (2024 - £1,216), included in debtors & creditors. Cllr. S Clark is the representative for Central Bedfordshire Council. There were also Trees for Climate grant payments made in the year to them for £11,320 (2024 - £11,320).

During the year the group made sales to Cranfield University of £nil (2024 - £1,580), and purchases of Enil (2024 - Enil) of which £nil (2024 - £nil) is due to them at the year end. G Ellis is an employee at Cranfield University. There were also Trees for Climate grant payments made in the year to them for £nil (2024 - £828).

During the year the group made sales to Bedfordshire Chamber of Commerce of £3,360 (2024 - £518), and purchases of £144 (2024 - £137) of which £nil (2024 - £nil) is due to them at the year end. R Calvert is is a Director of Bedfordshire Chamber of Commerce and Grant Sorrell is a non-executive director.

During the year there were Trees for Climate grant payments made to Marston Vale Farms Limited for £49,831 from the restricted funds within the Trust.

31. Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names	Company	Principal activity	Class of	Holding	Included in
	number		shares		consolidation
Marston Vale Services trading	03538255	Commercial operation of Ordinary		100%	Yes
as The Forest Centre Limited		the visitor centre and
		conference centre
Marston Vale Farms Limited		Managing land to raise	Ordinary	100%	Yes
	06537891	funds for its parent			-
		company

| | | |

Page 54

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THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

31. Principal subsidiaries (continued)

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Profit/(Loss)	Net assets
	£	£	/ Surplus/	£
			(Deficit) for
			the year
			£
Marston Vale Services trading asThe	849,674	(798,377)	51,297	(160,364)
Forest Centre Limited MarstonValeFarmsLimited	198,940	(203,782)	(4,842)	19,365

Page 55

2025-03-31-accounts

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

CONTENTS

eee

Objectives and activities

a. Policies and objectives

Our objectives and charitable aims

b. Overview

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

cs TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

Creating the Forest physically

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Activities undertaken to achieve objectives (continued)

Creating the Forest emotionally

THE FOREST OF MARSTON VALE TRUST

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Objectives and activities (continued)

Activities undertaken to achieve objectives (continued)

Creating the Forest economically

$$

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

ee

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

eee

Activities undertaken to achieve objectives (continued)

Strategic report

Achievements and performance

a. Key performance indicators

b. Review of activities

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

TTT

ecTRUSTEES’a REPORTee (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Strategic report (continued)

Achievements and performance (continued)

c. Investment policy and performance

Community Woodland Creation Fund

Financial review

a. Going concern

b. Reserves policy

| THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) SS TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

c. Principal risks and uncertainties

Governance

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

Strategic report (continued)

Financial risk management objectives and policies (continued)

Purpose

Total return target

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) TRUSTEES" REPORT (CONTINUED) FOR THE YEAR THE YEAR YEAR ENDED 31 MARCH 2025

a | TRUSTEES" REPORT (CONTINUED) ; FOR THE YEAR THE YEAR YEAR ENDED 31 MARCH 2025 eee | | Strategic report (continued) | Financial risk management objectives and policies (continued)

Risk tolerance

General Purpose and Capital Projects Funds:

Ability to bear loss

The charity has a ‘moderate’ ability to bear investment losses.

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee)

el TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Strategic report (continued)

Financial risk management objectives and policies (continued)

Specific Use and Woodland Endowment Funds:

| ON | || THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) eR TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ee

Strategic Report (continued)

Financial risk management objectives and policies (continued)

Approach to investment

Investment manager

e. Principal funding

Structure, governance and management

a. Constitution

b. Methods of appointment or election of Trustees

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

d. Policies adopted for the induction and training of Trustees

e. Pay policy for key management personnel

f. Related party relationships

THE FOREST OF MARSTON VALE TRUST (A company limited by guarantee) a TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 |