2025-03-31-accounts

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 Registered Company No 5077263 Registered Charity No 1138337 Office of the Scottish Charity Registrar No SC43833 ))(( The Land Trust THE LAND RESTORATION TRUST Operating as The Land Trust ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee} YEAR ENDED 31 MARCH 2025 CONTENTS PAGE CHAIR & CHIEF EXECUTIVES REPORT TRUSTEES, REPORT INDEPENDENT AUDII-ORS, REPORT TO TFIE TRUSTEES AND MEMBERS OF THE LAND RESTOR4TION TRUST 15 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 18 CHARITY COMPANY STATEMENT OF FINANCIAL ACTIVITIES 19 BALANCE SHEETS 20 CONSOLIDATED STATEMENT OF CASH FLOWS 21 CHARITY STATEMENT OF CASH FLOWS 22 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23 COMPARABLES FFIOM PREVIOUS FINANCIAL YEAR 53

THE LAND RESTORATION TRUST (A company lirnited by guarantee} YEAR ENDED 31 MARCH 2025 CHAIR'S & CHIEF EXECUTIVE'S REPORT Introduclion In 2024 thg Land Trustturned 20 ye8r8 old. AS th8 organi8ation 8nt8red its third decade, we undertook a rebranding exercise, developed a new vlsual Identity and logo, coupléd wlth tha launch of a naw. more modern, website. The Land TnJ8t is positioned as the UK'S premier green space managemenl company, provlding an exit strategy for sltgs wlth complex probl&ms. It is the market leader in owning and managing restored brownfield sites and provldes best-ln-class stewardship solulions on residantlal 8arvlce charge sltas, ensuring value for money, transparency, community decision making and social value dellvery. Our ?Im Is to create and malntaln sustalnablo, hlgh-quality green spaces- not for their Sake, but to improve the quallty of people's lives and enhance the envlronment. both now and for fulure g6naratlon8. During the year 2024125, the organisation saw a continued growth in the social value deliverod a¢ross the Land Trust portfollo, wlth an &sLlmat8d £76.9m worth of benefits delivered in 2024125. A signfficant 980/0 increase on 2023124. Such a substsnllal ygar-on-year incraasg in $OGial value deliv8ry was primarlEy driven by the partial, phased, introduction of new visitor counter software. This new sofkwara gathers anonyml88d data on Ihe number of visilors our 8it86 r&c8iv8d via mobile phone 8ignal and has shown previou8 estlmates to be vastly under-counted.. This sDfvar6 58 now balng utllised on 15 of our 84 sites and means we can now more acGurately ascertaln the number of vlsltors to our sitgs. On those 15 sitgs alon8, Visltor numbers r8ach8d 8.5m, Across the whole Land Trusl portfolio of sites, visitor numbers have almost quadrupled to 9.5m from 2.4m last year. We wlll contlnu& Implementing this sofMare throughout our portfolio over th8 naxt four years and stiiv8 to deepen our understandlng of how it can help us more acLuratsly track the numbar of visitors to our 8ltes AS Dur sites continu8 to play an essential role in supporting the physical and mental health of the ¢ommunlties who live and WO￿ around them, the ￿$[tOr numbars recorded in 2024125 show un8quivoG8lly that ourgr8@n spaces continue to be cherished community assets, During 2024125, we increased the focus on drlvlng Gharitable delivery for the communltles wg sarvg on and around our seNlcg charge funded sites. These sites have become a really important part ofourwlder charltable delivery. For example, we have sean a slgnlllcant increase In organi88d health activit185, particularly on our Servi￿ charge funded siles where our Greon Angels courses were rolled out. Thera was also an increase in one-off community 8V8nt8, highllghting the ongoing work lo position our 81tes as health and Gomrnunity hubs. Overall, there has been consistent steady growth in most key areas, demonstrallng the key role our green spac&s contlnua ID play. Tha Land Trust remains commiLt8d to managing gr88n spac8s for Ih6 benefit ofthe communities who live and work around our siles, and to protscting, malntalnlng and enhancing the biodiversity both on our 8lt8s and th8 wider environment. We believe access to local green space forthe use of all local communities, SOGiodamographi¢ groups and agas can offerslgnificant Social valua, including b8n8fits to both physical and mental health, Flnanclal perft)rniance 2024125 was a satlsfaclory yearforthe Land Ttustfinancially, and we are pleased lo announce our balance she8t remains in 8 8trong posilion with net assets as of 31st March 2025 of£219.6m, of whlch £3.Om was Glassified as General Funds. Whllstth&r8 were no new endowments during the year, our pipeline of new sites remains healthy, Total investment Income was £7.8m. an increase of 60/0 on the prevlous yaar. Thls income enables us to manage our sites sustainably and to deliver our charltable outcomes. Costs are tightly controlled by the Trust as we rnove Increasingly closer to self-sufficièncy. 2024125 saw a £1.9m fall in the value ofthe investmgnts, ending the year at £196.2m, Dellverlng economlc and soclal value In ordar to measur8 the impact of our Work, we use an Economic and Soclal Value Model developed In partnershlp with a third party advisor. The mod81 provldes ovid@nGe-bas@d, measurable indicalors of the benefits of well-managed green space for communltles. The modal ass8SSOS the beneffts of grgen spaoe with regard to fiva maln catogoiies of value, wilh a worksheet presented on each: Envlronment and biodlvarsity Heallh and w811being Education Economy CDmmunify and place

THE LAND RESTORATION TRUST (A company limited by guaranteg) YEAR ENDED 31 MARCH 2025 An Economic Value Assessment worksheet then summarises the benefits generated through the model, providing an overall measur8 of economic valu8. Th888 can th8n b8 us8d to und8r8tand the.. GVA (Gross Value Added) contributlon Fiscal savlngslbenafits Wid8r economic and socia5 value We havg sa8n a signlflcant Increase In soclal value dalivery totalling £76.9m, up 98 % on 2023124, as the number of visitors to our sltas and tha numbgr of actlvttlas d8llvgred Gontlnu88 to grow y6ar-on.yaar. In social valuo tsrms, aGross our whole portfolio we have saved the 'publiG purs8, almost £8.5Tn in the year 2024125 with approximately £5.1 m of this in health savings. Actlvltl8s have ggngratod In thg reglon of£7.6m In tourlsm GVA to the local economl&s around our sltes. Across the full portfollo we generated approxlmately £21.2m GVA, whlchls 8n in¢rea* of 100k on 2023124. Dèllv6rlng charltabl6 outcom88 We havg se8n a stsady incr8as8 of 20/0 across charitabla KPIS in 2024125, while fomial charitsble activity was up by 10010. Environment and biodiversily Nearfy 10 bioblitzes were carried out 8ach week (508 totall, up 50 % on last year. A huge win for cilizen science. Health H9alth activilies were up 32Q/o lo almost 90,000 over the year. Much of this was driven by service charge sites which d8llv8r8d over 10,000 h8alth 8ctivitl88 thrDLJghout th8 y88r. Educatlon and learnlng 2024125 saw a total of 905 offsite school visits, a substsntial uplift from zero school visits in 2023124. However, this is somewhat balanc8d out by a drop in organis8d vi81ts not associated wth schoo18, which h88 f8118n by 390h. Communlty Coheslon Community events were up 400A on last yearwith nearfy 47,000 people attending. VDlunte8r hours remaingd constant, but the number Df 898slons and individuals volunteering incrga88d by 950A to 8,921. Economlc vltallty Our service charge portfolio released £4.2m in GVA into the local economy, Gr88n Angel8 The Land Trust's Green Angels programme continues to go from strength to strength wth 602 participants in 2024125. The programme delivered £9.1 m in cost savings Éo the 'public purse, and £5m ID eGonomio valug, A huge variaty of courses wera offar8d, from scything, dry stona walling and bat walks. to bu8hcraft, drummlng circles and envlronmantal aducallon. In 2024125 the Green Angels programme was also rolled out onto SelViC8 charge sites for the first time af Prince Philip Park, Beaulieu and Wavorley. Wildlife ID and wreath making courses on these sltes provod very popular, with both residents and non-residents slgnlng up, proving how crucial this pr()gramme18 for fost8ring community ¢ohe8ion. These ar& delivered at no co$t to tha r&8idenls and is just one part of how wa demonstrate that wè can dg11var slgnlficanl charltabla outcomes and addad value we offer, Dvar and above the hlgh-quallty malntenance and management of these spaces. R8sponslbl8 Body and Cons8rvatlon cov8nant8 The Land Trustwas appolntad as a Rasponslbla Body by Dafra In September 2024. Rasponslble Body status maanswe can enterinto legg1 agreements ￿th landowners and organlsatlons called '¢onseNBtion Covenants,, designed to establish the long-term protection of land for th8 benefit of nature. Our primary rol@ as a Responsible Body is tD 6nsur@ the integrity of off-sit& Biodiversity Net Galn (BNG) projects, working with landowners to ensure that their legal obligations and biodiverslty targets are met, This new offering helps us grow the delivery of our charitable oulcomes across Ihe counlry and also increases funds into the Trust to 8nab18 US to d81iv8r incr8a88d charitabl8 OUtcom88.

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 Granls Tol81 grant income in the y?ar was £462,000, with a number of p￿IleCts underway across Land Trust sites thls year thanks to grants and other charitable donations, Thls includas.. £275,000 from Blffa Award- ihrough Landfill Communltles Fund. Thls was part ofa largergr8nt of £402,561 over two years to dellver a major programm8 of r8Stor8tion at pi@asl8y Plt Sch8dul8d Anci8nt Monumenl. Works included extensive repairs and restoration of th1$ Important harltaga attractlon, Includlng chlmnoy r&furblshment,' major repairs to the South H8apst8ad. which houses many of the museum artefacts; and the developmentofa new programme of Interpretstlon and Infomiatlonal signage across the site. Thls important project will allow us to protect thls unlque and l¢onlc slte for the future and provlde new ways to engage communltlas and vlsitors with its fascinatlng hlstory. Ovgr £72,000 contrlbuted to the delivery of the Land TrusY8 exciting Green Angels programme, which provides free training and volunteering opportunities in areas Such as countryslde managamant and helps iackl6 Issues including 80cial isolation and provides benefits to mental health and wollbalng for adults of all ages. Thls allowed us to expand Green Angels acllvltla8 to addlllonal sitas across the country and significantly increase the number of benefiGiaries. A further £93,000 was received from statLrtory grants through the Rural Paymenis Agency to improve and manage habltats for wlldlife across a numb8r of Land Trust sites. The Board of Trustees Thar@ were a number of changes to the Land Trust's Board of Trustees OV8r the period of 2024r25, Debbie Rees and Nick I"aylor-Buck retlrad from the Board of Trusts&s In December 2024. followed by Tom K88vII In March 2025. Susan Ward jolned the Land Trust Board ofTrustees in FebNary 2025. The Land Trust's Board of Trustees play an invaluable part in supporknng the Success ofTrust and we would Ilke to offer our heartfelt apprecialion to our board member8 forth8ir continu8d guidanc8 and 8xperlis8. Wg particularly want to thank Debbie, Nick and Tom for thelr slgnlflcant work and conlrlbutlons ovar thelr tlme as TrustO88. Each member of our Board of Trustees brtngs wtth them not only a unlque range of experience. but also passlon and commltment to act in the best interests of the Trust. Blographlcal detalls of all of our Tru8ts&s are available to Vi8W c)n the Land Trust websTi8. Acknowledging the commilment of our partners. mombers and staff Und8r th8 Land Trust's operating mod81, w@ engage local managing partners and community groups to run our 81tes in line with our strateglc and charitab16 objectives. Withouttheir invaluablg contribution. th8 TnJ8t would simp5y be unab18 lo deliver all of ils outstanding achlevements. The contrlbution of our Members18 also very much appreclated, Their counsel and adwce confjnu8 fo be Incredlbly valuable to the organisation. Our Ihanks also must go to the Land Trust siaff for their continued hard work and commltment. The Land Trust values of respect, collaboration, responsibility, agility, ambition and inspiratlon ensure thal by worklng IDgether we dellv&r for both th& environment and the communities we serve, In turn, changlng Ilves for the better. Professor Janet Dugdale Chalr Alan Carter Chief Executlve 2nd Octob8r 2025

THE LAND RESTORATION TRUST (A company limited by guarant88) YEAR ENDED 31 MARCH 2025 TRUSTEES, REPORT: LEGAL AND ADMINISTRATIVE STRUCTURE The Land Fiestoration Trust, (operatlng as the Land Tru6t} is a charfty r8glster8d wlth thg Charlty Commlsslon In England and Vvales No 1138337. It Is a company Ilmlted by guar8ntee No 5077263 and18 registered with the Offlce of the Scottlsh Charlty Reglstsr No SC43833. The Charity'8 gov8ming documents are it8 Articles of Assoclation. The Articl@s of Assoclatlon wora am&nded to m@et raqulr&ments for reglstering ft)rtha i)fflca oftha Scottish Charlty Register and the updated Articles ofAs80clatlon wore adopt8d on 2 D6c8mber2023. The Charity ha$two wholly-own8d subsidiaries: 08preyQuay Managementservlces Company Llmitsd (a charlty and a companylimited by guarantee) and The Land Restoratlon Trust Setvi¢e$ Limited (which was dormant during 2024125), The Land Rastoratlon Trust S8rvicas Llmltad has 8 fvrth&r 10 8ub8idlaries, two of which traded in 2024125 (Land Trust Resldonttal Services Limited and Beaulleu Estate Managem8nt Llmltsd), th8s& g@norally provlded managam8nt s&rvlc6s lo partt¢ular $lte8. The remalnlng subsldlarfes.. Metlln Park Limlt6d, O$proy Quay Manag8ment Company Limlted, Carr Lodge Management Company Limlted, Frlckley Management Company Llmited, Sp8ce First (South East) Limited, Space First {North West) Limited, Land Trust Estates Scotland Limited and Space Fir8t (Manchestgr} Limited did not trade during 2024125. MO￿ details are provlded in Note 13 to thg financial statgments. THE LAND RESTORATION TRUST DIRECTORS The Direclors of the Charity are its Trustees for the purpose of Company Law and throughoLrt thls report are collactiv8ly r8f@rred to as the'Tru8tees" The Trustees who have Se￿ed throughout th6 financlal y&ar and up to tha dat8 of Iha slgnlng of tha accounts, were.. Professor Janet Dugdale (Chalrl Patrick Aylmer Anthony Bickmore Micha81 Bi8hap Dr Loulse Brooke-smith Sarah Chara Rachel Hatfleld Jonathan Irvine Tom K8&viI (retired 20th March 2025) Sandra Kelly Deborah Raes Iraslgnod 9th Dacgmbar 2024) Slmon Rutman Dr Nick Taylor-Buck (resigned 91h DeGember 20241 Susan Ward {8ppointed 71h February 2025) Tom Wright Detalls of all Trustees aro avallablg on th@ Trust's webslte, Chief Executive Alan Cart8r, Bsc {Hon8), MRICS Company Secretary Jamie Obank, BA (Hons), FCCA KEY MANAGEMENT PERSONNEL Chlef Executlve Alan Carter, Bsc {Hons), MRICS Chief Financial Qfficer Jamie Obank. BA {Hons), FCCA

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 PRINCIPAL AND REGISTERED OFFICE 7 Birchwood One Dewhurst Road Blrchwood Warrington WA3 7GB PROFESSIONAL ADVISORS The Trust's main advlsors are: EXTERNAL AUDITORS Saffery LLP 71 Quaen Victoria Stre8t London EC4V 4BE SOLICITORS The Land Trust op8r8tgs a framework agreament wlth various solicltors. Firms are tasked from time to tlma according to thelr expertlse. INTERNAL AUDITORS BDO LLP 3 Hardman Stregt Springfields Man¢hesler M3 3AT INVESTMENT MANAGERS CCLA Investmant Managemént Ltd 1 Angel Lane London EC4R 3A8 BANKERS Barclays PIC 1st Floor 3 Hardman Street Splnnlngfields Manchast8r. M3 3HF GOVERNANCE AND MANAGEMENT Trustoos- recruilment and emoluments Qur Trustees have bean recruited to provide tha skills and experience required to govem the Charlty. The Twstees, who compris@ the Board of the Company, dld not recalva any remungration during the period. When reGruited, Trustees are InduGt6d by att9nding workshops and Dthertraining arranged by the Charlty. Travelllng and 8ubsi8t8nc8 expenses inCu￿ed by the Truslees on Board buslnass amounted to £11,428 (2023124.. £18,769) during the year. The Trustees are genarally elected orappointed for a term of3 years, normalty wlth a maximum parlod ofseNice ofg y88rs, Thereafter a Trustee may be re-elected on an annual basis for their specific skills. There is a role descrlpilon for all Trusiges and th8 Trust's Nominations Committee makes recommendatlons for tha appointment and r8-appointm8nt of Trustees to the Board. All candidatss must be able to demonstrate that they can fulfil the requlrements of tha rolo. The Charity has a Policy to recruit Trustees through an open and transparent proc8SS to id8ntify Trustees with the right skills to help the Charity grow and deliv8r its objectives. Ngwly appointed Trustees receive a letter of appointment, an Induclion programme and on-go1ng updates durfng thglrt8nM. The Tru8ts88 hav6 benefited from Trustse Dlrectors & Officers insuranc8 throughout th8 year and since the year end, The Board Tha Board usually rneets five times a year, on one o¢casSon for a ￿0-daY stratagy raview. Additional ad hoc meetings of the Board or Trustees tak6 plac8 during the ygar to appraise new sltes or property and to conslder acquisltions and finance plans, Performance and effectiveness ravlows ofth8 Board and Committees of th8 Board are ¢arrled out on an annual basis. The Chalr ofthe Board a180 has annual meetlng wtth each of the Trustees to 88Sé8s parfomiance.

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee} YEAR ENDED 31 MARCH 2025 Commlttees of the Board of Trustees Whlle reservlng Its authority over a number of l(ey areas, the Trust has fve standing Gommltlees which a881St the Board wilh its wo￿. Fin8ncg and Audit Commill88 The Flnance and Audit Commiltee asslsts in dlscharglng tho Twslaes, ov&rsioht responsibilities, by overseeing the flnanclal reporting process In order to revlew the balance, transparency 8nd integrity of the Trust's published financial information. At the end of the financial year, the Audit Committee was made up of four Truslees- P3lrÈck AylmBr a8 Chair, Rachel H8ffield, Sandra Kelly and Slmon Rutman with the Chair, the Chi8f Financial Officer and the Chief ExeCu￿va Offic@r in attandanc8 whara approprlate. Thi8 commfttea al80 rev18W8 the eff8ctiv8n8ss of the Trust's internal control, risk-managem8nt and compliance systems, tho Trusys Internal audit and tha extamal audlt functlc>n, including assassing the perfonmance of both Internal and external audFEors. omm'll8e The Investment Committee review8 the management and p8rfonnanc8 of tha Trust's invastmants on behalf. of the Board of Trust89S. The committee recommends to tho Board of Trustees an appropriats Inv8slmonl strategy, advls88 on the selection of investment manag@rs and monitors investment perfonmanc& agalnst approprlate banchmarks and pre-agreed targets. At the end of the year, this commltt&a was made up of six Trustees.. MiGhael Bishop as chalr, Patrick Aylmer, RaGhel Haffield, Sandra Kelly, Simon Rulman and Susan Ward wlth the Chlef Executlve Officer and Chief Financial Officer in attendance where appropriate. Nominations Committe8 Tha Nomlnatlons Commltlae asslsts th8 Board in fuffilling Its responslbllltles for ensurlng the Twst is appropriately governed and that the Trustees have the necessary skllls and experlence to further the organisatlon's charftable objectives. This committee comprises,, the Chalr of Ihe Board., the Chairs of the Finance & Audit. Investment, Property and R8muneration & HR Committ&88' and the Chief Executive Officer. The Chi8f Ex8cuIIv8 Offic8r is a non-voting Member. Pro Commltteo The Property Committee reviews all property acquisitions and disposals in ihe context of lh8 oveTrll approv8d Bu81ne88 Plan of the Trust. The committee approves and recommends any properly transactions to the Board of Twstees in line wlth th& DaI￿at￿￿ Authorikn8s Policy, At th8 8nd Of th8 year, this committ88 was mad& up of slx Trustees: Slmon Rutman as chalr, Anthony Bickmore, Louisg Brooke-smith, Jan&t Dugdalo, Rachel Haffield and Jon ITvlne wlth the Chief Executive Offlcer and Chlef Flnanc1al Offi￿r in atl8ndan¢a where appropriat9. Remuneration & HR Committee The Remunerdtion & HR Committ8e oversoes tha rgmunaratlon and terms of employment of the senior staff. and revlews succession planning forsanlormanag8mant. Thg commlttee ensures the development of a commltted and motivated workforcethrough theTrusl's HR pollcles and practices. At the end of the year, Ihis committee was made up of Sandra Kelly as Chair, Sarah Chare, Jan8t Dugd8le and Tom Wright, with the Chief Executive Officer in attendance. In additlDn to the above fomial committees. Trust6es also slt on tha followlng groups.. Tomorrow's World Land Trust Advisory Group. & Fort Burgoyne Group. Fundraising The TfUSt8es tske their rasponsibililies under the Charftte8 (Protection and Social Investment} AGt 2016 seriously and have considered tha Impllcatlons cin thèlr fundraislng adivities, The Twst receives minimal funds directly from the general public. Tho Twst does not WO￿ directty with commerclal sponsors but where commercial spon80rship is arranged for an event a clear contract 18 in place boiwean the Trust and the comrnercial spon60r, The Trusleee are not aware of any complalnts made In respect of fvndralslng during the year. Dlverslty The Land Trust has a Equallly and Dlverslty Strategy, demonstrating our commitment to equality and diversty, which is intogral to Dur way of working. The strategy was developed and is backed up by action plans, to 8nsure that th8 Strategy is working effectiv81y. Key Management Personnel In the Dpinion of the Board of Direotors {who are al80 the Trusys Truslee8}, the key per30nnèl of the Trust ar6 con8ld8rad to be both the Truslees and the Senior Leadership Te8m. The Senior Leadersh1p T6am Is responslbla for dlrecting. controlling. running and operating the Trust on a day to day basis.

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 All Trustges give their tim8 fre8ly and no Trustse received remuneration in the year. Detalls of Trustsas, 6xpensas ar8 dlsclctsed In Note 8 to tha accounts. The pay of the senlor staff Is revlewed and approved annually by th8 Remuneralon & HR Commitl@e in accordance wilh the cost of living, comparable average earnlngs in both the related charSty and the comm6r¢ial devalopm6nt sectors, the Trust's ability to pay and th6 achievement of bu8in8ss plan objectives, in accordance wtth the Trust's perforniance management pro¢edur8S. STATEMENT OF TRUSTEES, RESPONSIBILITIES Health and Safety The Board considers the health, Bafety and well-being of our staff, volunteers. 8uppliers and vlsltors to our site8 to be 8 governanc6 prlorlty. The Board Is ultlmately responslbla for ¢ompllanco wlth H8allh and Safety legi8latlon. Th8 Board receives immedialg updates upon any serious incidents, quarierly reports at each Board meettng and e8¢h yaar conducts an annual ravlaw of the Trust's performance and saf8ty trands In comparison to the previoustwelve month perlod. The Board also receives regular updates upon the physlcal and mental hgalth and w8llbeing of its employees. Thg day-to4ay responsibiliiy for haakth and safgly Is del8gatsd to th8 Chief Ex8CUtIV8 and the Chief Financial Officor, who are together responsible for compliance, relevant pollcy developm8nt and performanca. Health and Safety 18 a lin8 management responsibility throughout the Trust. Additionally, the Trust is supported by Caldlston Ltd, a consultancy wllh slgnilcant experienc8 and qualificalions In managing risk In gwn spac6s who provide an annual health & 8af8ty report for the Trust, All staff have completed tralnlng sasslons outllnlng both their indlvidual and tha Trust's h6allh and safety responsibilities 8s expressed in legislation 8uch as the Health and Safety at Work Act 1974. The Trust has a number of proactlV8 monitoring systems in place to ensure these responsibilities are met, We Gontinue to work closely wlth our managing agents to davglop robust and complem8ntary bast praGtice. Through our various 8vents and actlvltlas th8 Land Trust Interac18 with vulnerable individuals. The Trust has a Safeguardlng Pollcy In place to ensure we prov5de safe and effective care. Our staff and managlng partngr8 have acc888 to this policy while the undedining processes and procedures are subjectto periodic review. Flnanclal R8portlng The Trustees (who are also Dlrectors of The Land Rastoratlon Trust for tho purposes of Company Lawl are responsible for preparing th8 Trustees, Report and the financial statements In accordance wth applicabla law and Unlt?d Kingdom Accounting Standards (Unii8d Kingdom G8n8rally Accepted Accounting Practice), Company law requires tha Trusteas to preparg financia18tat8m8nts for 8ach financial year which give a true and falr vlew of the stats of affairs of the charltable company and the group and of the Incomlng resources and applicalion of resources, including the Income and expendlture, of the charitable group for that perfod. In preparing these financlal statam8nts, the Trusl8es are r6quired lo-. seleGt suitable accountlng policies and then appty tham conslstgntly" obsarv8 tha methods and principl&s in the Charities Statement of Recommended Pra¢lico ISORP, FRS102)', make judgments and estimates that are reasonable and prudent., state whether applicable UK Accountlng Standards havg been followed, 8ubjgCt to any materfal departures di5clo6ed and explained in the finanGlal statements. and prepare the flnanci81 statements on the going concem basis unless it 1$ inapproprlate to presume that th8 charlty wlll continue in business. The Trust88s are responsible for ensurlng proper accounting records are kept that dlsclose with reasonabla accuracy at any lime the financlal posltlon of the charitable company and the group and enable them to ensure thal the flnancial statements comply with tha Companies Act 2006, tha Charitias and Truste@s Investment (Scotland) Act 2005 and regulatlons 6 and 8 of th8 CharlLles Accounts {Scolland) Regu5atlon 2006 (as amondodl. Thay are also responsible for safeguarding the assets of the charitsble Gompany and tha group an(J h9nca for taklng raasonabl& steps for the pravantlon and detection of fraud and other irr8gularities, The Trustees are responsibla for the malntenance and inl&grity of tha Trust and financial information included on Ihe Trust's website. Legislation in the Unlted Kingdom goveming th8 pr8paratlon and dissemination of financial statements may differ from lagislalion in olher jurisdiclions,

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIViTIES Objoctlves The Trust promotes the Conservation, protecllon and Improvement of the physical and natural environment anywher8 in the Unltad Kingdom. Its objectives are to-. Advanc& publlc aducation In anvlronmentsl matterd and other ways of battgr conservlng, protsctlng and Improving the physlcal natural anvironment., 2. Promote sustsinable development for the benefft of the public by the preseNation, conseTvalion and protectlon of the gnvlronmgnt and the prudenl use of natural resources and promolon of blologlcal dlv8r8lty' 3. Advance the education of the public In sublects relal'1ng to sustainable development and the protection, enhancement and rohabllliatlon of tha anvlronm&nt (sustainable development means development whlch meets the needs of the pre88nt without compromising the ablllty of future generatlons to meet their needs)., 4. Promote the voluntary sector forthe benefit of the publlc by 8UPPOrtlng Ic)cal community based groups lo maintaln open spaces, woodlands and forests forthg benefit of thg public to be usad as araas of Informal recreation. play or otherlgisure tlme actlv5ties and for any othor purposa conslstont wlth this object and for the beneflt ofthe communlty anywhere In Ihe United Kingdom. 5. Promote urban and rural regeneration in areas of economic and Social deprtvalion by all or any of the follo￿ng maans: i) th8 advancement of education, trainlng or relraining, partlcularfy among unemployed people and providing unemployed paopla with work 8XP8ri8nce, ii) the maintenance arid improvement of provlslon of publlc amenitl8$, iiil the provlslon or assistance In the provision of r8creatlonal facllltlgs for the publlc at largo andlor those who. by reason of thelr youth, age, infirmity or dlsablament, POV&ty or social and economlc clrcumstances, hav¢ need of such actlvities, and w) the protecllon or conseryatlon or Improvement of tho gnvironment., 6, Creato, provide, improv8 and mainlain, DP8ll 8pac88, woodlands and forests for th8 banoflt of th8 publlc to ba used as areas of inft)rmal recreation. play, sport or oth8r185sure tlma actlvltlas and for any other purpose consistenl ￿th thi￿2 oble¢t and for the benefit ofthe Gommunity anywhere in the United KSngdom', and 7, Provide facllities In the interest of social welfare for recreation and leisur8 tim8 occup8tiun with th8 obj8Ct of improving tho conditions of life for ihose living or working 8nywh8re in th8 United Kingdom. Wa d8scrfba th8 varfouswaysln whlch thaTrusthas achieved these objectives durfng the lasiYear￿thln the Chalr's & ChiefExeculive's Rpport on pages 3 to 5. Further Informatlon is avallable on the Trust's webslte, PUBLIC BENEFIT A charity is required ID meet one or more of tha pr9scrib8d charitable purpose6 as set out in the Charilles Aci, 2011. In planning the Trust's actlvitiéts, th9 Trustees have had regard to tho Charlty Commlsslon's guidance {RR2 - Promotion of Urban and Rural Regener8tion) on publir, benefit, The public b8n8fit Si8s in the provision of land for a charitabl8 purposg either as a publlc amanlty or In its presarvatlon or ¢onseNaLlon. 10

THE LAND RESTORATION TRUST (A company limlted by guarantee) YEAR ENDED 31 MARCH 2025 STRATEGIC REPORT BUSINESS MODEL Tradltionally, the Land Trust has b88n funded through investment rgturns on endowments, provlded atthe time 8 Site18 8cquir&d. The investment Income is used to covar th@ work performed on sité, most of which is undertaken by ourmanaging partnars. A management fee, which covers part of the Trust's costs Is also charged against this incorne, Additional Gharitable acttvlty Is often deliver&d through fundraising, Thls will continue to bg the case for many new $lta8. SlncB 2013114, some of our 81tes have been funded through service charges pald by the residanls surrounding a 8lt8, Msintenance work on these sites is also carrfod out by our managing partners. The se￿Ice charge sltes are managad through 8 number of tradlng subsidiari88, so Ihat the trade can b& hald $8parat61y and transparently. Includad within the group's Income figure is site fundlng. In essonc8, this 1$ capital fundlng for inv8Strnent in relation to new sites, When new sita fundlng re￿iptS are excluded, the vast majority Df the group's income arlses frr)rn invastmants. The majority of sile expenditure is met from thls invastmanl Income. The group also rglies on thls Inveslment income to covor Its overheads. ACHIEVEMENTS AND PERFORMANCE A Summary ofthe activities undertaken by the Trust during the year and Its achievements and perfonnance are set out in the Challs & Chlef Ex8cutive's Report on pages 3 to 5 and are more fully describ8d in th8 Annual Revi8w and on the Trust's webslte www.thelandtrust.org.uk. FINANCIAL REVIEW Ov8rvl8w and Incom The prlnclpal sources of incom8 for thg Trust in 2024125 ar8., inv88tm&nt incorne, receipts from charftable acttvitles and Income from other trading activitles. Recelpts from site fundlng are Investgd to g8n8r8t8 investment Income which Is used to cover tha cost of managing sites for public benefit, Sn the year ended 31 March 2025 ngw slte fundlng was £nil (2023124: £7.1 m) (2023124,. 3 new sltes}. Whllsl sits fvndlng {reported in the Statomont of Financial Acllvitie8 under Income and Endowmantsl is critical to th8 growth of th8 Trust, It Is more importantly the Trust's investment incom8 that provides the ongoing revenue to fund the Trust's charllable aotivitl88. During Ihe year Investment income was £7.8m (2023124.. £7.4m) Income from chaiitablo activities in the year fell to £1.3m (2023124.. £2.1 m). malnly dug to the fall in Grants being awarded cornbined with tha re-Imburs8m8nt of part of tho Phoenix Park Grant. Income from other tradlng activitles inGr&as6d sllghtly to £1.1m (2023124 £1.Om). This income is generated from a number of 8ourc@s which include service charge management & administration fègs, Consultancy work, food conc&ssion licenc8s, grazlng Ilcences, site access licenc8s and site visits, The increase is income was malnly due to tha Incraasg in setvic8 charg8 income across the group, Expendlture Total @xpenditure in 2024125 has Increased to £11.Om12023124'. £10.4m). This w8s mainly due to an Increase In $ltg malntenance costs du& to the increase in the numb8r of sites, an increase in staff Gosts and Inflallonary factors. The Trust generated a net incomlng resource deficit (1.8. income less expenditure before gains & losses on invaslments) of £0.8m a fall compared to 2023124 due to the Site Funding that was received in that ye8r, (2023124: £7,3m}, The deflclt Is taken to tha Trust's r8seN8s and those funds with restrictions are hold to be appllèd in accordance with the donor's wlshes, Subsldlarles The Land Trust Group has two trading subsidiaries, Land Trust Residential Seryic8s Limlted and Beaulieu Estate Management Limitad (these are 1000/0 dlrectly owned by The Land Rèstoratlon Trust SeNlc&s Llmit&dl which carry out the managemenl of Sewica Charge Sites. Durtng 2024125 Baaullau Estate Management Limited and Land Trust Residentlal Servlces Limited togather mad8 Surpluses of £0.2m (2023124- £0.2ml. All distributabla proflts were donated to Tha Land Trust (£0.2m)12023124.' £0.2m). Within Th8 Land Trust group is Osprey Quay Management ServSces Company Llmited, a subsldlary charity, which manages a s5ts at Osprey Quay In Dorset. In 2024125 ils deficit was £0.08m12023124.' surplus of £0.21 m), malnly due to108se8 on Inv8slrnent8. 11

THE LAND RESTORATION TRUST {A company limited by guarantee) YEAR ENDED 31 MARCH 2025 Investment Po15cy The Trust's Investmanl Pollcy Is r6vlaw&d by the Invastment Committee and sots out the long-term investment objectlves. These a in essence, to generate a level of inoome to mget the Trusvs related slle expendlture requ1rements whllsl growlng the c8pltal ba8e and expected futur81ncome In Ilne wlth, or ahead of, Inflation. The Land Trust has a numborof charitable aim8 and as 8uch op8rat88 a policy of promoting r98ponsible inv88tmBnt. WB do not managa our investments in-hou8e but instead employ an @xternal manager who acts on a dlscr6tionary basls. In Ilna with 9uidanc8 from th8 Charfty Commlsslon wa r8qulra from them dua ccjnsidaration of environmental, social, and Gorporate govemance factors when maklng Invoslments. We do not generally exclude companies or seclors from Inv88tment prefe￿Ing, In most cas88. our investment manager to @ngago constructively with board8 on our behalf to reacl) a satisfactory resolulion of the issua. For axample, wo 6XP&Ct our portfolio to be managad In a way that racognlsas negatlve Impacts to the environment and blodive￿1ty', Ihls rgqulr@s a strong focus on Ihe rlsks and opportunltles associated with cllmats change and tho transltlon to a low oarbon g¢onomy. We requlre our Investment manager to be a signatory to the United Nations baGked Principles of Responsible Investment (PRI) and monitor the managers, ratings in the PRI Assessment Process. We expect our managers to achieve ratings of either 4 or 5 stars in all appropriat8 areas of activity and would gngag8 Wlth our managèr should they not meet these ratings. Th& Land TnJst's Investmant commltt88 monltors and avaluates the investment managers approach to re6pon51ble Investlnent and recelves a full report on all activlty once a year In addltlon to regular presentations and infomal updates. Thevalue ofthe portfolio fell to £196.2m as at31 Ma￿h 2025 (31 Mareh 2024: £197.3m) mainly duèto marketf8ctor8. The performance ofthe Trust's Inv88tment portfolio is monitored by th8 Investment Committee, which moot on a quartgrly basls to r8vlaw thg Investments and compara Its perfomancg to approprlate b8nchmarf(s and comparables, such as the ARC Stsady Growth Charity Index. Financial Reserves Tha TnIste8s 8n8ur8 that an ad8quat818vel of r8seN88 is maintained to enable the Trust to manage financial risk and 8n$ura th8r81$ sufficlant fundlng for the long tom ffnanclng crfslta malntsnance. When the Trust takes on a slte on a petrnanenl basis, It commils to keeplng the site under management in perpetuity and tt must therefore plan over the very long term. However, as incoming resources are mainly generated from investment returns, th8 Tnjst 18 subject lo th8 8ff8cts of short term volatility in th8s8 return8. The Tnjst 8n8ures that, in th8 face of potentially volatlle invostmgnt raturns, adequats Ilquid resources are held to meet Shorttemi malntenanca cosl commltmants. Expendlture on endowment sites is nonnally met from Inv&slrnent in¢orne generaled from the invethent of site fiJnding recelved on acqu5sition, Site expenditure is carefully planned not to exceed available funds. Fnr example, if investment income w6r8 to d8crgas8, the level of 8xpendilure to which th8 Trust commits could also d8crease, still 8n8uring that tha Trusfs malgrial obligations on each slte are fulfilled. The Trust monitors r888Nes on 8 81te-by-site basis. This &nables tha Trust to malntaln an adequata lev81 of re$eNes for aach Indlvldual slt& to cov6r any short tgrm shortfall In invesbrent income. The Trust may hold reserves to be applied to future aciivities In a number of categciri8s'. Gen8ral Fund8 Thesa funds can b6 usad for any oftha Twst's oharftable pu￿OSe6. Desl nated Funds These funds, whlch are otheTwise unrestriGted, are earniarked by the Trustegs forthe managemenl ofspecific sites. undg These funds are applied to thg varfous spaclflc purposes Intended by fhe donors, Endowment Funds Thesa funds are held to generate incom8 to manage tha Trusf s land. Slla costs ara larg8ly mat from fvnds whlch are classified as Endow8d, Restricted or Designated. These fvnds are managed so that sufficient fvnds are ring-fenced to ensure the sltes can be managed in perpetuity. In 2017118 th8 Board approved the Designation of all curr8nt site funds which had been Gla88ffi8d as Ganèral Funds. The Board also agreed that all future ngw site funds rec8iv8d would be aulomallcally Dasignated If on the dat8 of transfer thay wara clas$lfied as being Gan8ral Funds. During the financial year, the Ttust reviewed its Designated Funds and identified surplus n@l incoma that was not required for future site expenditure. As a result of Ihis r8W@w, £0.4m has b88n r81gas8d from De8ign8ted Funds and mDved to G8ngral Funds In tha yaar (2023124.. £0.4ml, a further £0.4m {2023124'. £0.4m} of General Funds was than transferrad to the Daslgnated Slte Income Reserve, leading lo a net Impact of these two transfers of nil on General Funds. 12

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 In 2022123 the Board approved thg Gfeation of a designated Site Income Res8rve, to build up a contingency for future expenditur8 Dn sltes If market conditlons changed and Invastmant Incoma fell. In 2024125 £0.4m was transferrad from General Fundsto the Designatad Site Income Reserve (2023124: £0.4ml. In 2023124 the Trust carried out a review of a number of ils Sites Funding Agreements with solicTtors and Counsel advlce, This advice suggasted that the capital and income fvnd8 relating to 5 sites could be updated within th8 Statutory accounts. These adjustments led to a transfer of £2.7m from Exp8ndablg Endowmonts to Permanent Endowmgnts and a transfer of £9,1 m from Restricled Funds to Designated Funds in 2023124. Thg 8ff?ct of these deslgn8tlons, releas&s and transfers wllhln 2023124 are shown In Note 22. AS diBclos&d In Nol8 22, th6 balance on the Trusys Ggn&ral Funds aft8r th886 transfetB, is £3.Om as at 318t March 2025 (2023124.. £3,4ml. Thg Board adopted a Reserves Policy in 2016117, as a result of whlch the mlnimum level of General Funds for 2024125 has been calculated at £2.0 million. The current18vel of General Funds {£3.Om) 18 to be used trj fund operating deficlts In line wlth the TN8t's Businass Plan, th8s8 deficits are expected to reduce over tlme. The Trust developed a llva y9ar plan In 2022123 to achlave Its long tarm suslalnablllly, thls plan has b@gn developgd to ensurg th8 Trust does not reach its mlnlmum level of fieserves. Trustees have developed contlngenGy plans should that positlon not be 8¢hieved, to ensure the long term viabillly of the Tru5l. Unrostrlci8d Funds These comprlse the General Funds and Deslgnated Fundlng received. Th8 G8n8ral Funds at 31 March 2Q25 amounted to £3.Om {2023124: £3.4m). The D86ignatsd Funds at 31 March 2025 amountad to £30.gm {2023124: £30.Om). Thls represents funding destgnated for sit8 malnlenance. Thls Increase Is mainly due to higher investment Income offset by investmenl10$$gs in thg yaar. Restricted Funds At 31 March 2025 thaso funds amounted to £91.3m (2023124.. £93,2m). th6 maln r8a80n for this reductlon is due to th8 inveslmgnt losses In the year. These funds are restriGted due to thelr Slte Fundlng Agreements and Grant obligatlons. Endowed Fund8 Al 31 March 2025, Ihasg funds amountod to £94.4m (2023124.. £95.6m) and are investgd in the Trust's long t8rm discrelionary investment portfolio. These funds have been provided on the condition that, with the axcaption of tha Expandable Endowments Ilhè rnajor ones being,. Pleasley, Brodsworth and Shirebrook), thelr Capltal Is retslned to generate long term Investmenl Incorne. An expendable 8ndowm8nt 18 wh8r8 und8r th8 t8mis of its funding agre&m8nt its capital can b8 expended, normally this expenditure is only spant on capltal Itams at thg poinl of transfer to the Trust to ansure that the site is 'fft for pu￿OSe.. Related Parties Trusteas and Member organisations are consider8d to be rglated parties. Details of the transactions with these partie8 are set out in Nole 31 under R&lat8d Party Iransactlons. Pensions ThroughoLrt the year, the Trust operated a stskeholder defined contribution pen8ion scheme opgratgd by Aviva and availablg to all staff. PLANS FOR FUTURE PERIODS Tha Trust's plans forfuture periods ar& set out in Ihe Chair's & Chief Executive's Report on pages 3 to 8. PRINCIPAL RISKS AND UNCERTAINTIES The Trust's risk management proces8es ar8 d8sign8d to enable the Board, on the advice of the Finance & Audlt Committee which considers reports from th8 Chi8f Financial Qffic8r(o conclud8 wh8th8r the rnajor risks ID which the Trnst is exposed hav8 been identified and r8Vi8wed, and systams and prDc8dur&s havo been 8Stabllsh8d to mlJgat8 th&se risks. Th8 Trust has currently identified the main risks as., Compromise in Cyber Securliy, Internal & extemal fraud and fallure to adhere to GDPR Regulations and failure to implement tschnological advances., & Impact of adverse Ghanges of e¢onomiG and polilical Gonditlons. 13

THE LAND RESTORATION TRUST (A company limlted by guarant88} YEAR ENDED 31 MARCH 2025 Major rfsks are those whlch have a comblned hlgh Impact and hlgh probablllly of 0￿urrIng and would, If they occurred, have a severe impact on operational performance or achievement of purpose and objectives. or could damage the Trust'8 reputation. The TNstee8 cDncenlrat8 their efforts on ensuring thal Ihe most serious risks ar8 being rnanaged effectSvely, Thes& are reported regularly to the Board and are also consid8r8d in detail at ev8ry Finance & Audit Committee meetlng. The Land Trust Is dependent on Snvestmont Incomo whlch has an assoclatgd volatlllty rlsk, howevor the Trust has 8ufficient mlfjgatlcn In place lo deal this rlsk, The Trust's approach addr888es ri8k in a wide context, wilh 8mpha8i8 on strat8gic, environm8ntal and operational risks In addilion to tha mora famlllar aroas of financlal rlsks, compllance wlth statutory r8qulramants and Intarnal control procedures. The TNst ass&ssgs rlsk in terms of its financial and reputational impact and its impact on the d81ivery of its key objectivas. A Scheme of delegations is In place and this is periodlcally revlewed and agreed by Éhe Board, settlng out the delegated authority to the Investhnent, Remuneration & HR, Property, Finance & Audit and Nominations Committees, and to the principal officers. The day" to-day management is delegated to the Chief Execulive, the prfjncipal officers and other Trust staff, STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS The Truslees have Confirmed that, as far as they are aware, there is no relevant audtt inforni8tion of whlch the audllors are unaware. Each of the Trustees has confirmed that they have laken all the steps that they ought to have taken as Trustees, in order to make th8ms8lv8s aware of any r81gvant audit information and to establish that it has b88n communicated to th& auditors. AUDITORS A resolution tD reappoinl Saffery LLP wlll be proposed at the forthcoming Annual General Meeting. Tho Trust6es R8POrt, whiGh includes the Directors Report and Strat8giG Report, was apprDved by the Board on 2nd October 2025 and slgned on their behalf by.. Professor Janet Dugdale 14

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE LAND RESTORATION TRUST For the year ended 31 March 2025 Oplnlon We have audltad thg financial statements of Tha Land R8Storation Trust {the 'parent charitabl8 company,) and Its subsidiarle8 (the 'group'l for the year ended 31 March 2025 whlch comprlse the group and charity Statamants of financial activities, th8 group and charity balance sh88ts, the group and charity statements of cash flow and notes to the flnancial ststements, Includlng slgnificant accounting pollc18s. The financial r8POrting fram8WOt* that has been applied in their preparationls appllcable law and Unlted Klngdom Accountlng Standards, includlng Flnanclal Reporling Stsndard 102, the Financial Reporting Stsndard appllcable in the UK and Ropubllc of Ir91and (United Kingdom Generally Accgpted Accounting Practlca}. In our opinion the financlal statements: glve a true and fairvlew ofthe state of the affalrs oflhe group and tha pargnt charitabl8 company as at 31 March 2025 and of the group's incomlng resources and applicauon of resour¢os, Indudlng Its Income and expendltur6, forthe yearthen end8d' have been proparly preparod In atxordan¢e wlth Unlted Klngdom G8nerally Accepted Accounting Practice. and have b88n propa￿￿ in accordance with the requirements of the Companles Act 2006. the Charilies and Tru8t&g Invostment (Soolland) Act 2005 and regulation8 6 and 8 of the Charilies AGcounts (Scotland) R8gulations 2006 (as amended). Basls for oplnion Wo conducted our audit in accordance with Intemational Standards on Audlfjng (UK) {ISAs (UK)) and appllcabl8 law. Our responslblllllas under those standards 8r8 furth8r d8scrib8d in the Auditorfs responsibilities for the audit of the financial statements section of our report. We arg Independant of the group and parent charitsb18 company in accordance with the ethical requirements that are relevant to our audlt Df the flnanclal statsments in tha UK, Includlng tho FRC'8 Ethical Standard, and w8 have fulfilled our other 8thical responsibillties In accordance with these requlrements. We believe that th& audlt gvldence we havg obtained is 8uffici8nt and appropriat8 to provide a basis for our opinion. Concluslons relatlng to golng concèrn In auditing the financial statements, we have concluded that the trustsas, use ofth8 going conc&m bas18 of accounting in Ihe prgparatlon of the financial statements is appropriate. Based on the work w& hav8 performed, we have not idèntlfi8d any mat8rial uncertainties relating to events or condltlons that, Indlvldually or collectively, may cast significant doubt on tha group or tho parent charitsbl8 company's ability to continue as a going concem for a period of at least twelve months from when the flnanclal statsments ar& authorlsgd for issue. Our responsibilitias and tha responsibilities of th8 trust888 Wlth r8speci to going Goncem are described in the ￿levant sectlons of thls report. other Information The olher informatlon comprisas the Infomiation included in the annual report, other than the financial statements and our audltols reportthereon. The Trustees are responsible forthe other Informa￿On, Ouropinion on the financial statements does not coverthe other information and, except lo the exient otherwise expllcltly stated In our report, w& do not &xprass any form of assuranc8 conclusion th6reon. Our r8sponsibility18 to read the olhar Informatlon and, in doing so, consider whether the other Informatlon 15 materially Inconsl8tent wlth the financlal statements or our knowledg& obtained in the cour8a of Ihe audlt or otheNise appears to be malerially misstated, If we identify such materfal Inconsistencies or apparent materfal mlsstatements, we are requlrad to d&larmin@ whether this gives rise to a material misslatement in the financial statements themselves. If, based on the work we havo performed. we conclud& that th@r8 Is a matetial mis8tat&mant Df this other Information., we are required to report that fact. We hsve nothlng to report in this regard. othÈr matt8r8 prescribed by the Companles AGt 2006 In our oplnion, basgd on tha work undertaken in the coursa of Iha audlt.. th8 infomiatijn given In tha Trust88s' Annual Report which includes the Directors, Report and the Strat8glG Report for th8 flnanclal ygar for which the financlal staloments are prepared 18 consist8nt with the financial statements- and the Trust&es' Annual Rgport which includes the Directors, Report and the Strateglc Report has been prepared in accordanca with applicabl8 lagal r&qulr8m6nts. 15

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 Wlatters on whlch we are requlrèd to report by exception In the light of the knowledge and understanding of th8 group and parent charitable company and their environment oblalned In tho cours8 of the audit. w8 h8ve nDt id8ntif18d material mi8Statem8nts in tho Truslgos, Annual Raport and Strataglc Report. We have nothing to report in r8SP8Ct of tha followlng matters where the Companie6 Act 2006 and the Charities Accounts (Scottand) Regulations 2006 (as amended) requlre us to report lo you if, in our opinion.. adequate 8¢counting racort1s have not been kept by th8 paranl charltable company, or returns adequate for our audit have not begn re¢elved from branches not visited by us,. or th6 parant cha￿tabl6 comp8ny's fln8nc581 statgment8 are not In agroom9nt wlth the accountlng r8cords and rotums,, or srtain disclosures of trustees. rernuner8tion specified by18w are not made. or w8 have not re¢elved all the Information and explanations we requlre for our audll. Responslbllltleg of trustees As explain8d mor8 fully In the Stat&ment of Trustg88' Rasponslbllitlas set out on page 9, thg trustees (who are also tho dlr@ctors of tho parent charitabl8 company for the purposes of company lawl are responslble for the preparatlon of th& financ5al st8l8ments and for belng sattsft8d that thay glve a tru8 and falr vlew, and for SUGh Internal con(rDI as the trustees determlne Is necessary to enable the preparation of the financial statements that are free from materfal mlsstatement, whether due to fraud or error. In preparing th& financial stal8ments, the trusteas are respon8lbl8 for 8SS&88lng the group and the parent charitable company's ablllty to conlinLJe a8 a going concem, disclosing, as applicable. malt@rs relalgd to golng concem and uslng tha golng con¢em basis of accDuntlng unloss the trusteas alther Intand to Ilquldate the group or the parent charitable company or to ￿ase operallons, or have no realistic allernative but to do so, Auditor's respon81billtle8 for the audlt of th6 financial Statements W& hav@ bgen appolntgd as audIt0￿ undor thg compan￿8$ Act 2006 and under the Charftles and Truslee Investment (Scolland) Act 2005 and report In accordance wlth regulatlons made under those Acts. Our oblectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are fr88 from material misstatement, whether due to fraud or error, and to Issu@ an auditor's r&port that Includ8s our opinion, R8980nable as8urance is a high lev81 of as8uranc8, but 18 not a gu8rante8 that an audit conduct@d In accordance wlth ISAS (UK} wlll always dgtsct a material misstatement wh&n it 6xlsts. Mlsstat6mgnts can arlse from fraud or error and are considered material if, Individually or In the aggregate, they could reasonably be expected to influence the economlc decislons of users taken on the basis of Ihese financial statements. Irregularities, including fraud, are instances of non-compliance with laws and r8gulation8. W8 design proc8dure8 in line with our r@spon8ibilities, oulin8d abov8, to d8t8Ct mat8rial misslatgments in respecl of Irr8gularfties, includlng fraud. Tha spaclllc procedur8S for this engagemenl and thg extent to which those aro capabl& of detactlng irregularities, including fraud are detailed below. Identtfying and assesslng risks ￿lated to Irregulaiities., We assessed the susceptibility of the group and parent chariiable COTnpany's financial sl8tem8nts to material mi88tat8ment and how fraud might occur, including through discussions with th8 Irustees and management, discussions within our audit team plannlng me&tlng, updaling our record of internal controls and ensurlng thasa controls operated as intend8d. We evaluated possible Incentlves and opportunltles for fraudulent manlpulation of the financlal statements. We 5dentffied laws and regulations that arb of significance in the context of the group and parent Gharftsble company by discussion8Wlth trustees and management and updating our understsnding of the sector in which Ihe group and parent charitable company operat8, Laws and regulatlons ofdlractslgnlflcance In th8 contaxt ofthe grjup and parent charitable company includo The Companles Act2006, the Chaiities and Trust&e Investment {Scotland) Act 2005, the Charltles A￿OuntS (Scotland) Regulations 2006 las amended) and guIdan¢￿ issued by the Charity Commission for England and Wales and the Office of the Scottlsh Charfty Regulator. Audit response to Kisks identified.. Wa consldarad tha axt8nt of complianca wlth thesa laws and regulations as part of our audlt procadures on th8 r&lat8d financial statement items including a roview of financlal statèmgnt dlsclosur8$. We rewewed the parent charitable company'5 records of br8aches of laws and regulations, minutes of meelings and Corresponden￿ with relevant authorities to identify potential material misstatements arising. Vve discussed the parent charitable companls policies and procedures for compSiance with laws and r6gulatlons wilh members of management responsible for compliance,

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 DU￿ng the planning meeting with the audit team, th8 8ngag8m@nt partn8r drew attentlon to the key areas whlch might involve non- comp11ance wlth laws and regula￿onS or fraud. Wa enqulred of management wheth8r they wer8 aware of any instances of non- compliance with laws and regulafjons or knO￿edge of any actual. su6pectsd or alleged fraud. We addross&d th8 risk offraud through rnanaggment ovgrride of controls by testing the appropriateness of loumal enlrles and Identifylng any slgnlficant transactions that were unusual or outsid8 the normal cours8 of bu8ines8. We ass88s8d whelherjudgements made in making accounting estimates gave rlse to a posslbl2 Indlcalon of management bias. At the completion staga of tho audlt, th8 angagement partner's r8V18w included 8nsuring that Ihe team had approached their work with approprfate professlonal sceptlclsm and thus the capaGlty to Idantlfy non-compllanc9 With laws and regulations and fraud. Thera ara Inh@rent limitations in the audit procedures described above and the further removed non.compliance wllh laws and regulauons Is from the events and transactions reflactad In tha flnanclal stat@m8nts, th8 le8s likely w8 would become aware of it. Also, the rlsk of not dete¢fjng a matarlal mlsstatom8nt dug to fraud Is higher than the risk of not datactlng one resulting from 8rror, as fraud may Involve dellberate concealment by, for example, forgery or Intsntlonal mlsrgpres&ntations, or through colluslon, A furthar descdption of our responsibilitles is available on the Financial Reporting Councll's webslte at.. .frG,O .uklauditor sibi s. Thls dascriptlon forms part of our auditor's report. U80 of our report Th1$ réport18 mad6 sol8ly to the par8nt charilable company's members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companies AGt 2006, and to th8 par8nt ch8ritabl8 company's trustees, as a body. in accordance with Regulatlon 10 of Ihe Charmes Acoounts (Scotland) Regulatlons 2006. Ouraudit work ha8 been und8rtak8n so thatwg might stal8 to the parent charitsble company's membors and trustees those matters we are required to state to tham In an audltols raport and for no other purp088. To the full8St extent permitted by law, we do not acopt or assume responslblllty to anyone other than th8 parent charltablg company, th6 parent charitablg campany's members and trustee8 as a body, for our audit work, forthls report, or for the oplnions we have formed. Cara Turtington (Senior Statutory Audltorl for and on behalf of Saffery LLP 71 Queen Vlctoria Street London EC4V 4BE statutory Auditors Date.. (Goc S8ff8ry LLP is eligible to act as an audltor In temis of section 1212 of the Companies Act 2006 17

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 GROUP CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Iln¢luding tho consolldated Incomo and Expenditure Account) YEAR ENDED 31 MARCH 2025 Note Unrb3trict8d Funds £OOO's R8stricted Funds £OOO's Endowmenl Fund8 £000'9 Year Ended 3110312025 £000'8 Yoar End8d 3110312024 £OOO's Income and Endowmonts from: Donatlons and Legacles Charitable Activitie8 othgr Trading Aotivlties Slto Fundlng Investments other Income Total Incomè 868 1,135 398 14 1.268 1.149 2.126 1,040 7.131 7,384 5,430 35 7,469 2,395 7,826 35 10,277 2,807 17,686 Expendlture on.. Investment Management Fees Charttable Activities Total Expendllure 146 6,565 6,711 230 3.742 3,972 312 35 347 688 10,342 11,030 626 9,7L17 10,413 Net Incomel(Expgndltur8) boforo Galns & Losses on Inv8$tmènts 758 {1,165) 1346) 1753) 7,273 Net {Los6es) l Gains on Investments Corporation Tax 13991 {706} 1840} (1,945) 11,655 Net Incomol{Expgndltur8) 359 (1,871) (1,186) {2,698 18,928 Transfers 22 Not Movement In Funds 359 (1,871) {1,186) 12,698) 18,928 Reconclllation of Funds Total Funds brought forward Total Funds carriefl forward 33,470 33,829 93,214 91,343 95,568 94,382 222,252 219,554 203,324 222,252 22 INCOME AND EXPENDITURE ACCOUNT Tolal Income (excluding Permanent Indowment Income) Tolal Exp8nditur8 (axcluding Permanent Endowment Expendilure & Taxation) Gains & Losses on Inv8stmanls (excluding Permanent Endowments) Net {Expendituro)Ilncome 10,276 (10,7851 (1,287) (1,7981 17,613 (10,1791 7,556 14,990 There are no new or dl$continu8d activities during the year. Thg Trust has no recognisad galns or lossgs other than as stated in the ststement of Flnanciai Ac￿VItIeS. Hi8torica1 comparatives are included at Note 32.

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Including the Income and Expenditure A¢¢ount) YEAR ENDED 31 MARCH 2025 Note Unrestricted Funds £OOO's Rostrictad Fund8 £OOO's Endowment Fund8 £000'8 Year Endod 3110312025 £OOO's Year Ended 3110312024 £OOO's Incomo and Endowments from., Donatlons and Legaclas Charitsble A¢tlvltlgs 173 173 161 849 398 1,247 898 2,12fj 839 Other Tradlng Actlvltlas Silg Fundlng Investmen'ts 884 14 7,131 7,304 5,348 35 2,396 7,745 35 Other Income Total Income 7,289 2.808 10,098 17,561 Cxpendlture on.. Investment Management Fa88 Charltabl& Activities. 146 230 312 688 626 e,405 3,742 35 10.182 9,697 Other Total Expendlture 6.551 3,972 347 10,870 10,323 Net Incom81{Expenditure) before Gains & Losses on Inveslm8n18 738 {1,184) {348) 1772) 7,238 Nat (Loss6sl l Gains on Investments 1391) (614) (840) (1,845} 11,476 Net In¢omellExp8ndltur8) 347 (1,778) (1,186) {2,61n 18,714 TransfGrs 22 Net Movement In Fund8 347 {1,778) (1,186) (2,6171 18,714 Reconclliatlon of Funds Total Funds brought forward Total Funds carriod fonvard 33,166 33,513 91,270 95,588 94,382 220,004 217,387 201,290 220,004 22 89,492 INCOME AND EXPENDITURE ACCOUNT Total Incomg laxcluding PatYnan&nt Endowment income) Totsl Expendttura (axcludlng Permanent Endowment Exp8nditure & Taxation) Gains & Losses on Invèstments loxcluding Peymanent Endowments) Net (Expendlture)Ilncome 10,097 (10,625) {1,187) (1,715) 17,488 (10,089) 7,377 14,776 There are no new or dlscontinued activitias during the ygar. Tha Trust has no r8cogni8ed galns or losses other than as Stated in the statement of Financial Activities. Historical comparatlvgs are included at Nc)t8 32. 19

THE LAND RESTORATION TRUST (A company limit8d by guarant88) YEAR ENDED 31 MARCH 2025 BALANCE SHEETS AS AT 31 MARCH 2025 GROUP CHARITY Nofe 3110312025 £000'8 3110312024 £000'8 3110312025 £OOO's 3110312024 £OOO's Flxed Assets Intsngible Fixed Ass6ts Tanglbla FIx8d Assats Investments 14 81 20 81 20 15 1.100 196,227 197,408 1,216 197,347 198,583 1,100 194,176 195,357 1,216 195,198 196,432 Total Flxod Assets Current Assets Debtors.. falling due within one year Cash In Bank and In Hand 17 1,910 23,798 25,708 3,931 22,878 26,809 2,122 23,314 25,436 4,149 22.452 26,601 Total Currant As88ts Llabllltles Crodltors: fallSng due wtthln one year 18 (3,383) 12,9231 {3,207) {2,812) Net Current A88ets 22,345 23,888 22,229 23,789 Cr8ditors: falling du8 aft8r mor8 than one yaar 11991 (217) {199) (217) Total Not Assets 219,554 222,252 217.387 220,004 Funds: Endowmanl Funds 21 94,382 91,343 33,829 219,554 95,568 93,214 33,470 222.252 94,382 89,492 33,513 217,387 95,568 91,270 33,166 220,004 Restrioled Funds 21 Unrestricted Funds 21 Total Funds The financial statements were approvgd by tho Trustp8s and authorised for issue on 2nd October 2025 and signed on their behalf by.. Professor Janet Dugdalè Trustee Th& Land Restoratlon Trust. Company Numbèr: 5077263 20

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF CASH FLOWS GROUP Yoar Ended 3110312025 £OOO's Year Ended 3110312024 £000'8 Note Net Cash used In Opèratlng Actlvltle8 23 (7,119) (1,419) Cash flows from Investlng Actlvltles: Dlvldends, intar8st and rents from Invastments Invgstment Management C08ts Purchase of Fixed Assets 7,826 1888} 1106) (84,989) 64,521 6,564 7,384 {626) (75) {57,123) 48,931 11,509) Purchase Df Investmants Procaads from Sala of Investments Net Cash provld8d byl(u38d In) Investing ActivitlOS Cash flows from Flnanclng Actlvlll88: Endowments Roceived Not cash provlded by Flnan¢lng Activiti88 1,831 1,908 1,831 1,908 Change In Cash and Cash Equivalenis in the Reportlng Perlod 1,276 {1,020) Cash and Cash Equivalents atthe beglnnlng ofthe Reportlng P&riod Cash and Cash Equivalents at the End of the Raportlng Period 23,449 24,469 24,725 23,449 Change In Cash and Cash Equivalents in the Reporting Period 24 1,276 (1,020) 21

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY STATEMENT OF CASH FLOWS CHARI Year Ended 3110312025 £OOO's Yoar Ended 3110312024 £OOO's Note Net Cash used In Operatlng Actlvltlos 23 (7,095) (1,4581 Cash Flows from Investing Activiti¢s'. Divldends, Interest and Rents from Inv86knents Investment Management Costs Purchase of Fixed A888ts 7,745 {688) (106) 164,990) 64,521 6,482 7,304 {6281 175) {57.124) 48,931 11,5001 Purchase of Investments ProcaerJ$ from Sala Df Inv6stlTiants Nel Cash provlded byl(used In} Investlng Actlvltles Cash Flow8 from Flnanclng Activiti8S'. Endowments Received Net Cash provided by Financing Acllvltlgs 1,831 1.908 1,831 1,908 Change In Cash and Cash Equlvalents In the Reportlng Period 1,218 (1,138} Cash and Cash Equlvalents atthg Baglnnlng ofthe Reporting Perlod Cash and Cash Equiva18nt8 at the End ofth8 Reporting Period 23,023 24,241 24,161 23,023 Change In Cash and Cash Equlvalent8 In th8 R8portlng Perlod 24 1,218 {1,138) 22

THE LAND RESTORATION TRUST (A company limtted by guarantee) YEAR ENDED 31 MARCH 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING POLICIES: The Land Restoration Trust, {operating as the Land Trust) is a charfty reglstered with the Charlty Commlssion in England and Wales No 1138337. It is a company limited by gu8ranlee No 6077263 and is registered with the Offlce of the Scottish Charity Reglster No SC43833. The rgglst6red offic8 is 7 Birchwood One, Dewhursl Road, Birchwood, Wartington, WA3 7GB. The prlnclpal accounting pollc18s adoptsd, judgements and kay sou￿98 of ostlmatlon uncertainty in the preparation of the financial stat8ments are as follows.. BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN The flnanclal ststements have been prepared In accordance with Accounting and Reporting by Chadti6s.' Staternenl of Recomrnended Practlce appllcable to ch8riti08 preparing thalr accounts In accordance with the Flnancial Reporting Standard applicable in the UK and RepubllG of Ireland (FRS 102) (second edition)- (Charftlgs SORP (FRS 1021), tha Flnanclal Reportlng Standard appllcabl8 in the UK and Republic of Ireland IFRS 102) and the Companles Act 2006. The Trust constilutes a Publ1¢ Ban9flt Entlty as defined by FRS 102. The financial statements are presented In slerllng* rounded to the nearest thousand pounds. Having consldered the financial position of th8 Trust and the availabilily of free r8serves, the Twstees consider that there are no material uncertalntl8s about tha Trusvs ability to continue as a going concern. Th8 Trust has a clear focus on managlng Its costs and, working wlthin its appatita for rlsk, seeks to g8n8rat8 maximum Income from its inv88tment portrolio. We continu8 to rav5aw and prapare IDng temi forecasts and proj8Ctions to show that.. The projected Incom2 from each endowmant and slto fund is sufficient lo m88t 118 8XP8Ct8d operating cost8. and The contribution margin earned from the management of these sites will be sufflclent to m8et central costs so that th8 Trust can r8main financially sustainable in the long term. The most slgnlflcant areas Df tha SOFA and Balanc8 Sheet that 8ffect the accounts are in relation to the Income and valuatlon of investments but professlonal advice is takèn and thls Is not thought to represent a 8ignificant risk lo the Trust. The Trust8es have therefore continued to adopt the Going Concem basls in preparing the annual Flnanclal Statements, CONSOLIDATED ACCOUNTS The consolidated financial ststements Include the financial statsmants of Tho Land Restoration TNst and all its subsidiary und8rtakings made up to 31 March 2025, The acqulsilion mathod of accountlng has been adopted. The results of subsidiary undertakings acquired or dlsposed of In tho year are Included In the consolidated profil and loss account from the date of acquisition Dr up to the date of disposal. All intra- group transactions, balances and unreallsed galns on transaGtions batwaan group companies are eliminated on consolidation. Unre81i8ed loss8s ar8 also elimlnated unless the transaction provides evldence of an impairment of fha assot transferr6d In the Charity's iridividual flnanclal stat@ments. investments in Subsidiary undertaklngs are staled at cost. INCOME All incoma, Including government grants. is reGDgnised once Ihe Trust has entitlement to the income, IÉ Is probable that the income will be received and the amount of Income receivable can be measured reliably, Donations, are re¢ognl8ed when the Tru8l has been notifled In wrltlng of both thg amount and sattlem@nt date. In the event that a donation is subject to conditions that require a level of perfomiance before the Trust Is entitled to thg funds, tha incoma is doferred and not rgcognlsgd until eilher those conditions are fvlly met, or the thlfllment Df those conditlons Is wholly wlthln the control of the Trust and it is probabl8 that thosa conditions will be fulfilled In the reporting period. Legacy gifts are recognised on a case by case basis following th6 grantlng of probate when the admlnlstrator16X8GUtor for the estats has communicated in writing both the amount and settlement date. In the event that tha glft Is in the form of an a88et other than cash or a financial ass8t traded on a recognised stock exchange, ￿ Cognltlon Is subject to the valu8 of the gift balng rellably measurable wtth a degre8 of reasonable accuracy and Ihe tit18 to the asset having been transferred to the Trust. IntBrest on funds held on deposit is acGwed and where the amount can ba m8asuréd rgllably by the Trust., this is norm8lly upon notification of th8 int8rest payable by the bank. Dividends are recognlsed once the dfvidend has been daclar@d and notification has been racalved of Ihe dlvidend due. This 18 normally upon notification by Dur investment advisor of the dlvldend yleld of the investment portfolio. 23

THE LAND RESTORATION TRUST (A ￿MpanY Ilmlted by guarantee) YEAR ENDED 31 MARCH 2026 Incom8 from charitabl8 activiti88 includ8 Endowment Funds and both Restricted and Unrestricted Funds whlch provlde an Incom& for the manag8manl uf sltes and othar Incoma raceived for managing 61tes not held by the Trust. Within Income from charftable activities is income from Biodlverslty Net Galn {Provlslon of Servlces), thls Income Is spllt over a 30 year oontr8cI perlod based on the expend5ture Incurred in each financial year. Incom8 in relation to each 8lte 18 accountsd for separately, Inittal funds are classified under Site Funding, with any assoclatad inv@stsment income being Identifled und6r investmgnts. DONATED LAND Donated land is recognised at £nil value in the accounts 88 the amount that a third party would be wllling to pay for it cannot ba r81iably estimated. At 31 March 2025 the Trust owned donated land at 70 slt8s In En9land, Scotland and Wales, coverfng an area of2,171 hectares (2024: 70 sites, 2,171 heclares). DONATED SERVICES AND fACILINES Donated professional seNlc8s and donated facllltlas ara ra¢ognlsed as income when the Trust has Control over the Itern, any condltlons associated wlth the donated Item have been mel, the recelpt of e¢onoml¢ benefit from the use by the Charfty of the item is probablo and that eGonomlc benefit Gan bè measured reliably. In accordance with the Charitles SORP IFRS 102), g6n6ral volunteer tlme is not recognised., refer to the Trusts, antjual r@port for morg infoNnation aboLrt their conlribution. On racglpt, donat&d professlonal servlces and donatad facilities are reGognised on the basis of the value of the gift to the Trust which is the amount the Trijsl would have been wllling to pay to obtain servlces or facllltles of equlvalent economic benefit on the open market. a ¢orre$ponding amount is then recognised in expenditure in the perfod of receipt, INVESTMENT INCOME Investment Income is r8¢ognised on a receivable basis. Withholdlng Tax from overseas Investments Is recognlsed on a re￿IVed basls. At 3151 March 2025 Withholding Tax due to the Trust was £0.72m {31sI March 2024., £0.64m} based on th8 exchangg rate at that date. EXPENDITURE Liabilities, including staff and termination payments are recognis8d as resources expend@d as soon as th8r8 18 a 18gal or constructive obligation committing th8 Trust to that expendiknre. The costs of land maintenance and improvem&nt work ara charged to expenditure in the year . Expenditure is recognlsed when, and to the extent that, a liability is incurred or increases wilhoul a cornmensurate increase in recognised assets or decrease In liabilities. All expenditure is accounted ft)r on an accruals basis and 13 classrfigd und8r appropriate hgadings that aggr8ga('e all c08ts relating to th8 category. CHARITABLE EXPENDITURE Charitable expenditure includes all &xpenditure associated with the Trust's charitable activities, inGluding support costs. Support costs include central office fvnctions such as general management. finance and accounting, IT and human r&sources. OTHER EXPENDITURE other expenditure represents those Items not falling into any other heading. INTANGIBLE FIXED ASSETS Intsnglble fixed assets are stated at histortcal cost. The fallowing de-minimi8 levels of expenditure6 are set as tha v8lu6 abov6 whlch a singl6 ltsm wlll be capitalis8d: Developmanl Costs Legal Costs in relatlon to Blodtverstty Net Gain Web51te development Costs £10,000 £10,000 Amortisation is provided sc) as to write off the cost of th& assats, on a stralght Ilne basls ovar thalr gstlmatad useful lives, The estimated usafvl livas are: Development Costs Legal Casts in r818tion to Biodiv8r8ity Nat Gain Website deve5opment costs 30 years 5 years 24

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Tanglble flxed assats are statad at hlstorlcal cost. The following de-minimls levels of &xpendttur&s are sot as the value above whlch a slngl8 item will be capitalis&d-. IT Equlpmant l FSxtures & Flltings l Officg Furniture & Equipment - £1,000 Motor Vehicles £10,000 Freehold Land £500 Bulldings & Structure8 Freehold end Leasehold Buildings I Structures Car Parks, Footpaths & Fgncing Plant & Machlnéry - £15,000 - £35,000 - £15,000 Depre¢latlDn is provlded so as to wrlt8 off th8 cost of the assets. other than freahold land, on a straight line basis over their estlmat8d u88ful Ilves. Freehold land Is not depreciated. The 8st5mated useful live8 are,. IT equipmant Fixtures and FSttlngs 3 years 4 to 6 years 4 to 6 years 6 yaars nla Offl¢e FIxtu￿& & Fittings Offlca Fumltur6 & Equipment Motor Vehicles Fr8ehold Land Bulldings & Structur8S Freehold and Lgasehold Buildings I Structuras Car Parks, Footpaths & Fanclng Plant & Machinery 10 to 99 years 10 to 20 years 5t0 10ygars FIXED ASSET INVESTMENTS Inve8lrnents are stated at thelr mld-prlce value at th8 balanc& sh89t date, each year a comparison to the bid-price 18 made. Wh8re Ihere is a material difference an adjustment wlll be made. As at 31st March 2025, following a Gomparison of th8 two valu8, no adju8tm8nt wa8 made. DEBTORS Trade and other debtors are ￿cOgnISed at the settlement amount due aft&r any trads discount off8r8d. Prgpayments are valu8d at th8 amount prepaid nel of any trade discounts due. CASH AT BANK AND IN HAND Cash at bank and cash in hand Includes cash and short term highly Ilquld Invastrnents with a short maturity of three months or 18ss from the d8t8 of acquisition or opening of the deposit or similar a¢count. CREDITORS AND PROVISIONS Creditors and provisions are recognised where the Trust has a present obligation rasulting from a past 8V8nt that will probably result in the transfer of funds to a third party and the amount due to settle the obllgatlon can be maasur8d or estimated raliably. Creditors and provisions ar8 nomially recognised at their setuemenl amount after allowing for any trade discounts due. Deferred income is split between Creditors.. Falling Due within on& Year and Cred5tors.' Falling Du8 8fter one year. Income In relation to Biodiversity Net Gain (Provision of SeNices) Is for a 30 year contract period and Is th@refore split between these two categorles ba68d on the gsttmated costs to be Incurred over the remaining p6rlod of tho contracl. FINAN¢tAL INSTRUMENTS The Tru8t only has financlal assets and financial liabilities of a klnd that qualify as basic financlal instrumenls. Basic financial insttum&nts are inilially recognis8d at transaGtion value and subsequently measured at thalr sgttlempnt valu8 Wlth the 8XC8Ption of bank loans which ara subsequently measured at amortised Gost using the effective interest method. RETIREMENT BENEFITS The TrLJSt op8rates a defined contribution scheme for staff recrulted dlrectly by the Twst, The amount charged to the Stat8m8nt of Financlal Activlties in respect of pension costs and other post-relirement benefits is the contrlbutions payable in the period. Dlfferences between contrlbutlons payable in respect of the period and contribulions actually paid are shown as accruals In the balance sheet, 25

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 LEASING COMMITMENTS Rentals paid under op8r8ting18ases are cha￿ed to th8 Stalament of financial activities over the life of Ihe leasg. Lgasas where the Land Trust assumes substantlally all rlsks and r8ward8 incidental to ownershlp of a leased asset, are ¢las8ifi8d as flnance leases. The leased assets and the corresponding188se liabiliti&s (net of financa chargas) undar finance laasa$ are recognised on the bal8nc8 sh8et as Tangible Fixed assets and borrowlngs respecttvely, at the inception of the leases based on tha lower of the falr valua of tha laasad assets and the present valu2 of the minimum lease payrnents. Each lease payment Is apporlioned between thg finance expense and the reduction of the outstsnding lease Ilability. The finance expensels recognised in profit or loss on a basts that reflects a Gonstant periodic rate of Interest on the finance lease liabilily. GAINS AND LOSSES ON INVESTMENTS All galn8 and1088&s ar& takgn to the Statemant of Flnancial AGtiviles as they arlse. Reallsed galns and losses on inve8tments ar& calculated as th8 dlfferen¢e between sales prDce?ds and the5r opening carwng value or their purchase value if acquired subsequent to the first day of the finan¢lal year. Unrealised gain8 and losses are calculated as th8 difference b8tw@gn the fair V81ue at the year end and their carrying value. Realised and unr8alis8d investment gains and lossgs ar8 comblnad In the Statement of Financial Activiti8S. FUNDS STRUCTURE Funds held by the Trust are., Unr88tiictgd Gener81 Fund Theso are funds whlch can ba uséd in accordan￿ wlth the charltable objects at the discretion of Ihe Truslees. Deslgnated Funds These funds have been eannarked out of Unr8Stricted Funds by th8 Trustees for specrfic purposos. The Trust has established a pollcy of deslgnatlng all slte funds Ildentlflèd al the polnt ol trgnsfer to the Trust), that are not rèstrlctad to a sltg. On an annual basis and after taking legal advice, the Trust r8Vi8ws th888 d8signated funds and relgas&s sutplus Incomg to the General Fund that is not rBquired for futur8 Sit8 8xpenditur8 to usg for othor charftable projacts. The Trust then retains any rev8nu8 sU￿lUS that 18 not avallablg for r61gas& wlthln tha Dasignated Funds. Restricted Funds These are funds that can only be used for particular restricted purpos8S Within the obj8cts of the Trust. R88trfctions aris8 when specified by the donor Dr when funds are rais8d for particular restricted purposes. Pem?anont Endowmant Funds These are fvnds held permanently by the Trust, principally investments. Income arlsing on these investments can be used in accordan¢e with the terms of Endowments and is taken to Restricl8d or Unr8Strict8d Funds as appropriat8, Exp8nd8ble FndOwrn￿nt Funds In certain Instancos, th8 Trustèas have thg power of dlscredon to conv8rt sndowed capital into incorne, in which case the Fund Is known as an Expendable Endowment. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Estimatas and ludgaments ara continually evaluated and are based on historical 9xperience and other factors, Including expectations of future ev&nts that arg believ8d to b8 reasonable under the clrcumslances. The Trust does not consider that Iherè are any identified estimates Dr judgements that have a significant risk of causing a material adjustment to tho carrylng amounls of its assets and liabilities within the next financial year. CORPORATION TAX The Land Restoratlon Trust as a regislered charity is exempt from Corporation Tax under the Corporation Tax Act 2010 (chapters 2 and 3 of part ii, section 466 onwards) or Section 256 of the Taxation for Chargeable Gains Act 1992, to th8 axtent that surpluses are applied to ils charitabl8 purpo88s. Non Charitable Activities carrlad out wilhln the Trust and the Charlty's Iradlng subsidlarfes arè subject to Corporation Tax, 26

THE LAND RESTORATION TRUST (A company limlted by guarantee) YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES: GROUP Unrestricted Funds £OOO's Rostrlcted Funds £000'8 Endowment Funds £OOO's Yèar Endèd 3110312025 £OOO's Fundraising Income Year Ended 31103124 CHARITY Unrestricted Funds £OOO's Restrlcted Funds £OOO's Endowment Funds £OOO's Year Ended 3110312D25 £OOO's Fundraislng Income 173 173 173 173 Year Ended 31103124 159 161 Hlstorlcal comparatlves are InGluded at Note 32. CHARITABLE ACTIVITIES.. GROUP Unr68trlcted Funds £OOO's Restricted Funds £OOO's Endowment Funds £000'8 Year Ended 3110312025 £000'8 Grant Funding 788 788 Govarnmant Grants 64 (390) {328) Site Maintananca 804 804 868 398 1,286 Year Ended 31103124 939 1,187 2,126 27

THE LAND RESTORATION TRUST (A company Ilmlted by guaranteo) YEAR ENDED 31 MARCH 2025 CHARITY Unrestrlcted Funds £OOO's R88trlcled Funds £OOO's Endowm8nt Funds £000'5 Year Ended 3110312025 £000'8 Grant Funding Govemment Grants 788 788 64 1390) {328) 785 Slte Mainlenanc8 785 849 398 1,247 Year Ended 31103124 939 1,187 2,126 These activities include Grant Funding that the Trust has b88n awarded in r81ation io £0.3m for a projgct to increase the number of sit8S that th8 TrLJSt manages. £0.4m in relation to th6 davelopment and Improvement of sites and £0,1 m for the Trust'8 Green Angels Project. Government Grants are dlsclosed al Nots 29, Site Maint8nance is incom8 from th8 management of Ihird paty owned sltas and tha provls1on of wotk in ￿latIon to Biodiversity Net Gain (BNG) Credits. Hlstorlcal comparatlves are Included at Note 32, OTHER TRADING ACTIVIMES.. GROUP Unre8trlct8d Funds £OOO's Re8trlct6d Funds £OOO's Endowment Funds £OOO's Year Ended 3110312025 £OOO's Consultancy Work Mlscellanaous Incom& 231 231 Slta AcElvltlgs 191 14 205 Slte Malntenance 712 712 1,135 14 1,149 Year Ended 31103124 1.040 1,040 28

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Unrestricled Funds £000'8 Restrictod Funds £ooo' Endowment Funds £OOO's Yèar Ended 3110312025 £OOO'$ Consultancy Work M1scellan&ous Incoma 90 90 Slla Actlvltles 191 14 205 Racharga to Subsidiarios Site Malnt8nanc 565 565 37 37 14 898 Year Ended 31103124 839 839 The maln acllvitl88 relatg to consultancy work carried out on behalf of third parties, site activilios l.@. income earned from tha slles, for oxample grazlng Ilcgnc&s &wayleave fees and Slte Maintenance, i,e. Service Charg8 Incom8 from the managgment ofservlce Charge Site6. Historical comparativgs ar8 included 8t Note 32. SITE FUNDING GROUP & CHARIT Unrestrlctod Funds £OOO's Restrfcted Funds £000'8 Endowment Funds £OOO's Year End8d 3110312025 £OOO's Naw Slte Funding Year Ended 31103124 3,392 3,739 7,131 No new sites were transferred in 20?4125 (2024125: 3 sites). Historical comparatlves are In¢luded at Note 32. 29

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 INCOME FROM INVESTMENTS: GROUP Unrestricted Funds £OOO's Restrictsd Funds £000'8 Endowm8nt Fund8 £OOO's Yoar Ended 31103J202J £OOO's Bank Intarast 770 281 1,032 Intergst & Dlvldands from Invastmgnts 4,660 2,134 8,794 5,430 2,395 7,828 Year Ended 31103124 5,109 2,275 7,384 CHARITY Unrestricted Funds £000'8 Restrfcted Fund8 £ooo' Endowment Funds £OOO's Year Ended 3q10312025 £OOO's Bank Intsr&st 747 261 1,009 Interest & Divid8nd8 from Invastments 4,601 2,135 6,736 5,348 2.396 7,745 Year Ended 31103124 5,029 2,275 7,304 Hlstorical comparatives are included at Note 32. OTHER INCOME GROUP & CHARITY Unrestrlcted Funds £OOO's Restrlcted Fund8 £OOO's Endowment Funds £OOO's Yoar Ended 3110312025 £000'9 Optlon Fees 35 35 35 35 Year Ended 31103124 30

THE LAND RESTORATION TRUST (A Gompany Ilmited by guarantee) YEAR ENDED 31 MARCH 2025 TRUSTEES, REMUNERATION.. Exp@nses claim8d by the Trustees in 2024125 totalled £11.428 in respgci of Irav81 and 8ubsist8nco (2023124., £18,769). At 31S1 March 2025, £135 of payment8W8r8 du&to oneTrustee {3151 MarGh 2024: £106). The Twsteas racelved no remungratlon in 2024125 (2023124: £nll}, Ten Trustees clalmed 8xpen888 during 2024r25 (2023124: 12), 31

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE GROUP Basi8 of Allocatlon Inv88tment Management Fees £OOO's Charltable Actlvltles other Year Ended 3110312025 £000'5 £000'8 £OOD's Costs directl cha ed to actlvltles Sltg Maint8nance. Dlrect Dlrect Direct Direct 5,795 32 5.795 32 201 Projetst Consuliancy Insuran 201 Subscriptsons L6gal & Profasslonal Investment Management Costs AudSt & Accountancy fees Prernlses Runnlng Costs Marketing Recwitment 17 17 Dlrect Dlrect 419 419 573 573 Direct Dlrect Direct 34 34 68 68 96 Dirsct Directorll-rust8e Exp8nsa Dlrecl ort costs allocated to activit188 Staff Costs General Running Costs Finance L8a8OS Usage Usage U8ag8 Usage Usage Usage Usage 2.362 136 2,362 136 Depreciatlon IT Support Tralnlng Loss on disposal of assets 141 141 127 127 23 23 Irrecoverable VAT Irrecov6rable VAT Incurrad 115 857 972 888 10,342 11,030 Unr8Strlcted Funds £ooo' R88trlct8d Funds £OOO's Endowment Funds £OOO's Year Ended £OOO'$ Year Ended 31103125 Inv6stm&nt Managament F888 Charitable Activlti8s 148 230 312 688 6,565 6,711 3,742 3,972 35 10,342 11,030 Total Expenditure 347 Year Ended 31103124 Investmènt Man8gement Fees Charltabla Actlvltl8s 119 208 29g 626 6,346 6,465 3,441 3,649 9,787 10,413 Total Expenditure 299 32

THE LAND RESTORATION TRUST (A cornpany limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Basls of Allocatlon Investmont Management Fe83 £000'8 Charltable A¢tivltles other Year Ended 3110312025 £000'6 £OOO's £OOO's Costs dlrectl char tI￿tieS site Maintenancè Project Consultancy Insuranc8 Subscrlptlons Legal & Professionel Inveslment Management Costs Audit & Accountancy Fees Premlses Running Costs hlarketing Recruftm6nt Dlrect 5,700 34 5,700 | 34 Direct Direct 201 17 201 Dirgct 17 Direct 411 411 Dlrgct Diréct 573 573 24 24 68 Dlrecl Dir&t 68 96 96 Dlract DlractoriTru8teé Expènsa Inlerest Payable to Group Undertaklng D1￿ct Direcl ort allocated to actlvltles Staff Costs Usag6 Usage Usage Usage Usag8 Usag8 Usage 2,313 2.313 Flnance Leases Gen8ral running costs Depreciation IT Support Training Loss on d5sposal of assets 136 136 141 141 127 127 23 23 19 19 Irrecovarable VAT IrrecDv8rable VAT Incurred 115 857 972 688 10,182 10,870 Unrestrlcted Fund8 £OOO's Restrictsd Funds £OOO's Endowment Funds £OOO's Year Ended £000'8 Year Endod 31103125 Invastment Managem8nt Fees ChaTitable Actlvltles 146 23D 312 688 6,405 3,742 35 10,182 other Total Exp8ndltura 6,551 3,972 347 10,870 Year Ended 31103124 Investment Managamant Fees Charllable ActIv￿leS 119 208 299 626 6,256 3,441 9,697 Other Total Expondlture 6,375 3,649 299 10,323 33

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 Ba818 of Allocatlon Cost allocation Includes an element of judgement and Ihe Trust has had to consider the c08Ubenofit of d8tailed calculations and record keeping. Bases for calculation include., Speclfic costs hav8 b8en atlribul8d where possible Overh&adslManagemonl F68s have b88n allocatéd to $itas on the basis Set out In the individual fundlng agreements staff and other costs have been allocated based on management estimates of tirne and usage Irr8¢overabl8 VAT Is allo¢atsd to the 6pecific costs where they have been incurred Vvithin each slle's Funding Agreemfjnt, there is a provision for the charging of a management fee to the individual sil@. In 20?4125 this managementfee lotalled £0.93m (2023124: £0.86m). The managemenlfee8 are included withln the Expenditure column oftha Analysls of Charitabla FunTJs (sea Nots 22). Historical comparatives are included at Note 32. 34

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 10 CORPORATION TAX The maln actlvlty of th8 Land Trust 18 to provide charitable activities, therefore no corporation lax Is payablg on any surplus from these actlvities. In 2024125, Land Trust Resldential S&rvlces Llmlted and Beauli8u Estate Managemant Llmlted carried Dut trading activities and were ther&for8 subject to Corporation Tax. In 2024125 thara warg £nll cutY8nt year or defered tsx charges for the Trust end Group {2023124., £nil>, GROUP Year Ended 3110312025 £000'8 Year Endod 3110312024 £000'8 Factors aff9cfjng the Tax Charg8 for the Ygar Company Profit on Ordlnary Actlwtles Before Tax 172 156 Company Profit on Ordlnary Acllvttlgs multipligd by tha Standard Rat8 of Corporatlon Tax In the UK of250lo 43 39 Effgcts of.. Tax Rallef on Gift Aid paym8nt tr8at8d as a Distribution of Profits 143) {391 Total Currenl Tax 11 NET INCOMEIEXPENDITURE: GROUP Year Ended 3110312025 £ooo'. CHARITY Year Ended Year Ended 3110312025 3110312024 £OOO's £OOO's Year Ended 3110312024 £OOO's This is stated aft8r charging.. Dgpraciation Op8rat5ng lease8 141 147 141 147 58 56 58 56 Auditors, Remungration Extemal Audilors CurrentYearAudlt Fees 35 42 27 34 MC Topco Limited Va Mlch@11 Chart8SWDrth performed The Land Trusts Independent Examination of SeNI¢8 Charggs in 2024125. 35

THE LAND RESTORATION TRUST (A company Ilmited by guarantee) YEAR ENDED 31 MARCH 2025 12 ANALYSIS OF STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL: GROUP & CHARITY Year End8d 3110312025 £000'8 Year Ended 3110312024 £OOO's Wag8s and Salaries Social Securlty Cos18 Pen61on Costs 2.248 215 2,143 212 126 107 2,589 2,462 Stsff Health Asse88ments 10 10 45 Contractors 75 2,674 2.517 Th8 abov8 costs includ8 t8rminallon payments in 2024125 of £nil (2023124: £nil}. Employees, emoluments for the staff eaming rnore Ihan £60,000 for the year fell into the following bands., GROUP & CHARITY Year Ended 3110312025 £000'8 Year End8d 3110312024 £OOO's No. No, 140.000 - 149,gS9 130.000 - 139,999 110,000 119,000 100,000 - 109,999 80,000 - 89,999 60,000 - 69,999 GROUP & CHARITY Year Ended 3110312025 £OOO's Year Ended 3110312024 £000'8 Tha avaraga numb6r of gmployaas amployed by tha Trust was: Business Development & Operations Markgting & Communic8tiDns Finance & Administration 28 29 17 17 Chlef Executlve Office Total 53 53 36

THE LAND RESTORATION TRUST (A company limlted by guarantee) YEAR ENDED 31 MARCH 2025 Tha kay managemgnt P8r8onn81 of th8 Trust, during the year, comprised Mr A Carter (Chief Executlve Offlcer) and Mr J Obank (Chi8f Fin8n¢lal Offlcer). The total employee salaries and beneflts of the key management personn81 of th& Trust were £287,907 in th8 y88r 2024125 (2023124: £259,056). 13 SUBSIDIARY COMPANIES AND THEIR ACTIVITIES: As at 3181 March 2025, th8 Trust has two wholly-owned 8ubsldlarfe8, 08prey Quay Managemgnl S9Nlces Company Llmltgd (2 chat1ty & a company Ilmltad by guarantgel and The Land Re8toratlon Trust Services Llmited, Osprey Quay Managément SpNIc88 Company Limited 18 a company Ilmlt&d by guarantge, registered in England and Wales and inGorporated on the 16th July 2015. This company obtalned charfty status on 2181 April 2016. On th8 1$1 October 2016, the 8s8ets and liabilities of Osprey Quay Management Company Llmited were transferred to this subsldlary, enabling it to managa tha open spaca around Ospray Quay, Portland. The Land Rastoratlon Ttust Services Limited is a company Ilmitad by share capilal, registered in England and Wales and Incorporated in the UK on 29Lh October 2012. The Land Restoratlon Trust S8Nlcgs Limited became a subsidlary from 291h October 2012. The main activity of Th8 Land Restorafjon Trust Servlces Llmlted Is to act as a holding company. Th8 Land Restoratlon Trust S6rvic8s Llmit8d has a further 10 subsidiari8s, Space First Llmited, Osprey Quay Managamènt Company Limited, Carr Lodg& Managem&nt Company Limited, Friokl8y Manag@m8nt Company Limited, Space First (South East) Llmlted and Space Flrst (North Westl Limited, Space Flrst (Manchestor) Limited, Land Trust R6sid&nllal Services Limited, Beaulieu Estate Management Limited and Land Trust Estates Scotland Limited. In 2024125 bNo of The Land Resloration Trust S&Nices Limited subsidiarse8 traded., Land Trusl Resldenlal Services Limlted and Beauli8u Estate Management Limited, as below.. Land Trust Resldentlal Servlces Llmlted is a company Ilmltgd by share capital, regi8t8red in England and Wales and Incorporated in the UK on 281h January 2016. Land Trust Resldentlal Servlces becamo a subsldlary from 281h January 2015. Land Trust R8sidenti81 S8rvic@s startod trading on 1 sl April 2016. At 3161 March 2D25 thls company managgs 12 sltas (3181 March 2023: 12 sitss). Beaulleu Estate Management Llmlted Is a company limited by share capltal, r8gSstered in England and Wales and incorporated In the UK on 291h September 2015, Beaulieu Land Management Llmiled became a subsldlary from 291h September 2015. Beaulieu LAnd Managem8nt Limited started trading on 15lJuly 2016, m8naglng the ServlGe Chargesfor Baaull8u, Chelmsford. The remalnlng subsidiaries ofTha Land R8Storatlon Trust s@Nices Limited, did not trade in 2024125 as below.. Merlin Park Limited is a company limited by share capltal, registered in England and Wales and incorporated in thg UK on 29lh Octobor 2012. Merfin Park Limited became a subsidiary from 29th October 2012. A site called Mgrfln Parf(, located in Hucknall, Nottlnghamshire was transf8rred to M8rlin Park Lirnited on 1st June 2019. Mefflln Park Is a servlce charge site and Is belng managed by anothèr subsldlary of Tho Land RestoratlDn Trusl. Land Trust ResidenÉi81 SeNices, Merlin Park Limited did not trade durlng 2024125, 08pr8y Quay Management Company Limited Is a company Ilmlted by share capital, registared in England and Wales and in¢ory)orated In the UK on 20th March 2013. 08prey Quay Manag&ment Company Limited became a subsldlary from 20th March 2013. On the 1 Sl Octobar 2016, Its assets and liabilities were transferred to Osprey Quay Management S8rvice8 Company Limited and therefore it ceased to trada from that data. Carr Lodge Manag8menl Company Limited is a company limited by share capltal, reglstered in England and Wales and incorporated In the UK on 291h May 2014. Carr Lodge Management Company Limited became a subs5dlary from 29th May 2014. Carr Lodge Management Company Llmltod remained dormant throughout the financlal year. Once trading, its main actlvitywll be the managemant of land and green space for communlty ban6fit, Frlcklèy Management Company Limited is a Gompany Ilmtted by share ￿ap1￿1, raglstergd in England and Wales and incorporated In tha UK on 25th Nov@mber 2014. Frickley Management Company Limlted became a subsldiary from 251 November 2014. Frickley Manasemgnt Company Limltad remained domiant throughout the financlal year. Once trading, it5 main activlty wlll be the management of land and gra8n space for community ben8flt. Spac6 Flrst (North Wesll Limit8d 18 a company limited by sh8re capltal, registered in England and Wal8s and Incorporated In tho UK on 23rd April 2015. Spac8 Flrst {North West) Limiled became a subsidiary from 23rd April 2015. SpaGe First (North West) Limited remaSn&d dormant throughout the fingncial year. Oncé tradlng, its main activity will be the management of land and green space for communlty benefft, SpaGe First (South East) Limited is a company limited by share G8Pital, reglstered in England and Wal8s and Incorporated in the UK on 22nd April 2015. Space First (South Ea8t} Limit8d became a subsidiary from 22fid April 2015. Space Flrst (South East) Llmlted remained dormant throughout the ff nanclal year. Onc8 trading, its main activity will be the management of land and green space for communlty beneflt. 37

THE LAND RESTORATION TRUST (A company limitad by guarant88) YEAR ENDED 31 IAARCH 2025 Space Flrst {ManGhester) Llmlted Is a company1Smlted by shaw capitsl, regislered in England and Wales and incorporated in the UK Dn 14th July 2015. Space First (Manchester) Limited became a sub8idlary from 14th July 2015. Space First (South East) Limited remained dormant throughout the financi81 year, Onc8 trading, ils main activity wlll be the management of land and green spac8 for community benefit. Land Trusl Estates Scotland Llmfted Is a company Ilmlted by share capltal, regislered In Scotland and Incorporated in the UK on 22nd April 2015. Space Flrst (South East} Lim5ted became a subsidiary from 28th June 2017. Land Trusl Eslates Scotland Limited began tradlng on 27th March 2019 managing Cardowan, near Glasgow, Land Tru6l E8tate8 Scotland c8a8ed trading on the 3151 March 2021. 14 INTANGIBLE FIXED ASSETS GROUP & CHARITY Website Biodiversity Net Gain £OOO's Total £OOO's £OOO's Costs Brought Fo￿ard Additions in Year 20 20 42 21 63 Disposals in Year Catrlgd Forward 62 21 83 Depreciation Brought FoNard Charge for the Year Depreciation on Disposals Carrfgd Forward Net Book Valuo at 31 March 2025 60 21 81 Net Book Value at 31 March 2024 20 20 Th8 Intangible Fixed Assets are in relatiDn to Biodivgrsity Nat Galn and Wabslta davalopmant costs. 38

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 15 TANGIBLE FIXED ASSETS: GROUP & CHARITY Flxtur8s & Flltlngs £OOO's Bulldlng & structures £ODO'$ Motor Vehlcles £OOO'$ IT Plant & Machlnery £OOO's Total £OOO's £OOO'$ Costs Brought Forward Additions in Year Dlsposals in Year Carried Forward 1,483 12 33 95 23 115) 103 126 118 1.855 43 (581 76 (731 1,825 1,495 33 118 Depreclatlon Brought Forward Chary8 forthg Year Depr8ciation on Disposals Caffigd Fomard 395 18 41 13 {9} 45 104 81 10 639 139 (531 725 104 {44} 68 499 22 Net Book Value at 31 hlarch 2025 996 58 27 1,100 Net Book Value at 31 March 2024 1,088 54 22 37 1,216 Fixtures and Fittings with a Garrying value of £2,290 {2023124', £3,177) are held under finance leases. 39

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 16 FIXED ASSET INVESTMENTS.. GROUP Year Ended 3110312025 £000'8 Year Ended 3110312024 £OOO's Market Valu& ag at 1st Aprll 2024 Addilions Dlsposals Transfers to l {from} Cash Pool Cash Withdrawn (Managemerrt Fees) Net investmant R8alis8d & Unr8alis8d {LDssasyGaln$ Market Value as at 31st March 2025 197,347 64,989 {64,521) 1,211 18541 {1 ,9451 196,227 179,899 57,123 {48,9311 (1,7871 (6121 11,655 197,347 GROUP Year Ended 3110312025 UK £OOO's Year Ended 3110312025 Overseas £ooo'. Year Ended 3110312024 UK £ooo'. Year Ended 3110312024 Ov6r8eas £ooo'. Investm8nts comprise: Llstad Investments Fixed Interest Secijrfties Doveloped Market Equity Emerging Markel Equity Private Equity & Other Infrastructure & Operating Propety Contractual & Other Income Balanced Func18 12.799 32,224 13,881 26,827 104,856 113,656 2,836 8,843 3,084 7,940 3,704 15,813 1,975 5.803 737 6,139 1,277 2,151 1,948 2,051 Unli8t8d investments Cash Pool Cash Pool Debtors Cash Pool Creditors Propsrty (Managed Funds) 6,230 624 870 201 1518) 8,382 9,241 74,208 122,019 73,965 123,382 196,227 197,347 The fixed asset investments are held in managed funds. The historical cost of the investments as at 3161 March 2025 was £173.9m (2023124.. £168.2m}, bas8d on a w8ight8d av8rag8 calculation. 40

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Year Ended 3110312025 £OOO's Year Ended 3110312024 £OOO's Market Value as at 1st Aprll 2024 Addltlons Dlsposals Transfvrs to l (from) Cash Pool Cash Wlthdrawn (Management Fees) Nat Investment Realised & Unrealised {LossesllGains Markot Valu• as at 31st March 2025 195,196 64,990 (64,521) 1,210 1854) {1,845) 1g4,176 177,926 57,124 {48.931) {1,787} (612} 11,476 195,196 CHARI Year Ended 3110312025 UK £OOO's Year Ended 3110312025 Overseas £000'8 Yoar Endod 3110312024 UK £OOO's Year Ended 3110312024 Overseas £OOO's Investmants compk18e'. Lisled Investments Fixed Interest Securities 12,799 13,881 Developed Markgt Equity 32.224 104,858 26.827 113,656 Private Equity & Other 2,836 3,084 3,704 1,975 Infrastructure & Operating 8,843 7,940 15,813 5,803 Contractual & Other Income 737 6,139 1.277 1,948 Unlisted Investments Cash Pool 8,230 870 Cash Pool Debtors 624 201 Ca8h Pool Creditors (5181 Propety (Manag8d Funds) 8,382 9,241 72,157 122,019 71,814 123,382 194,176 195,196 The fixed asset investments are held In managed funds. The historical cost of the Invastmonts as at 31 $t March 2025 was £172.4m (2023J24- £164.8m), based on a weighted average calculats'on, 41

THE LAND RESTORATION TRUST (A company limited by guaranteg) YEAR ENDED 31 MARCH 2025 17 DkBTORS: GROUP 3110312025 £OOO's CHARITY 3110312025 £OOO's 3110312024 £DOO's 3110312024 £OOO's Amounts falllng due wlthin one year. Trad8 Rocolvablos 428 2,458 426 2,445 250 Amounts owed from Group Undertaktngs Prepayments & Accrued Income Investmenl Income 248 575 608 541 589 907 865 907 865 1,910 3,931 2,122 4,149 18 CREDITORS: FALLING DUE WITHIN ONE YEAR: GROUP 31m312025 £OOO's CHARITY 3110312025 £OOO's 3110312024 £000'8 3110312024 £OOO's Amounts falllng due wlthln one year.. Trade Creditors 1,444 638 1,417 599 Amounls owed to Group Undertakings OtherT8x & Social S8curity VAT Payable Finan￿ Leases 52 52 52 52 41 45 38 46 Accrual8 & Defgrr8d Income 1,743 82 2,097 90 1,872 25 2,065 49 other Creditors 3,363 2,923 3,207 2,812 Tha Accruals r8lal@ to estimates of works that had b88n carrled Dut at yoar ond but not invoic@d, the Deferred Income relatos tD payments which have been received at year end which are in relation to wort(8 that are p18nned to be carriad out in the following year. The CharTW'S Def9rr&d Incoma as at 3181 March 2025 was £263k131$l March 2024.. £184kl, tha Group's Daferred Income as at 318t March 2025 was £285k (31sI March 2024: £192k). 42

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 19 CREDITORS.. FALLING DUE A￿ER MORE THAN ONE YEAR GROUP 3110312025 £000'8 CHARITY 3110312025 £ooo' 3110312024 £OOO's 31103t2024 £OOO's Amounts falling dug aftar one ygar: Finance Leases Deferred Income 198 215 198 215 199 217 199 217 Th8 Group & Charit￿5 Deferred Income a8 at 318t March 2025 was £198k (3151 March 2024,, £215k), Tha Dgfgrred Income Is In ralatlon to tha Blodlver81ty N6t Galn (Provision of Service8), wh8re income 18 r8ceived in advance of a 30 year progTam of works. 20 FINANCIAL INSTRUMENTS 3110312025 £000'8 3110312024 £OOO's GROUP Flnanclal Assets m8asur8d at AmortlS8d Cost 25,708 26,809 Financlal Llabilities measured at Amortised Cost 3,079 2,733 Financial Assets measured at Fair V8lue 196,227 197,347 Financial as88ts measured at amortised cost comprise trade debtors, other deblors and cash and cash equivalents. Flnanclal Ilabllltlas measured at amorkn8ed GOSt8 comprise trad8 creditors and accruals excluding deferred income. Flnanclal assets measurgd affair valua comprfs8 InvestThonts. 21 ANALYSIS OF NET ASSETS BETWEEN FUNDS: GROUP - Unrostrlctod Funds - Deslgnated General Funds Restricted Endowment Total Funds Funds £OOO's Funds Funds 3110312025 £000'8 £OOO's £OOO's £OOO's Intangible Flxed Assets Tangible Fixed Assals Inv98tmonts (fixed and currentl Current Assets Current Liabilities 81 81 160 e8 874 1,100 196.227 25,708 (3.363) (199) 219,554 14,488 16,903 (70D) 3,297 912 83,976 7,969 11,476) 94,466 (76) {8) (1,179) (199) 2,978 Long Term Llabllltles 30,851 91,343 94,382 43

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY - Unr88trlci8d Fund8- Designated Fund8 General Re5tri¢ted Endowment Total Funds 3110312025 Funds Fund8 Funds £OQO's £OOO's £OOO'$ £OQQ's £ODO's 81 Intangible Flxad Assats Tangible Fixed Assets Investments (fixed and currant) Current Assets 81 160 874 1,100 194,176 25,436 13,2071 (1991 217,387 14,308 16,763 (7481 3,297 765 82,105 7,984 {1,471) 94,466 (761 181 Current Liabilities (980} (199> 3,030 Long Tern Liabilities 30,483 89,492 94,382 22 ANALYSIS OF CHARITABLE FUNDS.. GROUP & CHARITY Galns l Transfers Balan¢0 at 3110312024 In¢ome Expenditure Balance at Endowm8nt Fund8 {Losses) £000'8 3110312025 £000'8 £OOO's £OOO's £ooo'. £ooo' Permanent Endowment Funds Funded restricted to the following sites.. Warrington CRA Groenwlch Ecology Park Silverdalè- Waste Farm & FumaGe Pool Bentley Weetslade Cronton Warren House Park laka Askern> Beam Parf<lands laka Dagenham Wa8hlands) Phoenix Park (Thumscoa) Haig Kiveton 13,484 9,076 4,849 4,596 4,039 3,888 3,646 (471 (321 {171 {161 114) 114) 113) 111) (127) (851 {461 (431 (381 (371 {341 {30) 129) 127) 126) (26) (20} (19) (71) {658) 13,310 8,95S 4,786 4,537 3.987 3,837 3,599 3,156 3,115 3,125 2,858 2,781 2,749 2,152 2.048 10,281 72,728 (111 (10) (10) (10) (8) (7) {25) 1245) 3,085 2,821 2,745 2,713 2,124 2,022 10,186 71,826 Cudworth Common laka Grimethorpe} Ashtons Field The Old Brickworks (Keys) other Total

THE LAND RESTORATION TRUST (A Gompany Ilmited by guarantee) YEAR ENDED 31 MARCH 2025 GROUP & CHARITY Expenditure Gain81 Transfers Balance at Income Balance at 3110312024 (Losses) £OOO's 3110312025 £ooo'. £000'8 £QOO's £OOO'$ £OOO's Expendable Endowmènt Funds Brodsworth 5,089 4.539 4,413 3,157 5,642 22,840 (181 (171 {151 111) 141) {102) (48) (45) (41) (30) {18) 1182) 5,023 4,477 4,357 3,116 5,583 Pleasley Shirebrook Av8nu8 other Tolal 22,556 Total Endowment Funds 95,588 (347) (840> 94,382 Note: Thg Permanent Endowm@nt Funds Expenditure and Gains are oxcluded from the Income and Expenditura Account as identified under the Group and Charity Stat8m8nt of Financial Activilies (SOFA). GROUP Balanc8 at Incom8 Expenditure Gains l Transfers (Losses) £OOO's Balance at R8stricÉ8d Funds 3110312024 3110312025 £OOO's £OOO's £OOO's £OOO's £000'8 Funds Restricted to the following sites.. Fort Burgoyne { aka Connaught Barracks) Avenue Country Park Buckleffs Forest Elba Park (aka Lambton) Fricklay Fryston Warrlngton CRA Rabbit Ings Oldlands Copse (Garfick's Arch) Carr Lodge Bitmac Tip (Port Clarence) Nèw Park Springs Monkton BromborDugh Dock (PSRP) Omega Ash Gre8n Meadow 12,911 (392} (69) {18) (17> (16) (13) (342) (171 {801 {11) (203) (g) (381 (103} (8) (72) {7) (2,557) {3,972) 1141) 12,381 6,889 5,976 4,678 4,457 3,652 3,268 3,241 2,979 2,933 2,577 2,504 2,478 2,407 2,386 2,255 2,247 25,376 6,820 5,958 4,616 4.398 3,604 3,490 3,192 2,899 2,892 2,351 2,477 2,417 2.353 2,357 2,236 2.28S 24,616 (451 {431 {35) (5) 132) 569 (30) (23) {24} (23) (18) {21) (201 (171 (229) (708) 67 73 Wellesley Woodlands othar 63 2,026 Total 93,214 2,807 91,343 45

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Balance at Income Expendltura Galns I Tran8fors Balance at Restrlcied Funds 31103r2024 ILoss8sl 00,8 3110312025 £000'8 £OOO's £000'8 £OOO's £000'8 Fund8 Re8tdcted to the followlng 81tes-, Fort Burgoyne { aka Connaught Barracks) Avenue Country Park Buckler's Forest 12.911 1392) (69> (18} (17) (16> (13) (342) {17) (eo) (11) 19) (381 18) (1031 (2031 (7) (721 12,5 Jf71 (3,972) (141) 12,381 6,889 5.976 4,678 4,457 3,852 3,268 3.241 2,979 2,933 2,504 2,478 2.386 2,407 2,577 2.247 2,255 23,432 91,270 6,820 5,958 4,616 4,398 3,604 3,490 3,192 2,899 2,892 2,477 2,417 2,357 2,353 2.351 2,286 2,236 22,765 Elba Park (aka Lambton) Frlckley Fryston Wanlngton CRA Rabbit Ing8 Oldlands Cops8 (Garllck's Arch) Carr Lodge New Park Springs Monkton 145) 143) 135) (5) 132) 569 130} (24} 123) (21) (18) (23) (17) (20) (137) {614) Omega Bromborough Dock (PSRPI Bilmac Tip (Port Clarence) Wellesley Woodlands Asli Green Meadow 67 63 73 Other 2,027 Total 2,808 89,492 GROUP Balance at Income Expenditure Gains I Transfvrs Balance at Unrestricted Fund8 3110312024 (Losses) £OOO's 3110312025 £OOQ's £OOO's £OOO's £000'8 £OOO's General Funds 3.447 2,608 (3,046} (31) 2,978 Designatsd Funds Slle Funds 29,133 890 4,837 24 (3,665) 1368) {376} 376 29,561 1,290 Site Incomo Rgs8rve Total Unrestrlcted Funds 33,470 7,469 (6,711) 1399) 33,829 46

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Balance at Incomo Expendltur Galns I Transfer8 Balance at 31103t2025 Unrestricted Funds 3110312024 (Losses) £OOO's £OOO's £OOO's £OOO's £OOO's £OOO's General Funds D8signated Funds Site Fund5 3,490 2,488 {2,917} {31} 3,030 28.786 890 4.777 24 {3,634> {360} (376) 376 29,193 1.290 Site Income Reserve Total Unrostrl¢tod Funds 33,166 7,289 (6,551) 1391) 33,513 Endowment Fund8 The Endowment Funds ar8 held parmanantly by the Ch8rity, for the specific purposes intended by the donor, Restricted Funds Th6S@ funds are appli&d to th8 various specific purposes Inlanded by tha donors. Daslgnated Funds These funds, whlch are unrestrlGted, are eamiarked by the Trustees for the management of specific sites. General Fund8 Th988 funds can ba u88d for any of the Trusts charitsble activit50s. Transfers During 2017118, the Trust established a policy of designating all unrestrict8d sit8 funds lidgntified at th8 point of transfer) for use on that sit8 and as disclos8d in Not81, th8S8 d88ignated fund8 are revlewed on an annual ba81S. Durlng the year, the Trust review8d these deslgnated funds and released Surplus Income to the Gener81 Fund £0.4m (2D23124-. £0.4ml that is not requlred for fijture stte expenditure to use for other charitable purposes, In 2022123 th8 Board approved the cr8atiDn of 8 designated Site Income R8seNe. to bulld up a contlnggncy for future expandlture on sltas If marf(at condltions changgd and Invgstment IncDma fell. In 2024125 £0.4m was transferred from General Funds to the Deslgnated Site Income R8se)ve (2023124: £0.4ml in relation to fund thls. In 2023124 the Trust carried out a review of a number of its Sit8s Funding Agr88m8nts with solicitors and Counsel advica. This advice 8uggest8d that th8 capital and income fund8 rglating to 5 sites could be updated within the statutory accounts. These adjustmant8 led to a transfor of £2.7m fmm Expgndablg Endowmants to Psmianent Endowments and a transf8r of £9.1rn fiDm Restricted Funds to Designated Funds in 2023124. The Transfers, column above In the 'Analysis of Charitabl8 Funds, refl8cts all transfers betW88n th8 fvnds within the year. The main transfers were Ihe R818asg of Sury)lus Income of £0.4m (Designated Funds to General Funds), with dasignation to tha Slta Income Rasarva (Ganeral Funds to D8slgnat8d Funds) of£O.4m. 47

THE LAND RESTORATION TRUST (A company limited by guarant88) YEAR ENDED 31 MARCH 2,025 23 NOTES TO THE STATEMENT OF CASH FLOWS.. GROUP Year Ended 3110312025 £OOO's Year Ended 3110312024 £000'8 Roconclllallon of Not Incomo to Net Cash Flow from Operatlng Actlvltles Net (Expandlturaylncomg for tha Reportlng Perfod (as per tha Statement of Financial Actlvtties) Adjustments for. Endowm8nls Fiacalvabla Dlvldonds, Intorast and Rants from Investmanis Loss on sale of Fixed Assets {2,698) 18,928 (3,738) (7,384) (7,826} 19 Los8es l {Gains} on Investments Investment Management Costs Depreciatlon Charges Decrease In Debtors Increase In Creditors 1,945 688 141 190 422 (11,655) 626 147 1,059 599 Net Cash (used In} I provided by Operatlng Actlvltles 17,119) {1,419) CHARITY Year Ended 3110312025 £000'8 Year Ended 3110312024 £ooo'. Reconciliatlon of Net In¢ome to Net Cash Flow from Operaling Activities Not (Expandllu￿I1lncOme for the R6porting PE>rlDd (as por tha Statement of Flnanclal Actlvltles) Adjustments for.. Endowments Recelvable Dlvidends, Inlarest and Rents from Investmants Loss on sale of Fixed Assets Losses I (Gains) on Investments Investment Management Costs Depreciation Charue8 Decrease l (Increase) In Debtor8 {Dacreasa) I Increas8 In Credliors Net Cash (used in) I provided by Operating Actlyities (2,617) 18,714 13,738) 17,304) (7.745) 20 1,845 688 141 (11,476> 626 147 196 377 1,010 566 {7,095} (1,458) 48

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 24 ANALYSIS OF CASH AND CASH EQUIVALENTS: GROUP Year Ended 3110312024 £OOO's Cashflow net £OOO's Y8ar End8d 3110312025 £OOO's Cash in Bank and In Hand 4,542 685 5,227 Cash held for Long Temi Investment purposes lin¢luded In Flxad Asset Inv8Stments) Cash h81d for Short-T6rm Inv&stmant purposes 671 356 927 18,336 235 18,571 Total Cash and Cash Equlvalents 23,449 1,276 24,725 CHARITY Year Ended 3110312024 £000'8 Cashflow net £OOO'$ Year Ended 3110312025 £000'8 Cash in Bank and in Hand 4,116 e27 4,743 Cash held for Long Term Investment purposes (included in Fixed Asset Investments) 571 356 927 Cash held for Short-Temi Investment purposes 18,336 235 18,571 Total Cash and Cash Equlvalents 23,023 1,218 24,241 25 ANALYSIS OF CHANGES IN NET DEBT GROUP Year Ended 3110312024 £OOO's Cashflow net £000'8 Year Ended 3110312025 £OOO's Cash in Bank and In Hand 4,542 684 5,226 Cash held for Long Tèrm Invastment purposes {included in Fixed Assgt Inv6stmgnts) 571 356 927 Cash h8ld for Short-Temi Investment purposes 18,336 235 18,571 Finan¢8 Leases {3) (2) Total 23,446 1,27e 24,722 49

THE LAND RESTORATION TRUST {A company Ilmitod by guarant88) YEAR ENDED 31 PIIARCH 2025 CHARITY Y¢ar Ended 3110312024 £OOO's Cashflow net £OOO's Year Ended 3110312025 £000'8 Cash in Bank and in Hand 4,116 627 4,743 Cash hald for Long Tann Inve8tmonl purpo898 Ilncluded In Flxed Assot Invgstments) 571 356 927 Cash h8ld for Short-Tgrm Inv@stmgnt purposes 18,33e 235 18,571 Finance Le8888 (31 (2} Total 23,020 1,219 24,239 26 GUARANTEE COMPANY AND LIABILITY OF MEMBERS: The Land Restoration Trust is a company limited by guarantee and th6reforB doBS not have any shar8 Capital. The liability of M8mb8r8 is limit8d. In thg event of the company balng wound up durlng a M8mb&r's porfod of membership or wlthln on6 year aftenNards, an amount not QXC86dlng the sum of £1 m8y be required from that Membertowards the payment ofthe debts and liabilities of thg company incurred before membershlp ceased. As at 31 March 2025. the company had eight Members {31 March 2024.. eight). A full list of the slatus of the subsidiaries is shown in Nota 13. 27 PENSION COMMITMENTS: The Land Restoration Trust operated a defined contribution p8n8ion Scheme for all qualfying employegs in the Unltad Ktngdom. The assets of the scheme are held separatgly from thosa of tha Company in an independently administered fund. The contrtbutlons payable by the CDmpany charged to profft or loss amounted to £125,928 {2023124.' £106,818). Contrlbutlons totaling £nil (2023124.. £nll} were payable to the fund at the year end. 28 OPERATING LEASE COMMITMENTS: At 31 March 2025 thg TNst had commltm8nts und8r non-canGell8ble operating leases as set out below: GROUP & CHARITY 3110312024 3110312025 £000'6 £000'6 3110312025 £QOQ's 3110312024 £000'8 Land & Bulldlngs other Wlthln one year: Wtthin to five years After fiv8 years 51 53 192 27 25 268 80 50

THE LAND RESTORATION TRUST (A company limlted by guarantee) YEAR ENDED 31 MARCH 2025 29 GOVERNMENT GRANTS In 2024125 Government Grants showed a negative Incoma of £0.33m (2023124: Income of £0.62ml' as below.. 2024123 2023124 £000'8 £000'8 Hlgher Level Stewardshlp & English Woodland Grants 26 15 Single Fam Payment 65 88 Countrysldg Stewardshlp Grant 15 11 Local Authority l Agency Grants 43 509 Local Authority l Agency Grants - reimbursement (475) Total (326) 623 The Higher Level Stewardship, English Woodland and Countryslde Stewardship Grants were used for Ihe physical 8nd envlronmental improvem8nt of th8 Trusts sites. The Local ALrthorltylAgency Grants W8r8 for site improvements al Cudworth and New Park Sprfngs. The Local AuthoritylAgenGy Grants ra-Imbursem8nt was in r8lation to site improvements at Phoenix Park, where the prolact dld not progr@ss due ID planning issues and there was a re-lmbursèmgnt of unspent funds, The Countryslde Stswardship granls are recognised on a performance basls. As dt 31 March 2025 £0.07m (2024.. £0.08m) of Government Grant5 wara r6cogni8ed in Debtors. 30 CAPITAL COMMITMENTS: There wera no capital (x)mmitments at 31 $1 March 2025 (2024.. £nll). 31 RELATED PARTY TRANSACTIONS., The Trust ha8 considered the disclosure requlrements of the Statem6nt of Recc)mmgnded Practice for Charitses and believes that the followlng ralated party transactions, all of which were mada on an arm's length basis, requlre disclosure. The related party transactions for the alght organisations below, who are Members of the Trust, have all been disclosed as a supplier to the Trust- Durfng th@ y8ar Homes England recharged expenses of £nll12023124'. £nil}, Tha Trust recognised incomp of £9,50012023124', £3,725} from Homes England and exp8nditur8 incurred wilh Ihem amounted to £nll12023124: £nil). At tha year-end, the cr8dilor balance for Homes England was £nll (2023124.. £nil). and the debtor balance was £nll12023124., £nll). During the year Ihe Trust Used the $8rvlces of National Trust for site maint8nanGe actlvltles at a cost of £59,356 (2023124.. £79,655). During the year th8 TNst used th& servlcas of Groundwork for slte maintenance actlvities 8t a cost of £747,041 (2023124: £764,452). At the year-end, tha credltor balance for Groundwork was £nil (2023124.. £nil). The Trust also recognised £nll of Income from Groundwork (2023124., £nil). During the yaarth8 Trust usad th& services of the Town and County Plannlng Association at a cost of £55212023124.. £535). The creditor balance for Town and Country Planning Association was £nil (2023124,. £nil}. At the year-end, tha dobtor balance from Town and Country Plannlng Association was £nll {2023124.' £nil). Durlng the year th8 Trust used the services of the Woodland Trust for site maintananco activities al a cost of £7,668 (2023124-, £6,358). At the y9ar.end, the creditor balance for Woodland Trust was £nil (2023124.. £nil). vl. During the yaar th6 Trust used the se)vices of Wlldllfe Trusts for sita malntanance aclivitlas at a cost of £528,164 (2023124 £613,673). Al the year-8nd, th8 cr8dilor balance for th8 Wildlife Trust was £58,286 (2023124: £32,193). vll. During the yearthe Trusl used the seNlc8s of The Conservatio)n volunta@￿ for site maintenance activltles at a cost of £1,143,807 {2023124'. £1,323,257), Atthe year-end, the creditor balance forTh8 Conservation Volunt88rs was £120,729 (2023124; £137,039). The Trusla180 r8cDgnised £nil of incomefrom The Conservatlon Volunteers (2023124: £2,498). Atth8 y8ar-end, the debtorbalance from The Consarvalion VDlunts8rs was £nil (2023124. £4,482). 51

THE LAND RESTORATION TRUST (A company limlted by guarantee) YEAR ENDED 31 MARCH 2025 li. Ther& were no transactions wilh The King's Foundation (formerly known as The Princ88' Trust Foundation) during the year. The Land Tnjst is a mgmberofThe AF Group Limited. The Land Trust InGuThed expenses of£26,904 wlth Anglla Famers Lld (2023124.. £25,367), at 31 March 2024 there was a debtor balance of £nil {2023124,, £nlll. Atthe year-end, the credltor balance forAnglla Farme Ltd was £956 (2023124: £nil). Durfng th& year the Trust used the s@rvices of RSPB for site malntenance actlvltlas at a cost of £174,576 {2023124'. £142,271). At tha ye8r-end, tha credltor balanca for RSPB was £424 (2023124: £2,856}. During the year the Trust incurred expenses of £3,949 wlth Envlronment Agency (2023124. £3,734). At the year-end, the credltor balanco for Environment Agency was £nil (2023124- £nil). During the year the Trust incurrad expen$è$ of £42,288 with Curra Terrae Land and Nature Ltd (formerly known a8 E¢us Ltd}12023124', £113,474). At th8 year-ond, the crodltor balance for Curra Tarrae Land and Natur& Ltd was £nll {2023124.. £nlll. During the yearBeaulleu Estate Management Llmlted recognlsed £7,919 Incomefrom London and QuadrantGroup (2023124- £10,704), At the year-end. the creditor balance for London and Quadrant Group was £15,253 (2023124: credit of£l0,561). Durfng the year the Trust recognised £11.562 income from London and Quadrant Group (2023124.. £nll). At the y8ar-@nd, the d&btor balanc9 for London and Quadrant Group was £12,322 (2023124: £nil). During tlie year a I"rustee of The Land Restoralion Trust was a Non-Executive Director of CBF Funds Trustee Ltd which Dwns over 500/0 of CCLA Inv8Stment Managem8nt Limited ICCLAI, who manag8 Th8 Land Trust's inv8Stment portfolio. Whilstwa do not conslder thatthere is any direcl control over CCLA. we have identified CGLA a8 a paty that we have links with. Durfng the year, the Land Trust had the followlng transactlons with Its subsldlarfes.. Recharge of C*OSts Mariagement Fees Labour & Overhaad Rachary68 Intercompany Balanco ot 318t March 2025 Glft Ald Receipt Osprey Quay Management Services Company Llmltad £774 12023124: £8781 £8,209 12Q23124'. £7,871) Credit of £2.091 {2023124- D8bit of £611} nla nla Beaulieu Estat8 Managgment Llmited £6,856 (2023124.. £902) £56,401 12023124- £47,693) £103,750 (2023124- £103,013) Debit of£110,425 12023124.. Debit of £115,350) Land Trust Residential Services Llmited £21,247 {2Q23124'. £14,998 £461,024 12023124: £433,850) £67,795 (2023124: £52,684) Debit of £137,666 (2023124: Deblt tsf £133,664) nla The Land Trust had no other transactions with any of its other 8ubsidiaries. 52

THE LAND RESTORATION TRUST {A company limited by guarantee) YEAR ENDED 31 MARCH 2025 32 COMPARABLES FROM PREVIOUS FINANCIAL YEAR GROUP CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrestrlcted Funds £OOO's Rostrictod Funds £ooo' Endowment Funds £OOO's Year End8d 3110312024 £000'8 Income and Endowments from.. Donat1ons and Legacies Charltable Aotlvitles 939 1,187 2,126 other Trading Activities Site Funding 1,040 1,040 3,392 3,739 7,131 Investm&nts 5,109 2,275 7,384 othar Income Total Income 7,091 8,858 3,739 17,688 Expenditure on.. Investmgnt Management Fees Charftabla Actlvltles 119 208 299 628 6,346 3,441 9,787 Total Expendlture 6,465 3,049 299 10,413 Net Income before Galns & Losses on Investments 626 3,207 3,440 7,273 Net (Losses) l Galns Dn Invastm8nts 2,534 3,890 5,231 11,655 Corporatlon Tax Net Incom81(Expendilurel 3,160 7,097 8,671 18,928 Transfers 9,095 (9,095) Net Movem8nt In Funds 12,255 {1,998) 8,871 18,928 Reconciliation of Fund8 Totsl Funds brought fo￿ard Total Funds carried forward 21,215 95,212 88,897 203,324 33,470 93,214 95,568 222.252 INCOME AND EXPENDITURE ACCOUNT Totsl Incom8 (excluding Permanent Endowment incom8) Total Expenditure (excluding P8rman8nt Endowment Expenditure & Taxation) Galns & Losse8 on Invèstments (excluding Pgmianent Endo￿]￿nts> Net IncomelExpendlture 17,613 (10,179) 7,556 14,990 53

THE LAND RESTORATION TRUST (A company limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY COMPANY STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Unrostrlctod Funds £OOO's Rèstrlctod Funds £OOO's Endowm8nt Funds £OOO's Yoar Ended 3110312024 £OOQ's Incom8 and Endowments from: DOna￿onS and Legaci88 Charftsble Actlvlties 159 161 939 1,187 2,126 other Trading Actlvlt188 Site Funding Inv8Stments 839 839 3,392 2,275 3,739 7,131 7,304 5,029 other Incom& Total Income 6,968 6,856 3,739 17,581 Expendlture on.. Invgstment Management Fees Charitable Activities. 119 208 299 626 6,258 3,441 9,697 Olher Total Expendlture 6,375 3,649 299 10,323 Net Income before Gains & L058es on Inv88tm8nts 591 3.207 3,440 7,238 Net (Losses) l Gains on Investments 2,518 3,727 5,231 11,476 Net Incomel(Expenditure) 3,109 6,934 8,671 18,714 Transfers 9,095 {g,095} Nét Mov8ment In Funds 12,204 (2.161) 8,671 18.714 Reconclliation of Funds Tolal Funds brought forward Total Funds carrlod forward 20,962 93,431 86,897 201,290 33,186 91,270 95,568 220,004 INCOME AND EXPENDITURE ACCOUNT Total Income (excluding Perrnanent Endowrnent incom@) Total Expendttur8 (excludlng Pennanant Endowment Exp8ndltur8 & Taxatlon) Gains & Losses on Invastmants (excluding Pemianent Endowments) Nat IncomalExp8ndltur8 17,488 {10,089} 7,377 14,776 54

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES GROUP Unrestrl¢tsd Funds £OOO's R88trlct8d Funds £OOO's Endowment Funds £OOO'$ Year Ended 3110312024 £000'8 Fundralsing Income CHARITY Unro8trlcted Funds £OOO's R8stricted Fund8 £OOO's Endowment Fund8 £OOO's Year Endod 3110312024 £OOO's Fundralslng Income 159 161 159 161 CHARITABLE ACTIVITIES GROUP & CHARITY Unrestricted Funds £OOO's Restri¢tsd Funds £OOO's Endowment Funds £000'8 Year Ended 3110312024 £OOO's Grant Funding Government Grants 652 852 88 535 623 Slte Maintenance 851 851 939 1.187 2,126 55

THE LAND RESTORATION TRUST (A company Ilmlted by guarant80} YEAR ENDED 31 MARCH 2025 TRADING ACTIVITIES GROUP Unrestrlcted Funds £000'5 Re$trl¢tsd Fund8 £OOO's Endowment Funds £OOO's Year Ended 3110312024 £OOO's Consultancy Work 267 267 Miscellaneous Income Site Activities 170 170 Slte Maintenance 598 598 1.040 1,040 CHARITY Unr88trfcted Funds £OOO's Re$trl¢ted Funds £OOO's Endowment Funds £OOO's Year Ended 3110312023 £ooo'. Consultancy Work Mlscellanoous Incom& 122 122 sitg AGtivilies 170 170 H8charge to Subsidiari88 506 506 Sit8 MaiTlt8nance 36 36 839 839 SITE FUNDING GROUP & CHARI Unre31ricted Funds £OOO's Restricted Fund8 £OOO's Endowment Fund8 £OOO's Year Endod 3110312024 £000'8 New Sfte Fundlng 3,392 3,739 7,131 3,392 3,739 7,131 56

THE LAND RESTORATION TRUST (A company limited by guarant8e) YEAR ENDED 31 MARCH 2025 INCOME FROM INVESTMENTS GROUP Unr8strict8d Funds £OOO's Restrlcted Funds £000'8 Endowment Funds £OOO's Year Ended 3110312024 £OOO's Bank Interest 6gg 248 947 Interest & Dlvidends from Invastmgnts 4,410 2,027 6,437 5,109 2,275 7,384 CHARITY Unrestrlcted Funds £000'8 Restrlct8d Funds £OOO's Endowm8nt Funds £OOO's Year Ended 3110312024 £000'8 Bank Interast 676 248 924 Interest & Dividends from Investments 4,353 2,027 6,380 5,029 2,275 7,304 57

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE GROUP Basls of Allocation Investment Management Fees £OOO's Charltable Activiti08 other Year Ended 3110312024 £OOO's £OOO's £OOO's Costs dlrectl char ed to actlvltles Slta Malntenance. Project Consultancy Insurance Direct 5,404 27 5,404 27 Direct Dlrgct 182 182 Subscrlptlons Legal & Prof8sslonal Investment Management Costs Audit & Accountancy f&es Premls8s Runnlng Costs Marketing Reoruitment Direct 17 Dlr8Ct 512 512 Direct 522 522 Direct 55 55 Dir8¢t 65 65 Direct 62 62 Direct 21 21 DlrectorlTNstee Expense Direct 19 19 ort costs allocated to 8Ctivitios staff Costs Usaga Usage Usag8 Usage Usag8 Usage 2,198 126 2,1g8 126 General Runnlng Costs Finance L8as&s Depreciation IT Suppori Tralning 147 147 111 111 29 29 Irrecov8r8bl8 VAT Irrecoverable VAT Incurred 104 812 916 626 9,787 10,413 Unre8trict8d Funds £OOO's Restricted Fund8 £OOO's Endowment Funds £OOO's Year Ended £OOO's Year Ended 31103124 Investment Management Fe88 Charitable Acfjv1tles 119 208 299 626 6,346 6,465 3,441 3,649 9,787 10.413 Total Expenditure 299 58

THE LAND RESTORATION TRUST {A company limited by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Basis ol Allocatlon Investment Man8gement Fe68 £OOO'$ Charitable Activities Other Year Ended 3110312024 £000'8 £000'8 £ooo' 8ts dlrectl cha ad to activltles Slt& Malntenance Direct 5,338 27 5,338 27 Project Consultancy Insuranc8 Dlre¢t Direct 182 182 17 Subscrlptlons Legal & Professional Inve8tm8nt Managemént Costs Audit & AeLountancy Fee5 Prèmlsos Runnlng Costs Market'lng Recrultment Dirèct 17 Dlrect 501 501 Dlrect 522 522 Direct 45 45 Direct 65 65 Dlrect 62 Direct 21 21 Director￿rUste9 Exp&n8e Interest Payable to Group Undertaking Dlrect 19 Dlr8Ct Su Ilocated lo actwities Staff Costs Usage Usage Usage Usage U8age Usage 2,195 2,195 Finance Lea888 General running costs Depreciation IT Support Training 126 126 147 147 111 111 2g 29 Irrecoverable VAT Irrecoverable VAT Incurred 104 812 916 626 9,697 10,323 Unrestricted Funds £OOO's Restrlcted Funds £OOO's Endowment Funds £000'8 Year Endod £OOO's Year Endèd 31103124 Investrnent Management Fegs Charitable Actlvltlas 119 208 299 626 6,256 3,441 9,697 Olhor Total Expandlturè 6,375 3,649 299 10.323 59

THE LAND RESTORATION TRUST (A company limltod by guarant88> YEAR ENDED 31 MARCH 2025 ANALYSIS OF NET FUNDS GROUP Unrestricted Funds- Deslgnated General Funds Funds Restricted Endowment Total Fund8 Fund8 Fund8 3110312024 £000'8 £000'8 £OOO's £OOO's £OOO's Intanglble Fixed Ass9ts Tangible Flxed Assets Invéstménts lflxed and currentl Current Assets 20 70 20 191 955 1,216 197,347 26,809 12,923) (217} 222,252 15,021 15,682 (8711 3,342 1,307 {1.075} (217) 3,447 84,965 8,195 (901) 94,019 1,625 (76) Current Liabilities Long Tarm Llablllle8 30,023 93,214 95,568 CHARITY Unrestrlctsd Funds- D88lgnated Funds General Re$tri¢ted Endowment Total Fund8 Funds Funds Funds 3110312D24 £OOO's £000'8 20 £OOO's £ODO'$ £OOO's 20 Intangible Fixed Assets Tangibl8 Fixed Assets Investments {flxed and CU￿ent) Current Assets 191 70 955 1.216 195,196 26,601 (2,812) 1217) 220,004 14,832 15,516 (8631 3,342 1,247 (972) (2171 3,490 83,003 8,213 (901) 94,019 1,625 {761 Current Lldbilitl@8 Long T8mi Liabiliti8S 29,678 91,270 95,568 80

THE LAND RESTORATION TRUST {A Company Ilmlted by guarante8) YEAR ENDED 31 MARCH 2025 ANALYSIS OF CHARITABLE FUNDS GROUP & CHARITY Endowmant Funds Balance at Incomo Expenditure Galns l Transfers Balan¢e at 3110312023 ILo8808) £ODO's 311D312024 £OOO's £000'8 £000'6 £OOO's £OOO's Permanent Endowment Funds Fundad r&stricted to the following 3ites-. Warrington CRA Greenwlch Ecology Park Sllverda56 - Wast8 Farm & Furnace Pool 12,740 8,576 4,581 4,342 3,816 3,672 3,448 144) 131) (16} (15) (13) (12> (12) Ig) {io) (91 (91 {10) (8) (7) (29) {234} 788 13,484 9,076 4,849 4,596 4,039 3,888 3,646 531 284 Bentley WeGtslade 269 236 Cronton 228 Warren House Park {aka Askaml Beam Parkland$ (aka Dag8nham Washlands) Phoenlx Park (Thurnscoe) Halg Kiveton 212 2,980 185 3,156 2,952 183 3,125 2,858 2,781 2,749 2,152 2,048 10,281 72,728 167 2,700 2.627 2,599 2,035 1,935 9,789 163 Cudworth Common {aka GrimethDfp8) Ashtons Field 160 125 The Old Brickworks (Keys) othor 120 73 448 Total 86,090 73 4.099 2,700 GROUP & CHARITY Gain81 Transfers Balance at Income Expendlture Balance at 3110312023 (Losses} £OOO's 3110312024 £000'8 £OOO's £000'3 £OOO'$ £OOO's Expendable Endowment Funds Brodsworth 4,809 4.278 4,170 2,982 2,700 1,868 117) (16) <15) {10} 297 5,089 4,539 4,413 3,157 Ploasley Shirebrook 277 258 Avenue 185 Halg Other {2,700) 3,666 17) {65) 115 5,642 Total 20,807 3,686 1,132 {2.700) 22,840 Total Endowment Funds 86,897 3,739 {2991 5,231 95,568 61

THE LAND RESTORATION TRUST (A company limitgd by guarantee) YEAR ENDED 31 MARCH 2025 GROUP Balance at Income Expendlturo Galns I Transfgr8 Balance at Re8trtctsd Funds 3110312023 £OOO's (Losses) £OOO's 3110312024 £OOO's £OOO's £000'8 £OOO's Funds R8Stricted to the follDwing sit88'. Fort Burgoyne (aka Connaught Barracks) Avanug Country Park Cronton 14,203 {349) 186) 880 (1.823) 12,911 6,955 6,390 5,831 4,414 4,210 3,445 3,060 2,990 2,758 2,451 2,387 2,335 2,321 2,263 2,126 2,083 25,010 95,212 6,889 {6.390> Bucklerfs Forest Elba Parf( laka L8mbton} Frickley Fryston Rabbit Ings Warringlon CRA Carr Lodga Bltmac Tip (Port Clarence) New Parf( Springs Monkton Bromborough Dock IPSRPI 321 (176) 116) (1S) 112) 114) (297) (9) 115} (8) (13) (95) (7) (66) (6) {2,481) (3.049) 5,976 4,678 4,457 3,652 3,241 3,268 2,933 2,577 2,504 2,478 2.407 2.386 2,255 2,247 28,355 93,214 28D 266 219 195 29 184 141 145 146 546 10 87 114 130 Ash Green Meadow Vvellesley Woodlands other 71 124 107 5,778 6,856 930 (8821 (9,0951 Total 3,890 62

THE LAND RESTORATION TRUST (A company Ilmlted by guarantee) YEAR ENDED 31 MARCH 2025 CHARITY Balance at Income Expendlture Galns I Transfers Balance at Re8trfcted Fund8 3110312023 (Losses) £OOO's 3110312024 £OOO's £OOO's £000'8 £OOQ's £OOO's Funds Restrtcted to the followlng slles., Fort Burgoyng { aka Connaught Barr8¢ksl Avènue Country Park Cronton (349) (661 880 (1,823) 12,911 14,203 6.955 6,390 5,831 4,414 4,210 3,445 3,060 2,990 2,758 2,451 2,367 2,335 2,321 2,263 2,126 2,083 23,229 6,889 {6,390) Bucklevs Forest Elba Park (aka Lambton) Frickley Fryston Rabbit Ings Wanington CRA Carr Lodge Bitmac Tip (Port Clarence) New Park Spring8 Monkton Bromborough Dock (PSRP) Omega Ash Green Meadow 321 (176) 116) (19} (12) {14) <297) 19) 115) (8) {13) 195) (7) (66) (6} (2,481 } (3,649) 5,976 4,678 4,457 3,652 3,241 3,268 2,933 2,577 2,504 2,478 2,407 2,386 2,255 2,247 26,411 280 2e6 219 195 546 29 184 141 145 10 146 67 114 130 71 124 Welleslay Woodlands other 63 107 5,778 767 (8821 (9,0951 Total 93,431 6,856 3,727 91,270 GROUP Expendlture Balance at 3110312023 £OOO's 3,743 Income Galns I (Losses) £OOO's 195 Transfers Balance at 3110312024 £OOO's 3,447 Unrestricted Funds £OOO's 2,478 £000'8 12,969) £OOO's General Funds Designatad Funds Sllo Funds Site Incoma Roserve 17,024 448 21,215 4,594 19 7,091 (3,496) 2,339 8,672 423 29,133 890 Total Unrestrl¢ted Funds {6,465) 2,534 9,095 33,470 CHARITY Income Expendltur8 Balance at 3110312023 £OOO's 3,779 Galns l Transfers (Losses) £OOO's 194 Balance at 3110312024 £000'8 3,490 Unra8trlcted Funds £OOO's 2,411 £OOO's (2,894) £OOO's General Funds Designat8d Funds Site Funds Sit8 Income ReseNe Total UnrestrlGted Funds 16,735 448 20,962 4,536 19 6,966 (3,481) 2,324 8,672 423 9,095 28,786 890 33,166 (6,375) 2.S18 63