Charity no. 1200102 Treebeard Trust Annual Report and Audited Financial Statements 31 December 2025
Treebeard Trust Reference and administrative details For the ear ended 31 December 2025 Charity number 1200102 Registered office and operatlonal address Glasses Graffham Petworth West Sussex GU28 OPU Trustees The Iruslees who seTved during the year and up to the date of this report were as follows.. Bamabywiener Cassandra Wiener Michael Mompi Andrew Purvis Elisabeth Barrett Grant Dlrector Jessamy Gould (until 30 September 20251 lona Blalhwayt (from 18 May 20261 Investment Dlrector Shishir Malhotra Bankers C. Hoare & Co. 37 Fleet street London EC4P 4DQ Sollcltors Russell Cooke 2 Putney Hill London SW15 6AB Audltors Godfrey Wilson Limited Chartered accountants and ststulory auditors 5th Floor Mariner House 62 prin Street Bristol BS1 4QD
Treebeard Trust Report of the trustees For the ear ended 31 December 2025 Reference and administrative information set out on page 1 forms part of this report. The financial statements comply wth current statutory requirements, the foundation's Constitution and the Statement of Recommended Practice Accounting and Reporting by Charities (effective from January 20191. The Iruslees present their report with the financial statements of the charity for the year ended 31 December 2025. Objectlves and actlvltles for the publlc beneflt Our mission is lo support transformational inilialives which have the potential to create a healthier planet and a fairer society- As a charitable foundation, our impact is primarily created by our partners, whom we support with either grant funding or inveslmenl capital lor both). We are not issue-led, but our partners generally fil into lal least one of) four core themes.. sustainable planet, vulnerable communities, justice and systems change. In all cases, we aim to support only exceptional proje¢ls run by exceptional leaders. We favour organisations which combine philanthropic purpose with commercial rigour. We have a relatively concentrated portfolio and we try lo keep the bar high. That means we often say no lo potential opportunities. We acknowledge this can be frustrating and we try to communicate our position cleady and quickly. on we have decided to fund a partner we try to minimize any constraints we impose on them.. no restricted grants {unless the circumstances diclale otherwise),. no bespoke reporting or any other pointless bureaucracy which serves only lo hinder their ability lo deliver on their purpose. We differ from most foundations in that we view our investment capital as a critical tool lo create impact. We have long been irked by the limitations of the traditional foundation model, where the assets are invested for financial return leaving only the residual income lo be deployed lo support the mission. Any foundation which seeks to protect its endowment has a finite resource of 'Yree money. li.e. granl-making capacity). But this is only a constraint if one is wedded to the notion that grant- making is the only funding model available. We take a more holistic view. Every investment has an impa¢l, either positive or negative. Our goal is to drive as much positive impact as possible through our inveslmenls, wilhoul materially compromising our financial objectives. We are a funder first and foremost, bul we try to further our mission in less tangible ways. In part this is about getting out of our partners, way, ensuring we do not burden them wtth unnecessary reporting requirements and other bureaucratic constraints. We also try lo support them where we can, connecting them with other funders or with other organisations operating in their field, advocating on their behalf and providing advi when sought and when we feel we have something lo conlribule. We are mindful that we are rarely the expert in the room and sensitive lo the power dynamics which sometimes lead funders into thinking olhetwise. Publi¢ benefit The Trustees confirm that they have complied with the duty in Section 17151 of the 2011 Charities Act to have due regard lo guidance published by the Charity Commission (public benefit requirement).
Traebgard Trust Report of the trustees For the ear ended 31 December 2025 Achievements and perfomiance We distributed just under £900,000 in grants during the year. This was slightly below our budget of £1m. We are in the midst of a strategic transition, as we concentrate the portfolio around fewer partners with larger average grants. We are also in the midst of a team transition, with our grant director leaving in September 2025. A new grant director joined us in May 2026. Our new grant portfolio is starting to take shape, with eight strategic partners at year end. Our aim is lo increase that lo around twelve, all £50k plus grants with multi-year commilmenls, accounting for around 700/0 of our total grant budget. The rest of the budget is reserved for our two other categories.. innovation grants (typically £20-30kl lo support projects in their incubation phase and discretionary grants (typically around £10kl, which as the name implies are awarded at the discretion of the trustees. We are not issue-led and as such our grant portfolio has an eclectic feel. Our strategic partners span a number of different sectors and different geographies (mainly UK. bul two in East Africa and one operating across the developing worldl- We do not invite applications for grant funding, partly because we do not have the resources to process them bul mainly because we do not want lo waste potential grantees, time. With such a concentrated portfolio and a commitment to mulli-year fLJnding, we lake on very few new partners in any given year and we prefer lo source them proactively rather than wait for them to land in our inbox. We have refined the investment criteria whieh informs our grant-making. In practice, it was less aboLJt refining the criteria and more about spelling il out explicitly. This is what we look for.. Exceptional leadership- people with passion, energy, resilience and entrepreneurial spirit,. Clarily of purpose- a mission and vision we understsnd and believe in., Compelling operating model a solution which feels innovative, well thought through and likely to succeed- Well defined impact objectives with a clear strategy for delivering on them and a robust approach lo measuring progress- Alignment with 81 least one of our four themes (Sustainable Planet, Vulnerable Communities. Justi, System Changel., Potential to scale ideally the vision entails malerial expansion in scope and impact of the project., Addilionalily- our support, both financial and other, should make a difference- and Catalytic ideally our funding helps to propel partners to the next level (where they no longer need us). We use the same investment criteria for our impacl-driven financial investments (also known as social investmenls)- There are obviously distinctions between a grant and an investment bul they have much in common. They are both investments in enterprises whose purpose is lo change the wodd for the better. Often the only difference is the legal stnjcture, bul even that is not always the case. Many of our investees are not for profits. Last year we deployed a little under £1 m in impact investments across 15 different partners, of which nine were new. We also invested in an impact driven venture fund, a £500k commitment which will be drawn down over 4-5 years. We may do more fund investments going forward. We now have 60 direct impact investments, both debt and equity, and the portfolio is becoming harder lo manage. We are also increasingly conscious of our limitations, and suspect that we may achieve better results las in beller retums and more impact- the two usually go hand in handl via funds, so long as we get the manager selection right.
Treebeard Trust Report of the trustees For the ear ended 31 December 2025 We continue to ponder the holy grail for all purpose4riven organisalions, especially foundations whose only activity is lo distribute funds to others.. how lo effectively measure and evaluate our impact? We are wary of relwng on quantitative metrics. They confer a degree of objectivity but, in the absence of context, often provide a misleading picture of the underlying impact. The risk is they end up being the tail that wags the dog. This is partiCLJlarfy the case for an organisation like ours, whose impact is derived from the underlying impact of c100 different partners. To claim that we have benefitled this many people or eliminated that many tonnes of C02 from the atmosphere feels like a mathematical indulgence completely divorced from reality. What we are trying lo do is lo clarify the key objectives of our partners, and the parameters by which they measure progress against them. By agreeing a shared understanding of what success looks like, al the start of our partnership, we can more easily track progress land avoid mission creepl. Bul even here we need lo relain a flexible mindset. Invariably we are backing early stage organisalions with limited resources and operating models which have to evolve to survive. The last thing we should be doing is holding them hostage lo benchmarks which may no longer be relevant or be too arduous to measure. We have introduced a simple traffic light framework for evaluating our partners.. green (progressing well}, red Islrugglingl and amber Isomewhere in the middle). This enables us lo quickly discern how our portfolio is performing. But again, even here we need lo be careful not to draw the wrong conclusions. Were we lo become preoccupied with maximising green and minimising red, we would end up only supporting the 'safe" projects. Whereas OLJr whole ethos is to lake risk, lo go where other funders dare not. As a funder, our impact is partly derived from what our partners achieve and paY from Ihe additionality of our funding to their enterprise. This itself can create all sorts of unhelpful distortions. for example the practice of reslricling funding lo a specific project l°look, we built this libraryl'l. There are occasions when our funding is restricted, but only when il serves our partners, interests (sometimes it is helpful for them to ring-fence funding). In general, we make our funding unrestricted. Our goal is lo identify leaders we believe in and then back them lo the hill. Our addilionality is best measured by how critical we are lo their overall funding picture, and this leads us to favour smaller, earlier stage organisations who have yet to 'de-risk' and attract larger funders. Pgrfomiance monitoring We carry out careful due diligence before committing capital to any partner. For both grant and financial investees, we have an evaluation framework which incorporates a range of criteria, with a view to ensuring consistency and rigour when it comes to making the critical decision of whether or not to invest. We maintain close contact with our partners posl-inveslmenl lo check on progress. We have a light touch annual impact measurement framework which is slruclured to be applicable to all our investees. At all limes we are mindful that our needs should never conflict with the needs of our partners. We are there lo support them, not the other way round. We never ask for bespoke reporting and we try lo be respectful of their lime. Financial review Performance summary The charitys income for the year was £706,046 12024.. £3,071,061) against expenditure of £1,606,707 12024.. £482,729), leading lo a deficit lafler gains on inveslmenlsl of £109,171 12024: surplus of £2,707,7221-
Traebgard Trust Report of the trustees For the ear ended 31 December 2025 Investment powers and policy Under ils Constitution the Charity has the power lo invest in any way the Trustees decide. As previously discussed, we deploy a subslanlial part of our assets in social inveslmenls, where the goal is to achieve positive social or environmental impact alongside financial return. Historically we have favoured direct investments.. equity slakes in for profit businesses, debt funding to charities and social enterprises, property and other instruments. Increasingly we are also considering funds. We source these investment opportunities through a variety of networks and intermediaries, and also from our existing partners. Our goal when we set out on this approach was to have 500/9 of our assets invested for impact. We are now over 40Q/o, so making good progress against that objective. Our definition of an impact investment is one where it has some additionality, i.e. il is a direct injection of capital, and where the core purpose of the enterprise is aligned with an explicit social or environmental objective. But within this broad definition there is a wde range of dtfferent investments with very different return profiles. At one end we have deeply disoounled debt investments (sometimes with no interest rale alla¢hed}, al the other investments in mission-driven businesses which we hope wll deliver multiples of our original investment. Our goal is that their aggregate financial return will not be materially worse than our more traditional investments. The rest of our assets are deployed, responsibly, with the objective of preseNing and growing their real value over time. Some of these investments are held direcdy through our brokerage account at Cazenove. Others are with 3rd party fund managers. We have been very selective in our choice of managers. They are all boutiques. managed by their founders wth strong business ethics. We have a slightly different approach to responsible investment compared lo our peers. The majority have a very diversified portfolio and focus on using their Vol as shareholders lo hold corporate managers to account. Nothing wrong wth this approach. bul our preference is to own a more concentrated portfolio of companies where we have a high degree of confidence that they are managed in the right way. Similar lo our grants and social investments, we prefer to identify the best and then back them, rather than run the risk of mi¢ro-managemenl. We are acutely aware of how much simpler every problem appears from a distsnce and are reluclanl to assume that we know better than the people running these loften extraordinarily complex) companies how they should best manage the competing interests of their various stakeholders. Rgsgrvgs policy Longer term, our goal is lo maintain cash reserves amounting to at least 100/0 of our total net assets, on the grounds that would cover two years, worth of annual expenditure. Based on our current size and budget that would amount lo roughly £2.3m. As of December 2025, we had cash at bank of £2.9m. We also held close lo £9m in a combination of cash and gilts in our Cazenove account. This conservative positioning is partly because we are still building our social investment portfolio but mainly a refledion of our extreme caution around the fragility of financial markets. Future plans Our main focus going forward is to carry on what we are doing bul try lo do it better. We will continue to reflect on how we can make better investment decisions (for both grants and financial investmenlsl. refine our evaluation process and more effectively support lo our partners.
Traebgard Trust Report of the trustees For the ear ended 31 December 2025 Structurei governance and management Governing document The Charity is constituted as a Charitable Incorporated Organisation {CIOI and its governing document is its Constitution dated 17th August 2022. Decision making Decisions are made collaboratively by staff and trustees, as follows. Grant decisions are made by the founder Iruslees, Barnaby and Cassandra Wiener, working in tandem with the grant director, lona Blalhwayt. Investment decisions are made by Barnaby Wiener and Shishir Malhotra, the investment director. For larger investments lover £250,000) approval is required from all Iruslees before proceeding. Trustees The Constitution slipulales a minimum of two Iruslees, and that Barnaby and Cassandra Wiener, as Founder Trustees, hold the responsibility for new appoinlmenls. We have three independent Iruslees.. Mike Mompi, Elisabelh Barrett and Andrew Purvis. They bring unique perspectives and invaluable insights, and they a unfailingly generous with their lime. The trustees meet formally 34 limes a year and interact regularfy on an ad hoc basis. Trustees are provided with key information and guidan from the Charity Commission website. They are also provided with draft copies of the charity's annual report and accounts, written updates on our grants and investments, and full access to the charills electronic filing system. Staff remuneratlon Remuneration of the charitls key management personnel is sel by the Iruslees, using available sector benchmarks including the annual ACF Salary and Benchmarking Report. Organisation We are a team of three, all part-time. Bamaby Wiener is Executive Chair. Shishir Malhotra is our Investment Director with responsibility specifically for our impact or social investment activity. lona Blalhwayt joined us as Grants Director in May 2026, replacing Jessamy Gould who departed in September 2025. Risk management The Charity is in essence an investment vehicle, not an operating chartty. The key risk to which it is exposed is the misallocalion of ils funds. Funds are allocated for two purposes.. 11 lo change the worfd for the better,. 21 to generate financial retums in order lo perpetuate our capacity to pursue the first purpose. Although the two objectives are loflen, bul not always) different, the risk management process is similar. In both cases it comes down lo thorough due diligence, knowing the counterpaty and identifwng the risks in advance. Statement of responsibilities of the trustees The trustees are responsible for preparing the trustees, report and the financial statements in accordan with applicable law and United Kingdom Accounting Standards, including Financial Reporting Stand8rd 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi¢el.
Treebeard Trust Report of the trustees For the ear ended 31 December 2025 The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the slate of affairs of the charity and the incoming resources and application of resources, including the nel income or expenditure, of the charity for the year. In preparing those financial slalements the Iruslees are required to.. select suitable accounting policies and then apply them consislenlly., obseNe the methods and principles in the Charities SORP., make judgements and accounting estimates that are reasonable and prudent., slate whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial slalements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constilulion. The trustees are also responsible for safeguarding the assets of the charty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitys website. Legislation in the Unrted Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity have no liability lo contribute lo the assets of the charity in the event of winding up. The trustees are members of the charity but this entilles them only to voting rights. The trustees have no beneficial interest in the charity. Auditors Godfrey Wilson Limited were appointed as auditors lo the charity during the year and have expressed their willingness to continue in that capacity. Approved by the Iruslees on 23 June 2026 and signed on their behalf by EM Wie4ek Barnaby Wiener- Chair
Independent auditors. report To the trustees of Treebeard Trust Opinion We have audited the financial ststements of Treebeard Trust (the 'chariWI for the year ended 31 December 2025 which comprise the statement of financial activities, balance sheet, stslemenl of cash flows and the related notes to the fin8ncial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and RepLJblic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slalements.. give a true and fair view of the stale of the charity's affairs as al 31 December 2025 and of ils incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) IISAS {UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wlh the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 7 to the financial stalemenls, and we have fuKilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going conrn basis of accounting in the preparation of the financial ststemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going COnM for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect lo going concern are described in the relevant sections of this report. other Informatlon The other infomialion comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The Iruslees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion Ihereon.
Independent auditors. report To the trustees of Treebeard Trust In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other inform81ion. If, based on the work we h8ve performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the information given in the trustees, report is inconsistent in any material respect with the financial slatemenls., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the infom)ation and explanations we require for our audit. Rgsponsibilities of thg trust89S As explained more fully in the trustees, responsibilities statement sel out in the trustees, report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as they determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity s ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regLJlalions made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conduded in accordance with ISAS IUKI will always delecl a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo detect material misststemenls in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of delecling irregLJlarities, including fraud, are detailed below..
Independent auditors. report To the trustees of Treebeard Trust 11 } We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with 8ppIic8ble laws and regulations. Throughout the audit, we remained alert to possible indications of non-complian. 12} We reviewed the charills policies and procedures in relation lo.. Identifying, evaluating and complying with laws and regulations. and whether they were aware of any instances of non-compliance., Delecling and responding lo the risk of fraud, and whether they were aware of any actual. suspected or alleged fraud., and Designing and implementing internal controls lo mitigate the risk of non-compliance with laws and regulations, including fraud. 13} We inspected the minutes of trustee meetings. 14) We enquired about any non-routine communication with regulators and reviewed any reports made to them. 15} We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations. 16) We perfom)ed analytical procedures lo identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. 17} We assessed the risk of fraud through management override of controls and carried out procedures lo address this risk. Our procedures included- Testing the appropriateness of journal entries., Assessing judgements and accounting eslimales for potential bias., Reviewing related paty transactions., and Testing transactions that are unusual or outside the nomial Course of business. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. 10
Independent auditors. report To the trustees of Treebeard Trust Use of our report This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charities IAc¢ounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's Iruslees those matters we are required to slate to them in an auditor's report and for no other PLJrpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to 8nyone other than the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Date.. 23 June 2026 GODFREY WILSON LIMITED Chartered accounlanls and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Treebeard Trust Statement of financial activities For the ear ended 31 December 2025 Restated 2024 Tol81 2025 Total Note Income from: Donations and legacies Investments 2,507,750 563,311 706.046 Total Income 706.046 3,071.061 Expenditure on.. Raising funds Charitable activities 109,038 1,497.669 55,193 427,536 Total expenditure 1,606.707 482,729 Net gains on investments 791.490 119,390 Net income l {expendituro) and net movement in funds 1109,1711 2,707.722 Reconciliation of funds: Total funds broLJghl forward 24,968,579 22,260,857 Total funds carried forward 24,859.408 24,968,579 All of the income, expenditure and gains on investments in the current and prior period was unrestri¢led. All of the above results are derived from continuing aclivilies. There were no other recognised gains or losses other than those slated above. Prior period expendilure has been restated for a prior period adjustment, as sel out in note 2 to the accoLJnts. 12
Tr8ebgard Trust Balance sheet As at 31 December 2025 Restated 2024 2025 Note Flxed assets Investments Investment property 10 14 19.974,546 19,431,198 1.880,000 2,000,000 21.854,546 21,431,198 Current assets Debtors Cash al bank and in hand 15 15,415 3.780,031 26,621 3,825,918 3.795,446 3,852,539 Liabilities Creditors= amounts falling due within 1 year 16 480,584 315,158 Net current assets 3.314,862 3,537,381 Total assets less current Ilabllltles 25.169,408 24,968,579 Creditors= amounts falling due after more than 1 year 17 310,000 Net assets 24,859,408 24,968,579 Funds Unrestricted funds General funds 24.859,408 24,968,579 Total charity funds 24,859,408 24,968,579 Approved by the Iruslees on 23 June 2026 and signed on their behalf by EM Barnaby Wiener- Chair 13
Treebeard Trust Statement of cash flows For the ear ended 31 December 2025 Restated 2024 2025 Cash flows from operatlng actlvltles: Net movement in fLJnds 1109,1711 2,707,722 Adjustments for.. Rents received Interest received Dividends received Net gains on investments Net managemenl fees deducted in specie Decrease I lincreasel in debtors Increase I Idecreasel in creditors 1100,0001 1401,6971 1204,3491 1791,4901 92,595 11,206 475,426 1100,0001 1338,1981 1125,1131 1119,3901 126,6211 666,225 Net cash {used inl I provided by operating activities 1.027.480 1,332,175 Cash flows from investing a¢tivitig$: Rents received Interest received Dividends received Purchase of fixed asset investments Proceeds from the sale of fixed asset investments Social investment loans incepled Social investment loans repaid 100,000 100,000 401,697 338,198 204,349 125,113 (8,530,373) 19,970,174) 9.036,295 8,461,309 1523,3331 1777,6641 292,958 214,390 Net cash provided by I (used in) investing activities 981,593 1,508,828 Decrease in cash and cash equivalents in the year (45,8871 1176,6531 Cash and cash equivalents al the beginning of the year 3,825,918 4,002,571 Cash and cash equivalents at the end of the year 3.780,031 3,825,918 Cash and cash equivalents consists of: Cash al bank and in hand Cash in deposit accounts Cash held in investment portfolio 650,868 2,250,000 879,163 865,726 2,000,000 960,192 3.780,031 3,825,918 The charity has not provided an analysis of changes in net debt as il does not have any long term financing arrangements. 14
Traebgard Trust Notes to the financial statements For the ear ended 31 December 2025 Accounting policies a) General information and basis of preparation Treebeard Trust is an Charitable Incorporated Organisation registered in England and Wales. The registered office address is Glasses, Graffham, Petworth, Wesl Sussex, GU28 OPU. The financial ststemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. Treebeard Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy note. bl Going concem basis of accounting The accounts have been prepared on the assumption that the charity is able lo continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern. cl Income Income is recognised when the charity has enlitlemenl to the funds, any performance conditions attached to the item of income have been mel, it is probable that the income wll be received and the amount can be measured reliably. dl Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notificab'on of the interest paid or payable by the bank. e) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, il is probable that settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the actDiily for which the expenditure was incurred. fj Allocation of support and governance costs Support costs are those functions that 8SSlSt the work of the charity tiul do not directly undertake charitable activities. Govemance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and stalulory requirements and any costs associated with the strategic management of the charity's aclivilies. These costs have been allocated in full lo charitable activities on the basis that all fundraising costs relate to investment management fees which have no related overheads. 15
Tr8ebgard Trust Notes to the financial statements For the ear ended 31 December 2025 Accounting policies Icontinuedl gl Unlisted equity investments Unlisted equity investments are recognised when the charity becomes a party to the conlraclual provisions of the instrument and are initially measured al transaction price, including directly attributable transaction costs. In accordance wth Section 11 and Section 12 of FRS 102, unlisted eqLJity investments that cannot be measured reliably at fair value wilhoul undue cost or effort are subsequently measured at cost less impairment. The carry7ng amount of these investments is reviewed for indicators of impairment at each reporting date. Where there is objective evidence that the investment is impaired, an impairment loss is recognised in the Statement of Financial Activities. Where new information becomes available that provides a reliable indication of value-such as a recent arm's length transaction in the inveslee's equity (for example, a price estsblished in a recent funding roundl-the charity reassesses the carrying value of the investment. In such circumstances, the investment is remeasured to reflect this updated valuation where it is considered to provide a more reliable estimate of recoverable amount. Any resulting adjustment is recognised in the Statement of Financial Activities. In the event that reliable recent information is not available for holdings previously held under fair value, the most recent valuation is Irealed as the deemed cost as permitted under FRS 102 s.2A.23. h) Llsted Investments Listed investments traded on a recognised stock exchange are slated at fair value at the reporting date, which is deemed lo be their market value. Any gain or loss. whether realised or unrealised, is taken lo the Statement of Financial Activities. il Social investment loans Social investments are concessionary loans made to third parties that directly further the charitable purposes of the eharily. The loans are recognised as the amount paid, less cumulative repayments. They are reviewed annually for impairment, with impairment losses included in the Statement of Financial Aclivilies. Jl Investment property Investment property is property (land or a building, or both) held Iby the owner or by the lessee under a finance lease) lo eam rentals or for capital appreciation or both. Investment property is initially measured at cost, including transaction costs. Investment propety is subsequently measured at fair value al the reporting dale. This method of valuation applies to all the charitable company s investment properties. Gains or losses arising from changes in the fair value of investment property are included in nel profit or loss on the face of the Statement of Financial Activities for the period in which they arise. kl Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 16
Treebeard Trust Notes to the financial statements For the ear ended 31 December 2025 Accounting policies Icontinuedl 11 Cash at bank and in hand Cash at bank and cash in hand includes cash and short lemi highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. ml Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. n) Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised al amortised cost using the effective interest method. ol Pension costs The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA. pl Foreign currency transactions Transactions in foreign currencies are translated at rates prevailing at the dale of the transaction. Balances denominated in foreign currencies are translated at the rale of exchange prevailing al the year end. ql Accounting estimates and key judgements In the application of the charitls a¢counling policies, the trustees are required to make judgements, estimates and assumptions about the carrwng values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these eslimales. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation UnrtaintY that have a significant effect on the amounts recognised in the financial statements are the valuation of unlisted equtty investments and social inveslmenls, as described in notes Igl and lil above. 17
Tr8ebgard Trust Notes to the financial statements For the ear ended 31 December 2025 Prior period restatement Prior year funds have been restated due to reclassification of investments originally classtfied as investment property lo social invesment shares and financial investment shares, reclassification of investments originally classed as managed funds lo social investment loans, and recognition of the full commitment to mulli-year grant commitments on the dale al which the commitment was made rather than on a cash basis. The effects of the restalemenl are sel out below.. 2023 2024 Funds Funds as originally slated at 31 December Adjuslmenl to grant commitments (relating lo FY231 Adjuslmenl to grant commitments Irelating lo FY241 23,224,857 25,270.579 1964,0001 1964,0001 662,000 Restated funds at 31 Dmber 22,260,857 24,968,579 2024 Expgnditure Expenditure as originally slated at 31 December Adjuslmenl to grant commitments during the year Adjustment to grant commitments from previous financial years 1,144,729 25,000 687,000 Restated expenditure at 31 December 482,729 2024 Financial investment shares Shares as originally staled al 31 December Reclassification of financial instruments 10,087,227 592.975 Restated shares at 31 December 10,680,202 2024 Social investment shares Shares as originally staled al 310ecember Reclassification of financial instruments 3,596,139 276,179 Restated shares at 31 December 3,872,318 18
Tr8ebgard Trust Notes to the financial statements For the ear ended 31 December 2025 Prior period restatement Icontinuedl 2023 2024 Managed funds Managed funds as originally slated at 31 December Reclassification of financial instruments 7,459,226 250,000 3,779.110 250,000 Restated managed funds al 31 December 7,209,226 3,529,110 2023 2024 Social investment loans Loans as originally slated at 31 December Reclassification of financial instruments 564,843 250,000 1,099.568 250,000 Restated loans at 31 December 814,843 1,349.568 2023 2024 Creditors: amounts falling due within one year Creditors as originally slated at 31 December Adjustment to grant commitments during the year 17,384 964,000 13,158 302,000 Restated creditors at 31 December 981,384 315,158 Income from donations and legacies 2025 Total 2024 Total Donations Gift aid 2,007,750 500,000 Total income from donations and legacies 2,507.750 All income from donations was unreslricled in the prior period. 19
Traebgard Trust Notes to the financial statements For the ear ended 31 December 2025 Income from investments 2025 Total 2024 Tol81 Rents reiVed Dividend income Deposit account interest Other interest 100.000 204.349 113.398 288.299 100,000 125,113 128,464 209,734 Total income from investments 706.046 563,311 All income from investments was unreslricled in the current and prior period. 20
Treebeard Trust Notes to the financial statements For the ear ended 31 December 2025 Total expenditure Support and govemance costs Raising funds Charitable activities 2025 Total Grants payable (note 61 Staff costs Inole 8} Investment management costs Accountsncy and payroll Travel Membership fees Consultants Bank charges Insurance 1,371,656 59,016 1.371,656 95,187 109,038 17,996 3,318 2,848 1,980 1,795 1,575 36,171 109,038 17,996 3,318 2,848 1,980 1,795 1,575 1,314 Sub-total 109,038 1,430,672 66,997 1,606,707 Allocation of support and govemance costs 66,997 66,997 Total expenditure 109,038 1.497,669 1.606,707 Total governance costs were £14,996 {2024.. £21,564). Prior period comparative Irestatedl Support and govemanc8 costs Raising funds Charitable activities 2024 Tot81 Grants payable (note 61 Stsff costs Inole 8} Investment management costs Accountancy and payroll Travel Membership fees Consultants Bank charges Insurance 285,225 66,544 285,225 107,329 55,193 15,242 3,040 5,796 1,100 932 1,485 1,066 6,321 40,785 55,193 15,242 3,040 5,796 1,100 932 1,485 1,066 6,321 Legal fees Sub-total 55.193 351,769 75,767 482,729 Allocation of support an govemance costs 75,767 75,767 Total expenditure 55,193 427,536 482,729 21
Treebeard Trust Notes to the financial statements For the ear ended 31 December 2025 6. Grants payable During the year, 29 grants were awarded to 27 institutions {2024.. 18 to 18 institutions). No grants were paid to individuals12024.' none). A breakdown of the material grants awarded lover and including £25,000 in either yearl is as follows.. 2025 Total Cody DocklGaswork Dock Partnership Cohere Duara Education Egmonl Trusl Furnishing Futures Hopskol¢h Women's Centre Howard League for Penal Reform Info Latinos Lighthouse Re-Alliance RLabs Tanzania Young Wilders 15 grants less than £25,000 180,000 30,000 37,262 180,000 120,000 30,000 180,000 40,000 110,000 150,000 30.000 150,000 134.394 Total grant commitments made in the year 1.371.656 Prior period comparative: Reslaled 2024 Total Egmonl Trust Seed Sovereignty (Gaia Foundalionl The Fore 15 grants less than £25,000 30,000 50,000 30,000 175,225 Total grant commitments made in the year 285,225 Reconciliation of grants payable Restated 2024 Total 2025 Total Commitments brought forward Net commitments made in the year Payments during the year 302,000 1.371,656 1898,656) 964,000 285,225 {947,2251 Commitments carried forward 775,000 302,000 22
Traebgard Trust Notes to the financial statements For the ear ended 31 December 2025 7. Net movement in funds This is slated after charging.. 2025 2024 Trustees, remuneration Trustees, expenses Auditors. remuneration (excluding VATI.. Slatulory audit Other services 138 12,638 11,608 1,094 In common wth other charities of our size and nature we use our auditors to assist with the preparation of the financial stalemenls. Two Iruslees were reimbursed travel expenses lotslling £138 in the year {2024.' £nill. 8. Staff costs and numbers Staff costs were as follows.. 2025 2024 Salaries and wages Social security costs Pension costs 84,150 2,622 8,415 87,420 10,489 9,420 95,187 107,329 No employee earned more than £60,000 during the current or prior year. The key management personnel of the charity comprise the Trustees, Grants Director and Investment Director. The total employee benefits of the key management personnel were £95,18712024.. £107,329). 2025 2024 No. Average head count 1.75 2.00 Taxation The charity is exempl from corporation tax as all its income is charitable and is applied for charitable purposes. 23
Treebeard Trust Notes to the financial statements For the ear ended 31 December 2025 10. Fixed asset investments Restate 2024 Total 2025 Total Investment shares (note 111 Managed funds Inole 12) Social investment loans (note 131 15.455,536 3,003,499 1.515,511 14,552,520 3,529,110 1,349,568 Market value at 31 December 19.974,546 19,431,198 11. Investment shares Social investments Financial investments 2025 Total Market value at 1 January 2025 Additions Disposals proceeds Revaluations Net gains I Ilossesl 3,872,318 10,680,202 14.552,520 464,212 7,502,994 7,967,206 {50,927} 17,577,959) 17,628,886) 516,227 38,256 554,483 10,213 10,213 Market value at 31 December 2025 4,801,830 10,653,706 15.455,536 Prior period comparative {restated) Social investments Financial investments 2024 Total Market value at 1 January 2024 Additions Disposals proceeds Revaluations Net gains I Ilossesl 3,600,915 5,679,329 9,280,244 553,110 7.635,212 8,188,322 111,563} 12,757,838) 12,769,401) 1270,144} 33,474 1236,6701 90,025 90,025 Market value at 31 December 2024 3,872,318 10,680,202 14,552,520 Social investments comprise unlisted equity investments which are held in line with accounting policy 1 Igl. Investments which have a reliable indication of value {such as a share valuation from a recent funding roundl are held at fair value. If there is no recent available information with which the charity is able to make a fair value assessment (usually within the previous 12 months). the investment is determined to be held al amortised cost where the most rent fair value is used as the deemed cost, as permitted under FRS 102 s.2A.23. Financial investments comprise listed investments and investments in liquidity funds, held at fair value in line with accounting policy 1lhl, and one Ljnlisted equity investment with a value of £631,231 at 31 December 2025 which is held in line with accounting policy 1 Igl and above. 24
Tr8ebgard Trust Notes to the financial statements For the ear ended 31 December 2025 11. Investment shares Icontinuedl Reconciliation of social investment holdings 2025 2024 Investments held at fair value Investments held at cost less impaim)ent (including deemed costl 1.651,197 3,150,633 2,143,280 1,729,038 4.801,830 3,872,318 Included within social investment assets is one investment made through a Simple Agreement for Future Equity ISAFEI, entered into in furtherance of the charity's objectives, with a carrying value included within unlisted equity investments as at 31 December 2025. Under the terms of the SAFE, the amount advanced may convert into an equity interest in the recipient organisalion upon the occurrence of specified future events. The charity has considered the requirements of FRS 102 in respect of financial instruments and has concluded that the arrangement gives rise lo a non-basic financial instrument due to the presence of a conversion feature. Ils value is not material in the context of the financial statements as a whole. The charity has not separately disclosed or disaggregated this instrument from other unlisted equity inveslmenls. The trustees consider that this presentation provides a fair and proportionate reflection of the charity's financial position. The trustees keep such arrangements under review and will reconsider the accounting Irealmenl and level of disclosure should the number or signrficance of SAFE investments increase in future periods. 12. Managed funds Restated 2024 Total 2025 Total Market value at 1 January Additions Disposals Revaluations Net management fees deducted in specie 3,529,110 7,209,226 563,167 1,781,852 (1,407,409) 15,691,908) 411,226 229,940 92,595 Market value at 31 December 3.003,499 3,529,110 25
Traebgard Trust Notes to the financial statements For the ear ended 31 December 2025 13. Social investment loans Restate 2024 Total 2025 Total Net book value at 1 January New in year Repayment in year Impairments 1.349,568 523,333 1292,9581 64,432 814,843 777,664 {214,3901 28,549 Net book value at 31 December 1.515,511 1,349.568 Social investments loans include £637,899 held outside of the UK. This includes £323,333 advanced in the period to entities outside of the UK. The charity does not have original cost information surrounding assets transferred from the former Charity. All investments are slated al values according to the accounting policies adopted. Included within social investment loans are three convertible loan arrangements entered into in furtherance of the charity's objectives with a lotsl value of £421.462 as al 31 December 2025. These loans include provisions under which the amounts advanced may convert into equity interests in the recipient organisations upon the occurrence of specified future events. The charity has assessed these instruments against Ihe requirements of FRS 102 and determined that, while they meet the definition of non-basic financial instruments due to the presence of Conversion fealures, the potential equity component is not material lo the financial slalements as a whole. Accordingly the charity has not separated the embedded conversion option and has instead accounted for these arrangements as loans measured at amortised cost. This treatment is not considered to have a material impact on the reported financial position or financial perfomian¢e of the charity. The trustees keep these arrangements under review and will reconsider the accounting treatment and disclosures should the scale or signrficance of such instruments increase in future periods. 14. Investmgnt propgrty Total Cost At 1 January 2025 Irestaledl Revaluation 2,000,000 120.000 Market value At 31 D9¢9mbgr 2025 1,880,000 At 31 December 2024 (restated) 2,000,000 26
Treebeard Trust Notes to the financial statements For the ear ended 31 December 2025 15. Debtors 2025 2024 Other debtors 26,621 15,415 26,621 16. Creditors: amounts falling due within 1 year Restated 2024 2025 Trade creditors Grants payable < 1 year Accruals Other creditors 465,000 15,165 419 302,000 11,880 1,277 480,584 315,158 17. Creditors: amounts falling duo in mora than 1 year 2025 2024 Grants payable > 1 year 310,000 310,000 18. Operating leases as lessor The charity leases out commercial propety under an operating lease. Lease income is recognised on a slraighl-line basis over the lease term. Future minimum lease receipts under non- cancellable operating leases are as follows: 2025 2024 Amount falling due.. Within 1 year Within 1 5 years After more than 5 years 100,000 400,000 100,000 100,000 400,000 200,000 600,000 700,000 27
Traebgard Trust Notes to the financial statements For the ear ended 31 December 2025 19. Financial instruments at fair value 2025 2024 Financial assets measured at fair value 17,188,402 18,352,592 Financial assets measured al fair value comprise financial investment shares, managed funds. investment property, and those unlisted social investments which are held al fair value per note 20. Related party transactions In the prior year, £1,100 was paid in fees to Yellow Hat Advisory in exchange for coaching servi$ provided lo the CEO of one of Treebeard Trust's charity partners.Yellow Hat Advisory is owned and operated by Andrew Purvis, 8 trustee of Treebeard Trust. There were no transactions with Yellow Hat Advisory in the current year, and no amounts outstanding at either year end. Barnaby Wiener, a trustee, is a director of two companies in which the charity has an investment (Student Tribe and Pathfinderl. The value of these investments al 31 December 2025 was £635,231 (Student Tribe, 2024.. £592,974) and £637,500 {Palhfinder. 2024.. 637,5001. In the year, Treebeard Trust received a dividend payment of £15,871 from Sludenl Tribe12024'. £nill. Elisabeth Barrell, a trustee, is also a trustee of Breakthrough Collaborative and Cincinnati Ballet. During the year Treebeard Trust awarded grants of £18,617 to Breakthrough Collaboralive12024= £nill and £3,802 to Cincinnati Ballet {2024'. £nill. No amounts were outstanding al the year-end. 28