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 pa￿Y 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 con￿rn
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 COn￿M 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 Un￿rtaintY 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 D￿mber
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 re￿iVed
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 re￿nt 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