2024-05-31-accounts

The Woodland Twst Registered Cornpany No. 1982873 egsteied Charity in England No. 294344 Re8i5tered Charity in Scotland No. SC038885 Report and accounts l June 2023-31 May 2024 WOODLAND TRUST Fighting for the health of people and the planet with every tree

The Woodland Trust aive Anderson Trustee5 Barbara. Baroness Young of Old Scone Ichairl Iretired 14 ju￿ 20241 Tony Hall CB£ Lord Hall of Birkenhead Ichalrl lappjinted 14 JU￿ 20241 Saly 8enthall drew Bryant Dr Fay Cooke Ste￿Tr Horley Drju1￿ Knights Briony Nestqtt James O@Ivie Mark Preston David Saddin8ton JLAO Sftmthies AmberThaTa ChrwstorYK)s Zis$1s The tnJ5tees are also L*rertorsand ￿Mber$Of company. Ch5el exeartlve offker Dr Darren Moorcroft The Woodland Trust was founded in 1972 Kenneth Watkirss 08E. Henry George Huriell M8E. and OINer Gabriel Rossetti. It is a re8istered charity. numbers.. 294344 and 5C038885. and is constituted as a Tron-profit-making company limited byBuarantee. rewstered number 1982873. Re8lStered office.. Kempton Way. Grantharn. Lincolnshire. NG316LL In Scofjand. the Woodland Trust OFerates as Woodlond Trustscotlond. In Wales. the Woodafjd Trust operates as Coedcodw. The WoodlaTrdTru5t W is a registered tradernar 21The Woodland Tryst

The Woodland Trust Contents Forewords. Our purpose.......................-.......-..-................-....-.................................................................................... Public benefit.......-........-.......-.........-.-.-..-................................................................................................ Our strategy to 2030.............-................................................. Trees and landscapes................................................................................ Building support........................................ Enabling Fundraising Our 5U5tsinable approach................................................................................................. Governance.......-....................................................................................................................................37 .10 .16 .22 .26 .28 Financial review.............................................................................. .44 Independent auditorfs report........................... Consolidated statement of financial activities .49 .52 Balance sheets.................-..........-...............-.-................................................................................... -53 Con501idated cash flow 5tatement.................................................................................. .54 Notes to the accounts................................................................ .55 35The Woodland Trust

Forewords Forewords A message from our chief executive officer: Dr Darren Moorcroft Proterting trees and woodland has been core to the Trust's mission for half a century. and its importance came into razor-sharp focus in September 2023, with the fellin8 of the iconic tree at Sycamore Gap. beside Hadrian's Wall. That event provoked outrage across the UK, proving once again what we at the Trust already knew.. that trees are woven deep into the fabric of our society, beloved for their environmental. recreational and cultural value alike. The fight goes on- our Living Legends campaign gathered pace last year, with almost i(Kl,(K)O people now signed up to support our demand for watertight legal protection for Britain's most important heritage trees. Meanwhile. we're attraciing ever Breater support for our wider ambitions: despite political uncertainty and economit turbulente, Trust intome grew once again in 2023-24. reaching best-ever £84.2 million. It meant we could invest a record amount in our conservation cause-£2.1 million more than in the previous year. And of the six million saplin85 we planted on our own land and others,, nearly a third were trees outside woods: in parks. hedger0V￿ and fields. like the one at Sycamore Gap. But as this report abty demonstrates. we do much more than plant trees. exerting influence far beyond the boundaries of our 33,C(JO-hectare estate. Last year we helped nurse more than 1,000 hectares of privately owned woods on the road to health. and increasingly we are partnering Wlth others- whether busine55e5, grant-giving bodie5 or likeminded charities- to repair habitat at landscape scale. The following pages chart our progress at places like Snaizeholme in the Yorkshire Dales, Gleann Shildeag in the West Highlands and Northern Ireland's Faughan Valley- hugely ambitlQL15 projetts where we're enrichin8 nature all the way from riverbed to mountaintop. We are also setting the agenda in Britain's temperate rainforests. whose plight came to much wider attention last year. We have been in the vanguard of a partnership to rescue what'5 left of these irreplaceable refuges since 2017, when we helped form the Alliance for Scotland's Rainforest, seeking to map. restore and extend 30,ocKJ hectares of rainforest before iy5 too late. Last year Saw us help build similar coalitions in Wales and South West England- and win the first tranche of a £6.6 million bid to the National Lottery Heritage Fund. enabling us to step up this vital work north of the border. In recent years the Trust has cemented its role as the trusted expert and market leader in woodland conseNation, publishing best-practice guidance on both woodland creation and restoration. Last year we trained 230 foresters and conseThationists, skilling up the sector for the challenges ahead. We also published four far-reaching reports recomrnending how both national and local government can place woods and trees at the heart of nature recovery- one blueprint for each coulltry of the UK. And with a new administration elected in Westminster just after this financial year closed, we're doing all we can to ensure our embattled woodland ecosystems are at the forefront of policymakers, minds. The Woodland Trust has made giant Strides over the last 12 rnonths. Backed by the unstinting 5UPPOrt of our fantastic members, staff and volunteers. I'm confident we are perfectly placed to play an even bigger part in effecting the widescale revival of our natural world that this country desperately needs. Dr Dorren Moorcroft Chlef executlve officer 41The Vvoodland Trust

Forewords A message from our chair: Tony Hall CBE, Lord Hall of Birkenhead I became chair of the Woodland Trust in June. just as the 12 months covered by this report were coming to a close. I had been member for years- I love trees and being out in the woods- so I'm delighted to add my voice to help protect, enhance and extend the UK'S precious treescapes. Everyone I've told a￿ut my new role says: ￿hat a lovely organisationl" People really like the Trust, and our power 15 in the 5W,(KK) members and 5UPPOrters who dirertly back our mission. Unlike other charities, there is no transactional benefit from being a member- instead we are united by our passion for trees and the value they brin& and I feel our work chimes strongly with three bi8 challenges fa￿d by society today: climate change, the biodiversity crisis, and pressures on health and wellbeing. From this strong base, I believe we can forge a 8rowin8 movement- I'd like us to treble that level of engagement overthe next decade. We a￿ an organisation that thrNes on getting things done and, looking back over all the Trust achieved In 2023-24.1'm struck by our strong ethos of partnership. We empower others to achieve our collective Boals- whether thafs the 7,Crf)O schools and community groups who planted free saplings with u5 last year, or the 1,300 famers and growers who flocked to our first agrofore5try conference, keen to discover how adding trees to their land can boost livelihoods. stem floodin8 and enrich nature. It all demonstrates the growing appetite for what we can deliver, and when valued partner5 like the National Trust pledge to plant 20 million trees by 2030, it is the Woodland Trust who'll procure more than a million of the sapling5 to help them do it. The breadth of our reach is greater than ever. too. Last winter we launched our new tree equity map. a pioneering tool which throws light on those places where social deprivation and lack of life-giving green space coincide. Since 2021 the Trust hès invested £5 million in urban planting through our Emergency Tree Fund. while 2023 marked the first five years of the flagship Northern Forest project, which has already created new, accessible woodland for 3￿.0[￿1 household5 all the way from Liverpool to Hull. Our tree equity initiative will ensure we ta￿et our future efforts where they can bring maximum benefits for both people and wildlife. Something else I've found impresswe in my early months in the chair is the Trusfs commitment to young people, giving them the platform to make a difference. Our youth reima8ined programme was launched in 2022, and it has made an impact from top to bottom of the Charity. We have recruited three new young trustees, a youth touncil with member5 from every corner of the nation, and a cohort of fledgling conservationists funded and mentored to make a difference on the ground. Some organisations pay lip service to the next generation= the Tru5t'5 approach has been genuinely transformative. Finally, I'd like to pay tribute to the outgoing Trnst chair. Baroness Barbara Young, who has done a sensational job over the last eight years. Barbara's commitment to our cause remains undimmed- indeed, as I write. she is continuing her cmsade in Parliament to win legal safeguard5 for the UK'S extra- special ancient trees. I'd also like to thank every one of the Trusys Staff. volunteers. members and funders for the huge amount they contribute. Their passion shines out in every conversation I've had, and it makes the future of our charity feel very bri8ht indeed. Tony Hall CBE, Lord Hall of Blrkenhead Chalr 51The Woodland Trust

Ovr wrpose Report of the directors for the year ended 31 May 2024 The trustees of the Woodland Trust (who are the directors) have pleasure in presenting their report and financial statements for the year ended 31 May 2024. These have been prepared in accordance with the accounting policies set out in the notes to the accounts. They compty with the charit￿5 governing document, the Charities Act 2011. and 'Accounting and Reporting by Charities: Statement of Recommended Practice'_ pertinent to thèrities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and published on 16 July 2014. The charity is registered with the Charity Commission under registration number 294344. and with the Office of the Scottish Charity Regulator under number SC038885. It is a company limited by guarantee and operates in England, Northem Ireland. Scotland and Wales. Details of trustees and the chief executive who Served during the year are set out on pages 38-39. Our purpose Our vision: a world where woods and trees thrive for people and nature Globalty. we are facing two intertwined existential threats: climate change and nature loss. The rest of the decade to 2030 15 Pivotal in reversing the darnage. We must act urgently, playing our part and enabling others to do so as well. In the UK, we see these threats re)lected in our improved understanding of the current state of UK woods and trees. Woodland cover 15 gradually increasin& but woodland wildlife is decreasing. The UK'S woodland cover has more than doubled in the last 100 years. but much of this is non-native trees. Existing native woodlands are isolated and in inadequate ecological condition. and decline5 in woodland wildlife continue. Woods and trees are vital for a healthy and happy SOCFety. They lock up carbon to fight climate change, improve our physical and mental wellbein& reduce pollution and floodin& and sUPPOrt people, wildlife and livestock. • Woods and trees are subject to a barrage of coinciding threats. These rarEe from direct loss due to development to more insidious influences from climate change, pests and diseases, invasive plants, poor management, mammal browsin8 and air pollutants. The first State of the UK'S Woods and Trees report120211 provides a loud and clear warning that more needs to be done to protect and expand our native woods and trees. We urgently need to scale up the many inspiring initiatives to create native woods, put more individual trees back in the landscape. and restore damaged woodlands. Protection. restoration and creation of our natural wooded habitats and treed landscapes- underpinned by improved evidence and increased investment by society- will be crucial over this decade and beyond as we tackle these s18nificant threats and stand up for native woods and trees. Public benefit The primary public benefit deliVe￿d by the Trust is the protection and restoration of ancient woodland and ancient and veteran trees. as well as the creation of wildlife-rich and ecologically healthy habitats in the UK that benefit wildlife and people. Native trees and woods can provide a wide ran8e of public benefits. They can sequester tarbon and reduce the heat effect. which helps combat the impacts of climate change. They can aid natural flood- risk management. improve water quality. protect soils and reduce erosion. They can give shelter to livestock and reduce air wllution, such as nitrogen pollution from agriculture, and are instrumental In maintainin8 public health and wellbein& including mental health. 61The Woodland Trust

Oursrrate8y to 2030 Some of our activities for the public benefit include- managing more than 33,000 hectares of woodland which are accessible to the publit, f￿e of charge helping children and teenagers understand the importance of woods and trees through projects like our Young People's Forest at Mead in Derbyshi assisting landowners and farmers to create their own woodland, with advice and support through our MOREwoods and MOREhedges schemes enga8in8 hundreds of people and enabling the planting of millions of trees with schools and ornmunity groups through our free tree packs creating volunteering opportunities which enable people to gain experience in conservation- which can then lead to a career in the environmental sector- or Simp￿ be at one with nature and the outdoors giving advice and assistance to people who find their valued and ancient local woodland at risk of destruction, and providing ways for people to call on their elected representatives to act for trees and woods creating thousands of hectares of V￿0dland so that people can enjoy its benefits for years to come planting millions of trees to capture carbon dioxide from the atmosphere as they grow. and lock it away to reduce the impacts of climate change contributing to the UK Governmenfs Net Zero tar8et by supporting businesses with their Climate action and biodiversity strategies, and helping landowners create their own woodland for climate benefits. We can't achieve our vision without support, and there are many ways that such 5UPPOrt can help us make a real difference. such as= membership of the Trust. joining our campaigns or appeals, corporate 5pon50r5hip or donation. volunteerin& giving a grant, leavin8 a 8ift in a will, playing our raffle. or buying from our online shop. Our strategy to 2030 The next decade is pNotal in reversin8 the damage that climate change and nature1055 is having Blobally. Our strategy to 2030 captures our vision of the future, our role as the UK'S largest or8anisation for native wood5 and tree5. and our goals which infomi our priorities. Protection, restoration and creation remain crucial as we stand up for native woods and trees. We a150 want to explicitly acknowledge the role that people play, both as SUPPOrters and beneficiaries of our work. Our strategy goat5 to 2030 PROTEcf= we protect ancient. veteran and valuable woods and trees to stop the loss of irreplaceable habitat and cartr*)n stores and preseNe our natural heritage. RESTORE: we restore the ecological condition of existing native woods and trees. increasing landscape resilience and creatin8 conditions for nature and people to thrive. CREATE.. we create quality native woods and get native trees growing to benefit nature, climate and people into the future. INSPIRE.. we inspire the many. building loyalty and capturing the hearts and minds of an ever- increasing number of people and organisations to support our cause. 71The Woodland Trust

Our stra*gy to 2030 ENABLE- we enable everyone to make their contribution to our cause through the tools. evidence and opportunities we provide, allowing them to be part of something bigger than they could deliver alone. TRANSFORM.. we are transforniing how we operate. ensuring we are the high-performing, inclusive team our cause needs us to be. We must be 8reater than the sum of our parts- delivering positive impact in everything we do. Underpinnin8 our strategy will be building the culture. operating model, digital technolo8ies and the apability and capacity of our people to deliver the greatest impact for our cause as our scale and ambitions grow. Throughout thi5 report and accounts. we set out how our attivities have been based on one or more of these strate8y 8oals. 2023-2024 achievements Procured and planted 6.1 million native trees. equalling the record number planted in 2022123. • Established 1.994 hectares of nature-rich woodland- both on and off our estate- against a target of 2,500 hectares. Opened up extra woodland to the public. including the Faughan Valley Woodlands. Londonderry, in August 2023. Helped bring 1.044 hectares of third-party PlantatlOll5 on Ancient Woodland Site5 IPAWSI sites Illto active restoration or committed to their restoration within a planned programme- an increase from 789 hectares in 2022123 against a target of i.c￿0 hectares. This is part of our ongoing commitment to reverse year5 of decline and treble the area of native woodlands in good ecological condition. Launched the Tree Equity Score UK initiative in December 2023. This map-based application aims to increase equitable access to the benefits of woods and trees by identifying the area5 in Breatest need of people-focu5ed investrnent in trees. This innovative tool is a game-chan8er in our quest to understand and improve tree coveraEe and has been welcomed by professionals, local authorities and communitie5 alike. Helped more than 7.CMXI schools and community groups plant over 1.1 million new trees, of which almost 20% were planted in areas with a tree equity score defined as'lov/. Exceeded our target of verifying 15,460 ancient trees on the Ancient Tree Inventory (versus a target of 12,51)01, increasing from the I1.0￿ vertfied in 2022123. We couldn't have done this withoLrt the help of our amazing volunteers. Campaigned for legal protection for our most precious trees through our Living Legends Campaign. The felling of the Sycamore Gaptree on 28 September 2023 was followed by a massNe Surge of support for the campaign. with thousands of new petition signatures itsking us to more than 70,0001 and promotion by hi8h profile ambassadors. Achieved one of the few concessions made by the Westminster Government during po55age of the LevellinB Up Act relating to ancient woodland protection with the help of our former Chair, Barbara Young. We also helped achieve amendments ensuring that National Parks and Areas of Outstanding Natural Beauty can better contribute to the commitment to protect 30% of land and sea for nature by 2030. and the requirernent for local development deci5i0ns to take local nature recovery strategies into account. Responded to more than development threat cases. with a positNe outcome in over 50% of cases. This included a significant decision in our favour at Downlands Farm in Uckfield, East Sussex, where the plannin8 inspector concluded that impacts OD ancient woodland were unacceptable and IThe Woodl•fftd Trust

Our $irategyto 2030 dismissed an appeal for a 400+ housing development. This woukl have impacted our Lake Wood site. Co-hosted the Woodland Trust. British Ecological Society and University of Kent Joint Symposium, 'Tree5 for climate change, biodiversity and people,, with 197 attendees spannin8 academia and research. consultancy, forestry, NGOS, policy and govemment. Published our nature recovery reports, Trees ond woods." ot the heort of noture recovery in England, Scotland. Wales and Northern Ireland- outlining proposed priority actions for local and national decision-makers. Welcomed more than 27.5(Kt new memberships to the Trust. We currentty have around 500,000 supporters who help us secure the future of woods and trees by becoming members, makin8 donations. buying produrts-including our merchandise-playin8 our lottery and giving us their voice, influence and time as volunteers. 2024-27 ambitions Continue to map ancient and veteran trees and complete the Ancient Woodland Inventory in England by 2026. 50 that we know where our most precious woods and tree5 are. Secure key legislative, public policy and long-term fundin8 commitments to protect, resto￿. manage and expand the UK'S native woods and trees- to preserve the wealth of biodiversity they contain and embed a nature-based approach to tackling climate change. Increase the area of our estate in active restoration to more than 4,000 hectares and continue project5 planting trees on our own land, particularly in our Treescapes and where they extend, buffer or connect ancient woodland. Work with others to create over s￿ hectares of new woodland per year and 100,CWm of new hedgerows in 2024125, Int￿asIng to 130,IKK)m in 2026127. We will scale up agroforestry, with a total of 270.000 trees outside woods planted across at least 90 farms by 2027. Publish a second Stote of wood5 and tree5 flagship report in 2025. continue to advocate on the UK GovernrnenY5 30 by 30 commitments, and influence Local Nature Recovery strategies and biodiversity strategies. This will include advocating for government grants to support landowners with woodland restoration and creation. and with tree planting. Build on the success of our Tree Equity kore project as a flagship approach to increasing equitable access to the benefits of wood5 and trees, developin8 plans for implementing a Tru5t-wide tree equity programme from 2025126. We will continue our free tree packs. Emergenry Tree Fund and Gieen Tree Schools projects, delivering 1.3 million trees into communities every year. Grow a mass movement of 1.5 million people who love woods and trees and take action for them, giving their money, time or voice to our cause to support woods and trees for the future. Provide opportunity at scale for everyone to contribute to mitigatin8 the effects of climate change through planting trees= locking up carbon for hundreds of years to come. This will include a focus on Browing opportunities for youn8 people to support our cause through our youth council, Youn8 People's Forest.18nitin8 Innovation challenge fund and national and local activities. Increase our effectiveness and impact throu8h innovation. testing. monitoring, evaluating and learning. Building key data sets and taking advantage of digital technoklgies. Deliver our sustainability strategy and vision for a 5UStainable Woodland Trust in 2030 by understandin8 and proartNely managing our social and environmental responsibilities and impact5.

Trees and landscapes Trees and landscapes Our strategic aim To influence and deliver a more resilient landscape approach to woods and trees. Major sites and Treescapes In our Treescapes and at major sites, we continued to deliver significant, lasting change for people and nature through a landscape approach. The following are just a few examples of our work across the UK. Faughan Valley Woodlands, Londonderry IMEETS STRATEGIC GOALS RESTORE, CREA TE) Marking a significant milestone in landscape-scale conservation and community engagement, the Faughan Valley Woodlands Official￿ opened on l Au8USt 2023. The project encapsulated more than two decades of dedicated effort and colkboration to restore and connett fragmented ancient woodlands in Northem Ireland. The Faughan Valley Woodlands are home to ancient woods. which are eX￿ptIOnallY rare in Northern Ireland, covering just 0.04% of the Landscape (compared to 2.5% in the UK as a whole). The 8roup of woods includes Bracklield Wood, Oaks Wood, Brackfield Bawn Wood, Red Brae Wood, Burntollet Wood and Killaloo Wood, all located within the Faughan Valley Area of Special Scientific Interest IASSII. These fragments. acquired by the Trust since 2CW. have been the focal point of efforts to create a Continuous habitat for wildlife and a recreational Spa￿ for people. Bringing this vision to life was made possible through substantial funding and strategic partnerships. Key supporters include The National Lottery Heritage Fund, the Department of Agriculture, Environment and Rural Affairs IDAERAI'S rural development programme. and Derry City and Strabane District Council. These partnerships facilitated the development of infrastructure to connect these woodlands, such as the construction of pathways and bridges under the newly built A6, and enhanced accessibility and ecological connectivity. IOIThe Woodland Trusr

Tree5 and landsrapes One of the project's highlights is the expansion of the trail network. Existing pathways of 9km have been Upgraded and new trails have been created, connecting into a network of more than 35km. These trails are designed to cater to a variety of visitors. from those seeking leisurely strolls to those looking for more challenging rambles. The trails not onty provide access to stunning landscape5 but also feature a sculpture trail that integrates art with nature. offering unique experiences at every turn. Numemu5 conservation Strategies to protect and restore these ancient woodlands have been implemented. These include tree planting to buffer aNI extend woodland area5. removing inva5Ne species and creating resilient habitat5. The project emphasises the importance of biodiversity, with new walking trai15 showcasing the unique flora and fauna of the region. The connectivity achieved through this project is vital for both wildlife and people. creating a sustainable future for these precious ecosystems. Following a highly successful launch of the Fau8han Valley Woodlands, we saw footfall grow exponentially from 5,043 pre-opening to 24.092 in the first six weeks, levelling out to 68,242 in our first 10 months. Interaction with people in the Faughan Valley, both on site and via Social media, has driven an increase in engagement on the Woodland Trust Northern Ireland Facebook page. Volunteer engagement continues to grow, with 150 volunteers attively participating in task days to maintain the woodlands alongside engagement events to deliver guided walks for vi5itor5. Brynau Farm, Neath IMEETS STRATEGIC GOALS RESTORE. CREA TE. INSPIRE) At 95 hectares. Brynau Farm is Coed Cadw (the Woodland Trust in Walesl's largest woodland creation project to date. Around I50,￿0 tree5 were planted between 2020 and 2023 as part of the Welsh Govemment's PLANTI initiative, which aim5 to plant a tree for every child born or adopted in Wales. On the doorstep of the town of Neath and within easy reach of a 51Xth of Wales, population along the M4 corridor, this new woodland provides a platfomi for the Trust to inspire a dwerse range of audiences. Jvne 2023 began with a joyful event to commemorate the 75th Anniversary of the arrival of the HMT Empire Windrush. Windrush Elders were joined by several generations to plant trees, share stories and enjoy a fantastic party. Our work to make our wood5 more welcoming to a wider audience continued through a Natural Resource5 Wales-funded partnership with Diverse Cymru. The partnership offered exciting adventures in nature and woodlands for children and young people aged 7-25 years old from Black, Asian and other minority ethnic background5 acr055 South Wales. As the profile of the Trust grows locally, demand for visits has increased and staff are now working with several other educational, health. wellbeing and youth groups at Brynau Farm, including Swansea Tree Society and the Sensory Trust. We were also happy to learn that two young people from the UK governmenvs Kickstart Scheme had pro8ressed onto paid work in the countryside sector, having built up skills and experience at 8rynau through restoring old hedgerows. Our volunteer woodland working group had a bumper year. with 1,6(Kl volunteer hours contributed to date. Super-volunteer Terry Griffiths was recognised at the Mayor of Neath Port Talbot- Citizen Awards 2024 for hi5 outstanding contribution and commitment. Thanks to our volunteers, 50% of Brynau Farm has been painstakingly cleared of invasive rhododendron, and a monthly woodworking group are providing hand-madè furniture for the site whilst learning new skills. Volunteers were also involved in designing and installing the wood's central interpretatNe feature: Paul Clarke's 'Blodeuwedd', a giant depiction of the animorph owl of Welsh legend chosen in homage to 8rynau's resident barn owls, which now occupies a prominent position overlookin8 Swansea Bay.

Trees and lafidxapes Our collaborative work also went from strength to strength. 2023124 saw the installation of a natural flood management scheme led by Neath Port Talbot Council. which aims to intercept overland flows with dead he(18ing and slow down run off by installing leaky dams and pond feètures, and restore canalised streams to their natural, winding course. Along with our catchment tree planting, this work should benefit at-risk communities downstream in Neath. Our impact on ecosystem services is monitored by our academic partners from Aberystwyih University. for whom Brynau is now a key study site within their international NAVIGATE project. The site has also been improved for pollinators through collaboration with Buglife and their B-Line5 project. Gleann Shildeag Estate. Strathcarron (MEETS STRATEGIC GOALS PROTEcf. REsfoRE. CREA TE. INSPIRE) The kind of landscape-scale change we want to see can only be achieved by reaching out beyond our own site5 to work with neighbours. The bigger the coalition we can bring together. the bigger the potential impact. At our Gleann Shildeag Estate in the North West Highland5 we founded the Glen Torridon Partnership along with Ben Damph Estate, National Trust for Scotland {Torridon Estate), Naturescot IBeinn Eighe National Nature Reserve) and Coulin Estate. Between us we cover 30.000 hecta￿S- larger than the area covered by Edinburgh. We hope MO￿ partners will join over time as the fruits of the collaboration gain traction. The Partnership was established to achieve landscape-scale habitat restoration through closer collaboration between neighbours who own and manage the land- working across land ownership boundaries and sharing resources. equipment. knowledge and skills. The current focus is on scoping the full extent and logistics of the work required, which includes a55es5in8 the current condition of woodland, freshwater and open habitats, identifying the potential area over which woodland would regenerate naturally with upscaled deer management, and surveying the distribution of Rhododendron ponticum lan invasive non-native Shrub whith can outcompete natwe trees if left unmanaÉedl and assessing the challenges of the terrain it needs to be cleared from. Work will require collaboration beyond the partnership with numerous crofters. smallholder5 and households, as well as neighbouring estates. We're also working to ensure the skills and experience required to undertake habitat restoration are nurtured locally. Our courses held at Gleann Shildeag on Rhododendron ponticum control techniques have proved very popular and there is plenty of work in and around Glen Torridon for those diversifying into this area of work. Further training will include tree propagation and planting methods and a ran8e of ecological survey and reporting skills. Deer serve several important ecosystem functions. such a5 seed dispersal and keeping certain plant species in check. Building our knowledge of seasonal movements of deer arbd occupanty across the wider landscape will help make sure the deer have access to quality forage throljghout the year, 05 well as acce55 to shelter in harsh weather conditions. Habttat condition assessment and monitoring is key to identifying those areas where habitats are deteriorating due to browsin& grazing and tramplin& allowing additional stalking activity to be focused in those area5. The partnership will continue to train and mentor community members to attain Deer Stalking Certificate5 and we're in the early stages of working with deer managers, butchers and other retailers throughout Wester R05S to develop the supply chain, makin8 it easier for the resident community to purchase and enjoy local venison.

Trees and landscèpes Snaizeholme, near Hawes. Yorkshire Dales IMEEfs STRATEGIC GOALS CREATE. INSPIRE. ENABLE) We're forging ahead with our work at Snaizeholme in the Yorkshire Dales which, a5 one of the wettest and windiest parts of England, witnesses everything the British weather can throw at it. Our unique and complex projett places as much importance on habitat restoration and ￿introdL￿Ct10n across upland blanket bo& acid grassland. limestone pavement and riparian meadows as on planting trees. Between October 2023 and Marth 2024. the second phase of tree planting was completed. with a total of 388,000 natNe trees planted across 222 hectares. The project team are already gearing up for winter 2024125, with orders in for the final 70-he¢tare phase of planting and our first reintroductions of montane scrub. In the meantime. restoration work starts on the 105 hectares of upland peat bog at Grove Head, sitting high on the valley tQP5. We're working with the Yorkshire Peat Partnership to undo the dama8e from decades of drainage and erosion, preventin8 further loss of carbon. improving water quality. reducing flood peaks and re-wetting one of our most degraded and nationally important habitats. W15ible change 15 apparent, but having the evidence to back up decis￿nS is vital. In collaboration wlth the University of Leeds and the University of York. we're monitoring the results across a huge range of metrics, with researchers checking recently installed weather Stations, stream flow monitors and soil data logger5, and recording plant communities and tree growth. Other teams are recording the changes in breeding birds, including priority waders such as curlew and lapwin& with walked transerts supported with more cutting-edge techniques including thermal imaging and audio monitoring. Summer 2024 has seen the return of a herd of native breed cattle owned by a local farmer, which will roam and li8htl¥ graze the 80 hectares of open valley bottom alongside Snaizeholme Beck. Stream and riparian habitat work5 will a150 get underway. working with the Wild Trout Trust to ret￿ate dynamlc river processes. Detailed modelling of flood management inteNentions is also in progress for more than 40km of other tributaries in the catchment. We're also working on a series of film5 that will bring our tree planting and research work to life, long5ide developing volunteering opportunities- including for corporate partners such as Avivo, B&Q Screwfix, and Bettys & Taylors of Harrogate- involving a range of practical land often wetl tasks. Funded through the White Rose Forest Trees for Climate programme, our work at Snaizeholme is leadin8 the way in woodland creation. habitat restoration and academic research at scale within the Northern Uplond5, and will influence decision making, grants and delivery in the area. 131The Woodland Trust

Trèes and landscapes Influence on wider landscapes Landmark publications are one of the most important ways to influence change on a large scale, beyond the woods that we manage. In 2023124 we produced a set of four nature recovery reports highlighting what needs to be done to restore our woods and trees in England. Scotland. Wales and Northern Ireland, for both wildlife and people. Trees and woods: at the heart of nature recovery (MEETS STRATEGIC GOALS PROTEcf. RESTORE. CREA TE) Our nature recovery reports, Trees ond woods." ot the heort of nature recovery lin England, Scotland. Wales and Northern Irelandl highlight why and how woods and trees are so important for nature's recovery and outline proposed priority actions for local and national decision-makers. The publications play a particularly important role in making the case for greater public policy support and funding for the management and restoration of existing woodlands. but also stre55 the imFK)rtance of woodland creation and gaining better protection for tree5. Each of the four reports presents country specific evidence curated from our Stote of woods and trees report and other sources to illustrate the extent of the nature crisis. highli8htin8 that just 7% of the UK'S native woodlands are currently in good ecological condition and that one third of all woodland species are in decline. The reports set out principles for nature recovery at three scales (landscape, wood and tree), and explain how national and local 8overnment can help to develop the resilient and dynamic habitats needed to recover nature and reverse the decline of the UK'5 vulnerable wildlife. The England report had three launches: at the Tree5 and Woods All Party Parliamentary Group IAPPGI on 27 June 2023, at the Local Government Association ILGAI conference on 4-6 July 2023, and at the Woodland Trust Parliamentary reception on 12 July 2023 entitled 'Building a future where nature and people can thrive.. Trudy Harrison wa5 ministerial speaker in her fom)er role as the Parliamentary Under Secretary of State for Defra, and the event included a powerful speech by our youth ambassador Nell Miles. The Wales report wa5 launched on 7 November 2023 at a Collaborative Treescapes event at the Senedd. The event was hosted by Delyth Jewell MS with an address by Julie James MS, Minister for Climate Change. Our youth council member, Tammie Esslemont. also spoke. The Northern Ireland report was launched on 28 November 2023 at Stomiont at an event sponsored by Peter McReynolds MLA. Despite the lack of government in Northem Ireland at the time, the event was attended by MLAS from across all the main Northern Irish political parties. The Scotland report Was launched on 28 May 2023 at Holyrood with strong SUPPOrt and interest from a cross-party range of MSPS. The reports are used as the basis of our nature recovery advocacy with ttvil servants, parliamentarians, local authorilie5. arm'5 len8th bodies and NGOS. They were also used to inform our party conference and 2024 pre-election advocacy work. as vftll as the development of local nature recovery strategies. supported by a serie5 of webinars. All the launches were supported by press releases and social media primarily focusing on the urgent need for the restoration of wooded habitats, and the need for nature emergency declarations by local authorities. The England launch was also supported by a public petition calling on local government

Trees and landscapes leaders to declare a nature emergency and take action to solve this using our report. A nature emergency web portal 15 planned for launch in early 2025. which will provide visibility for local authorities about which authorities have declared a nature emergency and taken action to addres5 it. Responding to threats Owning and managing our land to benefit both people and nature brings with it the responsibilities and duties of looking after it. The following example is just one of the challenges resolved during the year. Reclaiming and protecting our woodlands (MEETS STRATEGIC GOAL PROTEcn We acquired 6.5-hectare Spoilbank Wood on the banks of the River Tees, south of Darlington. in 1989 following significant tree felling by a previous owner due to Dutch elm disease. Our woodland adjoins neighbouring Dalton Wood, which is privately owned and was used for many decades by a motorbike trials club. The boundary between the two woodlands is fenced and maintenance of it is our responsibility. Relations between the Trust and our neighbovr had been positive until 2016, when our nei8hbour complained about tre5Pa55ers into his woodland and added razor wire to our boundary fence. The trespa55ers were in fact fishermen who had a legal right to access his and our land. When the razor wire caused injury requiring hospital treatment for one of our contractors, our legal team got involved. Whilst repairing the fence it became apparent that the fence itself had been moved significantly, and the nei8hbour had been usin8 an area of our stte for car parking and material storage for the trials club. Correspondence with the neighbour was fruitles5, $0 both parties engaged solicitors to help ￿Solve the 155ue. Witne55 Statements from local members of the public who walked in Spoilbank Wood a5 well a5 nearby neighbours proved to be very helpful. Court proceedings were issued by us to reclaim and protect what we were convinced was rightfully our land, purchased on behalf of our S00,(X)O members and supporters. Following two intense days of legal mediation, including a site visit. the outcome was positive in that we regained 609m of our land and saved on what could have been significant (likely six- figure) court costs. We have now established a positive relationship once again with our neighbour and the boundary is Clearly documented. We have over 2.736km of boundary on our estate to monitor. This case only involved around 160 metres, but it clearly demonstrates what we stand for- the protection of woodland. Once again, the tree5 and woodland at Spoilbank can thrive for people and nature.

Builthng support Building support Our strategic aim To shift the relationship that people have with woods and trees to one where they are more prepared to take action. Increasing access to trees We delivered on our commitment to increase people's access to the many benefit5 of woods and trees, inspiring in them a love for trees that leads to action. Tree equity IMEETS STRATEGIC GOALS CREA TE, INSPIRE) In December 2023 we launched the Tree Equity Score UK map in partnership with American Forests and the Centre for Sustainable Healthcare. Tree Equity Score UK is an evidence-based tool to help prioriti5e urban areas for tree planting. We hope the tool will accelerate efforts to incfease urban canopy cover and support those working in urban forestry by providing neighbourhood and city level information about the benefit5 of urban trees to people. Launch events took place in Belfast, London and Sheffield and there was a demonstration in the UK pavilion at COP28 in the United Arab Emirates. The launch reached around 50 million people with 49 articles featured in online, print and broadcast media. Coverage on the BBC included a story on the main national website and a piece on the Ipm news, as well as a 10-minute Section on Radio Five Live and mentions on Radio 2's Zoe Ball show. Tree Equity Score UK also featured on the popular The Rest 15 Politic5 podcast with Rory Stewart and Alistair Campbell. Tree Equity Score UK creates a score out of l(KJ for more than 34,CNJO urban neighbourhoods in the UK (covering roughly 85% of the population) and a rating of high, moderate or low tree equity. The lower the score, the greater the need for trees. The tool calculates each score by combining soci demographic data from the census and indice5 of multiple deprivation with data on air quality, surface temperature and tree canopy cover. It measures how well the benefit5 of urban trees are reaching people living in urban areas, especially communities living on low incomes and others that are disproportionally affected by extreme heat. pollution and other environmental hazards. The tree canopy data has been donated by Google and is new for the UK. 16IThe Woodland Trust

Bulldlng suppon Data anatysi5 enabled by the project has already significantly improved our understanding of tree equlty in the UK. For example, we've found that the most affluent neiBhbourhood5 in the UK have, on average. twice a5 many trees as the least affluent neighbourhoods. This builds on work we've previouslv undertaken to map accessible woodlands and hi8hlight inequalities in access. Since launchinE, we've demonstrated Tree Equity kore UK to more than 2(YJ local authoritie5 and spoken to other NGOS, local and national policy makers and funders about how it can be used. A new programme of work is bein8 developed to advance this work with the ultimate goal of reducing tree inequity. Free trees for schools and communitles IMEETS STRATEGIC GOALS CREA TE. INSPIRE) During 2023124 we helped more than 7.fy)O schools and community groups roll up their sleeves. di8 in and do their bit for nature and people. We inspired them to plant 1,133,565 new trees, of which almost 20% were planted in areas with a tree equity store defined as low. ensuring the benefrt5 are felt in the places that need them rn05t. Many of the trees went to 24 out of the 37 lower super output areas ILSOAsl noted as highest need. 2023124 was a crucial year for plannin8 how we'll help bring tree equity to urban communities across the UK, and 2024125 will see u5 implement our ambitious engagement journey by mobilising 50 new volunteer community tree supporters in areas where the need for tree equity is highest. These community-based supporters will reflect thèir own diverse neighbourhoods and encourage a steady uplift in applications from areas of low tree equity by supporting the beneficiaries in various ways (from applying for free trees to tree planting and monitorin81. In February 2024 we launched an entirely new networkof50 community-based'_micro volunteer mbassadors to join us on our mission in seeking out and inspiring others. within their own communities. to 8et plantin8 too. Last but not least, in March 2024 we had an exciting visit from award-winning children's author Lauren Child MBE. Lauren joined us at one of our participant schools in Camden, an urban area of low tree equity. to promote our scheme and thank the pupils for their inspiration and doing their bit for our planet. As we enthusiastically look forward to the autumn 2024 and spring 2025 plantin8 seasons, our mantra is 'bigger, better and even more meaningful, We're looking to take our scheme to the next level by deliverin8 the most cost-effective programme= contributing to a steady increase in urban tree cover Ifrom 16% to 20%), improving peoples. physical and mental wellbein8 and boosting nature's recovery. Our free tree packs scheme - generously funded by lead partners Sainsbury's. Lloyd5 Banking Group, OVO, Bank of Stotland and Sofology- will be key to this. and we're working with many stakeholders to bring the scheme back to Northern Ireland. Influencing and inspiring key audiences We can't create a world where woods and trees thrive for people and nature alone. So, in 2023124, we continued working closely with other people and organisations to deliver our strategic aims- from politicians, decisions-makers and corporate partners to landowners and farmers, young people and communities.

Building support Government affairs IMEETS STRATEGIC GOALS INSPIRE, ENABLE) Over the past year and throughout the last Parliament12019-20241 we have built the politTrcal support and relationship5 that have enabled u5 to progre55 Our Strategic goa15, and which have ultimately led to U5 securing key commitment5 and policy changes for woods and trees. Thi5 has included a new duty that requires local planning authorities to consult the Secretary of State regarding development5 that impact ancient woodland, new funding and strategies for tree planting and restoration in England, and a Private Members Bill aiming to enhance protectK)ns for our most important heritage trees being introduced to Parliament. Through our All-party Parliamentary Group IAPPGI for wood5 and trees. we have also developed a network of allies and champions from across the political spectrum who have continually supported our asks and messaging in Parliament and raised our concerns where necessary. Post-election 2024, the priority is to reinvigorate the group with the aim of identifying and engaging champion5 for the Trust and our work in Westminster. In preparation for the election. we produced a set of priorities for political parties, manife5t05, including calls for 8reater opportuntties for all to access the benefits of woods and trees, support for land managers to establish and look after woods and trees. updated forestry le8islation, protection for our oldest and most important woods and trees, and a call for a new tree 5trate8y for England. This document has been central to our influencing work: guiding discussions with key political stakeholders and helping us shape the parties. thinking on p)licies that impact woods and trees. with the aim of translalin8 our policy a5k5 into manifesto tommitments. We have also worked in coalition with key partners in both the nature and climate settors to speak as part of a united voice for nature. This has included supporting the development and advocacy of the Nature 2030 campaign. The campaign's open letter, calling on party leader5 to commit to five crucial actions for nature, has received more than 100.(XXJ signatures to date and was handed to all the major political parties ahead of the General Election. The campaign also formed an important part of the 'Restore Nature NO￿ marth in June 2024- a major public demonstration in London which called for urgent political action to restore nature. In Northern Irdarnd, we have been wowking wth Peter McReyndds MLA on a Private Members, Bill to strengthen the legal protections of trees in the region. In June 2024. an initial proposal for a Tree Protection Bill wa5 submitted to the Bill Office at the Northern Irdand Assembly. This lyll aims to ddiver or) the objectives Set out in our ￿VIng Legends campaign to save our oldest and nK)st imp¢ytant tree Agroforestry IMEEfs STKATEGIC GOALS CREA TE. INSPIRE) Over two very hot and sunny days in earfy September. more than 1,31xI farmers. foresters, grower5, tree nursery managers, advisors, poliLV makers and food businesses congregated at Eastbrook Farm in Wiltshire for the UK'S first Agroforestry Show, jointly organised by the Woodland Trust and Soil Association. The show's aim was to share practical ideas about integrating trees and fam)ing. Delegates joined us for two days of inspiring talks, farmer and forester-led discussions. agroforestry farm walk5, field demonstrations and exhibitions. A positive 'can-do' atmosphere was created, with 93% of delegates wanting to attend a second event and more than 50% stating their understanding of aEroforestry had improved considerably. 8ut what is agroforestry. and why did we need to a￿anISe an agroforestry show? Agrolorestry Is a land management system where trees and shrubs are integrated into famiirg systems to reap ecologital and economic benefits. Agroforestry can include trees within field5 Isuch as tree clu5tersl, living barns, browsing hedges, and rows of fruit trees in cereal crops, as well as hedges and shelter belts around the

Bulldlng supp)rt edges. These trees will provide a range of services and products such as shade and shelter for Itvestock, carbon sequestration, water mana8ement, and tree products including timber and fruit. We know the pressure on land use is growing and that farming is facing increasingly frequent and extreme weather, making food production challenging. Agroforestry can maintain or enhance food production whilst supporting the sector to deliver a range of public goods and play its role in tackling the nature and climate crisis. Yet for all its benefits, less than 5% of the UK'S farmed area includes agrofore5try Systems (excluding wood pasture and boundary hed8esl. Over the last decade, we've been raising awareness and understanding of agroforestry and supporting farmers to implement it throu8h our Trees for your Farm programme Inow funded by Sainsbury'sl. SO far. we've helped 265 famis throughout the UK to integrate agroforestry into their land. and our work has caught the eye of the Government too. We were delighted when, in January 2024, Defra announced they would be supporting agroforestry within the new Environmental Land Management scheme IELMI, having rejected it 10 years ago. However, there is Still work to be done. We know from experience that many farmers remain untsmiliar with agroforestry and the benefits it can bring to their farms. and that without good quality advice and training, agroforestry won't be successfully implemented at scale. We are (lelighted to be leading a 2- vear Defra-funded project to test different types of advice and guidance for agrofore5try to help ensure the newly announced agroforestry options in the government's ELM scheme are utilised effectively. As we start to plan a second Agroforestry Show ft)r September 2025 and continue to advocate for well- designed and supported farmin8 and fO￿Stry policies, we believe that widescale uptake of agroforestry within the next decade is realistic. Thi5 will play an important role in creating a resilient and healthy countryside for the people and nature that depend on it. Youth engagement IMEETS STRATEGIC GOAL INSPIRQ Over the past year we have stepped up our efforts to engage with young people, Creating more opportunities for them to support our cause. This intludes= the Young People's Forest- a 162-hectare woodland creation project in Derbyshi￿ led by. and for. voung people and their local community the Igniting Innovation challenge fund- a nature conservation challenge inviting individuals or small groups aged 16-25 to share their brightest idea5 for a healthier planet, with funding for the winner to bring their project to life our schools programme and local activities. Through this work we have been inspiring more youn8 people to take part in attivities. volunteer, gain qualifications and support our cause. The scale of our programme5 varies, with some offering long-term, one-to-one support and others engaging with Schools or community groups on a larger scale with one- off opportunities. This has been possible due to the continuin8 SUPPQrt of the Pears Foundation. Youth council Our national youth council, established in spring 2023, has already seen Suc￿55. The group is contributing to projects such as our general election policy work and the next Stote of wood5 ond tree5 report and is feeding back on our diversity and inclusion plans. The group has also represented the Woodland Trust at events as speakers, including in parliament and at the Senedd in Wales. Staff are Seeing the benefits of involving young people's perspectives in their work.

Building suprrt)rt Youth employment A key focus for this year has been youth employment and career support. offerin8 potentially life changing opportunities to help young people into the sector whilst also addressing skills gaps in the organisation and training the workforce of the future. We have been successful in securing funded placements to support young people into careers at the Woodland Trust. We have also trialled new recruitment practises in collaboration with the resourcing team. including running an assessment dav for a role at Hainault and accepting video applications for supporter services apprentice5hip5. Highlights include: recruiting for four nine-month placements through the Year of Seryice scheme la part-funded employment scheme for young people. run by the National Citizen Service) securing three placements as part of the Defra funded Species Survival Fund (aimed at managing and restoring over 580 ha of Atlantic Forestl, due to be recruited in autumn 2024 facilitating one fully funded internship in Scotland 5UPPOrting five work experience students {including two unNersity students) at our Young People's Forest helping two young peopbe from the Igniting Innovation conservation challenEe secure employment at the Trust. Rhea. who joined us on a social media assistant placement, reflect5: "I've been very happy lat the Trustl and the placement has given me a ton of opportunities I would not otherwise have had." Alongside these opportunities to gain skills and experien¢e, we have also developed schemes to support young people in their career ambitions through mentoring and careers coaching. We have established a retiprocal mentoring scheme. matching ei8ht young people with eight senior or executNe leaders in the organisation, to help them gain insight into the conservation sector, work toward5 personal and professional goals and build on soft ski115 like confidence and networking. This scheme will also help our leaders develop their own skills and broaden their perspectives. Raising our profile IMEETS STRATEGIC GOAL INSPIRE) The work above is all strenBthened by having a clear and en8aging brand. In 2023124 we continued to build support through our refreshed brand proposition. We ran an awareness campaign between January and March 2024. using our revised brand look and feel to encourage the public green audiente to consider the value of trees and woods in climate mitigation. The messaging was to encourage them to plant more trees, and our ask of thern wa5 tQ sign up for our e-newsletter or to visit our online tree shop. Our key focus was to widen our message to as many people as we could reach. To do this. we v5ed an integrated advertising campaign combined with our own social media and PR activity. Our advertising comprised outdoor poster sites in key cities across the UK, supported with a television advertisement on ITVX as well as some radio advertising. To compliment this, we ran digital advertisin8 on various locations. including Facebook. supported by a series of sporssored podcasts, most notably with actor and comedian, Adam Buxton. For our PR angle we developed a survey targeted at GPS to gauge their opinion on how boosting nature could ease pressure on the NHS. The results generated 2TrJ articles With a reach of 41 million people. ZOIThe Woodland Trusi

Bu11dlng support The campaign saw strong impacts across the board. significantly shifting key perceptions of the or8anisation. It drove a 7% uplift in unprompted awareness amongst 18-34-year-olds, a5 well a5 an Il% increase in intention to donate amongst our wider green audience. During the campaign we saw awareness levels of the Woodland Trust from all adults rise from 73% to 77%, with 55% L)f those remembering seeing the campaign. Our own social medka outperfomied its targets too, with more than 42,000 en8a8ements against a 10,CW target.

Enabllng Enabling Our strategic aim Scaling up and optimising our resources for the benefit of woods and trees. Growing expertise After a period of growth, our capacity remains stable at 575 staff (543 FTE) and 3,965 individual volunteers. During the year, we continued to invest in the skills and knowledge of our staff and partners to better deliver and increase the impact of our work for people and nature. We see huge passion and commitment from our people and thank each of them for everything they do for our cause. Research (MEETS STRATEGIC GOALS PROTECT. RESTORE. CREA TE, INSPIRE. ENABLQ During 2023124 we commissioned the UK Centre for Ecology and Hydrology IUKCEHI to complete the analysis and final report on a 50-year datsset of ecological surveys. This built on work started in 2019, when we Suc￿55fUllY secured funding from a successful public appeal, Defra, the Welsh Government, Natural England, players of People's Postcode Lottery. the David Family Foundation and a number of srnall contributions from charitable trusts to undertake a repeat of the Bunce Survey. The survey is named after the late Professor Robert Bunce. who designed the s￿￿eY method and technique for selecting a representative sample of woods acr055 Great Britain. The suNey was initially undertaken In 1971, then between 2CX)0-21M)3 (the 21XII surveyl-, so a re-survey in 2020-22 represented a third time point and 3 50-year time series. The survey was overseen by a steering group of representatives from the funders as well as the National Trust, Natural Resources Wale5. Forestry Commission. Forestry and Land Scotland and Natu￿Scot. Findings from the report include evidence that= the number of plants on the forest floor has declined over the last 50 years climate change is impartir% a proportbon of different species in our woods. such a5 holly and ivy around half of woods with ash trees in them are èfferted by ash dieback woods are suffering from reduced management over time treating a diverse woodland structure can increase species richne55. 211The Woodland Trus¢

Enablin£ This dataset provldes a valuable resource for investl8atin8 change in woodland composition and structure and the potential drivers during a period of unprecedented environmental change. We will be using the fatts and statistics from this dataset for years to come to underpin our policy advocacy, campaigning and messaging to a range of audiences, inspiring change with compelling stories. Not to mention turning the evidence into attion by influencing our woodland management 8uidance and advice. The final report IFifty yeor5 of change t7cross British broodleoved woodland5.' A resurvey and onalysis of the '8unce' sites 1971-2001-20211 will be published in August 2024 and will become a key dataset for the next iteration of our Stote of Woods ond Trees report. Training IMEETS STRATEGIC GOALS CREA TE, INSPIRE. ENABLE) In 2023 we launched a conservation training programme focused on addressing the learning needs of our outreach advisors and site managers, and those of c195e partner orgonisations. The aim was to successfully embed our evidence-based guidance and best practice approaches within the sector by.. distribuling 150 printed sets of our site assessment handbook, summary woodland creation guide and tree species handbook to offices and organi5ations across the UK organising 12 localised. regional events- strengthening partnerships as we facilitate networkin8 and knowledge sharing within landscapes encouragin8 the sertor to recognise the different staBes of woodland creation and restoration as distinct and important complementing our own expertise and event activity structure with extemal specialist speakers. to explore topics of interest which can be changed to address a sectorfs ever-evolving learning need incorporating a purposeful mixture of activities across an event. including presentations, group work, field work and the development of prartical skills essential to woodland creation and restoration roles. These training events and supporting learning resources provide an opportunity and space for colleagues to engage with practitioners in their region or country. exchange knowledge, inspire each other and take on new skills. Through these training opportunities, we are enobling the sector to create and restore quality native woodland to benefit nature. climate and people into the future, whilst partnering in our efforts to work to best prartice. We met with more than 230 colleaguès for face-to-face training events across the UK from June 2023 to May 2024. Many of these were Woodland Trust and National Trust colleagues, with 40 other partners also giving up their valuable time to join us. A key aspert of our success was the use of pre-event survey5 to assess our attendee'5 confidence levels against our learning objectives for each event. This meant we could highlight Possible group leads and inform the make.up of smaller attivity groups to ensure that knowledge and experience was distributed equally. By conducting these surveys again after the event. we found an average increase of 2.24 in confidence level ratings from one Ino confidence) to fNe (high confidence) across the different learning objectives tested. This was supported by the qualitative feedback we received from our attendee5 around the positive impact of site survey practice, real world site visits, practical on the ground investigation, group activities, mapping out, and access to experien￿ in the room. 231The Woodland Trvst

Enabling To create and restore woods and trees that thrive for people and nature. we need to continue to value thorough and robust surveys and assessment5 and enable colleagues to readily identify and assess remnants of priority habitats and features of the landscape. We need to factor in structural complexity from the beginning, compliment the landscape contexi and colkiborate across regions. countries and catchments. Training is a wonderful tool to support the work of our colleagues. By providing regular opportunities for them to increase their confidence leve15 in skills essential to their roles, they will feel valued, be advocates for our evidence-based approach and increase partner support for our cause. Our commitment to diversity and inclusion IMEETS STRATEGIC GOALS INSPIRE. ENABLE. TRANSFORMI We believe that everyone deserve5 to have their lives enr￿hed by trees. By that we mean equal protection from climate change- equal air. water and soil quality: and equal opportunity to feel the benefits of trees to our minds, bodies and spirits. Currently, this is not the case. Who we are and where we live can determine how much we access. enjoy and benefit from woods and trees. We also believe that the demographics and decision making in our organisation should reflect all voice5 within our communities. Only then can we create a welcoming and inclusive environment that attracts more diverse range of talent. nurtures the expertise of our staff and volunteers, and is better placed to serve the people most in need of woods and trees. Research has consistently shown that diversity and inclu5i0n is a key driver of or8anisational profitability and produrtivity. Organisations with Ereater than average diversity and inclusive cultures outperform less diverse and inclusive ones, even within the same sector. The reasons for this have been put down to Breater innovation and creativity and less'8roup think, in decision makin& as well as being better able to understand and reflect diverse customer needs. To help us achieve our vision of a world where woods and trees thrNe for people and nature we have commilted to, and started working on. actions to improve diversity and inclusion in four priority areas: (leveloping inclusive leadership building an inclusive culture becoming more representative bringing woods and trees to all. Income Our income streams are diverse, some targeting specific pieces of work and others supporting the general ongoing costs of slte management, influencing and campaigning, and business operations. Funding rainforest5 IMEETS STRATEGIC GOALS PROTEcf. RESTORE. IAISPIRE. ENABLE) We have led two partnership bids that have. this year, secured more than £3 million worth of investment into the UK'S intemationally important rainforests. Temperate rainforest is even scarcer than tropical rainforest and is home to some of the world's rarest 241The Woodland Tru5f

Enabllng bryophytes and lichens, but it has been overlooked for decade5. Now, only 30.OCrf) hectares remain in Scotland, and mere fra8ments cling on in Cumbria and Devon in England and in EryTi National Park in Wales. These remaining fragments are themsefves highly threatened by invasive species. high herbivore levels. climate change and tree disease. Our aim is to act now to protert and restore all existing rainforest, an ambitious vision that will ￿qu¢re many partners to work together at scale over a long period of time. In 2017. we established The Alliance for Scotland's Rainforest IASRI- a partnership of 25 organisations committed to protecting and restoring this precious habitat. Now, the National Lottery Heritage Fund has awarded more than £680,000 to develop the ASR'S programme of work to build the skills, awareness and capacity to bring about landscape-scale rainforest restoration acr055 the West Coast of Scotland. A further E6 million of funding is eamarked fi)r 18 months. time to put these plans into artion. Our experience and research have shown that. as well a5 the financial investment needed for restoration, significant barriers alx) arise from lack of awareness, skills and capacity to deliver in remote areas. Our programme in Scotland will devise and deliver rainforest action, rainforest futures and rainforest connections- projects that will arm young people, volunteers and local busine55e5 Wlth the training and opportunitie5 to overcome these barriers and take the artions needed. In England. we succe55ful￿ bid for £2.9 million from Defra to run an intensive two-year restoratlon and trainin8 pro8ramme for rainforest in England. Working in partnership with Plantlife. we will survey the rainforesi habitat io assess the populations of internationally important lichens, bryophytes and indicator species. Conservation V￿rk on the ground will sustain these precious refu8ia and help us monitor their resilience to climate change into the future. This investment will support youth placements and training for local contractors. landowners and volunteers to embed this rainforest protection into the local economy. Raising awareness of rainforest in the UK is vital if it is to have a future. In Wales we have launched a virtual 360 interactive tour of our Coed Felynrhyd and Uennyrch woodlands to allow more people to experience the sights. sounds and magic of this historic landscape. Cornerstone funding from the National lottery Heritage Fund. Defra and the Welsh Government has set us off on this ambitious programme. It has been matched- in part- by generous donations from our member5. SUPPOrters, charitable trusts and corporate partner5. We will continue to build and depend on that broad base of fundin& just a5 we will build and depend on the partners we work with. Thanklng our supporters (MEETS STRATEGIC GOALS ENABLE, INSPIRQ Our sUPPOrters are the lifeblood of the Woodland Trust. Without them, we simply couldn't do what we do. With our supporters behind us we are stronger in terms of policy and influence. The Trust is working hard to shape decisions from a supporter perspectNe. and it is important for us to make space to hear what our supporters are feeling and Saying about us. so we can respond and adjust appropriately. We wholeheartedlythankyou, our 5UPPOrters, for everythingyou do to support our work, in whatever way you do it. Our supporter promise underlines this. as does our approach to ethical fundraising Isee page 261. Together. we can make the voice for woods and trees grow 5tron8er. 2SIThe Woodland Trusr

FUndraI￿n8 Fundraising Our approach to ethical fundraising We're a member of the Chartered Institute of Fundraising and the Direct Mat*eting Association and are registered with the Fundraising Regulator. Alongside our own high standards, we follow their codes of practice to ensure that our supporters have the best Possible experience. Fundraisin8 is carried out by our staff with help from external fundraising partners. We use third-party fundraisers to help us ralse awareness of the Trust and encourage people to becoffle members to support the long-term financial 5UStainability of woods and trees. We have worked with one face-to- face recruiting company for a number of years, with the relationship growing stronger over time. We regularly deliver trainin8 sessions to their team to make sure they have a clear understanding of our aims and vision, 50 they can inspire potential supporters more effeCtiVe￿- To protect and maintain the h￿h standards that we and the public expect. we make sure that professional fundraisers receive appropriate training and adhere to our policies and practice5, With particular attention paid to vulnerable people. To check that these standards are being rigorously maintained, we regularly monitor the quality of outbound telephone marketing calls and conduct mystery shopping with our face-to-face fundraisers. Total number of 4C Icomments, complaints, compliment5 and criticisms) recorded events for 23124 was 35.834 of which 57711.61%) related to complaints received. All Woodland Trust Staff. as well as the staff of our fundraising partners, have received training on the implications of the General Dats Protertion Regulations IGDPRI which came into force in 2018. We also fully comply with all current regulations and guidelines. underpinned by the promise we make to our supporters, as outlined below. Our supporter promises We promise to be honest and transparent aFM)ut where your money goes and why we ask for donations. We will show you what a differenceyou are making. We will protert your data We take our obligations to look after your data very seriously and will never sell your data to third-party organisation5. We will contact you via methods you have 8Nen permission for us to use and, if you wish to change the way we contact you or opt out of future communications, you can either contact our supporter 5ervice5 response team at any time or 80 to the emissions ortal. We are respectful We will not put undue pressure on you to make a gift. and if you do not wish to donate. we will respect your decision. We are accountable We do all we can to ensure fundraisers. volunteers and third-party agencies working with us comply with all fundraising regulations and this sUPPOrter promise. Where we work with third-party agencies, 2éIThe Woodland Trust

Fundralslng we will ensure training is provided and will monitor their work. We will act quickly if they do not meet the high standards we set. We keep In touch We will always provide easy ways for you to contart us. and our 5UPPOrter services response team 15 on hand to answer any queries you may have. If you are unhappy with anything we've done, you can contact us using our complaints policy. If we make a mistake, we will apologise and do all we can to put things right. and if we cannot resofve your complaint. we accept the authority of the Fundraising Regulator and the Charity Commission to make a final adjudication. 271The Woodland Trust

Oursustainatle approach Our sustainable approach Introduction This year ha5 been one of transition, with our focus shifting from the development and endorsement of our sustainability strategy towards progressing impactful actions and projects. We've also been evolving our thinking on how this responsibility framework shapes our 2030 vision for a more sustainable Woodland Trust. In this report we include some of the sustainabiltty pro8￿$5 we've made acros5 our four key environmental themes- climate action, resource use. resilient environments and living systems- rep￿SentatiVe of where we see our greatest impact and most potential to influence both now and over the longer-terni period of the strate8y. Our approach remains evidence led across all themes, making the best use of available data. benchmarking and standards. including inputs from our peer and partner organi5ations. Climate action Climate change remains at the forefront of our sustainability thinkin& with impatts in the last year being very apparent yet remaining unpredictable. These imparts, alonB5ide those from biodiversity loss itself, continue to be one of the largest single threats not just to our woods and trees, but our ecosystems, economies and society globally. Our response is shaped by action to both mitigate impact and create resilience, with a consideration of both at local, organisational, landscape and global scale. The climate action theme captures our mitigation efforts, which are centred around the ￿ed for all organisations to take an abatement-first approach to reducing emissions from fossil fuels. Carbon emisslons Our total Scope l and 2 carbon emissions las well as partial scope 3 business travel emissions for employee owned and hire vehicles) for 2023124. calculated in accordance with the GHG Protocol and in alignment with the Streamlined Ener8y and Carbon Reporting Guidance 2019, were 390 tonnes C02e. This reduction in direct emission5 represents a return to a downward trend and represents significant 211The Woodland Trust

Our sustalnable approach progress when compared to our pre-pandemic working, when we were a much smaller organisation but with a much bigger footprint Icirca 700 tonnes CO in 20191201. June 202>May 2024 June 2022-May 2023 {restatedl' Scope l and 2 emi551on5 Emissions source Vehlcle use (miles) Gas {kWh) Electrlclty (kwh) Refri6erants {kgl Total consumption 1,518.007 97,585 252.077 li tonnes CO 287.6 17.8 67.0 17.9 consumptlon 1.747.158 70.020 328.(K)5 tonnes Cole 348.9. 12.6 84.9. 390.3 543 557. Intensity ratio tonnes C02e per average FTE 2022123 figures restated based on updated methodology 0.72 0.80. Vehlcle use Our total vehicle emissions in 2023124 were 288 tonnes C02e, a 17% improvement on the previous year. Thi5 reflects a reduction in miles travelled but also the impact of our investment in the continued electrification of our fleet. with 30 electric vehicles {EVsl added in the year to bring the total up to 40. We're continuing to look for opportunities to further decarboni5e our fleet in 2024125, particularly as national charging infrastructure develops. although safe provision in some of the more remote areas where we work will remain a challenge. Ener8y Gas consumption has risen slightly Iby 5 tonnes C02el from that reported last year. a change p055ibly driven by colder air temperatures in Grantham and more people returninE to head office post pandemic. Electricity use has fallen 05 a result of careful monitoring and efforts to minimise use, Including the installation of LED lightin8 and de-commissioning of redundant seNer systems. To reduce emissions further, we must invest in electrifying our heating 5Y5tem at head office. We're examining options to achieve this in a cost-effective manner, driven by the findings of an energy audit conducted in accordance with the requirements of the Energy Savings Opportunity Scheme- a mandatory energy assessment scheme. administered by the Environment A8ency, for organisations in the UK that meet the quallficatlon criteria. The electricity supplied to our sites is ICM)% renewable and secured directly by our provider via power purchase agreements direct with renewable generators. Our Eas supply contract is also 100% bi08as, which has a much smaller carbon footprint than conventlonal natural gas. In our reportin& however. we apply standard emissions factors for both. Carl)on Intenslty ratlo The intensity ratio of tonnes C02e from vehicle use and energy consumption per staff full-time equivalent (FTEI was 0.72 tonnes C02e per FfE, a IO% improvement in carbon intensity ratio cornpa￿d to the previou5 year. and a 35% improvement on pre-pandemic levels. As our FTE has remained broadly comparable, this reflects the impact of our interventions to reduce emissions. 191The Woodland Trusi

Our susrainable approach Additional carbon reporting-a revised estimate forthe 2021122 baseline year In last yearfs annual report and accounts. we presented the initial findinEs from our work to understand the broader carbon impacts of our actNities, using 2021122 as a baseline year. including an initial assessment of the Trust's scope 3 emissions. This year, we've expanded this work to create a full baseline across the three emissions scope5. In future years, we also hope that expanding our baseline to include the scope 3 emissions will ollow us to compare our total emissions across multiple years. Whi15t we recognise that this process will take time and subject to further review. the below table represents the starting point for tracking our emissions from our baseline year across all three scopes. Furthermore, our additional carbon reporting now also includes an assessment of our emssions as50Clated with land use on our estate. This includes the emissions associated with third-party-owned livestock which graze our land, either through farming tenancy agreements or where animals are brought onto land as part of our management plans to assist conservation and biodiversity goals. We've also assessed the emissions associated with degraded peatlands which exist on parts of our upland estate. Whilst acquiring degraded areas of peatland increases our stated carbon footprint in the shorter temi, we see this as an opportunity to restore one of our most valuable ecosystems- transforming what might otherwise remain degraded pea￿and$ from emissions source5 to future active carbon sinks. SCOPE cAvE￿Ry ICO2e 269 OJY• 9,198 134 tCO2e 421 174 40.1 Scope 1-3 orgonisationul emission5for the b175eline yeor 2021-22. JOIThe Woodland Trusr

Our sustainable approach SECR Scope GHG protocol cate80ry reported category Gas 2021122 2022123 2023124 Fuels 22.5 12.6 17.8 Fleet Vehicle use 269.1 180.6. 192.5 Refrigerants Electricity Fuel and energy related activities Waste Refrigerants Electricity 17.9 66.1 84.9 67.0 134.3 132.1 102.9 Water Busine55 travel- employee-owned vehicles and hire vehicles Vehicle use 42.6 168.3 95.1 Busine55 travel- other business travel 131.2 Employee commuting Purchased goods and services Investments 104.9 8.(XJ3 6,904.1 Home working Cloud computing Use of sold product5 Itimberl 2022/23fiqures restoted based on updated methodohgy 420.7 Carbon removals A key focus area this year has been our first clear. structured estimate of the current and future carbon sequestration and storage value of our estate, underpinning previous assumptions with key field data on tree aBe, species and yield class from our sites. The results of this assessment are presented in the dia8ram below, illustrating that our sites sequestered an estimated 189.650 tonnes of CO2 in the 2021122 baseline year and that our land acts as a carbon store totallin8 8 million tonnes C02. This demonstrates the scale of climate benefit we can expect from our woodland creation, restoration and protertion activities, forming a key component of our contribution to the UK's commitment to net zero. One of our key achievements in 2023124 was the use of GIS data from our estate to create an interactive mapping tool, highlightin8 the past and future sequestration of any woodland in our portfolio. This figure doesn't include the carbon sequestration associated with woodland creation for whith carbon units are generated and sold under the Woodland Carbon Code. Following standard greenhouse gas protocols, we recognise that these units contribute to the net zero ambrtions of our carbon partners and must therefore not be double counted in our own footprint. It should be noted that emissions associated V￿th purchased goods and services have been estimated using spend-based analysi5. assi8nin8 a recogni5ed carbon intensity factor to procurement spend depending on the type of good or service involved. A key element of our decarbonisation planning is to gradually replace this approach, starting with our key 5upplier5 and areas of most impact. with actual energy use data collected by suppliers. Over time. this will allow us to present a more robust scope 3 footprint and reflect the decarbonisation achievements of our suppty partners.

Our sustainable approach W O O D L A M fr o o A * Y 011. LA 110 I s s i o N s E ¥ I S S l O 11 s 126.100 vVICC"I CARION 29OTonnM 70TofftnM foDnw i•*ASOT4xm 1.360T¢)nn•s MET ExisnNG CARBON EXISTING CARION ST¢)RAGt ST¢)UGE 161710ToNn•¥ 19x1 Torth•s 8aseline carbon balonce including land ond non-lond emissions 05 well as removols. What's next? We recognise that establishing an accurate emissions baseline is only the start of our decarbonisation journey. That's why we've undertaken further work this year to model various emissions reduction scenarios that can help u5 reath net zero. A major component of our work in the upcoming year will therefore be to understand the resource requirements associated with eath scenario, to detem)ine the most appropriate way forward for the Trust. We will a150'. continue our direct action to reduce emissions in scopes l and 2, remainin8 focused on the electrification of our vehicle fleet and improvements to our head office expand our carbon reduction action into scope 3 with a clear focus on the emissions a550ciated with procured products and seNices. We'll work with key suppliers- 5tartin8 Wlth our tree suppliers- on their own net zero action planning continue to refine our carbon modellin8 to ensure we have the most robust estimates available to support the positive climate story behind our woodland creation. restoration and protection activity further explore how we might estimate and reF)Ort on carbon removals and emissions from a wider range of habitat type5 acr055 oul estate. as well as the wider implicatKJns of timber products harvested from our estate continually improve the quality and completeness of our data and review our data collection systems. our frequency of reporting and our processe5 to better measure and rewrt our perfomiance in future years. 321The Woodland Trust

OUT SUStaIna￿e approach Resilient environments As well as focusing on our mvtigation response to the causes of climate chan8e, we need to take prescient approach to the impacts of a changin8 climate. Whilst remaining unpre(lictable in both scale and re8ional variation. these changes represent a future risk to our ability to delNer our work, but also directly to the health and biodiversity of our estate and outreach woodlands. In this context, sustainable woodland creation. restoration and protection can only be achieved with climate resilience and adaptation built into our FKJlicies and management planning. We've already begun to adapt. In 2018 a major fire damaged a third of our Smithills Estate. Since then. we've greatly enhanced our fire alert systems and delNered comprehensive training for our staff to aid any response to future incidents. Our site and estate managers are also building resilience into their management plans at various scale5. Perhaps the most $18nificant of these interventions is our effort to re-naturalise the capacity of our sites to temporarily store and slow the flow of water through catchments. We've employed thi5 approach at various sites including those in the Avon Valley in Devon Isee below), Brynau Farm in Neath. Smithills Estate in Bolton and the Faughan Valley in County Derry. These projects offer a level of either current or future flood protection for local communities, increasing their ￿5111enCe to climate change. In 2023124 we also formulated our first climate change risk register, bringing together teams from across the Trust to explore the key risks clirnate change presents to our estate, people, ways of working, financial security and advocary message. We assessed these risks to understand the potential likelihood and severity, together with our current level of adaptation response. Our task for 2024125 15 to understand where we have Eaps in our approach and establish a system for monitoring our evolving resilience. We'll also explore the potential to map this information in a similar way to our interactive carbon mapping tool. Avon Valley: wet woodland and natural flood management Aveton Wood is an area of Plantation on Ancient Woodland Sites IPAWSI restoration lying on the western bank of the Avon Valley. directly opposite Bedlime Wood. the Trust's first ever acquisition in 1972. The site hosts a tributary of the River Avon, a once heavily incised stream with little water retention, a history of vegetation removal and significant phosphate pollution. A5 part of our efforts to increase the amount and resilience of UK temperate rainforest habitat, we've used fallen timber and planted willow to create natural flood mitigations in the fomi of leaky dams. The effect of these structures in just a short space of time has been remarkable. Despite bein8 only one metre across, the dams have increased the stream'5 footprint to 10-metres in width, greatly increasing the amount of wetted 5011 and local humidity and allowing the land to act as a temperature regulation sink, ideal for maintaining rainforest even during summer drought periods. We can already see a positive impact on local biodNersity, with a study showing the presence of 40 dormice likely attracted by the cooler, rewetted areas. which a150 provide ideal habitat for barbastelle bats. The dams also enhance natural attenuation of phosphate and sediment which would otherwise rapidty be105t into the Avon. impacting the valuable sea8rass habitats of the main river estuary. While this work is currently on a relativety small scale. our ambition is growing. This is thank5 in large part to the work of our local volunteer team, who are helping to implement similar interventions to rewet paleo-channels and restore the natural floodplain in Watkins Wood, which hosts a lar8er tributary of the Avon called Tor Brook. Our volunteer5 are also helping us monitor the irnpacts of our work via the River Guardian project run by the West Country Rivers Trust, with the team logging river health indicators including phosphate levels, suspended solids. turbidity, temperature and the presence of ecological condition invertebrate marker specie5. We are also helping to co-ordinate similar efforts amonE other local landowners to create meaningful landscape-s¢ale resilience for the future.

Our sustainable approach Resource use Plastlc We recognise that the proliferation of plastic waste at macro, micro. and nanD levels represents a serious and growing threat to ecosystems and living organi5m5, including humans. Microplastics have been found in almost every enwronment researchers have examined, a5 well as in living t155ue. This is why we remain steadfast in our commitment to maintsin our ambitlOU5 levels of woodland ¢￿atIOn on our estate without the use of plastic tree guards, expanding this commitment in 2023124 to include all form5 of tree protection, such as the smaller vole shrub and hedge guards. The tree protection market has responded to the challenge with a range of plastic-free alternatives. Learning from the past is key* however, and we're taking a cautiQU5 approach to these largefy bKJplastic products. using them only where nece55ary and monitoring performance carefully, whilst seeking further progres5 from manufarturer5. We believe tree protection products should be demonstrably biodegradable. with zero ecotoxic impacts in the soil environment and ideally in freshwater and marine environments too. We're now looking for manufacturer5 to achieve appropriate certification, such as the Europe-wide recognised TUV Austria 'OK' set of standards for biodegradation in a variety of environments. or ISO 17556. which confirms biodegradability in soil. Further to our advocacy in this arena, we directty support innovation via our relationship with University Colle8e London. In 2024125 we're proposing a study to examine the real-world biodegradability of plastic-free tree protection products, as well as some of the bioplastic polymers themselves. We'll utllise our estate's diverse Soil types, tlimatic conditions and woodland management techniques to truly understand which produrt5 might frt our exacting requirements for long term, 5UStainèble use. We believe thot the image of woodland creation should not be one of massed ranks of tree tubes, and much of our current woodland creation makes no use of these at all. Fantastic results can be achieved by simply plantin8 more trees or allowing natural regeneration to take place from local seed sources. These approaches accepi a certain level of herbivore browsing, but the result can be a more diverse mosaic of habitat. something very evident at Wentwood in Monmouthshire- part of the largest block of ancient woodland in Wales. Here, together with fencing to exclude herbivores from particular￿ sensitive areas, we're carefully assessing these methods a5 Part of the restoration of the wood. At Snaizeholme, our flagship site in the Yorkshire Dales, 3CX),OlXJ trees were planted this season without a single plastic tree guard. using screefing150iI mounds which deter voles) and careful deer and sheep management. We're also trialllng herbivore deterrents at Ledmore and Migdale in Easter R055. At 700 hectares. it's one of our lar8est sites, but is under significant pressure from browsing by several deer species. We're now testing a product made from emulsified sheep fat which emits a harmle55 smell and taste which deters deer. Wider-scale deer management will be key to our progress in Scotland, and we have worked hard in 2023124 to partner with likeminded, progressive landowners as we try to take this forward. Away from our estate. 2023124 was the first full year in which SCI￿1$ and communities applying for free tree packs were sent updated Ruidance on how to plant and care for their trees. rather than being sent plastic protertion as Standard. a move that has been well received. We also continue to use our outreach work (such as our MOREwoods initiative) to trial plastic-free approaches and inspire other groups and landowners to join our mission to change the way V￿ view plastic use. Waste Actlve recycling is in place at our offices, including our head office in Grnntham. We recycle the majority of our head office waste. segregating across eight different waste streams, with anything that absolutely annot be recycled Ifor example. paper hand towels, tissues and soiled food patkagingl going to energy recovery. In 2022123 we achieved a 99% diversion-from-landfill rate from our office locations. 341The Woodland TruSE

Our sustalnable approach Water Ourwater use dropped by 5% in 2023124. consuming 1.012 m compared with 1.069 m in 2022123. Whilst our previous materiality analysis shows that the Trust's environmental impact through water consumption is minimal, we continue to tske steps to use water as efficiently as possible. Living systems Peat Peatlands are one of the most carbon-rich ecosystems on the planet. In a healthy, natural condition, they have a crucial net cooling effect on the climate, represent an IMF￿rtant water retention buffer to reduce flood risk, and support a wealth of unique biodiversity- When degraded and erodin& peatlands not only lose these benefits but can be an active Source of cartrM)n emissions. Our commitment to eliminating peat use from our tree growing purchases is crucial and, in 2023124, 98% of 5.7 million trees were delivered using peat-free growing media. A5 coritracts come up for review or renewal, we ensure thevre specified peat-free and therefore fulty anticipate that all trees purchased in 2024125 will be grown peat-free. Further to this, we're committed to ensuring a fully peat-free supply chain (for example, in the chitting of seeds) and are actively promoting peat-reduction strategies to a broader ranBe of nurseries as part of the UK and Ireland sourced and Grown IUKISGI a55vrance standard we operate and promote. Whilst we remain firmty a woodland-orientated organisation. where we do acquire degraded peatlands. we commit to both transparenry in reporting but also in reversing the trends caused by historic drainin8 and land use, seeking to restore our peatland5 to their natural potential. Peatland restoration has been part of our work to transforni Glen Finglas. our largest site. with l(Ki hertares under restoration at present and plans to restore a further 134 hectare5. We're also plannin8 to restore peatlonds as part of an integrated moorland management approach on our Smithills and Snaizeholme sites and are excited about reporting progress in future annual reports. Pestlcldes Across our estate, the Trust uses very little pesticide. having adopted a rninimal approach to usage. We undertake a full environmental and social risk assessment prior to Use and identify appropriate methods of non-chemical vegetation control wherever possible. We go beyond what is recogni5ed as best practice for the sector, adopting larger bl￿er zones between a spray area and public rights of way and closing areas to the public during any sprayin8 operations. By continuing to use these methods. our annual usage has remained low, with annual fluctuations depending on the condition of new land we acquire or where control has been identified as fequired due to external factors (for example, ingress into our site51. In 2023, glyphosate was used across 141 hectares of the estate. or less than 0.5% of the total estate area We used 255 lit￿S of glyphosate concentrate compared to 370 litres in 2022. a decrease of 31%. This represent5 the lowest annual use recorded since we started reporting our pesticide use in 2000. These figures compare to a high point of over 3,OCNJ litre5 Used in 2013. nearly 12 time5 the present usage. External certif ication We are the first large landowner to have received the intemationally recognised forest Sustainability standard of the Forest Stewardship Council IFSC•I for a continuous period over 20 years (Certificate number SA-FMICOC-001270. Licence code FSC-C0094061- Our compliance with the standard 15 re- verified each year through an independent audit.

Our sustslnable approach Looking forward In 2023124 we'll continue to develop all the work expk)red above. We'll maintain our commitments to both peat-free Browin8 and woodland creation without the impatt of plastic, we'll selert the most appropriate decarbonisation pathways and continue drawing the broad experience of our people into our climate resilience response. This work, underpinned by our sustainability strategy, will maintain our focus on developing and implementing the systems, processes. skills and understanding to help keep us on track. We'll also continue building environmental sustainability into decision-making processes and Systems whilst actively engagine with all our stakeholders, reporting transparently on our impacts, Sharing our expertise and lessons learned to inform policy and practice, and drawing on the learnings and best practice of others. 3O1The Woodland Trust

Governance Governance Structure The Woodland Trust is a charity registered with the Charity Commission in England and Wale5 Ino. 2943441. It is a company limited by guarantee Ino. 19828731 and doe5 not have a share capital. It has the consent of the Registrar of Companies to be exempt from the requirement to use the word 'Limited' in its name. The Woodland Trust is registered as a cross-border charity with the Office of the Scottish Charity Regulator Ino. SC0388851. The Trusys governing document is its Memorandum and Articles of Association. and this can be accessed via our website.. woodlandtrust.o -uk. The Trust ha5 two wholly owned trading subsidiaries: Woodland Trust IEnterprisesl Limited Icompanv no. 22966451 and Woodland Trust Farming Limited (company no. 63607911- The principal activities of Woodland Trust IEnterpri5esl Limited are sponsorship and commercial promotions in sUPPOrt of the Woodland Trust, and raffles and the sale of goods by mail and internet orders. Woodland Trust Fanning Limited undertakes farming on some sltes owned by the Woodland Trust. All profits are donated to the Trust. A summary of our tradin8 subsidiarles, results appears in note 18 on page 74. The trustees have taken account of the Charity Commission's general guidance on public benefit when settin8 our aims and objectives and in planning our future actNlties. In particular, the trustees consider how planned activities contribute to the aims and objectives they have set. The Board The trustees of the company. who are the charivs directors and members. form the Woodland Trusys Board, which is the organisation's ultimate goveming body. The trustees provide leadership and direction for the charitV* setting the vision, mission and strategy, which are delivered by the chief executive and their team. Tru5tee5 are recruited to provide the skills and experience required to govem the Trust. To ensure we attract suitably skilled candidates, vacancies are advertised and shortlisted applicants undergo a selection process. Recommendation5 for appointment are made by a selection panel chosen by the board affairs committee and ratified by the Board. Once appointed, each trustee is provided with an induction programme and trainin8 as appropriate. Trustees are regularly provided with internal and external information relevant to the Trust's governance and make visits to our properties and woods. A performance review of each trustee is carried out every year. Trustees are required to retire after four years but may offer themselves up for re-appointment for one further period of four years. The trustees are legally responsible for making sure that resources are used prudently and only in 5UPPQrt of our objectives, for stewardship of our assets, and for ensuring that the charity complies with all relevant legislation and re8ulation. The trustee board operates a conflicts of interest policy. A

Governance Declaration of Interest form is completed annually by tft￿eeS, senior management and fundraising staff. and new declarations are made and recorded at the start of every trustee committee meeting. The Board meets quarterly to consider strategic busine55 issues and is supported by three sub- committees. The board affairs committee promotes good governance and effective workin8 of the Board. The finance committee a55i5tS the Board in its duty to super¥ise the Trust's financial affairs. It also acts as an oudit committee. a risk committee and an investment commtttee. The remuneration committee has delegated power to approve annual salary reviews for the mana8ernent tearn - approving the individual pay and conditions and reviewing the performance of the chief executive and senior management team. It also detemiines the process for reviewing the pay and conditions of all other staff. The committee receives the staff representation group's annual report on behalf of the trustees and reviews the Tru5Ys gender pay gap reportin8 and remuneration statement. A scheme of delegation. which is reviewed annualty by the Board. sets out the delegated authority of the committee5 and the principal officers. The committees are chaired by trustees with a minimum of three trustee members. Committee meetings are also attended by relevant staff. Each committee has its decisions ratified by the Board where appropriate. The day-to-day management is delegated to the chief executive and the senior management team. Trustees, remuneration The trustees of the company, who comprise its Board. did not ￿Ceive any ￿muneratIon during the period. The Woodland Trust purchase5 indemnity insurance to protect it and its trustee5 and officers from losses arising from certain 'wrongful acts, by its trustees or officers, and to indemnify them against their legal liability arising from any claim against them. Professional advisers The Board is supported in its dutie5 by professional advisers. A list of the Trusys main professional advisers appears on page 78. Haysmacintyre LLP was reappointed as auditors at the Au8USt 2023 Finance Committee meeting. Members of the Board 2023-2024 Ichair) {retired 14 June 20241 Ichair) {appointed 14 June 20241 Barbara, Baroness Young of Okl Scone Tony Hall C8E, Lord Hall of Birkenhead Ily Benthall Andrew Bryant Fay Cooke Stephen Horley Julia Knights Briony Nesbitt James 08ifvie Mark Preston

Governance David Saddington Julia Smithies Amber Thiara Chrisostom05 Zi55iS Details of trustees. experience and skills can be found on our web tte. Employees and remuneration We have great ambitions for the delNery of our strategy and must recruit hiEh-calibre people to represent our interests. We reward staff fairly for the jobs they do and for fostering a posltive working environment, and we believe our salaries and employment terms ond conditions reflect this. We employ people based on the Specif￿ skills they bring to their role. For the Trust to run successfully. a large range of skills and disciplines is required. and we need to pay appropriately to ensure that we can recruit people with the right skills. We also need to retain skilled and expert stsff in specific functions. in a competitive market where skills are readily transferable to other organisations. We fimily believe in trying to retain staff for the long term, developing them and benefiting from their growing knowledge. This is in preference to the disruption and expense of recruitment, e5pecialty as many staff have detailed knowledge that is unique to them in the organisation and could not be quickly replaced. Our Salaries are set with this in mind. The executive leadership team requires a breadth and depth of expertise which involves drawing from the best senior-level talent in a competitive market. They need to be able to command the respect of their peers in the conservation and charity sector through their experience, knowledge and professional and personal credibility. At the same time. we seek to keep senior management salary costs at a proportionate ratio to other salaries in the organisation. Salaries for the senior management team- the chief executive and Six directors- are approved and reviewed annually by the Trust's remuneration committee. The senior management team as 0131 May 2024 comprised: Chief executive officer Darren Moorcroft Chief finante officer Alka Ahuja Abigail Bunker Pip Greensmith Director of conservation and external affairs Director of operations and people Director of brand and communications Ruth Hyde Karl Mitchell Director of fundraising and supporter development Dlrector of estate and woodland outreach Alistair Maltby Disclosure of inforniation to audltor The trustees who held office at the date of approval of the trustees, Annual Report confim7 that, so far s they are aware, there is no relevant audit information of which the companws auditor are unaware, and each trustee has taken all the 5tep5 they ought to take to make themselves aware of any relevant audwt information and to establish that the companls auditor is aware of that information. 391The Woodland Trusr

Governance Compliance with trustees dutles under SertSon 172(2) Companles Act 2(X)6 Trustees must act in the way they consider, in good faith. would be most likely to promote Woodland Trust'5 success to achieve its charitable purposes. The trustees. in doing so, delegate day to day management ond decision-making to the chief executive officer, who. with the executive leadership team, is required to act to further Woodland Trusys strategy arKI to ensure that the artNities are carr￿d out in compliance with agreed plans and policies. The trustees receive updates on Woodland Trust's performance and plans at each Board of Trustee meeting. In carrying out their duties, the trustees have regard lamongst other matters) to: The likely consequences of any decision in the Ion8 temi The organisation has shown resilience through the COVID-19 pandemic and has an ambitious strategy to 2030. Our strategy focuses on the role that trees and woods play in tackling the threats of climate change and nature loss. Our vision is delivered through our goals to protect. restore and create the UK'S woodland. The trustees review progress against the strategy on an annual basis in OctoberlNovember. Forecasts are reviewed by the trustees at each finance committee meeting and decisions which may impact the lon8er term are highlighted and referred to the full Board. The Interest of the charl￿5 employees The organisation has completed a full staff engagement survey in 2023. Staff fed back via our People Survey on a variety of areas including'our Organisational Nature., the Woodland Trust as an employer. wellbeing, and learning and development. The results and agreed actions arising have been communicated back to all team5. There will be a follow up pulse survey in 2024. The need to foster the charftvs buslne55 relation5hlps with suppllers. customers. and others Our network of partners and stakel)olders include5 k)cal organisations. local working groups, the Department for Environment Food & Rural Affairs (Defral. local authorities, corporate partner5, major donor5, charitable trusts, members, supporters. and volunteers. These partnerships are key to our work. Our values of Grow Together, Explore, Focus, and Make it Count. together with transparency and accountability, underpin our work with others. Our values govern our procurement process. and all our suppliers must comply with our code of conduct and principles of our procurement policv. The Impact of the charws operatlons on the communlty and the envlronment We have continued to invest and improve our safe8uardin8 to ensure that we better protect all those we work with. One of our trustees is specifically designated as the lead for safeguarding and has undertaken traininE on safeguarding. All staff are required to undertake safeguarding training available on our e-learning plarfomi. Woodland Trust continues to consider the impact of its work on the local environment and climate thange and reviews its business operations and travel policy with a view to reduce it5 carbon footprint. Details are provided in the section on Our Sustainable Approach. 4O1Th¢ Woodland Trvsr

Governance fvlaintalnlng a reputatlon for hlgh standards of buSIne￿ mndurt As we strive to achieve our strategic objectives, we lead by example and seek to demonstrate high standards of business conduct in all areas. Our Procurement and recruitment policies reflect our values and commitment to safe8uarding and high standards of conduct. Woodland Trust inducts new staff to enable a strong understandin8 of the organisation covering structure, policies. and procedures along Wlth expected conduct and other role-relevant information. Core policie5 that are fundamental to the work of Woodland Trust are shared with staff upon their joining. Managers are also introduced to people monagement policies. procedures, budgeting, and planning. We require all our partners. suppliers, and employees to adhere to our anti-bribery and anti-corruptlon poliry as well as our code of conduct which prohibit fraud and bribery. The need to art fairly between members of the charlty Woodland Trust is a charitable company limited by guarantee. incorporated under the name Woodland Trust. The charity'5 articles of a550ciation provide that its trustees (who are also the directors of Woodland Trust for the purposes of company lawl govern Woodland Trust through the Board of trustees. The trustees are re5pon5ible for overseeing the management of all the affairs of Woodland Trust and delegate day-to-day management of the organisation to the Chief Executive Officer. The Articles of Association provide for admitting members who make decisions ￿lating to things such as changing the charivs constitution, appointing and removing trustees, voting on resolution5 at the Annual General Meetings. Members, however, do not have responsibility for the management of the charity's day to day activities. A person becomes a Member upon becoming a trustee. Membership shall not be open to any person other than the trustees. A Member stops being a Member of the Trust if.. lal the Member dies,. or Ibl the Member ceases to be a trustee. Publlt Fundra151ng Woodland Trust works to build trust and public confidence in our organisation and is committed to fundraising best practice. We are re8lStered with the Fundraising Regulator, support the Code of Fundraising Practice and undertake publi¢ fundraising through our website. social media, newsletters and annual campaigns. We seek to raise both restricted income as well as unrestricted income, expendable at the discretion of the trustees within the overall aims of the chartty. Trustees, annual risk statement Robust risk management helps us make informed decisions and take calculated risks for the benefit of woods and trees. It allows u5 to anticipate and respond to challenges in our complex operating environment. A risk management policy has been agreed and implemented by the trustee5. Key risks are reviewed by the executive directors and received by the finance committee and Board. Mitigatin8 actions are assigned to individua15. These actions reduce the likelihood and/or impact of any detrimental events. The board of trustees ha5 reviewed the key risk5 for the Trust and is satisfied that the major risks have been identified, and processes for addressing them have been implemented. A formal review of risk

Goverfian¢e takes place annually. It is reco8nised that any control system can only provide reasonable, but not absolute assurance. that major risks have been adequately managed. Managing risk is integral to our strategic planning, evaluation and deci5ionqnakin8 processes. Identified risks are embedded in our strategic plan5 and our operational management practices. Principal risks and uncertainties during the 12-month period to 31 May 2024 The principal risks are those which. without effectprfe mitigation, would have a severe impact on our work. our reputation or our ability to achieve our ambition5. Due to the long-term nature of our work, we face a number of inherent Principal risks which are constant year on year. The board of trustees ha5 considered the impacts of the principal risks on the organisation's effectiveness in achieving its straiegic objectives and ambitions for woods and trees. The top four principal risks and their mitigations are summarised below. Flnancial sustainablllty While our finances are healthy. recent inflation and an uncertain extemal environment pose significant financial risks to the organisation and delivery of our ambitions. Our financial forecasts and triggers provide timely information, while our fundraising strategy covers a diverse range of funding sources, with ambition to grow our income. We are investing in new systems and increasing our ability to develop additional financial insight to improve our financial modelling and scenario planning. Both restricted and unrestricted operating income and expenditure as well as acquisitions and investments are budgeted prudentty and monitored to ensure an adequate level of free reserves. liquidity and financial viability. The finance committee provides ongoing scrutiny of our reserves, financial position and outlook. Competltlon for our agenda We welcome the high profile of climate contern and the rncreasingly wide range of organisations working to engage the public in combating climate change and protecting nature. In a crowded field, it is important that our voice and expertise are heard regardin8 the critical role that woods and trees can play and that we make sure we have the right trees in the ri8ht place for climate. people and nature. To achieve this, we maintain excellent netv￿rkS across the environmental sector. sharing our specialist knowledge and buildinE our brand and profile through tools like Tree Equity Score UK1see page 161, our UKISG assurance scheme for trees, and reports like the Stote of wood5 and trees and Trees OfFd woods.. ot the heort of noture recovery Isee page 141. We carefully consider when and how best to work with others to further our shared cause and maximise our joint impact. and when and how to address others. poorly infomied initiatives that might be detrimental to trees and nature. Fallure of a malor project or pro8ramme Large scale cross-O￿an1S3t10nal projetts and programmes are inherently risky financially and, potentially. repLrtationally. However, Sarge complex projects and pro8rammes such as the Northern Forest lin which Snaizeholme 15 situated (see paBe 1311 or a new sUPPQrter database are necessary if we are to deliver the scale of our ambitions. 421The Woodland Trust

Governance To maximise our chances of Success. V￿ only undertake major projects and programmes after careful consideration and put expert account andlor project management in place with dedicated resources, appropriate governance structures. regular monitoring and senior level oversight. Cyber securlty Cyber-attsck5 are an everyday Occurren￿ across all sectors and are inherent in our use of techno108y. We cannot eliminate the risk but seek to mitigate it through robust security infrastructure, staff training and support and ba¢k-up services as we work towards our Cyber Essentials accreditation. Responsibilities of the trustees of the Woodland Trust The trustees are responsible for preparing the report of the trustees and the financial statements in accordance with applicable law and UK accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). These give a true and fair view of the state of affairs of the company and the group a5 at the end of the financial period, and of the surplus or deficit of the company for that period. In preparin8 these financlal statements the trustees are required to.. select suitable accounting policies and apply them consistentfy observe the methods and principles in the Charities Statement of Recommended Practice make judgements and estimates that are reasonable and prudent state whether applicable UK accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial Statements prepare the financial statements on the 80in8 concern basis, unle55 it 15 inappropriate to presume that the charitable company will continue in business. So far as each of the trustees is aware at the time the report Is approved: there is no relevant audit information of which the company'5 auditors are unaware they have iaken all steps that they ought to have taken to make themSe￿e$ aware of any relevant audit information and to establish that the auditors are aware of that infomiation. The trustees are responsible for keeping proper accounting records which disclose, with reasonable atcuracy at any time, the financial position of the company. and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraijd and other irregularities. The trustees have taken account of the Charity Commission's general guidance on public benefit when Setting the Trust's aims and objectives and planning our fijture activities. In particular, the trustees consider how planned activitie5 contribute to the aim5 and objettives they have set. The report of the trustee5, which incorporate5 the requirements of the strategic report, was approved and authori5ed for issue by the trustees on 13 SepteM￿r 2024 and signed on their behalf bv: Tony Hall C8E. Lord Hall of Birkenhead Chair 43ITh¢ Woodland Trust

Financial Rewew Financial review Financial summary Continued generous support for the Trusvs purpose and objectNes resulted in income for the year 2023124 of £84.2 million12022123= £82.5 million), £1.7 million hi8her than in 2022123. With high inflation and increased economic uncertainty. action was taken durin8 the year to manage costs and total expenditure was £71.6 million12022123.. £69.5 millionl, of which £60.3 million was spent on delivering our charitable activwty12022/23- £58.1 millionl. Investment in acquiring woods and land was lower at EO.4 million Im05t of which was donated), compared with £11.9 million last year when we were very much focused on spending our reserves for the benefit of woods and trees. This does not represent a change in approach. but rather timing issues related to acquiring new woodlands. With additional generous donations in support of longer-term and future projects. total reseNes were £205.7 million12022123.. £191.9 millionl, an increase of 7.2%1£13.8 million) over the year. Of these, £155.3 million is restricted to specific projects and includes E124.6 million in woods and land. Total funds also include £38.5 million of free reserves12022123: £34.6ml. representing almost seven months, worth of total expenditure. This is within the Ma￿muM limit of 12 months as per our reserves policy. Income The big8est source of income came from legacies. with almost one third of all our funding coming from gift5 kindly left in wills. We are very grateful for each and every one. Nearly one in three of all the millions of tree5 we plant and almost a quarter of all the woods in our care and the wildlife habitats we create are directty funded by gifts in wills. Income 2023124 £m 2023124 % of income 2022123 £m 29.7 20.2 12.3 13.4 2022123 % of Income 36.0 24.5 14.9 16.2 Donations 21.6 25.9 13.4 17.2 4.0 25.7 Legacies Memberships Charitable activities Trading Income from investments and other income Totsl income 15.9 20.4 82.5 100 Donations, which include income frorn individual sUPPOrters, companies and charitable trusts, continue to be a vital source of fundin& repre5entin8 over a quarter of all income. Income from charitable activities includes grants and income we generate through woodland management. This income was £17.2 million12022123: £13.4 million) and represents 20.4% of total income. This income is parknally generated by the Sale of timber, some of which follows the devastating clearfelling of diseased trees. By felling trees a5 Soon as disease is detectetl we can still sell the timber and use the funds to help replant the site. Our corporate partners and charitsble trusts continued their valued sUPPQrt by contributin8 £12.8 million12022123- £16.0 million) of income. 441The Woodland Trust

Flnanclal Revlew Corporate partners include Amazon's Right Now Climate Fund. Aviva. Lloyds Banking Group, OVO, players of People's Postcode Lottery with funds awarded by Postcode Green Trust, Sainsbury's, and many more. A full list can be found in the annual review on our website at woodlandtrust.org.uk. Without the backing of all these contributor5 we would not be able to protect, restore, and create woods and trees across the UK. We would like to thank each and every one of our supporters for their generous donations. Expenditure Of every pound we received in 2023124. 84p12022123- 86pl went towards our charitable objectives. This amount fluctuates year on year and is dependent to a large extent on how muth we spend on buying woods and land. We aim to spend no less than 75% of our annual income on our charitable a¢tivities. We feel this percentage enables us to deliver the best future seNice for our precious woods and tree5. 2023124 Buylng woods & land £m 2022123 Expenditure 1£) Operatlonal Total £m Total £m £m Creatlng new woodland Includes tree plantin8 on a national scale, preparing sites for plantin8. and holdin8 events that allow people to engage in planting activities. Re5torlng natlve and anclent woodland Includes site clearance for natural regeneration. timber extraction, access for vi51tors. nd maintenance. Protecting ancient trees and woods Includes the removal of invasive plant species. tree safety. and ecolo8ical surveys and assessments. 31.3 185 20.7 Generating funds Total costs 113 11.3 11.4 81.4 7L6 03 71.9 451The Woodland Trust

Financlal Re￿eW 2023124 2022123 Eypendliure (%) Total expenditure £m Total empenditure Total expendityre £m Total expendlture Creatlng new woodland Includes tree planting on a national scale, preparing sites for planting. and holding events that allow people to engage in planting activities. Restoring native and anclent woodland Intludes site clearance for natural regeneration, timber extraction. access for visitors. and maintenance. 27.5 31.3 38.4 18.5 25.7 18.0 22.1 Protertlng anclent trees and wood5 Includes the removal of invasive plant specie5. tree safety, and ecological surveys and assessments. 14.6 20.4 20.7 25.4 Generatlng funds Total costs 11.3 15.7 11.4 14.1 71.9 ify) 81.4 100 Spending on our charitable objectives Included in our charitable objectives is the purchase of land to either create or restore woodland. To purchase woods and land at scale costs millions of pounds and there is a lot of competition from elsewhere to buy it for use5 Other than restoration or planting trees. This means that sometimes there is only a short period of time in which to raise the funds required. To ensure we are successful when we find woods and land that frt our objectives, we- negotiate, wherever possible, an option to buy the land within an agreed time frame needed to raise the funds sometimes work with partners who will buy the 51te on our behalf and give us time to raise the funds to pay them back. Spendlng to generate funds A total of £11.3 million12022123.. £11.4 million) was spent during 2023124 to enable us to raise our fundraising income. invest for future growth, and ensure that appropriate controls and governance were maintained and strengthened. For every £1 spent on fvndraisin& we raised £5.40 in return12022123: £5.44). Included within fundraisin8 Costs is the cost of recruiting new donor5 and administering supporters, generous donations and membership subscriptions. Also included is the c05t of the vital contribution we receive from teams such as finance, information technolo8y, and human resources: areas that provide the support and governance needed to ensure the charity is run in the most effective way possible. 461The Wtsodlalld Trusi

Flnancial Revlew Net income Net income for this period was £13.7 million12022123'. £11.5 million). Funds The Trusvs rese￿e5 policy is to hold free reserves equivalent to around six months of budgeted unrestricted expenditure. This target of six months, cover sits within an operational band of five to seven months, cover and with a minimum limit of three months. cover. In recent years, the Trust has looked to utilise free reserves in delivery of the cause. However, in view of the current challenging economic climate, we will be aiming to achieve balanced budgets for the coming few years and to hold free reseNes at the target level. At the end of 2023124. funds totalled £205.7 million12022123: £191.9 million), of which £124.6 million wa5 represented by woods and land12022123= £124.2 millionl- E5.Im 12022123.. £5.4 million) was fixed assets- with desi8nated, restricted, and endowment funds totalling £37.5 million12022123- £27.6 millionl- and free reserves of £38.5 million12022123: £34.6 million). Funds As of 31 May 2024 Unrestrlcted As of 31 May 2023 Free reserves £38.5 million £6.8 milllon £34.6 million £0.2 million £5.4 million Designated re5erve5 Fixed assets £5.Imillion Total unre5trirted £SOA mlllk)n £40.1 mllllon Restrtcted Woods and land assets Restricted fund5 Endowment funds £124.6 million . £22.6 miS1ion £8.1 million £124.2 mllllon £19.8 million £7.7 million Totsl restricted £155.3 rn4111on £151.7 mllllon Totsl funds £205.7 milllon £191.9 mllllon Restricted funds These include gifts, donations and legacies which have been given or bequeathed to the Trust to be used in accordance with the specific wishes of donors or their representattves. Both the capital and the income may only be applied for the purposes for which the funds were provided in order to achieve our mi$5ion. Permanent endowments These comprise funds given to Us along with gifts of woods and land under terms requiring that the funds be permanent, intended to provide income for future management of these woods and land. In ertain circumstances. some of the original capitsl can be expended. Unrestricted funds Unrestricted fvnds are those available for use at the discretion of the trustees in furtherance of the Trust's objectives. These fvnds arise from unrestrlcted grants or legacie5. donat￿n5 obtalned from 8eneral fundraising activities and any surpluses generated frorn our day-to-day operations. Free reserves, as defined by the Charity Commission. are unrestricted reserves freely available for spendin8 on charitable purp05es. As of 31 May 2024, our free reserves amount to £38.5 million. representing nearly seven months, Worth of total expenditure accordin8 to our statutory accounts. 471The Wot)rfland Trust

Financial Revlew This is within the target range of three to 12 months of annual budgeted unrestricted expenditure set by the finance committee. Investment pollcy and performance We continue to operate an ethical investment policy when investing endowments and funds in long- term portfolios. The policy enables our third-party investment managers to identify and avoid companies that have any obvious conflicts of interest between the issues concerning us as defined in our ethical policy, and the objectwes or activities of any company whose shares may be acquired for the purF)05e of investment. We would not expect to transact with organisations invofved in the bss of ancient trees and woodland. for example. Total investments are £40 million, of which £14.1 million is held in short-term deposit funds and £25.9 million as long-term funds which are held with two professional investment managers. Short-term deposit funds are held in banks or buildin8 societies that are authorised to carry out busine55 in the UK and, where rated, the ultimate owners have long-term ratings of at least A3 or A- by Moodws. Standard & Poor's. or Fitch. Where unrated. they are agreed by the tru5tee5. Each long-term investment F)Ortfolio has an objective of OPiimisin8 return, subject to an acceptable level of risk. Performance is monitored against tailored benchmark5 as agreed with our investment managers. The benchmarks are: 11 the Consumer Price Index ICPI} plus 3.5% {over a rolling five-year period to ensure that long-term total return is above inflationl. and 21 ARC Charity Indices ARC Sterling Steady Growth ACI, index, which is specifically designed for charity trustees and their advisers to assess performance against a realistic peer group. The total combined return for our investments during the 12-month period was 6.4%, compared to the 'CPl plus 3.5%, benchmark of 5.5% and the ARC benchmark of 10.6%. Against a background of economic turbulence and high inflation rates. the value of our investment portfolio increased by £1.3 million during the 12-month pertod12022123.' net decrease of £1.4 millionl. The Tru5Y5 Portfolios are invested for the lon8 term and fluctuate year on year, the expectation being that portfolios will deliver a positive return over the long term. 48IThe Woodland Trust

Financlal revlew Auditorfs report Independent Auditorfs Report to the trustees of the Woodland Trust Opinion We have audited the financial statements of the Woodland Trust for the year ended 31 May 2024 which comprise the Consolidated Statement of Financial Actrvtties. the Group and Parent Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, intluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Actounting Standards, including Financial Reporting Standard 102 The Financiol Reporting Stondard opplicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group's and of the parent charitable company's affairs as at 31 May 2024 and of the group's and parent charitable company'5 net movement in funds, includin8 the income and expenditure. for the year then endèd have been properly prepared in accordance with United Kin8dom Generally Accepted Accounting Practice,. and have been prepared in accordance wrth the requirements of the Companies Act 2006 and the Charities and Trustee Investment (Scotlandl Act 2005 and regulation 8 of the Charities Accounts Iscotlandl Regulations 2LIJ6. Basls for opinion We conducted our audit in accordance w5th International Standards on Auditing IUKI IISAs IUKII 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditinB the financial statements, we have concluded that the trustees. use of the going concern basi5 of accounting in the preparation of the financial statement5 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettivety, may cast significant doubt on the group's ability to continue as a goin8 concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the ￿sponsIbl11t￿es of the trustees with respect to going concem are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information Comprises the information included in the Trustee< Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our ￿SponsIbl11ty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatements. we are 491The Woodland Trust

Financlal review Audittsrf5 rèport required to determine whether the￿ is a material misstatement in the financial statements or material misstatement of the other information. If. based on the work we have perfomied. we conclude that there is a material misstatement of this other inforniation, ¥￿ are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees. Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable le8al requirements. Matters on which we are required to report by exception In the light of the kl￿wIedee and understanding of the group and the parent charitable company ond its environment obtained in the course of the audit. we have not identified materlal misstatements in the Trustees, Annual Report (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charity Accounts (Scotlandl Regulations las omended} require us to ￿port to you if. in our opinion= adequate accounting records have not been kept by the parent charitable companyi or the parent charitable company financial statements are not in aEreement with the accounting cords and return5; or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statemer)t set out on page 43, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they gNe a true and fair view, and for suth internal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are re5pon5ible for assessing the group's and the parent charitable company'5 ability to tontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect SOIThe Woodland Trust

Flnanclal ￿¥6eW Auditorfs report of irregulaTlties, including fraud. The extent to which our procedures are capable of detectin8 irre8ularities, includin8 fraud, is detailed below: Based on our understanding of the grouplcharitable company and the environment in which it operates, we identified that the printipal risks of non<ompliance with laws and regulations related to Charity Commission. OSCR, Charity law, Company law. fundraising regulations and GDPR, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial Statements such as Companies Art 2006. the Charities Act 2011. Charities and Trustee Investment (Scotlandl Act 2CKJ5 and regulation 8 of the Charities Accounts (Scotland) Regulation5 2CQ6 and consider other factors such as income tax and payroll taxes. We evaluated managemenys incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). and determined that the principal ri5k5 were related to posting inappropriate journal entries to revenue and management bias in accounting estimate and application of controls around authorisation of expenditure and payments. Audit procedures performed by the engagement team included= Inspecting correspondence with regulators and tax authorities- Discussions with management including consideration of known or Suspected instances of non- compliance with laws and regulation and fraud: Evaluating manègement's controls designed to prevent and detect irregularities- Identifying and testing journals. in particular journal entrie5 Posted with unusual account combinations, postin8s by unusual user5 or with unusual descriptions,. and Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leadin8 to a material misstatement in the financial statements or non-compliance with re8ulation. This risk increa5e5 the more that compliance with a Uiw or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councif5 website at.. www.frc.o aLFditor5re5 nsibilities. This description forms part of our auditorfs report. Use of our report This report 15 made solely to the charitable company's members. as a body. in actordance with Chapter 3 of Part 16 of the Companies Act 2C(J6, sertion 44llllcl of the Charities and Trustee Investment Iscotlandl Act 2005 and regulation lo of the Charities Accounts (Scotlandl Regulations 2006. Our audit work hos been undertaken so that we mi8ht state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, or for the opinions we have formed. Kathryn Burton (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP. Statutory Auditors 10 Queen Street Place London EC4R IAG 24th Septetnber2024 2024

Financial revlew Corwlidated 5tatementof financial actmt￿s forthe year ended 31 May 2024 Consolidated statement of financial activities for the year ended 31 May 2024 Deslgnated nrestrkted unrestricted trkt funds nds fvnds Endty .mtnt fund5 Cate60ry Analys15 Not Total 2023124 To￿1 2022123 £'ooo Oonations & legacies Other trdlfi activities Investments Charitable 45.591 13.319 60.910 62.215 3.976 16 3,992 4.919 Income & tndowments 1.459 138 257 1.85d 867 4.282 12.920 17,202 13.406 Other income Total Income & endowments Protect woodland Restore woodland Create woodland Totsl ¢harft¥bl¢ enditure Cost of raising funds Total endbture Net InwmE / Itxp¢nditurel befor• Investment Ilossesl IK•lns Net Ilossesl I gains et Income I lexpemdilurel Tfansfers between funds Net movements In fund5 Fund balarKes brought forward at l June Fund balarKes carrled fO￿ard at 31 May Thls statement ol financial activities exclude5 £366k12022123.. £11.876kl of woods and land acquired and capitali5ed as per te 8 Ipage 671. There are no Teco8rrised gains or10sses other than those shown in the consolidated 5taternent of finanoal activities above. 247 247 1,089 55555 2.lw 26393 257 84305 8ZA96 18.6861 15.6501 1541 I14.3￿) 115.2201 111,1021 17,2921 1791 118.4731 116.7651 116.8421 110.4591 11241 127,4251 126,0701 Expendltwe 136.61 123.4011 12571 16028BI IS8,0551 110,8381 13921 1591 111.2891 111.4461 147,4681 123,7931 13161 17L5771 169.5011 I2￿8 12.995 Net Income I l•Mpendlturel io 355 330 414 11,4741 8A42 U30 355 13.7Z7 ii.szi 16 14.8561 4.610 245 6￿10 3.175 356 13.717 11.521 Funds 40.017 170 144,022 7.717 191.926 180.405 16 43.603 fj.Tr) 147.197 205.653 191,926 The notes on page5 55-77 form part of these actouni> All income and expenditure 15 derived from corttinuing auhfthes. No separate income and eX￿ndit￿re account a5 requi￿￿ underthe Com￿7n[e5 Act 2fN)6 ha5 presented, a5 the only dlfference between the net exFenditure for the period before transfers of £12.628k and the r￿t surplu5 forthe period of £13.727k, as defined underthe Cornpanies ACL a￿ the Rains on in¥estmentsof £LLTr39k. A comparative statement of financial attNities is Ir￿￿ded in no* 24 Ipage 771. 521The Woodland Trust

Flnancial revlew Balance sheets at 31 May 2024 Balance sheets at 31 May 2024 Group Group Charlty Charlty Note 2023124 2022123 2023124 2022123 £'o £'ooo É'ooo 124.169 Cate8orv Ana5ysls Tan8ible wood5 & land Tangible other fixed assets Total fixed assets 124,556 124,169 124.556 5.149 5.417 5.149 5,417 Flxed assets & Investments 129,705 129,586 129.705 129.586 Investrnents io 39.975 38,739 39.975 38,739 Total fixed assets & Investments 169.680 168,325 169.680 168,325 Land for planting & ￿8[e Stocks li 542 542 542 542 12 449 495 266 230 Current assets Debtors 13 31,715 25.217 31,841 25,750 Cash at bank & in hand 13,946 6,661 13.793 6,114 Total current assets 46.652 32,915 46,442 32,636 Credltors Amounts falllng due wlthln one year 110.6791 19.3141 110,4691 19,0351 Net current assets Total ￿rrent net a55ets 35,973 23,601 35.973 23.601 Lon8-term debtors Amounts falllng after one year Net a55ets Total net assets 17 205.653 191,926 205,653 191.926 Unre5tri¢ted general funds Unrestricted designated funds Restricted funds 16 43,603 40,017 43.603 40.017 16 6.780 170 6,780 170 Financed by 16 147,197 144.022 147,197 144,022 Permanent endowrnents 16 8,073 7.717 8,073 7,717 Total restrvès 205,653 191,926 205.653 191.926 The net movement in funds for the parent company is a surplus of £13.727k12022123'. £11,521kl. These accounts were approved and authorised for i55ue by the trustees and signed on their behalf bv.. Tony Hall CBE, kord Hall of Birkenhead Chair Company number.. 1982873 Datw. 13 September 2024 The notes on page5 55-77 form part of these accounts. 531The Woodland Trust

Ffjnancial rewew (￿$t￿ldated cash Ilow statemeni for the yearended 31 May 2024 Consolidated cash flow statement for the year ended 31 May 2024 Category Anatysis Note 2023124 20221Z3 Cash infiows 5,752 12,457 Operating activitie5 Net cash Ilow from operating artivities Investment income 5.752 1,854 11281 1551 111.5941 16931 12,149 12A57 867 Purchase of woodland & land 18.509) {2841 19.3121 14,9891 8.259 (13,9681 11,5101 8,171 6,661 12,996 18671 13,3681 42 Purchase of fixed assets Investlng actlvltles Purchase of inve5tment5 io Net liquid movement Sale of investments io io Net cash flow from investing artlvities Net movement in &15h in the year Cash at l June 1.533 7,285 6,661 13.946 12,628 11,8541 12381 1241 323 Change in cash & cash equivalents in the year Cash at 31 May Net income l expenditure Investment income Donated woods & land Depreciation woods & land Depreciation other fixed asset5 Loss on disposal of woods & land {Increasel l Decrease in land stock Ilncreasel / Decrease in stock Ilncreasel / Decrease in debtors Increase / (Decrease) in creditor5 Ilncreasel / Decrease in long term debtors Net tash inflow from operatlng artivities Opening balance l June Net movement in cash in the period Closlng balance 31 Mav (a) Reconclllation of net income to net cash flow from operating artlvltles 331 850 46 1261 4,421 11,922) 16,4981 1,365 5,752 6,661 7.285 12.457 8,171 11,5101 6.661 (b) Analysls of change In net fvnds 13,946 541The Woo¢Jland Trusr

Flnanclal revlew Notes to the w>Untsfort￿ year endetl 31 May 2024 Notes to the accounts for the year ended 31 May 2024 l. Accounting pollcies a. Nature of the entity The Woodland Trust is a company limited by guarantee. registered in England and Wales, and a charity registered with the Charity Commission and the Office of the Scottish Charity Regulator. b. Basls of accountln8 and statement of compllance The financial 5tatement5 have been prepared under the historical cost conventton las modified by the revaluation of listed investments to market value). The financial statements have been prepared in accordance with the Companie5 Act 2(K)6: FRS 102. the Financial Reporting Standard applicable in the UK and Ireland: the Charities and Trustee Investment (Scotlandl Act 2(K)5; the Charities Accounts (Scotlandl Re8ulations 2006- and the Statement of Recommended Practice 'AccountinE and Reporting by Charities, I'SORP 2019.1. all a5 clarffied by subsequent update bulletins. The Trust is a Public Benefit Enlity as defined by FRS 102. ¢. Preparatlon of the accounts on a golng<oncern basls The trustees consider that there are no material uncertainties whith v￿VId cast doubt on the Trust's ability to continue as a going concern. d. Basls of consolldation Consolidated financial staternents have been prepared for the Woodland Trust and its wholly owned subsidiaries.. Woodland Trust (Enterprises) Limited and Woodland Trust Farming Limited. The turnover and expenditure of the 5ub5idiarie5 are included within the consolidated statement of financial activities. The assets and liabilities of the subsidiaries are included on a line-by-line ba515 in the consolidated balance sheet in accordance with FRS 102 Section 9- Consolidated and Separate Financial Statements. Uniform accounting policie5 are adopted throughout the group and any profits or losses arising from intra-group tronsaCtion5 are eliminated in the consolidated staternent of financial activities. A separate statement of financial actNities has not been prepared for the charity as permttted by Section 408 of the Companies Act 2(X)6. e. Fund accountlng Restricted funds These funds include donations, legacies and grants which have been given to the Trust to be used in accordance with the wishes of the donor. All woods and land purchased and donated have been classified as restricted funds. This is a prudent approach a5 It is not practicable to review the legal documents and funding conditions on all of the sites acquired since the Trust was established. Endowment funds These represent rnoney given in conjunction with 8ifts of land to provide for their future conseNatTron. All the endowments are intended to be permanent, with the original capital being maintained and the income and capital growth being Utilised. In certain circumstances, some of the original capital can be expended, subject to the terms of the endowment. General funds These unrestritted funds can be used for any of the Trusvs purposes. Deslgnated funds These funds have been set aside out of unrestritted funds. by the trustees for specific purposes. The aim and use of each designated fund is set out in the notes to the accounts. 551The Woodland Trust

Fin3rKial re￿eW Note5 tothe *¢ounts for the year ended 31 May 2024 f. Income and endowments Income 15 recognised once the Trust has met all of the following criteria: entitlement to the income: receipt is probable,. and the income can be measured reliably. Membership Memberships are received as monthly subscriptions, an annual payment. or a one-off lrfe membership payment. Subscriptions are treated as donation5 and are accounted for when received. Investments Income from investrnent is recognised in the period in which it is earned. not in the period it is received. Donated assets Income in the form of non-cash assets has been included in the con501idated statement of flnanclal activities at a re05onable estimate which the Trust would have been willing to pay on an open market. Grants Grants for woodland management are credited to the consolidated statement of financial activities in the year in which they are received in line with the requirements of SORP 2019 and deferred only when the grant body has imF)05ed conditions which prevent reco8nition of the income. Legacles Legacy income from each bequest is recognised On￿ a reasonable estimate of its value can be made and providing there is no evidence of any significant contentious claims concerning the deceased's estate. Where the Trust is left part of the residue of an estate. the deceased's will, initial statement5 of assets and liabilities. and draft estate accounts are used to calculate the estimated value of the bequest. This estimate is only recognised as income once the executors have proved the will li.e. obtained probate). Bequests of land for conservatKJn purposes are recogni5ed as incorne and as an asset. Raffles and lottery Where raffles are run by the Woodland Trust and the Trust is principal. the proceeds are reported gross of any prize monies ènd other expenditure. Lottery income is from lotteries managed by People's Postcode Lottery IPPLI. Woodland Trust Enterprises Limited has no abiltty to alter the price of tickets, determine the prizes or reduce the management fee. PPL is the acting principal for these draws. Net proceed5 received are recognised within lottery income in the Statement of Financial Activities. In January 2021, the direct beneficiary ￿latiOnShIp with PPL ended. Players of People's Postcode Lottery continue their valued supwrt of the Trust through awards made by Postcode Green Trust. The contrlbution of Volunteers In accordance with SORP 2019. no arnounts have been included in these financial statements to reflect the value of seryices prowded free of charge to the Trust by volunteers. For further infomiation. see note 6 Ipage 661. Carbon donations We actively solicit and receive donation5 to help the Trust plant trees and protect woodland across the UK, locking up carbon and offering companie5 and individuals the chance to mf(igate their C02 emissions. Conditions attached to these donations relate to the need to ensure that the woodlands remain in being for periods of up to years. hence requiring the Trust to incur annual runnin8 Costs for maintenance of these %tes.

Flnanclal revlew Notes to the accounts forthe yearernded 31 May 2024 g. Expendlture Expenditure is recognised once there is a le8al or constructive obligation to make payment to a third party for goods or services. where it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings- Cost ot ralslng funds These are costs incurred in generating the income analysed in note 2 Ipage 601 to the account5. These costs are analysed in notes 4 and S Ipage 63-651 to the accounts and inclLFde membership costs, fundraising costs and investment management costs. Charltable actfvltiÈs Expenditure is allocated as follows: Protection of native woodland= direct expenditure includes woodland management, research and lobbying to improve the degree of protection for ancient woods and ancient trees. Restoration of woodland.. direct expenditure includes the restoration of all damaged ancient woodland and the re<reation of native wooded landscapes. Creation of new native woodland.. direct expenditure includes the cost of planting trees, maintaining new woodland. financial support and the supply of tfees to other landowners. Note 6 Ipage 661 to the accounts includes an analysis of staff numbers across charitable activitie5, fundraising activitie5, governance and sUPPOrt. The cost of those staff directly focused on the TrusV5 charitable activities has been allocated across the three aims listed above in the Same ratio a5 the expenditure on each strategic aim prior to their allocation. Support rosts These include the provision of offices, staff retruitment and development, information technologv, governance and our finance function. Support costs are allocated to costs of raising funds and charitable activitie5 On the basis of the direct expenditure incurred by each artivity. h. Depreclatlon Depreciation is not provided on freehold and long-lea5ehold wood5 and land, which are conSide￿d to have a useful life of more than 50 years. Leasehold woods and land with a lease term of 50 years or less remaining are depreciated over the period of the lease. Fixed assets with a cost of more than £l,CK)O are capitalised and depreciated. Depreciation has been charged at.. 2% perannum for the building: 20% per annum for office equipment- and 25% per annum for computers, plant & machinery, and motor vehicle5. Depreciation is charged only when assets are brou8ht into operational use. All depretiation is charged using the straight-line methodology. i. Wood5 and land Woods and land donated to the Trust for ongoing use in carrying out its activities are recognised as tangible fixed assets, with the corresponding gain reco8nised as income from donations within the Consolidated statement of financial activities. Each site is valued in line with open-market land value5 at the time of transfer to the Trust. Any legal or professional fees incurred in acquiring the asset are capitalised. The value of donated land is disclosed in note 8 Ipage 671 to the accounts. All woods and land purchased have been capitalised at cost. From time to time, the Trust receives donations to acquire woodland with the specific condition that the land is leased onwards to a named third-party organisation. Provided the outcome is in alignment with the Trust's objectives, the Trust recognises the donation in the year in which it has been received and the purchase of the asset when there 15 a binding legal obligation. Once the lease ha5 been completed,

Finanual wiew Note5 to the ac(ount5 forthe year ended 31 May 2024 the Trust records a grant within expenditu￿ to reflect the transfer of the woodland on a long lease. The woodland is valued within the Trusys assets at the value of the freehold interest retained itypically a nominal amount). J. Investments Investments in the subsidiary undertakings are stated at cost. less provision for impairment. All other investments are stated at fair value li.e., market value) at the year end. The movement in valuation of inve5trnents is shown in the consolidated statement of financial actNities and comprises both realised and unrealised gains and losses. k. Land for plantlng and resale Land for planting and resale is held at the cost of aCqLJiring the band including any and its associated legal and professional fees. 1. Stocks Stocks are stated at the lower of cost and net realisable value. where c05t comprise5 purchase price. m. Crltical accountlng judgements and key sources of estlmation uncertalnty In the application of the charit￿5 accountin8 policies. trustees are required to make judgements. estimates and assumptions about the carrying values of a55ets and liabilities that are not readilv apparent from other sources. The estimates and underlying assumptions are based on historical experien￿ and other factors that are consbdered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recogni5ed in the permjd to which they relate. The key sources of estimation uncertainty that have a significant effect on the amounts reco8nised in the financial statements are: Recognition of residuary legacy income where there is significant uncertainty over the valuation of specific assets or liabilities wtthin the estate and, therefore, the measurement triteri required by SORP 2019 is not met. The annual depreciation and amortisation tharge for assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Donated woods are valued usin8 the average cost price of all woods purchased by the Trust in the UK in the last three year5. Distinction is made for land purchased that would impair the valuation of future purchases. but no distinction 15 made for geographic area or nature of the slte as the Trust considers this to have no material impact on the valuation. n. Flnanclal Instruments The Trust has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value. Financial assets held comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held comprise trade and other creditors. Other derivative-based assets included in the investment portfolio are held at their fair value. o. Operating leases Operating lease rentals are charged to the consolbdated statement of financial activities on a straight- line basis over the life of the lease ènd to the artivity to which the lease charge relates. 511The Woodland Trust

nanclal w*w Note5 to the accounts for the year ended 31 May 2024 p. Penslons The Trust has defined contribution pension schemes. The cost of providing pension5 15 charged to the consolidated statement of financial activities. using the allocation method Set out in note g, in the period in which contributions are made. q. Condulttran5attions Where the Trust has received funds under conduit funding arrangements, they are not shown as income In the statement of financial artivitie5. The asset received (for example, Cashl and the obligation Iliabilityl to pay this over to the third party is also not shown in the balance sheet. It Is separately identified in the notes to the accounts. explaining the nature of the tranSa￿lOn and the relationship with the donor and ultimate recipient. r. Related-party transactions Please refer to note 18 Ipage 741 for details of transartion5 between the Woodland Trust and its subsidiaries. Trustees made combined donations of £lk12022123: £25kl. There were no other related party transactions during the year to 31 May 2024.

noncial revvèw Notes to the accounts forthe year ended 31 May 2024 2. Income 2023124 General funds Restricted Endowment funds funds Total 2023124 Cate80ry Analysls Legacies Membership subscriptions Fundraising & appeals Companydonations, charitable trusts. & landfill tax Donated woodland & land 23,781 13,479 6.348 2.083 25,864 13,479 9.443 3.095 Donatlons & legade5 3,983 7,906 11,889 235 235 Totsl.. donatlons & legacies Sponsorship income Lotteries Raffles Merchandise income Total: other tradin8 activltles 47,591 2,168 13,319 60,910 2,168 Other trading artivities 478 1,330 478 16 1,346 3.976 16 3,992 Grants 1,443 12,920 14,363 Charltable activitles Woodland management income Tetal: charftsble artlvTtle5 2.839 2,839 12,920 17,202 247 Other income 247 Other & Investment Income Investment income 1.459 138 257 1,854 Total: other & investment incorne Totsl Income 1,71 138 257 2,101 Totsl income 57,555 26.393 257 84,205 Legacy notifications In addition to the legacy income recorded above, the Trust had been advised of a number of legacies bequeathed to it where the conditions regarding income recognitbon were not fulfilled by the period end. The combined estimated value of these legacies, where it is possible to estimate their value. was at least £9.1 million12022123.. £6.2 million).

Flnanclal revlew Notes to the a¢¢ountsfor year ended 31 May 2024 Income for the year 2022123 (Restated Restrlrted funds IRestated Total 2022123 £'ooo 20,230 12,255 10,389 Category Analysls General fund5 Endowment funds £,(￿0 Legacies Membership subscriptions Fundraising & appeals Company donations. charitable trusts. & landfill tax 18.584 12,255 4,470 1.646 5.919 Donations & legactes 4.430 10,676 15,106 Donated woodland & land 3.342 21,583 3,342 61,322 2,801 Totsl: donation5 & legacies Sponsorship income Lotteries Raffles Merchandise income 39.739 2.801 Olher trad1￿ adlvltles 238 238 1.880 1,880 Total: other trading activities Grants Woodland management income Total". charitable activities 4.919 4,919 1.533 9,188 10.721 Charitable artivltles 3.579 3.579 5,112 SC 529 9,188 589 14,300 1,089 867 Other income Investment income Totsl: other & investment Income Other & investment Income iii 227 1.029 7W 227 1,956 Totsl Income Total income 50,799 31,470 82,496 During a review of contract terms. monies received Amazon's Right Now Climate Fund were reclassified from 'Company donations, charitable trusts. & landfill tax, to 'Grants'. Overall income was not affected. 227

FI￿ncial review Notes to the accounts forthe year ended 31 May 2024 3. Grants Reststed** 2022123 Grant b¢Mlles 2023124 Defra Postcode Green Trust. Local authorities Amazon's Right Now Climate Fund•¥ National Lottery Heritage Fund Natijral England Rural payment agencies Department of Agriculture and Rural Development Scottish Government Rural Payments and Inspections Directorate Forestry Commission Naturescot FCC Communities Foundation Loch Lomond & The Trossachs National Park Authortty Point and Sandwlck Trust The Rivers Trust Northern Ireland Environment Agency Ku5uma Trust UK Scottish Forestry The Pears #iwill Fund Rothschild Foundation National Forest Companv Rural Payments Wales ITollodou Gwledig Cymru) National Museums Nl Natural Resources Wales Icyfoeth Noturiol Cymru) DRW Foundation The National Trust The James Hutton Institute Catch22 io Soil Association 19 Nigel and Meryl Carr 27 Other grant providers 19 Welsh Government (Llywodroeth Cymru) 377 Hilton Global Foundation 82 Scope 47 Environment A8encv 1201 Total 14,363 10.721 Of those listed above, £12.920k12022123- £8,295kl are restricted grants. Grant income is project-activity based and the level of income recognised relates to the activity taking place during the period, or conditions set out by the donor. Awarding funds raised by players of the People's Postcode Lottery. ** During a review of contract terms. monies receNed Amazon's Right Now Climate Fund were recla$5ified from 'Company donations, chaTltable trusts, & landfill tax, to 'Grants'. Overall income was not affected. 3.796 3,100 1,673 893 695 643 1,569 3,0 512 893 1,079 318 11 623 613 581 485 305 125 95 86 85 79 78 75 50 50 41 35 30 20 20 18 17 28 107 374 240 66 86 84 1,372 164 150 32 65 14 36 621The Woodland Trust

Flnanclal ￿VIeW Notes to the accounts lorthe year ended 31 May 2024 4. Expenditure 2023/24 Expendlture Analy515 Dlrect Support £'ooo 733 144 104 13 Total £'ory) 6,902 1,355 979 Membership Fundraisin8 & appeals Company donations, charitable trusts. & landfill tax Legacies Total: donatlons & legacles Sponsorship Merchandise Lotteries 6,169 1,211 875 iio Cost of raising fvnds: donations & le8acies 123 8.365 748 994 9,359 837 89 Cost of ralslng funds: other tradlng actlvltles 516 61 577 367 328 39 Totsl: other trading artivities 1,592 189 1,781 Cost of ra151ng funds: Investment management Cost of raising fund5: total Total: investment management 149 149 Totsl: cost of ralslng funds 10,106 1,183 11,289 Protect woodland 12,907 16,493 24,510 53,910 1.483 1.980 2,915 14,390 18,473 27,42S 60.288 Restore woodland Charitsble activities Create woodland Total: charitable actl¥ltles 6,378 Cost of ralslng funds & charltable attivlties Total expendlture 64,016 7.561 71,577 Thi5 Statement of expenditure excludes £366k12022123.' £11.876k} of woods and land acquired and capitalised a5 per note 8 Ipage 671. 631The Woodland Tr¥$t

FIna￿al wiew Motes tothe accountslor the year ended 31 May 2024 Expenditure for the year 2022123 Expenditu Analysls Dirert Support Totsl Membership Fundroising & appeals Company donations. charitable trusts. & landfill tax Legacies Total: donatlons & leEacles Sponsorship Merchandise Lotteries Total: other trading artivities 6,778 1,136 885 7,663 1,284 Cost of ra155ng tunds: donatlons & legacles 693 91 87 io 97 8,694 711 1,134 93 9,828 804 Cost of r?151ng funds: other tradlng actlvltles 415 54 469 173 23 196 1.299 170 1,469 Cost ot ralslnE funds: investment management Cost of raising funds: total Total: investment management 149 149 Totsl.. cost of ralslng fvnds 10.142 1,304 11,446 Protect woodland 13,485 14,852 23,121 51,458 1,735 1,914 2,948 6,597 15,220 16,766 26,069 58.055 Restore woodland Charitsble artl¥ltles Create woodland Totsl., charitable activities Cost of raising funds & charitsble artivities Total expendlture 61,61KI 7,901 69,501 641The Woodland Trust

Flnancial ￿vIeW Notes to the xcounts forthe yeareTrJed 31 May 2024 5. Support costs 2023124 Depreciatlon & loss on sales Support costs Gover- Flnance Management & other £'ooo Analysis Premise5 £,0￿ £'ooo nance HR £'ooo £.(￿) Total £'ooo Ralslng funds Total: ralslng funds Protect woodland Restore woodland Create woodland Total: charitable expenditure Total: support ¢0sts The trusteesldirectors of the company. who comprise its Board, did not receive any remuneration durin8 the period. Travelling and 5ub515tence expenses incurred by 1412022123- 141 trusteesldirectors on Board business amounted to £36k12022123: £22kl during the period. 145 51 587 272 51 1.183 l(K) 16 761 353 65 1,483 241 128 105 972 450 1,980 Charltable expenditure 358 191 129 1.444 669 124 2,915 787 419 250 3,177 1,472 273 6,378 Support costs 932 496 301 3,764 1,744 324 7,561 Support costs for the year 2022/23 Depreciation & loss on sales Support C05tS Gover- nance Analysis Flnance Management & other £'ooo Premlses HR £'ocx) £'ooo Total £'ooo Ralslng funds Total: raising funds Protect woodland Restore woodland Create woodland Total: charitable expendlture Total: support costs 173 63 55 695 259 59 1,a04 229 83 86 918 342 77 1.735 251 91 102 I.￿9 376 Charltable expenditure 85 1,914 391 142 128 1,569 585 133 2.948 870 317 316 3.496 1,303 295 6,597 Support costs 371 4,191 1,562 354 7,901 651The Woodland Trust

Finanoal remew No￿S to theaccounts for the year ended 31 May 2024 6. Net income for the period before transfers, employees and volunteers Included in the statement of financial activities are those amounts which require separate disclosure. Income dlsdosure note Analysls 2023124 2022123 £'ooo £'ooo 19.320 18,924 1.940 1,933 2,351 2.174 23.611 23,031 Salaries & wages Sociol security costs Other pension costs Totsl NB= Included in the above is £58k in redundancies lincludin8 ex- gmtit7 payments) Depreciation Auditors, fees and expenses- audit work Auditors. fees and expense5- Other service5 Rentals under operating leases- land & buildings Rentsls under operating leases- other Irrecoverable Value Added Tax NB.. Irrecoverable VAT is classified under the same heading as the expenditure or asset to whith it relates. The surplus for the year is after harging 363 347 49 13 49 io 168 486 1,675 169 827 1,731 Employees and volunteers 2023124 2022123 £'ooo 229 Analysls Charitable activities 243 Fundraising Governance & supp)rt Average number of employees NB.. The average number of employees during the year was calculated usin8 the fvll-time equivalent IFfEI rnethod. We rely on v¢YuntÈers to help with a wde range of actwities. Inc1￿11nBt{ee ￿ant1￿ care and manageft*nt of our W￿$, promotlon of our work. research, employee mentorfn& and administration. In add"rtton. we rety on V￿Urrteersto ctsllert for the AncientTree Inventory and also on climate change Ihrough our phenok)RY proiett. We use the Volunteer1nvestment and Vakne Audrt process to estirnè￿ ihe contribjtion ol ourvolunleers. During the peiiod to 31 May 2024, volunteer5 contllbutEd 195.051 hours12022123= 209.454 hours) with an axribed value of £1.7 milliDn12022123: £1.7 million), which Is Th)t refiected in the thnanoal 5tstemenis. The chief executive officer's earnings are E173.53112022123.' £147.7281. irKluding a pension colltribution of £21,30212022123.. £20,021). The eaTning5 01 the key rnana8ement personnel Ilncludlngthe chief execuii¥e officer) are £885.70812022123: E750.9261 ￿lating to seven role$12022123.' Seven role51. Employees, ernc4U￿￿nts Iba5iC Pav. PEnsions, and health carel lor the siaff earning morethan £60.¢Jxifor the yearfell into the followi bands.. 214 215 Function ic&) 99 543 557 Employee emoluments Amount £'s 2023124 2022123 140.¢xj￿149.999 130,CX)0-139.999 120,(KKF129,999 I10,00￿l19,999 I￿,0(￿￿109.0OO 90,CKJ(￿9,99g 80,CW-89,999 70,(XJ)-79.999 60,OCH9,999 Bands 16 io 661The Woodland Trus¢

Flnanclal revlew Notes to the accounts for the year ended 31 May 2024 7. Investment income Investment income Analysts 2023124 £'o(M) 512 2022123 Income from UK-listed investments Income from UK cash investments 456 696 Income from investments Bank Inte￿$t receivable 521 Income from overseas-listed investments 125 103 Totsl investment Income 1,854 867 8. Fixed assets- woods and land Flxed assets- woods & land Purchas Purchase Purchased Donated Donated d long short Donated long short freehold leasehold leasehold freehold leasehol leasehold £'ooo £'ODO d £'&)O 108,371 9,833 4,107 Analy515 Total £'ooo 987 124,876 At l June 2023 1,572 Additlons In the period Grant of leases 79 49 238 366 Additions & disposals Disposals in the perlod Transfers between asset cateEories At 31 May 2024 At l June 2023 {41 101 1271 27 108.419 10,071 4,107 987 125.238 29 611 707 Disposals in the period. Charge in the period At 31 May 2024 At 31 May 2024 108,376 351 124,556 At 31 May 2023 108,342 376 124,169 NB: £64k depreciation removed in year due to prior year transfer of Milton from short to long leasehold, and hence no longer 5ubjert to depreciation. 164) 1641 Depreclatlon 14 25 39 43 636 682 Net book value 10.071 9￿33 4,107 4.107 1,508 The additions of woods and land during the year a￿ allocated across our charitable aims as below.. Strateglc 2023124 2022123 objectives £'ooo Protect 210 5,444 1,205 5,227 11,876 In addition. the Trust currently leases 28 sites (1.242 hertares) of woodland under short leaseholds150 years or less) at peppercorn rents of which 221349 hectares) will be expiring within 10 years. In the opinion of the directors, the value of these assets is immaterial. Rèstore li Create 145 366

FinarKial review Notes to the accountslortheyearended 31 May 2024 9. Other f ixed assets Computer equlpment Buildings & software £'o Office equlpment & fumiture £'ooo 773 Other fixed assets Analysls Plant & machinery £'ooo Total £'ooo 12.202 55 At l June 2023 6,541 4,229 659 Addltlons & dlsposals Additions in the period Disposals in the period At 31 May 2024 At l June 2023 50 1751 634 1751 12,183 6,785 323 6,541 1.647 131 4,234 4.108 75 773 478 552 69 48 Depreclatlon Charge for the period Disposals in the period At 31 May2024 At 31 May 2024 At 31 May 2023 1751 525 1751 7,034 5,149 5,417 1.778 4,763 4.894 4,183 51 547 Net book value 226 109 121 295 107 10. Investments Investments Analysls Z0231Z4 2022123 £.￿0 7,717 Permanent endowments Designated funds Restritted funds General funds Total investments at market value 8.073 Investments at market value 16.544 15.358 39,975 Valuation 2023124 £'o 17,423 13,600 38,739 Valuation 2022123 Cost 2023124 Cost 2022123 Investmenls AThalY￿S Cash held as part of investments UK-listed investments Overseas-listed investments Other UK authorised investments Totsl Investments 567 827 567 827 10,159 10.710 12.801 10,71XJ 9.980 13,127 12,007 11,311 Investments consist of 16,549 14,583 16,301 14,594 37,985 38,911 39,975 2023124 38,739 2022123 £'o 34,172 9,312 18,2591 4,989 11,4751 38,739 38,911 11721 38,739 188 Investments Analysls Market value at l June 38,739 11,594 112,1491 692 The movement on valuation of investments is as follows Acquisitions Sales proceeds Net liquidity fund movement Net investment gains l {lossesl Marketvalue at 31 Mav Cost at 31 May Unrealised investment gains I Ilossesl at 31 May Market Value at 31 May Realised investment gains / Ilosse51 in the year 1,099 39.975 37,985 1,990 39,975 11,2261 Comprising 611The Woodland Trusi

Flnanclal revlew Notes tothe attounts forthe year ended 31 May 2024 The Woodland Trust owns the entire issued Share capital (100 ordinary shares of £1 each) in two subsidiary companies.- 'Woodland Trust IEnterprisesl Limited. (Company Number 022966451 and 'Woodland Trust Farming Limited, (Company Number 063607911, both of which are incorporated in England. Details of the trading activities of these subsidiaries are set out in Note 18 Ipage 741. 11. Land purchased for resale Group Group Charlty Charity 2023124 2022123 2023124 2022123 £'o(x) £'ooo £'ooo 542 542 542 Land avallable for resale Value of land for resale Land available for resale represents woodland purchased for planting aftd onward sale in due course under the Trust'5 'Purchase, Plant, and Pass On. and 'Purcha5e, Restore. and Pass On, schemes. The scheme5 are intended to create new woodland at minimal net cost to the Woodland Trust and provide an opportunity for new owner5 to get involved in woodland management. During the period, £Nil12022123 £Nill of land was sold. 12. Stocks Group 2023124 Group 2022123 Charlty 2023124 £'ooo 266 Charity 2022123 £'O(M) 230 Stock5 Livestock & stores 266 230 Raw materials & consumables 183 26S Total stocks 449 495 266 230 13. Debtors Group 2023124 Group 2022123 £'otM) 13,762 1,021 1,335 Charlty 2023124 £'ooo 18,644 3.660 346 Charity 2022123 £'ooo 13,762 913 Debtors Legacies receivable Grants receivable Trade debtors Amounts owed from subsidiaries Other debtor5 Prepayments & accrued income Totsl debtors 18.644 3.686 415 101 2.109 6.861 31,715 1,216 889 3,842 5,128 25,750 430 2,115 3,750 5,349 25,217 31,841 14. Creditors: amounts falling due within one year Group Z023124 Group 2022123 £'o(x) 1,436 639 Charlty 2023124 Charlty 202V23 Creditors Trade creditors Taxation & social security Accruals & deferred income 3.812 3.782 643 1,400 620 7,015 9,035 6,223 10,679 7,239 9.314 Total credltors 10,469

Financial review es to the acCL￿nts forthe year ended 31 May 2024 15. Long-term debtors Group 2023124 Group 2022123 Charity 2023124 Charlty 2022123 Debtors Amounts falling due after one year Total lon8-term debtors 16. Movement of funds Balance at l June 2023 Gains I Income Losses 1 expenditure Transfers £'o £'ooo Balance at 31 May 2024 £'ooo Unrestricted funds 2023124 Free reserves 34.599 55.855 147,1451 {4,8561 38,453 Fixed assets 5.418 55 1323) 5,150 Designated fund Total unrestricted funds 170 4,610 6,780 40,187 The purpose and structure of the TrusY5 unrestricted fund5 are described in the financial review on pages 44- 48. The free reserves represent unrestricted reserves that are freely available to spend on charitable purposes. 57.910 (47A68) 1246) 50,383 Balance at Galns 1 l June 2022 Income Balance at 31 May 2023 £'ooo 34,599 5,418 170 Unrestrfrted funds 2022123 expenditure Transfer £'ooo 18771 Free reseNes 23.192 5.465 7.251 50,303 138,0191 1331} 18,087} 146.437) Fixed assets Designated fund Total unrestrlctsd funds 212 794 35,908 50,799 1831 40,187 Balance at l June 2023 Gain5 1 income Losses I expenditure Transfers £'ooo £'ooo Balance at 31 May 2024 Restrirted fund5 2023124 Woods & land assets 124,172 1,274 1321 18561 124,558 Future acquisitions Woodland management fund 1.134 998 2,132 2,955 241 16701 22 2,548 Restricted legacies 5,892 2.310 11,0651 14701 6,667 Variou5 Qther fund5 9,869 22.898 {22.0261 (23,7931 551 11,292 Total restrftted fund5 144.022 26,723 245 147,197 The wood5 and lond fund comprises the capital costs of the woods purchased and the value of donated wood5 and land. Where an acquisition of woods and land has taken place. a transfer may be made from restricted legacies or from other funds. Fixed asset5 are analysed in notes 8 & 9 (pages 67-681. The WO¢)dland management fund consists of unspent income associated with specific sites. Restricted le8acies represent those where the testator has restricted use for specific purposes or in specific locations. The Trust actively seeks opportunities to spend these for woodland conservation, but because of the nature of the restrictions imposed by the testator, it can sometimes take an appreciable period of time before qualifying spend tan ￿ identified. 70IThe Woodland Trust

Flnanclal revlew Note5 to the accounts for the yearended 31 May 2024 The fund for future acquisitions is a result of donations receNed during the current period to acquire woods and land already planned for acqui51tions in the following period. Various other restricted fvnds include many individual grants and donations for specific purposes, which will be applied to future costs. Balance at l June 2022 Gains1 income Losses / expenditure £'o(w) Balance at Transfers 31 May 2023 £'ooo £'ooo 2,104 124,172 {2,1841 1,134 12 2,955 5.892 9,869 144,022 Restrlcted funds 2022123 Woods & land assets 113.187 3.318 3.074 7,175 9,371 136,125 8.922 1411 Future acquisitions Woodland management fund Restricted legacies Various other fund5 Total restrlrted funds 614 17451 12,8121 120.0571 123,655) 1,725 20.209 31,470 11961 346 Balano at l June 2023 Gains / Income £'ooo 435 Losses / expenditure Balan¢e at Transfer 31 May 2024 £'ooo 3,350 3,024 900 Permanent endowment5 2023124 Glenrothes 3.060 2.981 11451 Livingston 11091 Warrington and Runcorn 1331 Preston and Chorlev 1291 Total permanent endowments (3161 The permanent endowments represent funds given to the Trust with gifts of wood5 and land in the locations noted above, under terms requiring the funds to be invested perrna￿ent￿ to provide income for the future management ofthese woods and land. The transfers a￿ explained below. 152 45 788 39 799 7,717 671 8,073 Balance at ljune 2022 Galns / Income L055e51 Expendlture Balance at 31 May 2023 É'ooo 3,060 2,981 888 Pemianent endowments 2022123 Transfers £'ooo Glenrothes 3,371 3,200 954 87 13981 13091 1931 1831 (883) Livingston Warrington and Runcom Preston and Chorley Totsl permanent endowments 90 27 24 788 8.372 228 7,717

Financial ￿¥l￿W Notes to the xcounts lorthe yearended 31 May 2024 fyslsof transfers between funds Re5tri¢ted Woodland mana8t R•stric￿ Restrlcted 4nent fund LtEoties Other E'OOO Unrestrlrted lunds and Ilxed assets 1023124 Oesl¢- Note General h¢d Woods& fund fvnd l•nd £'ooo Pemanent end¢Jw -rnents Future £'ooo Woodland and land income for future acquisltions. dlsposals. current year fundlng defitits, and re- allocatlon of costs Release ol funds 11421 13091 14701 470 Translersfrom general fund Total transfers between lunds 15,0231 4,919 22 81 14561 4,610 18561 14701 551 Notes 11 An amount of £998k has been transferred into future acquisitions to acquire sites that match our charitable objectives. 21 Release of funds in relation to activities undertaken. 31 Transfer to 'designated' from'general funds. and reclassification of 'other'. Untesttlrted fund5 and Ilxed assets 2022123 Permanent endow .ment5 Note Gener31 nated Wt)ods& fund fund Lind Futstre acwlsStknns manrye .rnent fund £.￿10 Re5trided Restrkted LtK•¢ies other f'OOO £'ooo Ac4ui51tion of woods Income for fu￿re acquisitions and operations Buildings, woodland and land dlsp05al Repèyment ot underwrite Transfers from designaied lund Transfers from 8eneral fund Total transfers between lunds 3.052 I3￿75) 11.0761 11981 850 18501 1.7rKI Ii,A)01 L056 11.7561 11.9331 978 953 2.104 11961 358 Notss 11 A transfer of £3.052k was made to 'woods and land, from 'future acquisitions. to enable the Woodland Trust to acqulre sites in the year that Match our charitable objectives. 21 An amount of £893k ha5 been transferred into 'future aCquisit￿n5' to acquire sites that match our charitable objective5, and £404k into 'other restricted, for future use in conjunction with project5. £11,076lk of this is from restricted 'woods & land, income received in the year, and £1198lk from restricted 'legacies' income in accordance with the wi5he5 of the legator. 31 Disposal of buildings, woodland, and land resulting in a decrease in 'woods and land, of £1850lk and enabllng 'designated fund, to be replenished. 41 Repayment in the year from 'other restricted, to 'designated' of £1.700k to repay underwrite made in prior year. 51 Release from 'designated fund, of £l1,756lk to fund £700k of restricted and £1.056k of unrestricted strategic activities carried out in the financial year. 61 Release from'general fund, of £l1,933lk to fund restricted actNitie5 undertaken in the financial period. 721The Woodland Trusr

Flnanclal revlew Pth)testo the accounts lortht yearended 31 May 2024 17. Analysis of group net assets between funds This note delails the group position. which is the same as the charity Positlon. The trustees consider that the resources available to the charity are suitable and adequate to meet the known present obligations of the charitable company and group. Fund balances at 31 May 2024 are represented by= Analy515 of Unrestrirted Unrestrlrted group net assets General fund Designated fund between funds £'o Tangible fixed assets Rertrirted fvnd Endow -ments Total funds Total funds 31 May 2024 31 May 2023 £'ooo 5,149 15.358 124,555 16,544 129,704 39,975 129.586 38,739 Inve5tmentS Cash at bank & in hand Other cUr￿nt assets Liabilities due within one year long-term debtors 8.073 6.606 6.780 561 13,947 6,661 25.CX)8 7.698 32,706 26.254 18.518) 12.161) 110,6791 {9,3141 Total net a55etS 43,603 6,780 147,197 8,073 205,653 Restricted tangible fixed assets consist of woods and land valued at £124,555k12022123: E124,169kl. 191,926 Fund balances at 31 May 2023 are represented by= Total funds 31 Mav 2023 £'ooo 129,586 38,739 6,661 26,254 19.3141 Analysls of group net assets between funds nrestricted Unrestrftted General fund Desl8nated fund Restrfcted fvnd Endowments Tangible fixed assets Investments 5.417 13.598 6.491 23,825 19,3141 124.169 17,424 7.717 Cash at bank & in hand 170 Other current assets 2.429 Liabilities due within one year long-term debtors Total net assets 40.017 170 144,022 7,717 191,926

Flnanclal revlew Notes to the accounts lor theyear ended 31 May 2024 18. Net income from trading activities of subsidiaries The Woodland Trust has two wholly owned trading subsidiaries which are incorporated in England. Woodland Trust Farming Limited I'WTFL'I (registered company no. 63607911 undertakes farming on some Woodland Trust sites prior to woodland being created. Woodland Trust IEnterprisesl Limited {'WTEL'I (registered company no. 22966451 was established to undertake sponsorships, commercial actrvities, raffles, and merchandise sales. Within the cost of sales and administration expenses is £993k12022123= £993k} paid to the Woodland Trust. 80th companies donate their taxable profits to the Woodland Trust under a deed of covenant. A summary of their trading accounts is shown below, and this includes payments of £1.364k12022123: £2,819kl made to the Woodland Trust. Audited accounts have been filed with the Registrar of Companies. Glen Finglas Farming Limited (Tegistered Company no. SC4087161 was a wholly owned dormant subsidiary incorporated in Scotland on 5 October 2011 and dissolved on 21 June 2022. All active subsidiaries have the same registered address a5 the Woodland Trust. Net Income fmm 2023124 tradlng aCtI￿tIeS of Analysls subsldiaries 2022123 WTEL £'OOD 5.102 11.8601 3,242 12501 (i) 12351 2023124 l￿FL 2022123 WTFL £'ooo 382 Turnover 4.114 12.2131 1.901 12511 375 Cost of sales 13151 13151 67 Gross profft Licence payment to the Woodland Trust Distribution costs Administration expenses Other operating Inco￿ Operating prollt Interest receivable 13601 Profit and loss account 1.289 2,756 56 63 14 Net profft Payment under GiftAid to the Woodland Trust 1.303 2,756 61 63 11,3031 12,7561 1611 1631 Accumulated rese￿e5 brought forward Accumulated reserves carried forward Net current assets 566 1.132 11,1321 79 177 Net current liabilities 15661 1791 11771 Balance sheet Net a55ets Capital and reserves 741The Woodland Trusi

Flnancial wlew N¢xes to the accounts for the year ended 31 May 2024 19. Operating lease commitments At 31 May, the Woodland Trust both the group and the charity is committed to making the following payments in respect of operating leases.. Operating lease commitments Anatys15 2023124 £'ooo 154 2022123 £'ooo 253 Leases which expire= within one year Lease5 which expire= within two to five years Leases which expire: after five years Total Land and bulldlng5 228 197 1,936 2,318 606 1,945 2,395 245 Leases which expire.. within one year Leases which expire= within two to fwe years Totsl Other 577 273 1,183 518 20. Capital commitments Commitments for expenditure not provided for in these accounts in respect of assets under construction amount to £Nil12022123.. £Nill- 21. Pension schemes The Woodland Trust operates defined contribution schemes for all qualifying employees. The assets of the schemes are held in separate funds administered by independent pension providers. The total c05t of pensions for the year Incurred by the Woodland Trust was £2,351k12022/23: £2,174kl. Included in other creditors is £nil12022123'. £nill in respect of pension schemes. 22. Contingent liabilitles The trustees were not aware of any si8nificant contingent liabilities at 31 May 2024 and 31 May 2023. The Woodland Trust has given indemnities to executors of wills under the standard temis for legacies received. The trustees believe the risk of significant claims arising as a result of these indemnities to be negligible. 7SIThe Woodland Trust

Financial <evlew Notes to the accountsforthe yeèrended 31 hAay 2024 23. Conduit accounting Durlng the period, the Trust administered funds on behalf of other entities as their agent. As an agent. the Trust is bound by an a8ency agreement and distributes the funds it holds as agent to spetified third p&rties according to the instruction5 given by the principallsl. The Trust has ensured that the terms of the agency agreement and the use of the funds are consistent with it5 own purposes. The first such agreement is with the Community Forest Trust. which has partnered with the Woodland Trust since 2018 to implement the initial Defra/Woodland Trust grant agreement. This partnership aims to create the Northern Forest through a collaboration agreement between the Woodland Trust and the Community Forest Trust. During the year, the Community Forest Trust planted 82.5 hectares12013: 49.52) and 4.478 standard trees12023: 1.7331 using Defra funding as part of this latest collaboration agreement. The second such agreement is with Shropshire County Council, which ha5 worked in partnership with the Woodland Trust since 2023 to deliver the Shropshire Hills AONB Woodland Restoration Project through the Woods into Management Forestry Innovation Fund administered by the Forestry Commission. During the year, the Shropshire County Council grant covered a member of staff employed for the project and has a £nil closing balance. Conduit accountin8 2023124 £'ooo 2022123 £'o Opening balance as at l June Accounts received in the year Amounts paid to third partie5 Closin8 balance as at 31 May 945 2,539 15641 1,983 1,512 {2,4491 70IThe Woodland Trust

Financlal revlew Notestothe accouTht5 forthe year ended 31 May 2024 24. Prlor year statement of financlal activities General Desl8noted unrestrlcted unresrrkied Re5trfrted Endowmeni funds fund5 funds funds É'OLM) Category Analysls Total 2022123 Dgnaibns & ￿RacleS 39.740 22.475 62,215 Othertrading actNttle5 4,919 4.919 InvE5tmertS Income & endowments 317 212 iii 227 867 Charitabje activitle5 5,111 8.295 13.406 Other income 589 1.089 Total Income & endowrnents 50 212 31N70 227 82A96 Protert woodland 16.9341 12.1201 16,1061 1601 115,2201 Resto￿ woodlond 17,6381 12,3351 16.7261 116.7651 Create woodland 111.8771 13,6321 110.4591 11021 126.0701 Expendlture Total ch•rit•bl• exptnditure Cost of rai51n8 funds 126A491 18171 1232911 12281 (s8￿55} 111,3481 1381 111,4461 169.5011 Totsl •xpendlture Net in¢ome / lexp•nditurel before Invt5trnent lknsesl I 8a1 Net Ilosse51 /Eains Net Inttme I Itxpenditurel Tran5fer5 between funds 137.7971 18,0871 1233291 12881 12. I7￿5] 8,141 1611 12,995 Nit Inrornel lexpendiiurel io 15531 13271 15941 11.4741 12237 17A751 7*14 16551 11.521 16 18771 Net m￿rne￿ts In funds 17mll 7￿97 16551 11.521 Funds Fund balances brou8hl forward at l Jur Fund balances carrfed lo￿ard at 31 M•y 28.657 7.251 136.125 8.372 180.405 17 40J)17 170 I44￿2 7,717 191,926 Our vlslon Is a world where woods and trees thrive for people and nature, but we can't achleve our vision without support. There are many ways you can help us make a real dlfference, including membershlp of the Trust. supporting our campaigns or appeals. voluntterin& leavin8 a zlft In your willi playibw our raffle, and buying from our online shop. Flnd out more at woodlandtrust.o .uk Thankyou. 771The Woodland Trus

PrOfe￿onal advlsors Auditors Haysmacintyre LLP, Chartered Accountants 10 Queen Street Place, London, EC4R IAG Bankers Uoyd5 Bank pk 42 St Peterfs Hill, Grantham. Lincolnshire. NG316QJ In5Ufance brokers Gallagher No l Great Central Square. Leicester. LEI 4JS Investment advisers Rathbones Investment Management 8 Finsbury Circus, London, ECM 7AZ Sarasin & Partners LLP Juxon House. IIXJ St Paul's Churchyard, London. EC4M 8BU TP ICAP Group pk 135 Bishopsgate, London. EC2M 3TP Solicitors Russell-cooke LLP 2 Putney Hill. London. SW15 6AB 711The Woodland Trust