The WcodlandTrust Registered CompanyNo. 1982873 Registered Charity in E￿laThd No. 294344 Reg15tEred Charfty in No. SC038885 REPORT AND ACCOUNTS I JUNE 2024-31 MAY 2025 WOODLAND TRUST Fighting for the health of people and the planet with every tree *AECOLSN4* 07110ll025 COMPANIES H￿SE A10 #277 IThe W004Jland Trust Repori and account$ 2024-25 ThE WOOOLANDTRUST Presldent Clive Anderson T￿Stee5 Barbara, Baroness Young of Old Scone Ichairl (retired 14 June 20241 Tony Hall CBE. Lord Hall of Birkenhead Ichairl lappointed 14 June 20241 Salty Benthall (retired 13 June 20251 Andrew Bryant Dr Fay Cooke Prof. David Hill, CBE. DL {appointed 21 March 20251 Stephen Horley (retired 13 SeptembeT 20241 Drjulia Kni8hts 8riony Ne$b￿tt James Ogilvie Mark P￿￿On (retired 13 June 20251 David S8ddington Julia Smithies (retired 13 Sepiember 2024) Amber Thiara Marina Wyatt lappointed 21 March 20251 Chrisostomos Zissis Stuart Green lappointed 13 June 20251 Carol Pomfret {appninted 13 June 20251 Sandeep Kumar lappointed 26 September 20251 The trustees are also direclors and members of the cornpany. Chief executive officer Dr Darren Moorcroft The Woodland Trust was fourthd in 1972 by Kennèth WaI￿nS 08£ Henry Georgè Hurrèll MBE. and Oliver Gabriel Rossetti. It Is a registered charity. n￿berS. 294344 afbd 5C038885, and is cor6tituted as non-profft-makingcompany Itnwted byguarantee, regstered Nmber 1982873. egi5tered office.. Kempton Way. Grantham. lincolnshire. NG316LL In Scotland. the Woodland Trust operaies as Woodland Trust Scodand. In Wales. the Woodland Trust operates as Coed Caomf. The WoodL4nd Trust1080 is a regkstered tradernark. 21The WoodlaDd Trust Report and accouDt$ 2024-25 THE WOODLANDTRU5T CONTENTS FOREWORDS.................................. REPORT OF THE ￿RECroR5 FOR THE YEAR ENOEO 31 MAY 2025........-...-...........................................-............. OUR PVRPOSE.... ....... ..... ....... ¢JJR SfRATEGYTO 2030...............-..........-........-..._......._...._..._...-................................................................ TREESAND LANDSCAPES......-..........._................._.._............_......_....._............ 12 BUILDING SUPPORT....-....................-...-..-.....-.-..............................._............................................. 19 ENA8LING......-........-..............................................._............_..................._.................. 24 OLIR susf￿NA8LE APPROACH............................................................_..............._................. . 32 GOVERNANCE........................._..........._..... ...... ...._.._... 45 FINANCIAL REVIEW........................................_........_..... INDEPENDENT AUDITORS REPORT.............................. CONOIIOATED STATEMENT OF FINANaALACTIVITIE5...-.-.-........_..-.................-......_.................................. 67 BALANCE SHEErs.............. CON50LIDATED CASH FLOWSTATEME14T............._...._........_.._......_......._...................._................ .... ...... NOTESTO THE ACCOUNTS....................-.._.........._......................_..._........_..................................................... JIThe Woodland Trvsc Aepori and accounts 2024-?5 FOAEWORDS FOREWORDS A message from our chief executive officer: Dr Darren Moorcroft I wite this foreword fresh frorn the Groundswell Festfval. where i.oc(I people gathered in a field in Hertfordshire to share their enthusiasm for regenerative a8ricutture, all morivated by the deslre to do things better. Farrni￿ accounts for 70% ofthe UVS land arèa. and the Woodland Trusfs acceleratiThg work on agrofore5try has been a defintng therne of the last 12 month5. We helped to integrate tens ofthou5ands of trees into farm systems in 2024-25. planted 200km of hedgerow, and developed our lon8Stanth'n8 partrership with Sainsburfs to make 8ritain'5 countrysidè more nature- rith, more resi1￿nt to dimate cha￿e and fflo￿ productive to farm. It15 Insplrln8 work, a￿1 jusi one example of how the Trust is continuin8 to set the a8end3 on conservation best praeti¢e- both on our own land ènd beyond_ The period covered by ihis report colnclded wilh a new government afrivin8 in Westrninsier. and ifs been a lime marked by pollcy uncertainty and further eeon¢)mie turbulence. So it is enorniously pleas1￿ to report another record- breaknng year for our cause. with Trust income rising by 6% to É89.4m and our total investmeni in woods. trees and tsthÈr Vital eco*stems lÈaping to over ÉIO million in 2024-25. Nationally. uitical tzrgets for woodland creat￿n are still not being rn￿- Cuts to 8rant support in kotland wefe especially di5appointing135t year. But atthe Trust we are doing more than ever to fill that vacuum. forging 2.5(Kl hectares ol new broadleaf habitst- rnore than 2S% up on 2023-24. That includes a phenomenal 330,(J)O saplin8s planted on our spectacular Gleann Shildeag estate in Wester Ros5- and we mailed out a mtllion mofe saplings In free tree packs for schwls and community 8roups ri8ht across the country. You can read about both In p￿e5 ihai follow. The health of Britain's existi￿ woodland is another topic dose to the Trusvs heart, and last year ststuioiy a8encies failed io allocate any fundin8 whatsoever io revitali5e damaged anclent wood5 1)n prwate land. That is a ira¥esty. and in May we launcW a major rfft¥ camPa￿n to save these forgotten forests before it'5 too late. Wdve also put our money where our mouih is. be8innino work on a £4 mlllion dernonstration project to revive ￿atre Harrison WLKJdlands. tn ihe Trust's home county of Uncolnshire. The most Surprisi￿ moment of my Woodland Trvst year Can￿ ai the Young people's Fofesi In Derbyshife, when the pop superstar Nile Rodgers stepped out of hi5 tour bus to plant a tree. Our bur8eonin8 partnership with ihe musician's tharitable foundation rnzy seem an unlikely one. but it is bom of a shared determination to 8ive the next generation a vol￿. At theTrust we're more committed than ever to Includingyoung people in e￿ry aspect of our work. whether that's ihrough our annual gfant piogramme for brieht new conservation ideas. the skills training we're delrverin8 on our estatè. or the lobbying we do wilh members of our ytyJth touncJl In the corrldois of WhriehaH. No group is more passionate about the futurt of nature and our planet. and it's a shining example of how the Tru5l 15 broadening and deepenin8 our rne55age as we 51rive lo rnake a lasiin8 impact for people and wildlife across the UK. Dr Darren Moor trees through our agroforestry initiative, Trees for Your Farm,, funded by Sainsburfs helping children and teena8ers understand the importance of woods and trees throu8h projerts like the UK'S first Young People's Forest at Mead, in Derbyshire providing training and opportunities for young people through our youth council (see p. 21) and Igniting Innovation challen8e15ee p. 22) a55iSting thousands of landowners and farmers to integrate trees into their land, with advice and support through our MOREwoods and MOREhedges schemes 71The VVoodl*nd Trust Reporr a¢¢ounrs 2014.25 ftEPORTOF THE ￿RECTOR$AM>0UR PLfftP1>5E enabling 3,420 sthools and 2,571 community groups to plant millions of trees through our free tree packs scheme, with 15 volunteer creation champions trained to support their local communities placing 1,661 new starters in volunteer roles in the last year alone. enabling people to gain experience in practical conservation giving advice and assistan￿ to people who find their local ancient woods at risk of destruction, and providing ways for people to call on their elected representatives to act for woods and trees • creating 2,500 hectares of woodland, including those we have enabled but not directly funded, so that people can enjoy its benefits for years to come • establishing forests containing millions of trees to capture carbon dioxide from the atmosphere as they grow contributing to the UK Governmenys net iero by 2050 target by supporting businesses with their climate action and biodiversity strategies launching 14 training events with 212 internal and external colleagues, including topics such as open priority habitat recognition, soil surveying. natural regeneration for woodland creation. ancient and veteran tree assessment, ancient woodland restoration skills, and an expanded portfolio of online courses inspiring over 100.000 people to sign our Living Legends petition calling for greater legal protection for our oldest and most special trees launchin8 guidance around recognisin8 and categorising ancient and other veteran trees for woodland practitioners, landowners, law courts and communities. We can't achieve our vision without support. Becoming a member, lending your voice to a carnpaign or appeal, becoming a corporate sponsor or donor. volunteerin& givin8 a 8rant. leavin8 a gift in your will, playing our raffle or simply buying from our online shop can all help us make a real difference for woods. trees, wildlife and people. OUR STRATEGY TO 2030 The next decade is pivotal in reversing the damage that climate change and nature loss is having globally. Our strategy to 2030 captures our vision of the future, our role as the UK'S lareest conservation charity for native woods and trees, and our goals which inform our priorities. We also want to explicitly acknowledge the role that people play, both as supporters and beneficiaries of our work. IThe Woodland Trusi Aeport and ac-' 'a-:more,resilient landscap.e approach,to.woods&i MAIOR SITES AND TREESCAPES In our Treescapes and at major sites, we continued to deliver significant, la5tin8 change for people and nature through a landscape approach. The following are just a few examples of our work across the UK. BRYNAU FARM. Neath (MEETS sfRATEGIC GOALS RESTORE, CREA TE. INSPIRE) In October, with 8enerous support from Uoyds Banking Group, the Banister Charitable Trust, the National Lottery Heritage Fund and others, we acquired Cefn Morfudd an exciting expansion that more than doubles the size of Brynau Farm to over 230 hectares. This strategic acquisition allows us to take a landscape-scale approach to natu￿ recovery in the catchment above Neath- linking up ancient woods including our own Dyffryn Woods and Coed Maesmelin- and has the potential to connect 18% of the Welsh population to nature. Work is already underway. As part of the Lost Peatlands Connections project, delivered in partnership with Neath Port Talbot Council and others, we've secured fundin8 to restore precious peatland and implement natural flood management measures to reduce the risk downstream. Local interest has been stron& with a dedicated team of volunteers helping to drive progress on the ground. In March, we hosted a Community Planting Week where local residents, schools, volunteers. Lloyds Banking Group staff and Senedd members planted over eight IIIThe Woodland Tryst Repori and atcounrs 2024.25 TItEESAND LAIIIKAPES hectares of native woodland in a powerful demonstration of community support for nature. Strengthenin8 acce55. inclusion and learning Access Improvements at Brynau have helped open the site to more people than ever. A new bridge and footpath now connect directly into Gnoll Country Park, allowing more people- especially those from low tree equity areas in central Neath and Cimla- to enjoy the wellbeing benefits of trees and green space. We also partnered with Seren Dwt la charity supporting families of children with t)own Syndrome) to host a joyful day of exploration, picnickin& dancing and discovery among the trees. The event welcomed 135 family members and highlighted how woods can be welcomin& inclusive Spaces for all. In September, member5 of our youth council visited Brynau for a programme of conservation tasks, green woodworking and content creation. Students from Swansea University. Aberystwyth University and the University of South Wales continue to use the site as a living lab, supporting hands-on learning and academic research. In spring. we hosted an Introduction to Conservation Grazing course for staff and partners, while in May. we welcomed the Royal Forestry Society's AGM, where delegates from across the UK saw our climate-resilient woodland design and plastic-free planting techniques in action. FAUGHAN VALLEY WOODLANDS, Northern Ireland (MEETS STRATEGIC GOALS PROTECT, RESTORE, CREA TE, INSPIRE, ENABLE) Launched in 2016. the Faughan Valley Treescape project is a land5cape-scale initiative focused on protecting, restoring and connecting some of Northern Ireland's m05t fragmented ancient woodlands, which are now reduced to just 0.04% of land cover. Our recent acquisition of 61 hectares (150 atresl at Ervey Road presents an exciting opportunity to contribute directly to Northern Ireland's Green Growth Strategy• which aims to plant 18 million trees19,000 hectares) by 2030. Around 87,000 native trees will be planted, with further areas left to natural colonisation. Through community planting events and the 5UPPOrt of our 165 dedicated volunteers. we'll create new woodland that links and enhances existing 131The Woodland Trusi fteport ind a¢co￿nI$ 1014.25 TREESANO iAAD5CAPE5 habitats, helping to build a more ￿$111ent landscape for biodiversity and local communities alike. This acquisition is a strategic investment that will create the only native anclent woodland forest park in Northern Ireland. Sharing a boundary with our current landholding and bordering the public path network. the site will become part of an expanded recreational trail system, attracting new audiences to the Faughan Valley. Since 2016. we've brought over £4.35 million of investment to the valley. We're especially grateful to the Northern Ireland Environment Agency for supportin8 the Ervey Road purchase with £1.2 million in the last financial year. GLEANN SHILDEAG ESTATE, Strathcarron (MEETS STRATEGIC GOALS PROTEcf. RESTORE, CREA TE, INSPIRE) Over the past year. we've planted more than 31K),(M)O trees at Gleann Shildea adding tothe 120.000 planted during 2023124. This large-scale planting 15 helping to expand the estate's ancient woodland, which sits at the heart of ScotlanLYs rainforest. By increasing the size of the forest and creating a protertive buffer around the existing pinewood, we're makin8 the habitat more resilient and better able to cope with future climate and other change. All the trees planted were grown from seeds collected on or near the estate by a dedicated team of local volunteers, and many were nurtured in the estate's new nursery. which was established in 2024. The nursery now produces 20,000 trees annually, with a focus on harder-to-grow native species like juniper. aspen and montane willow. One of the main threats to Scotland's rainforest is overgrazing by deer, which prevents natural regeneration. To tackle this, we launched an innovative deer monitoring programme through the Our Rainforest Futures project, funded by the National Lottery Heritage Fund. We trained local residents to use thermal drone5 to survey deer populations across the area, supporting land rnanagement in Glen Torridon. empowering neighbouring estates to manage deer more effectively, and buildin8 valuable local skills and employment. BRINGING NEW WOODS INTO OUR CARE IMEETS STRATEGIC GOALS PROTECT, RESTORE, CREA TE) With only 7% of Britain's native woodland in good condition for wildlife, we're dedicated to buying land we can protect from destruction, restore to full health 141The Woodland TruSE Report ind accounts 2024 25 TAEESAND LAMWAPES and, where appropriate, enhance and expand by planting the right trees In the right place. The past 12 months have been a bumper yearfor land acquisition. We brought 581 hectares11,436 acres) into our care, includin8 Cefn Morfudd in Wales (see page 121 and Errfey Road in Northern Ireland (see page 13). Hayhills, West Yorkshire Nestled on the edge of Silsden, this 30-hectare174-acrel site is ripe for woodland creation. More than 38,000 trees have already been planted with help from local volunteers and our partners. Lloyds 8anking Group. Glen Quey. Perthshlre This 57-hectare {140-acrel strategic acquisition strengthen5 our presence in the Glen Devon area by connecting two of our existin8 Sltes (Glen Sherup and Geordie's Wood), creating one of the largest continuous wooded landscapes in the UK. The site also includes a rare raised bog habitat and is now protected from threats such as quarrying and commercial afforestation. For all its wild beauty, Glen Querfs accessible location makes it a promising site for future public engagement and community tree planting and offer5 a valuable opportunity for corporate volunteering outside of the Highlands. Harrison Woodlands. Lincolnshlre At 195 hectares1481 acres), Harrison Woodlands was one of the largest ancient woodland restoration sites to come to market in England last year. With a history stretching back to the Domesday Book and containing Bronze Age barrows, the site is rich in both natural and cultural heritage. Facing the threat of sale to a commercial buyer, we launched an urgent appeal to raise the funds needed to purchase Harrison Woodlands by December 2024. Thanks to the remarkable generosity of our supporters. it became our most successful online fundraising appeal to date and the wood is now safely in our care. Surrounded by the largely treeless landscape of the Lincolnshire Wolds, Harrison Woodlands is a rare sanrtuary where people can lose themselves in nature, spotting birds including warblers. nuthatches and even nightingales. We'll now ISIThe Woodlgthtj Try51 Rep¢rE aftd Irfo¥nT5 2024.25 TREESAND LAIItsS¢APts begin tarefully restorin8 thi5 coniferised site to its former health. enhancing its biodiversity for future generations. Buckland Wood. Devon Butkland Wood in Devon is a 102-hectare {252-acrel 51te that will stand as a flagshlp for UK rainforest restoration; a living example of how we can restore nature at scale and safeguard it for future generations.. With just 878 km of this habitat remaining (much of it degraded and poorly protected). Buckland is part of a growing prolected rainforest corridor in the South West. Situated between our existing sites at Ausewell Wood and Grey Park Wood, this acquisition strengthens habitat connectivity and supports biodiversity, climate resilience, water quality and carbon storage. Formerly used for commercial forestry, Buckland Wood will now undergo ecological restoration, contributing to the revival of ancient woodland across the region. The purchase supports our Rainforest Recovery Treescape initiative, launched in 2024, which aims to triple rainforest cover in Devon. Cornwall and Exmoor bv 2050. As a founding partner of the southwest Rainforest Alliance, we're leading long-term recovery efforts by buildin8 partnerships. securing poliry support and delivering on-the-ground change. AGROFORESTrY (MEETS STRATEGIC GOALS CREA TE, INSPIRE) More than 70% of land in the UK is farmed. For over a decade we've provided advice, support and funding for more than 300 agroforestry schemes through the Trees for Your Farm programme and positively influenced policy and government grant funding. Despite farmers facing lots of challenges and uncertainty, last year was no exception. Trees for Your Farm Our initiative providing design advice and up to 100% funding for aEroforestry projects which integrate trees into produttive famiing systems 15 thriving. In 2024/25 alone, 45.IMI trees were planted across the UK with funding from Sainsburfs. These trees are now growing in silvoarable systems. where they may be planted in protective rows between alleys of crops, and silvopastoral systems. where they provide vital shade, shelter and additional browsing material for livestock. The pipeline for the 2025126 season is already full, with further schemes likely to emerge as part of the Sainsburys pilot. 16IThe Woodlan4 Trust ilepor% and accoun1$ 1024-25 TAEE5 A140 LANDWES Sainsburys pilot Our pilot project working with Sainsburfs farmers is now in its second year of delivery, with two focus areas- the north west and south west of England, each with a dedicated advisor. Presenting the benefits of agroforestry and our expertise to 5ainsbury'5 suppliers has helped us build direct relationships with farmers, and we've boosted engagement and tree planting opportunities through our tree giveaways. In total, we provided 8,100 trees to 69 dairy and beef farms across two pilot areas. In addition to this. we've condurted 33 site visits, with 20,975 trees planted over a 25-hectare {62-acrel area. A further 12,000 trees are in the pipeline for next sea50n, and we're working on two large agroforestry schemes which could create more than 30 hectares {74 acres) of agroforestry over the comin8 years. PROTEcnNG OUR UVING LEGENDS (MEETS STRATEGIC GOALS PROTECT. INSPIRE, ENABLQ The past year marked a turning point in our efforts to secure stron8er legal protection for the UK'S oldest and most important trees. Our Living Legends Gimpaign has grown into a powerful and united voice calling on governments to recognise these trees not just as natural wonders or local amenities. but as irreplaceable parts of our ecological and cultural heritage. More than 100,000 people have now added their names to our Living Legends petition, which we brought to the heart of government with a formal hand-in at 10 Downin8 Street on 18 November 2024, underscoring the strength of public dernand for change. Legislative progress has also been made. In July 2024. Peter McReynolds. Member of the Legislative Assembly of Northern Ireland. submitted proposals for a Tree Protection Bill to the Northern Ireland Assembly. This bill seeks to enhance tree preservation orders ITPOs}, create a new Heritage Tree designation and protect ancient trees and longostablished woodland from permitted development. The need for robust legislation has never been clearerthan over the past year, with high profile c3se5 such as the Sycamore Gap trial and felling of the Whitewebbs Oak becoming a rallying point for our Living Legends campaign. Part of this involved coordinating our efforts with organisations from acro55 the sector to respond quickly to threats with a powerful. unified voice. We even 17jThe Woodland Trust Aepori and accovnrs 2024-15 collaborated with celebrity supporters includin8 David Oakes and Nile Rogers on rousing video content that captured the imagination of our audience. To support our advocacy, we launched new guidance named 'Recognising and Categorising Ancient and Other Veteran Tree5'. The guide forms the basis of a new module in our rapidly growing conservation training programme, which equips practitioners in legal pyotertion. planning, and land management with the clarity and expertise to safeguard our oldest and most special trees. The guide has already proved an invaluable asset- adding robust evidence and credibility to our campaigning in the wake of the Whitewebbs Oak felling. I•ITho Woodland Trtr5l Repori and acodl•Ad Trust Reporr arth4J •¢(0￿￿[$ 2024.2 5- OURSUSTAIIWIEAPPftOKH Continue our work. begun this year, to sensitively engage with our tree supply partners to understand the GHG emissions associated with the cultivation of our stock, and work with them on plans and initiatives to reduce those emissions. Improve the GIS mapping of peatland across our estate to demonstrate the positive benefit of our restoration efforts. Maintain our active research in all aspects of the carbon cycles of different types and age of woodland. and other associated habitats and processes, incorporating these into our models as appropriate as the science and our understandin8 develops. Further improve the transparency of our reportin8 by filling the gaps in our scope 3 reporting template, understanding the emissions associated with our investments and those associated with the tlmber products harvested from our estate. Maintain continuous improvement in the quality and completeness of our data. This includes reviewing our data collection systems, the frequency of reporting and our pro￿sseS to better measure and report on our performance in future years. RESILIENT ENVIRONMENTS Our estate is at the heart of our work. but the rapid pace of climate change poses a number of threats to this nationalty-important woodland asset. Last year we brought together expertise from across the Trust to assess these threats, lookin8 at both the increased incidence of extreme weather events (such as wildfires and severe storms), but also more chronic impacts such as those from new pests and dtseases or the cumulative impacts of disruptions to our supply chain. This allowed us to better define the risks most likely to have the biggest impact on our work Thls year, we've expanded this work. using geospatial mapping to overlay projected climate change information from a variety of external sources onto every one of our one thousand-plus sites. Starting with a pilot project in our North region, we are using this top-down approach to inform our expert site manager5 in onducting a ground-up risk assessment. This brings into play their unique site knowledge of impacts from the recent past and present, thereby combining both approaches to gain the best Possible understanding of this both immediate and future challenge. JIIThè Woodland Trust Report and accounis 2024-25 OUR SUSTAINABLE APPROACH Somple otrtputArtsm our geO$POt￿l nskmopping tool. showing examples of key risksft*r0select￿n of sltes from ourpilot5tudyin the North region. It is anticipated this work will, alongside other crucial new tools such as our Woodland Ecological Condition Assessment tool. inform site management planning- enabling us to identify appropriate climate change impact mitigations and monitor their effectivenes5 over time. We also hope this work will- allow us to better understand the regional variance in climate change risk and impact, and ensure our response is tailored appropriatelv identify opportunities to work in partnership with other landowners and communities at both local and landscape scale. to jointly reduce tlimate change related risk and mitigate impacts for the benefit of all inform the production of a clear Trust-wide approach to monitoring and responding to climate change risk and impact to provide a practical evidence-base to assess and validate climate change mode15 and dataset5. RESOURCE USE . PLASnC Plastic waste at macro. micro and nano levels continues to present a Serious threat to both aquatic and terrestrial ecosystems. in addition to posing a variety of potential human health impacts. Our commitment, in place since 2021, to 391Tht Woodland Trvst flepvri è Create Aesto PioiEd Generating lurtds 11.1 2024125 2023124 52.6 2J 15J 27.6 18 14.6 iiJ 5?ITht Woodlaffld Tru5 Report and •ccounr$ 2024.2S Totsl T•tsl Totsl •nd la•1 In(￿deS tree pl8ntthi on ft*￿￿￿1 sG•T•y pr•parln8 sltes for Wantln& and I￿ldIng events th•t alow people to aclfvllle> Z7 32.6 In&Jdes slte deaT•rvf 23 eMtrKtlon. access for¥lsltor and malfitenan￿. PrOleCU￿4￿c1eNttrees•ftO InthAes thè rnmov•l of In¥•sl¥e plant Spe￿¢* troe sahty. •NI ecologi¢41 surneys and assessments. GOI￿•11n fvnds 15a IQ6 11.1 iJ% 11.3 Tot41 costs RESERVES POLICY The trustee5 review the Trusys ￿serveS policy annually and consider the appropriate level of financial reserves. The reserves policy sets an upper and lower limit for free reserves stated in terms of the number of months of expenditure budget as well as a target amount. The Trusvs reserves policy is to hold six months of budgeted expenditure in free reseprfes. This target of six months, cover sits within an operational band of five to seven months, cover, with minimum limit of three months, cover and a maximum cover of 12 months. The Trust holds £41.8m of free reserve512023124: £38.5m), representing nearly six months of total expenditure. This is within the operational band of six (+/-I monthl months, cover as per our reser4es poliry. Income levels budgeted for 2025126 reflect the strength of our funding and legavi pipeline due to the continued support of our supporters and members. Our financial projections indicate that free reserves will remain within the limits established by our reserve5 policy. Trustees monitor the levels of reserves to ensure financial resilience in these uncertain times. 4•ITh¢ Wovdlind Trust Report and èf coufftt5 2024.25 AIIANCINIREVIÉW FUNDS Total financial reseNes at 31 May 2025 were £222.5m12023124: £205.7ml, an increase of 8.2% (£16.8ml over the year. Of these, investments of £161.5m are restricted to specific projects and include £134.Om in woods and land. Totsl funds also include £41.8m of free reserves (2023/24: £38.Sm). representing nearly six rnonths, worth of budgeted expenditure. Details of funds held as of 31 May 2025 provided below: Ftsnd$ A5 of31 May 2025 As of 31 May 2024 Unrestrfrted Free re5erve5 £41.8m £38.'Sm Designated re5ewve5 Fixed as5et5 £.14.2m £6".8m. £5.Om £5.Im Total unrestrfrted £61,.Om Aestrlcted Woods and land assets £134.Om £124:6m Restrictèd funds £19.7m £22'.6rn Endowment funds É7.8m £8.1rn Total restrirted £161.5m Total lunds f205.7m RESTRicfED FUNDS These include grants. 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 representatives. Both the capital and the income may only be applied for the purposes for which the funds were provided to achieve our mission. Of total restricted funds of £161.5m. £134m is represented by woods and land which the Trust does not intend to dispose of. Land available for resale represents woodland purchased for planting and onward sale in due course under the Trust's 'purchase, plant and pass on. and 'purchase. restore and pas5 On, schemes, or donated land to be sold. PERMANENT ENDOWMENTS These comprise funds given to us along with gifts of woods and land underterms requiring that the funds be permanent; Intended to provide income for future management of these woods and land. In certain circumstances. some of the original capital can be expended. OIIThe Vioodland Trust Reporr ¥nd a¢¢ounis 2024.25 ANANCIAL REV*W UNRESTRicfED FUNDS Unrestricted fund5 are those available for use at the discretion of the trustees in furtherance of the Trust's objectives. These funds arise from unrestricted grants or legacies, donations obtained from general fundraisin8 actNities, and any surpluses generated from our day-to-day operations. Free reserves are unrestricted reserves freely available for spending on charitable purposes. As of 31 May 2025, our free reserrfes amount to £41.8m, representing nearly six months, worth of total expenditure budgeted for 2025126 in line with our reserves poliry. DESIGNATED FUNDS Designated fund5 are part of unrestricted funds, which trustees have earmarked for particular projects or use without restricting or committing the funds legallv. The designation may be cancelled by the trustees if they decide that the charity should not proceed or continue with the use or project for which the funds are designated. Designated funds of £14.2m include known operational commitments for long- term projects {£9.2ml and match funding forfunded projects {£5m}. INVESTMEMf POLICY AND PERFORMANCE The Trust's Investment Policy Statement provides a framework for the management of its investment assets. It set5 Out investment objectives and approach to risk as well as ethical considerations. The Trust seeks to obtain the best financial return from its investments, in line with its ethical policy and consistent with commercial prudence. The policy is reviewed on an annual basi5. The Trusvs prime ethical consideration is to identify and avoid any obvious conflicts of interest between the issues concerning the Trust as defined in the ethical policy, and the objectiveslactivities of any company whose shares may be acquired for the purpose of investment. For example, we do not normally expect to transact with organisations involved in activities that lead to the loss of, or damage to anclent or veteran trees or ancient woodland, or the loss of biodiversity. The Trusvs long temi investrnent portfolio is managed by two professional investment managers. The trustees rely upon the investment managers for fund selection and asset allocation. Investment performance is compared to an independent benchmark and the target for Investment returns is to outperform thi5 composite benchmark, as well as provide returns of the Consumer Price Index (CPI) plus 3.5% over a rolling five-year period. We continue to hold a proportion 621The Woodland Trust Repori and accounts 2024 2$ FINA14CIAiREWEW of our cash holdings in investment grade bonds to increase their returns without exposin8 them to the level of volatility associated with equity investment funds. Total investments are £40.Om {2023/24.- £40.Oml. of which E14.3m (2023124: £14.Iml is held in term deposit funds and £25.7m {2023124: £25.9ml as long- term funds which are held with our professional investment managers. Term deposit funds are held in banks or building societies which are authorised to carry out business in the UK and. where rated. the ultimate owners have long-term ratings of at least A3 or A- by MoodWs. Standard & Poorfs, or Fitch. 03IThe Woodlah4J Tru5r Kep•rc afcoufii$ 2024-25 Fir4ANC￿L REVIEW AUOITOWS REPORT INDEPENDENT AUDITOR'S REPORT TO THE TRusfEES OF THE WOODLAND TRusr Oplnlon We have audited the fiTr?rKial 5tstements of the Woodland Trust for the year ended 31 May 202S which comprise the Consolidated Statement of Flnancial Acir¥ities. the Group and Parerf Charity Balance Sheet5. the Consolidated Cash Flow Statement arKI notes to the finanoal statements. Ineludine è summary of slgnificant accouniing polloes.The financial reportingframèwork thai has been applied in their preparation is applicable law and Unlted Kingdom Attountin8 Standard5. indudine Finantial Reporting Standard 102 The Finonaol Reporting Stondord oppliti>ble in the IJK ond Republic of Irelond (United Ki￿d￿rn Generally Accepted Attounting Pla￿￿e}. In our opin*)n. the financial st?temenls= Bive a true and fair view of the state of the Broup's and of the parent tharitable company's affair5 as at 31 May 2025 and of the group's and parent charitable cornpanWs net movement in fund5, indudin8 the income and expendirure, lor the year then ended.. have beer¢ properly wepared in accordance wth Unrted ￿ne￿¥M Ge￿rallY Accepted Accountin8 Prattice,. and have been wèpared in ¥cordano with the requirements of the Cornpanies Ad 2(*)6 ar￿ thè Charitles and Trustee Inve5tmÈnt Iscotlandl Act 2(X)5 and regulation 8 of the Charities Atcounts Iscotiandl Re8ulation5 2(b5. 8asls for oplnlon We conducted our audrt in accordarKe with Intemational Standards on Audlting IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditorfs responsibilitles fof the audit of ihe financial statements settion of oui report. We are indepentleni of the group In accordance￿1h the ethl(al reqvirements that are relevantto our avditof thefinancial statements in the UK. includift8 the FACS Eitr¥"cal Standard. and we have fulfilled our other ￿hical responsibilities in attordaneewith these requirernents. We tel￿Ve that the audtt evidencewe have gbt3ined is sufficlèr*t and appropriate to providè a basi5 for our opinion. Ct>Atknl¢>ns r*latln8 to 8th comern In auditlng the financial siaternents. we hwe conduded that the trustee5' Use of the80in8 concern basls ol accounti￿ in the preparation ol financial ststements is appropri*e. Based on the work we h￿e performed, we have not identtfied any materoal uncertainties relating to events or conditions that, indivldually or collettively, may ost sienificant doubl on the group's ability to continue asa go¢ng concern for a period of at leastlwelve monthsfrom whenthefinantial 5taternents are authorised for issue. Our responsibilitiès and the rt5ponsibilitie5 of the trustees with rèspÈct to going concern are descrI￿d in the relevant 5ectlon50f this re (Xhef l￿fOr￿￿tIOn The trustees are responsible for the other ￿fOrnIa110n. The othef infom)ation comprises ihe information included in ihe Trustees, Annual Report. Our opinion on the financial 5tatement5 doe5 not covef the other information èNI. excepl to the exteni otherwise explicitly stated in our repor( we do not express anyfofm of assurance condusion thereon. In connection wih our audit of the financial statements. our responsibility is to read the other Infomiation and, in doin8 so, consider whether the other information is materialty inconsistent with the financial staiements Of our knowledge obtaI￿d in the audit or orherwse appears to be Mater￿1￿ misstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required to delermine 04jThe WoodlaD+J Trus Report actovnis 2024 25 FfNAIKIAL REVMV AUDITOfS REPORT whether there is a material msstaternent in the financial sraiements or a rnaterial misstatement of the other infofmatlon. If. based on the work we have performed. we corKlude that there is a materlal misstatement tsf this other inforrnati¢M. we are required to report Ihat fart. We have nothing to report in thls regard. Oplnlons C￿ other matters pres¢rfbed bythe Companies 2￿16 In our opinion. based on thewwk undertaken in the course of the audit.. the Snformati¢)n gi¥en in the Trvstees. Annual Report Iwhith includes the Strate8it report and the directors. report prepared for ihe purpose5 of company lawl for the financial year for which the nanclal statements are prepared is consistent with the fiftant￿al statements.. and the strategic report and the dirÈrtors' report induded within the Trustees, Annual Report have been prepared in accordance ￿th applicable legal requirement& matte￿ on whlth we are requlred lo report by emumion In the light of the knowledge and Undersrand1￿ of the 8roup and the parent chariiable company and its environment obtained in the course of the audil. we have r￿t identlfied material misstètements in the Tru5tees' Annual Report Iwhich rncorporates the strzlegic report the threttors. reportl. We have nothing to report in respect of the followinB matters ￿ relation to which the Coffpanies Att 2006 and the CharityA¢£ounts (Scotlandl Regulations las amendedl require us to report toyou if, in Qui opinion.. • adequate 3ccountin8 records have not bèen kept by the parent charitable company,. or the parent charitsble company financial statements are noi in agreement with the acwunting records and returns,. or rtain disclosures of trustees, remuneration specified by law afe noi made- or we have not received all the information and explanations we require for our audit. Aesponsibililie$ of trustees lorthèfinandal s￿leMents As explained more fully in the trustees. responsitslitie5 5tatementset4yJt on pages 54-55. thetfustees Iwho are 3150 the diiettors of the charitable tompany for the purposes of company lawl are responsible for the preparation of the finarKial statements and for bel￿ satisfied that they give a true and fair view. and for suth internal control as the trusiees determine os necessary to enable the preparation of financial sfatemtnts that are Iree from maierial mssstatement. whether thje io fraud or WTOr. In preparingthè financial statÈmèNts. the tiusiees are responsiblè for assessityd the Broup's and the parent chafltal>te companws alylity to continue a5 a going concern, dix10si￿ 35 applicable. matter5 r?lated to 8oln8 con￿rn and usln8 the goingconcern basi5 of accountin8 unless the trustee5 either intend to Siquidate Ihe group or the parent charitable company or to cease operatK)ns, or ha¥e no rezli%tic alternattve but to do so. AudltoVs responsibllltles for the awdlt of the financlal staternents Our objectives are to obtsin reasonable assurance about wheiher the financial statements as a whole are free from material misstaiement. whether due io fraud or error. and io issue an auditorfs report that Includes our opinion. Rea50nable a55urance is a hi8h level of assurance. but is not a Buaranlee that Jn audit conducted in accordance wlth ISAS IUKI will always detect a Mater￿1 mi5Statèment when it exist5. Misstatements can arisè Irom fraud orerroi and are tonsideied material rf. individually or in the aggregaie. they could rea50nably beexpected to infiuence the economic decryor￿of u5er5 taken on the basi5 ofthe5e financial statements. Irre8ularrties. indudin8 fraud, are insiances of nonan*s A¢1. arethe k)sses ofi investmÈnts of £16 A Comparative statement of financvdl actNities is i￿l￿ded in note 24 Ipage 911. F114ANOAi REVIEW LAPKE 5HEETSAT31 MAY Z025 Balar)ce sheets at 31 May 2025 Group Char Charity ZOZ3124 10241 2C123124 £'ooo fXX)O £'ooo 134.038 124.556 134.038 124,556 4,977 5.149 4.977 5,1491 t139￿15 | 129.705 | ￿9.015 | ￿9.705 | 10 1 40.015 | 39.975 | 40,015 | 39.975 | 1179A130 | 169.68ri 1 179030 j 169.680 | 622 542 542 Cate8¢)ry Analysls Ilote 2024 Ta￿lbleW1)0dS and land Flxed asset5 Ta￿lble oiher fixed assets and Total fixed assets Investments | Investments Total fixed ?$5*ts and Investfflents | Land for planting and resale Stocks | li 12 554 397 266 Current Debto 13 35,305 31.715 35.543 31,841 16.441 13.946 16.214 13,793 52.922 1 46.652 | 52.776 | 46,442 | 19.4361 | 110.6791 | 19.2791 | 110,4691 35.973 43A97 35.973 Cash at bank and in hand | T￿al ¢uryent assets Amounts falling due wiihrn one ar Creditors 14 Net wrrenl sets Long-term debtors | Net a￿ets Total current ￿ assets Amounis falline after oneyear | Tffjal net assets j 17 1 u4516 | 205.6S3 222.527 | 205.653 | i Unrestrlcted general funds 16 46.7461 43.6031 46.7571 43.603 j Unfestricted designated funds 14.224 6.780 14.224 6.780 nanced by Restrirted funds 153.731 147,197 153,731 | 147.197 Permanent endowmeTrts 16 | 7.815 8.073 8,073 | Total reserves 1222.516 | 205.653 | 222.527 | 205.6531 The net movement in funds for the parent compafty is a st￿1￿$ of E16.863k12023124.. £13.727kl. 15 16 16 These accounls were apwoved and authorised fori55ue by the trus*es and signed on their behall by: Tony Hall CBE. Lord Hall of Blrkenhead Chair CoMp￿V number= 1982873 26 September 2025 The notes on pa8e5 7￿1 fomi part ofthese accwnts. FINAIICIAL REVIEW C014SOLI)ATEPfA5H FiIMYSTATEMEF¢T FOftThE YEAR ENDED 31 MAY 2C125 Consolidated cash flow statement for.the year ended 31 May 2025 Category Analysls Plote 2024Iz5 'ty)o 10.506 j 10.506 1.978 19.6751 11141 19.9661 12081 9.974 1 18.01111 2,495 | j 13,9461 2023124 £.￿0 5.7521 5.7S2 1.8S4 11281 1551 111.594> 16931 12.149 L533 | 7,285 | 6.661 | 13.946 | 12,628 11,8541 12381 Cash inflows | Net cash flow from operotiTh4 actr¥itie5 | Investment income Purthase ofwoodLind and land Operatlng attivities Purchase of fixed asset5 11￿$ting acllviti*s Purchase of investments io Net liquid rno¥ernent Sale of investments l Nel cash Ilowfrom Investing aclivltle5 ChanEe (n ush and l Net movement in cash in theyear ¢a5h equi¥•lents in I Cash at l June the year j Cash at 31 May Nel income lexpenditure Investment inctsmÈ io i io 17.0231 11.9781 15671 39 Donaied woods and land Oepreciatitin woods and land Deyeoation other fixed assets ioss on ￿￿POsal ofwoods and land Ilnueasel / decrease In land sto(* IincreasÈl I decrease in Mock Ilncreasel Idecrease in debtors Increasel Idttreasel in tteditors Iln(reasel I decrease in lon8 term debto l Net cash inllow fr¢xn operatl a£ti¥liles Openiw balance l Jur Net mo¥emeni In cash In ihe peritid I Closlng balan¢e 31 M {•) Reconc511ation of tt income to nèt ¢a5h flow from operatln8 a¢tlvlt*s 286 323 722 1801 12 46 16.4981, 1,36S 13 13,5911 11.2431 14 10.5061 13.946 2.495 5.752 1 6,661 | 7,285 Ibl Analysis of d*nBe In net funds 16.441 13.946 F114ANOAL thIIEW TE570ThEACCIMJMtS FOR THEYEAR ENOED31 MAY 2025 Notes to the accounts for the year ended 31 May 2025 I. ACCOUNTING POUCIES . Nature of Ihe entlty The Wi)odland Trust is a company limited by 8uarantee. reglsiered in England and Wale5, and a charity reglstered with the tharity Commission the oifice of the Scottish Charily Regulator. IJ. 8a515 ol a¢¢￿ting4nd statement 01￿MPliance The financial staternents have been prepared under the historical cost convention las modified by the revaluation of listeil investments to mathet value). The finanaal Statements have been prepared in accordance with the Companies Aci 2￿6. FRS 102. thè FINa￿al Reporting Standard applitable in the .UK and Ireland. Charities and Trustee Investment Iscotlandl Att 2CK15- Ihè Charitles Accounts (Scotlandl Re8ulaiions 2￿.. and the siatement of Reeomménded Prartite'Attounting and Reportin8 by Charibe5'1'SORP 2019.1. all as clarified by subsequent w13te bulletin5. The Trust Is • Public Benefit Eniiiv as defir*d by FRS 102. Preparatlon ofthe accounts on a goiwrKern ba515 The tru5tee5 consider that there are no material Un￿rt￿nt*S whith woukl cast doubt on the Trusfs ability to continue as a 8c4Tr8 concern. d. 8a$ls of 16 761 353 65 IA83 241 128 105 972 CharStsble expenditurE 450 358 191 129 669 124 2.915 787 1119 3.177 1872 273 6378 Support 932 301 3.764 324 1.744 7,561 FINANCIAL REVIEW )TES TO TNE AtcouKr5FOPTHE YEAR E14DED 31 MAY 202S ICONTINUEDI 6. NET INCOME FOR THE PERIOD BEFORE TRANSFERS. EMPLOYEES AND VOLUNTEERS Included In the statement of finanazl aciiviiies are thost amounts whith req￿￿e separate disc105ure. In£ome disdosure note Analysis 2024125 £'oo 20.927 2.225 2,679 25,831 21123124 E'ooo 19.320 1,940 2,351 23.611 Salar*s and wa¥es Soaal 5ecvrily c95ts Other pension costs Tot41 NB.. Induded in the above is £25k in linduding ex- grotia paymentsl Depreciation Auditor5, lee5 and expen5es- audit work Auditors, fees and expen5e5-Other seThlce5 Aentals under operatiThd ieases-land and building5 Rentals under operatin8 leases-oiher Irrecoverable value added ta¥ N8.. Iriecoverable VAT is dassified under the Same heading as thè ex enditure or asset to whith it relates. The surplus for the year ts after charging 325 363 51 12 49 13 168 486 1.675 145 798 1.530 Employee5 and volunteer5 2024125 rooo 239 2023124 £'ooo 229 Analysls Charitable actmtles Function Furtd¥aising Governance and support Average nurnber of ernployees N8.. The a¥erage numberofempl>**esdyrtffjtteYwwthlated usrythe I￿1.¢&￿t¢￿entIFrCj A*IIKxl. ThÈ¥b*raÉe h￿de￿nt the ¥ear rAIi. Wt relyoh ￿1¥￿tter$tO￿1p awideranee oladiwrit5 Fthiiw ureaTrd mJr*ymenrofrwrwoods, womotion ofour wNk, reseaith, menrori￿ ￿ admth￿ratTh￿. In a&Ji1￿.￿e￿(*i￿1hl1eerS io colect daia theAhtht T¢ee Inventory, •Dd oth elimate tha￿e ¢hrou8hwr PiOiECt. we use lhev0lurtie￿ ptKes51o the cofits*Utitybofour￿1u￿1*¢[$. Owfjn8tl*perh)6 to 31 May 2025. ￿lurIteersC0niI•bUlerf 197.367 P#)ytsl2023124." 19s.rsi IKvJiS)**h* as¢tiW Y•￿e￿£1.7M¢2023124.. É1_7rn1. whith 15 not rtfiEcied Ihe ThethIeftse¢ubveo￿￿erfs É186.96512023ni.. £1735311. WKluth¢a Df£2l5Y￿*I2023l24."£21.301l. The earnin8501the key manalernert r•sovrtl offtetl ¥e£Y5ThA12023114.. É885.7081 reknt*¥ to seb*n rdes12023n4'. SEvell iolESI. Em￿O¥te5, cmolumtnts pay. peftsity4 he*h carel forthe5talle¥nkn8 Irwtll￿££0￿￿ fortfve*or fell rfothe fol￿￿n8￿￿￿s'. 222 107 5681 214 Employee emoluments Arnount £.5 2024125 2023124 i 140.Cth-149.999 130.000-139.999 1120,00(F129.999 110.00(k119,999 "I(M),00(￿lOg.0rj) Bands '. 70.1¥J1>79,999 60,C*J¢H9.999 17 16 nruNCthL REWEW No￿T0 nKACCOUNTS foR TllCY(Art CNDfD JI MAY ICONTIIIVCDI 7. INVESTMENT INCOME . Investmtnt Inrornt Analys 2024125 2023124 £'ooo 446 Interesl income- instant ac 621 Interest income- term dtposils and noti￿ accounts In¥esiment fund incimle 721 696 Income from investments. 631 637 Other interest income" l Tthal Investment inrome *lncome from investments reclaSsif￿d In 2024125"Principalty inter& from HMRC ielatln8 to GiftAid and VAT. 75 1.854 | 8..FIXED ASSETS-WOODS AND LAND Flxed assets Donated thort lèasthold Don*ed frtehold land freelHAd seho leasehol d£lX•) 4.107 Totsl £'ooo 125.238 l At l June 2024 Additi¢)ns IN the period Grant of leases Di5posaFs ih the period Transfers betrween asset cale ories 108.419 1.648 10.071 987 9.675 S58 io 10.243 and disposals 16531 1291 P221 | At 31 May 2015 j At l June 2024 Disposals in the period Charge in the period l At31 May 2025 At 31 May 2025 i At 31 May 2024 | 117,44t I 43 L648 | 6 1 10.588 | 4.078 997 | 134.759 | 636 Depreclalton 13 26 39 56 662 335 | I34￿38 3sI1124.556 721 117.305 108.376 10.588 4.078 31 10.071 | 4.107 | value The atlditions of woods and land durin8 theyear are allocated acr055 our tharitsble aims as below= Str**8i¢ 2024125 2023124 objeaives £'ooo £'ooo Protect 158 210 5.089 li 4,995 145 10.243 Restore Create 366 lft addition. the Trust turrentty las at 31.OS.20251 leases 30 sties11.423 hertaresl3.516 acres) of wotsdland under short leaseholds150 years or less) at'peppercorn. rents. of whith 21 {457 hedare511.129 atresl will bÈ èxpiring within 10 years. In the opinion of the dirertors. the value of thesè assèts is immaiieri?l. FINA14CIALREVIEW IIOTESTO ThEACCOUIITS FOR THE YEAR ENDÉD31 MA¥ 2015 ICOP4TIP411EDI 9. OTHER FIXED ASSETS Q>rnp￿er equipment Other frxed assets Analysb Plant Jnd machlnery Bulldlr lumlture Total £'ooo 12,183 114 lioi 695 | 12,287 j 525 7.034 59 286 iioi iioi 574 | 7.310 | 4.977 5,149 At l June 2024 6.541 4.234 41 773 634 AddlUon5 and dlsp05als Additions in the period Disposals in ihe period l At 31 May 2025 At l June 2024 71 6.541 | 1.778 131 4.275 | 4.183 29 7751 547 Charge for the per1￿j Di5P95als in the | At 31 May 2025 Al 31 May 1025 At 31 May 2024 67 DepreEiatOon 4,212 | 6141 161 Net book ¥alue 4.632 1 4.763 si 2261 109 10. INVESTMENTS Investments Analys 2024lzs £,￿0 7.81S 2023124 £'ooo Permanent endowments Designated funds Restricted fund5 General funds | Totsl Investments at market ¥a￿e 8,073 Investments at market value 12.482 16.544 19.718 15.358 40.015 | 39,9751 Valuallon Valuation 2024125. XJ23124 £'ooD £,￿0 IbW4Stmenis 2024125 eooo In¥e5tments held with investfflent fflanuger5 fixed incorne 5.307 £quilies 15,091 Altemaiives 2.6061 2.446 quid assets 1,252 567 24.256 | 23￿50 | 2023124 5.704 5.026 5,382 17,693 2,198 567 25.8401 2,366 1,2S2 25.678 | Investments consist of Investments held bon Term deposiis and notice accounts T14,337 ., 14,135 l Total investrnents 38.593 1 37.985 | 14,337 14,135 40.0151 39.975 2024115 2023124 £'ooo £'IK)o 39,97S 38.739 9.966 11,594 19.9741 112.1491.. 209 692 11611 1,099 -40.0￿ | ' "39,975 I- 38.593 37,985 1,422 1.990 40.015 j $9.975 | 211 11.2261 Investments Analysis Market value at l June kqui54tions Sales proceeds Net liquidity fund movement Nei tnvesiment Bains I Ilossesl 'Market value al 31 May- Cost at 31 May Unrealised investment eains I Ilossesl at 31 May Market value ai 31 May Realised investment gains / Iloss*51 in the year The movement on valuation of investments- IS a5 follows Comprising FIIIANCIAI REVIEW I￿TEsT0 THEACCOiWITSFOR ThE YEAA ÉNOE031 ￿Y1015 ICONfiNUEOI The Woodland TNst owns thè entire Issued share capital1100 ordinary shafes of El'eathl in iwo subsldiary companles: Mloodland Trust IEnterprisesl knmited. Icompany number 022966451 and w¢￿)dIan￿ Trust F3rming Limlted, Icornpany number 063607911. both of which are incorporated in England. Details of the tiadin8 artivitles of these subsidiaries are set out in I￿te 18 Ipage 891. 11. LAND FOR RESALE Group I Ch•rlty 2023124 1 2024125 12023124 ro land avallable for resale 2024125 Value of land purchased for resale Value of lènd donated for resale | Total land for resale 542 542 542 542 80 622 | 542 | 5421 Land available fry re53le represents woodland purchased for pknting and onward 5a* in due course under the Trust'5'purchase. plant. arid pas5 on. and'purchase, rest¢ye. and pass on. scheme5. The xhemes are intended to create new woodland at fflinimal nei cost to the Woodland Trust aftd provide an opportunity for new owners to get involved in woTrJland rnanaeement. During period. £Nil12023124 £Nill of was sold. OTr occasion, theTfu5t receives donations of land T•thich do not align with our charitable purposes. This land Is sold on at fair value. Includi￿ appropfiate c¢)venants, and the proceeds reinvested. Durin8 the perigd. £80k 12023124 ÉNdl of land was donated. 12. STOCKS Grnup 2024125 Charfty 2024125 £'ooo Charity 2023124 £'ooo Stocks 2023124 Livestock and stNes 397 1571 554 | 266 266 Raw materials aThl consumat4es l Totsl 51o¢ks 183 4491 3971 266 | 13. DEBTORS Group 2023124 Charity 2024125 £'ooo tharlty 2(123124 Debtsrs 2024125 LeRacies reteivatAe Grants receivablè Trade debtors Amounts owed from subsidoaries Other debtors Prepayments and accrued Income | Total debtors 17.262 8.191 1706 18,6441 18.644 3.660 346 8,170 2.239 1,016 1.639 S.217 35.545 j 415 430 1.650 2.109 6.861 31.715 2.115 6.646 31WI 35Jos1 FIIIANCIAL REVIEW NOTESTO THEACCOUNTS FOR THE YEAR ENDED 31 K4Y2DZ5ICONTINUEDI 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024125 Group 2023124 rooo 3.812 Charlty 2024125 £.￿0 3.067 741 Charity 2023124 ¢000 3,782 edltors Trade creditors Taxatton and social security Accruals and deferred rncome l Total