Docusign Envelope 10: DC94940E-DB3A44AA492C-CA9AC345CE19 THE WOOD FOUNDATION (Charlty Number.. SC037957} TRUSTEES, ANNUAL REPORT AND ACCOUNTS 31 MARCH 2025 Docusign Envelope ID.. DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDATION TRUSTEES, ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS PAGE LEGAL AND ADMINISTRATIVE INFORMATION TRUSTEES, ANNUAL REPORT STATEMENT OF TRUSTEES, RESPONSIBILITIES REPORT OF THE AUDITORS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES STATEMENT OF FINANCIAL ACTIVITIES CONSOLIDATED BALANCE SHEET BALANCE SHEET CONSOLIDATED CASH FLOW STATEMENT NOTES ON THE CONSOLIDATED ACCOUNTS 13 14 15 16 17 18 DocuGlgn Envelopg ID: DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDATION LEGAL AND ADMINISTFI4TIVE INFORMATION TRUSTEES Chalrman Founder and President SENIOR MANAGEMENT Chlef Executlve Officer - Afrlca Chlef Executlve Offlc8r - L Chl8f Flnancial Qfflcer PRINCIPAL ADDRESS AUDITOR AAB Audlt & AccoUnta￿Y Llrnited Klngshill View Prime Four Buslne88 Park Kingswells A8ERDEEN Scotland A815 8PU BANKERS Virgin Money St Nicholas Branch 62 Union Street ABERDEEN Scotland A810 1WD SOLICITORS Turcan Connell Princes Exchange 1 Earl Grey Streel EDINBURGH Scotland EH3 9EE Docuslgn Envelopè ID.. ￿9494oE.DB2AJ4AA_802￿cAqAC345CE1g THE WOOD FOUNDATION TRUSTEES. ANNUAL REPORT The Truslees subrnft thelr ieport and the a￿1fted a¢¢ounts of TIN8 Wood Foundatlon for the year ended 31 MarGh 2025. Legal and admlnl8lrativo Infomiation set out on the previous page form8 part of this reporf, The accounts ccmply wlth current slatut¢xy requirernerts, the Trust Doed and tho Statoment of Recornm¢nded Practica - Accounting and Roportlng by Charilios {FRS102). The Wood FourKlallon was 8stablish8d by September 2007. The Trust is a Scottish ba nd famlly and was olficlalty 18unched on 14 global ouuook. STRUCTURE, GOVERNANCE AND MANAGEMENT N•tur• Of Gov•rnlng Docum•nt The Wood Foundatlon Is a registered ch8rlty In Scotland (ch8rfty numbar SC037957) gov8m8d by Its Trust Deed. Organl•atlon*l Structur• of Trustees adminL8ter the ¢harlty- Durlng the ye8r who conllnues as a Trustee as Founder and Pr&s appolnied UK CEO 10 manag8 the day to day operal ns The Wood Found811on Alrfca, each SUPPMed by organl8atlon8. lod( ￿er as Slr dilnl. SiiiLe the eBr end. was was promoted lo LEO for who was promoted to CFO of both R•cruttmgnt and Appolnlm•nt of Tru8t•o1 The powers of awolnlmerrt and removal of Trustees are set oul kn the Trust Deed, It IJ the Trust's poll¢y tts 888k to appoint TfU8tee3 who havo a 8PeGfflc Interest kn Ils Obj￿13 or wh08e skllls Can complement those already In pla￿. Indu¢tl¢n •nd Tralnlng ol Tru•l••• The frustees have baen gIV￿ appropdale Inforrnation and trdnlng regardlng thdr 18gal roles and re8ponsbililleg upon appolntm8nt to the 8oard. TRUST OBJECTIVES AND ACTIVITIES The Trust Deed empowers the Trustee5 to apply the Tru81'8 funds for th8 bonefit ol Suth pUry￿se8. ob*ts or Institutlons. charltable In law, as the Truslees thlnk flt. Thg Wo¢xI Foundatlon's chosen obieclNes Bre11) venture phllanthr(py transforniing Iwelihoods In Afrlca., {2) encouraglng young people In Scotland to be¢on￿ enterFxlskng, ndependent. I0￿rant and caring members of soclew; and {3) promollon Df edwalK)n and economic development In SGolland. Trusl Invests both money and exp8rtise m lis chosen prolect areas t(> 8clMeve Its C￿J￿I1ve5. Whether as project leader or actlvdy supporting Strateg￿ partners, we are gen8r8lly Involled In research and deslgn. irnplemenlalion wformance evalUal￿n stages of eaGh projecl b enable sustsined and successful rejults. Docusign Envelope ID.. DC94940E-DB3A44AA.892C-CA9AC345CE19 THE WOOD FOUNDATION TRUSTEES, ANNUAL REPORT CHAIRMAN'S REVIEW The Trustees present thebr rewt for the year ended 31 March 2025. As•es•ment of Prlnclpal Rl•k• and Unc•rtalntl The prlnclpal risks and uncertalnlles relate io our 'Venlure phllanthropy transformlng Ilvelihoods in Afrlca, programme, Implemenled by our subsldiary charlty The Wood Foundatlon Afrlca {'TWFA'> (ch8flty number SC0405801. TWFA has a serles of large-scale and long-temi smallholder famier development projects In Afrlca, malnly In the tea sector In Rwanda and TanzanSa, and so are sublect to cllmatlc condlllon8: market avall8blllty and prlces- and polltlcal slablllty. These prtnclpal rlsks and uncertalntles are mltlgaled by operatlng In 8reas 8ult8ble for growlng the partlcular crop: partnerfng wlth reputable producers where appllcable; and by employlng hlgh qu811ty. sultably quallfled and experlenced management. Flnanclal controls and govem8n¢e 8y8tem8 are al¥0 In place lo manage exposure to major rlsk8 and uncertalntle8, Includlng ensurlng Ih81 adequate levels ol lundlng ar6 agreed andlor reserves are malntalned to wlthstand any downturn. Execullv• Summary The Wood Foundallon. found￿ In 2007, 18 8 Scottlsh ba8ed charlty wlth a global oullook. Our effort8 and resources conllnue to focus on ¢h08en obJectlve8 of (1) Venlur8 phllanthropy transformlng Ilvellhoods In Afrlca;121 Developlng young people In Scotland: and (3) Facllltatlng econom1¢ and educatlon development In Scotland. In Alrlca, our prlrn8ry alm18 lo anable large numbers of 8mallholder fam￿r8 In areas of •xtram8 pov8ty to Improve the Ilvellhoods and welfare of Ihelr f8mllles. Our subsldlary charlty, TWFA, Implements a 8erfes ol 18rge.8cale and long-term smallholder f8mier development Projects In the tea Sector Impactlng approxlmately 75,000 smallholder farmers and there Is clear evldence that these prolecls are enabllng the 8m8llholder farmers. fSeld and fa¢lory staff to meanlngfully Improve Ihe nutrltlon, educatlon, healthcare and general welfare of Ihelr households. Consequently. we are 81gnlficantly contrlbuilng to ImprovSng these Impover18hed rural comrnunllles. These dev8lopm8nt project8 are d81Svered through a comblnallon of Invostmen18 In fa¢lorle8 and 88rvlce companle8. Factorles provlde a markel and hlghquallty processlng c8paclty for smallholder farrner8 and servlce companles provlde the nece88ary long-temi fvndlng plu8 tralnlng and loglsllcal 8eNlces lo Support large number8 of smallholder fam￿r8 lo planl. grow and harve8t tea on thelr own land. In order to expand the Impact of our 8Ctlvllle8 In AIrf￿, we operate wlth a ranga of co4nv&stors and co- funders Includlng Lord Davld Saln8burrfs Gatsby Afrlca charlty., Brown's Inveslment (following It's acqulslllon of tea e81at88 and factorles from Upton Tea8 and Infu8lon8)' Luxml Tea Company Prlvate Llmlted , an emlnenl lamlly tea buslness based in Indla,. UK Forelgn and Commonwealth Development Offlce'8 UKAld programme., Govemment of Rwanda,. and Te8 Group Investmenl Company Ltd ultimately owned by an emlnent Rwandan Yamlly wbth a18rge f<)O*dnt In the Rwandan tea Sector The Wood Foundatlon conlinues to Implement and further develop our Iwo UK based portfollos of developlng young people In SrA)tland' and 'promotlon of edu￿11￿ and e¢onomlc development In Scotland,. Do¢u$ign Envelopa ID.. Dc94940E-083A44AM92C£A9AC345CE19 THE VVOOD FDUNDATION TRUSTEES. ANNUAL REPORT CHAIRNAN'S REview IconUnu•d) The88 Investment8 Include If* Youlh and Phllanthropy Inllkqtlve I'YPI.) - errpowering tens of thousands cf secondary school puplls lo make 8 dlfferenLY In Ihelr c￿lmuDItIeS through ralslng awaMe33 and funds for soGlal Gau8es they care about., EXCele￿Ie an Inve51fflent with amblllon for 5yslefft level change in educatlon whlch promotes collaboratlon botrNeen echools. Industry partners and local Cornmunlles to dellver innovallvo, roal-world connected leaming; gnd Roi8lry ABpir8lions In Sdonco Educatlon ('PAISE'I. progranrn of The Wood Foundatlon, EducalIC￿ Scotland, Scott16h GovemThnl 8nd k)cal authorlllo$ whlch is rai$lng thg $landard of selenco teachlng and 1gamlrKJ in pflmary schocls. ProftK)tion of oconomlc development In Scotland 18 1ryjlem￿led by Opportunlty North East ('ONE'), a prlvatg sector led Inltlatlve almod at maxlmlslng opporiun6tles In key kndusty secb)rs In the rnrth east of Scolland. ONE Is a not-for￿rofit ccwnpany whose slgnlfunt fvndlng from The Wood Foundallon Is Augménted by financlal support from the prlval8 Sector and both the UK and Scottlsh Gov8rnm8nts aThl, to date, our fundlng commltrnenl to ONE of over £64 million has enabled ONE tQ Se￿re a lotal of £150 mlllion lo promote Ioc81 key Induslrles. SlrKe the year end we have commltted a furth8r £20 n￿llIon b ONE and 81s0 £20 mllllon to Energy Tr8nsition Zone I'ETZ,) Efz, 8 nol-lor•rofit prlvale seclor4ed company spoarheadlng energy tr8nsltion across Ihe North Easl of Scotland. W8 are eonfld8nl that th8 raiYd8 of pmgr8mme8 In Afrlc8 and Scot18nd ar8 d8lv8rlng real b8n8flt and we plan to conlnu8 dellverlno on our slated obl￿tIVeS In the year ahead. Flnally. lollowlng my ap r)In:rr)Éinl 1% Chalrm8n Sn 88rly 2025. 1 wÈnt to pay IrlbLJt8 to the slgnlflc8nt contrlbulKJn of my father. in tds tenure as Executlve Ch8lm)an of Tr Wood Foundatlon. His vlsion, drrve and generoslty ol spirit as ￿￿11 as fundlng have not only InspFred many but haye Improved the opportunlties of rnany In bolh Scotland arKI Afr1￿. I'm dellghted Ihal he contlnues a8 8 Twstee a8 Presldent arKI Founder. Charltablo Actlvltl•• Durlng th• 2124125 Y•ar After charitable spend and cc¥Trmitments lo date 01 £180 m111(x), unwmmltted f￿dS 8nd inveslm8nts In The Wood Fourxlallon ara approxknatety £108 ￿￿LlIOn al 31 March 2025. Charltable acUvlt£s are sumrnarlsed 88 follows., Ventur• Phll•nthropy Tran•farnilng Llv•llhood• In Afrlc• During Ihe year our 'venture phllanlhropy tr8nsforn)lTrJ INellhoots n Afrta. 8¢tNlti89 ¢onllnued lo be implemented by our 5ubsldlary charlty, TWFA. In parfnership wth our co-lnveslors co-funders, we conllnued our Involvement In slx smallholder suppled loa factorles In Rwanda and four larg8-8cale r￿W tea development programmes. three In Rwanda and one In Tanzang each plantlng between 2,500 and 4,000 hectares of tea on smallhclder famier Land. In addllon. thring the year plantlng commen{￿d at Nshili Kivu, a tea factory In Rwan¢a h whlth TWFA acqulred a co-maiortty slake kn 2024 wllh a plan to planl out a further 1,250 hectEres of lea - repiicaiing our Irled and iested model of SUpport￿g smal1r￿l￿or lanners to become SLKcesslul lea f8m)ers lo Imptove the Ilvellhood and ¥Yollbelng of Ihelr f8mlks. Fermers are supported ￿th long-lerni p8lk9nl fvnding lo plant l88 the bogest baffler of enlry for a smalholder fairner given Ihe upfront investrnent required to prepare their land. purchase pignls. and maintain and f8rtHise th8ir land untQ the uop matwes suffKently to haNesl for cornmercial sale. In addrtK)n. famiefs are trained on good agronomlc praclices as well as other small buslness modules and goverrnnce. All oper811ons In Rw8nd8 progressed well durlTrJ the ye8r 8nd we 8r8 pI8A88d to report furth8r Improv8rn8nt in the performance 8t our project In the southem h*JNands of T8nzanl8. where f8rm•r ylelds h8d been adveisely affected by low rainfall over a number of years. It is ¢lear th81 th8 cllm8tlc condrtlons in thal reglon of T8nzani8 8r8 significantty differenl from th8 tea growlng reglons In Rwanda rneanlng It take8 eomparatlvely much longer for le810 mature In Tanzania than in Rwanda. Docusign Envelope 10." DC94940E-DB3A44AA.892&CA9AC345CE19 THE WOOD FOUNDATION TRUSTEES, ANNUAL REPORT CHAIRMAN'S REVIEW (contlnued) Vontur• Phllanthr(yy Tran8lom)Ing Llv•llhood• In Afrlca (eontlnu•d) In addlllon lo t88, TWFA conllnued to take an a¢live role In ihe development of the earfy-stsge vanllla prolect Ihrough It's Joinl-venlure company Enlmlro Holdings Uoanda Ltd. We supported the busln8ss expanslon throughout a pertod of very low global vanllla pdces and bullt a hlgh-quallty custom8r ba88, adding r681 value lo smallholder f8mer8 and the wellbelng of Ihelr household8. Slnce the yeaf end. TWFA Sold 118 stske In Enlmlro. D•v•loplng Youno P•opl• In Scotland Durlng the past academlc year. we dellvered on Ihe8e obJectlve8 prlmarlly through our three school-based progromme8 - YPI, RAISE and Excelerate. YPI provldes young people acro88 mor8 than 280 80c<)ndary 8choo18 In Scotland the opportunlty to rea118• Ihelr polenll81 as actlve, re8pon8lble clllzen8 whlle developlng ¢￿tICal 8k1118 for learnlng, Ilfe and Y￿rk and stewardlng thousands of pounds In grant fundlng to addr8ss the 8oclal causes they care most P888lonately about. YPI 18 the largest Independent Inluallve belng dellvered through the Scottlsh 88condary educatlon currlculum. Excelerale, Is ploneerlng en Innovatlve approach lo le8mlng 8nd te8¢hlng In 88condary 8choo18, equlpplng educators wlth Iralnlng and opportunltles lo dellver 8 real-worfd connected. skllls rlch188mlng experfence that belter prepares all young people lo thdve. Th1818 a coll8boratlve approach belween secondary schoo18, local Industry, and communllles. RAISE, through the appolntment of Prfmary Sclence Devalopmenl Offlcers Into Ioc81 educatton leam8, 18 Improvlng the conslstency of hlghqu811ty STEM teachlng and leamlng In primary schools acro88 Scotl8nd, These progrgmmes are recelvlng Incre881ng 8¢dalm In the Scott18h educail<>n 8Ktor and wlth Scolllsh Government 8$ we contlnuo our efforts to encourage and enable young people In Scotland to maxlm18e thelr learnlng expedences as they prooress through bolh prlmary and 88cond8ry educ8ilon and become enterprlslng. Independent. toleranl, 8nd carfng members of 80ci8ty ready to Succeed In Ihe woikforce of tomorrow. We 8180 conllnue to Inve8t Sn addressing Ihe root causes 8nd Immedlate Impacts of chlldhood poverty In Scot18nd. most nolably through our 8UPPOrt ol the STV Children's Appeal. Facllltatln8 E¢onomlc D•v•lopm•nt In Scotland Durlng the year we conllnued to dellver on our obJe¢tlve of Facllilallng economlc development In Scotland through our fundlng ol Opportunlty North East <'ONE'). a not4or•rofil private sector led body helplng to maxlmlse the economlc development of our key local Industrles. This Indudes support to Energy Transltlon Zone ('ETZ') a local not-for*rofil company supportlng the energy transluon frorn fossll fuels to net zero,. the creallon of enlrepreneurfal and Innovation hubs lo promote dlgltal technology (ONE Tech Hub}, Ilfe scienc88 (ONE Blo Hub) and food and drlnk Industrles (ONE Seed Pod): direct support of over 600 local buslnesses, The Wood Foundatlon's fundlng to ONE Is condltlonal on ONE s8curlng matched fundlng Irom other sources and It Is encouraglng th81 our commllment of over £84 mllllon has enabled ONE to secure a comblned total of over £160 million to date to promote local Indu8ty. Docusign Envelope ID.. DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDATION TRUSTEES. ANNUAL REPORT CHAIRMAN'S REVIEW (contlnued) Plan8 for Futur• The Wood Foundatlon plans to Con￿nUe to lrnpiement Its exl8llng programm88 a8118tod above. Whilst The Wood Foundallon has a range of sgnrfrAnt long-temi projects under way. contlnue to evaluate pol8nllal other opportunltles as they arise both In the UK and in Afrlca to further del￿er on our chari18bl& objectives. Slnce the year erKI. The Wood FOUnda￿On have commltted a further £20 mmllon to Opportunty North East and £20 million lo Energy Transltlon Zone. Iwo not-for•rofit companles promoung economSc devebpmenl In North Easl Scotland. FINANCIAL REVIEW A number of slgnincant ch8rftabl8 actSvllles wore commltted durlng the year, not of an unreall8od galn on Investm8nt$, resulllng In net (outgoiigylncomlng resources In the year, amounung to £(0.05) mllllon (2024 £21.7 mllllon) and have been dealt with as shown In the Con8olldatsd Statement of Flnandal Actlvltlè8. The Trustees have prepared Ihe financlal 8t8tement8 kn 8c¢ord8nce wth current ststutory requlrement8, the Trust Deed and Ihe Statemenl ol R8commerMled Pr8Ctlc6 (FRS1021 . Accounllng and Reportiig by Charllles. The Income of the Group for th8 year ended 31 March 2025 wa8 £9.8 mllkin {2024 - £21.6 mlllon) whl¢h Includos £3,82 mllllon (2024 - £1.96 mllllon) of donatk)ns from Slr Ian Wo¢xl and famlly {Includlng f8mlly Irusts),. £2.23 mlllon <2024- £0.7 mllllon) grants from the UK GovefnmenV8 UKAkl programme (admhlstered by the Forelgn, Commonwealth 8nd Development Offlce (FCOO,)) In connectlon wlth Ihe new lea developments In the Ny8ruguru & Rugabano reolon8 ol Rwanda,. and £0.5 mlllK>n (2024 - £Nil) rec81v8d from trading 8cllvllles. In 8ddlllon. Inve81ment Income of £2.19 milllon (2024 - £1.5 mllllon) wa8 88med dudng Ihe ye8r. Group charllable expendlture was £10.3 mllllon {2024 £7.8 mllllon) whlch Includes £1 mllllon <2024 £3 mllllon) of gran18 commltted to durlng Ihe year ended 31 March 2025. The total value of grant commitments outs18nding 8131 March 2025 was £16 rnllllon (2024 - £22 mlllion) arKI these gre scheduled to be pakj over the next flve ye8rg. In addillon to long témi charll8ble Inve8lment8 In subsldlartes and 8$so¢late3 Th• Wood Foundallon's IlquSd Investments al 31 March 2025 had a tolal value of £93 mllllon {2024 - £100 mlllon) wllh a further £7 milllon 12024 . £5 mllllon) held In c88h deposlts. The objecllve of the managed Inveslmenl portfolio conlfftues to be to obtaln capllal growth over the long term. We have smallholder farmer focussed investsnents In three Rwanda tea faclorles through our 25% nveslment In Sllverback Te8 Company Llmlted (STCL,) and one vanllk factory In Uganda. We expect to gen8r8te returns Irom Ihese companles to be used to lurther our charltsb* objects bul wh¢h 81r88dy posltlvely Impacts 5,000 smallholder farners and thls number w11 l kncrease by a further 8.000 smallhokler farmers over Ilme as the supply lo Ihe Rugabano factory In(¥eases Irom the Rugabano lea development project. In addition, The Wood FourKJation takes sodal. environmontal and othical conslderations Into account In its other Investments. Indudlng through East African Tea Investments. Docusign Envdop• ID.. DCg494OE-DB3A44A￿892e￿OAC345CE1g THE WOOD FOUNDATION TRUSTEES. ANNUAL RepoRT FINANCIAL REVIEW (Gontlnu•d) R•fj•rY• The Resep4es Policy of The Wood Foundatlon is to hold adequate cash or Ilquld Inveslment reserves to develop and furKI cur lontrtemi phIlanthro￿ programmes. The slgnsficant ch8rltable adlvllles In th& year r8sult8d In an overall Increase In reservés of £0.7 mllllon12024 - £19.5 million) lo £108.2 Milli￿ (2024 - £107.5 mlllion) al 31 March 2025. Restr￿1￿1 funds at that dale are £1,616.00012024 - £1.253.000). payable wlthln one year, and commltted unrestrlded funds arn £18,2 mlllion (2024 . £22.2 mllllon). payable over the next flve years. Th8 Trusloes are 69118fl8d Ihal tho levol of roservg$ hald at 31 Mar¢h 20251$ In Ilnè wlth tho Rosgrvo8 Pomcy and wlll be used for ongdng and long-term project 8xpendilure Wllh ￿cOMMItted and unreatrlcted re36r¥88 of £108 mllllon at 31 March 2025 4rKI ongoing Ilkély Snput of fund8 From my farnlly, we Ydll G￿tIThUe to malnlaln high leyelj of cash ￿ Ilquld Inve8lmenl resoprfes end adequ4to fund8 to develop our phllanthroplc prowammes And oblectlve8. PROVISION OF INFORMATION TO AUDITOR As far as the Truslee8 aro awarn, thoro IJ relevant 8udit Infonn8tlon ol whlch The Wood Foundatlon, audltoi 18 un8W8re 8nd we have taken oll tho 8lops we ought to hove tokon as Tiusloos In ordor to make ¢ur6•lv•8 awar8 of any rel•v8nt audlt Informatlon and to 081obllsh thal Tho Wood Foundab'on'6 audltof 18 awgre of Ihal Information. AUDITOR AAB Audlt & Accountancy Llmllgd h88 exwe&8ed Its wllllnoness lo conllnue In office and a r8solulon proposlng Ihelr re-appolnimont wlll be subrnltted at the annual general meetlng. Slgned on behalf of the Bowd of Trustees Docusign Envelopg ID.. DC94940E-DB3A44M-892C-CA9AC345CE19 THE WOOD FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparin9 the Trustees, report and the financlal 8tatemenls In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). The law applicable to charrties in Scoljand requires Trustees to prepare financial statements for each financial year which give a true and faw view of the state of affalrs of the charlty and of the Incoming resources and applution of resources of the charity for that period. In preparing these financial 8talements, the Trustees are required to: • 8elect 6ult8ble 8¢count5ng pollcles and then apply them ¢on8htently: observe the methods and prlnciples Sn the Charttl88 SORP: make Judgements and e8tlrnates that are reasonable and prudent.. and prepare Ihe fInanc￿l 8taiement8 on the going concem b88i8 unle88 It 58 Inapproprote to pre8ume that the charity wlll continue n Operat￿n. The Trustees are responslble for keeplng proper accounting records that dlscbse wlih rea80nable accuracy at any lime the financkql positK)n of the charrty and enable Ihem to ensure that the financial statements comply wllh the Charrtle8 and Trustee Inve81ment (Scotland) Aci 2005, the Charitles Accounts (Scotlandl Regulations 2W6 and the provlsions of th8 charlV8 constrtullon. They are also responslble for safeguarding the assels of the charlty and hence for taklng rea80nable 8tep8 for the preventlon and deiectlon of fraud and olher Irregularities. Docuslgn Envelope ID.. DC94940E-DB3A44M492C-CA9AC345CE19 THE WOOD FOIINDATION INDEPENDENT AUDITOR'S REPORT TOTHE TRUSTEES OF THEWOOD FOUNDATION Oplnlon We have audited Ihe financial statements of The Wood Foundation (the 'charlW) for the year ended 31 March 2025 which ¢omprises the Group and Charity Slaternents of Finanrial Activities, the Group and Charlty 8alance Sheel, the Group Cash Flow Statement and the related notes. The financlal reporting framework that has been applied In th8lr weparailon Is appllcable law and Unlted Klngdom Accounllng Standards. Including Flnanclal Reportlng Standard 102 The Flnanclal Reportlng Standard appltcable In Ihe UK and Republlc of Ireland, (Unlted Klnkxlom Generally Accepted Accounting Practlce). In our oplnlon the financlal 8tatement8: give a Irue and falr vlew of Ihe state of the group and of the parent charllls affalr8 as at 31 March 2025 and of thelr Incomlng re80urces and applKation of resources for the year then ended; h8ve been properly prepared In accordance Untted Klngdom Generally Accepled Accountlng Practlce; and have been prepared In 8ccord8nc• wlth the requliemonts of the Charltles and Trustee Investment (Scotland) Act 2005 and regulatlon 6 and 8 of the Charltl88 Accounis (Scotland) Regulatlon8 2006. Ba818 for oplnlon We conducted our audlt In accordanc8 wlth Intematlonal Stsnd8rds on Audltlng (UK) (ISA8 (UK)) and 8ppIIc8ble law. Our fesponslbllltles under those standards are further descrlbed In the Audltors, re8pon8lbllllle8 for the audll of the flnanclal 8talement8 8ectlon of our report. We arg Independent of the charlty In accordance wlth the elhlcal requlrements that are relevant to our audlt of the IlnanclBI ststam6nt8 In the Unlted Klngdom. Includlng the Flnanclal Reportlng Councll's Ethlcal Standard. and we have fulfilled our other ethical responslbllilies In accwdance with these requiremenis. We belleve thal the audlt evldencA we have obtained Is sufficient 8nd approprlate to provid8 a bas58 for our oplnlon. Conclu•lon8 r•latlng to golng conc•m In audltlng the flnanclal 8t8tement8. we have concluded thal the trustee8' Use of the golng concern bas18 of accounting In the preparalSon of the flnanclal statements Is approprlate. Based on the we have performed, we have not 1d8nti118(l any m8terfal uncertalntle8 relallng lo events or condlllon8 that, Indlvldually or collectivdy. may cast 81gnificant doubt on the charlvs ablllty to contlnue 8s a golng concern for a perknd of at lea8t twelve months from when Ih? flnancial 8lalemgnt8 are authori8ed for Issue. Our responslbllitles and the fespon8ibllltle8 of the trustees wth respecl to golng concem are de8crlbed In the relevant 8ectlons of thls report. Other Infomi•tlon The Trustees are re8pon81ble for the other inforrnallon. other Informatlon comprlse8 the Informatlon Included In the Annual report, oifw Ihan t￿ finandal statements and our Auditor'8 report thereon. Our oplnlon on the financlal statements does not cover the ot￿r Information and ￿ do not express any form of assurance condu8lon thereon. Docusign Envelope ID.. DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WOOD FOUNDATION {conlinued) oth•r Inlormatlon - contlnuod In connection with (wr audit of Ihe financial statements, wr responslbll'ty Is to read the other 6nfomiation and, in doing so, conslder whether the other Infonnation Is materialty inconsi8tent with the financlal statements or our knovAedge obtained In the audit or otherw6e appears to be mater*lly mlsstated. If we identify such materlal Inconslstencies or apparent materlal misstalemenls. we are required to determlne whether there is a rnaler￿ misstatement in ihe financkql statements or a rnater01 mis$iatomenl of the other information. If. based on the work wa have perfornied. conclude th81 there 18 a materlal mlsstalement of thlB Other Infomiatlon, we are required to report that fact, Wo have nothlng Io feport In th58 regard. Mattor• On whlch w• ar• r•qulr•d to r•port by •xc•ptlon Wé have nolhlng to report In re8PéCt of the following matter8 wher8 the Charllle8 Accounis (Scotland) Regulations 2008 (88 amended) r8qulre8 U8 to report to ￿ul1, In our oplnlon: the Informallon glven in the Tru8tee8' report Is Incon818tenl kn any maierlal respect with the flnanclal slat8ment8', or proper accountfftg rIY￿rdS have nol been kept; or the flnanclal Statements are not In agreement wlth the account4YJ record8 and returns,. or vm have not recelved all Ihe Informatlon and explanati?ns requlre for our audll. R••pon•lbllltl•s of tru•t• As explained more fully In Ihe Trustees, respon8lblNII88 8tatem8nt, the Trustees are responslble for th6 preparation of the flnanclal statements whlch give a true arKI lar vlew. and for such Internal conlrol 88 the Trustees determlne Is nece83ary to en8b￿ the preparatlon of flnanclal 8tatement8 that are Iree from materlal mlsstatement, whether due to fraud or wror. In preparlng Ihe flnanclal 81atement8, the Trustee8 are re8ponsbl8 for a88e8slng the charlV8 8blllty to conllnue as 8 golng concem, d18closlng, a8 appllcable. matters reLqted to golng concern and uslng the going concern ba818 018ccountlng unless Ihe Trustee8 elI￿r Intend to l*uldate the charlty or to cea88 operations, or have no real0t￿ aRornalive but to do 80. Audltor'• ro•pon81blllt1•8 for th• audlt of tho flnanclal 8tat•m•nt• We have been appolnted 85 auditor undef 88clk)n 44(1Mc) of the Charltles 8nd Tru8tee Investment (Scotland) Acl 2005 and report In accordance with the A¢t and relevant regulatlon8 made or h8ving effeci thereunder. Our objectwes are to obtain reasonable assurance about whether the Ilnanclal stalements as a whole are free from material mlsstalemenl. whether due io fraud or error, and to Issue an Auditors, report that includes our oplnlon. Reasonable assurance P• a hlgh level of assuran¢8, but Is nol a guarantee that an audlt conducted Sn accordance with ISAS (UK) will always detect a materlal mlsstatemenl when it exists, Mlsslalemenls can arise from fraud or error and are considered material ￿, indivldually or In the aggregate, they coukl reasonably be expected io infiuerKe the economic decisions of users taken on Ihe basls of these f inanclal slatements. Irregularities, Includlng fraud, are instances of non-compliance laws and regulations. We deslgn procedures In Ilne wrth our re8pon8ibllilies outlined above, to delect materol msstatements In respect of lrregularrt￿5, incjuding fraud. The extent to whth our pro(xdure8 are capabl8 of detecting irregularities including fraud. Is detaAed below. 10- Docu8ign Env8lop& ID.. DC94940E-DB3A44M-892C-CA9AC345CE19 THE WOOD FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE WOOD FOUNDATION (continued) Audllor's responslbllltle8 for the audlt of th• financlal •Lqtom•nts Icontlnued) We obtained an understanding of the tegal and regulat(Ky frameworks wlthin 4¥hlch the charity operates, focusing on those laws and regulations that have a dlrect effecl on the determinalion of materlal amount8 and disclosures In the flnancial statements. The laws and regulations we considered In this Context were The Charities and Trustee Inveslmenl (Scotland) Act 2005, together with the Charitles SORP (FRS102) 2019. We assessed the required compliance With these law8 and regulatlons a8 part of our audll procedures on the related financlal Statement Items. In addltlon, we consldered provlslons of other lav•B and regulatlons that do not have a dlrect effect on the fln8nclal statements but compllance wlth whlch mlght be fundamental to the charitl8 abllity to operate or to avold a materlal penalty. We also consldered the opportunltle8 and Incentlves that may ex18t wllhln the charlly for fraud. The laws and ragul8tlon8 con81dered In th18 context for the UK operalions were Antl- fraud, bribery and corruptlon leglslatlon, Taxallon legl8latSon, Health and safety legislatlon and Chartty regulations. Audillng standard8 Ilmlt requlred audll pro¢edure8 to Identlfy non 9,500 (318) 7,567 (5,297) Ca•hflow from Ilnanclng actlvltl Loan recelved 823 Do¢roa•o In ca8h and ca8h •qulval•nt• 26 1,720 15,243 The note8 on pages 18 lo 33 form part of Ihese financial st8temgnls. 17- Docusign Envelope ID: DC94940E-DB3A44M492C.CA9AC345CE19 THE WOOD FOUNOATKIP4 NOTES ON THE CONSCLIJATEO ACCCWS. 31 MARCH 2025 ACCOUNTING POLICES Th• f￿ar￿la1 st#lom•nlB Br• pr•pafed w*J•r t￿ h•torui ￿$1 c4nwnVon. kn •cc(%thnc• wrth Pu •¢￿ft1 Irwi th*dI￿ on wkn*hc•rttroI • obthr*•d. Tlw •m doe￿wuda*d from Iho d•1• Ls)ntrolc•••••. Idl InGom DonilS)r*• •r￿ 0￿1*)￿1 •nd kng•¢l•i w• Indud•d Ints 8l•l•iii•nio1 kIl￿t￿l ¥thth Ih•y •r• i•￿1vIbl0. Iw•ilm•nt me4>m• com• Imrn m¥•ilmonii • ¥Klud•d kn Ststsm•nt of FINrK•lki*i•• * it• J*•r kn *thth fd 4 r￿•￿bIl knw•irn•nl kndud•• lh• ￿rnP￿d l•x cr¢d4 •1￿ l•x ￿•￿￿1•1 •1 thr• •pplc•bl• (•) Expttnthlum L*blilwJ• •r• r•cogniMd Wh￿ ¢h•nty •n ¢JblYJ•lvn b m•k• • • Ihrf p*fy. Exp•ndrtur• l• dnclty •ttrOut•d 19 h w•l•vwrf u¢•gory m th• ol FNn¢wl p￿￿￿*1 Olh•r •yndtyrn l• al0￿1•d on pro.r•l• biiii b•i•d ¢)n th• •nl¢wt•d *y￿•t￿l￿ b•t4¥wn tt• Ihr•• ffl•￿ •r••• 0fkn¥••lrn￿1 Qr•nl• or In•l•ln•nl• o19r•nl• off•r•d kn c¢nMcOon wth pmhcl• Irnbtu￿# *r• ekn•rg•d to th• Sthfvm•nt d Fln*Ki•l A¢tlvlkni In th• y•ir wh•n Ih• offér • conv•y•d Io Ih• f•¢ip•nt •K4PI In thom c•i•• wh•r• lh• off•f h wKllton•l •NI co1￿1￿* •r• th• conlrol ol lh• ehirtty. 8u¢h gr•nt• b•kn9 r•cognkn•d •• •wndrfu￿ p•ym•rrt * m•d•. c￿)d￿onI1914n18 vthw• th• condi1￿$ •rn erffitrol of th• ch•rty •r• ¢Mrg•d Sl•l•m•nl of F(NrK•l*￿I*1l•l kn iufl In lh• y•¥r In wh¢h lh• off•r i• ¢gn¥•>*d. Gr•*Fls whkh hav• b••n y￿1 but nol r•¢oBn••d ai w• dkndomd a•tontry•rd i*bMM Inth• fn•ndal •t•t•ment•. Gov•rnan¢• ¢osl• •r• wlJ141 #UPPOrt eo•t• •nO rtbA• Itth• èi 9ov•m•rK• ol th• ¢h•rfty ts •4i•ti Ind Ir• prfrn4fity i•￿¢41•d wrfh eon•ldui(¥i•i•nd It•￿t￿Y f•qurnrnnl•. T•x•llpn Th• Tnjst * rn¢TrJn*ed by & C￿tOm1 •• ¥ ¢h•rty ¥r¥J. •8 • ccffi88quBnc• of Ih l•x rn1018 av•flablB In r•knlh)n * tho wrr•ni ￿4T, certairy itOrn• 8lr•ams ale noi f•b* b) laxai¢n Fof s￿￿$•$ wlw •N ou￿'th Ihi$ ¢X•M￿Th. th• rKtyn• l•x ch•r9• Is ￿l¢v10t•￿ on iho oftAx rnl•s •nd *w• Ih•t h•¥• b••n •uct•d or 1ub•lanfw•¥￿wOtsd by th• r•portry tht•. 191 Inl8nglbl• fixod•*8•ts8nd SofN¥•re wrchaB•d Bc•pil•l*8d at cosland o¥•r kn Mlrn•t•d Us•fvl•r•￿mr y••rn. Ihl Tanglbh fixod •u•ts kndd•&¥•¢ F￿*￿ •8vts ar• uplJlvd alcul•r￿ wr)l•n off ob*r th•*•xpx*d w•lul Ifrts •• lo&y•A. Pknni #nd •Quipm￿l Molor ¥?hl¢b$ 25•A #b•￿1h1 18- Docuslgn Envelope ID: Dc94940E-DB3A44AA.892C-CA9AC345CE19 THe wooo FOUNOATIOM NOTES ON THE CONS¢XIM¥EDACC(MJNTS- 31 IAIRCH 2tr ACCOUNTING POL￿￿Es leA%Wnwdl Flx8d888•1 Invgllmerts Flx•d ass•1 Inv•8lm&)ts ￿ Ir￿Al•d •1 m8th•t Val￿ •1 thv >*or •nd. G•hu and IDM•i Dn d15wI of rnv•lu•Oc￿ ol knv•slm•nls •r• ch•rg•d cr•dlted lo ihe Stsl¢m•n¢of F￿•￿1•1 lomi PArtof In whkh tha •s¥l Is ¢nilty l• h•lod •• •n al*￿•1•d ur*J•rt•*h¥ lh• ¥woup •xw¢ts•• i*rlftc4nt # h•8 OKI pow•r b) p•rlklpato In lh• opèrallng And fin8nci•l p01kyth41r￿ butdo•$ nol o¥•rnl In th• cor¢eoHd•l•d •¢¢4unth, Inlwe8ts In •iMd•t•d ur#t•rt•klny arn •ccourt•Y lor u•lr41 th• •qulty molhtsy of •cMunthig. Undoi thls rnalhod gn •qulty Inv•8lm•nl l• In1￿41￿ •1 tr•nwiknn wk• •nd 1$ lubw￿￿ty •d￿ltyd to r•ll•ct th• groupi •h•r• ol Iho wofit or bs$. other ¢omw•honiive In¢om• and •qulty ol th• as•oci41•. •nd Kuunl Indudoi Iho woup'i •h•w ol th• opprnVTrg relulli. Ini•f•ii, pr•-t*x r•lu1￿ a￿1 •MbutsbL• l•x•lbn of •uth y￿N•kh￿l •ppWw I￿n￿r￿j polkkni e4nsi8l•nl t￿lh tho•• ol th• group. kn lh• niolldit•d b•l•n¢• •h••l, th• Inhr•sts In •18odAt•d •ro •• ol Iho klanlfi•ble n•1 ¥•••ls, Includlng iny nwfflorU••d pr•mhTh p•ldon •¢qu￿tr)n. Ikl Fv•lqn currnncl•• Aii•li, Ill￿1111•1, rn¥•f￿8 and ¢oity &*￿mIn•t•d In loi•1on ¢urrtyKl# •r• f•e*rd•d •1 lh• of •Khvw rullr4J •t lh• d•t•• ol lh• Iran•A¢ilon•,' moMl•ry ••i•ls Il•tUld•i *1 lh• b•l•nc• •h••t d•1• w• trwMl•t•d •t r•t• af •Kth•tY4•. Th• r•lUlU￿ pfofll• or loi¥•s ar• d•alt wllh kn Iho Stswff•nlof Fth•￿1 111 Jolnl •rrnnoem•nl• Wh•r• lh• t￿rtty •nl•ri Ink+ • idrtt *n*4J•rMnl. Ih•l ft e*n*• In ￿rtn•l￿P vAlh Olh•r bodk•s, wthoul lornilng • •opar•l• l•gal pJrtn•rihlp, th•n lh• dwrlty• •h•rn olth• I•v￿re•l •Trl •xp•r4•d Iho •nd M•Nllllo1 •r• IrKlud•d In th• *cc4unti. Im) Fund• Unr•41rf¢led I￿nd¢ Indud• Ineommg rnwJN• f•t•￿ts1• or 9•r**i•d lor th• owll ol th• ch•rfty w5¥￿￿1 lurfhw •P￿d pwpom Intt •r• •v•11•bl• •• 9•n•r•l fund•. Th•1• fur￿0 G•n b• w•d * •c¢tythK• ¥Alh tm oW•¢l• •1 lh• dl•cnkn 01 th• InJii•u. R•ll￿¢t•d lund8 •M to b• v••d ts •p•¢hk pwpoM• u Imkl dthyn ty lh• Inl P•n•lon• Ellglbl• •mpioy••• •r• m•mb•rn ol l•fln•d conblbyUoA pw•lon ￿1￿m•S. P•nwM f￿1* IM Sl•t•m•nt ol Fln•ncl•l kllvSU•1 r•prnMnii lh• ¢othbulkiM P•￿ty1• by lh• TAAI TM ch•r51•bl• ¢onwny onty •nt•rn InilnJm•nli Ir•nMdm Iht lh• f•eoythn of fThnd•l •••0￿ •nd Il•bllltl•• Ilk• Ir•d• Ind gth•r Kmunls r•cth•b* •nd p•y•bl• •Tra lJ•n$ to rnl•l•d •NI p•rtl)i. D•bi In•lrvmonl• lolmr Ih•n tho1• *hc41y r•p*Y•b￿ orm￿￿4￿10 wllhkn on• y•arl, Ir*Judlty4 kn•nJ •nd olh•r •¢￿￿nts r•c•iv•bl• and pay•blo, are Iniullly m•i#ur•d Ot prni•nt v•lu• of lh• fulur• wbwwiuy •1 •mortI￿d ¢￿t th• •ff•etlv• Inl•rg11 m•lhgd. O•bt Initrvrn•ni• ihai ir• p*yabkn or rtt•lv•t4• wthln ￿•r, typk•ly irnd• p•y*blu Qr r•¢•fv•bl•s. •r• mu•ur•d. Inwally •nd $ubMqvvnUy, 01 th• undls¢ounled •rfiwnl of lh• u•h ty oth¢r ¢()nth•r•llon, •¥p•cl•d lo b• p•kl of rK•W. How•vw If th• *ffing•rn•nM ol • ihort.l•mi In•lrum•nl conilllulo a ￿nar￿tr￿ ty¥rrf•c¢b)n. like lh• paymonl ol • dqbt daf•rr•d rwrn•l bwln•ii l•rm8 or financed At • r*1• ol Inl•ro81 th•119 not * MA￿•1 141• or In ￿1• ol •n oul4*ht I￿)￿1•mi h)•n r•)1 Mt rn•th•l rnl•. th• firt•￿￿1 •sMI w M•WNty Is mg••ur•d. Inltl•lty. al lh• pr•Mni v•lu• ol lh• fultsre c•ih I￿ dl•coyntsd •1 • m•rt•t rnt• 01 Inlw••t lor • •lmH•rdebl Initrum•nl4rl 8ubwuDnUy 41 •fflorttsed co•1. For lln¥nd•l ••s•th m••wr•d •1 •ffltylJMd ¢4xL th• knp•lrrMnl rn••iur•d •1 dM•rnnc• b•wn •n •¥wl'• amunl •nd lh• prnmni v•lu• ol •11S￿l•d dlw>unl•J •t th• *#MV* ortilMI •if•dv• int•r••l rnt•. 11 a fftn•n¢*l aii•l h•1 a VAd#blty Int•r•il ralè, lh& dl%ounl (#￿ for m••lurI￿a •ny hry•knw¢t eurnnl •ff•th• Intw•* rnl• d•l•mih)•d Ur￿•r lh• wtrKt. Flnanclal a8••ts ond M•blitl•o *(• ofvol •nd th• n•1 •nwt W￿rt•d ofllMnd•l poithon *t*n Ih•r• l• •n •nIor￿•bI￿ rtht to oNth• rO￿gnI1￿ •ffthJnl• bMr• h •n Ini•nOM to i•ll• on • n•1 b••t• w to (•all•• Iho M••1 •dll• •lrnultan•ou•ly. 19- Docusign Envelope ID: DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDATKIN NOTES ON THE CONSOLKHTEOACCOUNTS. 31 KWiCH 2￿5 JUOCMENTS W APPLYING ACCOUNTtr4G POLICES KEY SOtJICES (* ESTklATf)N ￿cERTAINTy Th• pr•parnlb)n d fwr¢•l 6ts1omgnts Mqutrei m4n4•m•ni kn mk• N*offl￿. estffiat88 and ai$urnpth)n8 th•1 thff•￿ tho amUAl8 r•portgd for a$$el$ and 1*bO￿8$ a8 at Ihe ba*rf• Iwt O•t¢ ond tl* re[￿rte￿ dunrrfJ ￿•r I￿ m￿rn• ond •xwrKl¢we. FI)￿¥8r. thè nature ol eslthab'on rn•an¢ Ih•t •¢tu•l out¢m8 dillar from Ihx• •btm•t•8 E3lm•t•• •r*l Jie eahtsn￿Ity •V8bJbtéd ond affj ba$od on hi$lorkal •XyFIen￿ And otharfaetm. •xpKlaton5 01 •Jlwtr overts ththl•r• ￿*￿ad to tyo r•ason¥blD urthr tho crcuwAtan¢ao. Th¢ Irust••itoM•J•r IMIIMr• wor• rn rn•￿•1 or•lim￿On* ur￿rt•￿llII ￿rrO￿lOr pr•)r swr. OONATL)N8 ANO LEGACES Group Trtmt 202S >)24 2026 2024 Oon•i*MI . Oon•l•ni- i•ilrri•d 3J20 3,820 4.836 418 47 In •dd41on to •bov• h Tnot ￿[￿rthd Irtyn wl•ln •thiththlw• fL¥KI￿O Irom JW HollThJi Lintsd vthkh w•r• Pfo¥ld•d wthoul Gh•r9•. NCOME FROM N￿sTMENTs Tru•t 2026 roco ¥)24 2026 2024 hv•ikn•nl Incom• 8•nk ￿1¢￿011 f•cO￿*b Olher Inlef•81 r•uw•b 8h•r• ol profid •••od• 743 423 239 72 1.223 74 746 405 241 494 202S •nd 2024. •N lffjm 1ft￿lIM0￿ w•• lof un￿￿<18d I￿￿•. OTPIÉR TRAOWQ ACTPl￿￿S Group TN•t 2025 2024 25 2024 Commerd•l Ir•diw op•rn¢*)n• 47 In 2025 and X124, •ll Irorn olh•r Kllvth• wai for Lmr••W¢l•J IwKI•. OTHER WCOME Oroup TN•t 2026 2024 J25 2024 eo Q•fft on oc9￿￿1￿7 ol •ub•kl•wb$ Ourkng th• 2024 f••￿*1 J••i. lh• 11)0% 0￿h# of E••i Alrun T•• and It'• wb•hI￿ry comyn•• t•vln9 pr•voysly Ihe groupl￿n￿Y abng wlh G•tsby Alr￿. who pvmd on Ihow ovmornhlp lor cons￿•r•t0n. Prpi lo l•kfftg fullwnlrol. Th• Wlxd Found•t4?n *Ykl nol fflc¢wpornl• it'o ohar• ol E891 hJne4n T•• hiw•lm•nls r•Bul6 fft10 118 fiwncBI •i•wrnMts. 86 I w•$ th• IfU&t••• oplnion Ihai il would provth • r•al•t¢ v•w ol naium ol *&• Inv•sim•iit 9roup. Fol￿r￿ Ihg Awu*ion ol fuH own•rshp n ltttr y••r lh• Irusio01 ¢oniK1•r 11 apwow*t• to now In¢lud• itr••• comp•nkns Ih c£￿￿1￿1•1•1 ¥•iul4. On• 8ubi•J•ry, Sh•9•$h• Te• Cornp•ny Llrniled li con$id•Md h•kJ lor •Tr1 Ihw•lm haj bean c•n1mL￿1 b) b• •xelJd•d Irtym Ihu Gro￿9 r•Èull81Tr)te 281 The 9akn r•cogneDd 2024 IFI r•L91￿n to Ihi$ IransaclK)n Ihorelorn th•r• of Mt prwtsu*ty by Gai*by Al￿ wth Th• Wood Founda1￿n,$ N•vi)U8 own•rnh(g •l•m•nL Docuslgn Envelope ID.. DC94940E-DB3A44M492C-CA9AC345CE19 THE WOOD FOUNDATION NOTES ON THE CONSIXIDATEO ACCOiNTS. 31 MIRCH 2025 INCOMING RESOURCES FROM Ctr&4Rft￿LE ACTlVttlES Incoming ra￿Ure•S reg￿￿c•S oxp•nd•d th 1•6wi ol ch•Fii•blo activths MLat• k) th• Op￿110￿ ol lh• ier¥k•i eorwni98 In Eo¥1 Afri through $ub$klLqry ¢omp•nkns •s follo¥￿.. 2025 scoms) 2028 SCCW(Nl 2025 2028 202S Ir*omlnD R•aouff 2015 R•$ourc•s Expmded Turno¥•r 11 72 72 550 15501 129} 72 Olhér Incom• Ildbuuon co811 Adrn5nl8tr•￿Ve exp￿ 121 1421 13361 223 15231 1421 11.3921 11.8221 (2971 244 {ssoi (3911 (￿9) 19471 Tax on profll On ￿dI￿ry •cllvlU•• Ino¢• 91 171 12 52 671 EXPENOITURE ON Ctr14RITfvILE ACYMfiES Fadlta •conomk •nd •due•tK)n d•v•loprn•nt *K4lL•n•oui IL•nlhropy tr•n•lorfflr¥J D•¥•k)￿*Vj young p•opl• In 2026 Totsl In Alr*• Group Gfint• p•y•bl• (not• 10> R•iauieA• •xp•fid•d Imm ch•dl•bb 4¢￿￿•• Inol• 71 Dlr•¢l ¢OIII'. Stsff Coniullm Tr•v•l 1244 1,244 109 YPI Progr•mm•'. 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Stsff Tralnlno &+J•v•kywit lurnn Tmvol Ftro81 & pvblrjty $Cel18n￿u* O•pro¢i#i Ex¢han9• galn• Imp4lryn•nl idythbmnt Gov•matV ¢08ts TaxalLon I￿10 91 378 270 12 862 47 17 13 io 109 21 744 453 78 177 17 744 47 31 177 534 15 10 Fa￿1￿8￿n9 econom￿ and edut8t¥)n devef¢m?nt in s￿l•n￿ ¢￿tin￿$ ID bo a &)r• xfvity of Ihe Twst ar¥J 11 ￿￿lInUeS 10 odv8nL¥ $b3thcanl rundlng from pr¢¥bu*¢ommS11od mulb.Jwwts. .21 Docusign Envelope ID: DC94940E-DB3A44AA492C.CA9AC345CE19 THE VIOOD FOUNDATIOPI NOTES ON THE CONSOLIDATEO ACCOUNTS. 31 PAIRCH 2025 EXPENDITURE CHARITABLE ACTMTIES I¢v1•￿d} Vontur• ph￿￿thropY tran8lornln9 FacllalivJ 00￿101*nI ytyjng peopl• in scO￿and &￿tion da¥okJpment ScolkTrJ p¥dty 202$ Total in Afth Tru•t Or*nl$ p•y•b* 101 YPI Pfoornmm•" Sioff ¢￿•y111*￿y Tr8voI Pf••8 & publKIty 518 518 22 21 831 ob•1 L•amNI P*rtMr•hlp'. Proqf•fflm•. Stiff Con•ull4r*cy TiovII Pr•18 & publklty Programffth•'. Si•N ConskAtsncy T•&ch•r Ir•niryJ Tr•vo Pf•&• & pub*ty MI￿•#•no0u1 •xp•n 637 218 104 eJT 216 104 ee 18 Supportco•h'. 376 376 Tr•nlng 8 d•¥•bprnMI Bur•rK• 10 10 Pre•1 & pub*ty MiJc•11on•ow •xp•rn•• D8pr•ciaton Exch¥ng• g•n• 0ov•rnirt• CO1￿ INJ1• 111 49 17 49 17 24 23 549 610 24 16 Docusign Envelope ID.. DC94940E-DB3A44AA492&CA9AC345CE19 THE bVOOD FOUNDAMON NOTES ON THE CONSOLIt)ATEDACCOlm- 31 MARCH X)25 EXPENDITURE CW CWIT*JLE A¢TMnES{r￿ITh￿lI Th• compargtsvg for 2024 w•ro: FAdlllAti •conomlc and •ducalAin davaK)pmoni ScodaTrJ pknl•nthropy tr4nslormlrwJ an￿& capfidty •upwicosts yourvJ peopb In Scolkqnd 2024 Tolal Group Gianii p¥yoblfj Intsi• 101 873 S•rvk• Com￿rtY owfv•d8 Prol•ct •l•rt SlaN Coniull•rKy Tf•v•l 83 1,146 129 127 110 YPI Progr•mm•'. 485 e4 C¢)niuhAn¢y Triv•l Pr•$• & pubklty Mlsc•llqn•oui •xp•nM• 45 e17 617 Glob41 L•imlng P•rtn•r•Np'. Prcgr•rnnw'. S￿tt Coniull•Ky 24 61 24 61 Pr•81 & pU￿￿￿ty 149 149 Ex¢•l•r4t•'. Pr¢grimrM: 641 224 $41 224 133 Ifx) 10 12 CoThiull•rny T•4ch•r tr•lnlng Tr•v•l Pr•i• & pubk5ty Il•n•tyJ• 0Xp￿•8 10 12 Support ¢OBII'. $14ff Tr•lnlnq In•urnnc• Tr¥v•l Pr••1 & pubM¢lty Ml8c•ll•n•ou• •ynM• Dépr•cl4i￿n Ex¢hing• 9•kn1 Gov•rn•w ￿11¥ T•X•1￿ (not• 9) 498 35 17 72 23 11 13 10 120 io 10 24 io 10 65 81 491 kn 2024, 01 th• lotsl ch1￿b￿l •xp•rrfilL¥•. £5.854,(th w•1 lffjm uN•ilrfct•d lund• •nd £1.780.OQ) w•¥ from ￿￿¢4•d lundB. The IoB* ¢)n Inv••tm•nli was •ltrlbWJl)l• In lul to ItMKI•. Th• hhtorfcll ¢0•¢ rnch•ry•s to th•rgM b) r•l•l•d underf•klTrJ8. -23- Do¢usign Envelope ID.. DC94940E.DB3A44A4-892C-CA9AC345CE19 THE WOOD FOUNOAIION NOTES ON THE CONS(LDATEOACCOUNTS. 31 MIRCH 2(Q5 EXPENC)ITURE ON CHARITABLE ACTI￿￿Es{¢￿*￿dI v￿b￿r* F•¢lrt•tno 9r•nts & ¢apaclty transformng 1fr4•¥bJods Alrra educ41 devebprnonl &olknd poopb In Seot¥nd 2024 TotBI Tru•1 Gi*nts p4yab* InDt• 10 185 873 DnGlco•l8' YPI Pr¢gr•mm•: Sl•ff Cvn•ul•rty Ti•v•l Pi•s$ & pulA￿ty M5¢c•l*n•ou• •xp•nM• 66 34 45 817 619 Gbb•l L••mbbO Parln•rnhlp'. Progr•mm•'. 24 61 24 51 es Con•utsKy Tr•v•l 14 14 E¥c•lpt•l•'. Progr•rnm•'. Slwff Coniu*incy r•ach•r ty•olng Trnval Pr0ss & publkify Mw¢ol*rwu• •xp•n••A 541 224 133 700 io 12 224 133 1¢XI 10 Support co41•.' 239 31 Tra￿￿￿ & dw•lopm•nl In¥ur•n Ir•v•l Pr••i & publkty Mffjc•ll•n•oui •Np•nM• O•pr•c*ltsJn Éx¢haAg8 g45n• Oov•rn•nc• Ino* 111 25 13 10 23 40 10 10 81 10 81 304 81 13 In 2024. of Il* iotAI chori¢ib* £13.584.O¢JO w frtyTr unmlrkted fvndl •rrfl £254nOO w•• frgm rni1￿Ct•d knndl Th• th• on Inve¥im•nt# wii attilJutab*ln lull lo unr••tr¥t•d TAXATDM Tnmt 20X 2024 UK eoworaiKn t•x l¢r ¢Lvr•nl year UK ¢oipor•l*n lax reLglMg lo prpy ywf •ri••8 corpornlk>n tax 177 0¥8r8848 fftcom• 18x r4 ch•rgo¢ on tsxat4• g•rnr•￿ by th• y¢)upl op•r•th)M •) Rwinda. TA¥ l• ch•r9•d •t lh• Rw•rKl• R•vern JJlhonty'$ 0115% and 28.91• .24- Docusign Envelope ID: DC94940E-DB3A44A4492CQI9AC345CE19 THE WOOD FOUNOATION NOTES ON THE CONS(XIDATÉDACCOIJYTS- 31 YJ25 10 GRANTS Grants Aw4{￿j Ng. Gf¥nts AwArd•d No. 2024 £￿10 Oroup Gr4nt5 to Instslthbns: V•nbJre pWnlhropy lrnn•lomk* IWl•)od4 In PJrk• 140 1,618 Voluni•4th9 OV•11￿$ D•velopln9 yOUThJ pwt• In knii•nd 878 1.026 289 2,491 MIS￿111n•0ui grint•'. Oth¢r mlic4ll•Mow w•n 112 185 Gr•nl• Awl 2025 2024 £rJoo Tru•1 No. Gr•nl• lo Init4tuikn#'. V•nlur• phll•nthropy Irqr*•formhg I￿rI￿d8 kn Afrlc• vo￿￿￿•ring o¥wi•as D•v•loplty Iwv4 p•opl• In Se4M*wJ 10.548 878 1.874 280 11,419 Mls¢•ll•n•ou• or•rt•'. Oth•r mlK•M•MoU8 gr•nts 112 185 GOVERNANCE COSTS Tru•t 26 2024 2026 2024 Audltarn. rnmuMr•tkin L•9•1 Ov•ri••i comp￿￿# S•rv 20 19 11 14 21 24 12 NET MOVEMENT IN TOTAL FUNDS FOR THE YEAR18 ￿•￿￿4••r¢I￿vthQ.' 2026 2024 1025 2024 £wo Audltori, f•mur•r*tbn 43 19 Non.•udll I 13 STAFF COSTS NI40 NUMBERS Oyoup 2024 2024 4,401 3,570 144 140 1,004 140 Soclal 8•curfty Olh•r ponsh)n eoil8 Galiby gbar• OF￿1• Sthff ¢o*rt¢h•rgtr (nots 271 163 125 978 -25- Docusign Envelope ID.. DC94940E-DB3A44A4-892C-CA9AC345CE19 THE wooo FOIJNDAnoN NOTES ON THE CONSOLDATEOACC0L￿. 31 IAIRCH 2 13 STAFF COSTS AND NUMBERS l*Xnt1w￿I TM av•rw nut)*w ol p￿￿￿1 ernpbjffjd by ts Tnwt >•arw•• ••lolw". 2025 2024 2025 No. 2024 TnJ$i¥•i Manapm•ni &•dmM￿rnt0Th 83 23 23 Durffj9 tr• 17 ¢fflpknyws group f•c•W ••b)lum•nt• ol ov•r £60WJ13)24. 181 P•nJ4M contrOuton• lot•lng £96,000 wwo p8kl lo drocl conlnl¥Jknn pon6knn Kh•ffl￿ kn f•we¢t of 10 01 ThJphj￿I){20?4.. £80)￿, 8 ￿￿1¥•￿15). Th• TN¥lMi conbldoi I￿1 tt wouhl bo p•ralon411y 8•n•ltN• ¢0 d•ck>so •nylurlh•r f•muMr•tkn Infomwllon kn i••p•¢lof IMll• 4vJi¥Klu#li. 14 TRUSTEES, EMOLtIMENTS NJ40 EXPENSES Th• fNit••i r•wv•d no v•ffluMr•lkn Ifom th• ￿1. No Twile•• r•c•lv•d •xp•M•i Ifom th• Tfull th• CUrrnrtorw￿Wl y4•r. No •mpl¢yd•• othef Ih•D lh• Twtw w•eaMkl•Md kn be k•y min•o•rMN 15 GA￿￿LossESj ￿ INVESYMENT ASSETS amup & Tru•t 2025 2024 Unr••l••d q•ln&llo•M•l¢M 179 18 NVESTMENTS Oyoup & Tru•1 21123 2024 tooo M•ik•l ¥•￿ al I WII 2024 Addrtons it coil Dffjpoi•* •1 00•nI￿ val N•1 uni••l*•d knv•8lmnl g•h• ¢)n f•¥•1￿11 M•rt•l volw •131 M4i¢h 2025 99,678 2,497 ,sooi 17 92,558 12,3QOI 67 Th• m•rk•l v•bJ• ol *w•ilm•ftts •131 h*r£h 2026 comfv.. Group & TN•t 202S 2024 Llgted fjqulty knvoim•ni* M4naq•d lundi C••h d•FwI• 32 92fy22 152 99.528 4 ￿676 17 ￿vESTmENTs N SU881DI•AES fvl4Dfv&￿C14TE8 Tru•t 2026 2024 vè•lm•nl in 8ubixl•ry und•rtskln Erfmvo Prodlth Nshll Kfr U9aTrJ• Tea Faclory Lin Oroup. Irw••tffl•Nt In M•0¢￿t•• Siknb•ck Taa Ctywny Utr*Jmw• Comp•ny Lènlt•d So¢l•l InvMlrn•nl molh• Tolol tooo COST Al 1 Apnl 2024 kn¥esim•nl *Yurry y￿r Ooposa Shar• ol prori Impairmonl adJu$im•nl For•i9n 8¥ch•no• mo¥ernenl 131 March 2025 8337 9, 103 318 1491 492 14531 317 1491 316 14531 Docusign Envelope ID.. DC94940E-D83A44AA-892&CA9AC345CE19 THE WOOD FOUNDATION NOTES ON THE CONSCiIDATEDACCOUNTS- 31 MARCH 2025 17 NVESYMENTS N SiBSWJiARIES NNDASSOCIATES IconlN•d) A8 *131 Marth 2026, Th• W¢)od Ft￿￿*￿7 th• ¢llOI•6'. Entlty Natur•ot•nt5ty WFT Tradln9 Llmthed The W¢od Foundolkn Afvk• Sllverback Tea Cmipany ISmit•d• GSsovu Tea Cornpany Llmlted• Plunda Tea Cornpany Llmhed• Rui•bano T•• Ctynp•ny Prlvate Umlted• Enlrnlio Holdln85 U8anda ilmlled• Enlrn510 Products Uynd• Ilmlted• P45hlll Klvu Te• Fartory tlmlted. Sefyic•s Compami Out¢rowers Pty•ruiufU South (In￿¢￿* East Alrlc•n Te• In¥estmenis Sha8asha Tea C¢Jmpany Llmlted. Nlombe Out8rower$ 5eThk•s Ct%ThpanyLlmlt*d• SwYlc¢s Cornpany Oui8rower% Ny•ruiufU North LknSt•d' Ru8•bano Out8raw•fs S•fylc•s Llmlt•d• ubuffl￿ fea Holdlnl Llrnlted• lJbumw• Tli Comp•ny Umlted. 11XI% Tr•ding Subsh11•ry charlt4￿9 Subsldlary Holdlni Companv Tel Factory T¢• Firtory Tel Factory Holdln8 Company Vanllla Pvocessor T•• F•rtory Tea Serylces C¢ynp•nv Holdln8 Companv Tea SeThlces Comyny Tel Seryltes Comyny Tea Serylcei Company Tea Sérylces Comynv Hold1￿ Compiny Tea Eitott ond Servl¢•i Comp•rry UK UK Rwonda Rwanda Rwand• U8anda Uaandi Rwand• Rv4and• UK Rw•nd• T•ni•DI• Rwind• Rwand• IAFts UAE Rwand• 25% 15% 22.5% 42.50% six Own•rshlp h•ld vl• Th• Wood Found•tkni kny luluf• Incorrb• or oth•rrntum f••l••d IhM• Inw•lm•nth b• w•d kn fvJth1f ¢h•di•l>l• ¢I4•cO￿. Enlmlro Produ¢t• Llmiirfl Th• Wood Foundaoon Alrb¢• Inlb'•lty purcMMd 40.12% •qth •l•k• In Erwmyo prod￿1* Ug•r*J• Llmlt•d, a im•1￿￿kI•r.4UWpknO ¥anMl• prK•••or pl•ying • k•y rokn In Ih d•tsYlopffl•nl ol u9•r￿* ai • Pr•m￿M orfgln ol v4n*. ￿￿1vd Ih tt InorM••d Ill •tak• to GO%. 8ine• t y•ir •nd Th• Wood Foundivon Alrkn •ohJ tti •nUr• •l•k• c4mp•ny. Ubum¥v4 T•4 cOm￿nY LIMlt•d DU￿A9 v)• y••r Tth• Wood F¢uThJ•llM Afr*• •t4￿￿d • JO% •t•k• th • ctyiyny, Ltyjrn￿ TM Cthwrty LITh￿10￿, wn• • t•a •il•t• In Rw•nd• whlch lup￿￿8 tm h•r¥Ml•d ¢ffjp 1¢ N•N Klw T•4 Flowy LirFthd. Th1• Inv•ilm•nl Ubwyém T•• Hokllno Llmltsd. 18 INTANQI8LE FIXEDA8SEfS Soft*•r• COST At i Aprtl 2024 Addllbonl At 31 M•reh 2026 53 AMORTISATION At l Aprll 2024 Ch•rg• f¢y y￿r At 31 March 2025 40 NET BOOK VALUES Al 31 March 2025 Tru•t 8oflwar• £Doo COST Ai 1 Aprfl 2024 dltion• Al 31 MI￿ 2025 AMORTISAfioN Al 1 Apiiy 2024 Chorg• Icrf ywr At 31 M•rch 2025 NET BOOKVALUES At 31 Mar¢h 2025 -27- Docusign Envelope ID.. DC94940E-DB3A44AA-892CU9AC345CE19 THE WOOD FOUNDATtON NOTES ON THE cONSC￿lIATED AccouKfs. 31 IAARCA 2025 19 TANGBLE FIXEDPSSETS Plant & •qulpm•nt EYJOO Oroup COST Al l Apni 2CQ4 Addiioni D¢Jpoi• For•*n ex¢h•ThJ8 At 31 March 2025 533 1451 141 OEPRECIAT#)N At l Aprll 2024 Chargè for ￿r Approprkgt•d on do￿••1 For•¥n •xth•n9• movthmnt Al 31 M•rch 2025 120 1441 49 196 NET 800K VALUES At 31 Ktsrah Al 1 Aprm 2024 72 Pl•nt a •4ulpm•nt YN•l COST Al 1 Aprll 2024 Ad(JdKn• Al 31 fvhrch 2026 91 99 DEPRECIATION Al 1 Aprti 2024 Ch•ige Al 31 M•r¢h 2025 37 12 NET 8OOK VALUES Al 31 M•rch 2025 At 1 Apr4 2024 20 STOCKS Group 2025 £o(x) Group 2024 £￿00 529 Docuslgn Envelope ID.. DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUtrIDATION NOTES ON THE CONSOLIDATEDACCOiJNTS. 31 MARCH 3)25 21 DEBTORS Qloup X124 2025 2024 £wo Amounis du• from rntslod thJ•rf•klng¥ Olherdibtorn Pr•paymènls 8nd •c£n￿d thc(AY 8.101 12.3ni 6.172 11.932 Other d•btors l•ry•ty consl•l ol Iwm lrn• lo•rré prON1d￿ ty uThl•rt•kky¥ lo wn•llhoklw farm•f• li P•rt of th• l•1 d•v•kipm•nl pr*¢t•. •r• rthyrf￿ •r#J rn¢•fv•bl• In rnrn #wi orn wr. 22 CREDITORS.. 4Wrn)uftl• J•W 2024 2026 24 knounl• due lo r•L•led uThl•rt•llTrJ• Granti p8y•bkry T•x•llon ind loc￿1 i•curfty Corporolion l•¥ Trid• ¢r8dlior• w•li •nd d•l•rrnd *Kom• Olh•f ￿•dItOrS 1.1J8 18.216 1.ie8 15,4S8 41 17 10.216 45 16.458 41 21 138 75 36 61 33 1gN2 18,281 16,338 15.962 23 CREOITORS., aff*unt•l•thw •ft•rmN• Ih•n J• Gmup Trw¢ 2025 2024 2025 2024 Gi•Thl• p•y•bl• Oth•r Iv4n• 6.728 Olh•r lo•ni it lh• y*•r •nd th¢knl• • k>•n b•knnc• th• Qov•mrn•rt ol R￿n￿• ￿th hJ•n Inwf••t •1 0% p•r •nnum. Th1• l•l•s to lundlrffj lor • •m•lhddw l•• d•v•b)pftwl h RYArtda. Th• ￿1#￿¢•{1￿￿11rtdkn1 111 Ih y••r •NI w•• £2,549.25012024- £?,378,￿). 24 FINANCIAL INSTRUMENT8 Or•up Tnmt 24 2025 2024 £￿00 Fln•ncl•l •i••t• rr•i•ui•d it14tr ¥•lw4 IhrtwJh word tx Fln•ncl•l •ivt• ffl••wr•d at •mortlMd ¢0 5.238 5,418 3,065 Fln•ncLg1 Il•blllll•• m••iw•d al •mty1i••d etht 19.018 18.223 18.291 IS,921 19 18 24￿1 ￿1 Docusign Envelope ID.. DC94940E-DB3A44AA.892C-CA9AC345CE19 THE WOOD FOUNDATION NOTES ON THE CONSOLIDATÉD ACCOUNTS. 31 MARCH 2025 26 MOVEMENT W FUNDS 31 Wi¢h 2024 )00 Iwng R￿Our￿l expvnded Olh¢rl transl•¥s 31 M4r¢h 2025 £YJoo Group Vnr•4trf¢t•d Genei•l Nonunlrollng Inl•r•Bts 108,S26 316 106,212 7.160 109.014 2,443 108.571 127 1.208 7,160 18lh)91 R••td¢l•d YPI piojocl Alriea prop¢li 257 12331 1.017 12S3 1,356 1.816 108 187 229J Tol•l Unr•ilrt¢lid Q•n•f•lfun(S Non4ty1tr￿kn0 Int•r••t• 81.28 &143 {4.0031 119 82,8OS 81.286 6.143 {4.0)31 179 82,60 R••tr*i•d YPI wofftct Towi 238 267 233 17 Non.MiitrolKng h)&•1•￿ iMi• •• • ol • MI￿￿ty 8ub•11•ry •cgutr•d kn th• y••fto 31 Mi¢ch 2024. Th• ￿M￿rIt￿• ffi9¥M• l(v 2024 *w•'. 31 31 ￿rch 2024 2023 •*pnd•d roup Uni••lrlct•d G•n•r•l lund Non.uJntro1•9 mt•MIl• 87M9 19fj21 IS.8541 6,972 108.628 87089 19,621 16,8541 4,656 108,212 R••trl¢t•4 YPI proi•tt Alr¢1 praJ•¢li 72 12S41 238 72 21 Tm•¢ Unr•ilrf¢t•d Gén•f•l lund NM.¢tyitr¢llng 4nl•M•i• 81.0 1116841 7,859 81,2B8 81.023 {13.5841 81.286 YPI Pfop¢I Tolol 72 418 254 oi Docusign Envelope ID.. OC94940E-DB3A44AA492C-CA9AC345CE19 THÈ WOOO FOUNDATION NOTES ON THE CONSOLIDATED *£COUNTS- 31114RCH 2025 25 MOVEMENT W FUNDS (conliM￿dI Anatysls ol not aiwt• furKI• Fun FvTrJ¢ )25 Group Inv•gtrnents Assodal•i Flxed 481•18 Cvrronl •18•1$ Cuffenl Ilibdilial Non-¢urr•nt 18blNIkn• Al 37 March 2025 92,854 9.367 1,053 28,$44 119,0821 9,307 1,047 24,544 118,892} 2,ClJO io Tnt•t Inv•ilm•nt• Flx•d •619ti Curr•nl •l••lB Curr?nl Il•b115b'•• N¢n-curr•nl118billtkn• At 31 Mirch 202S 92,864 82￿54 6.067 118.3361 6,317 118.3361 Th• comp•rat4v• f*uM• lor 2024 w•rn'. Ih•slrtcl•d Fun Funds 2024 £￿0 aroup Inv•iim•nl• 99,678 9.103 7x1 24.06 118.2841 99,678 9,103 738 25,331 118,2811 Flx•d ili• Cui¢•nl •iMI• 1.262 Non*arlh• Tr￿1 w*1 ton*ol•d byts 90•￿ ol Tr￿11•$. -31 Docu$lgn Envelopg ID: CC94940E.DB3A44A4-892C-CA9AC345CE19 THE WOOD FOUNDATION NOTES ON THE CONSOLI)ATEO ACcO1￿lS- 31 NWRCH 3)26 27 RELATED PARTY TRANsACTIONS(￿nIn¥0d? Trnn••cll•n• Tho chjrfy ha¥ l•kgn Jthartage ol •x•rnpli* ¢ontsrnd n FI)•￿#1 R•ptybio Stsrt¥rd 102 S33.1A do¢k•irwJ lrnns•dom ￿lhO•rt wh￿1￿￿Wn16 Ir* lanw grf4JP. B*thne• *t y••r •n ft•14t•d p•ny I•1•￿or¥h1P Tran•mcll Amourtt 30>J.000 Opportuni￿ North EM¢ A ¢4rnp•ny Sv l•n W00¢ IJ ¥ dirKk)r Grwto Mrrffll&•d 14.763,000 E••lAffic•o T•a hvo$tm•nts SutrAid•ry {Jo0,0￿> 1,518.0fy) 684,000 lth(Ii f•¢tory Cornyny L¥n¢ad An •nitywkn Orttlorn TWFA II managffj wr)1 R•cMry• d C￿1• 287.000 2Bf.OQ) Sh•9••tr• T•• F• Sub•d•ry ol E••1 Irmn T•a knv•stn*rt• R•th•ry• d •o•ts advart•d 170.000 12Q8.￿) 170,OLX> 1.181,OKI 142mO 142.0fy) Outsrowors Nyanffjwu Ntsrth Limil•d Afrurt T•• kn¥Mtrrnnt• Ru9•b•no &Jlgrow S•rvK•S LYtll•d Sut*￿•ry d E••t Alr￿ft T•a knv•8tm•n R•th•ry• d co• 10gJKQ 109fy KWI Opir•lhg Floorn A ehrFty In whth thrr• Wood Gr4ham Gotsj ar• R•thwg• I￿1* 62K si￿•￿•¢￿ T•• Comp•ny Lml*d A••ocl•A• ol •ub•bJl•ry LO￿ •dv•r*•d Th•W¢))d Fourtht4)n Afrlca Acuu•d nl•f•sl 2SYq •quty 1.951,0 1,042.1)Xl Ifya rw•knd tyy RO8 Th• 6h•i•held8r kiAn advart•d li rnpayabK• In lull by J1 O•eaxb•r 2027. b•n •gf••mffil¥ do •l¢M lor r•payTn•rt8 ￿ lh• borroweij d¥rywion. Th• k>•n il unwcur•d •TrJ ffjlemii • ¢l¥r9•11 •17%. TM loan f•C&iVfA1 by RwJabano OJlgfow•r• S•￿e•s Lmlud Ircrfn Sh•thck T•A Comparw L•MthJ 18 * on d•m¥nl fxlty rnp•y•blo b•vd on a¥ail•bility ol Ir¢e u$h Ilow lfi lh¢ eofftp•Ny. •nd h•8 • 22ye•r t•nn lo 3 &Jn• 2042 Th• b•n • uns•cured and ntere&llr••. a•¢>•u T•• CoftynyLld BU￿*y¥ry d S+4•th¢k T•• P•thwg• cl•o•t• Corn￿nY Liml SubsbJ•ry d s￿•￿¢￿T￿• R•*•ry• Cornpany Llml•J gyb•éwry o18+4•thGkT•a R•th•ry• d oo•t• Conwny Liml•Y 11.000 17.0ty) Plurda T•• Colwny Ltd 18,0Tr) 18.0(Kl RU9•b•￿ T•• c￿p•nY Prlv•t• Ltd ie.oTr) Sub60•ry 39).O¢J) 142.W) S•ulh R•thAr9• d eo•l• 142,t Enwryo Product4 Uo•nd• Limited A••octht• o)mp•ny" 40 12'/••quty slake Low* Lo*) Inl•r•sl (27.1b)I 1.062.0( Th• ￿￿n ij •v•lbbt• for •• &￿9 •8 Th• Wood Fou￿•1￿ ￿r￿• b • 114r•hobl•r Th• bjan l• repay•bkn on d•mThJ d lh• ￿nd•r. Is unMcur•O •nd fft¢•rosl * ¢h•ryd •16%. Tho WWJ Fourth11￿ knk• ¢Mi•d lo b• • •h￿IKtI1￿ poit >Wf •nd •nd * Thp4Tr•nl Wan plKo *) lulw rppwy ihv loan In trarxthes byeary 2028. DocusSgn Envelope ID: DC94940E-DB3A44AA-892C-CA9AC345CE19 THE WOOD FOUNDAMON NOTES ON THE CONSOLIDATEOACCOUNTS. 31 hMRCH 2025 27 RELATED PARfYTK4J4SACTICWS Iwknu•d) N•tur• of r•l4lloMhlp B•l•n¢• •1 y•*f •nd R•l•t•d plrty Tr•nMcllon Enlrnlro HokSing¥ Ug•rMla Llmlt•d J¢lnlVanbJr•c4mp•ny" A •qulty •t*• 8.000 fh•104n l• r•pay1￿••fi 31 D•c•mb•r 2028 wbhct li •*ll•r Mmymnt by th• BOTh￿r. kn*r••ll•dwrg•d •l6%. Ubumw• T•* Cot)Wny Llniit•d dAI• cTrty. 50% aqulty •1 41,0 132,0001 41,000 Th• loin li r•p4yatrA• kn 6 •9￿1 •Mual IMt•kn•nl8 J•rMthy 20&1 tr• J•N*ry 2034. Th• k)•n h knl•rMIfr••. Nthlll Kl¥u T•• F•¢¢ary Umithd r4yry•ny" 42.3% •qulty • 143.275 143,276 28 CONTINGENT LL*B￿rrEs A nn•l p•ym•nl 01 £737,670 on •oqulth ol NINU Klvu T￿ F•ckyy w•• rnid• yJ•r •f#l •ft•rtr* ••l•r m•1 Ih•lr lkn•l oWlg•loni p•r thè purehii• •ure•mnt. 29 NON-CONSOLIDATED SUBSICXIRIES Sh•g••h• T•• Company Lknll•d wai pwthi••d by nvFA'A •ub•hJl4ry E••t Afrit4rt knv•ibn•nt• Mlh th• Int•nlknn to d•velop tho bu8lnM• b•lof• •v•ntually lrnn¥l•¥rtng EATf• •h•r•• kn th• fxtryy to b• lulty by lh• •M•U￿by•r I•m1￿ ortc• EATI rocovornd IIB prfnclp41 InY•iimonl 41 •nd wh•n Ih•y *chl•v• c•rt•kn c•ydty •nd 9ow4m•rK• Kpfl. EATI ean1Th￿ knvgrdi ¢IK• •wnluil ￿nd0Ver ow•r th• n¢¥1 f•w y••rn.Th• T1￿10*• b•lb¥• IMI lh• Incl￿)￿ ol Th• W*xd FowwJ•tlon Alrk•'i th•r• ol lh• Sh#9i#h T•4 Comp•ny Llmlt•d'• i••ull• Ind nnandol pof 511on In lh• •c£ounli ol TWF woukl no¢ pffjbld• • r••M* ¥l•w ol n•turn of Ihfr Inv••lm•ni In Sh•g*iha T Company Limited li •n 11101 beln9 hold lof uf•. kurdlnoty th• C41mpany li ￿t￿nI01k1•10d ITr lh• financLg1 It•￿men11. Ourlng lh• y•ir. lh• ch•rfty r•th•rg*l co•1• •rnwnlrti * £170,IJOO IW24. £234.0001 Ic+ Sh•g••h• T￿ ¢￿panY LknR•d. A b•l•nc• of £170.¢JOO 12024 . t66.0001 r•m*lni outslandlny h) ihom rffh•rg•8 •t Ih• y•*i •nd. At lh• y•af •nd A toln bIl•n￿ •nwn¥ThJ b £1.181.(￿(2024. £1.449.0001 rnm•kn• oul•t•ThJtr¢ du• Imm Shw•h T•1 Comp•ny Umw. TI lo•n l¥ un••curid •nd trthr•il If••. 8h•q4ihi T•4 Comp•ny wodK•d •ccowit• lor th• y••rk) 31 M1￿h X+26. Tho biL•nc• •h••l to 31 M•r¢h 2025 tt￿.. 2025 2024 FIXED ASSETS Geodwlll Inlan9lbh fix•d •ii•ts T•n9ibl• I￿•d 18wl• 1.353 1,353 CURRENT ASSEf8 Sl¢xk O•blor• C4•h al ban* and In hi￿1 942 919 1.081 2,018 18271 2.322 15021 CREDITORS: onwnl¥ l•Rlydu• **hln orn NET CiIRRENT ASSETS TOTAL ASSEfs LESS CUIIAENf LIA8ILtflES 4.102 CREDITORS.. •mount8 •ft•rnxY•lh•fton• 11,1821 11,4461 NET ASSETS FUNDS Shar• c•wlal Profll •TrJ 1083 l•WI¥ Exch•rrf4• f•$•MJ 3.408 437 813 442 9Y) Docusign Envelope ID: DC94940E-D83A44M-892C£A9AC345CE19