Company registration number SC034467 (Scotland)
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
COMPANY INFORMATION
Directors
George Webb
William Anderson
Stuart Goodall
James Hamilton Stubber
David Stewart Leslie
Lord Duncan of Springbank
Ian Robinson
Ms C J Gordon
Secretary
Kirstin Donaldson
Company number
SC034467
Registered office
22 LG1 Forth Street
Edinburgh
EH1 3LH
Auditor
Greaves West & Ayre
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Solicitors
Anderson Strathern LLP
C/O Anderson Strathern LLP
58 Morrison Street
Edinburgh
EH3 8BP
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 6
Profit and loss account
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Notes to the financial statements
12 - 24
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

The financial statements consolidate those of the Confederation of Forest Industries (UK) Limited and the wholly owned subsidiar ies of APF International Forest Machinery Exhibition Ltd and Forestry Training Services (UK) Ltd.

The parent company holds the entire share capital of both subsidiaries, comprising of £1,001 ordinary share s in total.

Principal activities

The Confederation of Forest Industries (UK) Limited (hereafter called Confor) is a members organisation, which aims to promote the market for wood, forest products and forest services, and help to improve the competitiveness of the industry. Confor's remit covers all parts of the industry supply chain, from nurseries through to timber growers, contractors, harvesters, sawmills and other processors.

Results and dividends

The group profit for the year amounted to £82,605 (202 4: surplus £209,659) and is transferred to reserves. £104,052 of this surplus (2024: surplus £77,569) was due to income derived from and value movements of holdings in fixed asset investments (Note 6) rather than from the principal activities of the group.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

George Webb
William Anderson
Stuart Goodall
James Hamilton Stubber
David Stewart Leslie
Lord Duncan of Springbank
Ian Robinson
Ms C J Gordon
Auditor

The auditor, Greaves West & Ayre, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Stuart Goodall
Director
9 June 2026
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of Confederation of Forest Industries (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The directors' report has been prepared in accordance with applicable legal requirements.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
- 5 -
The extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non- compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the wood and forestry sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation and employment legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and contacting the entity’s solicitor for any details of non-compliance; and

- identified laws and regulations of particular relevance were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, including any fraud associated with revenue recognition, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- traced a sample of subscriptions from subscription lists to original membership forms to nominal ledgers and recalculated to take account of inflationary rates;

- traced a sample of exhibitor bookings from exhibitor s listings to nominal ledgers and agreed to confirmations from the exhibitors. All such revenue was then deferred as the income relates to the exhibition due to take place in September 202 6;

- traced a sample of sales credit notes throughout the year and around the year-end in order to confirm their commercial justification;

- evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims against the company;

- reviewing correspondence with HMRC and the company’s legal advisors;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

The laws and regulations which are considered to be significant to the entity relate to health and safety. Discussions are held with management to determine whether any breaches have occurred as well as legal expenditure being scrutinised for any evidence on non-compliance.

The audit was considered capable of identifying irregularities only to the extent of the substantive testing performed and from discussions with management.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Colin Frame CA (Senior Statutory Auditor)
For and on behalf of Greaves West & Ayre, Statutory Auditor
Chartered Accountants
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
29 June 2026
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
1,578,047
2,573,807
Cost of sales
(489,195)
(1,232,009)
Gross profit
1,088,852
1,341,798
Administrative expenses
(1,145,108)
(1,277,774)
Other operating income
62,111
87,835
Operating profit
5,855
151,859
Interest receivable and similar income
6
104,052
77,569
Profit before taxation
109,907
229,428
Tax on profit
(27,302)
(19,769)
Profit for the financial year
16
82,605
209,659
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
7
1,127
2,892
Tangible assets
8
11,397
6,979
Investments
9
1,112,452
994,438
1,124,976
1,004,309
Current assets
Debtors
11
423,996
216,354
Cash at bank and in hand
758,339
587,228
1,182,335
803,582
Creditors: amounts falling due within one year
12
(916,891)
(514,782)
Net current assets
265,444
288,800
Total assets less current liabilities
1,390,420
1,293,109
Provisions for liabilities
(29,047)
(14,342)
Net assets
1,361,373
1,278,767
Capital and reserves
Called up share capital
14
-
0
-
0
Other reserves
348,640
280,915
Profit and loss reserves
16
1,012,733
997,852
Total equity
1,361,373
1,278,767

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2026 and are signed on its behalf by:
09 June 2026
Lord Duncan of Springbank
Director
Company registration number SC034467 (Scotland)
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
8
7,214
2,167
Investments
9
893,005
828,770
900,219
830,937
Current assets
Debtors
11
165,693
186,319
Cash at bank and in hand
436,256
492,430
601,949
678,749
Creditors: amounts falling due within one year
12
(410,096)
(453,854)
Net current assets
191,853
224,895
Total assets less current liabilities
1,092,072
1,055,832
Provisions for liabilities
(14,563)
(5,389)
Net assets
1,077,509
1,050,443
Capital and reserves
Called up share capital
14
-
0
-
0
Other reserves
292,496
238,888
Profit and loss reserves
16
785,013
811,555
Total equity
1,077,509
1,050,443

The Profit and Loss account and Group Balance Sheet on pages 6 and 7 show the results of the group as a whole. The Company Balance Sheet above shows only the parent company’s figures. As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. However, the overall result for the year was a profit of £27,065 (2024 - £124,060 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 June 2026 and are signed on its behalf by:
09 June 2026
Lord Duncan of Springbank
Director
Company registration number SC034467 (Scotland)
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
-
0
243,804
825,304
1,069,108
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
209,659
209,659
Transfers
-
37,111
(37,111)
-
Balance at 31 December 2024
-
0
280,915
997,852
1,278,767
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
82,605
82,605
Transfers
-
67,725
(67,725)
-
Balance at 31 December 2025
-
0
348,640
1,012,733
1,361,373
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2024
-
0
200,159
726,224
926,383
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
124,060
124,060
Transfers
-
38,729
(38,729)
-
Balance at 31 December 2024
-
0
238,888
811,555
1,050,443
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
27,065
27,065
Transfers
-
53,608
(53,608)
-
Balance at 31 December 2025
-
0
292,496
785,013
1,077,509
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Confederation of Forest Industries (UK) Limited (“the company”) is a private company limited by guarantee domiciled and incorporated in Scotland. The registered office is .

The group consists of Confederation of Forest Industries (UK) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include fixes asset investments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company Confederation of Forest Industries (UK) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover represents subscriptions, received levies, project income and donations for the year from woodland owners and forestry businesses in the United Kingdom and from associate members, excluding value added tax.

Subsidiary revenue represents exhibitor fees, ticket fees and sponsorship income for the bi-annual exhibition held by the company. As all revenue relate to the exhibition, revenue in relation to this exhibition is recognised when the exhibition takes place. As such, revenue received in relation to the income during a non-exhibition period is deferred until the exhibition period.

Subsidiary revenue also represents funding contributions that have been received from members of the industry and public organisations. No VAT is chargeable on these amounts and they are recognised as they are invoiced as there are no performance obligations to be satisfied.

Income from investments, including dividends, interest and other income types, is recognised as follows:

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

Interest and other income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% Straight Line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight Line over the lease term of five years
Chairman's Badge
Nil
Chairman's Badge
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.14
Retirement benefits

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

The company has several ongoing projects that are partly funded by government grants.

Government grants relating to these projects are recognised as income over the periods when the related project costs are incurred. Part of grant may be accrued or deferred based on the timing of project expenses. If part of such a grant is deferred or accrued, it is recognised as deferred income or accrued income.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Deferred income

The management calculates deferred income on project income based on projects that take place beyond the year every quarter after reviewing agreements for different projects. There are several projects with different contracts and income is recognised in accordance with the contracts.

D eferred income in relation to subscription income is not a key source of estimation uncertainty as the subscription renewal date is 1 October and therefore 9/12 of the subscription income is deferred in the year-end accounts.

Deferred income in the subsidiary APF is not a key source of estimation uncertainty as the exhibition takes place biennially. All income related to the exhibition year is deferred and recognised as deferred income in the balance sheet in a non-exhibition year. This is released in an exhibition year once the exhibition has taken place.

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Subscriptions
359,171
366,147
Industry Contributions
701,622
687,587
Regional Income
59,182
64,607
Magazine Income
94,845
111,077
Project Income
227,051
289,184
Site fees
-
549,422
Ticket Sales
-
273,167
Sponsorship
-
61,340
Other Income
-
171,276
Funding Contributions
136,176
-
1,578,047
2,573,807
2025
2024
£
£
Other revenue
Interest income
17,228
16,955
Dividends received
8,833
8,866

During the year £1 36,176 of non-exchange funding contributions were receivable and recognised through turnover from various public and private sector supporters from outside the group in order to assist with the set up of the Forestry Training Service (UK) Limited. At the year end there were no unfulfilled conditions or contingencies attaching to these resources from non-exchange transactions. The entity has not benefited from any other form of resources from non-exchange transactions.

4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
14,485
13,660
Audit of the financial statements of the company's subsidiaries
14,800
9,350
29,285
23,010
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
5
Employees

The average monthly number of persons employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
20
18
14
13

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
714,740
746,527
695,423
648,935
Social security costs
57,964
55,204
55,815
55,204
Pension costs
175,554
158,160
173,511
158,160
948,258
959,891
924,749
862,299
6
Interest receivable and similar income
2025
2024
£
£
Income from other fixed asset investments
104,052
77,569
Total income
104,052
77,569
7
Intangible fixed assets
Group
Other
£
Cost
At 1 January 2025 and 31 December 2025
5,350
Amortisation and impairment
At 1 January 2025
2,458
Amortisation charged for the year
1,766
At 31 December 2025
4,223
Carrying amount
At 31 December 2025
1,127
At 31 December 2024
2,892
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
8
Tangible fixed assets
Group
Leasehold improvements
Office equipment and fittings
Chairman's Badge
Total
£
£
£
£
Cost
At 1 January 2025
-
0
31,745
500
32,245
Additions
2,600
5,893
-
0
8,493
Disposals
-
0
(1,815)
-
0
(1,815)
At 31 December 2025
2,600
35,823
500
38,923
Depreciation and impairment
At 1 January 2025
-
0
25,266
-
0
25,265
Depreciation charged in the year
167
3,909
-
0
4,076
Eliminated in respect of disposals
-
0
(1,815)
-
0
(1,815)
At 31 December 2025
167
27,359
-
0
27,526
Carrying amount
At 31 December 2025
2,433
8,464
500
11,397
At 31 December 2024
-
0
6,479
500
6,979
Company
Leasehold improvements
Office equipment and fittings
Chairman's Badge
Total
£
£
£
£
Cost
At 1 January 2025
-
0
23,899
500
24,399
Additions
2,600
5,054
-
0
7,654
Disposals
-
0
(1,815)
-
0
(1,815)
At 31 December 2025
2,600
27,138
500
30,238
Depreciation and impairment
At 1 January 2025
-
0
22,232
-
0
22,231
Depreciation charged in the year
167
2,441
-
0
2,608
Eliminated in respect of disposals
-
0
(1,815)
-
0
(1,815)
At 31 December 2025
167
22,857
-
0
23,024
Carrying amount
At 31 December 2025
2,433
4,281
500
7,214
At 31 December 2024
-
0
1,667
500
2,167
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
9
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Shares in group undertakings and participating interests
-
-
1,001
1,001
Other investments other than loans
1,112,452
994,438
892,004
827,769
1,112,452
994,438
893,005
828,770
Fixed asset investments not carried at market value

Listed investments are stated at fair value through profit and loss.

Shares in group undertakings are stated at original purchase price.

The historical cost of group listed investments is £984,522 (202 4 - £940,631).

The historical cost of company listed investments is £831,733 (202 4 - £821,731).

Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2025
994,438
Additions
607,273
Valuation changes
77,268
Disposals
(566,527)
At 31 December 2025
1,112,452
Carrying amount
At 31 December 2025
1,112,452
At 31 December 2024
994,438
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Fixed asset investments
(Continued)
- 22 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2025
1,001
827,769
828,770
Additions
-
545,605
545,605
Valuation changes
-
57,463
57,463
Disposals
-
(538,833)
(538,833)
At 31 December 2025
1,001
892,004
893,005
Carrying amount
At 31 December 2025
1,001
892,004
893,005
At 31 December 2024
1,001
827,769
828,770
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
APF International Forest Machinery Exhibition Ltd.
22 LG1 Forth Street Edinburgh EH1 3LH
Ordinary
100.00
Forestry Training Services (UK) Ltd
22 LG1 Forth Street Edinburgh EH1 3LH
Ordinary
100.00
11
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
386,479
140,294
128,176
128,549
Other debtors
37,517
76,060
37,517
57,770
423,996
216,354
165,693
186,319
CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
12
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
42,142
66,257
40,751
25,682
Corporation tax payable
10,859
10,903
-
0
3,615
Other taxation and social security
69,884
38,368
42,020
37,350
Other creditors
794,006
399,254
327,325
387,207
916,891
514,782
410,096
453,854

Included within trade creditors is an outstanding balance of £3,515 for the parent company credit card which is secured by a floating charge over the assets and undertakings of the parent company.

13
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
738,303
307,708
291,828
307,708
14
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.

15
Other reserves
2025
2024
Group
£
£
At the beginning of the year
280,915
243,804
Transfer to/from retained earnings
67,725
37,111
At the end of the year
348,640
280,915
2025
2024
Company
£
£
At the beginning of the year
238,888
200,159
Transfer to/from retained earnings
53,608
38,729
At the end of the year
292,496
238,888

CONFEDERATION OF FOREST INDUSTRIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
16
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
997,852
825,304
811,554
726,224
Profit for the year
82,605
209,659
27,065
124,060
Transfer to reserves
(67,725)
(37,111)
(53,608)
(38,729)
At the end of the year
1,012,733
997,852
785,013
811,555
17
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for rental of office space. Lease term s run up to November 2027.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Total commitments
59,719
11,403
59,719
11,403
18
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities, assist with the preparation of the group consolidated and individual company financial statements.

In common with many other businesses of our size and nature we use ou r auditor to provide tax advice and manage our investment portfolio.

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