The directors present the strategic report for the year ended 31 December 2025.

The principal activity of the company is to act as general partner to Gresham House Timberland LP (the “Partnership”). In this capacity, the company is responsible for the management and operation of the Partnership in accordance with the relevant partnership agreements.

The company does not undertake trading activities in its own right. Its income comprises general partner fees receivable from the Partnership, which are designed to cover the administrative and statutory costs of the company and provide a modest operating margin.

For the year ended 31 December 2025, the company reported a profit of £7,812 (2024: £7,483). Revenue consists solely of general partner fees, which remained consistent with the prior year.

The financial position of the company remains stable, with net assets of £9,931 at the year end (2024: £27,119). The reduction in net assets reflects dividend distributions made during the year.

The directors are satisfied that the company has operated in line with its intended purpose as a general partner vehicle and continues to maintain an appropriate level of resources relative to its obligations.

Due to its structure and limited activities, the company is exposed to a relatively narrow range of risks. The principal risks are:

Dependence on Partnership arrangements

The company’s income is dependent on its continued role as general partner to the Partnership. Any change to the Partnership structure or contractual terms may impact future income streams.

Liquidity risk

The company maintains low levels of expenditure and holds cash balances sufficient to meet its short term obligations. Liquidity risk is considered low.

Operational and compliance risk

As general partner, the company is responsible for ensuring that the Partnership is managed in accordance with applicable agreements and regulatory requirements. These activities are supported by the wider Gresham House group.

The directors consider that these risks are mitigated through the company’s limited cost base, its contractual arrangements, and the operational support provided by the wider group.

Given the nature of the company’s activities, the directors consider that traditional financial and non-financial KPIs are of limited relevance. The primary performance measure is maintaining a level of income sufficient to meet the company’s obligations as general partner and to operate on a solvent basis.

The directors monitor:

• Profit for the year

• Cash balances and liquidity

• Ongoing cost coverage through general partner fee income

Financial risk management

The company’s exposure to financial risks is limited due to the simple nature of its operations. It does not engage in complex financial instrument activity.

The main financial risks relate to cash management and receivables from the Partnership. The directors consider these risks to be low and manage them through regular monitoring of cash balances and settlement positions.

Future outlook

The company is expected to continue to operate in its current capacity as general partner to the Partnership. Income levels are anticipated to remain stable, reflecting the ongoing operation of the underlying fund structure.

The directors do not anticipate any significant changes in the nature or scale of the company’s activities in the foreseeable future.

On behalf of the board

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 company and of the profit or loss of the company 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 UK 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

The principal activity of the company is to act as general partner to Gresham House Timberland LP (the “Partnership”). In this capacity, the company is responsible for the management and operation of the Partnership in accordance with the relevant partnership agreements.

The company does not undertake trading activities in its own right. Its income comprises general partner fees receivable from the Partnership, which are designed to cover the administrative and statutory costs of the company and provide a modest operating margin.

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £25,000. The directors do not recommend payment of a final dividend.

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

Objectives and policies

The company does not engage in complex financial instrument activity.

Liquidity risk

The company maintains low levels of expenditure and holds cash balances sufficient to meet its short-term obligations. Liquidity risk is considered low. The directors are satisfied the company has adequate risk management arrangements.

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 company’s auditor 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 company’s auditor is aware of that information.

We have audited the financial statements of Gresham House Timberland General Partner Limited (the 'company') for the year ended 31 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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 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 company's affairs as at 31 December 2025 and of its 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 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:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or 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, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

• 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 knowledge and experience;

• 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;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable; and

• identified laws and regulations 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; and

• 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, 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; and

• investigated the rationale behind significant or unusual transactions.

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;

• reviewing relevant correspondence.

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 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 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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

Gresham House Timberland General Partner Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 New Street, London, EC4A 3TW.

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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.

Turnover represents the income due to the company for acting as a General Partner. General Partner fees are recognised on an accruals basis. The company recognises revenue when the amount can be reliably measured; it is probable that future economic benefit will flow to the entity; and specific criteria have been met for each of the company's activities.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

In the application of the company’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.

Management do not consider there to be any key judgements made within these accounts.

Fees payable for the audit of the company's financial statements: £1,700 (2024: £1,560)

These fees were settled by a fellow group undertaking and are not included in the profit and loss account of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

The company had no employees during the year (2024: none) other than the directors.

The directors received no remuneration for their services to the company during the year (2024: £nil).

The directors’ services are provided by another group company, and their time spent on the company is considered minimal.

A general partner share of £7,845 (2024: £7,483) was receivable from Gresham House Timberland LP (a partnership in which Gresham House Timberland General Partner Limited is a member). At the balance sheet date the amount due from Gresham House Timberland LP was £Nil. (2024: £Nil).

The parent entity is Gresham House Holdings Limited, whose ultimate parent entity is Searchlight Capital Partners LLC (a company registered in Delaware, USA).