Forest Enterprise England (FEE) has developed the first organisation-wide Natural Capital Account (NCA). FEE manages England’s woods and forests with the aim of balancing the social, environmental and economic benefits derived from them. The account covers an area of 254,000 ha, approximately 2% of land in England. The Natural Capital Account provides a structured and transparent way of quantifying the full value of the services provided by the natural assets in FEE’s care and the impact of FEE’s management of them. The account reflects both value to the organisation (private value) and wider society (external value), providing a broader perspective compared to financial reporting. The value of the services delivered by England’s woods and forests is estimated to be £11.9bn. Over 95% of this value is as a result of the benefits it provides to society, for example through recreation and climate regulation. This value is not captured in traditional financial accounts.