Text engraved in wood effect

Well done Graham.  I love it.

For wood texture I usually download from Google images, or use Eye Candy 7, but you can make a stab at it with Render > Fibres.

Sample the light and dark colours you want to use,  and run a gradient down a new layer

Then Render Fibres

I like to squeeze the fibres together a bit.  Then maybe use Liquify to  add some distortion, and maybe some knots.

I tweaked the contrast a bit with a curves layer

The trick with anything you want to make look depressed is to  set layer Fill Opacity to zero, and use Layer Styles.  This makes the layer contents disappear, but the layer style remain.   This is for Handmade Furniture layer.   Bevel & Emboss direction is set to Down, but this does depend on the shading angles set.

A tiny bit of Inner Shadow adds some more depth

And both together.  Remember this is only the top line of text.