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2021-12-31-accounts

Elected Trustees:
The Rt Hon the Lord Benyon (resigned 15July 2021) P Misselbrook
(appointed		 15November 2021)
Earl ofCarnarvon P Prebensen
(appointed		 15July 2021)
R C Compton, DL (resigned 15 July 2021) A C Salvesen OBE,DL
A H Daniell BJTaylor CBE,DL (appointed 15October 2021)
Mrs JEGibbs (appointed 15 July 2021) 0RM Williams
(appointed
27 January 2022)
Rt Hon Sir Robert Goodwill MP (appointed 15 July 2021) JSYoung
EAEHoskyns-Abrahal1 Ms CA Zambuni
Miss LJJukes (resigned 15 July 2021)
Officers: Chief Executive Officer Mrs TDent BSc,FRAgS, CBE
Director ofPolicy and Public Affairs A Leake BSc,PhD, FRAgS, FIAgfM
Director ofResearch A Hoodless BSc,PhD
Deputy Director ofResearch N JAebischer Lic hs ScMath, PhD, DSc
Director - Scotland RKennedy B.Coinm (Hons), CA
Director - Wales Ms SEvans
Director ofFundraising JPayne MA, HCIOF
Director ofMembership, Marketing &Communications A Gilruth
Director ofAdvisory &Education, &Gamebird Policy R Draycott PhD
Chief Financial Officer N Sheeran BSc,ACMA, CGMA

Tab(4 4:Auchnerran
natural		 capital balance sheet capital balance sheet capital balance sheet capital balance sheet (Present Value, (Present Value, (Present Value, (Present Value, 6000s) 6000s)
Summary ofasset values
(Present
value over 60years)'		 Pi'lvate 1 Wider society Total
At: 31t)ecernber 2020 1
Ass'ets
eFood production
((ivestock)s		 l 5.702
A/i
~
io
tl		 987
eTimber production
oRenewable
energys
a Greenhouse
Gases
Carbon sequestration '		 6.258 6,258
Operational
en.issionsss		 (6.333) (6,333)
e Air quality regulation 51 51
~Recreation s 109 280
~ Education 8.consulting
's		 73 166
6.871 ~240 7,'1 10
liabiliiies
Natural
capital maintenance		 costs
Legal obligations"" (88&)il (888)
Other maintenance'" (91&)! (918)
Product(on costs u
Food Production
'		 (4 172) 1 (4.122)
Shooting expenses' (46) (46)
Total tiabilities (5.974) l (5.974)
Total net asset value (monetised) 897; 1,137
The 'Wider society' column ofthe Balance Sheet indicates that the farm's operational emissions,
chiefly in the form ofGreenhouse
Gas emissions		 produced by the sheep flock (but also by fuels and fertilizer),
are almost offset by carbon sequestration in the form ofwoodland.
Other		 regulating and cultural services
facilitated by the farm's natural
assets		 such as air quality, recreation
and educational		 work mean that overall,
there is a slight balance in favour ofnatural asset benefits over liabilities.
The 'private'
farm balance sheet indicates		 a surplus of income assets over expense liabilities so that in
combination
with the 'wider society' balance, the demonstration
farm		 is meeting the aims ofproductive
farming and biodiversity
stewardship		 at present. The challenge will be to maintain that position. The influence
ofcurrent agri-environment
income within		 the account is significant. The effect of changes to agricultural policy
and consequent
adjustments
to future		 support payments
will require close		 attention.

General Restricted Endowed Total Total
Note Fund Funds Funds 2021 2020
Income and endowments from:
Donations
and legacies
Members
subscriptions		 1,339,656 1,339,656 1,332,661
Donations
and legacies		 1,680,513 1,809,262 3,489,775 2,218,055
3,020,169 1,809,262 4,829,431 3,550,716
Charitable
activities		 2,152,610 2,152,610 2,277,295
Other trading activities
Fundraising
events		 4a 1,671,508 1,671,508 1,324,000
Advisory Service 244,700 244,700 145,628
Trading income 190,223 190,223 200,239
Investment
income		 5 11,791 55,823 67,614 62,108
Other 111,323 77,419 188,742 168,657
Total 5,249,714 4,095,114 9,344,828 7,728,643
Expenditure
on:
Raising funds
Fundraising
events		 4a 456,677 456,677 391,559
Membership
and		 marketing 714,326 714,326 604,671
Other fundraising costs 6 1,233,349 8,740 1,242,089 995,157
2,404,352 8,740 2,413,092 1,991,387
Charitable
activities
Research and conservation
Lowlands 800,710 1,087,615 1,888,325 1,565,311
Uplands 121,819 378,565 500,384 647,590
Demonstration 222,761 1,169,984 4,150 1,396,895 1,339,131
Fisheries 210,580 442,950 653,530 599,272
1,355,870 3,079,114 4,150 4,439,134 4,151,304
Public education 7 795,408 254,582 1,049,990 981,073
2,151,278 3,333,696 4,150 5,489,124 5,132,377
Total 4,555,630 3,333,696 12,890 7,902,216 7,123,764
Income/(expenditure)
before investment
gains		 694,084 761,418 (12,890) 1,442,612 604,879
Net gains / (losses) on investments:
Realised 39,847 65,616 105,463 (70,340)
Unrealised 12 164,206 180,730 344,936 226,221
Net income / (expenditure) 898,137 761,418 233,456 1,893,011 760,760
Transfers
between
funds		 (204,564) 204,564
Net movement
in funds		 693,573 965,982 233,456 1,893,011 760,760
Reconciliation
offunds:
Total funds brought
forward		 3,500,613 1,183,090 4,882,356 9,566,059 8,805,299
Total funds carr'ied forward K4,194,186 K2,149,072 F5,115,812 f11,459,070 Z9,566,059
THK GAME AND WH DLIFE CONSERVATION
TRUST		 GAME AND WH DLIFE CONSERVATION
TRUST		 GAME AND WH DLIFE CONSERVATION
TRUST
CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31DECEMBER 2021
Note 2021 2020
TURNOVER 2,152,610 2,277,295
OTHER OPERATING INCOME 7,124,604 5,389,240
9,277,214 7,666,535
EXPENDITURE
Operating
charges		 7,658,448 6,863,697
Depreciation oftangible fixed assets 204,783 240,007
7,863,231 7,103,704
OPERATING PROFIT 1,413,983 562,831
OTHER INCOME
Interest receivable
and		 similar income 5 67,614 62,108
Interest payable
and similar charges		 (9,284) (10,790)
Profit/(loss)
on disposal		 offixed assets (29,701) (9,270)
Realised gains/(losses) on investments 105,463 (70,340)
134,092 (28,292)
SURPLUS FOR THE YEAR ON ORDINARY ACTIVITIES 1,548,075 534,539
BORNE FROM/(RETAINED
IN)
RESTRICTED AND ENDOWMENT FUNDS (814,144) (320,129)
GENERAL FUND RETAINED SURPLUS/(DEFICIT) FOR THE YEAR f733,931 F14,410
CONTINUING
OPERATIONS

Note 2021 2020
Fixed Assets:
Tangible assets 12a 3,622,618 3,615,810
Investments 13 5,427,761 3,078,851
9,050,379 6,694,661
Current assets:
Stock 14 426,954 376,596
Debtors 15 1,684,020 1,337,808
Cash at bank and in hand 1,659,815 2,748,753
3,770,789 4,463,157
Liabilities:
Creditors: Amounts falling
due within one year 16 1,044,661 1,023,967
Net current assets 2,726,128 3,439,190
Total assets less current liabilities 11,776,507 10,133,851
Creditors: Amounts falling
due after more than one year 17 317,437 567,792
Total net assets 611,459,070 89,566,059
The funds ofthe charity:
Endowment
Funds		 18 5,115,812 4,882,356
Restricted
income		 funds 19 2,149,072 1,183,090
Unrestricted
Funds:
Designated
funds		 20 8,045
Fair value reserve 21 327,222 218,647
General fund 3,832,585 3,241,602
Non-charitable trading fund 34,379 32,319
4,194,186 3,500,613
Total charity funds f11,459,070 $9,566,059

Note 2021 2020
Fixed Assets:
Tangible assets 12b 927,718 1,327,789
Investments 13 2,394,686 683,097
3,322,404 2,010,886
Current assets:
Debtors 15 1,895,020 1,167,781
Cash at bank and in hand 1,266,884 2,018,968
3,161,904 3,186,749
Liabilities:
Creditors: Amounts falling
due within one year 16 859,521 774,031
Net current assets 2,302,383 2,412,718
Total assets less current liabilities 5,624,787 4,423,604
Creditors: Amounts falling
due after more than one year 17 101,189 113,007
Total net assets 85,523,598 24,310,597
The funds ofthe charity:
Restricted
income funds		 19 1,363,791 842,303
Unrestricted
Funds:
Designated
funds		 20 8,045
Fair value reserve 21 327,222 218,647
General
fund		 3,832,585 3,241,602
4, 159,807 3,468,294
Total charity funds Z5,523,598 24,310,597
Signed on behalf ofthe Trustees
Rt Hon Sir James Paice, DL —Chairman
Approved
by the Trustees: gg p~		 '( g0) I/

Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
Members' subscriptions 1,339,656 1,339,656 1,332,661
Donations 696,245 718,309 1,414,554 1,202,099
Grants f'rom other charities 544,485 1,090,953 1,635,438 967,656
Sponsorship 25,177 25,177 26,300
Legacies 414,606 414,606 22,000
1,680,513 1,809,262 3,489,775 2,218,055
f3,020,169 K1,809,262 FA,829,431 $3,550,716

Unrestricted Restricted Endowment Total
Funds Funds Funds 2020
Members ' subscripti ons j,332,66l I,332,66l
Donations 900,025 302,074 1',202,099
Grants from other charities 424,298 543,358 967,656
Sponsorship 26,300 26300
Legacies 22,000 22,000
I,372,623 845,432 2,218,055
I2,705,284 I845,432 E3,550,726

Unrestricted Restricted Total Total
Funds Funds 2021 2020
Research contracts 188,853 188,853 114,560
Research grants f'rom UK Government and EU 1,054,251 1,054,251 1,070,877
Research grants f'rom other bodies 337,436 337,436 415,582
Farm income 557,583 557,583 664,331
Lectures and tours 14,487 14,487 11,945
K2,152,610 62,152,610 X2,277,295

PREVIOUS YEARANAL Y SIS
Unrestricted Restricted Total
Funds Funds 2020
Research contracts 114,560 114,560
Research grants from UK Government and EU 1,070,877 1,070,877
Research gents from other bodh'es 415,582 415,582
Farm income 664,331 664,331
Lectures and tours 11,945 11,945
f- f2,277,295 f2,277,295
FUNDRAISING EVENTS Net Net
Gross Direct Contribution Contribution
Income ExXenditure 2021 2020
Carried out by subsidiary companies 98,950 73,431 25,519 (151,587)
Carried out by The Game and Wildlife Conservation Trust:
London events 221,828 172,682 49,146 99,427
Scottish events (excluding Game Fair) 181,934 31,052 150,882 150,038
GCUSA 259,000 23,335 235,665 90,963
County Group events 909,796 156,177 753,619 743,600
E1,671,508 f456,677 f.1,214,831 6932,441
PREVIOUS YEARANALYSIS Net
Gross Direct Contri bution
~Pdh 2020
Carried out by subsidiary companies 151,587 (151,587)
Carried out by The Game and Wildlife Conservation Trust:
I.ondon events 126,994 27,567 99,427
Scottish events 183,712 33,674 150,038
GCUSA 113,306 22,343 90,963
County Group events 899,988 156;388 743,600
f1,324,000 f391,559 f932,441

A summary
oft		 he companies'
results is as		 follows :
Game and Wildlife
Conservation GWCT Total Total
Events Ltd 2021 2020
Tuftlover 679,768 679,768 434,794
Cost ofsales (276,239) (276,239) (173,626)
Gross profit 403,529 403,529 261,16S
Administrative expenses (270,211) (270,211) (290,440)
Other operating income 38,494 38,494 39,163
Operating
profit		 / (loss) 171,812 171,812 9,891
Interest payable to The Garne and Wildlife
Conservation
Trust		 (9,000) (9,000) (9,000)
Profit on ordinary
activities before taxation		 162,812 162,812 891
Payment
under		 gift aid to
The Game and Wildlife Conservation Trust (160,752) (160,752) (4,341)
Retained profit / (loss) for the year 2,060 2,060 (3,450)
Retained profit
Retained profit		 brought
forward
carried forward		 34,404
36,464		 f (2,085)
32,319
(2,003) f . 34,379		 f, 35,769
32,349,

Conservancy
Trust and the Allerton		 R es earch and Educational
Trust		 are set out below:
Total Total
2021 2020
Gross income 8,392,289 6,945,211
Total expenditure 7,221,446 6,401,498
NET INCOME / (EXI'ENDITURE) 1,170,843 543,713
Realised gains/(losses)
on investments		 105,463 (70,340)
Unrealised
gains / (losses) on investments		 344,936 226,221
NET MOVEMENT IN FUNDS 1,621,242 699,594
Total funds brought forward 9,475,204 8,775,610
BALANCES AT 31DECEMBER 2021 f11,096,446 K9,475,204
Represented
by:
The Game and Wildlife Conservation Trust
Restricted
income funds		 1,363,791 842,303
Unrestricted
income funds		 4,159,807 3,468,294
5,523,598 4,310,597
The Game Conservancy
Trust
Endowment
Funds
Allerton Research and Educational Trust
Endowment
Funds		 5,115,812 4,882,356
Restricted income funds 457,036 282,251
5,572,848 5,164,607
TOTAL FUNDS f11,096,446 59,475,204
5. INVESTMENT INCOME
2021 2020
Dividends
from listed investments		 11,791 3,644
Dividends
from charitable
common		 investment funds 32,503 39,649
Estate income 23,320 18,815
f67,614 f,62,108

Direct Support Governance Total
Costs Costs Costs 2020
Fundraising
department		 233,880 42,331 3,793 280,004
Regional fundraising andinitiatives 344,369 62,330 5,585 412,284
Advisory Service costs 149,433 27,047 2,424 J78,904
Shop purchases and expenses 103,545 /8, 74J 1,679 123,965
583/,227 5/50, 449 1:/3,48/ 5995,/57

Costs ofCharitabl e
Activities
Direct Support Governance Total Total
Costs Costs Costs 2021 2020
Research:
Lowlands 1,586,300 278,108 23,917 1,888,325 1,565,311
Uplands 420,351 73,695 6,338 500,384 647,590
Demonstration Farms 1,174,134 205,120 17,641 1,396,895 1,339,131
Fisheries 549,002 96,250 8,278 653,530 599,272
3,729,787 653,173 56,174 4,439,134 4,151,304
Public education 888,605 148,605 12,780 1,049,990 981,073
I4,618,392 f801,778 f68,954 K5,489,124 K5,132,377
PREVIOUS YEAR AjVALYSIS Direct Support Governance Total
Costs Costs Costs 2020
Research:
Lowlands 1,308,290 235,883 21,138 1,565,3/I
Uplands 540,9J3 97,904 8,773 647,590
Demonstration Farms 1,119,22/ 20/,824 18,086 1,339,131
Fisheries 500,555 90,598 8,1/9 599,272
3,468,979 626,209 56,116 4,151,304
Public education 819,462 148,320 13,291 981,073
I'4,288,44I $774,529 I69,407 I5,/32,377

2021 2020
Management 375,291 335,436
Finance 249,325 227,378
Information technology 311,640 285,214
Human resources 175,065 151,577
Central office expenses 70,931 107,867
$1,182,252 K1,107,472
These costs have been allocated to the Trust's charitable These costs have been allocated to the Trust's charitable activities, fundraising and governance
on
the basis ofthe usage ofthese resources by the various activities, as follows:
Charitable activities (Note 7) 801,778 774,529
Fundraising 323,178 279,449
Governance (Note 8) 57,296 53,494
61,182,262 K1,107,472

8. GOVERNANCE COSTS
2021 2020
Staffand office costs 57,296 53,494
Audit fees 21,450 22,400
Accountancy 11,300 11,300
Trustees' expenses 744 1,330
Professional
fees		 2,832 2,556
f93,622 K91,080
STAFF COSTS
2021 +2220
Wages and salaries 3,762,400 3,562,495
Social security costs 372,021 347,379
Pension costs 324,403 313,775
Less Coronavirus Job Retention Scheme grant (52,856) (388,610)
K4,405,968 K3,835,039
2021 2020
The number ofemployees was:
Research and conservation 57 58
Education 16 16
Farm 3 3
Membership and records 6 6
Regional activities and fundraismg 16 16
Administration and support 17 18
115 117
The following
numbers ofemployees
had emoluments		 of over f60,000:
Emoluments in the range f120,000 - 6130,000
Emoluments in the range f110,000 - f120,000
Emoluments in the range $90,000 —f100,000
Emoluments in the range K80,000 - f90,000
Emoluments in the range K70,000 —880,000
Emoluments in the range 560,000 - E70,000
For these employees,
benefits were accruing under money		 purchase pension schemes, and the total
employer's
contributions		 to these schemes was 867,354(2020:E69,802).
10. TRANSACTIONS WITH TRUSTEES
2021 2020
Trustees'
remuneration
- for acting as trustees
- for other services
Trustees' travel and fundraising
expenses reiinbursed		 (1trustee) f,744 X1,330

11. NET INCOME
/ (EXPKNB		 11. NET INCOME
/ (EXPKNB		 ITU RE) F ORTH E YEAR
This is stated after charging:
2021 2020
Depreciation K204,783 $240,007
Auditor's
remuneration
Audit fees 624,000 $22,400
Accountancy
and other		 advice f.12,246 $11,300
Interest payable E9,284 f10,790
12a.TANGIBLE FIXKBASSETS
GROUP Equipment
Freehold Fixtures
Land and and Motor
~Bnildin
s		 ~Fittin
s		 Vehicles Totals
COST OR VALUATION
At I January 2021 3,810,182 2,235,169 439,591 6,484,942
Additions 7,600 125,416 92,687 225,703
Disposals (182,113) (62,927) (245,040)
At 31December 2021 3,817,782 2,178,472 469,351 6,465,605
DEPRECIATION
At I January 2021 700,459 1,774,828 393,845 2,869, 132
Charge for the year 45,281 133,487 26,015 204,783
Disposals (180,018) (50,910) (230,928)
At 31December 2021 745,740 1,728,297 368,950 2,842,987
NET BOOK VALUE
At 31December 2021 K3,072,042 X450,175 f100,401 53,622,618
At 31December 2020 K3,109,723 X460,341 F45,746 X3,615,810
The cost or valuation offreehold land and buildings is made up as follows:
2021 2020
ARET land and buildings as valued at acquisition
in 1992		 1,849,152 1,849,152
Fordingbridge
land and buildings		 as revalued in 1994 400,000 400,000
Subsequent
additions,		 at cost 1,568,630 1,561,030
$3,817,782 K3,810,182

COMPANY Equipment
Freehold Fixtures
Land and and Motor
~Beilditt
s		 ~Fittie
s		 Vehicles Totals
COST OR VALUATION
At
1 January 2021		 1,219,225 1,345,073 357,045 2,921,343
Additions 52,231 56,893 109,124
Disposals (400,000) (35,490) (435,490)
At 31 December 2021 819,225 1,397,304 378,448 2,594,977
DEPRECIATION
At 1 January 2021 154,400 1,120,401 318,753 1,593,554
Charge for the year 8,200 73,211 19,455 100,866
Disposals (27,161) (27,161)
At 31 December 2021 162,600 1,193,612 311,047 1,667,259
NET BOOK VALUE
At 31 December 2021 X656,625 X203,692 $,67,401 f927,718
At 31 December 2020 K1,064,825 f224,672 X38,292 f.1,327,789
The cost or valuation offreehold land and buildings is made up as follows:
2021 2020
Fordingbridge
land and buildings		 as revalued in 1994 400,000 400,000
Subsequent
additions,		 at cost or valuation 419,225 819,225
6819,225 f819,225

.INVESTM ENTS The Grou
The Corn an
Unrestricted Spendable
Unrestricted &Restricted Endowment
Funds Fund Funds Total
Market value:
At 1 January 2021 117,907 565,190 2,395,754 3,078,851
Additions 1,657,605 659,541 1,698,125 4,015,271
Disposals (108,807) (631,953) (1,128,118) (1,868,878)
Revaluation 148,422 15,784 180,730 344,936
(Decrease) / increase in cash 4,992 (33,995) (113,416) (142,419)
At 31 December 2021 X1,820,119 F574,567 $3,033,075 $5,427,761
Cost at 31December 2021 f.1,671,697 6558,407 f2,690,743 $4,920,847
Cost at 31December 2020 f.107,639 2522,576 K1,858,136 $2,488,351
The market values were made up as follows:
2021 2020
UK Listed Investments 4,711,632 1,796,786
Overseas Listed Investments 417,641 543,341
Charitable Common Investment Funds 87,048 302,085
Other Investments 141,391 224,952
Cash on Deposit 70,049 211,687
$5,427,761 53,078,851
Holdings
whose market		 values are more than 5%ofthe total portfolio are:
2021 2020
26,416 McInroy &Wood Balanced Fund 1,651,591
6,555 Vanguard S&P500ETF 439,789
314,000 Cazenove Equity Income Trust for Charities 141,144
112,800 HMBC FTSEAll-World Index 211,633
STOCKS
The Grou The Com an
2021 2020 2021 2020
Goods for resale 41,196 26,843
Farm Stocks
Growing crops 39,099 31,237
Stock in store 34,472 25,803
Crops in store 68,790 51,563
Livestock 212,084 211,434
FeedstuQs 16,928 15,425
Other 14,385 14,291
f426,954 6376,596

DEBTORS
The Grou The Com an
2021 2020 2021 2020
Trade debtors 273,786 199,756 90,632 53,578
Income tax recoverable 31,312 36,934 31,312 36,934
VAT recoverable 13,726 19,718
Other debtors 961,615 807,931 696,781 629,572
Amount
due from GC USA		 218,219 111,816 218,219 111,816
Amount
due from other group entities		 676,983 185,583
Prepayments 185,362 161,653 181,093 150,298
K1,684,020 $1,337,808 E1,895,020 E,1,167,781

CREDITORS: Amounts falling due with in
one year		 in
one year
The Grou The Com an
~221 2020 2021 2020
Trade creditors 342,691 161,744 270,841 94,399
Life membership subscriptions 12,468 12,267 12,468 12,267
VAT payable 64,989 50,275 22,051 14,659
Income tax and national insurance 166,719 343,889 166,719 343,889
Amount
due to other group entities
Hire purchase 15,226 23,930 10,338 19,042
Accruals 381,254 319,005 354,23 1 268,325
Deferred income 41,921 94,198 22,873 21,450
Mortgage 19,393 18,659
K1,044,661 K1,023,967 f859,521 f774,031
CREDITORS: Amounts falling due after more than one year
The Grou The Com an
2021 2020 2021 2020
Mortgage (see also Note 23a) 192,348 209,633
Other loans
- secured (see also Note 24b) 204,564
Hire purchase 19,976 41,692 19,976 30,315
Life membership subscriptions 81,213 82,692 81,213 82,692
Deferred income 23,900 29,211
X317,437 X567,792 F101,189 6113,007
The amounts
falling due		 after more than five years were as follows:
Life membership subscriptions 36,375 41,050 36,375 41,050
Mortgage 115,339 134,270
E151,714 F175,320 K36,375 f41,050

grants
and		 donations
held on trust		 s t o be applied for specific purp oses:
Balance Gains and Balance
01.01.21 Income ~Ex enditure transfers 31.12.21
The Game and Wildlife Conservation Trust
Grants and donations
Lowlands research 265,693 1,286,667 (1,087,615) 464,745
Uplands
research		 15,020 577,015 (378,565) 213,470
Fisheries 174,785 568,911 (442,950) 300,746
Education 370,411 252,607 (252,607) 370,411
825,909 2,685,200 (2,161,737) 1,349,372
Other funds 16,394 (1,975) 14,419
842,303 2,685,200 (2,163,712) 1,363,791
Allerton Research and Educational Trust
ARET research and farm 282,251 1,007,860 (833,075) 457,036
Game and Wildlife Scottish Demonstration
Farm
GWSDF research and farm 58,536 402,054 (336,909) 204,564 328,245
$1,183,090 &4,095,114 (f3,333,696) X2,149,072
PREVIOUS YEARANALYSIS
Balance Gains and Balance
01.01.20 Incc
e		 ~Ptet
e		 ~tense t 311220
The Game and Wildlife Conservation Trust
Lowlands research 2,314 944,511 (681,132) 265,693
Uplands research 32,000 361,287 (378,267) 15,020
Fisheries 94,000 604,015 (523,230) 174,785
Education 410,506 143,648 (183,743) 370,411
538,820 2,053,461 (1,766,372) 825,909
Other funds 16,394 16,394
555,214 2,053.461 (1,766,372) 842,303
Allerton Research and Educational Trust
'
ARET research andfarm 251,418 872,158 (841,325) 282,251
Game and Wildlife Scottish Demonstration Inarm
GH'SDF research andfarm (6,080) 338,362 (273,746) 58,536
$800,552 $3,263,98/ (52,881,443) 51,183,090

Balance Movement in Funds Balance
01.01.21 Income Transfer 31.12.21
Legacy Fund 8,045 (8,045)
X8,045 (K8,045)
The Legacy Fund was established in 1993as a separate fund derived 5om legacies in excess off.10,000
received in 1993and subsequent years, allocated at the Trustees' discretion. In 2021 the remaining balance was
transferred
to the General Fund.
PREVIOUS YEAR ANAL YSIS Balance Movement in Funds Balance
01.01.2020 31/12/2020
Legacy Fund 8,045 8,045
Property Refurbishment Fund 3,447 (3,447)
F11,492 58,045
FAIR VALUE RESERVE
Balance Movement in Funds Balance
Amounts
01.01.21 Revaluation now realised 31.12.21
Property fair value reserve 167,575 167,575
Unrealised
gains on investments		 51,072 148,422 (39,847) 159,647
6218,647 6148,422 $327,222

Unrestricted Unrestricted Unrestricted Restricted Restricted Endowment
Funds Funds Funds Total
Tangible fixed assets 1,217,054 299,533 2,099,223 3,615,810
Investments 257,630 425,467 2,395,754 3,078,851
Current assets 2,997,916 937,083 528,158 4,463,157
Current
liabilities		 (824,962) (190,115) (8,890) (1,023,967)
Long-term
liabilities		 (147,025) (288,878) (131,889) (567,792)
53,500,613 51,183,090 54,882,356 59,566,059
23. NOTES TO THE CASH FLOW STATEMENT
a. Reconciliation
ofnet income /(expenditure)		 to net cash
flow from operating
activities
2021 2020
Net income
/ (expenditure
for the reporting		 period (as per the
statement offinancial activities) 1,893,011 760,760
Depreciation
charges		 204,783 240,007
(Gains) / losses on investments (450,399) (155,881)
Dividends,
interest and rents f'rom investments		 (67,614) (62,108)
Interest payable 9,284 10,790
Loss / (profit) on sale offixed assets (29,701) (9,270)
(Increase) / decrease in stocks (50,358) 47,405
(Increase)
/ decrease in debtors		 (346,212) 719222
Increase/ (decrease) in creditors 11,104 171,084
Net cash provided
by (used in) operating		 activities E1,173,898 1,722,009
b. Analysis ofcash and cash equivalents 2021 2020
Brokers' deposit accounts 70,049 211,687
Cash at bank and in hand 1,659,815 2,748,753
Total cash and cash equivalents f.1,729,864 K2,960,440

The total commitment
under non-cancellable
operating
lease rentals		 was:
2021 2020
In respect ofland and buildings:
Leases which expire within one year 40,139 23,889
Leases which expire in the second to fifth years 60,000 107,000
In respect offixtures, fittings and equipment:
Leases which expire within one year 25,947 7,785
Leases which expire in the second to fifth years 6,624 37,632
In respect ofmotor vehicles:
Leases which expire within one year 14,894 33,259
Leases which expire in the second to fifth years 4,316
f.147,604 f213,881
Rentals paid during the year were:
Land and buildings 93,964 141,223
Fixtures, fittings
and equipment		 36,610 29,986
Motor vehicles 40,034 36,980
F170,608 f208,189

2021 2020
Annual commitment (defined contribution scheme) K324,403 6313,775
Contributions outstanding at the year-end f46,811 K43,808

General Designated Restricted Endowed Total
Note Fund Funds Funds Funds 2020
Income and endowments from:
Donations
and legacies
Members
subscriptions		 1,332,661 1,332,661
Donations
and legacies		 1,372,623 845,432 2,218,055
2,705,284 845,432 3,550,716
Charitable
activities		 2,277,295 2,277,295
Other trading
activities
Fundraising
events		 4a 1,324,000 1,324,000
Advisory
Service		 145,628 145,628
Trading
income		 200,239 200,239
Investment
income		 3,644 58,464 62,108
Other 85,867 82,790 168,657
Total 4,464,662 3,263,981 7,728,643
Expenditure
on:
Raising funds
Fundraising
events		 4a 391,559 391,559
Membership
and		 marketing 604,671 604,671
Other fundraising costs 6 995,157 995,157
1,991,387 1,991,387
Charitable
activities
Research and conservation
Lowlands 7 884,179 681,132 1,565,311
Uplands 7 269,323 378,267 647,590
Demonstration 7 219,910 1,115,071 4,150 1,339,131
Fisheries 7 76,042 523,230 599,272
1,449,454 2,697,700 4,150 4,151,304
Public education 7 797,330 183,743 981,073
2,246,784 2,881,443 4,150 5,132,377
Total 4,238,171 2,881,443 4,150 7,123,764
Income/(expenditure)
before investment
gains		 226,491 382,538 (4,150) 604,879
Net gains / (losses) on investments:
Realised (12,081) (58,259) (70,340)
Unrealised 12 87,406 138,815 226,221
Net income
/ (expenditure)		 301,816 382,538 76,406 760,760
Transfers
between
funds		 3,447 (3,447)
Net movement
in funds		 305,263 (3,447) 382,538 76,406 760,760
Reconciliation
offunds:
Total funds brought
forward		 3,187,305 11,492 800,552 4,805,950 8,805,299
Total funds carried forward K3,492,568 K8,045 f,1,183,090 X4,882,356 f9,566,059