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||Elected Trustees:|||||||||
|---|---|---|---|---|---|---|---|---|---|
||The Rt Hon the Lord Benyon||(resigned|15July||2021)|P Misselbrook<br>(appointed|15November 2021)||
||Earl ofCarnarvon||||||P Prebensen<br>(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<br>(appointed<br>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||





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





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## 

|||||General|Restricted|Endowed|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||Note|Fund|Funds|Funds|2021|2020|
|Income and endowments||from:|||||||
||Donations<br>and legacies||||||||
||Members<br>subscriptions|||1,339,656|||1,339,656|1,332,661|
||Donations<br>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<br>activities||||2,152,610||2,152,610|2,277,295|
||Other trading activities||||||||
||Fundraising<br>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<br>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<br>on:|||||||||
||Raising funds||||||||
||Fundraising<br>events||4a|456,677|||456,677|391,559|
||Membership<br>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<br>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<br>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<br>between<br>funds||||(204,564)|204,564||||
|Net movement<br>in funds||||693,573|965,982|233,456|1,893,011|760,760|
|Reconciliation<br>offunds:|||||||||
|Total|funds brought<br>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<br>TRUST|GAME AND WH DLIFE CONSERVATION<br>TRUST|GAME AND WH DLIFE CONSERVATION<br>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<br>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<br>and|similar income||||5|67,614|62,108|
|Interest payable<br>and similar charges||||||(9,284)|(10,790)|
|Profit/(loss)<br>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<br>IN)||||||||
|RESTRICTED AND ENDOWMENT|||FUNDS|||(814,144)|(320,129)|
|GENERAL FUND RETAINED SURPLUS/(DEFICIT) FOR THE YEAR||||||f733,931|F14,410|
|CONTINUING<br>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<br>Funds||||18||5,115,812|4,882,356|
|Restricted<br>income|funds|||19||2,149,072|1,183,090|
|Unrestricted<br>Funds:||||||||
|Designated<br>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<br>income funds|||19|1,363,791||842,303|
|Unrestricted<br>Funds:|||||||
|Designated<br>funds|||20|||8,045|
|Fair value reserve|||21|327,222||218,647|
|General<br>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<br>by the Trustees: gg p~||'( g0) I/|||||





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|||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<br>oft|he companies'<br>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<br>profit|/ (loss)||171,812|||171,812||9,891|
|Interest payable|to The Garne and Wildlife||||||||
|Conservation<br>Trust|||(9,000)|||(9,000)||(9,000)|
|Profit on ordinary<br>activities before taxation|||162,812|||162,812||891|
|Payment<br>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 <br>Retained profit|brought<br>forward<br> carried forward||34,404<br>36,464|f|(2,085)<br>32,319<br>(2,003) f . 34,379||f,|35,769<br>32,349,|





## 

## 

||Conservancy<br>Trust and the Allerton|R|es|earch|and Educational<br>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)<br>on investments|||||105,463|(70,340)|
||Unrealised<br>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<br>by:|||||||
||The Game and Wildlife Conservation|||Trust||||
||Restricted<br>income funds|||||1,363,791|842,303|
||Unrestricted<br>income funds|||||4,159,807|3,468,294|
|||||||5,523,598|4,310,597|
||The Game Conservancy<br>Trust|||||||
||Endowment<br>Funds|||||||
||Allerton Research and Educational||Trust|||||
||Endowment<br>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<br>from listed investments|||||11,791|3,644|
||Dividends<br>from charitable<br>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<br>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<br>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<br>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<br>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<br>numbers ofemployees<br>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,<br>benefits were accruing under money||||purchase|pension schemes,|and the total||
||employer's<br>contributions||to these schemes was 867,354(2020:E69,802).||||||
|10.|TRANSACTIONS|WITH TRUSTEES|||||||
||||||||2021|2020|
||Trustees'<br>remuneration<br>- for acting as trustees||||||||
||||- for other services||||||
||Trustees' travel and||fundraising<br>expenses reiinbursed||(1trustee)||f,744|X1,330|





## 

## 

|11. NET INCOME<br>/ (EXPKNB|11. NET INCOME<br>/ (EXPKNB|ITU|RE)|F|ORTH|E|YEAR||||
|---|---|---|---|---|---|---|---|---|---|---|
|This is stated after charging:|||||||||||
||||||||||2021|2020|
|Depreciation|||||||||K204,783|$240,007|
|Auditor's<br>remuneration|||||||||||
|Audit fees|||||||||624,000|$22,400|
|Accountancy<br>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<br>s|||~Fittin<br>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<br>in 1992||||1,849,152|1,849,152|
|Fordingbridge<br>land and buildings||||as|revalued||in 1994||400,000|400,000|
|Subsequent<br>additions,|at|cost|||||||1,568,630|1,561,030|
||||||||||$3,817,782|K3,810,182|





## 

|||||||||
|---|---|---|---|---|---|---|---|
|COMPANY|||||Equipment|||
|||||Freehold|Fixtures|||
|||||Land and|and|Motor||
|||||~Beilditt<br>s|~Fittie<br>s|Vehicles|Totals|
|COST OR VALUATION||||||||
|At<br>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<br>land and buildings|||as revalued|in 1994||400,000|400,000|
|Subsequent<br>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<br>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<br>due from GC USA|218,219|111,816|218,219|111,816|
|Amount<br>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<br>one year|in<br>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<br>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<br>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<br>and|donations<br>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<br>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<br>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<br>e|~Ptet<br>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<br>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<br>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<br>liabilities|(824,962)|||(190,115)|(8,890)|(1,023,967)|
||Long-term<br>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<br>ofnet income /(expenditure)||to net|cash||||
||flow from operating<br>activities|||||||
|||||||2021|2020|
||Net income<br>/ (expenditure<br>for the reporting|period (as||per|the|||
||statement offinancial activities)|||||1,893,011|760,760|
||Depreciation<br>charges|||||204,783|240,007|
||(Gains) / losses on investments|||||(450,399)|(155,881)|
||Dividends,<br>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)<br>/ decrease in debtors|||||(346,212)|719222|
||Increase/ (decrease) in creditors|||||11,104|171,084|
||Net cash provided<br>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<br>under non-cancellable<br>operating<br>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<br>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<br>and legacies||||||||
||Members<br>subscriptions|||1,332,661||||1,332,661|
||Donations<br>and legacies|||1,372,623||845,432||2,218,055|
|||||2,705,284||845,432||3,550,716|
||Charitable<br>activities|||||2,277,295||2,277,295|
||Other trading<br>activities||||||||
||Fundraising<br>events||4a|1,324,000||||1,324,000|
||Advisory<br>Service|||145,628||||145,628|
||Trading<br>income|||200,239||||200,239|
||Investment<br>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<br>on:|||||||||
|Raising funds|||||||||
||Fundraising<br>events||4a|391,559||||391,559|
||Membership<br>and|marketing||604,671||||604,671|
||Other fundraising|costs|6|995,157||||995,157|
|||||1,991,387||||1,991,387|
|Charitable<br>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<br>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<br>/ (expenditure)||||301,816||382,538|76,406|760,760|
|Transfers<br>between<br>funds||||3,447|(3,447)||||
|Net movement<br>in funds||||305,263|(3,447)|382,538|76,406|760,760|
|Reconciliation<br>offunds:|||||||||
|Total|funds brought<br>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|