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## 

|ab)a 4:Auchnarran<br>natural<br>c|ab)a 4:Auchnarran<br>natural<br>c|apital balance|shoat (Present Va|l|ue, 6 ooos)||
|---|---|---|---|---|---|---|
|summary<br>ofasset values<br>(Press nt value over 60years) '|||Private||Wider sodotyi|Total|
|At: 31Pacamb»r 2020|||||||
|Aasa)s'<br>"-,|||||||
|«Food production<br>(livesiocl )1<br>«Agrl environrnen\<br>income '||||||5,702|
|Cerbon sequestration|"||||6,258|6,258|
|operational<br>omissions'"|||||(6,333)|(6,333)|
|«Air quality regulation|||||51|51|
|«necreat)on<br>s|||109||172|280|
|«Education 8 consulting|'|||||166|
|Total gross assot value|||6.871||240|7,110|
|llah)t)tlas":--|||||||
|Natural<br>capital maintenance||costs||i|||
|Legal obligations'"|||(888)|I||i888)|
|Other maintenance"<br>s||||||(918)|
|Production costs '1|||||||
|FOOd PraduCtian<br>ua|||(4,122)|||(4.122)|
|shooting expenses|||(46)|||(46)|
|Toto) llabnitlas|||(5,974)|||(5,974)|
|total nat asset value<br>(monatlsad)|||897||240|1,137|





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## 

|||||General|Restricted|Endowed|Total|Total|
|---|---|---|---|---|---|---|---|---|
||||Note|Fund|Funds|Funds|2022|2021|
|Income and endownients||from:|||||||
|Donations<br>and|legacies||||||||
|Members|subscriptions|||1,359,424|||1,359,424|1,339,656|
|Donations|and legacies|||1,950,984|2,322,590||4,273,574|3,489,775|
|||||3,310,408|2,322,590||5,632,998|4,829,431|
|Charitable<br>activities|||||2,211,743||2,211,743|2,152,610|
|Other trading activities|||||||||
|Fundraising<br>events|||4a|2,417,225|||2,417,225|1,671,508|
|Advisoiy|setvices|||394,783|||394,783|244,700|
|Trading<br>income||||166,162|||166,162|190,223|
|Investment<br>income||||32,562|88,867||121,429|67,614|
|Other||||116,758|67,740||184,498|188,742|
|Total||||6,437,898|4,690,940||11,128,838|9,344,828|
|Expenditure<br>on:|||||||||
|Raising funds|||||||||
|Fundraising<br>events|||4a|827,478|||827,478|456,677|
|Membership<br>and||marketing||590,460|||590,460|714,326|
|Other fundraising||costs|6|1,562,838||10,501|1,573,339|1,242,089|
|||||2,980,776||10,501|2,991,277|2,413,092|
|Charitable<br>activities|||||||||
|Research|and conservation||||||||
||Lowlands||7|1,027,868|1,241,078||2,268,946|1,888,325|
||Uplands||7|96,512|575,493||672,005|500,384|
||Demonstration||7|305,482|1,438,967|4,150|1,748,599|1,396,895|
||Fisheries||7|89,054|577,092||666,146|653,530|
|||||1,518,916|3,832,630|4,150|5,355,696|4,439, 134|
|Public education|||7|1,085,767|196,910||1,282,677|1,049,990|
|||||2,604,683|4,029,540|4,150|6,638,373|5,489, 124|
|Total||||5,585,459|4,029,540|14,651|9,629,650|7,902,216|
|income/(expenditure)|||||||||
|before investment<br>gains||||852,439|661,400|(14,651)|1,499,188|1,442,612|
|Net gains /(losses)|on investments:||||||||
|Realised||||(6,254)||(22,912)|(29,166)|105,463|
|Unrealised|||12|(139,629)||(216,403)|(356,032)|344,936|
|Net income /(expenditure)||||706,556|661,400|(253,966)|1,113,990|1,893,011|
|Transfers<br>between|funds|||7,500|(7,500)||||
|Net movement<br>in|funds|||714,056|653,900|(253,966)|1,113,990|1,893,011|
|Reconciliation<br>of|funds:||||||||
|Total funds brought|forward|||4,194,186|2,149,072|5,115,812|11,459,070|9,566,059|
|Total funds carried fomvard||||f4,908,242|X2,802,972|f4,861,846|f12,573,060|f11,459,070|





||||THE|GAME AND WILDLIFE CONSERVATION<br>TRUST|GAME AND WILDLIFE CONSERVATION<br>TRUST|GAME AND WILDLIFE CONSERVATION<br>TRUST||
|---|---|---|---|---|---|---|---|
|||CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT||||||
|||||FOR THE YEAR ENDED 31DECEMBER 2022||||
|||||Note||2022|2021|
|TURNOVER||||||2,211,743|2,152,610|
|OTHER OPERATING INCOME||||||8,795,666|7,124,604|
|||||||11,007,409|9,277,214|
|EXPENDITURE||||||||
|Operating<br>charges||||||9,329,166|7,658,448|
|Depreciation oftangible|fixed assets|||||277,452|204,783|
|||||||9,606,618|7,863,231|
|OPERATING PROFIT||||||1,400,791|1,413,983|
|OTHER INCOME||||||||
|Interest receivable<br>and|similar income||||5|121,429|67,614|
|Interest payable<br>and similar charges||||||(8,110)|(9,284)|
|Profit/(loss)<br>on disposal|offixed|assets||||(14,922)|(29,701)|
|Realised gains/(losses)|on investments|||||(29,166)|105,463|
|||||||69,231|134,092|
|SURPLUS FOR THK YEAR ON||ORDINARY|||ACTIVITIES|1,470,022|1,548,075|
|BORNE FROM/(RETAINED<br>IN)||||||||
|RESTRICTED AND ENDOWMENT|||FUNDS|||(623,837)|(814,144)|
|GENERAL FUND RETAINED SURPLUS/(DEFICIT) FOR THK YEAR||||||f,846,185|f733,931|
|CONTINUING<br>OPERATIONS||||||||





|||||THK|THK|GA||LDLI|LDLI||||TRUST||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||CONSOLI||D|AN|K SHK||||
|||||||IrOR|T|R|NDKD 31DKCE|||B|2022||
|||||||||oto||2022||||2021|
|Fixed Assets:|||||||||||||||
|Tangible<br>assets||||||||12a||||3,604,872||3,622,618|
|investments||||||||13||||5,014,580||5,427,761|
|||||||||||||8,619,452||9,050,379|
|Current<br>assets:|||||||||||||||
|Stock||||||||14||49G,279||||426854|
|Debtors||||||||15|2,136,478|||||1,684,020|
|Cash at bank|and in||band||||||3,069,675|||||1,659,815|
||||||||||5,702,432|||||3,770,789|
|Liabilities:|||||||||||||||
|Creditors;<br>Amounts|||falling||||||||||||
|due within one year||||||||16|1,469,955|||||1,044,G61|
|Net current assets||||||||||||4,232,477||2,726,128|
|Total assets less current.||Iinbilitles|||||||||12,851,929|||11,776,507|
|Creditors:<br>Anrounts|||falling||||||||||||
|duo after more than||one||year||||17||||278,869||317&437|
|Total nct nssets|||||||||||f.12,573,060|||f.11,459,070|
|The funds ofthe|charity:||||||||||||||
|Endowment|Funds|||||||18||||4,861,846||5,115,812|
|Restricted income||lbnds||||||19||||2,802,972'||2,149,072|
|Unrestricted|Funds:||||||||||||||
|Designated<br>flmds||||||||20|||||||
|Fair vahm|roserve|||||||21||193,847||||327,222|
|General fund|||||||||4,G83,558|||||3,832,585|
|Non-charitable||trading|||fund|||4||30,837||||34,379|
|||||||||||||4,908,242||4,194,186|
||||||||||||812,573,060|||f11,459,070|
|Signed on behalf|ofthe|Trustees|||||||||||||
|Rt Hon Sir Jantes|Paice, DL|||- Chainuan|||||||||||





## 

||||2022|2021|
|---|---|---|---|---|
|Fixed Assets:<br>Tangible assets<br>Inveslnrents||12b<br>13|927,769<br>2,226,726|927,718<br>2,394,686|
||||3,154,495|3,322,404|
|Cnrrent<br>asselst|||||
|Debtors||15|2,G75,568|1,895,020|
|Cash at bank and in|hand||2,160,997|1&266,884|
||||4,836,565|3,161,904|
|LtabtUNes:|||||
|Creditors: Amounts<br>due within<br>one year|falling|16|1,165,779|859,521|
|Net current assets|||3,670,786|2,302,383|
|Total assets less current liabilities|||G,825;281|5,624,787|
|Creditors: Anrounts<br>duc ader more (han|falling<br> one year|17|81,702|101,189|
|Total net assots|||f6,743,579|65,523&598|
|The 1'unde of lhe Hrarlty:|||||
|Restricted<br>income funds||19|1,866, 174|1,363,791|
|Unrestricted<br>Funds.|||||
|Designated<br>iimds||20|||
|Fair value reserve||21|193,847|327,222|
|General<br>timd|||4,683,558|3,832,585|
||||4,877,405|4,159,807|
|Total charity fun<br>s|||86,743,579|65,523,598|
|Signed on behalf ofthe Trustees|||||
|Rt Hon Sir James Paicc,|DL-Chairman||||





## 

## 

|||Note|2022|2021|
|---|---|---|---|---|
|Cash flows from operating<br>activities:|||||
|Net cash provided<br>by (used in)|||||
|operating<br>activities||23a|1,542,340|1,173,898|
|Cash flows from investing<br>activities:|||||
|Dividends,<br>interest and rents from investments|||121,429|67,614|
|Proceeds fiom sale ofpropeity,<br>plant and|equipment||48,280|43,814|
|Purchase ofpropeity,<br>plant and equipment|||(293,063)|(225,703)|
|Proceeds fiom sale ofinvestments|||986,183|1,974,341|
|Purchase of investments|||(903,266)|(4,015,271)|
|Net cash provided<br>by (used in) investing|activities||(40,437)|(2,155,205)|
|Cash flows from financing<br>activities:|||||
|Interest paid|||(8, 1 10)|(9,284)|
|Repayments<br>ofborrowing|||(41,493)|(251,535)|
|Life membership<br>subscriptions<br>received|||12,495|11,550|
|Net cash provided<br>by (used in) flnancing|activities||(37,108)|(249,269)|
|Change<br>in cash and cash equivalents|||||
|in the reporting<br>period|||1,464,795|(1,230,576)|
|Cash and cash equivalents<br>at the beginning|||||
|ofthe reporting<br>period|||1,729,864|2,960,440|
|Cash and cash equivalents<br>at the end|||||
|ofthe reporting<br>period||23b|f3,194,659|K1,729,864|





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## 

|||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
|||Funds|Funds|Funds|2022|2021|
|Members'|subscriptions|1,359,424|||1,359,424|1,339,656|
|Donations||694,034|464,801||1,158,835|1,414,554|
|Grants froin other charities||859,948|1,857,789||2,717,737|1,635,438|
|Sponsorship||20,800|||20,800|25,177|
|Legacies||376,202|||376,202|414,606|
|||1,950,984|2,322,590||4,273,574|3,489,775|
|||f3,310,408|L2,322,590||f5,632,998|f4,829,431|



|PREV/OUS|PREV/OUS|YEAR ANALYSIS|||||
|---|---|---|---|---|---|---|
|||beer(pt(ons|Unres(ric(ed|Res(ric(ed|Endowment|Toto/|
||||Fnnds|Funds|Funds|2021|
|Me tubers|'su||/,339,656|||/,339,656|
|//ona(tons|||696,245|718,309||/,414,554|
|Grants from||o(her charities|544',485|/,090,953||/, 635,438|
|Sponsorshi p|||25,/77|||25,/77|
|Legac(es|||4(4,606|||414,606|
||||/, 680,5/3|/,809,262||3,489,775|
||||63,020,/69|6/,809,262|L-|L4,829,431|



## 

|CHARITABLE ACTIVITIES||||||
|---|---|---|---|---|---|
|||Unrestricted|Restricted|Total|Total|
|||Funds|Funds|2022|2021|
|Research contracts|||241,924|241,924|188,853|
|Research grants from UK Government|and EU||785,952|785,952|1,054,251|
|Research grants &om other bodies|||414,644|414,644|337,436|
|Farm income|||645,107|645,107|557,583|
|Courses, lectures and tours|||124,116|124,116|14,487|
||||62,211,743|82,211,743|82,152,610|





## 

|PREVIOUS YEAR|ANA LY|SJS|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Utrres(ricted||Restricted||Total||
|||||||||Fr(nds||Frmds|202/||
|Researclr contrac(s||||||||||J88,853|/88,853||
|Research grants fi'om UK Government||||and|EU|||||/,054,25/|I,054,25/||
|Research grants jiam otirer||bodies||||||||337,436|337,436'||
|Farm income||||||||||557,583|557,583||
|Lec(ares and (om's||||||||||/4,487|/4, 487||
||||||||||f2,/52, 6/0||f2,/52, 6/0||
|FUNDRAISING|EVENTS||||||||||Net|Net|
|||||||||Gross||Direct|Contribution|Contribution|
|||||||||Income|~E*|ii|2022|2021|
|Carried out by subsidiary||companies|||||168,650|||34,459|134,191|25,519|
|Camied out by The Game||and Wildlife|||Conservation||Tmst:||||||
|HQ events||||||||53,700||10,328|43,372|7,117|
|London events|||||||389,061|||341,061|48,000|49,146|
|Scottish events (excluding|||Game||Fair)||386,531|||68,918|317,613|150,882|
|GCUSA|||||||323,792|||972|322,820|235,665|
|County Group events|||||||1,095,491|||371,740|723,751|746,502|
||||||||f2,417,225|||f827,478|f1,589,747|81,214,831|
|PREVIOUS YEARANALYSIS|||||||||||Net||
|||||||||Gross||Direct|Conlri bntlon||
|||||||||Income|~ado||u<br>202/||
|Carr'ied ou( by sribsidiary<br>companies||||||||98,950||73,431|25,5/9||
|Carried oal by Tire|Game and Wildlife|||Conservation||Trust(|||||||
|Hf/ events||||||||/9,600||/2, 483|7,//7||
|London events||||||||22/, 828||/72, 682|49,I46||
|Scottish even(s||||||||I8I,934||3/,052|/50,882||
|GCUSA||||||||259,000||23,335|235,665||
|County Gronp|events|||||||890,/96||/43,694|746,502||
||||||||f/,|67/, 508||f456,677|f/, 2/4,83i||



## 



## 

## 

|A sununaiy oft|he comp|anies|'<br>resu|lts<br>is|as f|ollows:||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||Game|and|Wildlife||GWCT Natural||||||
||||||Conservation||Capital Advisory|||GWCT|Total||Total|
|||||~Td'||i.<br>'<br>tt d||Limited||Events Ltd|2022||2021|
|Turnover||||||757,589||185,564|||943,153||679,768|
|Cost ofsales||||||(276,830)||(161,345)|||(438,175)||(276,239)|
|Gross profit||||||480,759||24,2]9|||504,978||403,529|
|Administrative|expenses|||||(270,581)||(20,674)|||(291,255)||(270,211)|
|Other operating|income|||||33,856|||||33,856||38,494|
|Operating<br>profit|/ (loss)|||||244,034||3,545|||247,579||171,812|
|Interest payable|to The|Game and||Wildlife||||||||||
|Conseivation<br>Trust||||||(9,000)|||||(9,000)||(9,000)|
|Profit on ordinaiy<br>activities|||before taxa|||235,034||3 545|||238,579||162,812|
|Paytnent<br>under|gilt aid to The Game and|||||||||||||
|Wildlife Conservation|||Trust|||(242,121)|||||(242,121)||(160,752)|
|Corpration<br>tax||||||||(4)||||||
|Retained profit|/ (loss) for the year|||||(7,087)||3,541|||(3,542)||2,060|
|Retained profit|brought|forward||||36,464||||(2,085)|34,379||32,319|
|Retained profit|carried foiward|||||29,377|f.|3,541|f|(2,085) f.|30,837|f,|34,379|





## 

## 

||A summary<br>ofthe financial|activities|activities|undetxaken|undetxaken|by the Game|and Wildlife Conservation|Trust, the|Game|
|---|---|---|---|---|---|---|---|---|---|
||Consei vancy Trust and the|Allerton||Research and Educational|||Trust are set out below:|||
|||||||||Total|Total|
|||||||||2022|2021|
||Cross income||||||10,024,776||8,392,289|
||Total expenditure||||||8,477,571||7,221,446|
||NKT INCOME<br>/ (EXPENDITURE)|||||||1,547,205|1,170,843|
||Realised gains/(losses)<br>on|investments||||||(29,166)|105,463|
||Unrealised<br>gains /(losses)|on investments||||||(356,032)|344,936|
||NET MOVEMKNT IN FUNDS|||||||1,162,007|1,621,242|
||Total funds brought<br>forward||||||11,096,446||9,475,204|
||BALANCES AT 31DECEMBER|||2022|||f12,258,453||811,096,446|
||Represented<br>by:|||||||||
||The Game and Wildlife Conservation||||Trust|||||
||Restricted income funds|||||||1,866,174|1,363,791|
||Unrestricted<br>income|funds|||||4,877,405||4,159,807|
||||||||6,743,579||5,523,598|
||The Game Conservancy|Trust||||||||
||Endowtnent<br>Funds|||||||||
||Allerton Research and Educational||||Trust|||||
||Endowment<br>Funds||||||4,861,846||5,115,812|
||Restricted income funds|||||||653,028|457,036|
|||||||||5,514,874|5,572,848|
||TOTAL FUNDS||||||f12,258,453||f11,096,446|
|5.|INVESTMENT INCOME|||||||||
|||||||||2022|2021|
||Dividends<br>fioni listed investments||and||managed|funds||32,562|11,791|
||Dividends<br>from charitable|common||investment||funds||50,607|32,503|
||Estate income|||||||38,260|23,320|
|||||||||f,121,429|f67,614|





## 

## 

|OTHER|FUNDRAISING<br>C|OSTS||||||
|---|---|---|---|---|---|---|---|
||||Dh ect|Suppoit|Governance|Tot aI||
||||Costs|Costs|Costs|2022|2021|
|Fundraising<br>depatsment|||195,659|38,085|3,452|237,196|285,428|
|Regional|fundraising<br>and initiatives||562,664|109,522|9,927|682,113|482,254|
|Advisory|Service and Natural|Capital|404,502|51,893|4,704|461,099|289,392|
|Shop purchases<br>and expenses|||160,818|19,816|1,796|182,430|176,275|
||||f1,323,643|f219,316|f19,879|fL562,838|81,233,349|



|CO/tfPARA TIV|E Y|EARANAL YSIS|||||
|---|---|---|---|---|---|---|
||||Direct|Snpport|Governance|Total|
||||Costs|Costs|Costs|202J|
|Fnndratstng<br>department|||239,776|42,037|3,6I5|285,428|
|Regional fimdratsing||and initiatives|405,J2I|7/, 025|6,/08|482,254|
|Advisory Setvice|costs||243,/06|42,62/|3,665|289,392|
|Shop pnrchases|and|expenses|I48,08/|25,96/|2,233|/76,275|
||||f/, 036084|f/8/, 644|f/5, 62/|f/, 233,349|



## 

## 

## 

|Costs ofCharit|abl|e<br>Activities||||||
|---|---|---|---|---|---|---|---|
||||Direct|Support|Governance|Total|Total|
||||Costs|Costs|Costs|2022|2021|
|Research:||||||||
|Lowlands|||1,871,616|364,310|33,020|2,268,946|1,888,325|
|Uplands|||554,326|107,899|9,780|672,005|500,384|
|Demonstration||Farms|1,443,117|280,095|25,387|1,748,599|1,396,895|
|Fisheries|||549,493|106,959|9,694|666,146|653,530|
||||4,418,552|859,263|77,881|5,355,696|4,439,134|
|Public education|||1,058,059|205,951|18,667|1,282,677|1,049,990|
||||f5,476,611|81,065,214|f96,548|f6,638,373|j5,489,124|
|PREVIOUS YEAR ANAL YSIS|||Dh ect|Snpport|Governance|Tote/||
||||Costs|Costs|Costs|202I||
|Research:||||||||
|Lowlands|||J,586,300|278,/08|23,9/7|/,888,325||
|Uplands|||420,35/|73,695|6,338|500,384||
|Demonstrati|on|Farms|I,/74, /34|205,/20|/7,64J|/,396,895||
|Fisheries|||549,002|96,250|8,278|653,530||
||||3,729,787|653,/73|56;l74|4,439,I34||
|Pnblic edncati on|||888,605|/48, 605|/2, 780|J,049,990||
||||f4,6J8,392|f80/, 778|f68,954|f5,489,/24||





## 

## 

||||2022||2021|
|---|---|---|---|---|---|
|Management|||526,125||375,291|
|Finance|||276,153||249,325|
|Information||technology|359,838||311,640|
|Human|resources||180,597||175,065|
|Cennal|office expenses||161,649||70,931|
||||81,504,362|f,l,182,252||



|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)|||1,065,214|801,778|
|Fundtaising||||366,551|323,178|
|Governance|(Note 8)|||72,597|57,296|
|||||f.1,504,362|f1,182,252|





## 

|8.|GOVERNANCE|COSTS||||
|---|---|---|---|---|---|
|||||2022|2021|
||Staff and office costs|||72,597|57,296|
||Audit fees|||24,750|21,450|
||Accountancy|||11,940|11,300|
||Trustees' expenses|||5,430|744|
||Professional<br>fees|||10,304|2,832|
|||||$125,021|f93,622|
||STAFF COSTS|||||
|||||2022|2021|
||Wages and salaries|||4,237,014|3,762,400|
||Social security costs|||431,577|372,021|
||Pension costs|||343,419|324,403|
||Less Coronaviius|Job Retention|Scheme grant||(52,856)|
|||||f5,012,010|f4,405,968|



|||||2022|2021|
|---|---|---|---|---|---|
|The|number ofemployees||was:|||
||Research and|conservation||63|57|
||Education|||17|16|
||Faun|||4|3|
||Membership|and records||6|6|
||Regional activities||and fundraising|17|16|
||Administration|and|suppott|18|17|
|||||125|115|



|The|following<br>numbers ofemployees<br>had emoluments|following<br>numbers ofemployees<br>had emoluments|ofover 860,000:|
|---|---|---|---|
||Emoluments|in the range 8130,000 - f140,000||
||Emoluments|in the range 8120,000 - f.130,000||
||Emoluments|in the range 890,000 - 8100,000||
||Emoluments|in the range 880,000 - f90,000||
||Emoluments|in the range f70,000 - f80,000||
||Emoluments|in the range 860,000 - f70,000||



## 



## 

## 

|This is stated atter charging:|This is stated atter charging:|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2022|2021|
|Depreciation||||||||8277,452|g204,783|
|Auditor's<br>remuneration||||||||||
|Audit fees||||||||f24,000|824,000|
|Accountancy<br>and other advice||||||||812,246|f,12,246|
|Interest payable||||||||89,284|g9,284|
|12a.TANGIBLE FIXEDASSETS||||||||||
|GROUP|||||||Equipment|||
||||||Freehold||Fixtures|||
||||||Land and||and|Motor||
||||||~Buildin<br>s||~Fittin<br>s|Vehicles|Totals|
|COST OR VALUATION||||||||||
|At<br>1 ianuaty 2022|||||3,817,782||2,178,472|469,351|6,465,605|
|Additions||||||5,795|169,735|117,533|293,063|
|Disposals|||||||(603,451)|(72,533)|(675,984)|
|At 31December 2022|||||3,823,577||1,744,756|514,351|6,082,684|
|DEPRECIATION||||||||||
|At I January 2022||||||745,740|1,728,297|368,950|2,842,987|
|Charge for the year||||||46,476|168,343|62,633|277,452|
|Disposals|||||||(582,268)|(60,359)|(642,627)|
|At 31 December 2022||||||792,216|1,314,372|371,224|2,477,812|
|NET BOOK VALUE||||||||||
|At 31 December 2022|||||g3,031,361||g430,384|ZI43,127|f3,604,872|
|At 31December 2021|||||f3,072,042||f450,175|8100,401|f3,622,618|
|The cost or valuation offreehold|||land|and buildings<br>is made up|||as follows:|||
|||||||||2022|2021|
|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|||||||1,574,425|1,568,630|
|||||||||f3,823,577|f3,817,782|





## 

|||||||||
|---|---|---|---|---|---|---|---|
|COMPANY|||||Equipment|||
|||||Freehold|Fixtures|||
|||||Land and|and|Motor||
|||||~Buildin<br>s|~Fittin<br>s|Vehicles|Totals|
|COST OR VALUATION||||||||
|At I January 2022||||819,225|1,397,304|378,448|2,594,977|
|Additions|||||130,781|57,174|187,955|
|Disposals|||||(584,771)|(58,033)|(642,804)|
|At 31 December 2022||||819,225|943,314|377,589|2,140,128|
|DEPRECIATION||||||||
|At I January 2022||||162,600|1,193,612|311,047|1,667,259|
|Charge for the year||||8,201|112,903|41,564|162,668|
|Disposals|||||(571,709)|(45,859)|(617,568)|
|At 31 December 2022||||170,801|734,806|306,752|1,212,359|
|NET BOOK VALUE||||||||
|At 31 December 2022||||f648,424|8208,508|870,837|8927,769|
|At 31 December 2021||||f656,625|Z203,692|f67,401|f927,718|
|The cost or valuation offreehold||land|and buildings|is made up as follows:||||
|||||||2022|2021|
|Fordingbridge<br>land and buildings|||as revalued|in 1994||400,000|400,000|
|Subsequent<br>additions,|at cost or||valuation|||419,225|419,225|
|||||||f819,225|8819,225|





## 

## 

|INVESTME|NTS||||||The|Grou||
|---|---|---|---|---|---|---|---|---|---|
||||||The Com||an|||
|||||||Unrestricted||Spendable||
||||||Unrestricted|&.|Restricted|Endowtnent||
||||||Funds||Fund|Funds|Total|
|Market value:||||||||||
|At I January 2022|||||1,820,119||574,567|3,033,075|5,427,761|
|Additions|||||55,215||134,732|713,319|903,266|
|Disposals|||||(73,902)||(148,925)|(792,522)|(1,015,349)|
|Revaluation|||||(99,667)||(39,962)|(216,403)|(356,032)|
|(Decrease)|/increase<br>in cash||||759||3,790|50,385|54,934|
|At 31 December 2022|||||f1,702,524||f524,202|X2,787,854|f5,014,580|
|Cost at 31 December 2022|||||$1,654,756||f549,703|f2,723,889|f4,928,348|
|Cost at 31 December 2021|||||f1,671,697||f558,407|X2,690,743|f4,920,847|
|The market|values were|made up|as follows:|||||||
|||||||||2022|2021|
||UK Listed|Investments||||||4,587,074|4,711,632|
||Overseas Listed Invesnnents||||||||417,641|
||Charitable|Common|Investment|Funds||||284,022|87,048|
||Other Investments|||||||18,500|141,391|
||Cash on Deposit|||||||124,984|70,049|
|||||||||f5,014,580|f5,427,761|
|Holdings<br>whose market||values are more than 5'/o ofthe total|||portfolio are:|||||
|||||||||2022|2021|
|26,416|||Mclnroy &Wood Balanced||Fund|||1,581,951|1,651,591|
|6,555|||Vanguard|S&P 500ETF||||390,237|439,789|



## 

|STOCKS|||||||
|---|---|---|---|---|---|---|
|||The Grou||The Com|an||
|||2022|2021|2022||2021|
|Goods for|resale|38,014|41,196||||
|Farm Stocks|||||||
|Growing|crops|28,621|39,099||||
|Stock in store||68,891|34,472||||
|Crops in store||119,756|68,790||||
|Livestock||218,036|212,084||||
|Feedstuffs||11,243|16,928||||
|Other||11,718|14,385||||
|||f496,279|f426,954||||





## 

## 

|DEBTORS|||||
|---|---|---|---|---|
||The|Grou|The Com|an|
||2022|2021|2022|2021|
|Trade debtors|412,875|273,786|144,853|90,632|
|Income tax recoverable|39,352|31,312|39,352|31,312|
|VAT recoverable|36,389|13,726|||
|Other debtors|1,192,595|961,615|988,741|696,781|
|Amount<br>due fiom GC USA|270,000|218,219|270,000|218,219|
|Amount<br>due fiom other group entities|||1,054,672|676,983|
|Prepayments|185,267|185,362|177,950|181,093|
||82,136,478|fL684,020|f2,675,568|81,895,020|



## 

## 

||||The Grou|The Grou|The Com|an||
|---|---|---|---|---|---|---|---|
||||2022|2021|2022||2021|
|Trade creditors|||509,275|342,691|356,881||270,841|
|Life membership|subscriptions||12,503|12,468|12,503||12,468|
|VAT payable|||78,334|64,989|42,559||22,051|
|Income tax and national||insurance|176,020|166,719|176,016||166,719|
|Amount<br>due to other group entities||||||||
|Hire purchase|||10,338|15,226|10,338||10,338|
|Accruals|||576,542|381,254|498,104||354,231|
|Deferted income|||90,409|41,921|69,378||22,873|
|Mortgage|||16,534|19,393||||
||||f1,469,955|81,044,661|fI,165,779|$859,521||
|CREDITORS: Amounts||falling due after more than one year||||||
||||The Grou||The Com|an||
||||2022|2021|2022||2021|
|Mortgage (see also Note||23a)|178,578|192,348||||
|Hire purchase||||19,976|||19,976|
|Life membership|subscriptions||81,702|81,213|81,702||81,213|
|Uefen ed income|||18,589|23,900||||
||||8278,869|f317,437|881,702|f|101,189|
|The amounts<br>falling due||afier more than five years were as follows:||||||
|Life membership|subscriptions||35,845|36,375|35,845||36,375|
|Moitgage|||98,710|115,339||||
||||8134,555|f15L714|835,845||f36,375|



## 



## 

## 

## 


## 

## 

|grants and donatio|ns||held on trust|s t|o be applied for|o be applied for|specific purp|oses:|||
|---|---|---|---|---|---|---|---|---|---|---|
||||||Balance<br>01.01.22||in|~rrhl|Gains and<br>transfers|Balance<br>31.12.22|
|The Garne and Wildlife Conservation||||||Trust|||||
|Grants and donations|||||||||||
|Lowlands<br>research||||||464,745|1,160,435|(1,241,078)||384,102|
|Uplands<br>research||||||213,470|376,523|(575,493)|50,000|64,500|
|Fisheries||||||300,746|569,092|(577,092)||292,746|
|Education||||||370,411|156,815|(196,910)||330,316|
||||||1,349,372||2,262,865|(2,590,573)|50,000|1,071,664|
|Other funds||||||14,419|830,091||(50,000)|794,510|
||||||1,363,791||3,092,956|(2,590,573)||1,866,174|
|Allerton<br>Research||and Educational|||Trust||||||
|ARET research|and||farm|||457,036|1,]68,194|(964,702)|(7,500)|653,028|
|Game and Wildlife|||Scottish Demonstration<br>Farm||||||||
|GWSDF research||and farm||||328,245|429,790|(474,265)||283,770|
||||||f2,|149,072|f4,690,940|(I4,029,540)|(X7,500)|f2,802,972|
|PREVIOUS YEAR|ANALYSIS||||||||||
|||||||Balance|||Gains and|Balance|
||||||0/.0/.2/||Inc on re|~sr«||3/./2.2/|
|The Gmne mrrl Wild/ife|||Conservatiorr|Tnrst|||||||
|Lowlands<br>reseai'clr||||||265,693|J,286,667|(/, 087,6I5)||464,745|
|Uplands<br>researclr||||||/5, 020|577,0/5|(378,565)||2/3, 470|
|Fisheries||||||/74, 785|568,9II|(442,950)||300,746|
|Edncation||||||370,4I/|252,607|(252,607)||370,4I'I|
|||||||825,909|2,685,200|(2,I6J,737)||l,349,372|
|Otlrer fimds||||||/6,394||(/,975)||/4, 4/9|
|||||||842,303|2,685,200|(2,/63, 7I2)||/,363,79I|
|Aller/on<br>Resenrcli mal|||Educational|Tnrst|||||||
|ARET researclr andfarm||||||282,25I|/,007,86'0|/833,075)||457,036|
|Game mid IVlldllfe|Scott/sir Denrorrstration|||||Fnnn|||||
|GIVSDF researclr|and||farm|||58,536|402,054|(336,909)|204,564|328,245|
||||||I/,|l83,090|64,095,//4|(63,333,696)|$204,564|62,/49, 072|





## 

## 

|||Balance|||Movement|in Funds|||Balance|
|---|---|---|---|---|---|---|---|---|---|
|||01.01.22|||Irlcome|Transfer|||31.12.22|
|Legacy Fund||||||||||
|The Legacy Fund was established||in 1993as a separate||fund derived<br>from legacies in|||excess off,|10,000||
|received<br>in|1993and subsequent|years, allocated|at the|Trustees'|discretion,|In 2021 the remaining||balance was||
|transferred|to the General Fund.|||||||||
|PREVIOUS YEARANALYSIS||Balance|||Movement|in Funds|||Balance|
|||0/.0/.202/|||r|~T||3I/I2/202/||
|Legacy Fund||8,045|||||(8,045)|||
|||E8,045||||||||
|FAIR VALUE RESERVE||||||||||
|||Balance|||Movement|in Funds|||Balance|
|||||||Amounts||||
|||01.01.22||Revaluation||now realised|||31.12.22|
|Property fair value resen e||167,575|||||||167,575|
|Unrealised|gains on investments|159,647||(139,629)|||6,254||26,272|
|||f327,222||(f.139,629)||L6,254|||LI93,847|



## 




## 

## 

|Fund balances at 31 December|2022 were represented|by the followin|g<br>assets and liab|ilities;|
|---|---|---|---|---|
||Unrestricted|Restricted|Endowment||
||Funds|Funds|Funds|Total|
|Tangible<br>fixed assets|991,582|112,329|2,500,961|3,604,872|
|Investments|1,833,574|393,152|2,787,854|5,014,580|
|Current assets|3,427,221|2,352,197|(76,986)|5,702,432|
|Cun.ent liabilities|(1,262,434)|(36,117)|(171,404)|(1,469,955)|
|Long-tenn<br>liabilities|(81,701)|(18,589)|(178,579)|(278,869)|
||K4,908,242|g2,802,972|f4,861,846|812,573,060|



## 

||Unrestr/cted|Unrestr/cted|Res(ricted|Res(ricted|Endowtnent|||
|---|---|---|---|---|---|---|---|
|||Funds||Funds|Funds||Total|
||Tangible jixed assets<br>l,223,862|||299,533|2,099,223||3,622,6/8|
||Investments<br>/,969,2/9|||425,467|3,033,075||5,427,76I|
||Cnrrent assets<br>J,95/,874|||/,6/4, /87|204,728||3,770,789|
||Cnrrent<br>liabililies|(845,656)||(I90,I/5)|(8,890)||(/, 044,66l)|
||Long-tenn<br>liabilities|(/05, //3)|||(2/2, 324)||(3/ 7,437)|
||$4,/94, /86||$2,/49072||75,/158I2||ZJ/,459,070|
|23.|NOTES TO THE CASH FLOW STATEMENT|||||||
|a.|Reconciliation<br>ofnet income/(expenditure)|to net|cash|||||
||flow from operating<br>activities|||||||
||||||2022||2021|
||Net income<br>/ (expenditure<br>for the reporting|period (as|per|the||||
||statement offinancial<br>activities)||||1,113,990||1,893,011|
||Depreciation<br>charges||||277,452||204,783|
||(Gains) / losses on investments||||385,198||(450,399)|
||Dividends,<br>interest and rents from investments||||(121,429)||(67,614)|
||Interest payable||||8,110||9,284|
||Loss / (profit) on sale offixed assets||||(14,922)||(29,701)|
||(Increase)<br>/ decrease<br>in stocks||||(69,325)||(50,358)|
||(Increase)<br>/ decrease<br>in debtors||||(452,458)||(346,212)|
||Increase/<br>(decrease)<br>in creditors||||415,724||11,104|
||Net cash provided<br>by (used in) operating|activities|||81,542,340|i|1,173,898|
|b.|Analysis ofcash and cash equivalents||||2022||2021|
||Brokers' deposit accounts||||124,984||70,049|
||Cash at bank and in hand||||3,069,675||1,659,815|
||Total cash and cash equivalents||||X3,194,659||81,729,864|



## 



## 

## 

## 

## 

|The total commitment<br>under|non-cancellable<br>operating<br>lease rentals|was:||
|---|---|---|---|
|||2022|2021|
|In respect ofland and buildings:||||
|Leases which expire within|one year|44,]86|40,139|
|Leases which expire in the|second to fiRh years|46,600|60,000|
|In respect offixtures, fittings|and equipment:|||
|Leases which expire within|one year|36,610|25,947|
|Leases which expire in the|second to fifth years||6,624|
|In respect ofmotor vehicles:||||
|Leases which expire within|one year|20,867|14,894|
|Leases which expire in the|second to filth years|27,426||
|||8175,689|f147,604|
|Rentals paid during<br>the year|were:|||
|Land and buildings||144,708|93,964|
|Fixtures, fittings and equipment||39,110|36,610|
|Motor vehicles||50,148|40,034|
|||f233,966|8170,608|





## 

## 

## 

## 



## 

|||General|Restricted|Endowed|Total|
|---|---|---|---|---|---|
|||Fund|Funds|Funds|2021|
|Income and endoivments|from:|||||
|Donations<br>and legacies||||||
|Members<br>subscriptions||1,339,656|||1,339,656|
|Donations<br>and legacies||1,680,513|1,809,262||3,489,775|
|||3,020,169|1,809,262||4,829,431|
|Charitable<br>activities|||2,152,610||2,152,6]0|
|Other trading activities||||||
|Fundraising<br>events||1,671,508|||1,671,508|
|Advisory<br>Seivice||244,700|||244,700|
|Trading income||190,223|||190,223|
|Investment<br>income||11,791|55,823||67,614|
|Other||111,323|77,419||188,742|
|Total||5,249,714|4,095,114||9,344,828|
|Expenditure<br>on:||||||
|Raising funds||||||
|Fundraising<br>events||456,677|||456,677|
|Membership<br>and|marketing|714,326|||714,326|
|Other fundraising|costs|1,233,349||8,740|1,242,089|
|||2,404,352||8,740|2,413,092|
|Charitable<br>activities||||||
|Research and conservation||||||
|Lowlands||800,710|1,087,615||1,888,325|
|Uplands||121,819|378,565||500,384|
|Demonstration||222,761|1,169,984|4,150|1,396,895|
|Fisheries||210,580|442,950||653,530|
|||1,355,870|3,079,114|4,150|4,439,134|
|Public education||795,408|254,582||1,049,990|
|||2,151,278|3,333,696|4,150|5,489,124|
|Total||4,555,630|3,333,696|12,890|7,902,216|
|Income/(expenditure)||||||
|before investment<br>gains||694,084|761,418|(12,890)|1,442,612|
|Net gains / (losses) on investments:||||||
|Realised||39,847||65,616|105,463|
|Unrealised||164,206||180,730|344,936|
|Net income/(expenditure)||898,137|761,418|233,456|1,893,011|
|Transfers<br>between<br>funds||(204,564)|204,564|||
|Net movement<br>in funds||693,573|965,982|233,456|1,893,011|
|Reconciliation<br>offunds:||||||
|Total funds brought<br>forward||3,500,613|1,183,090|4,882,356|9,566,059|
|Total funds carried fomvard||f4,194,186|f2,149,072|f5,115,812|f11,459,070|