2023-12-31-accounts

THE GAME WIU)LIVE CONSERVATIO TRUST CONSOLIDATED FINLNCLiL sfATEMENTS YKAR ENDED 31 DECEIIBER 21123 Company numE¢r5579632 Re8islcred charity nutDber 1112023 Seottisb Charity Number SC038868 Tn￿te#S. Rew)rt itworporatitig A Sttategie Report 10.- 12. Rq)ort of thc Auditors 13. Ststemeol of FiJ)Anri31 A¢tiviti 14. Inco￿le and Expendibjre Account and s￿teM￿lt of Totst Recognised GaiDS and twes 15.- 16. Ba12TJce Sheets 17. Cath Flow StatellJEnt 18.- 36. Notes to Ibe Ac¢owJts

ND W[L￿L￿￿ CONSERVATION TRusr YF.AR ENDED I DECEIIBER 2023 LECAL AND ADf+lLYISTRAllVE DET Trustees: ChaÉrnw2: RtHou SitJtM PaÉK DL VL¢¢ Caulln.' J FG Sbiel&% (Cb￿￿￿. Mani. MfjTkdingglld Communic&tion5 Cor￿mittee) The h(aTquess of Dovrnsbire {ChaitrDan'. Uptand5 R¢¥earch Stetrillg CA)ThllJJitte¢} Ex tsffi¢io'. S P Mor8nt(Chainn&L Lowlands Research Ste¢nDg CouuJJitte£} D L Mayh¢w CBE {Cb3irm2n: Fi¥heri# Research Ste¢rtryg ComD)it¢el P Mi&8eIbrook ((hJIEll￿.. Scotti51L Cottmjitteel O RM W1]Iw￿ ICb8irnw'. Wales ￿>￿￿tr¢c> S J O Catlin (Chainw: R¢nwll¢taton 3ndN"0T￿jatSQO5 CotEtmxtt¢¢) P G WLlniS. DL {chHirll￿.. AREF Project Cotwuttr¢) El￿ted TTh￿tte5.' Eatl of carna￿00 J R Corbctt A H D¥niell 3 E Gibbs B J TaylorCBE, DL Rl Hon SirRobcrt Gocdwlll MP J S Yowig E A E Hosk>ws-AbTgball R¢sigllcd 6 luty 2023 Ms C A Is Z J HendersorA

pw>ttitsl 6 Juty2023

tgna16 Juty2023 AJPXJM)tt TP A OrtsPowlett &wsnted 6 July 2023 aprM)iJktsd 6 July 2023 Oftkers: Chi¢f Exccutiv¢Offic¢r Chief Operati￿g Offic¢r Dir¢ctor of Policy alld Pub]i¢ Affairs Dir¢¢tor of IIAear¢h Deputy D￿r OfReSe￿rh Dirtdor- Scotknd DiTector-Wai& Director of Futthi8iD8 Dir¢rtor O¥MerttL￿hip. hlarkwfog & COrnm￿l¢all1)￿5 DirecloFof Advi￿ry& Edwatiofy & fjarKbiTd Policy R DraycottPhD Chief FinaLciaI Officer Sheerary Bk. AW CGNIA E M R m￿arl￿e A L¢ake Bsc. PhD, FRAgS. FtAglM A Hoodles5 Bsc. PkD J Aebisch¢rLic ès Sc Math, PhD. Dsc R Kennedy B. Collyn (Hons), CA fvls S Evalls J Paylle MCtOF AdYiseTS: SolicitOTS Wdsolls.Altxan&HousG StJohtL StreeL Salisbvry SPI 2SB NatWeÉtB&tskplc. II High Str* Riugw£MNI BH24 JBA Cazellove & Co. l London Plac4 Lotth EQY SAU Man8g¢r5 Auditors Fictrh¢r & Pattsms. CmwL(hrdw Bridge St¥e< SalisburySPI 21Z Numbers: RegisteredcharityNVcth￿ 1112023 Registered CotwanyNumb¢r05579632 Scottish ￿arItyNUmber SC038868

THE GAME WtLDLtFE CONSERifATIOh' TRUST TRLSTEES. REPORT LNCORPORATthG STK¥TEGIC REPO OR THE ITAR L)ry)ED 31 DECEMBER 2023 The TrtTrSt￿ prrsent thsir director&, report VTrththe coJsolidated finauial statements of the Ga￿e WildlÈfe Cojwrvation TTh￿ I'the Charirf) for the year oded 31 December 2023. These rel&te to the Charity, th¢ Allerton Researeh att(1 Edu¢atiOTJhl TTUSL tbe GaEtr and Wiidlifr Scottish Demotjstrdtion Fami WLI the Ch￿l￿S subsidiaEies Gamc atkd Wildlifc C(hnscrvation Tr2ding Ltmitrf Gwcf liatEn5 Capitat Advisory Lijrllted and GWCT Events Limite glld Ikave been prepared to cO￿pIY with the ptONisions of the Cotwie8 Act 2006. the Charitie5 Act 2011 and the Ststement of Re¢onllnended Practice applicable to clwities pr4wfiDg their accoutlts a¢¢ordan¢e wirlk the Financial Reporting St&ndard applic&bAe in tlkc UK and Rcpubltc of IrelaDd (FRS 102) (ttffective l JaD]Jary2019). STRUCTURE, COl4TRfATriCE AND MANAGEMEyr Consrftution and CharitAble Ststus The GaTn¢ and Wildhfe Coll5tTration Titst is a elwitsble cowy liwited by811oranttt, inwrpoTrted on 30 Sqit¢mber 2005 and r¢8iSt¢red &$ a ¢harityoJi I I h'ov¢Jnb¢r 2(X)S. The Chority ￿￿5 estsblished a MeJnoraiLdwnof Asswiation Fknich established the objects alldpowers o the charitable COTllPatty and is govemed ￿der its Article5 of Association. In the event of Éi being wound up m¢)DbeTS are required to ￿th[[bute an amDiint not exceeding £10. The member5 for compatty law put￿>s￿ ateth¢ I[￿. The and Wildlife CoD5ervationTrwsttook over the a¢tiviti¢s of The Game Collseryancy Trust folLowing the close of bus1ft&￿ on 31 December 2(K15, wlLen a]1 th¢ assets alld artivities of the GaDK C4)nse￿anCY T￿￿t wer¢ formally tr&nsferred to IL Under Schemcs n]ade by the ChaThty com￿1￿510￿0￿ 8 Mw¢h 2006 the Ga￿ ar￿ Wildlife Conservation Trt￿l was appoTntsd as sole tnjsiee of bo-th The Game Q>TL%eTran¢y Trust alld Tbe Allerton Re8￿Ch and Educatio]Eal Tr￿sL The Schen￿% al_qo illcludcd a LDiting Dircetion that from the same daÉe The Game CoDserwancy TTUSt and the Allerttsn Research EthKational TTU5t shall be treat￿ as forming a part of The Game and W'ildlife CoJJservation TnL8t for thepuryx>s¢s of r¢gistration and acwvntin& Retrtsitn￿nt andAppoititment of Trwsteex The director5 of the corEyany aTe also charity tr￿tee5 for the of chatity law and under tILe Ch￿1￿8 Articles are allowed to delegate ally of tbeir fi￿CtiOnS to cotijmi(ts consistsng of tTrYJ Dr more Individ￿1$ appointed by at le&st one of which be 8 trllstee. The Charityhas a Remunerattott attdNoD)ination conllD1t￿ which Jnakes ftCQTnm¢ndatioThs to the fi]11 board of trustets whEiJ a waraD¢V OCCUTS. The CottEmittc¢ fo110Th5 a sel procedure for identifying potetktial new trnstee5" thesc include carryitig o￿t a skiIls audit of tbe Board of TnLsLE￿ in order to identify relevant skills from ￿thie￿ the Charity wouldben¢fit, and briDgs forhwdprospcctiye candidatcs from a lon8 list contrIi¥ukd to by officer5. trustees alld m¢mbet3 of the TrusL Trn9tee IllductSDll #nd Training All trustees attend an indurtion diy and rtceive & tru&￿ ]nd￿tion fol(kF CO1￿5￿1￿g illforroation about tbe Charity. RtskM4D#gemellt The trusL*s confitm that they knve reviewed the major risks to ￿]ch IF¢ Ch￿lty ts exposed aD£L where praCti￿bI¢. they h&ve established systellL% to ￿ltigate thoserisks. Org9nlsational Structure Ultitoate cojktrol of the ts exerci%ed by the tr￿tte£ the tnaiority of whom are el￿ted for a four-yearterni Day-tIFday mattagemellt is th¢ T¢spoDsiThility of th¢ Cbief Executive offic￿ with tbe Sup1￿ of the ExKutiY¢ Directors. The Bro￿ has 146 employe&%, tnostof WI￿￿ arc based at Èts headqu8rters at Birgate Manor, Fotditigbridg Hampshi￿. This totsl in¢ludes 60 scietltists who att engaged th"re¢tly in re5earcTrL The Clwity bas ¢lose to 40 Cowty Groups which or8anise fijnd-raising events througknii the United Killgthm and a totsl ofabout ￿,000 supporteTS, of whotn about 20.000 are lrK[nber￿aUnU￿l swJportET5. The Chatiws subsidiary cornpallies carry outtrading and fimdraising activities on behallofthe Ch8rity. All theirptofits are paid to the ClJarittT under the Glft Aid scheme. Public Benefit The Trustees confjrn that they b&ve compliedw2Jh th¢ duty in section 17(S1 ofth¢ Clwities Act 2011 to h&Y¢ due regard to thepublic benefit guidance published by the (Jtatity CoDlltE%&8iO

Pa FRVATiOiY TRUST TRUSTEES, REPOK"f tNCORPORATL)G STJL4TEGIC REPORT COIYTLY. UED FOR YL.411 ENDED 31 DECEMBER 2023 OBJECTS AND ACTivrrtES Objects The objects of th¢ Game and Wildlife co￿$en￿On Trust are: . to promots for tb¢ public benefit tlLe conservation of ganje 2nd its associated tlorn and fauna b. to collduct researcb into 8amc alld wildlife nLwgement {inrluding the use of ganJ¢ animals as a ttatunl r&wur¢e} and the etYeLts of fartniTrg and OtI￿r lalld ￿￿e￿¢t￿P￿a¢lces on the etLvEfoD￿enl and to publish the llsefiil rcsults of that T&8earcfy' C. to advatt¢e the edllcatson of the pub]iG and those the couotytd¢ in tbe effects of f#nDiDg and 111giia8emEnt of land which is sympath#i¢ to gam¢ and otherwildlifc. (L To collserve game and wildlif¢ for thepLbli¢ i￿¢fit in¢ldill& where it i8 for theptt)tection of the envin)llmenL the ¢onsen•tion or proTnotion Ofbiologic￿ divcrstty througb the provts1o￿ cooservatioffj ￿tO￿tion or etsEthllceD%Trt of & nattual habiAi or the Ill&Intena￿Ce or￿coVery of a species in its natunl babilal in laDd orinwater and ijj parti￿lar. n¢r¢ the nattral habitat is situated in the victllity of a landfill $ite. There h&8 b¢¢n no change in the obje¢ts of the Game and Wiidjife CoDservationTnLst ovtt the last year. Althou diff¢rentlyphT#s￿ and 51iglLtly broader. these objccts are very simtlat to those of the Game Conservzncy Trust Polltieg To ¢nabl¢ the Cbatity to fulfil its objerts, the Tr￿ bavc adopted th¢ followitigpolicies.. l. Research- To carry out seienttfic [￿earc￿t0 the higbest Possible Standards of qu8ltyalld objectivity, to pubIish the results ill pecr-Teviewed journals; and to COmWLicale the tesults tt) 8$ wide an audience as possible, t￿lUding gov￿￿￿¢￿( the Cbariws methrs, other landusers and the gelleral pub:ic. 2. Cons¢rYatlon- To d¢Yelop Practical coDser¥ation policias vknieb are inforttd bythe Tesults of the Charitys re5carcN' to tegt th¢ ppacti¢a]ili¢s attd etTe¢ixven￿s of the poticie5.' aod to cornrnuoicate tbem to as Mide an audience as possibl& 3. Reserves- TEke TnLStees haye reviewed the reerves policy amd have adopted a ]y)li¢y bas¢d on an a$8essment of risk to ill¢OllLe flovrb. The resultiDgnun)bcr is then tested against currelltrates of expen￿.tL￿e to ensure that it is robust. The poli¢y 1$ that there Should be a Jnijjirmlevel of liquid reservcs of at least £1.5￿ with a tsrget of £2.2DL This itrned by Trustees fmm & raDge of £l.0- £1.5m in April 2021. Investn￿ttts On unrestricted IllAds and (he UDdernood Thnd: To i]west in a coinbinatioll of equitics, ftEeA illterest 5tsKks, other invesrtts 8ud Cash. on a total retuttkbasis. ￿1th the objectiv&8 of not IosiDguh)ney on a roIlillg 12 moTLth basis and obtsiniDg A which is sigtiifieantly bighET than the retlrn on csslL On ARET eadowment futhds.. To invest iti a combÈnatioll of ¢quiti¢% fixed int¢test Stocks alld casl with the ObJ￿tive of obtatnin8 a total tetum in ex¢e&8 of an a￿¢¢￿ bltnded beTrCb￿. ACJllETrLMEETS AND PERFORMANCE Revlew of A¢tlvtties and Achi¢verNthts Our core work continu¢s to b¢ scietitifi¢ researcN S￿￿rted by fo¥Jrbroad ed￿C8tional initiativ¢$ (poIiy. profile, education and practiee). ai￿ed at irDproved ￿ld11[e conservluon and b¢tr understa￿ding of the ¢otstnl)utioll Sa￿ In￿ger￿t makes to that.

THE C.AME IViLDLnrE coh'SEKVATIO TRUSTEES, REPORT 1Tr4CORPOIL4TL%G STRATEGIC REPORT FOR THE E￿ll)ED 31 DECEIIBER 2023 ACHIEVEMLYTS AND PERFO11M￿NCE (COTrqrylNUED) Our achievelnellts in the yearTh￿.. Tr4atTtrg1 Caplt31 Adyisorr. fro￿ l JaTLUdry 2022- Natural Capital. This has been dTivenbya nutllkn of developmei&(8: The refoThll of UK A￿-EnvIrOn￿￿tt Sthenx. Countyside StevArdBbip is being Eeplaeed by the EnviroDTn¢DtsI Land Manag&neni (ELM) scherne. FauDers londowners will llo lot)ger receive su￿]£ Fam PayThentunderthe Basic PaJTlleut sche￿¢, atd the only goverymient fi￿ill8 theywill receive willbe thrO￿L the newELM Schen for the d¢livery of environmenthl good5 and 5eIvices. Blellded finance model$ èe 2 key pzrt of fi￿d[￿g fitbJr¢ ￿￿1r0￿EnCnta1 delivery. Byblended finan¢¢ we m¢all a ¢¢)mbination of 8OVErnDiellt fJnao¢e thtough ELM and prtvate fiDance frojn large ¢Ory0rnt￿, w&frr COmp￿leS (E developers wht¢b are be¢onJing kno￿￿ as environmentat trades. Tkese environrnentsl trades are an opp)rLunity for farmers to deliver biodiveTsity net gallL nutr¢rtt reduction alldlor ¢arbon seqii¢str8ti008nd be rewarded bythe n￿rketplace, e.g. developers need to offset the biodÉirrsity that is lost by building on #n area of land ￿ Sknw a b(odiversity net in the offseL a developer who withes to Imk amew property lo tbe sewag¢ 5JSt£m a catcbttKnt thath&s ahigkn level Orphosp]￿ iti the tiv¢r￿ter needs to be able to demoDstraLe that that Lew phosphtte load can be offseL Thes¢ new developn)ents are goiug to be fvndamet2ral to the delivery of laDdscape-5cale eDviroollwtsl outeomes i futUT¢. GIVCT as a charity is COEDP.letely Ju￿¢Sted in working wtth the private owners and $teThwds of land to deliver those environDJental outcom&%. A8 an or88nisation Gwcf also needs to be embedded tn tlkttse new s¢hem¢s aad OPPOTturrities. Re5earcb alld ￿e￿O￿lstratio￿. (htr reseatcb progrdDJn￿ compptsed atOTtnd 80 projects within nine resevxll gmups. We continue to fo¢￿8 the biology alld ecologyof g8me Speci￿ and migratory fish: tbe positive and negative irnPaGts of gatlle n7allagement on otherwiId]ife.' iIdlife ￿]jserVation and speci&% recovery, prethxon tontrol al￿ f&[D￿and ecology (both lowlwds 2nd hill edge). ltt the El￿18￿ uplands. post-lT￿(ME￿t moTLitoring of walEr. vegetstion and inv¢rtebraÈ COll]TllUllitxe5 ott our lottg-tevm cut4)urn Cxwir￿t continud. The Defra Green Recovery Challellge Fundproje¢t on merlÉn collcluded attdtwo publi¢ations aff ID preparatioL Fu￿&llg was securd for two projects oll blaGk ￿V$¢. which conllnenced in autum￿. One of these will inyolve a translocatiou of btrts to theNoFth York Moors to ¢Kpatkl the breeding rdnge. the lowlands. fieldwork OTL the S￿￿3 acmss 18 sit￿ e￿ni￿8 the response of predatois to ¥all￿bIrd rel¢ases wa5 completed aDd two Scien￿¢ papers aTe iti preparatiott. The f￿81 repon was pr(xJu¢ed the EU InterreE- [L￿ded PARTIUDGE project and papers are ill pryaratioll. IVoTk on ￿ltIllUed ￿1th rath"otra¢kittg of chicks to determine survival rates in the Ntw ForuL fither GPS tagging of birds brreding in nortt￿n England and a sec4)nd year of trial headsiartillg at three sites in southern Engian(L PhD studies prowsed well, witb four Stllde￿ts to complete in 2024. We took ytock of the long-tenn sthnon and trout (htaset from the River From4 tnyl¢)ying staff specifically to mattage the (Lit& andprodllce publicatio￿ Acr05s departm￿( w¢ took strps to ar¢b]"ve old data ele¢troni¢ally and ade progrESS with intytit)g th¢ w¢ of At and genetic *cht]iqu¢s In our8thdxes. AdvÈsory. AVI8￿ Erfiuell7a Colltillued to have a Si￿￿fiCant impact on thc 8arL sknoting Scctor in 2023. This provided ¢hall¢nges for the gatne managetlleDt e1c￿ellt of the advisoryseThTr¢¢, r¢duced bookijjgs for tradEtioJJat slwot advtsory visits and gaTne maoagement wur5es. Ho￿T¥Cr. the advisory depatneni 8Ct&las patd special advisors to Defr& on HPAI issuei. There was good dem￿ fot ourbase]ine biodivusity auditing service which the advisory departtttent d¢rtakes on behalf of Nabjral Capitsl Advisory and tbe income gener&ted through auditillg exc¢eded the irLcoJne budget tsJget. The majority of the advisory teaEn (I l) ale now ¢ompetent in the Defra audit ojethodology attd this work $trearn is expattding fiuther in 2024.

THE GAME AND IVILDLIFE CONSERVATION TRUST TRLsfEES' REPORT LNCORPORATLNG STK4TEGIC REPORT c0FUINT￿D OR THE LNIIED 31 DECETrtBER 2023 Review ofActivlti¢$ {¢oThtAnu¢d) Allerton Project.. For the fjrst tirne we have been el1ga￿l by D¢fTr to proi'ideEE5poke traiDing to their $taf£ This Wm¢S ill response to the r¢ali88lion that the majority of Defra stsff working itLthe FJture FarmiD8 Teaoj have little knowledge 2nd no exp￿Ience of farming. We ratL seven 24lay eve1￿..0[ wps of 20, each one over-subscribed. Iltsil$t ¢ov¢ring all th¢ b￿icS of differ¢nt farEniug sy5taTLS we also used the opportunity to show wlLy4nd howpredation nwwgernent its Co￿led OUL including demon5trRting how trdP5 alld snare5 are deployed and howFE ¢￿￿re tbese are ix)tEI 5¢1ective and Ewtllane. We high4igbted problen￿ with the pa￿lent rates for some of the optiOJJ5 Within the EnviToTll￿ts1 LAll(l Mknage5nellt Scherne (ELMS) and we bave 5¢ell Sor￿ options, e.g. Speci￿ rich grdssiand payitKL rates Jnore tbart double. The traiDiD8 has crcatsd inlcrcstwithir¢ other related govemDiettt d¢p8rtnMts and 2024 wiu s¢¢ us provide train[￿8 to tILe Rural PaymentAgency, NathrsLI Ellglan The Environment Agency and Natural Resour¢¢3 Wales. (hr other ¢iients include supply chatn farniers to Kellogg's, M&S aTLd Nestle, with the 18rter contracting us to supply 4 suit¢ of newtraiDtng services for 2024. The year bought to a concl￿810￿ the HorizotQ020 AgrtCaptt]reCO? projecL This is 100/0 fisuéed butrqutred us to engage raore st&ff to tDeet our conJthitrnents inthe eontract ￿1¢￿ incre&8ed our expenditure within our education budget offsetting the illcorne. We 8150 con]pleted our fi]nded Hedg￿0wC￿rknn C(xle, ¢tt&ting A t￿bOD calculatorb&sed on klgerow dI￿¢n8￿0￿S. Our Rescarch Tcam cthstinued to (klivtrrcgults to ourcotttract c]ieuts Pr￿UC]ng an imprwive surplus, We gained p12Dning ¢onsent for new sttMl¢nt accor)tttyJation alld Nsed 6￿/& o". the futkds required for the cottstslctiott, with the foundations inpla¢e by the etsd of tht year, co￿￿lets0ts scheduled for Julle 2024. It was however the w'orst year for falllltng STUG¢ the 51art of the PTojecL with weatherjowproviding serious ¢ballenges to wing crups. We mattAged to offset SOllLe of lokes i￿¢t0p Pr￿rn by (weasiDg ourin¢orne other lalld.b￿d activities, including ¢avirollll￿lltal Payll￿nts. Policy: Gwcf Scotland Gontiuued to ellgdge with Scottish Governtllelltat￿ NauYe8cot througbout the pessage of168￿latiOn on ￿￿U5¢ ￿00[ manag¢E￿ent and agricuLturdl refonll 2023. res]mthg tr) consultations and appearsllg before the Rural Affairs & Islanth CO1￿[￿l￿ee ￿ Scottish ParliamenL Our f￿ll5 throughout ￿ on PTesentioE evidellce-based approach to legislatio4 supported by conttnlling work to pmvide ]andowTeES aDdJy)anagers the to demonstrate thcir complian¢e with btst practitt. Advisory ittcome incr&￿ed duing the yr2r ￿ uplaud estste5 ￿OgniSed the in)p]icatioJJ$ of ￿ts]re li¢ensing and the nec¢ssjiy to m&intsin Tecord6 io support of appli¢atioLs ap4 reDe￿al$. We expect this trend in business wxll ¢ontimi¢ prior to introctsetioo ofshoot It¢etysing in Atwtst 2024 and muiTbUt￿ tieensiDg in 2025. Th¢ ¢oll¢ction of infomiation fro fAmJs and estate$ also provides scope foT analv5is of data for ￿SCarcE Purposes, parlicularly ar0￿￿ key evidence gaps. Scottish GovcTDtrllt eotDmissiollcdNatureScot lth 2tr23 ÉO devclop BiodiveJ3ity Metric5 S￿]￿lar to those uqed in EnglaL(L GWCT Scotland provided feedbaek on this developnfrt ￿l¢b offer scope for de%.elOp￿enI of advisory Nathral Capital Advtsorywork in ScotIall In ￿gialld. Colm￿￿tion rwoDses ftsnlled a s1gll1ficallt￿ of the work as the desi8D of the post EUpoliGies adV￿e$, parttculatly with Environmental l¢gry51atiou. Gwcf TThtO slw>iug soils policy been particularly importallt with 80me sratutory ¢omTnitttrnts now include(L In WaIes we We￿ SUCttSSLSJl in IandiDg a £lmprojeeÉ to help curlewre¢overy ID Wales- this includes 3 partners- Denbighshir¢ county cO￿lI, Ban￿￿ll Brycheitjiog National aJJdGwcf Cyo)rn/ Wales, who wsll project man8ge th¢ whole schetne and lead in the 8rca of Montgomery5hir& We htve employa aPtoject M￿ger and Proj¢¢t Officer under tbis s¢heJne. A ¢hang¢ of minislerhas prnllpted a new nwa] affairs TniDiSt¢r- Hl￿ IrrancaD&vies-WE have wIittEll to Mr Davie5 FEqu&ed a mretinu. ol￿ Dirthr of Wale5 has taktn a career break and this seen the aPPDinth]ent of an Interim DireGtor for Wales in Septen]ber 2023. Our WDrkwith the faThn tteÉwork eontxllv￿ and a'Agri & CoDservatioJi office will be appointed shortty to deliver this viLIl work We have delivered a nwnber of &mall projects over the year and fi￿￿er developed ourdron¢ work which has brougbt innew fimding. We responded to the s￿￿Inable fanning sche￿¢ Eousuitatio h*Ye had taJk5 With fat￿￿nE organisatiOll5 regarding tli& We coutinue to WO￿ with the slwoting irtdustry and orgallisatiolls and ￿ryI1 respond to anything that corn&￿ out reEarding the bird release, coosultatioL This is sorllething w¢ wÉll Sp￿ to the new D)iDiSter akniL Communlcation: we continu¢ tr) incr¢as¢ (MfllePE coverag4 vrith a ￿eatsr volume of eoyetage in national and tt8ional and 8 focus on strengthenllJg our presence the farniin8 press. (kn- WorknDg co1￿lonESt c&8e Studies continue to gtow wlth the launch of tb¢ Welsh F￿lti@ ConMullity, overseas case sthdi&

Pa THE GAhtE IVILDLIFE CO)SERI'ATtON TRUST TRUSTEES, REPORT DiCORPOIIATt%G STRATECIC REPORT COFTINUKD FOR THE EThLI)ED 31 DECEMBER 2023 Edu¢2tlon.' We ¢ontinlled owprgwdnyne of tertiary edu￿￿0￿ UDiYcrsiltes and colleges re8ion of 1.000 under-and post-graduate sttthnts at over 20 uoivers.ties and colleges. Nxtsrnl C#pStal Accounts and Carbon Audlts- Gxme & Wildlife Scottlsb DeMoll$tration Fanll We ri)orted in last year's aGcountg m tEe deVeloptt￿￿I ofNatur81 Czpitsl AccDLll)ts at the Came & Wildlife Scottith DernonstratiotL FattiL This vK)rL UTLdertaken bv eftec (E¢ollomi¢s for the EnviEtinment} set out aNatura] Capital Balauc¢ Sheet, indic¥4tin8 a Present Value forNetA5SEts of £1.137llL This PD5itiv¢a55& value 15 a150 r¢flected in thc £llost [￿ent carbon au¢L,t und¢rtakeo forthe f&rm iTr2021, 5equcstr&tion of cthon over green Ikouse gas eElliSSiOnS of- 2.140mkgC02 CCxp￿Sed as kg C02 equtvatent). AB challges ill DatsTral &s5cts and the bala￿Ce betweetL emissions and sequestrationn)ay onlybe inwemellra] frojn yeaz to yv4r. we wiltperiodicglly check for any find&mental shits. These could ￿18¢ from policies taken at the farn4 sucb as thc introduction of cattfe, novel ¥proach¥ to grw12nd management and tDitiativ¢s to Tedu¢¢ w ]wuse w emis8i0os. Tr ¢on)pl¢tion of ¢thon audtts is one of a suite of m¢ans through which Scottish farrttbusinesses willbe able to publi¢ fill￿illg support from 2025. C02e° . To¢?1 &n￿s1OnS Irc￿ FarMi￿Lcarb0n Db)xtde. Mrfhane,-Nitrous ()xide)_ I Carbon sequestratton {Sod Carbon. Forestry $¢qw￿l1(￿) . . Nec eMI￿l￿fi$ from bnd use .i,0549j9 -3.j97,887-1 -1140,968 Au¢hn*ftan (2021 Audlt) Cxtbph 0[￿lde- Nltr<w Oxsd•-24%

TAE GAME AIS1> IVTLDLIFE CONSERTr'ATION TRUST TRUSTEFS. REPORT P4CORPORATIiL G STh4TEGIC REPORT coFrnNUED FOR THE YEAR E)I)ED 31 DECEMBER 2023 Revleiy of Fknanclaj Tr•n94diotty Posltton Key points: In¢ome was £1 1.0 Millio￿ very similaTto 2022 Expenditltre on charitdbke acti￿tIcS was £7.4 ojillioTh CODyred with£6.6 million in 2022 . There was A surplus of £440,000 on UDf¢strictd fjJTM The Trust's net asgets were £12.7 miI]ion at the elld of th¢ year. Thanks Éo the contilluittg golerosity of ourwport¢T5 and some verywe1c0￿2 lewdcies w¢ were able to increase our research progratllDx while maintaining the stable fitian¢iatpositii>nwhith the Trust h&s ¢stsb]ished over the l&%t knv years. The Tnjsi rdn a pro8raTDtue of fi￿￿t3151￿g events wlile engaging an incr&tsit)g constithency of supporters through ouruse of modern cornications methods. The Tr￿$ reviewed the Trt￿v8 rewv&8 [￿lleY]n 2021 the ]i8ht of the Pande￿EC and detern)in￿ that th¢ tsrget sbould be increased £2.2 Millio￿ with Fl tlli%Jirnum of £1.5 n)illioJ4 to r¢flect the un¢ethi]bties which it creat¢d. In C￿￿ellt Circu￿wic6S where the UK and the world ecoa0rnyremainu￿der stratn we feel tbat the revised leyel remains appr¢priate. Hav￿ establisbed this new l¢Yel the TA￿let$ coDtit]ue to be satisfied that the Tntsvs financiaI positiorl soimd. Prlndp81 ri$ks and uneertaitttiea Some of th6 Pf2ticipal risks identifi¢d by tu¢ Tr￿Sle¢s are folloK: The Charity re￿lain8 dependerrt the generosity of its S￿￿ters for a SI￿1ficantprop0rtton of its in¢oJne Our success ID accessing pvb]i¢ sector filtiding ttvertbele&s carrics with it the Iisk that such fi￿diThg sour¢¢s will tsotbe renewed to political or eCODomic Changes We bave a wide Eallge of legi5Iattve reiwiretnents to cotttptyThith The cost of living crisis aDd otber external events ate having a 5igt]ificont ekT¢ct on fikni￿g alld opetytio Th¢8e risks I￿e bee￿ addre&%ed as fouows". W£ have proactive membership aryl ￿ndraIsin8depa[tt[Thts We moJJitor ineonje and expendtture carefullv throvgh detsil¢d budgetiog, financial ¢onlToI8 rwrting. Th¢ reserves policy has been shown to proviile s¢curity in the eTrYnt of unexpected drop ill incO￿t Wc continually monitor legisl￿1ve rL#wireJnellt8 and ensure that our pr￿ed￿¥S are compliAllt Where appropriatewe insure against fi]]ancial 1¢

THE CAME Af4D WILDLIFE CONSERVATION TRLST TRUSTEES, REPORT LNCORPOIL4TThG STRATECIC REPORT FOR TEtE YE.4R ENDED 31 DECEMBER 2023 Plalls for fvture perlods A new 5 yearbusiness plan w&8 approved in July 2021. The key81￿￿ are: To estgbltsh build sigDflle#nt pubilc support for a more posldve pproch to con5erYattOD. 2. To tackle reswch knoiyledge and evidell¢e gaps in." Rttc&%cd ga￿ebird dispenal, how food resoutce6 pred8¢or ¢otitrol iji the and Tural affeGt th6 d¢mographics and disTtrsat of getieThlist pred&tOE5 such as foxe5, CTOWS aud 9toats. The qLwitificatiOEt of thE'oJvirorJllental offtrf of n)anagement for ￿ry1d alld rele&8ed gvme, attd for our iconic species, inc1udingbiodiversitygai￿ PEailRnd restoratio￿ carfM>ns4uotratiOn and clean watsr. ThE IE¢ov¢ry of sa￿￿)Did speciES. To persuade g4we manager5 to: Pract.se Gwcfs Susainable Game MaDa8ementPrinciples To e￿￿ed tb¢ ¥thos of net biodivetsity gain into their game mwjagement pj￿qUanufy its biodiveTSity and enviTOQ)Dental deIivery QuantLfy8nd Comm￿l¢at¢ th¢ir nct bii)diYetsity gain thtoU8bstruct￿ teportitigvsiogApps such ag EpiCotLect, backed with tirnely illt¢TpTetation. Accredit their net biodive￿ity thrnugh Gw￿ Sh(xX Biodiv¢rsityAs8essrrents either oti11]￿ or through aswssment visits. 4. To 5eellttpolA¢v Ch￿ge snch that: Th¢ rolc of predation control in Sp¢¢1￿ re￿0Very is UDderstood and anE¢dded in EnvironEllCnt L4nd Maua8¢llKDt SGhe￿e (ELMS) alld equÈvaleni A8rletsTrirOn￿ sche￿e5 (AES} in w￿¢$ There areprdcticaL workable licenceg forthe colltrol olprotected prtsiots to enhance nature con8¢tv&tion. PosÈ.Brexit Agra-Envirotsm¢nt S¢henJes ate fit forpurpos4 5llLormed by Gwcfs researched options, land5cape.s¢ale, and engage parti¢ip#mts fromthe bottollj up. EnVirOt￿ental principl¢s such as tti¢ Precautiotwy. Polluter Pays and Offsettin8 principle5 pr￿g￿atiCalIY implem¢llted into future p)lity $0 that Practi￿ outcoll￿f￿tsed gawe atjd wildlife management can h2ppe]L - Gatlle raanagemeni reTJJains econoD]ic8liy and cultut￿Y active enoughto conttlluc to wke a contsibution to bfodivers￿ty gaitL To be a le#der kn the dellKbDgtrgthin 9nd uptke of Greener F#rmÉng 6. To $upport our stsff by: Dtawllg up our firstPeople Strategy WMI People PlarL c￿lting a flexible, agile. adapthble team of scielltists delxveging acce85ible higwity scienee alld ¢ontnThuEillg theit exp¢rtise to G￿eTS 3P& 7 To rnAintAin the fmanci#l ii¥bllity of GWCT by: Incre&￿t￿g the number of Jnetnbership sub5Ctiptiolls. Reviewing the ¢8sh reserves poIicy and increase c&8h reserves as appTtsPri8te. Rwing fuods frorn & comitted, ellgaged group of menkn, supporters, 8nd donors by ensuring dtvelop aEI rK)&8ible ftm(L-aising appnyaches and through our tradJDg acttvitie5.

THL GA E AND WIU)LIFE [1ST RT TNCORPOIUTENG STRATEGIC REPORT CONmisED R E￿￿ED 31 DEI CEI MBfi R 2 23 TRUSTE OUR APPROACH TO F[lNDRATS￿G ACTivfTJFS - Tn the fittsindtl yeer the Chllrity d2d artiv¢lyfundraise oUrMembe￿ 8lJPPOrteits and the publi& Tbi8 wol£va3 OV¢¥8een by & Wildlife CO￿Vrv￿￿On TrustÉtaff ind y￿p￿ted by ottr yolwtsccrs. Tht ehality dotss not u8e ¢xtexi&l i?rofe6sional fvt)d-rai5ers. The fiuNlrdisingapproath taken by thech8Jity 16 & tnix of funthisingevellts and public app¢als to Laise fvfids tQ 8UPlJOrt the MM)rk of the Chir.ty. Th¢ Game &Wildlife Ctillsemtion Th￿t i8 re￿ vrith the FuDdraIS￿ Regut8tor gnd to thoprfftctice thÈs body ￿0￿Mmend￿ ui addiÉtoJi to dhertng to guid2QCC IS￿ed by thechirity Co[rmi￿10ll. Th6Truste¢s dld tKJt iweiv4 in the yearreportrt ￿y¢0mplaintS receiV￿laboUt its fgnthaising a(livitynor reported incldcnts of fttihre bythe djarity, orby any pern)rt actin8 OD its bebtt￿ tts comply with fiu￿rni$1nB Standards. The Tiwtees seek to protectvulner&ble peJ)ple and olb¥members of thepublloby adbeTillg &) six￿ practice alld by cojnplying with data privacy requirearnL% to e￿8￿re that fwidrai5in8 evcnts arc safeguarded from bEhtVlOUL' is an vnreasonable ijjttusion on a prnn'B priva¢y. Is vnreAsonablyp<&i%isteD¢ and plttce8 undue prtssute OJ a pe¥wn to gtve TÈU)Deyor odKrpropcrty. ACCOUNTING AfqD REPORTING RF£PO￿￿[DILrnES The T¥ust¢es rc8pOns￿l l¢for prep8TiDg tlie Th7th8' Report artd tlie fittancial statements in accollltucc with appIL￿ble lawat)d t5nlted KingdotYL Gelleth]ly Ac¢epted A¢connttngPTa¢tic coM￿nY law requires th& trustee8 to prepare aco)unts. foreath fill8DCtal yesr> wlu'¢li 8iN'¢ a tTU¢ alhd fail Yltw of tEie chai'ity ￿up,¥ ftt28rt¢itil 2ctiwti¥s duting thc ycar aud th¢ fjnao¢i41 posittiAI of the group at t1￿ endof die yeai.. I pr¢pariiigtlie8e account& the tr￿ste￿ gre r¢qurf lo.. Select suitable accountillg poljcfftes End thth apply then) coJsistcot]y. Obs¢Tve the t￿ethodS 8nd Jrillciple4 ID th¢ Ch&7tiGs SORP. Make judgem¢nts ￿ esttmstes that 8re rewnable and p￿￿enL Stak wb¢ihct appl¢cRble accoLntsng standards and stat¢mMts of rxomm¢nd¢d prddiceh&ve be￿ follow 8ubjert to asiydeps)tr￿ dasc.losed alld v4)laitKd in tlie ac¢ouLts. P1'¢p￿ the ao¢outtts on tbe going concern bagis unle8s itis inÈppropiiate to presume tlwtth¢ group wilt ottdttue to opernle. The TLWtccs a¥eFe8potsible forkeepittg w aC¢Ollttill¥ reeimls ￿1¢￿ dixlose withteason&ble ocruwy Ih ¢ial Positiottof the group ￿thIeh e￿abl￿the￿ to ￿llre th¢ awouuts con)ply with th6 pfovi5Lons of LI￿ Comp¢ini¢s Act 2006. They 8JT also respousille foFsateguardiDg the a8s¢fs of tb¢ h¢tsc¢ for tskijg redsonable steps for the pr¢vMtloll and dets¢tion of fraud and other iiTegularitla. lo accoydqnce with cornp2tty law, &¥ th¢ dtreet0￿ wc c¢itify that so far 88 we aware, there is no rel¢Yatat &wiit of whiththe Cowattys ouditoro 8reuDaw2r¢, 8Dd as dtieotors of the conwaoy wethav¢ takcti tu tttr stsps that%￿ ought to hav¢ taken in orts to make of ally rdevallt Wdltiufojw￿lo atkd to establisii t th¢ wrnpat)I8 awlitor5 are aware ofthat itifi)rtMtitsD. RÈHon Sil J8tyw Paic4 DL. Chalruwi Approved by tl)e TTUStees on 24 A4pEiI 2024

tNDEPENDEYf Alry)￿OR8, REPORT TEES OF THE GATrtE ITrryLDLIFE CONSERVATION TRUST TO THE TRU Opl]]Éoll We have alldited tii¢ cons(plidated fiDancial staiemettts of the Gsmc a￿d Wildlife Conservation Tn]st and its SLthsidiarie8 for the year etLded 31 Decemb¢r 2023. wbsch comprtse C(pnsolidated Statemettt Df Finan¢id] Acti￿tieS, Consolidated Income and Expelldits]re AccounL Consolidated and CoDJpany Balance Sheel Coftsolidated Cash Flt)w StateuLeJt aud tbe related not¢s. Th¢ fLo￿la1 r¢￿ting fiwnewrt that b85 b¢ell applied in theiTprepar8tion is applicable law aE￿ United Kingdooj A(%ou￿tIng Statsdards iwluding Financia Reporting Stanit8rd 10?: The Finallciai Rq)trrts1￿ Stsjjdard appiicablt in the UK and Republic of Iretand (Utjited Kingdojn Genernlly A¢¢¢pt¢d A¢couTJting Practice). In our opinion th¢ fin￿e121 Statem￿tr.. i} grve a tsue alld fair view of the slate of the 8rotsp's and tb¢ pare￿ ¢haTitsblc COEDpang5 &ff&irs as at 31 Dec¢ntheT 2023 attd of the group's illcoming resoutces and appli￿lon of re5DWte4 includin8 its incoTne alld expenditure for th¢ year thec ended. ll) have be£npropcrly prepared ill aC￿rda￿ce with UDited Kingdom Generally AceeptedACco￿t1llg Prncticc. ii)I IL8ve beenproperly prepared ill accordaDce with the r￿ul1¢0}￿￿ of th£ ConJpaDics Act 2006 the Charities aud Trustee tELVEStment (Scotland) Att 2005 and r¢￿tiO￿5 6 and 8 of the ch￿)￿¢8 A¢¢ouuts (Scotland) Regulations 2006 (as aNThd¢d). Basis for oplnlon We ¢ondu¢t¢d our audÉt ill a¢¢ord2nce witb IntcrllatiODal Standsrds onAuditillg (UK) USAS (UK)) and app]i¢able law. Our responsibilities ullder th05¢ stsnd2rds ore Lr[[￿ deseribed in theAuditOT'S Eespon8ibilitie5 fDI the audit of the financtal statements section of ourrepox. We are indep￿dent ofthc 8TOUP in accordance the ¢thicai requirements that are rel¢vant to our audit of the finaneial statemcnts in the UE including the FRC'S Ethical Standar4 and w¢ have fidfilled otlw ethical respo￿￿111￿¢S in ￿¢0[dance these require￿£￿ts. We believe that th¢ audit Evidence we have obtained is suffi¢t¢llt and appropriaÉe lo proYid¢ a basis for ouropinton. Cffvlldusfons relating to gO￿g ¢ODcerii auditin8 th¢ financial statement5. we have Cojkcluded tha+ the dI￿10T9. us¢ of the goi￿ concern basis of accoiintiog sttthe pr.paTatiDn of the fijjanctal statemeots is appropriate. Based on tbe work we have perforrntll bave r￿t identified m3teri31 uDcerraint1¢5 rclatills to events or conditious thaL individu&lly or collectively. tllay Cast sigoificant doubt on the W￿panY'S ability to ¢olltinue as going concern for a period of at least 12 months from wh¢& the fJnao¢ial ststeDHkts are aufhorised for isSU¢. Our yesponsibiIiti&8 and the reS￿)nsibIlitt￿ of tb¢ dir¢¢tors with respect to going CDTJWTh are descnl)cd tn the releva￿ s¢¢tiotLS of this reporL Other inlonll#tlon The Tnts'$¢$ are respoijsible for the othet tnformation. The oth¢r i￿oEmatiOn cO￿pri￿S the infom￿tIon included itt the Tru¢.ees' AnEMal Repor4 other thall the fuJan¢io1 staternents and our auditor's xeport thereon. Our opinko oll the fin8￿cIal statements does Dot cove¥ the othcr infornjation arf excep￿ to the extent otherwise explicitly stated in ow repor4 we do llot express any forni of assurance I1￿re0￿ In Connectioll with ouraudit of the fmaDc1￿ statell￿nts. respollsk*ility is to read tbe other infomthtion 8nd ill doing so, ¢oJJ8ider wtLether the oih¢r ÉJrfonllatioTr i5 materially incoLststent withtlle fillall¢ial ststements or our knowledge obtsined in the auditor otherwise appears to be ￿￿teriallY missiatat If we ￿deThtify such mateTial iLCODSiSt¢n¢ies or apparent material D)isststetnents, w6 are required to ddennine whttherthere is a matsrial misstatemellt in tbe finan¢i31 statenwLt5 or a material tnisstatellrnt of the other infornjarion. If, b&sed onthework we have perforned, we conclude that thero is a materÉal MI&￿t¢￿ent of this otber infonJJatiO￿ we are r4uiredto report that fad. We hav6 notlting to re[￿ inthis regar

e 11 TIEPVWEVT ACIDITORS, RÉPORT TEES OF THE. ASTJ IIqLDLIFE CONSERVATION TRUST CO)TPiW) TO THE TR Oplnlon on other m%tter prescribed bythe Compnles A¢t 2006 In ow Opinio￿ b&sed ott the work undertakett itL tbe course of the audiL i) the inforEJation given iu tELe Tntstees'Annual R¢port (iLCo￿t&tiDg the s&ategi¢ report gnd the direcÉors' report) for the Enanciai year for vknich the fjnancial statements are prep￿￿ is consist¢Jrt with the fJnanciaI statements,. and ii) the TrLkgt¢¢s' AuTLual report (Incorporating thc strategic report aud the dtrectors, r¢port) have been pr¢pared in ￿ordance with appbcable legal requiretnents. L¥Iatters oll whlth we are req￿lrea to report by ei¢eptlon Ill the li8ht of tbe knowledg¢ and understan(Lng of the group tbe parent clwitabk COLupally and its ctLiironment obtained in the course of the audiL we have notidtntificd ￿￿￿￿1&1 MI￿teMents tlae T￿￿te¢s. Anjwal Report illcludillg th¢ Stsatwc RWTL We ILa￿ ll0th￿g to report in respett of the lollowittgDJtteT5 where the CompaDie5 Act2￿ ond the Charities Act 2011 require5 US to report to you ￿ in our OPiDiOll'. i) adequa¥e accounting records have notbeen kept by the wJr¢nt¢]wilable conwy. OT r¢ttun8 adequate for our awlit have ttot beerL receivcd from bTAllch¢s Jwt visited by ￿. or ii) th¢ parent clwitab16 CODwany fiwncial Statements are Dot in weetnettt withthe accounting records alld ixi) ¢ertaitt disclosures of Trustees. remuneration spttified by ]aw8re llotth. or iv) we have ]Eot r¢ceived the inforD7ationand exp1atiatio￿ w¢ Tequire for our audiL Respon81Thilltl£g of Trnytees As explailled mote fully in the Tru5tees' Rcsponsibiliti¢s StaterneD¢ set out on page 9, the Trustee5 (who are a]so th¢ directors of the C1￿￿table ¢ompatty for theputposes of cO￿allY law) ate respollsibl¢ for the preparation of the financial statenJeDts and for being SattSfi￿ th&tth¢y give a tnle and fairview, for such intenthl control as they deterllllille is necessary to enable the pi¢paration of fjDauciai siatennts that att free rnaterial IDi55tstrmellL due to fraud or fflror. In preparing tb¢ fiTwic1￿ staten)cllts, tbe Trustees are respoJ)stble for &wssing the wllp and the parent chjritsble ¢omp2nYs abiikty to colltillUE as a goirtgconce￿ disc105tll& as applicable. matters related to gOI￿g concern and usiD8the going collcern basis of accounting the Tn]5te&% either inLtnd to liquidate the p and tbe pareut ¢haritabl¢ cornpany 01 to cease operatiw orbave1￿ realistic alternative but to do 50. Audltor'5 responsibilities for th¢ Audit ofthe st•tell)ettts Our obje¢tives are to obtsin reasonable a55mce abOutWheth￿ the fi[￿la1 statements a& awhole &r¢ fr¢¢ frotn nkaterial MISStats￿iellE whether due to fraud or eLTor, a￿d to i55ue an allditor's reportthat includes our ¢)PiDiOJL Reasonable a￿Tance is a high level of assurance, but ts ttot A gUar￿)lee that sn audit conducted itl accord￿Ce witb ISAS (UK) will 2lw2ys detect a nwt¢Ti41 mi8ststemeDt itexists. Mkssratements ¢aTh arise from fraud or error and are collsidered rtkteriai 1£ indivith]atlyor ill Lle )g￿gate, they could rusoDablybe expected to i[￿U£￿¢t the economic decisi1￿$ of ta￿ on thebasis of th¢8e fiD8ncia] state￿¢￿. IrTegulaiitics, includsng fraud, are inSts￿eS of non-compliancc ￿1th law5 and F¢gutatitsns. We design proc¢thr¢s line with our r¢5pDwibilities, outliDed abovt. to dete¢t n]a1￿]￿l rni&ststements ill respect of Irregul￿ltic4 irt¢luding fraud. Th¢ extellt to which ourproctslurts are capable of dete¢ting izregulorities, including fraud 1$ detsiled below. The extent to which the audfitwas ¢&nsid¢red CApable tsf deteetillE IrregMI&rttles IDdudillg fraud Our approach to idtntifying grtd asse8si]Ig tb¢ risks of tnaterial tyisstaietwl in rwt of ingjlarities, including fraud and noo-cojnpliance F*ith law5 and regulations. was &8 follows: .the eugagementpartoer eD8ured that the engagement team collectively had tb6 appropriate ¢onwetence, capabi1sties and skills tts identtfyorrecogthise non-compliance applicable lawts ￿ regulatio￿8. idetstified the laws and [C￿lat￿O￿ app]icable to fF¢ through di5CU55ions wbth T￿￿t￿$ and o¢lKr ￿￿￿8¢￿¢￿( and from 0￿con)n￿l&l knovAedge and uperiellce of the Trusl

INDEPEThITrEYf AUDITORS, REPORT TO THE TRUSTEES OF THE GAME.4ND WILDLtFE co￿SERvATION IRUST CO.NTLNIT. D VE foc[￿￿ on spe¢ific laws and regul￿￿0￿ wbi¢h we ¢orL%idered D￿Y have a direct m&terial effect otL the financial Btatrmellts or the op¢ratioDS of the conwany, inclLdillg the COJL)paDies Act 2006. Clwities Act2011, datapr0tect1o￿ ernploymerli &nd health and ufety 1¢giS￿l0 •we assessed the ethnt of ￿liance with the laws aDdregulatiOTL% identified 8lx>ve througb makiog eLwuiries ofnwJageme4Jt and insp¢ctsng correspondence. and .'drDiif&ed laws regulations weie ¢o]nmuDicat¢d withinthe audit teatD regUl￿lY and the teamremained Alert to instances ofnou-compliance throughout the audiL We assessed the susceptibijitv of th¢ rojDp￿y's fuwicial stzteEDents to roaterial misstatemw including obt¥ining An understanding of how fraud migbt by. "n￿illg enqviri48 ofmaDa8eitLent &8 to where th¢y ¢otisidered thercwd% S￿pts￿lItty to frau& th¢iT knowledg¢ of actua]. suspedeA and alleged frau4" and •eotsideringthe intsmal cotttrots an place to ￿l￿gater￿Sk$ of fraud and non-conwliance and rcguiatioDS. To address the risk of fraud through I￿￿￿8t￿blaS snd oyerride of eonttoi4 we.. .tested jouwi entri&8 to identify thjusual trat￿tIons. assessed whether judgemeJts and assiiTDpIioDS in deterri￿g th¢a¢countiDg ettiEr￿te5 inditative of potential bias. and ve5tigated the rationale behind sigwficaDt 0rut)u4￿ tiatisactioo5. In respoLq¢ to the risk of i￿egUlarltieS and non•¢On￿]I￿oCe ￿thI&￿5 and regulatio￿ we deS1_EE￿ pro¢edwe5 whicb incl.adel bui were noi limitrd to: agreeing financial statement di5G105Ut65 to wderlying supporting •readit)g the niout&% of nieetings ofthose cknged with goverJ]an¢¢" •enquiring of management as to actu￿ and JK)terttia] ]itig￿l￿n atld clattThs", and hcn considered nece&%ary. reviewing co￿espondence with relevant regulath 8nd the company's l¢gal advisors. There are ittheteTLt IiTnitAtioDs in our audktproceth￿ described above. The tDore removed tbat l&v/s and regiilations are from financial trdDsa¢lioos, the kns likely it 15 tb&-we would be¢oJne aware of non<ompliance. Auditing 51arLdard5 also Eimii the audit PF¢Kedur¢s required to ithtify llon-CQU)p]iallce with laws regulation5 to enquiry of tb¢ a1rcct0￿ and Ott￿ ttllnagement aryt the inspection of regulatory ar￿ legd Go]Te5pond¢ts¢e, if any. Matertai Misstate￿¢llts that atise due w fraud harder to ddttt Ihall tbose that 8ri5e from¢kTor Is theY￿raY involve deliberate conceabneDI or collusion. A fith d￿crIptiOn of ourr&%pnsibi]iti¢S for the auditof the staments Is located on tbe Fin8ncial Reporting CoutLciI'5 wthite aty. lwwfrc.0￿llkIaUdltor￿J]s￿i iitlieÈ]. This description forms part of our auditod5 report Tiu"s report is n]ade solely tv th¢ Tn￿£ as a I￿. in accordance with sedxons 495 8od 496 of the Con)p8nies Act 2006 alld aecordance with section44{IXc) of the ch￿ltieS and TnL3tee InTresttnent {Scotlan&) Act 2005.our audit wotk has bcen undertaken 50 tlkat w¢ o]igbt sttt$ to the T￿￿te¢S those EAtters we are ttquired to srate to th¢rn tn an &uditols report and for no other PUEFM)se. To the fullest extent permitblby law, we do not accq)t or &ssume responsibility to allyon¢ other the chaTity atjd Tn￿te&s &8 a Edy. for out audit WO￿ for this report or for inions we h vefo Jall]¢s Flet¢h¢r (Senior statlltory auditor} for gnd onbehalf of Fletcher & Parthers, Stathtory ARHlttor Salisbwy Fletc]￿ & Partllers is eli8xTrle to act an audityr itil¢tm5 of s¢ction 1212 of the Companies Act2(M)6

THE GAME FTLDLIFE. CONSERI'ATIOW TRLsr -CONSOLIDATED STATElIE}￿ 0FM.￿YClAl FOR THF. YEAR F.JryIF.D 31 DFLEIMBER2023 Total 2023 Total 2022 Note Inujme and endowmettts from: Dtsnations and l¢gacies Members subscriptio Dtsn&tio￿ ond lega¢ies lJ27J63 2,208,162 1.327J63 3.191208 lJ59,424 4,273,574 983.046 3.535 J25 983.046 4,518,571 5,632,998 Cltsritable activities 2.151.769 2.151,769 2,211.743 Other trading accivities Fulldraistng events AdvisDry setViC6S 2.984.153 714,769 169J37 68,794 3.052.947 714,769 169.337 2.417,225 394,783 166,162 tnvestsnent io¢ome 37,418 144,655 182.073 121,429 Other 114.183 99.416 213,599 184,498 Total 7,555.385 3.447.680 11,003.065 11.128,838 Exp¢ndlthTe on: Raising fulld5 FLllthising ¢Yents Mtmbcrship alld marftcting Other fiEndraising costs 4a 1,307.798 620,345 1.741.i29 1.307,798 620345 1.752,030 827.478 590,460 lJ73,339 10,501 3.669.672 10.501 3.680,173 2.991,277 Charitable a¢tivitios R¢s¢arch and wtsseryatio Lowlands Uplands Dtmonstration FIS1￿leS 1,287.108 50i.933 303295 1,401,928 142 J36 1,654,001 596,443 2.689.036 618,269 1,961.446 596,443 2,268,946 672,005 1,748,599 666,146 4,150 2.096,336 1.349,015 3,794,708 139.820 4,150 5.894 194 1,488,835 5,355,696 1.282,677 Public edi￿ation 3.445.351 3.934,528 4,150 7,384,029 6,638,373 Total 7.115.023 3.934.528 14.651 11,I)64,202 9,629,650 tncornellexpenditure) before I￿VeSt￿ent gaill5 Nct gains / Oosses) on invesuiThits: Realised unrealL￿d 440J62 (486.848) (14,651) (61.137) 1.499.188 (7,806) 74,390 10,619 112,077 2.813 186,467 {29.166) (356,032) 12 Net Tncome l (eXpendit￿re) Tra￿Sfer$ betsveeo futtds 506946 (486.848) 108,045 l28,143 1,113,990 Net ￿￿vement In funds 506.946 {486.848) 108,045 128,143 1.113.990 Reconciiiatlon of full￿. Total fimds brought forward 4.￿8242 1802.972 4.861.846 12,573,060 I l.459,070 TotaE funds carJ*d fonward £5,415,188 £2,316,124 £4,969.891 £12,701203 £12.57J.060 The statemeJJt of finallcial activities 1￿clud&% all gdiDS and I0￿eS ￿g￿lS￿l inthe year. All incotne and expendithre derive froJD Continuing a¢tsvities.

e14 THE G￿ME WILDL.IFE CO_)SERVATIOI% IRLSI. CONSOLIDATED LYCOItE EXPENoifTLIRE ACCOLTpfr FOR THE YEAR ENT)ED 31 DECEMBER 2023 Note 2023 2022 TURNOTrTR 2.151.769 2211,743 OTHER OPEK4TING INCOME 8.669,223 8,795.666 10,820.992 I I,007,409 EXPEM)lTLqiE Oper&ting charges Depreciationof t￿Ible fixed assets 10.688.933 338.473 9.329,166 277,452 11,027,406 9,606.618 OPERATThG (LOSSI I PROFIT (206,414) 1,400.791 OTHER INCOME Inter¢st receivable and 5imÉlar in¢oro¢ tnterest P8yabl¢ and sitllilar chatgES ProfitlOo8s1 on dispos81 of fixed &ss¢ts Realised gainsloossesl oll inYe8ttncnL8 182.073 (9262) (27,534) 2.813 121,429 (8,110) (14,922) (29,166) 148.090 69231 (DEFICIT) I SURPLUS FOR THE YEAR OLI ORDINARY ACTIVIT (58.324) 1,470.022 BORNE FROMIOiETAINED IN) RESTRicfED AND ETrIDOWMENf FLTNDS 490,880 {623,837) GENERAL FUND RETAINED SURPLU&'(DEFicrr) FOR THE YEAR £432,556 £846,185 COINTINLING OPERATIONS All income and expenditllre derive from contiffjliDg activities. STATEMENf OF TOTAL RECOCfiISED GAThS Lo￿Es Th¢ statement of financial activities includts all gaxns and losses recogDised in the yur.

55 GAMK WtLDLIFE CONSERVATtON TRUS'r CONSOLIDATUTr BAL.4h'CE SHEET POR THEI YEAR NDED 31 DECEfvIJ3 2023 21Y23 2022 Flxed A8&ets: Taijgiblc asBCts Iiive8tm¢Bts 12a 13 4.059,137 4.888,590 3,6()4,872 S.D14.580 8.947.ll7 8,619,452 Clljyent as3etB: Sio¢k Debtors Casb *L baok and in band 14 15 475.759 1110.726 2.983.156 496279 2,J36,478 3,069,675 5569.041 5,701432 Llabllltie4'. Creditors= AM￿nts fallin8 due within on¢year 16 1,562.293 1.469,955 Net cuttentxss¢ts 4.007J48 4,232.477 Totel a8S¢ts le￿ ¢u¥r￿1 liabilities 12955.075 12,851,929 Car4itDrs'. An)ounts falliog due Iban on¢ year 17 253.872 2Y8,869 £12.701.203 £12,573.060 The funds of the charlty: ndowmetstFund$ 18 4369.891 4,861,846 Restrkcted loe01￿¢ funds 19 2J16.124 1802,972 Un¥￿ill¢t¢d Futtd8'. F&ir val￿n$?￿V G¢ner21 futtd Non-ch￿Ilable tsxdiug fund 276.043 5.E06,418 32.707 193.847 4.683,558 30.837 5,415.188 4,908,242 £12.701203 £12,573,060 Signed onbehalf of tbe Trustees RtHon Sir ja￿<8 Pxice. DL- Ch&iirnan Appi'oved by the Trjst¢￿ on 24 April 2024

e 16 E AE4D WtLDLIFE CONSERIPATION TRusr COTrIPANY ONLY BALANCE SEEET R TIiE yE￿B KNDKD 31 ECJ£MBER2 Nois 2011 2022 Irixed Assetsi Tallgible assct5 InYcstnKnts 12b 13 1,159,870 1,938,432 927,769 1226,726 3,098,302 3.IS4,495 Currellt Asgets: Debtors C'gsh at bllk ettd In hand 15 2,410.615 2.339,071 2.675.568 2,160,997 4.749.686 4.836,565 Li8blllde$: Creditors: Amovnts falling due wtthin one ye8r 16 1.084.712 1.165,779 Net currejt assets 3.664.974 3.67Q.786 Total assets le38 cutteot liabllities 6.763276 6,825281 Creditoit,. A￿oUnts fallittg due atler thore tlian ott¢ yezr 17 76,S53 81,702 TotAI Let ￿ets £6,686,723 £6,743,579 Tb¢ fu]Trdg of the chrity: Rests'icted income funds l9 1.304.242 1.866,174 unrestrict￿ FurAd$: Fair vlltue rcsttye Gell¢r8L 276.043 5,106,438 193,847 4.683,558 5,3f2.481 4,877,405 Totsl ch&rityftEnds £6.686.7 £6,743,579 Signed on be]Jalf of the Rt Hon Sir James Pxice, DL-Cbimn ApproveAI by the Trnstees OD 24 Apdl 2024

THE G.4ME ￿ND WTLDLIFE CONSERTr ATtO.N TRLST COYSOLIDATED CASH FLOII, STATEMEYr FOR THE YEAR LP4DED 31 DECE.MBER 2023 Note 2023 2022 C￿h l]ow5 from operating activities: Net CAsh provided by (used IM) oper4tlng #ctlvitits 228 206,655 .542.340 CAsb flows from iovesling 4¢11vltles: Dividell&s. iDterttt attd rents from i￿￿.¢$to￿nES ProG¢¢ds from sale of propcty, plant and equipmellt Puth8e of property. plaut attd ¢quipm¢llt ProGe¢ts from $￿e of inv&s(nMits Purchase of investDThts 182,073 63,l81 (828,385) 1,]8?,632 (922253) 121,429 48,280 (293.063} 986,183 (903266) Net ¢8sh provlded by {DXtd ill) lttvesthig actlTltI¢s {322,752) (40.43D Cash flows from financi￿¥ #ttilitks: Interestpaid R¢payments of borrowing Life membership sllbsttiptiOLS re£eived (9,26?) (23.093) 7,042 (8.110) (41,493) 12.495 Net casb provided by (used In) fin*Th¢ing actisitie5 (25,313) (37,108) Chgnge fn cash and c8sh eqthale]Lts in the re￿Irting ptrlod (E41.410) 1,464,795 Ca$kn cash equivalents xt the of the reporting perlod 3.194.659 1,729.864 Cash e#5h equlvaltllts it the end of tb¢ rÈp4)rting perlod 22b £3,053249 £3,194,659

018 THE GAME AND WILDLIFE COWSERVATJON TRUST NOTES TO THE C iSOLIDATED ACCOIT. irs FOR THE YEAR ￿￿IDED 31 DECEMBER 2023 ACCOIINTING POLICTL B￿15 of ac¢oulltitsg Th¢ finallcial ststem¢nts hav¢ beenprepared in ac￿rdance Accounting and Repotting byCh&ritiey: statett￿t of Recornn￿dtd P￿tice apphcable to chariti&8 preparing their accounts ill a¢cordall¢e witli thc FiEwi¢ial Reptsrtlllg StaLdard applicable the LIK Republic of Ireland (FRS 102) (¢t¥e¢tive l January 20191, the Financi81 litportitig Staudard 8PPiicable in the LIK and Republic of Irelaud IFRS 102) and tbe Cornpanies Art 2006. Thc Game attd WiIdlife Conservation T￿St￿Cets 1h¢ definition of a public benefit ¢ntity ￿der FRS 102. Assets atsd liabilities ijjitially re¢ogLiaed ￿ bistorical costor traEsaetion value urQes5 otherwise st&ted ID the rei¢vant accoucting policy. The fllkthcigj statenjens bave been prep￿ed tsll a gO￿g concem b￿1$. The trLMees are not of gny 165Uts tbat nright impact orl the fillall¢iAI stability of the group and con8equcrLtly consider the going orlcern basis to be appropriate forthe fOr￿Ceable future. b. Con501idatioD The A¢¢ounts comprise the con50]idatd fiEJan¢ial srat¢JJ¢nts of The Garoe and Wii(llife Conservation Trust.. The Gatne ConservanCyTn￿,. th¢ wholly4)BDcd subs1￿]9[1¢S Game alld Trildlift Consetvation Trdding I￿lted GWCT Natural Capital AdvI50rylimit￿. Gamt col￿.2n¢Y Events LiJJJit¢d; the AllertoE Rcsearch and Education21 TnJsL and the Ga]ne and Wildlife Swlli5h Demonstration Fa￿ con501idated on a line-by-line basis. They also include the results of all the Tll￿t5 brancthcs. The Tn¢lusion of the Allerton Reseawh and Edu¢ationaJ TTUSt within the con801idated acCo￿ts re￿ts frorn & UnitiDg Directio￿ i55ued bythe Charity com[Di￿101L Tangible Fixed Asget$ All assets costing rthire tkan ¢£00 ￿e capttslised. Tangible a55ets are depreciatyj on a straight line b&sis over their anti¢ipaled useful econotDic lives, usiog following 2TJnuAI Tatts.. Freehold laDd Freehold buildings Equipilwnt fjxEures and fittillg5 Motor vehicle5 6Vè to 33°A I￿At￿33. A nil d4reciatiollIate is used for f¥¢ehold lalld bccauye the Tn￿ are of th¢ opinion that its life is indefinite. IrDpairmeDi r￿¢￿V$ atc ¢aTried outthere there is an iDdicatiots that an 2sget$ recovcrablt any)UEJt is less than its net book value. Any recognised105s wbich artses as a result of such a review 15 treated as additional depr¢ciatiots. Inv¢s¢ments tllvestjllents ¥2e eaTrAed ai market vatue. Realtsed and utn-ealised gaills and loss￿ arising in the year are Shown ott the Sratement of Fillallcial Activitiffj alld crnlited or char￿1 to the in wIJieh the &ssets are held. Stock Stock consists of farnkalld sbop S￿¢L It is valued at tke lower of c<)st and netrea]isabk value. LIAblllties Liabilities. in¢luditig ¢ottstrnctive liabiiitiw Jre re¢ognised at th¢irexpe¢ted settiem¢ntv8bJe, when it is considered that it is t)yJie Eikely not that a ￿t￿re trdDsferof econornic benefits will occur as a resu]t of a past eYenL g& Flngnte le2ses Where assets &re acquired uuder fiJiaLce le&￿. thc lease renrals.1¢5s final￿¢ ¢b2rg¢4 a￿ capits11s￿ and depreciated over the lives of the &ssets. The related ob]i8&tions are shownunder Creditors. Operating legse8 Rerlt payable Ullder operating leases is chW as LxpendtDlle oll a straigbt-iioe bosis over the lease It￿￿.

THE CAME AND WILDLIFE CONSERVATION TRUST 'OTES TO E CO_NSOLIDATED.4CCOLryTS COliTIYUED FOR THE IEAJi EII)ED JI DE ER 2023 I. ACCOUNTING POLICIES (CONTINUED) FInalld￿ Instruments The Trust otilyhgs basic firtattcial wets and financial liabi]ities of a ktnd thttquaiifyas basi¢ fman¢i81 illstruments. Basi¢ SJ)aucial instn￿ents are inttsallyreco￿I$Cd at transaction value and subsequeatLy easured at their 5ctt1e￿ent value with the exceptiojj of o&ryk loans Ththieb 2re subsequently lltrasuted at anwrtised r05t Using the effectivc iDtcrest rdte. Income lllGoll￿ is rxOgnis￿ when the charitybas entitjeneji to tbe fiyyJ& Rtsyp¢rfomwice conditions Fdttached to the item{s) of incollL¢ havt keJJ me4 it is probable that the incor£ willbe received atsd the a￿O￿t can bc Me&￿ reliably. tncome from govetttTnellt other grdnty whether capiLal or revetue grants, is retognised w]Thi the ¢hariry has entitlement to the any t￿rfon￿anCe conth"tions thaCh￿ to the 8r8Jts have been tnet, it is probable that the be receivEd Jmd the aaK)unt c&ib¢ E¢liably a￿1 is not deferttd. Grants #lld donationB for specifi¢ pury>oses ate accouuted foT asrecctvable and are treated a$ formiog rethcted fi￿ds. For legacies. eTIti￿¢n￿Jt is takert as the earlter of the da￿ on which eÉth¢T: the charity is aware th&tprobate been gr￿ted. the estste bAS been fjJMlised jo11fi￿10n beell n]ade bythc eKecutorf5> to the Trllst that 8 distribution will be nkde, a di5tribuion is t￿e1Ved fromthe ¢st8t¢. Re￿Ipt ora Lega¢y, in whole or in part, is only coD5idered probable when tht arnO￿t ca￿be Measur￿ reliably the cljarity bas been notified of th6 illtention to njake adistribution. WEtre leg4£ie5 havE bcEll ]](Ftified ￿ tht chèrity, Dr the c]￿lty is aware of the grdnting of probate, and the ¢rit¢ria for in¢o]J]e reco8Ditionhtve noibeen Etrt thellthe legaGy is treated as a eontingent asset and dis¢losed if materaL Lifr members, sUb￿r￿￿tiOnS arc all1)c￿rd to income orÈ th¢ fi)ll¢)wingb&sis.' m¢￿be[S joitting in 2003 alld subsequent yeaT5 Members joitting in 2002 aTLd pievious y￿$ Dtvidends a￿d distributtor￿ from inVest￿ents ￿. illcluded ￿e1vable atsd tbe amount can be measured by Iht charity; this is nonnallyon DOtifi¢ation of th¢ distributionpaydble bythe invtslllLellt Mall￿￿¢r. tncome is stAted tkt of VAT. vkn thi5 15 ttppit¢able. Donated professiollal s¢rvices are recO￿lSed as inCOll￿ the cknity has ¢tsntml overth¢ item, any conditio￿5 as50ciated with the donated item have me¢ th¢ receipt of e¢oll¢)mic use by the charity is prob8ble aNI tEat economic EKnefit cart ￿ Meas￿ reliably. In accordance withthe Chatities SORP IFRS L02} generdl volunteer liw is ]wt recogDÈsed. The charity beuefits from numerous Yolunts¢rs, eswially in r￿peCto£ fimdrnisiogby county group On receipL dollated professional seryiees are recogllised on the basis of th¢ YahK of the sift to tbe cljarity. is ¥he 8mouot the charity would ILave been willing to pay to obtain s¢rviw of equivalent econoro benefit ollth¢ open roarket. A cownding aM0￿￿t isthen recOg￿lSed iTrexpenditi]tt in the period of re¢¢ipt. IL Expendlture OD ¢baritable 3ctivifies Thcsc inc11￿e salaties and other direct costs uDdutaken to advance the objects of the Ch￿lty. Support costs are all(Kat¢d to the activities on thc basis of ttme spertt by the rtlevant st - over 15 yea¥s - over 10 ￿t$ Fundwrnising Costs Th¢8e consist of tbree ele￿Ients. (i) The d￿e¢l costs offimdratsing eYeu& s￿h is the G.W.C.T. Bail th¢ G.W.C.T. S¢ottith Fair &ttd 8DJ8ll¢r eveDts organised by the COLty commÉttees. (li) The costs of recrniting and servicing the Trusvs TnembeT& (iijl Other fL]lldrdising cost4 which include the costs of the F￿lS1￿ tkpartjnellt andthe costs of the Advisory Servic¢ and the Shop Tun by Ga￿¢ 3nd Wildlife Conservation Trading Lirnite(L Many of these activities have a fill￿tion in that theylx)tb Tri56 fi￿Ld& for th6 Trust and aL80 provide tbe op]x)rtunity for lh¢ Trust to educate the public al￿￿¢ the Conservation of game species a￿￿ their habitats. Where it i8 Consider￿ that it is not p)ssible to apportion the ￿leVant CQ5ts be¢wEeD the two fw&tiotss in a me8thiT)gfuI w&y, these activities are sknvu 88 6jlld￿"sillg eventy

TItE GAME Af4D TrTLDLJFE COJSÉRVATJON TRUST OTE TO THE CO)SOLfDATED ACCOLTITS CO}TtNL￿D FOR THE YEAR L?DED 31 DECEMBER 2023 I. ACCOUNTLryG POLIC￿ (CONTINUED) Support costs Support costs repr¢senÈ tbe costs of the Trllsvs office 8nd ad]nI￿tr￿0￿St￿]￿ providirg Sup[￿ to the Trus'.'s dIr￿t charitable acti￿tte3. They allo(%¢￿ to the Trust's a¢(xvities in a¢tordall¢¢ Rith tlLe use of tesourc￿. WThere ¢Kpense8 ¢annotbe allocated diyctly to anyactivity they are apportioned on the basis of the tijne illcurred by tbe rckvaDt staff. GoverJtan¢¢ costs Th￿e eosts zeprescllt the costs illcurre4 by the Tn)sYs m8llagewE fillantt adnJinikntiv¢ depaTtn¢nts i>n the tttsDagement of the Tn￿l's &8sets at￿ compliauce Thith co]tstsbJttonaL stgtutory atLd legal requiremellts. Thes¢ ¢osts are &ll0￿ted to the Trusvs activities io Ath)rd•J¢e with tbe use of rn%ourtts. o. Penslon Costs Petssion se])erne awements are operated ou th¢ basis ora defiDed contril)utionpension Schen￿ on behalf of a nLajority of ttnployets. ContributiorkS are cbarged tt> the ill¢0￿¢ expendit￿ tceoulltin the period for wbichttw ar¢ payable to the 5d￿lle. V#llle Added TI Irrecoverable VAT is inclll(ted as part ofthE cost of the item to uthich it relar q. Fund Accounting Fur.d5 heldby the charity fall ittto the following otcgories: (i) Uorestrictcd gro￿al fill￿. These ate fimd$ whi¢h can be ￿e[l atthe discretiou olthe trus¢effj in a¢¢ordan¢e with the charitrble objects of the Tr￿L (li) Dt51griatcd fi]I￿S.. These are fi￿d5 set &%idc bythe trusttr£ out of wr£sknctedgcneEal fiuMEs for specific purposes or projtcts,. or to id¢J)tify particujar Sourc￿ of in￿lDe it is iuteodcd 5hou]d 5Fent CD Sptcifi projects ill the future. (Ill, R¢stricl¢d fimds.. These are fi￿dS V¢tiich caTLOnty i uscd forpthicubr puwses within tb¢ obje¢ts of the Trust Restrictions arise either whell they 3re specified by rtle donor or fuTL(Ls are raised for a specific putpos¢. In nx)st case5 the restriction i5 tbat the fvnds have to be spent O]LA spe¢ific researb project or group of r￿CaTCh projects aIthough donations and grants are atso receiv￿ for particular aspect8 of public education such as the productÉOD of a cefiain publicion. {iv) EndoThThent funds These are fi]n(Ls VA)0￿ capÉtal ts beldoll a Eong-termb&8is and nornxllybe 8twJ4 although the Encorlle tnay be app]ied either to gener81 or restricted PUryM>5es depending ou the sFislke5 of the donor of the original capifal. The capital of peTllkn￿ent ertdowtsnÈ w n¢verbe spen¢ the wital of spendable end0￿￿ent may be 5PeILt in £rtaiJ circums￿.

TRE CLME AND IVILDLJFE COYSERVATION TRUST .NOTES TO C LIDATED ACCOLVIS CO)TEYtfED FOR THE YEAR L%I)ED 31 DECENIBER 2023 VOLUNTARY INCOIII Totat 2023 Funds Fullds 2022 Members, subwiptiolls 1,327,363 1,327,363 1,359,424 Donation5 Grants from othercharitie8 Sponsorship Legacies 799.183 932,015 41.)￿) 435,464 236.861 746,185 1.036,OM 1,678.2(K> 41,51K) 435.464 1,158,835 2.717,737 20,800 376,202 2208.162 983,046 3.191,208 4,273,574 £3,535325 £983,046 £4.518,571 £5,632,SY8 PREVIOUS YE*R￿AlYSIS Tolal 2022 Frtx U£mbers'sEthcniJlio 1.359.424 1,359.424 Dontzffto Grtsntsfrom Ofher¢h¢Y&ipJ Sponsorshtp LegaczES 694.t134 859,948 20.8OQ 376.202 464.801 J.857.789 1,158,835 2.717, 757 20,800 370,202 1.950.984 2.322,5PO 4,273,574 £3.310.408 £2.322.590 £5,632.998 CHARITABLE ACTIVITIES UJ]restrictrd Rcstiicted Totat 2023 Total 2022 Research Contracts Research wts frorn UK GovetnuTht and EU liesearch grants frotll ot%￿rb(MIltS FarllL incoll Cours• lectures and tours 141.791 871,536 430.129 581.335 126,978 141,791 871556 430.129 581 J35 126,978 241,924 785,952 414.644 645,107 124,116 £2,L51.769 £2.151.769 £2,211,743 The grants fromthe UK Governnwrt are froma vatietyoeT¢sear¢h and ¢ountsysid¢ agencies. The grants from Oth￿ bodies are m2inlyfrom nO￿PrOfit-￿thknllg organisatioDS ￿1¢￿ are not thewelve8 c]J8rities.

THE GAKE AND WItJ)LtFE CONSERVATION TRUST TES TO TKE CONSOLU).4TED ACCOLThryS coyrLYUED FOR THE YEAR ENDED 31 DECEMBER 2023 CIi4RITABLE ACTIVJJIES {CONT) PREJqOUS YEAR ￿VALISIs Ujvyslricted RavtrictEd rotat 2022 ¢onlrGtts R￿garch granlsfrtsm uKGowrnJTrw￿fvdEu R￿earchgTum1￿frorn otherbodles Furni incom¢ Le¢fvr8J Lmdtour 241.924 785,9)2 414.044 645,J07 J24.J16 24J.924 785.952 414,644 045,107 J24,110 £2.2Jl.743 £2,211, 743 Ne¢ Direct Contrl)ution 2023 Net Contnl)utio 2022 C8rried outby subsidiary cO￿panieS 171.422 39,104 132,318 134.191 Carried out by The Game and Wit￿lf¢ cons¢nvti¢)llTr￿￿. HQ evellts 48.605 Lomlott evcttts 1.006.963 Scottish event5 (eKrluéing GaD￿ Fair) 478,428 GCUSA 333,098 County Group events 1.014,431 48,605 315,270 258,962 307,357 682,637 43.372 48,000 317.613 322,820 723.751 691.693 219,466 25,741 331,794 £3,052,947 £1307,798 £1.745.149 £1,589.747 PREi7ocfs IE4kANAL YSLS et Gra£T Income TeL CoHtributiOII 2022 Con7ed o¥t bywb3dtsJry COmp￿lieS 168.650 34.459 134,191 Carrled 041 by Th¢ Goillednd FfEldlift CoK$6nrdon TnLtt.' HQ events Jndon ewjts Scott￿￿ events 53,700 389,061 380,531 323.792 1.095,491 10,328 34J,061 68,91J 72 371,740 43.372 4&,000 317.013 322.820 723.751 GCU&4 £2.4J7.225 £827.478 £1,589, 747

THE GA￿IE WILDLIFE COISERVATION TRUST N(yfES TO THE CO￿s0L1DATED ACCOLThTS coNrINbED FOR THE I￿AR LYDED 31 DECENTrER 2023 4b. NET INCOME FROfvI TIL￿D￿c SUBSIDIARIES The Game and Wildlif¢ Conservation Tr￿8th￿$ three wholly-owned tr&diDg gubsidiarie8. G￿e and Wildlife Conservation Tiading Li]ntted aad its 5ub5ith"a¢s Gwcf Evellts LIMI￿ and GTr"Cf¥atsuHI Capitsl AdvisoryLi))Jited, wbich are illcoKpornt¢d:n th.eUtiited KingdoDL Game and Il'ildlife cO￿ery￿tiOn Trading Limited operates atsAdvisDry Service aL(Lthe Shop, and &150 Carries out iwious fjjndraising ei'Tts. Gwcf NaDJral Capital Advisory Lirrjited provides ar￿ge of sEtviGe5 tD laodowll¢rs ¢ouc¢rlliDg the Natural Capitsl resources of th¢ii lalld. Gwcf Bvents LirDit fwthising events on behalf ofth¢ TrysL Their tsK3ble proth5 are paid to tbe Ga￿¢ and Wildlrfe Con5eryation TTU undcr Gift Aid GallK aud Wil(L1ife Coos¢rvatioD Trading Limtted also payg iater¢st a loatt frorn the Trust. A of the COTllpaDie5' LE5uJts is as fotlows.. Galnc and Wiidl]fe Gwcf Nataral Cowervaiion Capit21 Adwsory Trad. Li￿lted Li￿l￿d GWCF Events Ltd Totsl 2023 Tot81 2022 Turnover Co* of saLes 911805 (339.964) 572.841 (303,0)8) 37.081 304340 (275,895) 28.445 {29,076) 1217.145 (615.859) 601286 (332,104) 37,085 943,153 (438,175) 504,978 (291255) 33,856 Gross Profit Administrative expenses Other operatiog in¢otne Operating profit l {loss) lllterest pHyablE to The GaTThe atsd W•￿Ife ConserYationTrust 306.894 (6271 306267 247,579 {9,(K)O} 297.894 (9,000) 297267 (9,000} 238,579 Profit oll ordinary &ctivities befor¢ tax Paymcnt under gift atd to The Gallle and Wildlifr Conse¥vatsim TTU5t (627) {295 J67) 1295.367) (242,1211 Cotpordtion t lietai￿¢￿ profitl 005s) for the yEllr {20 {653) (26) 1,874 {41 13,5461 1527 RetaittedprofEt brought forn Retained profit ¢arried forward 29.377 3.541 (2.085) 30,833 {2.085) £ 32.707 34379 £ 31.904 £ 1888 £ £ 30,833

Pa THE CAME LND WILDLIFE CONSF.RV.JiTION TRUST NOTES ro THE COJSOLIDATED ACCOLITS CONTTh"UED FOR THE YKAR EhT)ED 31 DECEMBER 2023 The r]w￿l&l aCti￿tieS slLown in tbe ￿n￿lIda￿a 8taterncnt itcludBs those of the Game Conservancy Thst and the Allerton Researcb and Educational Tnst &8 well as the ¢h8ritys svbolly 0￿￿ed subsidiaries Gan Wildlife Conservation Trddillg Litlliie(L Gwcf Natural CapitslAdvisoryLiTllid G.W.C.T. Events Limited alld the connected cl]ariLy Gam¢ and Wildlife Scottisb Den￿O$￿￿tion FamL A SusD[￿ of the financsal a¢ttvities undertaken by the Game 8nd Wildlifr ConseryatiooTrus4 th£ Gathe CoWE[v￿Y Tn￿t and the AllertouRese8rch alldEduC￿￿ TnLsI ate 5etDUt btlow.. Total 2023 TotAI 2022 Gross Ithcorne 9.601,81X) 9,638.028 10.024.776 8,477,571 TotaE expendftnre NET INCOME I (EXPENDrrt)RE) Realised gaillsloosses) on iovestrrents UDrealis¢d gaiN / (Ios5¢5) OD investm {36.228) 2.813 186,467 1,547,205 (29,166) (?56,032) NET MOVEMELYI IN FUNDS 153.052 1.162,007 Total ftulds brougbt fonvard 12258,453 11,096,446 BALANCES AT 31 DECEMBER 2023 £12,411,505 £12,258,453 Repre8ented by: The Game aThd Wiidllf¢ CoTrserYationTrust Re8tri¢led incotne fi]n(Ls Unrestricted 1￿Co[￿¢ fixE 1.304242 5,382,481 1,866,174 4.877.405 6,686,723 6,743,579 The Carne Con5erYan¢y Trust Allerton R¢sear¢h 4Dd EducatioThal Trust Endownwit FU￿dS Restricted iticome fimdq 4,969,891 754.891 5,724,782 4,861.846 653,028 5514,874 TOTAL FUNDS £12,411.505 £12258,453 S. ￿￿TmE￿r INCOME 2023 2022 Dividends from listed investments and￿￿￿Sed fullds Dividends froTELcharitable conllnon inves¢ll￿nt fullds Estate I￿¢0￿< 57,925 60,491 63.657 32,562 50,607 38260 £182,073 £121,429

e25 TIIE GAllfE ATr47) WILDLIFE CONSÉRVATION TRUST NOTES TO THE CO}SoL￿ATED ACCOEryTS CO)TLYUED FOR THE YEAR EJTIED 31 DECEMBER 21ll3 Dir¢ct G)srs Suppott Govemanc¢ C4)5ts Tat81 2023 2022 Fulldraising department Re￿0￿3[ futidraising alld iniiiativ AdTrisory Service and Nawr81 C4)itsl Shop pWc1￿Cs a￿d ¢xpeTL 268,089 433,769 679.899 122,582 50.669 81.983 70,858 14,779 4J87 7.099 6,135 323,145 522,851 756,892 138,641 237,196 682,113 461,099 182,430 £1.504 J39 £218289 £18.901 £1.741.529 £1,562,838 COhlPAL4ftYE Y£4RAYALFS Tofal 2021 Costs FwJdruLY￿s depdFthent Regionrtlfvidi4tsshgoNdthtfWtr dviYorySepvicecthvtr ShtsppurthoYesaFtd&wens 195.fj59 562,604 404.502 J60,818 38.085 109.522 51,893 Jg,$J6 3.432 9.927 4,704 1. 796 237,J9Lf 682.113 461.099 J52,430 £J.32J.643 £219.316 £19.879 £1,562,838 CHARITABLE ACTIVITIES Costs of Charitable Artivit Total 2023 Tots 2022 Costs Costs Res.wch: L4Trwlalld8 Up ands DernoJ]str&tion F8rtDS Fisbeties 2231,655 5i7.818 ,627,967 494.822 420,934 101,650 306,90) 93,523 36.447 8,801 26.574 8,098 2,689,036 648269 1.961,446 596,443 2268,946 672,005 1,748,599 666,146 4.8W262 1235.171 923,012 233,4iO 79,920 20.214 5,895,194 1,488,835 5,355,696 1282.677 Public education £6.127.433 £1.156.462 £l(KJ,134 £7,384,029 £6,638J73 PREVIOUS F£4kA￿4LySls Toful Costs Costy 2022 R￿etsrCh.. Lowlon Uplond¥ 1.87J.6J6 554,326 J.443.117 s49.4￿3 364,310 107.899 280.QP5 106.9)9 33.Q20 9.780 25,387 9,694 2.26J.946 672,005 1.748,59 660,146 F£sherles 4.418.552 1.058.Q59 859,263 2115.951 7T.881 J8.667 5.355.096 1,282.677 PJiblEcedycotso £5,476.61J £I,005.2J4 £96,548 £6.638,373

THE G￿lIE AND WILDLIFE COh'SERVATtOry TRLTST NOT£S TO TIIE CONSOLIDATED ACCOLThTS FOR THE YEAR E%I)ED 31 DECEMBER 2023 b. Support Costs Support Costs coL8tiDJte ceLtraE tnanagement and admI￿Ve costs Ttht¢h 8r¢ n¢c¢ssarily incurrtsl to enable th¢ charity to c8ny out its artiviti&s. Try aT¢ mode up as follows". 2023 022 Manage]r*￿t Flljance lllfornydtion technology Humatt T¢source$ CEiJtral office expenses 577,683 254,118 383,305 198,433 185,940 526,125 276,153 359,838 180,597 161,649 £1.599.479 £1.504,362 These costs have bectt allocated to the Tn]sEs chtiritsb'ie activiti&%, fitntha15ing ￿ govenknqnce on the ba515 of the ￿sage of these resources by the V￿10￿8 activiti4 as follows." Charitable acrivtties(Note 7) unthaisitig Gov¢rnan¢e (Note 8} 1,156.462 370,420 72,597 £1,599,479 1,065214 366,551 71597 £1,504,362

e27 ..THkcLME.A￿7).w1LDLIFE COliSE.RVA.TIOb.TRLTST-. _. . . .-. --.-- OTES TO THE CQ)SOLIDATED ACCOUtTS FOR THE YL4R Ehl)ED 31 D GOVERfANCE COSTS 2023 2022 Statyandoffice costs Audlt fees Accountancy Trustees, expenses Professlona] fees 77,47) 28,450 10.400 5,133 72,597 24,750 11,940 5,430 10,304 £127.4<8 £125,021 STAFF COSTS 2023 2022 Wagcs alld salaries Social St￿Ulty costs P¢nsion ¢osts 4,537,584 471.540 409,188 4,237,014 431,577 343,419 £S,418,112 £5.012,010 Pensiott costs are allocated to actisities ikpiowrtii)nto the Yelated staffing ￿$ts alld 3T¢ therefore charged to both unrcstricttd aJyl rcstrieted fi]n¢ts. The keymAnagenwLt of tbe parent clwiry. the TnK conwrise the I[￿tee& alldthe officer5 listed on p&gc l. Thc total enwloyee benefjts {gross pay, cmploycrNt 8ndpeD5ioll) of the key rnallageI p¢T50Tll￿l of the Trust were £993528 (2022: £834.875). The average Tnonthly head couut SWd8 146 staff (2022.. 136 staffj the average moathly Dwnber of fi￿l-tin equivatent employees dun.ttg the year wert as fol]ows: 2023 2022 The number of ¢ttwloyees was: Research and coDstrvation Edu¢atio 63 17 Member5bip alld D]rteÉtD8 Regional a¢tiviti¢s and fvtrjraising Administration at￿ supp)rt 16 20 17 18 129 125 The foll0v1￿8 nutDbers of cmployees bad enJ)lumetts of Over£60,0￿.. Emolum¢Dts in the range £140,(KK)- £150,O¢X) Bu]oluEllenls the range £130.(KJO- £I40,0 E￿oI&ll￿ents in the rdtLge £90.LKKI- £IIJ),000 Emolwnents in the range £80,(KKJ- £90.1)(K) Emolu￿ellts I￿the rdnge £70.tMI)- £80,0(X) Emolumeths inthe tange £60.000- £70.000 For these employecs, benefits were accruing under illODey purc])￿ pellsion %hernes. aJd the totlll ¢mployerf8 COEJtiibutions to these xhemes was £79.￿7 (2022: 3.188). 10. TRANSAcfIoNS WITH TRL'sfEES 2023 2022 Tll￿es, remuuerntion - forother s¢rvi rru5te¢s' travcl expellses EEI]nbUF￿d (3 trt]5tecs (2022: 5 tnjstees)) £5,133 £3,496

¢28 THF. GATriÉ 54qLDLiFE CONSERVATION TRUST NOT TO THE CO.YSOLIDATED ACCOLINTS CONTIN'UED FOR T YEAR 31 DECEMBER2023 11. r4ET IP4COME I IEXPENDITLTrE) FOR THE YEAR This is Sta,￿ after ch&rgiDg.' 23 2022 Depre¢iation Auditoes remutwation Audit fees Ac£ouotallcy artd other advice tnteiesi payable £338,473 £277,452 £28,450 £10,400 £10,782 £24.0 £12.246 £9,284 12&. TèiNGIBLE FIXED ASSETS GROL? B4UiPDXDt Fixtyr&5 Free1￿Id Iand alld Buildin Motor Vebi¢les Fi Totats COST OR VALUATION At l Jamjary 2023 Additi¢)lls Disptssal$ 3,823J77 131.154 (30.979) 1,744,756 513.837 (347.474) 514,351 183.394 (41,IX51 6,082,684 828,385 1419,498) At 31 Decenther 2023 3.923.752 1,911,119 656.700 6,491,571 DEPRECL4TION At l January2023 c￿ge for the year Disposals 792216 ,513 {5.602) lJ14.372 208.397 (341970) 371,224 85.563 (36.279) 2,477.812 338,473 (383,851) At 31 December 2023 831,127 1,180.799 420508 2,432,434 NET BOOK VALUE At 31 De¢eKtkber 2023 £3,092.625 ¥13OJ20 £236,192 £4,059,137 At 31 Deceth 2022 £3,031 J61 £430J84 £143,127 £3,604,872 The cost or va]uation of freehold land and buildAsJgs is made up Ls follows: ARET land attd buildin85 2s syl[￿1 ￿ acquisition in 1992 FordiD8bridgc land alld buitdings Is rei'alued in 1994 Subsequent additions, at co 1.849,152 400.000 1,674,6 1.849,152 41K),000 1574,425 £3,923.752 £3.823,577 Thc bistorical cost of the land and buildings inGluded atthe 1994 Valuationw￿ £232.425 (2022.. £232,425).

THE CA.TrtE I￿￿)LIFE COISERVATIOli TRLST NOTES TO Tub COINSOLtDATED ACCOLThTS COYTThI]ED FOR THE YEAR E.VDED 31 DECEIIBE.R 2023 12b. TANGIBLE FIXED A&8ETS (COFtriNIED) COMPANY Equipment Fixtty¢s Freehold Lalld and Motor Vchictes TDtalB COST OR VALUATtON At l Jat)uary 2023 Additiojjs Dtspo$AIs 819225 115,826 (30,979) 943,314 172,824 (264,674) 377,589 139,862 (41,045) 2,140.128 428,512 (336,698) At 31 D￿eMber 2023 851,464 476,406 2,231,942 DEPRECIATION At l January 2023 Charge for the year Disposals 170,801 8.895 15.602) 734.806 124.652 (284,700) 306,752 52,747 (36,2791 1212,359 186,294 (326,581) At 31 Decembcr 2023 174,094 574,758 323220 1,072,072 NET BOOKVALUE At 31 tkcernber 21LI £729978 £276,706 £153.186 £1,159,870 At 31 Decernber 2022 £648,424 £208￿08 £70,837 £927,769 The costorvaluation of freeknld13ttd and buitdings is rthe TJP follows: 2023 2022 Fordingbridge alld buildin￿ as malued in 1994 Subsequent additions &t cost orvatuation 400,￿0 504.072 400,000 419,225 £904.072 £819.225 The historical Cost of the land andbu(Idmgs included at the 1994 valuatton £232,425 (2022.. £232,425).

e30 TIIE GAMÈ WILDLI1￿ CONSERVATION TRuYr TES TO THE COYSOLIDA TED ACCOLTh. TS CO_NTETr* FOR THE YEAR L)DED 31 DECEMB R 2023 13. INVESTMEf4TS Unrestricted Spendable Unre5tri¢t¢d & Restricted End0￿¢￿t Funds Totsj Matket vdue.. At l January 2023 AdditiODS Disposals RevalU￿10ll Other ¢aslL tLovemet)ts 1.702524 524,202 54.059 147,854 {433,325) (120,644) 51065 22J25 (1452) 18.176) 2,787,854 5,014,580 720,340 922.253 (656,399) (1,210,368} 112,077 186,467 (13,714) (24,3421 At 31 Dece]nber 2023 £1,372,871 £565,561 £2,950,158 £4.888590 Cost at 31 December 2023 £1285361 £563,546 £2,777,336 £4,626,243 Cost at 31 DeceJDber2022 £1.654,756 £549,703 £2,723,889 £4.928,348 The marketvalu¢8 were I￿ade UP as follo 2023 2022 UK Lixted Tnvestnmts Charitable CoTllI￿n tllve8lnMtFw Other Investments Cash on Deposit 4,512,669 287,328 18.500 70,093 4,587,074 284.022 18,500 124.984 £4.888,590 £5,014,580 Holdillgs whose nwketvahu ar¢ more than 5Yo of the total portfoIio are.. 2023 2022 Mclnioy& WIM)d BaIanced Fund Vanguard S&P 500 ETF HSBC FTSE Ail World S¢broder GEobal Susthinable Growth 1.244.019 551,849 408,745 248,175 .581.951 390,237 181,392 117.447 14. STOCKS Th¢ Co 202 2022 2022 Goods foE resal¢ Farni Stocks GroThryDg crops Stock in store Crops in storE Livestock Feedstt Other 38,844 38,014 19.774 39,186 85,335 255.533 22.227 14,860 28.621 68,891 119,756 218,036 11243 11.718 £475.759 £496279

THE GAME iilLDLIFE CONSERVATtON TRUST TES TO THE cof4soLtDAIED ACCOLTliTS coNrThwED FOR THE YEAR E.ThDED 31 DECE.MB 2023 IS. DEBTORS TheGrn 202 Theco 2023 2022 022 Trnde debtors Income tax r￿¥¢￿b￿ VAT recoverable Other d¢btors Ar[￿ullt due fron) GC USA Amount due fro￿ other ¢tititi¢s Prepay￿ettts 448.798 E5,396 8.638 I.IOllJ47 318.098 4l2.87S 39,352 36.389 1.192,595 270.000 128.772 15,396 144,853 39,352 965 J50 318,098 785,082 197,717 988,741 270.000 1.054,672 177,950 217,749 185267 QIIO.726 £2,136,478 £2,410,615 £2,675,568 16. CRED￿0￿8. Atllounts fxllinE due wlthin one yexr Thc Gro Theco 2023 2(F22 2023 2022 Trade creditors Life llLen)bersbip substtiptions VAT payable 674,196 12289 39,105 18E,020 3J40 49S.613 [39,856 16,874 $09275 12503 78,334 176,02CI 10,338 576,542 9(1,409 16,534 453,591 12289 3,961 180,992 356,881 12,503 42.559 176,016 10,338 498,104 69,378 Income ttLX and natioT]ai insurance Hitt pur¢h2se Accruals Defetred incoll ortgage 408,489 25,390 £1,562293 £1.469,955 £1,084,7E2 £1,165,779 17. CREDrroRS: Athoullts fallillg d￿¢ ther more one vttr Thd Grts 2023 The Co 2023 2022 Mortgage {see Also Note 23a) HirE p￿base Lif¢ Jnembership Sub￿lptiOnS Dcferr¢d incotne 162.143 15.176 76553 178,578 81,702 18,589 76,553 81,702 £253.872 £278,869 £76,553 £81,702 The ￿nount5 falling due aftrrmore tban five yeats We￿ as follow5.' Life Jnemb¢thip subscriptions 28.963 Mort8 82.081 35,845 98,710 28963 35,845 £111.044 £134,555 £28,963 £35,845

AML Th￿DL[PE COYSÈRVATtON TRUST OTES TO THE CON'SOLll)ATED ACCOLTrTS COhYlflTED FOR THE YEAR LP4DE"D 31 DECEMBER 2023 18 Et¥DOITrTrIEINT FUNDS Spendable Endo7vment- ARET Endowment Fund 2023 4.86:.846 (14,651} 10,619 112.077 2022 5,115,812 (14,6511 {22,9121 (216,403) £4,861,846 At l J8rtuary 2023 Expenditure frotn Realised gains l (1055es) on investments Unrealised gains / Oosses) on ttmstrts At 31 Deceth 2(Y23 £4,969,891 This fimd is derived froTn the ori8Jnal tspitsl of the AlItt￿n Re5eAr¢h a￿d Educational Trust {ARET) and i$ represented maiDIy by fixed assets and investmertts. Its u5¢ is Testsicted to SUPFrf)rtiDg the WO￿Or ARBT, alld apital 8s well as ineoroe can be applied foi this purpose. 19. REsfiucTED Pu￿￿s The incOll￿ fim¢]s Of the eharityinclwk ￿trIct￿l fimds cornprisiDg th followingwiexjxnded balattces of grdllts and donationsheld oll trusts to be &pp]ied for speciFc pwptsses.. Balance 01.01.23 Balance 31.12.23 traDsfers The Game WiIdlif¢ CoRsemtion Trnst Grallts and donatious Lowlattds res&2rch UpIattds research Fisheries Educatioo 384.102 64,500 292.746 330,316 1.160.803 99,843 404.802 63,564 (1354.998) {132.093) {603548) (163,564) 189,907 32,250 94,000 230.316 1,071,664 794.510 1,729.012 20.507 (2254.20J) (57248) 546,473 757,769 1.866,174 Allerton Research and Educational Trnst ARET r¢3earch and farm Game Wfldllfe Scottish Dewll5tration Fsrm GTrSDF rese4wch and farni 283.770 1,749,519 12.31 1.451) 1,304242 I JOO,869 (1,199.(106) 754.891 397,292 {424,071) 256,991 £2.802,972 £3.447,680 (£3,934.528) £2,316,124 G￿￿￿41nd Balatt¢8 3J.J2.22 01.01.22 Th¢ G4m¥und IYi14&fr CM¥ervllts47• Tryt L¢wlardF reseurck 464.745 213.470 300,740 370.411 l.J6¢1.435 376.523 509.092 J56.&15 (1241,078) (575.493) (577,OP2) (19tf.9JO) 384.IV2 64,SOQ 292.746 330,316 50,IWI FirheTieS Educaiio 1,349,372 2.262,865 83Q.fj91 (2.590.573) 50.tKJQ (50,OOOJ J.07J,664 794,510 otherf￿ll 1.363.791 3.092.956 (2.590,573) 1.806,174 Allarto￿R2re￿p¢th Tn AREfr£Ya7rch otsdfar 457,036 G¢me IYildlrfeScoluhDeoRvtrlE04T F•m GSfSDFresE4r¢h <¥ndforni 328.245 i.J08.194 (904,7112) 17.500) 653.02& 429.7 {474.265J 283,770 £2.149.072 £4,690.940 (£4,029.540) (£7,500) £2,802,P72

e"33'" THE GLIIE A￿7) WILDLtFE CONSERlfATION TRL'ST OTES TO THE CO.YSOLIDIlTED.4CCOtJNrs co.YtThLED FOR THE YEAR EliDED 31 DEfF.MBER 2023 20. FAIR VALUE RESERVE Movement ill Funds Amoullts now fethlised Balance 01.01.23 31.12.23 Prop#tyfairvalue reserve UDreali6ed 8aiDS on investuwls 167575 26,272 167.575 108,468 74.390 7,806 £193.847 £74,390 £7.806 £276,043 The properryfair value rEs￿e coutains tbe surpIus on the r¢Val￿tiOn of Ford1￿bridge1&nd butldin8s 1994. The iDves(llJcntievaItWtiotk r￿¢rVeS represents the diffefellce between the cost and the Darket vdue of investmetts ai the balry¢ sheet dat& PREPTOUS IE4RANALYS ce 01.01.22 R<>W reoliKed 31.12.22 Propetyfatrvoh4¢tsFenE UnrealisedgaiFLf On 167.575 159.647 167,575 26.272 (J39,029J 6,254 £327.222 (£139.629) £6,254 £J93.547

Pa e34 . THE GAME"AflJ TrVILDLIFKCOYSkRVATION TRUST .NOTES TO THE CO.N'SOLIDATED AccoufiTS coYrtliUED FOR THE ITAR L￿￿ED 31 DECEI 2023 21. ANALYSIS OF GROUP NET AssFfs BETWEEN FUM)S Fun([ balaTrcGs at 31 Decen￿er 2023 w¢te [epr￿e￿bYthe following &8sets and Jiabtliti¢s.' UJJrestricted Restricted Endowment Fwids Funds Fwids Totsl Tangible fjxed a&sets tnve8tmcnts Curretrt assets C[￿r¢llt liabilitÉes Long-terni Liabilities 1.445,847 1.707.584 3,673233 (1,354,772) (56,704) 112.329 2,500,961 393,152 2.787,854 1.865.349 31.059 (36,117) (171,404) (18.589) (178.579) 4.059,137 4,888.590 5.569,641 (1,562,293) (253,872> £5,415.188 £2,316,124 £4.969,891 £12.701,203 Fund ba￿C￿ar51 DgL¥thT2022Wererepregth￿hYth4fou0￿In${￿setrlVtd Itubdiiiu.. Totsl rL7nglbl¢fiTedo£fets Inv￿1￿[£￿ts 993.582 1.833.574 3.210.8J8 (J,2fj2.434J 181,70JJ 112.329 3S13,152 2.352.197 (36.117) (18.J8QJ 2.500.961 2,787,854 139.417 (571.404) (J78.579} 3.604,872 5,OJ4,580 5.703.452 (1.465),955) (278.869) CMrr£Nt liabilitles Lon?Éerni liabiliii £4.6571.839 £2.80) 972 b.078.249 £J2.573,060 22. NOTES TO TBE CASH FLOW STATEMENr RecoM¢iliation of net income / (eJpenditur¢) to net cash flow from operatlog 4cth4tie 2023 2022 Net iwome l (expenditure for the I¢porttLg￿I￿ (as pttthe statementof fiwicial activities) Depre¢l￿10n chargeg {Gin5) I losses on iuvestrnts Dividends, interest and feDts from inYcstDxots tnterestpayable Loss J (prafit) sate of fiK¢d a Ilttcrease) I decrease in stocks {tncrease),' decrease in d¢btots lftcre&s&1 (decrease) creditors 128,143 338,473 (189280) (18? 073) 9262 (27,534) 20.520 25,752 83,392 1,113,990 277,452 385.198 1121,4291 8.1 EO {14,922) (69,325) {452,458) 415,724 Net ¢a8h proTrlded by (used Ill) operatlngaetlvities £206,655 £ 1,542,340 An&ly$ts of ea$h attd cash equlYa]ents 2023 2022 Brokers, deposit accounts Cash at bank and ill 70,093 2,983.156 124984 3,069,675 Total ￿$balld equivatents £3,053249 £3,l94,659

THE GANIE WILDLIFKCONSERVATIOY TRusr NOTES TO THE COTriSOLIDATED AC COhTINUED FOR YEAR E%iDED DECEMBER 2 23. COMMITMEr Mortgage Com￿ll￿ents The ]nortgage lo￿ are secured on 109.18 acrts of the AtlertollReseatch and EducatioJJal Trust's free]￿Id land. One loan, origillauy of £190.000, 18 rtpayable ovtr20 yedrs from Ot￿ber 20IO inqi]arterty iD8tslments, interest is charged at a V￿lthIe ra'tt whieh w&s 7.40Yo at 31 J)e¢ember2023. A fjJrth¢r loan of £130.000 was Teceiv￿ in 20E9. This is repay2bl¢ in quarterlyiDStainMts over 15 yea￿, int¢wi is repayable at a fixed nte of 3.81Y.. A total of £82,081 (2022.. £98,710) is repayable after mwe than five yeaTS. b. Operathig le8Je commlt]nents The totsl commitlnent under noHar￿emabk oP￿￿ting Ime rentals 2023 In r¢spect of land and buitdiDgs.' Leases which &tpire within one Iwr Leases wbicbcxpir¢ iti the second to fifth ye8rs 2022 67.677 44,186 46,600 Fnrespect of fixtsJra4, fittillgs and equipmeDL Leages whichcxpire ￿thin one year Lease5 wbich expite in th¢ s¢cond to fjfth years 2208 36,610 lu rnpect of motor vehi¢les'. teases which expxre within Dllr ye4r L￿e8 which expire in th¢ second to fifthyea 16.869 20.867 27,426 £86.754 £175.689 Rentsls pid during the yearwerE: Land and buildings Fixttwe& fittings #nd equipnkut Motor vehicles IS2,761 38,818 25.926 144,708 39,110 50,148 £217,505 £233,966 c. PeDSiOll ctrmmitments 2023 2022 Annual comrnitment (defll￿d cottknliution s¢hettk) Contnbutions outstathg at the year £409,188 £63,918 £343,419 £51,406 24. RELATED PARTY TRANSAcfIoNS Tr#llsactloDs wlth subsldiaries The FollowiDg transactions w¢re c&ried out betwEen the charity and its $ubsidiary¢onJpani¢s. Game and Wlld]ffe Com3emtion Trndlllg I&D￿tea Corporate 8ift&id nageIllent ¢harges Loan intejyst 2023 2022 295J67 16.059 9,000 242,121 21,620 9,000 2023 Net bal2n¢eg owed by $ubsldlthes G2me and Wildlife CollseryAtion Trnding Limtted GWCT Natt]raL Capital AdvI￿ry Limid 202 453.449 E9,960 461300 18,(y78

THE GAME AND WILDLIFE CONSERVATIOY TRIT TrEAR ES1)ED 31.DECEhlBER2023 COMPAIL4TIVE YE.4R COli'SOLIDATED STATEMENT OF FLNAN FOR THE YEAR ENDED 31 DECEMBER 2022 CT Total 2022 Illcome and endownkuts from: Donations aud le￿1¢$ Members subscriptions Donattons and lega¢ies lJ59,424 1,950.984 1359,424 4,273,574 1322.590 3J10,408 2J22.590 5.632,998 Cbaritable ¥tivities 2211.743 2211.743 Other trading actiTrrytiis Fundraisiug events Advisory Serri¢e Tradimg tncon 2.417,225 394,783 166,162 2,417225 394,783 166.162 Investment ineome 32,562 88.867 121,429 116,758 67.740 184.498 6,437,898 4.690,940 11.128,838 nditUTe on: Fundraising cvents me￿bel3￿1P and njarketing Other fimdrni$in(p Costs 827,478 590.460 1,562,838 827,478 590,460 1,573,339 10,501 2.980.776 10.501 2.991,277 Cknitable aGttvitieB Re5Vdrch and ¢onservation Low18nds Uplands Dernonstratitsn Fisberies 1,027.868 96,)12 305.482 89.054 1241,078 57S.493 1,438967 577.092 2.268,946 672.005 1.748,599 666.146 4.150 1.518,916 1,085,767 3,832.630 196.910 4.150 5 J55,696 1,282.677 Pthlic e(kJ¢8tiotL 2.604.683 4,029540 4,150 6,638,373 Total 5,585.459 4,029540 14.651 9,629,650 Incollx/(expenditutt) befort investm¢nt￿]ll5 Net gains l (105sesl on iavestments.. Realis¢d u[w￿lsed 852.439 661,4tN) {14,651) 1.499.188 (6254) (139,629) (22912) (216.403) 129.166) (356.032) Net Income l (&¥pe￿dIthre> Transfers between fDnds 706,556 7,5(K) 661,4 (7.51X)) 653.91X> (253.960 1,113.990 Flet xttovement fullds 714.056 (253.966) l.l13.990 Reeoneiliatton of fundg.. Totsl fvnds brought forward 4.194,186 1149,072 5,115,812 11.459.070 Total ￿ndS carrf¢d forward £4,908,242 £2,802,972 £4.861.&46 £12,573,060 Tbe stat¢raent of financial activities includes all gains alld10&8Gs rwiscd in tb¢ year. All Incon￿ and expenditure d￿1ve from ¢olltinuiug actiwtses.