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 SitJ*tM PaÉK DL
VL¢¢ C*aull*n.' 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 V*Trththe 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, COl4TRf*ATriCE 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 infortt*d 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 re*erves 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￿.
ACJllETrLMEE*TS 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¢t*r 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
COF*TINUKD
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 *ppro*ch 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 pr*tsiots 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 upt*ke 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)TP*iW)
TO THE TR
Oplnlon on other m%tter prescribed bythe Comp*nles 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 lollowittgDJ*tteT5 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 siaten*nts 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 sta*ments 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 eli8xTr*le 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 b*llk ettd In hand
15
2,410.615
2.339,071
2.675.568
2,160,997
4.749.686
4.836,565
Li8blllde$:
Creditors: Amovnts falling
due wtthin one ye8r
16
1.084.712
1.165,779
Net currejt assets
3.664.974
3.67Q.786
Total assets le38 cutteot liabllities
6.763276
6,825281
Creditoit,. A￿oUnts fallittg
due atler thore tlian ott¢ yezr
17
76,S53
81,702
TotAI Let ￿ets
£6,686,723
£6,743,579
Tb¢ fu]Trdg of the ch*rity:
Rests'icted income funds
l9
1.304.242
1.866,174
unrestrict￿ FurAd$:
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 T*I
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 public*ion.
{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 ertdowts*nÈ 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 CapitslAdvisoryLiTlli*d 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 ACCOUt*TS
FOR THE YL4R Ehl)ED 31 D
GOVERf*ANCE 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
COhYlf*lTED
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• Tr*yt
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 IYildlrfeScol*uhDe*oRvtr*lE04T 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"Af*lJ 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${￿setrlVtd Itubdiiiu..
Totsl
rL7nglbl¢fiTedo£fets
Inv￿1￿[£￿ts
993.582
1.833.574
3.210.8J8
(J,2fj2.434J
181,70JJ
112.329
3S13,152
2.352.197
(36.117)
(18.J8QJ
2.500.961
2,787,854
139.417
(571.404)
(J78.579}
3.604,872
5,OJ4,580
5.703.452
(1.465),955)
(278.869)
CMrr£Nt liabilitles
Lon?Éerni liabiliii
£4.6571.839
£2.80) 972 b.078.249
£J2.573,060
22. NOTES TO TBE CASH FLOW STATEMENr
RecoM¢iliation of net income / (eJpenditur¢) to net cash
flow from operatlog 4cth4tie
2023
2022
Net iwome l (expenditure for the I¢porttLg￿I￿ (as pttthe
statementof fiwicial activities)
Depre¢l￿10n chargeg
{G*in5) I losses on iuvestrnts
Dividends, interest and feDts from inYcstDxots
tnterestpayable
Loss J (prafit) sate of fiK¢d a
Ilttcrease) I decrease in stocks
{tncrease),' decrease in d¢btots
lftcre&s&1 (decrease) creditors
128,143
338,473
(189280)
(18? 073)
9262
(27,534)
20.520
25,752
83,392
1,113,990
277,452
385.198
1121,4291
8.1 EO
{14,922)
(69,325)
{452,458)
415,724
Net ¢a8h proTrlded by (used Ill) operatlngaetlvities
£206,655
£ 1,542,340
An&ly$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 p*id 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 Limi*d
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.