2024-12-31-accounts

THE GAME AND WILDLIFE CONSERVA TION TRUST CONSOLIDATED FINANCIAL STATEMENrs YEAR ENDED 31 DECEMBER 2024 Company number 5579632 Registered charity numbei 1112023 Scottish Charity Number SC038868 CONTENTS Legal and Administrative Details Trustees, Report incorporating a Stt2tegic Report 10. 12. Report of the Auditors 13. Statetnent of Financial Activities 14. Income and Expenditure Account and Statement of Total R¢¢ognised Gains and Losses 15. 16. Balance Sheets 17. Cash Flow Statement 18. - 36. Notes to the Accounts

THE GAME AND WILDLIFE CONSERVA TION TRUST YEAR ENDED 31 DECEMBER 2024 LEGAL AND ADMINISTIL4TIVE DETAILS Address: Burgate Manor, Fordingbridge, Hampshire SP6 IEF Trustees: Chairman.. Rt Hon Sir James Pai¢e. DL, FRAgS Vice Chairmen: J F G Shields (Chaiman.. Membership, M￿ketIng and Communications Committee} J F G Shields (Chaim]an.' Scotland Research & Demonstration Committee) J S Young Ex otTi¢io', S P Morant (Chairman.. Lowlands Research Steering Committee) D L Mayhew CBE (Chairnian: Fisheries Research Steel'ing Committee) P Misselbrook (Chairman.. Scottish Committee) O R M Williams (Chairnian.. Wales Committee) S J O Catlin {Chairnian: Remuneration and Nominations Committee) J Corbett (Chaii-man: Audit & Risk Committee) J P G Finnis, DL (Chairman.. ARET Proje¢t Committee) El¢¢t¢d Tiustees: Dame M B Batters J R Corbett A H Daniell Mrs J E Gibbs Rt Hon Sii" Robert Goodwill MP Ms Z J Henderson Mrs A E Henton Appointed I l July 2024 A J P Knott The Honourable T P A Orde-Powlett P Prebensen MrALReed B J Tayloi. CBE, DL J S Young Ms C A Zambuni iiesigned I l July 2024 Appointed I l July 2024 Appointed I l July 2024 Resigned I l July 2024 Offieers: Chief Executive Officer Chief Ope17ting Officer Director of Policy and Public Affairs Dii'ectoi. of Re5eairh Deputy Director of Research Interim Director- Scotland Interim Director- Wa]e8 Director of Fundraising tnterim Director of Membership, Marketing & Communications Director of Advisory & Education, & Gamebird Policy Chief Financial OffLcer N A P Von Westenholz E M R MacFarlane FRICS,FBIFM,FIWFM A Leake BSC. PhD, FRAgS, FIAgtM A Hoodless Bsc, PhD N J Aebischer Lic ès Sc Math, PhD, DSC N Hesfoi'd L Oliver J Payne MA, Mcior Miss A Hopgood Msc R DrayGott PhD N Sheeran BS¢, ACMA, CGMA Advisers: Solicitors Wilsons, Alexandra House, St John Street, Sdisbury SP12SB Bankers Natwest Bank plc, I l High Street, Ringwood, BH24 IBA Investment Managers Cazenove & Co, l London Wall Pla¢e, London EC2Y SAU McInroy & Wood. Easter Aldei'ston, Haddington, East Lothtan EH413SF Auditors Fletcher & Partners. Crown Chambers, Bridge Street. Salisbury SPI 2LZ Numbers: Regist¢red Charity Number l 112023 Registered Company Number 05579632 Scottish Charity Number SC038868

THE GAME AND WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORA TING STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Th¢ Trustees present their amiual directors, report with the consolidated financial staternents of the Game and Wildlife Conservation Trust ('the Charity,) for the year ended 31 December 2024. These relate to the Charity, the Allerton Research and Educational Trust, the Game and Wildlife Scottish Demonstration Farni and the Charity's subsidiaries Game and Wildlife Conservation Trading Limited, GWCT Natural Capital Advisory Limited and GWCT Events Limited, and have been prepared to comply with the provisions of the Companies Act 2006, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). STRUCTURE, GOVERNANCE AI¥D MANAGEMENT Constitution and Charitable Status The Garne and Wildlife Conservation Trust is a charitable company li￿lted by guarantee, incorporated on 30 September 2005 and registered as a charity on I l Novetnber 2005. The Charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In th¢ event of it being wound up members are requir¢d to contribut¢ an amount not exceeding £10. The members for company law purposes are the trustees. The Game and Wildlife Conservation Trust took over the activities of The Game Conservancy Trust following the close of business on 31 December 2005, when all the assets and activities of the Game Conservancy Trust were fonnally transferred to it. Under Schemes rnade by the Charity Commission on 8 March 2006 the Game and Wildlife Conservation Trust was appointed as sole trustee of both Th¢ Game Conservancy Tn￿t and The Allerton Research and Educational Trust. The Schemes also included a Uniting Direction that from the same date The Game Conservancy Trust and the Allerton Research and Educational Trust shall be treated as fomiing a part of The Game and Wildlife Conservation Trust for the purposes of registration and ￿cOuntIng. Recruitment and Appointment of Trustees Tbe directors of the company are also charity trustees for the purposes of charity law and under the Charity's Articles are allowed to delegate any of their functions to committees consisting of two or more individuals appointed by them. at le&st one of which must be a trustee. The Charity has a Remuneration and Nomination Committee which makes recommendations to the thll board of trustees when a vacancy occurs. The Committee follows a set procedure for identifying potential new trustees. these include carrying out a skills audit of the Board of Trustees in order to identify relevant skills from which the Cbarity would benefit, and brings fO￿ard prospective candidates from a long list contributed to by officers, trust¢¢s and n]embers of the Trust. Trustee Induction and Training All trustees attend an induction day and receive a trustee induction foldeT containing infonnation about th¢ Charity. Risk Management The trustees Confinll that they have reviewed the tnajor risks to which the Charity is exposed and, where Practicable, they have established systetns to mitigate those risks. Organisational Structure Ultirnate control of the Charity is exercised by the trustees, the majority of whom are elected for a four-year tenn. Day-to-day management is the responsibility of the Chief Executive Officer with the support of the Executive Directors. The ￿0Up has 146 employees, most of whom are based at its headquarters at Burgat¢ Manor, Fordingbridge, Hampshire. This total includes 60 scientists who are engaged directly in research. The Charity has close to 40 County Groups which organise fi￿d-raislng events throughout the United Kingdom and a total of about 60,000 supporters, of whom about 20,000 are members/annual supporters. The Clwity's subsidiary companies carry out trading and fundraising activities on behalf of the Charity. All their profits are paid to the Charity under the Gift Aid scheme. Public Benefit The Trustees confirm that they have complied with the duty in section 17(5) of th¢ Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.

THE GAME Af+tD WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRA TEGIC REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTS AIYD ACTIVITIES Objects The objects of the Game and Wildlife Conservation Trust are: to pronlote for the public benefit the oonservation of game and its associated flora and fauna b. to conduct research into game and wildlife management (including the use of game animals as a natural resource) and the effects of farn]ing and other land management practices on the envirorllnent. and to publish the useful results of that research. c. to advance the education of the public and those managing the countyside in the effects of farn]ing and management of land which is sympathetic to game and other wildlife. d. To conserve game and wildlife for the public benefit including, where it is for the protection of the environmen¢ the conservation or promotion of biological diversity through the provisiotL conservation, restoration or enhancement of a natLwal habitat. or the maintenance or Tecovery of a species in its natural habitat in land or in water and in particular where the natural habitat is situated in the vicinity of a landfill site. Ther¢ has been no change in the objects of the Game and Wildlife Conservation Trust over the last year. Although differently phrased and sli¥]tly broader, these objects are very similar to those of the Gatne Conservallcy Trust. Policies To enable the Charity to fulfil its objects, the Trustees have adopted the following policies: l. Research - To carry out scientific research to the highest possibl¢ standards of quality and objectivity. to publish the results in peer-reviewed journals. and to communicate the results to as wide an audience as possible, including goven]menL the Charity's members, other land users and the general public. 2. Conservation - To develop practical conservation policies which are infornied by the results of the Cbarity's research. to test the practicalities and effectiveness of the policies. and to communicate them to &s wide an audience as possible. 3. Reserves - The Trustees have reviewed the reserves policy and hav¢ adopted a policy based on an assessment of risk to future income flows. The resulting number is then tested against current rates of expendittwe to ensure that it is robust. The policy is that there should be a minimum level of liquid reserves of at least £1.5m, with a taTget of £2.2m. This was increased by TTUStees from a range of £1.0 - £1.5m in April 2021. 4. Investments On unrestricted funds and the Underwood Fund: To invest in a Combination of equities, fixed interest stocks, other investments and casl4 on a total return basis, with the objectives of not losing money on a rolling 12 month basis and obtaining a return which is significantly higher than the return on cash. On ARET endowment funds.. To invest in a combination of equities, fixed interest stocks and cash, with the obj¢ctive of obtaining a total return in excess of an agreed blended benchmark. ACHIEVEMENTS AND PERFORMANCE Review of Activities and Achievements OUT core work continues to be scientiflc researc￿ supported by four broad eduoational initiatives (policy, profile, education and practice), aimed at improved wildlife conservation and better understanding of the contribution game nlanagement makes to that.

Pa THE GAME Af+lD WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRATEGIC REPORT CONTINUED FOR TI.IE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENTS AND PERFORMANCE (CONTINUED) Ow achi¢vements in the y¢ar were: Natural Capital Advisory: from l January 2022 - Natural Capital. This bas been driven by a number of developments: The reform of UK Agri-environment Schemes. Countryside Stewardship is being replaced by the Environmental Land Management IELM) scheme. Famers and landowners will no longer receive Single Farni Payment under the Basic Paym¢nt Scheme, and th¢ only govemment funding they will receive will be throu￿1 the new ELM Scheme for the delivery of environmental goods and services. Blended fmance models will be a key part of funding ￿tllre environmental delivery. By blended finance we mean a combination of government finance through ELM and private finance from large corporat¢s, water Companies and d¢velopers which are becoming known as environmental trades. These environmental trades are an opportunity for farmers to deliver biodiversity net gain, nutrient reduction andlor carbon sequestration and be rewarded by the market place, e,g. developer5 need to offset the biodiversity that is lost by building on an area of land and show a biodiversity net gain in the offset. a developer who wishes to link a new property to the sewage system within a catchment that has a high level of phosphate in the river water needs to be able to demonstrate that that new phosphate load can be offset. These new developments are going to be fundamental to the delivery of landscape-s¢al¢ environmental outcomes in future. GWCT as a charity is completely invested in working with the private owners and stewards of land to deliver those environmental outcomes. As an organisation GWCT also needs to be embedded in these new schemes and opportunities. Research and demonstration: Our research progran]m¢ comprised around 80 projects within nine research groups. We continue to focus on the biology and ecology of game species and inigratory fish: the positive and negative impacts of game management on other wildlife. wildlife conservation and species recovery. predation control and fannland ¢¢ology (both lowlands and hill edge). Ill the English uplands, the fourth year of post-treatment monitoring of water, vegetation and invertebrate communities on ow long-tem] cut-burn experiment was completed and the f￿st scientific paper from the study produced. GPS-tracking of black grouse was undertaken to investigate brood survival and 20 black ￿oUSe were translo¢ated from the North Pennines to the North York Moors in autumn to expand the breeding range. In the lowlands, fieldwork was completed assessing the effects of gamebird releasing near protected sites and a report produced for Natural England. A paper was produced on gamebird densities on non-relea5ing sites and work was initiated on new best- practice releasing guidelines to coincide with the Defra review of licensing of gamebird releasing. MonitOTing data for the FRAMEwork project, examining Farm¢T Clusters in a range of situations across EuTope, was collated and analysis commenced. Work on species recovery continued, with publication of a paper on long-ternl insect trends on th¢ Sussex Downs grey partridge study area, fi￿her work on curlew chick Survival in the New Forest, the curlew headstarting trial in southern England, a new study on lapwing chick swvival on aTable farniland and the ambitious Gravelly Shores project aiming to restore coastal nesting habitats and improve breeding success for oystercatcher and ringed plover. Long-term salmon and trout monitoring on the River Frome continued and a project on eels commenced. Inv¢stment in management of the fisheries databases resulted in additional publications. Advisory. Avian Influenza and Tising input costs continued to have an impact on the game shooting sector in 2024, though to a lesser extent than in 2023. This provided challenges for the game management element of the advisory service. There was good demand for our bas¢line biodiversity auditing service and creation of statutory Habitat Management and Monitoring Plans which the advisory department undertakes on behalf of Natural Capital Advisory. The incorne generated through these activities exce¢ded the in¢orne budget target. The advisory team are spending an In￿eaSillg amount of tirne on policy work which impacts on time available for income generating activity.

Pa THE GAME AND WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRATEGIC REPORT CONTINUED FOR THE YEI AR ENDED 31 DECEMBER 2024 Review of Activities (continued) Communication: we continue to increase OUT news coverage, with a greater volume of coverage in national and regional media and a focus on strengthening our Presence in the farn]ing press. Our Working Conservationist case studies continue to grow with the launch of the Welsh Farn]ing Community, overseas case studies. In England, Consultation responses formed a significant part of the work, as the design of the post EU policies advances, particularly with environmental legislation. GWCT input into shaping soils policy has been particularly important with Some statutory commitrnents now included. Wales 2024: A Year of Growth and Innovation for GWCT Wales. 2024 marked a significant year of progress for GWCT Wales, as we continued to expand our project portfolio and deliver impacthil, on-the-ground conservation work. Our commitment to innovation was most evident in our use of cutting-edge technologies, where we achieved several sector-leading milestones. W¢ b¢came the f￿st organisation to identify, locate, and monitor Curlew nests and chicks using thermal drone cameras-an important bTeakthrough for ground-nesting bird conservation. In another r￿St, we used AI-enabled cameras to successfully identify Curlew adults and chicks on the nesL offering a non-intrusive, higbly accurate monitoring method that adds a new dimensioll to our species tracking capabilities. We also led the way in using thermal drone irnaging to locate, counl and sex Grey Partridge, setting a new benchmark for monitoring this iconic species. These pioneering achievements attracted wid¢spread attention in both Welsh and national media, raising the profile of our work across the UK. OUT engagement with policy]nakers also strengthened in 2024. We met with the Deputy First Minister foT the first time and were formally asked to join the stakeholder group for the development of the Sustainable Farming Scheme (SFSF-a key step in ensuring that scientific and practical conservation expertise informs ￿tUre land use policy in Wales. Collaboration with the farming sector remains central to our mission. We've deepened our relationships with both NFU Cymru and FUW and are se¢ing more farniers actively approaching us to work together on conservation-focused initiatives. OUT presence at high-profile events, including the Royal Welsh Show, continues to raise awareness of our work auLong land managers, politicians, and partner organisations. Reflecting this momentum, we've grown our team from four staff in 2022 to eight by tbe end of 2024, and proudly welcomed our first official student placement in Wales-helping to inspire and support the next generation of conservationists. Allerton Project: We had another busy training year in 2024, with 8 of our flagship 5-day Sustainable Land Management Courses. We also bad a ￿eat first year in OUT Nestle Partnership, hosting 22 groups tlwoughout the year and undertaking events and separate project looking at summer cover crops. We continued to work with Kellogg's and Marks and Spencer throughout 2024, althougb our involvement with M&S ceased in April 2025. We also started an online training project funded by The Golden Bottle Trust. The ClieN project continues to go well and be deliveTed within budget projections. The research team have had a good year with a surplus to budget being recorded. Allerton was successful in attaining unbudgeted income from a number of projects including Agroforesty, Syngenta and PGRO Climate Smart FaTming. New student accommodation was built and is working well. We also redecorated & re-carpeted two dwellings ahead of reletting. carried out extensive roof repairs to three PToperties and have ensured all the water oisterns to comply with Legionella safety. The farm had a poor year due to advers¢ weather in autumn 2023 and Spring 2024. Financially, this was compounded by requiring contractors in Auturnn 2024 due to a gap in farm manager. We also began some fann improvements in Autumn 2024. This years cropping is looking better, but it will take time to turn the farm fman¢es around. We are developing a strategy and budget for this, The farm has an important role underpinning the activities of the research and training departments as well as providing income through agri-environment payments. We began an extensiv¢ series of governtnent funded capital WOTks improvement on the farm in autumn 2024. Policy: This year we saw the mattwation of the Environmental Land Management Scheme (ELMS), as the base standard Sustainable Farn]ing Initiative (SFI) completed its rollout during the sumtner. The scheme bas had a number of iterations since the f￿st pilots w¢re rolled out and since then it has been refined and improved. The scheme has the potential to deliver'fj)ublic money for public goods" across the famed landscape in England and its flexibility allows farniers to sign up some areas of the farni but exclude others and join the schem¢ at a time of their own choosing. Particularly welcome are the whole field options where land can be given over to legume-based pollen and neotar mixes to sustain pollinators whilst building soil fertility and reducing pressure from arable weeds, and payments for controlling grey squirrels and mink to benefit native wildlife. Mid-year saw the election of a new government with new priorities including cornmitments to Strengthen Britain's food security and boost rural growth and speed up nature's recovery. Natural England, celebrating 75 years since the designation of the first National Parks, signalled the adoption of a new strategy to move from focusing simply on nature conservation to nature recovery, pertinent since most National Parks do not presently meet the levels of wildlife required to be eligible contributors to tbe 30by30 targets. We have been busy looking at wbat "Other Effective Area-based Conservation Measures (OEACM'S) might be considered to be eligible, particularly within the Environmental Fanner Groups (EFG).

THE GAME AND WILDLI￿4 CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRA TEGIC REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Scotland: tn 2024, GWCT Scotland focused on supporting land managers through the introduction of grouse sboot licensing and bToader policy developments, including Naturescot's species licensing review and preparations for the Soottish Government's forthcoming Environment Bill. We continued to promote an evidence-based approach to policy, while helping estates demonstrate compliance with best practice, particularly in anticipation of further licensing requirements in 2025. Demand for advisory services remained high, with notable growth in biodiversity audits and increased capacity through recrnitment. Research progressed across our upland, lowland and familand programmes, with fieldwork on red grouse, ticks, waders, badgers and songbirds contributing to a number of outputs, and continued collaboration with partners such as Pepsico and Bairds Malts. PublAc engagement inoluded BBC Landward episodes and screenings of The Last Keeper at the Scottish Parliament and Cinemas. Regional activity remained active, including a presence at the Moy Highland Fair and the Scottish Game Fair, which is expected to mark a significant transition in our event strategy in 2025. Education.. We continued our progran]m¢ of tertiary education in Universities and Colleges reaching in the region of 1,000 under-and post-graduate students at over 20 univeTSlties and colleges. Natural Capit21 Accounts and Carbon Audits- Gatne & Wildlife Scottish Demonstration Farm As changes in natural assets and the balance between emission5 and sequestration at the Game & Wildlife Scottish Demonstration Farni may only be incremental from year to year, there is no annual requirement to complete Natural Capital Accounts and Carbon Audits. The Carbon Audit need only be cawied out once every five years as part of the suite of requirements to qualify for annual Single Farn] Payment in Sootland. As such, we are due to undertake a fiutbeT carbon audit as one of the p055ibIe requirements for access to 2026 a￿lcultUral support. This would help to identify what shifts have occurred between carbon emissions and carbon sequestration, allowing us to pinpoint any management actions that tnay have resulted in the changes. The work previously undertaken by eftec (Economics for the Envirotjment) in 2021 set out a Natural Capita] Balance Sheet indicating a Present Value for Net Assets of £1.137rn. This positive asset value is also reflected in the most recent carbon audit undertaken for the farm in 2021, showing net sequestration of carbon over green-house gas emissions of - 2.140m kgC02 {express¢d as kg C02 equivalent). . Game & Wild'life Scottish Demon5tratlori.Èatm: Carbon AudFt.summary- 2021,.£.. Componerir..:, Total emissions from Farming.l.Carbon Dioxide, Methane, Nitrous Oxide) Carbon sequestration (Soil:CarboD, Forestry seqiiestrntion) Net emissions from land use 1,056,919 -3,197,887. AuehnerrJn (2QZI Carbon A¥dl¢} Nltr•u¥Oxld•- (¥otatrEsation," frachinx, run-¢ffj tratt5

THE GAME AND WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRATEGIC REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Review of Financial Transactions and P051tion Key points: Income was £l1.6 million, an increase of 50/0 on 2023 Expenditure on charitable activities was £8.1 million compared with £7.4 million in 2023 There was an increase of £1 10,000 in total funds, but a deficit of £557,000 on unrestricted funds. The Trnst's n¢t assets were £12.81 million at the end of the year. Thanks to the continuing generosity of our supporters we were again able to increase our research progratnme whil¢ maintaining the stable financial position whicb the Trust has established over the last few years. The Trust ran a full progran]me of fundraising events wbile engaging with an increasing constituency of supporters througb our use of modern Communications methods. The Trustees reviewed the Trnst's reserves policy in 2021 and determined that the target should be £2.2 millio with a minimum of £1.5 million, to reflect the continuing uncertainties facing the Trust. In current circumstances where the UK and the world economy Temain under strain we feel that the revised level remains appropriate. Having established this new level the Trnstees continue to be satisfied that the Trust's financial position is sound. Principal risks and uncertainties Some of the principal risks identified by the Trustees are as follows.. The Charity remains dependent on the generosity of its supporters for a slgnifioant proportion of its income Our success in accessing public sector funding nevertheless carries with it the risk that such funding sources will not be Tenewed due to political or economic Changes We have a wide range of legislative requirements to comply with The cost of living crisis and other external ¢vents are having a significant effect on fi2ndraising and operations. These risks have been addressed as follows.. We have proactive metnbership and ft]ndraising departments We monitor income and expenditur¢ Care￿IlY through detailed budgeting, fmancial controls and reporting. The reserves policy has been shown to provide security in the event of an unexpected drop in incorne We continually monitor legislative Tequirements and ensure that our procedures are compliant Where appropriate we insure against financial loss.

THE GAME AND WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRA TEGIC REPORT CONfINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future periods A new 5 year business plan was approved in July 2021. The key aims are: To establish and build significant public support for a more positive approach to conservation. 2. To tsckle research knoivledge and evidence gaps in: Released gamebird dispersal, how food resources and predator control in the urban and rural environment affect the demographics and dispersal of generalist predators such as foxes, crows and stoats. The quantification of the 'environmental offer, of game management for wild and released game, and for our iconic species, including biodiversity gal￿ peatland restoration, carbon sequ¢stration and clean water. The recovery of salmonid species. 3. To persuade game managers to: Practise GWCVS Sustainabl¢ Game Manag¢m¢nt Principles To embed the ¢thos of net biodiversity gain into their game management and quantify its biodiversity and environmental deliv¢ry Quantify and Communicate their net biodiversity gain through structured reporting using Apps such as Epicollect, backed with timely int¢rpTetation. Accr¢dit their net biodiversity gain through GWCT Shoot BiodiveTsity Assessments either online or througb assessment visits. To secure policy ehange such that: Tb¢ role of predation control in sp¢cies recovery is understood and embedded in Environment Land Management Scheme (ELMS) and equivalent Agri-environment Schemes (AES) in Wales There are practical, workable licences for the control of protected predators to enhance nature conservation. Post-Brexit Agri-Environment Schemes are fit for purpose, infornied by GWCT'S researched options, landscape-scale, and engatse participants from the bottom up. Environmental principles such as the Precautionary, Polluter Pays and Offsetting principles are pragmatically implemented into ￿tllre policy so that practical outcome-focused game and wildlife n]anagement can happen. Gam¢ management remains economically and culturally active enough to continue to make a net contribution to biodiversity gain. 5. To be a leader in the demonstration and uptske of Greener Farming 6. To support our staff by: Drawing up our first People Strategy and P¢ople Plan. Creating a flexible, agile, adaptable team of scientists delivering accessible high-quality science and contributing their expertise to GWCT'S 3Ps. 7 To maintain the financial viability of GWCT by: Jncreasing the number of membership subscriptions. Reviewing the cash reserves policy and increase cash reserves as appropriate. Raising funds from a committed, engaged group of ]nembers, supporters, and donors by ensuTing we develop all possible fundraising approaches and through our trading activities .

THE GAME AND WILDLIFE CONSERVATION TRUST TRUSTEES, REPORT INCORPORATING STRATEGIC REPORT CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 OUR APPROACH TO FUNDRAISING ACTIVITIES In the financial year the Charity did actively fiu]draise frolll our members, supporters and the publi¢. This WOTk was oveTse¢n by Game & Wildlife Conservation TTUSt staff and supported by our volunteers. The Charity does not use external professional fund-raiseTS. The fun(traising approach taken by the charity is a mix of fundraising events and public appeals to raise fiulds to support the work of the Charity. The Game & Wildlife Conservation Trnst is registered with the Fundraising R¢gulator and adher¢s to the practtce this body recommends in addition to adhering to guidance issued by the Charity Conunission. The Trustees did not receive, in the year reporte( any complaints received about its fundraising actlvlty nor reported incidents of failure by the charity, or by any person acting on its behalf, to comply with fL￿d[aiSing standards. The Trustees seek to protect vulnerable people and other members of the public by adhering to good practice and by complying with data privacy requirements to ensure that fL￿draISing events aT¢ safeguarded from bebaviour which: is an unreasonable intrusion on a person's privacy. is unreasonably persistent. and places undue pressure on a person to give money or other property. ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees are responsible for preparing the TTUStees' Report and the f￿anCIal statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the trustees to prepare accounts, for each financial year, which give a true and fair view of the charity group's fmancial activities during the year and the financial position of the group at the ¢nd of the yeaT. In preparing these accounts, the trustees are required to: Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judg¢ments and estimates that are reasonable and prudent. State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts. Prepare the accounts on the going concern basis unless it is inappropriate to Presume that the group will continue to operate. The Trustees aTe responsible for keeping proper accounting records which disclose with reasonabl¢ ao¢uracy the financial position of the group and which enable them to ensure that the accounts cornply with the provisions of the Coillpanies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable step5 for tbe prevention and detection of fraud and other i￿egUlar1ties. In accordance with company law, as the company's directors, we certify that so far as we are aware, there is no relevant audit inforniation of which the company's auditors are unaware, and as directors of the company we have taken all the steps that we ought to bave taken in order to make ourselves aware of any relevant audit information and to establish that the Com s auditors are aware of that infom]ation. Rt Hon Sir James Paice, DL- Cbairn]an Approved by the Trustees on 29 April 2025

elo INDEPENDENT AUDITORS, REPORT THE TRUSTEES OF THE GAME AND WILDLIFE CONSERVATION TRUST Opinion We have audited the consolidated fmancial statements of the Game and Wildlife Conservation Trust and its subsidiaries for the year ended 31 December 2024, whioh comprise Consolidated Statement of Financial Activities, Consolidated Income and Expenditure Account, Consolidated and Company Balance Sheet, Consolidated Cash Flow Statement and the related notes. The financial reporting fratnework tbat has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (United Kingdom Generally Acc¢pted Accounting Practice). In our opinion the financial statem¢nts.' i) give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 December 2024 and of the group's incoming resources and application of resources, including its income and expenditure for the year then ended. ii) have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. iii) have been properly prepared in accordance with the requirements of the Companies Act 2006 and the Chariti¢s and Trnstee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the f￿anCIal statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the f￿anCIal statements in the UK, including the FRC'S Ethical Standard, and we have ￿lfilled our other ethical responsibilities in accordance with these requirements, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the f￿anCIal statements, we have concluded that the directors. use of the going concern basis of accounting in the preparation of the fllwicial statements is appropriate. Based on the work we have perforn]ed, we have not identified any material uncertainties relating to events or conditions that, individually or colle¢tiv¢ly, may cast significant doubt on the company's ability to continue as a going concern for a period of at least 12 months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other information. The other infom]ation comprises the inforniation included in the Trustees, Annual Report, other than the fmancial staten]ents and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othenvise explicitly stat¢d in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the f￿anCIal statements, our responsibility is to read the other infonnation and, in doing so, consider whetheT the other inforn]ation is materially inconsistsnt with the f￿anCIal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the financial statements or a material misstatement of the other inforniation. If. based on the work we bave performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

e 11 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE GAME AND WILDLIFE CONSERVATION TRUST CONTJNUED Opinlon on other matter preseribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: i) the inforniation given in the Trustees, Annual Report (incorporating the strategic report and the diTectors' report) for the fuiancial year for which the fmancial Statements are Prepared is con515tent with the financial statements" and li) the T￿￿tees, Annual report (incoryiorating the strategic report and the directors, report) have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the lfflowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Tn￿tees, Annual Report including the Strategic Report. We have nothing to report in r¢spe¢t of the following matters where the Companies Act 2006 and the Charities Act 201 I requires us to report to you if, in our opinion: i) adequate accounting records have not been kept by the parent charitabl¢ Company, or returns ad¢quate for our audit have not been received from branches not visited by us; or ii) the paTent charitable company f￿ancial statements aTe not in agreement with the accounting records and returns. or iii) certain disclosures of Trustees, remuneration specified by law are not made. or iv) we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Statement, set out on page 9, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the f￿anCIal statements and for being satisfied that they give a true and fair view, and for such internal control as they detem]ine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the f￿ancial statements. the Trustees are responsibl¢ for assessing the group and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the TTUStees either intend to liquidate the group and the parent charitabl¢ company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accoTdance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or erroT and ar¢ considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these f￿ancial stat¢m¢nts. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We desi￿ proc¢dur¢s in line with our responsibilities, outlin¢d above, to detect rnat¢rial misstatements in respect of ]￿egUlar1t1es, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risks of material inis5taten]ent in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: .the engagement partner ensured that the engagement team collectively had the appropriate cornpeten¢e, capabilities and skills to identify or recognise non-compliance with applicabl¢ laws and regulations. 'we identified the laws and regulations applicable to the company through discussions with Trustees and other managemenL and from our commercial knowledge and experience of the Trllst.

e12 INDEPEI NDENT AUDITORS, REPORT TO THE TRUSTEES OF THE GAME AND WILDLIFE CONSERVATION TRUST CONTINUED •we focused on specifLC laws and regulations which we considered may have a direct mateTial effect on the fll]ancial statements or the operations of the company, including the Companies Act 2006, ChaTities Act 2011, data protection, employment, and health alld safety legislation" •we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence. and identified laws and regulations were comtnunicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: naking enquiries of managetnent as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and •considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To addTess the risk of fraud through n]anagement bias and override of controls. we: 'perfoTmed analytical proceduTes to identify any unusual or unexpected relationships. .tested journal ¢ntries to identify unusual transactions. •&ssessed whether judgements and assumptions made in determsning the accounting estimates were indicative of potential bias. and •investigated the rdtionale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. •agreeing fmancial statement disclosures to underlying supporting documentatioll. •reading the minutes of meetings of those charged with governance. •enquiring of znanagement as to actual and pofrntial litigation and Claims. and •wben considered nec¢ssary, reviewing correspondence with relevant regulators and the company'5 legal advisors. There are inherent limitations in OUT audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the diTectors and other managem¢nt and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud ¢an be harder to detect than those that arise from error as tbey nmy involve deliberate concealrnent or collusion. A further description of our responsibilities for the audit of the financial staternents is located on the Financial Reporting Council's website at.. [www.frc.org.uWauditorsresponsibilitiesl. This description forn￿ part of OUT auditor's report. This report is tnade solely to the Trustees, as a body, in accordance with sections 495 and 496 of the Companies Act 2006 and in accordance with se¢tion44(1)(c) of tbe Charities and Trustee Investment (S¢otland) Act 2005.our audit work has been undertaken so that w¢ might state to the Trustees those matters we are Tequired to state to them in an auditovs Teport and for no other purpose. To the ￿lIest extent perniitted by law, we do not accept or assutne responsibility to anyone other than the charity and Trustees as a body, for our audit work, for this report or for the opinions we have James Fletc or statutory auditor) for and on behalf of Fletcher & Partners, Statutory Auditor Crown Chambers Salisbury 30 April 2025 Fletcher & Partners is eligible to act as an auditor in tern￿ of section 1212 of the Companies Act 2006

e13 THE GAME AND WILDLIFE CONSERVATION TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 Dll CEI MBER 2024 Unrestricted Restiicted Funds Funds Endowed Funds Total 2024 Total 2023 Note Income and endowments from: Donations and l¢gacies Members subscriptions Donations and l¢gacies 1,295,195 1,569,436 1,295,195 3,153,765 1,327,363 3,191,208 1,584,329 2,864,631 1,584.329 4,448,960 4,518,571 Cbaritable activities 3,045,764 3,045,764 2,151,769 Other trading activities Fundraising events Advisory services Trading income 4a 2,256,927 790.012 159,349 10,291 2.267,218 790,012 159,349 3,052,947 714,769 169,337 tnve5tsnent income 45,936 220,638 266,574 182,073 Other 296,384 323,171 619,555 213,599 Total 6,413,239 5,184,193 11.597,432 11,003,065 Expenditure on.. Raising funds Fundraising events Membership and marketing Other fundraising costs 4a 914,379 673,538 2,054,132 914,379 673,538 2,064,857 1,307,798 620,345 1,752,030 10,725 3,642,049 10,725 3,652,774 3,680,173 Charitable activities Res¢arch and conservation Lowlands Uplands Demonstration Fisheries 1,112,731 446,681 396,483 279,735 1,639,773 219,072 1,891,938 315,848 2,752,504 665,753 2,292,571 595,583 2,689,036 648,269 1,961.446 596,443 4,150 2,235,630 1,092,762 4,066,631 743,292 4,150 6,306,411 1,830,054 5,895.194 1,488,835 Public education 3,328,392 4,809,923 4,150 8,142,465 7,384,029 Total 6,970,441 4,809,923 14,875 11,795,239 11,064,202 Incomel(expenditure) before investment gains Net gain5 1 (losses) on investments: Realised Unrealised (557,202) 374,270 (14,875) (197,807) (61,137) 21,390 26,964 48,349 211,740 69,739 238,704 2,813 186,467 12 Net income / (expenditure) Transfers between funds (508,848) 374,270 245,214 110,636 128,143 Net movement in funds (508,848) 374,270 245,214 110,636 128,143 Reconciliation of funds: Total funds brought forward 5,415,188 2,316,124 4,969,891 12,701,203 12,573,060 Total funds carried forward £4,906,340 £2,690.394 £5,215,105 £12,811,839 £12,701,203 The statement of financial activities includes all gains and losses recognised in the year. All inco]ne and expenditure derive from continuing activities.

Pa e14 THE GAME AND WILDLIFE CONSERVATION TRUST CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 TURNOVER 3,045,764 2,151,769 OTHER OPERATING INCOME 8,285,094 11,330,858 8,669.223 10,820,992 EXPENDITURE Operating charges Depreciation of tangible fixed assets 10,991,412 359,785 10,688,933 338,473 11,351,197 11,027,406 OPERATING (LOSS) I PROFIT (20,339) (206,414) OTHER INCOME Interest receivable and similar income Interest payable and similar charges ProfiLI(loss) on disposal of fixed assets Realised gains/(losses) on investments 266,574 (12,744) (431,298) 69,739 182,073 (9,262) (27,534) 2,813 (107,729) 148,090 (DEFIcrr) I SURPLUS FOR THE YEAR ON ORDINARY ACTIVITIES (128,068) (58,324) BORNE FROMI(RETAINED IN) RESTRICTED AND ENDOWMENT FUNDS (407,744) 490,880 GENERAL FUND RETAINED SURPLUSI(DEFICIT) FOR THE YEAR (£535,812) £432,556 CONTINUING OPERATIONS All income and expendittwe derive from continuing activities. STATEMENT OF TOTAL RECOGNISED GAINS Af4D LOSSES The statement of financial activities includ¢s all gains and losses recognised in the year.

Corn Number 5579632 e 15 THE GAME Af4D WILDLIFE CONSERVATION TRUST CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEI MBER 2024 Note 2024 2023 Fixed Assets: Tangible assets Illvestments 12a 13 3.863,612 5,123,595 4,059,137 4,888,590 8,987,207 8,947,727 Current assets: Stock Debtors Casb at bank and in hand 14 15 427,543 2,444,797 2,935,977 475,759 2,110,726 2,983,156 5,808,317 5,569,641 Liabilities.. Creditors: Amounts falling due within one year 16 1,760,659 1,562,293 Net current assets 4,047,658 4,007,348 Total assets less current liabilities 13,034,865 12,955,075 Creditors.. Amounts falling due after more than one year 17 223,026 253,872 Total net assets £12,811,839 £12,701,203 The funds of the charity: Endowment Funds 18 5,215,105 4,969,891 Restrtcted income funds 19 2,690,394 2,316,124 Unrestricted Funds.. Designated funds Fair value reseTve Legacy res¢rve General fund Non-charitable trading fund 20a 20b 281,617 323,862 4,268,826 32.035 276,043 5,106,438 32,707 4,906,340 5,415,188 Total charity funds £12,811,839 £12,701,203 Signed on behalf of the Trnst es Rt Hon Sir James Pai¢e, DL - Chairnwi Approved by the Tn￿teeS on 29 April 2025

Pa ¢16 THE GAME AND WILDLIFE CONSERVATION TRUST COMPANY ONLY BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Fixed A55ets: Tangible assets Investments 12b 13 1,310,095 1,285,926 1,159,870 1,938,432 2,596,021 3,098,302 Current assets: Debtors Cash at bank and in hand 15 2,532,802 2,367,588 2,410,615 2,339,071 4,900,390 4,749,686 Liabilities: Creditors.. Amounts falling due within one year 16 1,128.398 1,084,7 E2 Net current assets 3,771,992 3,664,974 Total assets less current liabilities 6,368,013 6,763,276 Creditors.. Amounts falling due after more than one year 17 71,599 76,553 Totsl net assets £6,296,414 £6,686,723 The funds of the charity: Restricted income fwlds 19 1,422,109 1,304,242 Unrestricted Funds.. Fair value reserve Legacy reserve General fiind 20 281,617 323,862 4,268,826 276,043 5,106,438 4,874,305 5,382,481 Total charity funds £6,296,414 £6,686,723 Signed on behalf of the Trustees Rt Hon Sir James Paice, DL - Chairnwi Approved by the Trnstees on 29 April 2025

e17 THE GAME AND WILDLIFE CONSERVATION TRUST CONSOLIDATED CASFI fiLOW STATEI MENT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 Cash flows from operating activiti￿. Net cash provided by (used in) operating activlties 22a (629,035) 206,655 Cash llows from investing activities: Dividends, interest and rents from investments Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Proceeds from sale of investments Purchase of investments 266,574 832,369 {565,331) 2,149,896 (1,426,962) 182,073 63,181 (828,385) 1,182,632 (922,253) Net cash provided by (used in) investing activities 1,256,546 (322,752) Cash flows from financing activities: Interest paid Repayments of borrowing Life membership subscriptions Teceived (12,744) (20,125) 7,675 (9,262) (23,093) 7,042 Net cash provided by (used in) financing aetivitie5 Change in cash and cash equivalents in the reporting period (25.194) (25,313) 602,317 (141,410) Cash and cash equivalents at the beginnillg of the reporting period 3,053,249 3,194,659 Cash and cash equivalents at the end of the reporting period 22b £3,655,566 £3,053,249

e18 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE COINSOLIDATED ACCOUINTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of accounting The financial statements have be¢n prepared in accordance with Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Game and Wildlife Conservation TTUSt meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The f￿anCIal statements have been prepared on a going concern basis. The trustees are not aware of any issues that might impact on the financial stability of the group and consequently consider the going concern basis to be appropriate for the for¢s¢eable future. b. Consolidation The Accounts cornprise the consolidated financial statements of The Game and Wildlife Conservation TrL￿t. The Game Conservancy Trust; the wholly-owned subsidiaries Game and Wildlife COnse￿ation Trading Limited GWCT Natural Capital Advisory Limited. Game Conservancy Events Limited. the Allerton Research and Educational Trust. and the Game and Wildlife Scottish Demonstration Farm, consolidated on a line-by-line basis. They also include the Tesults of all the Trust's brancb¢s. The inclusion of the Allerton Research and Educational TTUSt within the consolidated accounts results from a Uniting Direction issued by the Charity Commission. Tangible Fixed Assets All assets costing more than £500 are capitalised. Tangible fixed assets are depreciated on a straight line basis over their anticipat¢d use￿1 economic lives, using the following annual Tates: Freehold land Nil Freehold buildings Equipment fixtures and fittings Motor vehicles A nil depreciation rat¢ is used for freehold land because the Trustees are of the opinion that its life is indefinite. tmpainnent reviews are caTTied out where there is an indication that an asset's recoverable amount is less than its net book value. Any recognised loss which arises as a result of such a review is treated as additional depreciation. d. Investments Investments are carried at market value. Realised and unrealised gains and losses arising in the year are shown on the Statement of Financial Activities, and are credited or cbaTged to the funds in which the assets are held. Stock Stock consists of farm and shop stock. It is valued at the lower of cost and net Tealisable value. f. Liabilities Liabiliti¢s, including constructive liabilities, are recognised at their expected settlement value, when it is considered that it is more likely than not that a future transfer of economic benefits will occur as a result of a p&st event. Finance leases WheTe assets are acquired under f￿ance leases, the lease rentals, less fu￿¢¢ Charges, are capitalised and depreciated over the lives of the assets. The related obligation5 aTe shown und¢r Creditors. h. Operating legses Rent payable under operating leases is charged as expenditure on a straight-line basis over the lease tenns.

e19 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES (CONTINUED) Financial instruments The Trust only has basic fmancial assets and f￿anCIal liabilities of a kind that qualify as basic fmancial instruments. Basic financial instruments &re initially recognised at transaction value and subsequently measured at their settlement value with th¢ exception of bank loans which are subsequently measured at amortised cost using the effective interest rdte. Income Income is recognised when the cbaTity bas entitlement to the funds, any perforniance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from govermnent and other grants, whether ¢apital or revenue grants, is recognised when the charity has entitlement to the funds. any perfonnance conditions attached to the grants have been m¢t, it is probable that the income will be Teceived and the amount catl be measured reliably and is not deferred. Grants and donations for specific purposes are accounted for as receivable and are treated as forning restricted funds. For legacies, entitlement is taken as the eaTlier of the date on which either: the charity 15 aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or wben a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measuTed Teliably and the charity has been notified of the intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met. then the legacy is treated as a contingent asset and disclosed if material. Life members, subscriptions are allocated to income on the following basis: Members joining in 2003 and subsequent years over 15 years Members joining in 2002 and previous years - over 10 years Dividends and distributions from investments are included when receivable and the amount Can be measured by the charity. this is nonnally on notification of the distribution payable by the investment manager. Incon]e is stated net of VAT, when this is applicable. Donated professional services are recognised as income when the charity has control over the item, any conditions associated with the donat¢d item have been met, the re¢eipt of economic use by the charity is probable and that econotnic benefit can be measured Teliably. In accordance with the Charities SORP (FRS 102) general volunteer time is not recogllised. The charity benefits from numeTOUS volunteers, especially in respect of fundraising by county groups. On receipt, donated professional services are recognised on the basis of the value of the gift to the chaTity. This is the amount the charity would have been willing to pay to obtain seTvices of equivalent economic benefit on the open market. A corresponding atnount is then recognised in expenditure in the period of Te¢eipt. IL Expenditure on charitable activities These itLclude salaries and otber direct costs undertaken to advance the objects of the charity. Support costs are allocated to the activities on the basis of time spent by the relevant staff. Fund-raising costs These consist of three elen]ents'. (i) The direct costs of fundraising events, such as the G.W.C.T. Ball, the G.W.C.T. Scottish Fair and smaller events organised by the county committees. (ll) Th¢ costs of r¢cruiting and s¢rvicing tbe Trust's rnembers. (iii, Other fundraising Costs, which include the costs of the Fundraising Department and the costs of the Advisory Service and the Shop run by Game and Wildlife Conservation Trading Limited. Many of these activities have a dual fi￿ctIon in that they both raise funds for the Trnst and also provide the opportunity for the Trust to educate the public about the conservation of game species and their habitats. Where it is considered that it is not possible to apportion the relevant costs between tb¢ two functions in a meaningful way, these activities are shown as fundraising events.

e20 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 I. ACCOUNTING POLICIES (CONTINUED) m. Support costs Support Costs represent the costs of the Trust's office and administration stsff in providing support to the Trust's direct charitable activities. They are allocated to th¢ Trust's activities in accordance with the use of resources. Where exp¢nses cannot be allocated directly to any activity they are apportioned on the basis of the time incurred by th¢ relevant staff. Governance costs These costs represent the costs incurred by the Trust's management, finance and administrative departments on the management of the Trust's assets and compliance with constitutional, statutory and legal requirements. These costs are allocated to the TTUSt's actLVlties in accordance with the use of resources. Pension Costs Pension SChe￿e arrangements are operated on the basis of a defmed contribution pension scheme on behalf of a majority of employees. Contributions are charged to th¢ income and expenditure account in the period for which they are payable to the scheme. p. Value Added Tax Irr¢coveTable VAT is included as part of the cost of the item to which it relates. q. Fund Accounting Funds held by the charity fall into the following categories.. (i) Unrestricted general funds.. These aTe funds which can be use¢ at the discretion of the trustees, in accordance with the charitable objects of the Trust. (li) Designated fimds: These are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. or to identify particular sources of income which it is intended should be spent on specific projects in the ￿ture. (iii, Restricted funds: These are fi￿d5 which call only be used for particular purposes within the objects of the Trust, Restrictions arise eittLer when they are specified by the donor or when funds aTe raised for a specific purpose. In most cases the restriction is that the funds have to be spent on a specific research project or group of research projects, although donations and grants are also received for particular aspeots of public education such as the production of a certain publication. (iv) Endowment funds These are funds whose capital is held on a long-tern] basis and cannot normally be spent, although the income may be applied eitber to general or Testricted purposes depending on the wishes of the donor of the original capital. The capital of pem]anent endowment can never be spent. the capital of spendable endowm¢nt may be spent in certain ¢ir¢umstances.

e21 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 VOLUNTARY INCOME Unrestricted Restrict¢d Endowment Funds Funds Funds Total 2024 Total 2023 Members, subscriptions 1,295,195 1,295,195 1,327,363 Donations Grants from other charities Sponsorship Legacies 686,541 823,755 37,100 22,040 366,983 1,217,346 1,053,524 2,041,101 37,100 22,040 1,036,044 1,678,200 41,500 435,464 1,569,436 1,584,329 3,153,765 3,I91,208 £2,864,631 £1,584,329 £4,448,960 £4,518,571 PREVIOUS YEAR ANAL YSIS Unrestricted F￿ndS Restricled Endowment Funds Funds Total 2023 Members, Subscriptions 1,327,363 1,327,363 DonalioR Granlsfrom other charities Sponyorskip Legacies 799,183 932, OJ5 41,500 435,464 236,861 746,J85 J,036.044 1, 678.200 41,500 435,464 2,208,162 983,046 3,J91,208 £3,535.525 £983, 046 £4,5J8,571 CHARITABLE AcrIvrrIES Unrestri¢ted Funds Restricted Funds Total 2024 Total 2023 Research contracts Research grants from UK Government and EU Research grants from other bodies Farm income Courses, lectures and tours 307,787 1,288,699 727,326 524,956 196,996 307,787 1,288,699 727,326 524.956 196,996 141,791 871,536 430,129 581,335 126,978 £3,045.764 £3,045,764 £2,151,769 The grants from the UK Government are frotn a variety of research and countyside agencies. The grants from other bodies are mainly from non-profit-making organisations which are not themselves charities.

e22 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDA TED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 CIL4RITABLE ACTIVITIES (CONT) PREYIOUS YEARANAL YSIS Unrestricted Res¢ric¢ed Funds Total 2023 Research contracts Research granlsfrom UK Governmerts and EU Research grantsfropn oiher bodies Farm income Leelures and lour$ 141, 791 871,536 430, 129 581,335 126,978 141, 791 871,536 430,129 581,335 126.978 £2,151,769 £2,151. 769 FUNDRAISING EVENTS Net GTOSS Direct Contribution tncome E enditure 2024 Net Contribution 2023 Carried out by subsidiary companies 175,089 29,911 145,178 132,318 Carried out by The Game and Wildlife Conservation Trust.. HQ events 45,311 London events 324,194 Scottish events (excluding Game Fair) 388,870 GCUSA 300,137 County Group events 1,033,617 45,311 (6,589) 196,883 298,929 673,127 48,605 315,270 258,962 307,357 682,637 330,783 191,987 1.208 360,490 £2,267,218 £914,379 £1,352,839 £1,745,149 PREVIOUS YEAR ANAL YSIS Net Direct Contribution EY enditure 2023 Gross Income Carried oz4t ty subsEdiary companies 171,422 39,104 132,3J8 CLvried oz4t by The Game and Wildlife Conservation T￿st.. HQ evenls London evenfs Scottish events GCUSA County Groz4p evenls 48, 605 1,006,963 478,428 333, 998 1,014,431 48, 605 315,270 258,962 307,357 652,63 7 691,693 219,466 25, 741 331, 794 £3, 052,947 £1,307.798 £1, 745,149

Pa e23 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDA TED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 4b. NET INCOME FROM TRADING SUBStDIARIES Th¢ Game and Wildlife Conservation Trust has three wholly-owned trading subsidiaries, Game and Wildlife Conservation Trading Limited and its subsidiaes GWCT Events Limited and GWCT Natural Capital Advisory Limited, which are incorporated in the United Kingdom. Gan]e and Wildlife Conservation Trading Limited operates an Advisory Service and the Sbop, and also carries out various fundraising events. GWCT Natural Capital Advisory Lirnited provides a range of services to landowners concerning the Natural Capital resources of their land. GWCT Events Lirnited runs fijndraising events on behalf of the Trust. Their taxable profits are paid to the Game and Wildlife Conservation TTUSt under Gift Aid and Game and Wildlife Conservation Trading Limited also pays interest on a loan from the Trust. A summary of the Companies, results is as follows.. Game and Wildlife GWCT Natural Conservation Capital Advisory Tradin Limited Limited GWCT Events Ltd Total 2024 Total 2023 TurnoveT Cost of sales 1,046,393 (514,345) 532,048 (335,985) 36,581 232,644 459,145 (401,042) 58,103 (56,116) 1,505,538 (915,387) 590,151 (392,101) 36,582 234,632 1.217,145 (615,859) 601,286 (332,104) 37.085 Gross profit Administrative expense5 Otber operating income Operating profit / (loss) Interest payable to The Game and Wildlife Conservation Trust 1,988 300,267 (9,000) (9,000) 225,632 (9,000) 297,267 Profit on ordinary activities before taxa. Payment under gift aid to Tbe Game and Wildlife Conservation Tn￿t 223,644 1,988 (226,043) (226,043) (295,367) Corporation tax Retained profit l (loss) for the year (261) 1,727 (261) (672) (26) 1,874 (2,399) Retained profit brought forward Retained profit carried forward 31,904 29,505 £ 2,888 4,615 £ (2.085) 32,707 (2.085) £ 32,035 30,833 £ 32,707

e24 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 4c. FINANCIAL ACTIvrrIES OF THE CHARrrY The f]nan¢ial activities shown in the consolidated statement includes those of the Game Conservancy Tntst and th¢ All¢rton R¢s¢arch and Educational Trust as well as the charity's wholly owned subsidiaries Game and Wildlife Conservation Trading Limited, GWCT Natural Capital Advisory Limited, G.W.C.T. Events Limited and the connected charity Game and Wildlife Scottish Demonstration Farni. A summary of the fmancial activities undertaken by the Game and Wildlife Conservation Trust, the Game Conservancy Trust and the Allerton Research and Educational Trust aTe set out below: Total 2024 Total 2023 Gross income 9,784,667 9,924,159 9,601,800 9,638,028 Totsl expenditure NET ￿COmE I (EXPENDITURE) Realised gains/(losses) on investments Unrealised gains l (losses) on investments (139,492) 69,739 238,704 (36,228) 2,813 186,467 NET MOVEMEiYf IN FUNDS 168.951 153,052 Total funds brought fonvard 12,411,505 12,258,453 BALANCES AT 31 DECEMBER 2023 £12,580.456 £12,411,505 Represented by: The Game and Wildlife Conservation Trust Restricted income funds Unrestricted income fi￿d5 1.422.109 4,874,305 1,304,242 5,382,481 6,296,414 6,686,723 The Game Conservancy Trust Endowment Funds Allerton Research and Educational Trust Endowment Funds Restricted income fLU]ds 5,215,105 1,068.937 6,284,042 4,969,891 754,891 5,724,782 TOTAL FUNDS £12,580,456 £12,411,505 5. INVESTMENf INCOME 2024 2023 Bank interest and liquidity fund distributions Dividends from listed investments Estate income 86,629 103,062 76,883 57,925 60,491 63,657 £266,574 £182,073

e25 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER FUNDRAISING COSTS Direct Costs Support Governance Costs Costs Total 2024 2023 Fundraising department Regional fundraising and initiatives Advisory Service and Natural Capital Shop purchases and exp¢ns¢s 278,853 496,166 797,708 131,989 65,477 116,503 121,718 18,928 5.437 9,674 10,107 1,572 349,767 622.343 929,533 152,489 323,145 522,851 756,892 138,641 £1,704,716 £322,626 £20,790 £2,054,132 £1,741,529 COMPAR4TIVE YE4R ANAL YSIS Direct Costs Suppori Goverpzance Costs Costs Total 2023 Fz4ndraising department Regionalfyndraising and iniliatives Advisory Se￿[C£ costs Shoppurchases and experA¥es 268, 089 433, 769 679,899 122,582 50.669 81.983 70,858 14,779 4,387 7, 099 6,135 1,280 323,145 522,851 756,892 138, 641 £1,504,339 £218,289 £J8,90J £J.741,529 CHARITABLE ACTIVITIES Costs of Charitable Activities Direct Costs Support Governance Costs Costs Total 2024 Total 2023 Research.. Lowlands Uplands Demonstration Farn]s Fisheries 2.194,444 530,774 1,828,603 474,831 515,271 124,630 428,394 111,494 42,789 10,349 35,574 9,258 2,752,504 665.753 2,292,571 595,583 2,689,036 648,269 1,961,446 596,443 5,028,652 1,179,789 1,463,802 343,711 97,970 28,541 6,306,411 1,836,054 5,895,194 1,488,835 Public education £6,492,454 £1,523,500 £126,511 £8,142,465 £7.384,029 PREVIOUS YE4R ANALYSIS Direct costs Support Govepnanee Cosls Cosls Tolal 2023 Research.. Lowlands Uplan Demonstration Farms Fisheries 2,231,655 537,818 1,627,967 494,822 420,934 JOJ,050 306,905 93.523 36.447 8,801 26,574 8,098 2,689,036 648,269 J,96J,446 596.443 4,892,262 1,235,J7J 923,012 233,450 79,920 20,214 5,895, 194 J.488,835 Pz4blic education £6,127,433 £1,156,462 £JOO,134 £7,384,029

e26 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 b. Support Costs Support costs constitute central management and administrative costs which are necessarily incurred to enable the chaTity to carry out its activities. They are made up as follows: 2024 2023 Management Finance Infonnation technology Human resources Central office expenses 749,491 308.916 364,949 408,281 304,350 577,683 254,118 383,305 198,433 185,940 £2,135,987 £1,599,479 Th¢se costs have been allocated to the Trust's charitable activities, fundraising and governance on the basis of the usage of these resources by the various activities, as follows.. Charitable activities (Note 7) Fundraising Governance (Note 8) 1,523,500 448.713 163,774 1,156,462 370,420 72,597 £2,135,987 £1,599,479

e27 THE GAME AND WtLDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS cor+lTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 GOVERNANCE COSTS 2024 2023 Staffand office costs Audit fees Accountancy Trustees, expenses Profe55ional fees 102,293 29,870 21,850 8,253 77,475 28,450 10,400 5,133 6,000 £162,266 £127,458 STAFF COSTS 2024 2023 Wages and sa]aries Social secwity costs Pension costs Termination payments 5,133,139 518,063 428,603 46,654 4,537,384 471,540 409,188 £6,126,459 £5,418,112 Pension costs are allocated to activities in proportion to the related staffing costs and are therefore charged to both unrestricted and restricted fimds. Terniination payments are made in accordance with legal advice and when they are considered to be in the best interests of the Trust. The key managernent of the parent charity, the Trust, comprise tbe tTUStees and the officers listed on pag¢ l. The total ¢mploy¢¢ benefits (gross pay, employer NI and pension) of the key management persollnel of the Trust were £1.056.378 (2023.. £993.528). The average monthly head count was 146 staff (2023.. 146 staffj and the average monthly nutnber of full-time equivalent employ¢es during the year were as follows: 2024 2023 The number of employees was.. Research and conseTvation Education 67 22 60 22 Membership and marketing Regional activities and fundraising Adn]inistration and support io 14 20 16 20 136 129 The following numbers of employees had emoluments of over £60,000.. Emoluments in the range £150,000 - £160,000 Emoluments in the range £140,000 - £150,000 Emoluments in the range £130,000 - £140,000 Emoluments in the range £90,000 - £100,000 Ernoluments in the range £80,000 - £90,000 Emoluments in the range £70,000 - £80,000 Emoluments in the range £60,000 - £70,000 For these employees, benefits were accruing under money purchase pension schemes, and the total employer's contributions to these schemes was £90,794 (2023: £79,007). 10. TRANSACTIONS WITH TRUSTEES 2024 2023 Trustees, remuneration for acting as trustees for other services Trustees, travel expenses reimbursed (2 trustees (2023: 3 trustees)) £8,253 £5,133

e28 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTJNUED FOR YEAR ENDED 31 DECEMBER 2024 11. NET INCOME I (EXPENDITURE) FOR THE YEAR This is stated after charging: 2024 2023 Depreciation Auditor's retnuneration Audit fees Accountancy and other advice Interest payable £359,785 £338,473 £29,870 £21,850 £12,744 £28,450 £10,400 £10,782 12a. TANGIBLE FIXED ASSETS GROUP Equipment Fixtures Freehold Land and Buildin Motor Vehicl¢s Fittin Totals COST OR VALUATION At l January 2024 Additions Disposals 3,923,752 74,067 (400,000) 1,911,119 436,732 (20,114) 656,700 54,532 (30,065) 6,491,571 565,331 (450,179) At 31 December 2024 3,597,819 2,327,737 681,167 6,606,723 DEPRECIATION At l January 2024 Charge for the year Disposals 831,127 48,759 1,180,799 207,264 (19,043) 420,508 103,762 (30,065) 2,432,434 359,785 (49,108) At 31 December 2024 879,886 1,369,020 494,205 2,743,111 NET BOOK VALUE At 31 December 2024 £2,717,933 £958,717 £186,962 £3,863,612 At 31 December 2023 £3,092,625 £730,320 £236,192 £4,059,137 The cost OT valuation of freebold land and buildings is made up as follows: 2024 2023 ARET land and buildings as valued at acquisition in 1992 Fordingbridge18nd and buildings as revalued in 1994 Subsequent additions, at cost 1,849,152 400,000 1,348,667 1,849,152 400,000 1,674,600 £3,597,819 £3,923,752 The historical cost of the land and buildings included at the 1994 valuation was £232,425 (2023.. £232,425).

e29 THE GAME AND WILDLIFE CONSII RVATION TRUST TES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 12b. TANGIBLE FIXED ASSETS (CONTINUED) COMPANY Equipment Fixtures and Fittin Freehold Land and Buildin Motor Vehicles Totals COST OR VALUATION At l January 2024 Additions Disposals 904,072 851,464 311,369 (11,570) 476,406 29,495 (22,565) 2,231,942 340,864 {34,135) At 31 December 2024 904,072 1,151,263 483,336 2,538,671 DEPRECIATION At l January 2024 Charge for the year Disposals 174,094 12,524 574,758 113,184 (10,499) 323,220 63,860 (22,565) 1,072,072 189.568 (33,064) At 31 December 2024 186,618 677,443 364,515 1,228,576 NET BOOK VALUE At 31 December 2024 £717,454 £473,820 £118,821 £1.310.095 At 31 December 2023 £729,978 £276,706 £153,186 £1,159,870 The cost or valuation of freehold land and buildings is made up as follows.. 2024 2023 Fordingbridge land and buildings as revalued in 1994 Subsequent additions. at cost or valuation 400,000 504,072 400,000 504,072 £904,072 £904,072 The historical cost of the land and buildings included at the 1994 valuation was £232,425 (2023: £232,425).

e30 THE CAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 13. INVESTMENTS The Grou The Com Unrestricted Spendable Unrestricted & Restricted Endowment Funds Fund Funds Total Market value: At l January 2024 Additions Disposals Revaluation Other cash movements 1,372,871 565,561 2,950,158 4,888,590 60,692 185,363 1,834,025 2,080.080 (569,972) (348,419) (1,161,766) (2,080,157) (1,306) 28,270 211,740 238,704 {307) (6,827) 3,512 (3,622) At 31 December 2024 £861,978 £423,948 £3.837,669 £5,123,595 Cost at 31 December 2024 £810,828 £398,391 £2,777,336 £3,986,555 Cost at 31 December 2023 £1,285,361 £563,546 £2,777,336 £4,626,243 Th¢ market values were made up as follows.. 2024 2023 UK Listed Investments Charitable Cominon Investment Funds Other Investments Cash on Deposit 4,149,354 236,152 18,500 719,589 4,512,669 287,328 18.500 70,093 £5,123,595 £4,888,590 Holdings whose market values are more than 50/0 of the total portfolio are: 2024 2023 McInroy & Wood Balanced Fund Vanguard S&P 500 ETF HSBC FTSE All World Schroder Global Sustainable Growth Amundi Prime All County ETF 758,600 650,929 1,244,019 551,849 408,745 248,175 260,735 376,561 14. STOCKS The Grou 2024 The Com 2024 2023 2023 Goods for resale Farn] Stocks Growing crops Stock in store Crops in store Livestock Feedstuffs Other 30,538 38,844 41,262 26,158 39.445 252,470 22,804 14,866 19,774 39,186 85,335 255,533 22,227 14,860 £427.543 £475,759

Pa e31 THE CAMI AND WILDLIFE CONSERVA TION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 IS. DEBTORS Tbe Grou The Com 2024 2024 2023 2023 Trade debtors Income tax recoverable VAT recoverdble Other debtors Amount due from GC USA Amount due from otheT group entities Prepayments 835,302 19,070 19,771 855,457 336,183 448,798 15,396 8,638 1,102,047 318,098 347,552 19.070 128,772 15,396 504,780 336,183 963,515 361,702 965,550 318,098 785,082 197,717 379,014 217,749 £2,444,797 £2,110,726 £2,532,802 £2,410,615 16. CREDITORS: Amounts falling due within one year The Grou 2024 The Com 2023 2024 2023 Trade creditors Life membership subsciiptions VAT payable Income tax and national insurance Hire purchase Accruals Deferred income Mortgage 606,172 12,498 141,108 173,376 5,315 224,109 577.415 20.666 674,196 12,289 39,105 181,020 3,340 495,613 139,856 16,874 387,164 12,498 77,864 173,346 453,591 12,289 3,961 180,992 136,082 341,444 408,489 25,390 £1,760,659 £1,562,293 £1,128,398 £1,084,712 17. CREDITORS: Amounts falling due after more than one year The Grou The Com 2024 2024 2023 2023 Mortgage (see also Note 23a) Hire purchase Life membership subscriptions Deferred income 141,566 9,861 71.599 162,143 15,176 76,553 71,599 76,553 £223,026 £253,872 £71,599 £76,553 The amounts falling due after more than five years were as follows: Life membership subscriptions 24,009 Mortgage 61,504 28,963 82,081 24,009 28,963 £85,513 £111,044 £24,009 £28,963

e32 THE GAME AND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 18 ENDOWMENT FUNDS Spendable Endowment- ARET Endowment Fund 2024 4,969,891 (14,875) 48,349 211.740 2023 4,861,846 (14,651) 10,619 112,077 At l January 2024 Expenditure from fund Realised gains / (losses) on investments Unrealised gains / (losses) on investments At 31 December 2024 £5,215,105 £4.969,891 This fund is derived from the original capital of the Allerton Research and Educational Trust (ARET) and is represented mainly by fixed assets and investments. Its use is restricted to supporting the work of ARET, and capital as well as inco]ne can be applied for this purpose. 19. RESTRICTED FUNDS The incone funds of the charity include restricted fifftds cotnprising the following unexpended balances of grants and donations held on trusts to be applied for specific purposes.. Balance 01.01.24 Gains and transfers Balance 31.12.24 Income enditur¢ The Game and Wildlife Conservation Trust Grants and donations Lowlands research Uplands research Fisheries Education 189,907 32,250 94,000 230,316 1,489,418 177,189 352,384 592,777 (1,455.101) (199,439) (298,284) (564,097) 224,224 10,000 148,100 258,996 546,473 757,769 2,611,768 491.570 (2,516,921) (468,550) 641,320 780,789 Other funds 1,304,242 Allerton Research and Educational Trust ARET research and fann 754,891 Game And Wildlife Scottish Demonstration Farm GWSDF resear¢h and farm 256,991 3,103.338 (2,985,471) 1,422,109 1,676,988 (1.362,942) 1,068,937 403.867 (461,510) 199,348 £2,316,124 £5,184,193 (£4,809,923) £2,690,394 PREPTOUS YEARANAL YSIS Balance 01.01.23 Gains and ers Balance Income enditt4re 31.12.23 rhe Game rtrtd Wlldllfe Conservalion Trusl Lowlands research Uplands pesearch Fisheries Education 384,102 64,500 292, 746 330.316 1, 160,803 99,843 404,802 63,564 (1,354,998) (132,093) (603.548) (163.564) 189,907 32,250 94,QOO 230,316 1,071,664 794,510 1, 729,012 20,507 Q,254.203) (57,248) 546,473 757, 769 Oih£rfyp 1,866,174 J,749,519 Q,311.451) 1,304,242 Allerton Research and Edueatlonal ARETresearch a17df(7r Game and Wildlife Scotlish Demonstralion Farm GWSDFresearch andfarm 283, 770 653,028 1,300,869 (J,J99,006) 754,891 397,292 (424,071) 256,991 £2,802.972 £3.447,680 (£3,934,528) £2,3J6,124

e33 THE GAME AND MryLDLIFE CONSERVATION TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 20. DEIGNATED FUNDS Fair Value Reserve Movement in Funds Amounts now realised Balance 01.01.24 Balance 31.12.24 Revaluation Propety fair value reserv¢ Unr¢alised gains on investments 167,575 108,468 167,575 114,042 26,964 (21,390) £276,043 £26,964 (£21,390) £281,617 The propety fair value reserve contains the suryilus on the revaluation of Fordingbridge land and buildings in 1994. The investment revaluation reserves represents the difference between the cost and the market value of investments at the balance sheet date. PREVIOUS YEARAIVAL YSIS Movement in Funds Amounls now realued Balap￿e Balance 31.12.23 OJ.OJ.23 REvaluotion Propertyfair value reserve UpJrÈalisedgain% on investmepzts 167,575 26,272 167,575 108,468 74,390 7.8Q6 £J93,847 £74,390 £7,806 £276,043 b. Legacy Reserve Balance 01.01.24 Designation ear Expenditure in ear Balance 31.12.24 Share of gain on disposal 323,862 323,862 £323,862 £323,862 The Legacy Reserve arose in 2024 and comprises the UDTestricted fimds, share of the sale proceeds of a property bequ¢athed to the Trust. The remainder (£503,862) accrued to the Allerton Research and Educational Trust and is included in ARET'S funds shown in Note 19.

e 34 THE GAME AIND WILDLIFE CONSERVATION TRUST NOTES TO THE CONSOLll)ATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 DEI CEMBER 2024 21. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Fund balances at 31 December 2024 were represented by the following assets and liabilities: Unrestricted Restricted Endowment Funds Funds Funds Total Tangible fixed assets Investtnents Current assets Current liabilities Long-tern) liabilities 1,400,623 1.285,725 3,609,448 (1,307,996) (81,460) 182,422 2,280,567 741,100 3,096,770 2,198,869 (431,997) (20,666) (141,566) 3,863,612 5.123,595 5,808,317 (1,760,659) (223,026) £4,906,340 £2,690,394 £5,215,105 £12,811,839 COMPAK4TJVE YE4R ANAL YSIS Fund balances at 31 De¢ember 2023 were represenled by l￿fOlloWIng agsels liabilities.. Upwestricted Fundg Restricted Endowment Funds Funds Total Tangiblefued assets Investments Currenl assels Curpeni liabilities Long-terpn liabilities 1.445,847 J,707.584 3,673,233 (1.354, 772) (56. 704) lJ2,329 2,500.961 393, 152 2, 787,854 1,865,349 31,059 (36,IJ7) (J 71,404) (18,589) (J 78,579) 4.059.137 4,888.590 5,569,641 (J,562,293) (253,872) £5,415,188 £2.310. 124 £4,969,89J £12, 701,203 22. NOTES TO THE CASH FLOW STATEMENT Reeonciliation of net income l (expendfiture) to net cash flow from operating activities 2024 2023 Net incorne / (expenditure) for the reporting period (as per the statement of f￿anCIal activities) Depreciation chaTges (Gains) I losses on investments Divid¢nds, interest and rents from investsnents Interest payable Loss / (profit) on sale of f￿ed assets (Increase) I decrease in stocks (Increase) / decrease in debtors tncreasel (decrease) in creditors 110,636 359.785 (308,443) (266,574) 12,744 (431,298) 48,216 (334,071) 179,970 128,143 338,473 (189,280) {182,073) 9,262 (27,534) 20,520 25,752 83,392 Net cash provided by (used in) operating activities (£629,035) £ 206,655 Analysis of cash and eash equivalents 2024 2023 Brokers, dep05lt accounts Cash at bank and in hand 719,589 2,935,977 70,093 2,983,156 Total cash and cash equivalents £3,655,566 £3,053,249

e35 THE GAME AND WILDLtFE CONSERVATIOIN TRUST NOTES TO THE CONSOLIDATED ACCOUNTS CONTINUED FOR THE YEAR ENDED 31 Dll CEMBER 2024 23. COlWtMITMENTS Mortgage commltments The mortgage loans are secured on 109.18 acres of the Allerton Research and Educational Trust's freehold land. land. One loan, originally of £190,000, is repayable over 20 years from October 2010 in quarterly instaiments, interest is clwged at a variable rate which was 7.400/0 at 31 December 2024. A further loan of £130.000 was received in 2019. This is repayable in quarterly insta]ments over 15 years, interest is repayable at a f]xed rate of 3.81 %. A total of £64,689 (2023.. £82,081) is repayable after more than five years. b. Operating lease commitments The total commitment under non-canc¢llable operating lease rentals was: 2024 2023 In respect of land and buildings: Leases which exprre within one year 85,967 67,677 tn respect of fixtures, fittings and equipment: Leases wbich expire within one year 2,802 2,208 In respect of motor vehicles: Leases which expire within one year 27,588 16,869 £116,357 £86,754 Rentals paid during the year were: Land and buildings Fixtures, fittings and equipment Motor vehicles 159,246 5,203 53.989 152.761 38,818 25,926 £218,438 £217,505 Pension commitments 2024 2023 Annual commitment (defmed contribution scheme) Contributions outstanding at the year-end £428,603 £49,677 £409,188 £63,918 24. RELATED PARTY TRANSACTIONS Transactions with subsidiaries The following transactions were carried out between the charity and its subsidiary companies. Game and Wildlife Conservation Trading Limited Corporate gift aid Management charges Loan interest 2024 2023 226,043 148,999 9,000 295,367 93,052 9.000 2024 2023 Net balances owed by l (to) subsidiaries Game and Wildlife Conservation Trading Limited GWCT Natural Capital Advisory Limifrd Game and Wildlife Scottish Demonstration Fann 248,546 (27,235) 405,227 453,449 19,960

e36 THE CAME AND WtLDLIFE CONSERVATION TRUST YEAR ENDED 31 DECEMBER 2024 COMPARATIVE YEAR CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 General Restricted Fund Funds Endowed Funds Total 2023 Income and elldowments from: Donations and legacies Members subscriptions Donations and legacies 1,327,363 2,208,162 1,327.363 3,191,208 983,046 3,535,525 983,046 4,518,571 Charitable activities 2,151,769 2,151,769 Other trading activities Fundraising events Advisory Service Trading income 2,984,153 714,769 169,337 68,794 3,052,947 714,769 169,337 Investment income 37,418 144.655 182,073 Other 114,183 99,416 213,599 Total 7,555,385 3,447,680 11,003.065 Expenditure on: Raising fi￿dS Fundraising events Membership and marketing Other fundraising costs 1,307,798 620,345 1.741,529 1,307,798 620.345 1,752,030 10,501 3,669,672 10,501 3,680,173 Charitable activities Research and conservation Lowlands UpIands Demonstration Fisheries 1,287,108 505,933 303,295 1.401,928 142,336 1,654,001 596,443 2.689,036 648,269 1,961,446 596,443 4,150 2,096,336 1,349,015 3,794,708 139,820 4,150 5,895,194 1,488,835 Public education 3,445,351 3,934,528 4,150 7,3 84,029 Total 7,115,023 3,934.528 14,651 11.064,202 Income/(expenditure) before investment gains Net gains l (losses) on investments.. Realised Ullrealised 440,362 (486,848) (14,651) (61,137) (7,806) 74,390 10,619 112,077 2,813 186,467 Net income l (expenditure) Transfers between funds 506,946 (486,848) 108,045 128,143 Net movement in funds 500,946 (486,848) 108,045 128,143 Reconciliation of funds.. Total funds brought forward 4,908,242 2,802,972 4,861,846 12,573.060 Total funds carried forward £5,415,188 £2,316,124 £4,969,891 £12,701,203 The statement of fLnancial activities includes all gains and losses recognised in the year. All income and expenditure derive fron] continuing activities.