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.