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Financial report for 2016 KEY POINTS


Overall funds increased by £403,921, including an increase of £246,277 on unrestricted funds. Income was £7.66 million, an increase of 7% from 2015. Expenditure on research was £3.9 million. The Trust’s net assets were £8.73 million at the end of the year.


The summary report and financial statement for the year ended 31 December 2016, set out below and on pages 84 to 85, consist of infor- mation extracted from the full statutory Trustees’ report and consolidated accounts of the Game & Wildlife Conservation Trust and its wholly-owned subsidiaries Game & Wildlife Conservation Trading Limited, Game & Wildlife Scottish Demonstration Farm and GWCT Events Limited. They do not comprise the full statutory Trustees’ report and accounts, which were approved by the Trustees on 12 April 2017 and which may be obtained from the Trust’s Headquarters. The auditors have issued unqualified reports on the full annual accounts and on the consistency of the Trustees’ report with those accounts, and their report on the full accounts contained no statement under sections 498(2) or 498(3) of the Companies Act 2006.


The Trust returned to surplus in 2016 due once again to the generosity of our supporters and effective management by our staff. Our results benefited from the receipt of legacies of £324,120 for which we are very grateful and also from the performance of our investments. We have managed to maintain our expenditure on research at around the £4 million mark, despite the fact that some of our large public sector grants have been succeeded by fundraising income which is inevitably more costly to raise. The unrestricted investments and Underwood endowment produced total returns of 8.2% which is considerably better than their manager’s investment policy which remains to significantly exceed the return on cash. The ARET endowment achieved a total return of 11%, compared with its blended benchmark of 8.6%. The Trustees continue to keep the Trust’s financial performance under close review


and to take appropriate measures to protect the Trust against the inevitable uncertainty in fundraising in the current climate. They continue to be satisfied that the Trust’s overall financial position is sound. The Trust’s reserves policy is that unrestricted cash and investments should exceed £1.5 million and must not fall below £1 million. At the end of 2016 the Trust’s reserves (according to this definition) were around £1.1 million.


A new five year business plan was approved in July 2016. The key aims are: 1. Understanding wildlife management. To develop understanding of wildlife management as a policy and practical conservation concept.


2. Developing sustainable game management. To tackle the current challenges around sustainable game management.


3. Achieving conservation in the wider countryside. To encourage individual stewardship for conservation to help reverse biodiversity loss.


4. Improve profile and voice. To raise the profile of the GWCT as a conservation organisation and to speak with more authority to a wider audience.


5. Grow our income. To increase fundraising income to allow us to meet our strategic objectives.


6. Enthuse and motivate our staff and volunteers. To deliver our strategic objectives through providing strong leadership, personal development opportuni- ties and improved administrative support.


These continue to direct our work; our research and policy initiatives aim to deliver effective wildlife conservation alongside economic land use and in the light of the new challenges of food security and climate change. Our focus on practical conservation in a working countryside makes our work even more relevant as these challenges unfold.


I Coghill Chairman of the Trustees 82 | GAME & WILDLIFE REVIEW 2016 www.gwct.org.uk


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