Financial report for 2004 Summary and key points There was a surplus of £75,965 on the general fund. Income increased by 2% overall, with unrestricted income rising by 5%. Total costs increased by less than 1%, with particular reductions in fundraising and administration costs.
The summarised accounts for the year ended 31 December 2004, set out on pages 88 and 89, are not the statutory accounts but are a summary of information relating to the consolidated Statement of Financial Activities and Balance Sheet of The Game Conservancy Trust and its wholly-owned subsidiary Game Conservancy Limited. The full annual accounts, which were approved by the Trustees on 20 April 2005, and from which the summarised accounts have been derived, have been independently audited; and the auditors’ report was unqualified. The full accounts, the auditors’ report and the Trustees’ annual report, all of which have been submitted to the Charity Commission, may be obtained from the Trust’s Headquarters.
Review of financial transactions and position
2004 was a reasonable financial year. The Trust hit its financial targets and achieved a surplus on the general fund (the budget was break even). There was a planned decrease in restricted funds from £869,932 to £578,855 as income received in previous years was spent on research projects. As planned, the Trust again spent a record amount on its charitable objects (£3,480,213) and this increased to 64% of total expenditure. Direct research expenditure again exceeded £2 million, and the spend on conservation projects rose to over £500,000, as the habitat restoration project on the River Monnow, funded mainly by Defra, entered its second year. Total income increased by 2% in the year, and unrestricted income increased by 5%. Increasing unrestricted income was one of the Trust’s fundraising aims. Total costs increased by less than 1% with particular reductions in fundraising and administration costs (reduced by 3% and 10% respectively). The decrease in restricted funds is reflected in the balance sheet (see page 89) where the net current assets have reduced slightly from £549,096 to £520,196. As anticipated, the Trust drew down on its investments during 2004. The Trust’s investment managers more than met their objective of achieving double the return on cash with a return in the year of 12%. The General Fund Reserve increased in the year, and unrestricted funds (General and Designated) now represent the amount used to finance fixed assets plus 3½ months’ General Fund expenditure. The Trustees have agreed that the total amount held in unrestricted funds should ideally be six months’ General Fund expenditure plus the amount used to finance fixed assets. The Trustees are satisfied that the Trust’s financial position remains secure, but it is still a priority to build the Trust’s reserves to the target level over the next few years.
A W M Christie-Miller Chairman of the Trustees
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Review of 2004