ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Registered number: 13858049

GWCT NATURAL CAPITAL ADVISORY LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

GWCT NATURAL CAPITAL ADVISORY LIMITED

COMPANY INFORMATION

Directors	Rt Hon Sir J E T Paice
	S J O Catlin
	N D Eckert
	C B Sparrow
	B J Taylor
	J S Young


Registered number	13858049


Registered office	Burgate Manor
	Fordingbridge
	Hampshire
	SP6 1EF


Independent auditors	Fletcher & Partners
	Chartered Accountants & Registered Auditors
	Bridge Street
	Salisbury
	Wiltshire
	SP1 2LZ

GWCT NATURAL CAPITAL ADVISORY LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Statement of Financial Position	8
Notes to the Financial Statements	9 - 13

GWCT NATURAL CAPITAL ADVISORY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal activity

The company provides environmental consultancy services.

Directors

The directors who served during the year were:

Rt Hon Sir J E T Paice

S J O Catlin

N D Eckert

C B Sparrow

B J Taylor

J S Young

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

GWCT NATURAL CAPITAL ADVISORY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 27 April 2026 and signed on its behalf.

J S Young

Director

Page 2

GWCT NATURAL CAPITAL ADVISORY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GWCT NATURAL CAPITAL ADVISORY LIMITED

Opinion

We have audited the financial statements of GWCT Natural Capital Advisory Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes, including a summary of significant accounting policies. The financial reporting framework that 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 the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled 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 financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have 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.

Page 3

GWCT NATURAL CAPITAL ADVISORY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GWCT NATURAL CAPITAL ADVISORY LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

GWCT NATURAL CAPITAL ADVISORY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GWCT NATURAL CAPITAL ADVISORY LIMITED (CONTINUED)

Auditors' 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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 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 financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured that the engagement team collectively had the appropriate competence and capabilities to
recognise non-compliance with applicable laws and regulations;
We identified the laws applicable to the company through discussions with directors and management, and
from our knowledge and experience of the company and the sector; and
We ensured that the laws and regulations which we identified were communicated to the engagement team
and that they remained alert to instances of non- compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material mis-statement, including
obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to their assessment of the risk of fraud and their knowledge of actual or
alleged fraud; and
- considering the effectiveness of internal controls to mitigate the risks of fraud and non-compliance with laws
and regulations.
We addressed the risk of fraud through management bias and the over-ride of controls by assessing whether
judgements and assumptions made by management were indicative of potential bias and by investigating the
rationale behind significant or unusual transactions. In order to address the risk of irregularities we carried out
procedures which included agreeing the financial statements to underlying documentation and enquiring of
management as to actual and potential litigation and instances of non-compliance.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 5

GWCT NATURAL CAPITAL ADVISORY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GWCT NATURAL CAPITAL ADVISORY LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

James Fletcher FCA (Senior Statutory Auditor)

for and on behalf of

Fletcher & Partners

Chartered Accountants

Registered Auditors

Bridge Street

Salisbury

Wiltshire

SP1 2LZ

31 July 2026

Page 6

GWCT NATURAL CAPITAL ADVISORY LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	469,642	459,145
Cost of sales	(424,216)	(401,042)
Gross profit	45,426	58,103
Administrative expenses	(56,486)	(56,116)
Operating (loss)/profit	(11,060)	1,987
Interest receivable and similar income	-	1
(Loss)/profit before tax	(11,060)	1,988
Tax on (loss)/profit	291	(261)
(Loss)/profit for the financial year	(10,769)	1,727

Other comprehensive income for the year
Total comprehensive income for the year		(10,769)	1,727

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 9 to 13 form part of these financial statements.

Page 7

GWCT NATURAL CAPITAL ADVISORY LIMITED

REGISTERED NUMBER: 13858049

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		3,314		2,515
			3,314		2,515
Current assets
Debtors: amounts falling due within one year	5	192,119		172,092
Cash at bank and in hand	6	67,752		64,050
		259,871		236,142
Creditors: amounts falling due within one year	7	(268,339)		(233,292)
Net current (liabilities)/assets			(8,468)		2,850
Total assets less current liabilities			(5,154)		5,365

Net (liabilities)/assets			(5,154)		5,365

Capital and reserves
Called up share capital	1,000	750
Profit and loss account	(6,154)	4,615
	(5,154)	5,365

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 April 2026.

J S Young

Director

The notes on pages 9 to 13 form part of these financial statements.

Page 8

GWCT NATURAL CAPITAL ADVISORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

GWCT Natural Capital Advisory Limited is a private company limited by share capital and is incorporated in England. Its' registered office is Burgate Manor, Fordingbridge, Hampshire, SP6 1EF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The company is a key element of the environmental consulting and advisory strategy of The Game and Wildlife Conservation Trust, the ultimate parent charity. The directors are hopeful that future trading will be profitable and consider that the going concern basis to be appropriate for the foreseeable future.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 9

GWCT NATURAL CAPITAL ADVISORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 10

GWCT NATURAL CAPITAL ADVISORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 11 (2024 - 9).

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2025	4,604
	Additions	3,639
	Disposals	(1,334)
	At 31 December 2025	6,909
	Depreciation
	At 1 January 2025	2,089
	Charge for the year on owned assets	1,534
	Disposals	(28)
	At 31 December 2025	3,595
	Net book value
	At 31 December 2025	3,314
	At 31 December 2024	2,515

Page 11

GWCT NATURAL CAPITAL ADVISORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	142,881	156,259
Amounts owed by group undertakings	46,657	-
Other debtors	2,581	1,128
Prepayments and accrued income	-	14,705
	192,119	172,092

6.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	67,752	64,050
	67,752	64,050

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,440	27,044
Amounts owed to group undertakings	224,586	165,228
Corporation tax	-	291
Other taxation and social security	21,597	11,885
Accruals and deferred income	20,716	28,844
	268,339	233,292

8.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £16,112 (2024: £10,600). Contributions totalling £nil (2024: £nil) were payable to the fund at the reporting date.

Page 12

GWCT NATURAL CAPITAL ADVISORY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Not later than 1 year	10,000	-
		10,000	-

10.	Related party transactions
	C Sparrow is a shareholder and director of Recce Rural Limited, the company has a consultancy agreement with GWCT Natural Capital Advisory Limited. During the period ended 31 December 2025 fees and expenses of £78,589 (2024:£85,319) were charged by Recce Rural Limited to the company.

Page 13