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2021-03-31-accounts

A N N U A L R E P O R T A N D A C C O U N T S 2 0 2 1 THE ERNEST COOK TRUST

The Ernest Cook Trust | Annual Report 2021

Page 1

C O N T E N T S
C O N T E N T S CHAIRMAN’S REPORT
3
A WORD FROM OUR CHIEF EXECUTIVE
4
CHARITABLE ACTIVITY
5
Strategic Framework
6
Everything Outdoors
7
Green Influencers Scheme
14
The Owl Collaboration
19
The Learning Estate
23
Remote Learning Grant
25
TRUSTEES’ REPORT
27
Objectives and Activities
28
Future Activity
29
Financial Review
30
Risk Management
35
Structure, Governance & Management
36
**Statement of Trustees’ Responsibilities
The Ernest Cook Trust Annual Report 2021

The Ernest Cook Trust | Annual Report 2021

Chairman’s Report

Welcome to The Ernest Cook Trust Annual Report for 2021. It has been a challenging and difficult year with lockdowns, quarantines and vaccinations. The office has been closed for much of this period with many staff working remotely, from home and some furloughed. Our Outdoor Learning programmes have been seriously curtailed with many schools closed for certain periods. Having said all that, our staff have been absolutely magnificent and incredibly resilient in ‘keeping the show on the road’.

I am particularly proud that the Trust was able to commit over £600k in emergency funds to provide help to those schools in the most deprived areas. The provision of digital devices to many of these schools has been a lifeline. We have also provided financial support to a number of Outdoor Learning Centres who have been struggling through the pandemic but provide such an excellent environment for our young people.

A hugely significant event has been the very generous gift of Court Farm in Quenington to the Trust. Court Farm

comprises a modern architect-designed house which we hope to use as our Head Office; the historic Grade 1 listed Knights Gate House; 3 modern detached cottages; a magnificent Cotswold Barn and approximately 50 acres of pasture land, which is contiguous with other land owned by the Trust. We are enormously grateful to The Frank Gollins Charitable Trust, the late Beryl Gollins, David and Joanna Gollins for entrusting us with this wonderful property. In addition there is also a collection of paintings by Ormond Edwin Gollins. In accordance with their wishes these will be displayed and we will also be running a bi-annual art competition for local schools.

We are all looking forward now to a slow return to normality over the next 12 months. There is much to do and the Trust is well positioned to play its part with our dedicated staff and a clear strategy. My fellow Trustees have been a tower of strength and support to me and all our staff over the last year and I give them my very sincere thanks.

Andrew Christie-Miller, Chairman

Page 3

The Ernest Cook Trust | Annual Report 2021

Chairman’s Report

A word from our Chief Executive

As a nation, the pandemic has taught us many lessons: that charities make a vital contribution to public life; that the disadvantaged will shoulder the brunt of any challenge, be it a pandemic, conflict, the effect of climate change or a declining economy; that nature can provide huge healing benefits to our wellbeing; that organisations must remain agile enough to navigate 'stormy waters'.

I hope this Report is testament that the dedicated team at The Ernest Cook Trust faced the challenge well. We remained pragmatic and flexible, redirecting our grants to where they were most needed, providing outdoor opportunities for our local communities and, when possible, those further afield, and managing our estates in a way that kept everyone safe and well.

We did this while all the time planning for the longer term impact of our decisions and our work. We built a better, stronger organisation, bringing in new expertise in project management and impact evaluation, we rebranded and built a new website, we bought a farm. And we did it all together, as 1ECT. I could not be more grateful to my Trustees and colleagues for the genius and resilience they have shown.

Dr Victoria Edwards OBE FRICS FAAV

Page 4

A word from our Chief Executive

The Ernest Cook Trust | Annual Report 2021

C H A R I TA B L E A C T I V I T Y

Charitable Activity

Page 5

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

Strategic Framework

We have four core strategic programme areas. In 2021 we also re-directed funds to an emergency response programme, to help meet the urgent needs of school children during the COVID-19 pandemic.

EVERYTHING GREEN OUTDOORS INFLUENCERS SCHEME

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THE
THE OWL LEARNING
COLLABORATION ESTATE
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Our vision is for an environmentally engaged society with better nature-connectedness

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Remote Learning
Grant
(emergency programme –
redirected funds)
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Page 6

Strategic Framework

The Ernest Cook Trust | Annual Report 2021

C H A R I TA B L E A C T I V I T Y

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

Page 7

CHARITABLE ACTIVITY

Everything Outdoors

As the COVID-19 pandemic continued to prevail throughout 2021, the importance of connecting with nature for our physical and mental wellbeing was increasingly evident.

Our work as educators and influencers in the Learning from the Land sector became ever more relevant, set against a backdrop of a mental health crisis amongst school-leavers and young people, with unemployment rising by 13% amongst 16-24 year olds (House of Commons research briefing, 2021) and an increase of 80% in reported poor mental health in 18-29 year olds, the largest increase for any age group (Resolution Foundation, 2021).

As restrictions eased, our Outdoor Learning programme sought to help disadvantaged children and young people through various activities on and beyond our estates:

» We adapted our work with community groups in light of prevailing COVID-19 restrictions. We were able to continue offering sessions to a number of priority groups, including parent and toddler sessions, respite days for Young Carers and wellbeing and nature exploration days for refugee groups. We also established a partnership with a Health Centre in Dorset to deliver a programme of mental health and wellbeing support sessions for young people with anxiety and depression, and delivered online nature sessions to a wide range of participants who weren’t able to travel.

Page 8

Everything Outdoors

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

Everything Outdoors

The grants awarded under our Everything Outdoors programme have three key audiences: Schools Outdoor Essentials Grant Communities Outdoor Learning Officer Grant Outdoor Futures Apprenticeships & Scholarships

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Photo: Andy Pilsbury
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Photo: Stuart Walker
Photography
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Page 9

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

CHARITABLE ACTIVITY

Impact on Schools

Our focus is on environmental engagement for disadvantaged children and young people who have fewer opportunities to experience the outdoors. This includes those from minoritised ethnic groups.

We have continued to focus our free Outdoor Learning provision towards schools who need it most - those in communities experiencing high levels of deprivation, those with above average numbers of children with Special Educational Needs, Pupil Premium, Education and Health Care Plan, Free School Meals and English as an Additional Language.

Half the children experiencing our woodlands, farms and rivers were from disadvantaged or deprived backgrounds

C. 12,000 wellies / waterproofs delivered to 232 schools (£116,000)

4,200

visits made by school children to our outdoor sites

500

schools facing transport barriers to Outdoor Learning to be awarded travel grants (£250,000)

300

teaching professionals trained up and inspired to deliver Outdoor Learning

Improving life chances in the face of 21st century challenges

Page 10

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

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CHARITABLE ACTIVITY
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Impact on Schools

COVID-19 and other factors had lessoned my enthusiasm for Outdoor Learning and you have made it return with abundance. I will definitely be using the outdoor area more and am already thinking of ways in which I can use it in ALL subjects and topics.

The children had the most wonderful day and have not stopped talking about their adventures. The freedom of the woods and the chance to be active in learning experiences away from routine was incredibly beneficial and is an experience we are truly grateful for.

Teacher, Pendle Hill

Teacher, EYFS, Gloucestershire

One child who talks very little in school was super confident while digging for worms and he was happy to chat to his friends and teachers. Teacher, Gloucestershire

We don’t have any grass for children to play on, so it was magical to see them enjoying climbing a tree in the meadow and just running free. Teacher, Gloucestershire

Lots of [the students] commented on how calming it was. They initiated more conversations and asked more questions than they usually do. Teacher, L2 College session, Gloucestershire

I have squirrelled away so many good ideas for future Outdoor Learning – songs, activities and teaching points. Truly inspirational. Teacher, EYFS, Dorset

Page 11

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

CHARITABLE ACTIVITY

Impact on Communities

Greater collaboration for greater impact. We are proud members of a number of networks, and have established a peer-to-peer learning network for our own staff and those we fund in other organisations.

We are also trialing the licensed use of our sites by other organisations and schools ready to access the outdoors without support, in an effort to break down the barriers to long-term engagement with Outdoor Learning. Our partnerships with Lowther, The Pendle Hill Landscape Partnership and Chatsworth (Devonshire Educational Trust) continue, increasing the scale, impact and influence of our work.

One woman has had a few very difficult experiences with neighbours in England and has not felt welcome since arriving. I could see her lighten up and become more confident about speaking English throughout the day - that was definitely a wow moment for me!

Refugee community session, Gloucestershire

Page 12

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

CHARITABLE ACTIVITY

Impact on Outdoor Futures

It’s helped me move on in life, made me realise what jobs I am capable of.

Kickstart participant, Cumbria

It’s helped me find out about different opportunities and helped me build more confidence in

group situations.

Kickstart participant, Cumbria

Page 13

The Ernest Cook Trust | Annual Report 2021

Everything Outdoors

C H A R I TA B L E A C T I V I T Y

The Ernest Cook Trust | Annual Report 2021

Green Influencers Scheme

Page 14

CHARITABLE ACTIVITY

Green Influencers Scheme

In a year that culminated with the world’s focus on COP26, The Green Influencers Scheme gained huge momentum with over 1500 Green Influencers engaging in local youth social action projects across England, despite the challenges of COVID-19.

Green Influencers Scheme

Page 15

The Ernest Cook Trust | Annual Report 2021

TRUSTEE REPORTCHARITABLE ACTIVITY

Green Influencers Scheme

The Green Influencers Scheme has enabled a huge variety of social action projects to take shape, particularly in deprived communities where the benefits are most welcome.

The enthusiasm and creativity of so many young people has been inspiring, testament to the guidance of the 44 Green Mentors. With over 1500 Green Influencers already active around the country, the scheme is on target to recruit 5000 by 2023.

Ongoing momentum

This programme has taken shape thanks to a collaborative approach with funding partners and Host Organisations. The momentum we are now gaining is reaching far and wide across the country, as thousands of young people forge a lasting sense of responsibility towards the natural world, forming a social action habit that will last a lifetime.

The #iwill Fund is made possible thanks to £54 million joint investment from The National Lottery Community Fund and the Department for Digital, Culture, Media and Sport (DCMS) to support young people to access high quality social action opportunities. The Ernest Cook Trust is acting as a match funder and awarding grants on behalf of the #iwill Fund.

360° Grants Each Green Influencers Scheme group is awarded a £360 start-up grant for their project (reflecting 360˚ circle of influence). 360˚ Grants have been awarded for a variety of projects including:

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Each Green Influencers Scheme
group is awarded a £360 start-up grant for their
project (reflecting 360˚ circle of influence).
360˚ Grants have been awarded for a variety of
projects including:
» Improving a local community area and
school grounds by creating a garden
» Campaigning (including litter and
Walk to School campaigns)
» Recycling (and upcycling) projects
such as a plastic bottle fashion show
» Improving biodiversity including bee Green Influencers Scheme Project
hotels and wildflower meadows Grants These larger awards are These larger awards are
selected by the Youth Advisory Board.
» Planting trees and building ponds Grants have been made for:
» Creating allotments and selling » Community gardens
produce to communities
» Production of a book on
» Climate projects including hedgerow biodiversity
improving air quality
» An accessible platform on
» Renewable energy projects for schools a pond with signage for
educational information
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Green Influencers Scheme Project Grants These larger awards are These larger awards are selected by the Youth Advisory Board. Grants have been made for:

Green Influencers Scheme

Page 16

The Ernest Cook Trust | Annual Report 2021

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CHARITABLE ACTIVITY
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Green Influencers Scheme Impact

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37 44
Host Green
Organisations Mentors
awarded grants in now employed
November 2020 across England
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3000+

1500+

Green Influencers recruited

Peers engaged to become involved in community environmental projects

80% in the target age range of 10-14 year-olds

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Over half the Green Influencers
are from the top 20% of highest
deprived areas in England and
include young carers, young
people affected by domestic
violence, and refugees/asylum
seekers.
ONGOING
#IWILL HOST GREEN GREEN ENVIRONMENTAL
SEED & ECT ORGANISATIONS MENTORS INFLUENCERS SOCIAL ACTION
FUNDING
37 44 1500+3000+
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Green Influencers Scheme

Page 17

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

Green Influencers Scheme Significant Achievements

“It makes me feel hopeful for the future of our planet…”

First Annual Conference

In March 2020, the Trust hosted the first annual Green Influencers Scheme Conference, which brought together some of the most inspirational youth social action activists in the country with an eclectic range of experts, youth and community workers from environmental charities and not-for-profit organisations.

All 115 delegates met virtually via Zoom for an all-day Conference promoting youth social action which was designed to inspire, encourage and support Green Mentors in their work. Guest speakers included Amy Meek (co-founder of Kids Against Plastic), Rhiane Fatinikun (founder of Black Girls Hike), Helen Whyman (Head of the #iwill Fund) and Professor David Sheffield (University of Derby).

Youth Led

Leading this Conference were our first cohort of Youth Advisory Board members. Throughout 2021, they have set a very high standard in their leadership role, selecting recipients for the scheme’s Project Grants and helping make strategic decisions to ensure its ongoing success.

During this year, the Green Influencers Scheme has grown beyond its original concept. Not only has it provided opportunities for young people to realise their potential to positively impact the environment, it has also given them a purposeful connection with nature which has proved vital for their wellbeing and mental health, essential for post-COVID-19 recovery.

I wanted to say how much I enjoyed the Conference. The opposite of Zoom Doom, really positive, interesting and some great peer learning. Please pass on my thanks, one of the best online conferences I have attended.

Thank you for a fantastic day. Feel truly inspired and excited to support young people in their projects and developing skills and confidence for effective social action!

Green Influencers Scheme

Page 18

The Ernest Cook Trust | Annual Report 2021

C H A R I TA B L E A C T I V I T Y

The Owl Collaboration

Page 19

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

The OWL Collaboration

Launched in 2020, OWL was devised as an immediate response to three specific challenges:

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CHILDREN WHO
ARE LOOKED
AFTER
THE OWL COLLABORATION
THE ERNEST COOK TRUST MATCH FUND WITH
TRUSTS AND FOUNDATIONS WITH
ETHNIC ENVIRONMENTAL INTERESTS
MINORITY
GROUPS
TRANSPORT COUNCIL FOR CASH FLOW RESIDENTIALS
LEARNING OUTSIDE SUPPORT
THE CLASSROOM
MEMBERSHIP
ADVERSE
CHILDHOOD
EXPERIENCES
MENTAL
HEALTH
DISORDERS
OUTDOOR
LEARNING 4400
PREMIUMPUPIL High levels of disadvantage 80 schools in 4 yearsSCHOOLS Environmental and Farm-based 15 centres in 4 yearsCENTRES RESILIENT CHILDRENHAPPY
S.E.N.D COLLABORATIONTHE OWL
YOUNG
CARERS
THE ERNEST
TEACHER COOK TRUST
TRAINING DAY VISITS WORKSHOPS
FREE SCHOOL
MEALS
OWL is a £2.8m+ funding-plus
programme led by the Trust over four
POST-COVID years, bringing together Outdoor
TRAUMA Learning Centres, schools and funders
to help 4400 disadvantaged children
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Page 20

The Ernest Cook Trust | Annual Report 2021

The OWL Collaboration

CHARITABLE ACTIVITY

The OWL Collaboration

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OUTDOOR
SCHOOLS LEARNING
CENTRES
OWL
FUNDERS
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Funders

OWL offers funders an opportunity to be part of a meaningful, long-term and impact-driven programme. If it can demonstrate its success over its initial four years, OWL has the potential to influence future funding and policy streams in the sector.

The Dulverton Trust has become the first Trust to partner in The OWL Collaboration.

Schools

Through a tripartite collaborative approach, schools will develop new ways of teaching and develop skills for learning outside of the classroom.

Schools chosen to be part of The OWL Collaboration will receive:

Outdoor Leaning Centres

Grants worth £350,000 were awarded to seven Outdoor Learning Centres in December 2020. The first grants were initially to help with cash flow during COVID-19 while centres were unable to fully operate. Seven of these grantees are now established within the programme’s pilot phase.

Through cooperative working, knowledge transfer, mutual support and shared learning, we believe that OWL’s anticipated success will clearly demonstrate the benefits of farm and environmental centres to young people’s development. This will be key to explaining the important role Outdoor Learning Centres play, as the sector evolves to meet future challenges.

Centres selected for the pilot phase:

Page 21

The Ernest Cook Trust | Annual Report 2021

The OWL Collaboration

CHARITABLE ACTIVITY

The OWL Collaboration Significant Achievements

As COVID-19 restrictions eased, the first OWL visits to Outdoor Learning Centres began in Autumn this year.

St John the Baptist School in Hackney was amongst the first schools to enjoy an Outdoor Week of Learning at Ufton Court in Berkshire. Headteacher Toni Mason’s comments typify all the schools’ experiences:

“Now in class, children are communicating more effectively with their peers with higher levels of concentration and resilience. Without the support of Ufton Court and The Ernest Cook Trust, important life experiences like these would just not be as possible for our children.”

The Outdoor Learning Centres have also given very positive feedback. Jamie Feilden, CEO of Jamie’s Farm said:

“By sharing best practice with other providers, we hope to move the outdoor education sector forward and ultimately give more children lifelong memories of being in nature and a sense of hope for their future.”

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7 32 700+
Outdoor Learning schools with high young people
Centres awarded a total levels of disadvantage already booked for
of £350,000 engaged an Outdoor Week Of
Learning next year
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Impact is evaluated in four Outcome Pillars:

Nature connectedness

Proenvironmental behaviour

Resilience, selfconfidence and wellbeing Better engagement with learning

Page 22

The Ernest Cook Trust | Annual Report 2021

The OWL Collaboration

C H A R I TA B L E A C T I V I T Y

The Learning Estate

Page 23

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

The Learning Estate

In our role as landowners and influencers in the debate around the environment, farming and sustainability, The Ernest Cook Trust is pursuing one of its boldest projects to date - The Learning Estate.

The Little Dalby estate in Leicestershire is the location for this long-term collaborative project. It aims to develop lasting, sustainable outcomes for this landscape and the communities of people it serves, on and beyond the estate.

Set against a backdrop of pressing environmental, economic, social and health challenges, this 10-year project will be inclusive and transparent, maximising learning opportunities for all stakeholders as we seek to become a beacon for the future of estate management.

Such an endeavour requires the commitment, trust and vision of a wide range of carefully selected stakeholders, a process that continues to gather momentum.

What more delightful avocation than to take a piece of land and by cautious experimentation to prove how it works. What more substantial service to conservation than to practice it on one’s own land?

Aldo Leopold

Page 24

The Ernest Cook Trust | Annual Report 2021

The Learning Estate

C H A R I TA B L E A C T I V I T Y

Remote Learning Grant

Page 25

The Ernest Cook Trust | Annual Report 2021

CHARITABLE ACTIVITY

Redirecting funds to immediate need

In the early stages of the pandemic from April to June 2020, the Trust swiftly redirected £117,500 of grant funds to schools to support their most disadvantaged pupils. The grant provided essential education material, tablets, laptops and broadband provision to 41 schools. In some circumstances the funds were also used by schools to provide food parcels.

Home-schooling proved extremely challenging for parents, especially when children were sharing devices or had no equipment at all, so in January to February 2021 and in response to this widening gap in remote learning access across the UK, a further £504,350 provided 211 schools nationwide with an estimated total of 2780 devices .

This grant funding opportunity for schools attracted considerable media interest including live national radio broadcasts.

3000

families received electronic learning devices

3/4

of schools engaged had above average Free School Meals pupil numbers

This grant made a difference to so many in a time of crisis.

I am for the first time in many years lost for words. Your support and generosity means so much.

Page 26

The Ernest Cook Trust | Annual Report 2021

Remote Learning Grant

T R U S T E E S ’ R E P O R T

The Ernest Cook Trust | Annual Report 2021 Trustees’ Report

Page 27

TRUSTEES’ REPORT

Objectives & Activities

As one of the UK’s foremost funders and providers of Outdoor Learning, The Ernest Cook Trust helps disadvantaged children and young people, their families and communities forge lasting connections with nature.

We do this by working collaboratively with like-minded organisations who share our passion for the outdoors. Working with educators and influencers at all levels, we advocate the benefits of Outdoor Learning with a view to embedding it in the school curriculum and beyond.

Through four strategic programme areas, we aim to improve life chances for children and young people, strengthening their resilience in the face of 21st century challenges.

Our vision is for an environmentally engaged society, where all young people have opportunities to learn from the land.

We believe that the reach of our work extends beyond individuals, impacting society, the economy and the environment. By seeking to make our voice heard, the Trust aims to be a catalyst for change at this critical time for our climate, environment and wellbeing.

Achievements, Performance, Future Plans

The Trust’s achievements and its impact are reported on pages 4 to 26 and outlined in the Chairman’s Report on page 3.

We fund others G R ANT S U P P O RT We fund and run our own programmes D I R E C T D E L I VE RY We work to maximise impacts and R ES E AR C H & A DVO CACY promote better outcomes

Plans for the future are reported on the next page.

Page 28

The Ernest Cook Trust | Annual Report 2021

Objectives and Activities

TRUSTEES’ REPORT

Future Activity

Improving the Trust’s programme delivery, increasing our impact, seeking funds to help us grow and improving our environmental performance continue to be strategic priorities for the coming year.

In September 2021 we became the proud owners of Low Beckside Farm, Mungrisdale, Cumbria .

This upland farm previously belonged to Newton Rigg Agricultural College and was being sold by its successor, Askham Bryan College.

The Trust has acquired the farm with the intention of keeping land-based skills training within Cumbria. This is a milestone in the Trust’s seventy year history, as we become farmers. The local community has provided a very warm welcome and we are encouraged by the many generous offers of support we have received in making our farming and learning dreams come true.

Our first step will be to conduct a broad scoping exercise of the land-based learning needs of the area, while evaluating appropriate farming systems to improve the environmental quality of the farm.

As well as acquiring Low Beckside, we have recently taken back in-hand Home Farm, Quenington in Gloucestershire. Home Farm, an organic livestock and arable farm, had been farmed by the Lander family for over a hundred years. Tim Lander made the difficult decision to hand the farm back to the Trust shortly before he passed away. Our longterm intention is to use the pasture land as another learning enterprise in the south. We have a lot of work to do to develop a suitable learning programme, but we hope that in time we will do Tim’s memory justice by creating something very special at Home Farm.

Both of our new farm-based learning ventures will sit within the Everything Outdoors strategic programme area. Both will also benefit from the important work we continue to develop on measuring and understanding the impact of our work. Impact evaluation forms a crucial part of developing our strategic programmes and in ensuring that they are worthy of support,both internally and from external organisations.

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Stuart Walker Photograpy
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Page 29

The Ernest Cook Trust | Annual Report 2021

Future Activity

TRUSTEES’ REPORT - FINANCIAL REVIEW

The Estates

23,000

ACRES

across 6 counties

22

FARMS

best-practice, innovative land management

200+ RESIDENTIAL PROPERTIES

The Trust owns and manages over 9,300 hectares (23,000 acres) of land and property, made up mainly of let farmland, but also woodland, houses, cottages and a few small commercial premises.

We own estates in six counties: Buckinghamshire, Cumbria, Dorset, Gloucestershire, Leicestershire and Oxfordshire. The estates are managed for capital growth and income return while seeking ways to improve their environment, habitats, protect landscapes and heritage. Over this financial year, the Trust’s Estates Strategy has been developed with a more analytical approach to understanding how they contribute to the Trust’s overall objectives. This is an iterative process, with constant review and challenge.

Active management is pursued, with land being acquired or disposed of as suitable opportunities arise. We seek to be professional, progressive, supportive landlords. We expect tenant farmers to aspire to and advocate best practice in farming, land management and environmental impact (which should always be above minimum legal requirement). As landlords to those residential customers renting family homes, we commit to exceeding minimum legal standards for environmental impact and are always looking for ways to improve our service and standards within the reasonable means of the Trust.

10+ small commercial properties, 100s of allotments

Page 30

The Ernest Cook Trust | Annual Report 2021

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

The Estates

It was a challenging year for estate management, dealing with the financial risk of COVID-19 and adapting our operational processes to cope with the resultant lockdowns. From a financial perspective, we benefitted by having only a small property portfolio in the commercial sector, where the majority of reduced rental income occurred. In management terms the pandemic accentuated the geographical spread of our estates, from Cumbria to Dorset, and we relied on our local team and contractors to assist us in keeping everyone safe and properties well maintained.

The Trust owns some beautiful parts of the countryside and we experienced a surge in people enjoying it, some of whom were responsible and respectful and some less so. Our estate team did a tremendous job in engaging with the public and undertook an in-house Infrastructure Survey of all walls, bridges, tracks, gates and stiles, particularly where there is public access. We also completed all outstanding actions from our latest comprehensive Asbestos Survey.

We had planned for the completion of three years of increased investment in repairs and maintenance across our estates in 2020/21. Anticipating a reduction in income, the availability of contractors and access to properties, we scaled-back our ambition focusing on legislative compliance and emergency works. We worked hard with our tenants to minimise the impact of this and are extremely grateful for their support and understanding.

Residential Property

Trustees agreed to suspend rent reviews for our residential portfolio for 2020/21. Likewise routine property inspections were not possible due to COVID-19 restrictions.

Fortunately, only a few of our residential tenants experienced financial difficulty as a result of the pandemic.

The market for rural housing has been incredibly strong throughout the year, and it was a surprisingly busy period for residential lettings. We successfully let 14 new tenancies during the year, with four properties subject to extensive refurbishment prior to re-letting.

Page 31

The Ernest Cook Trust | Annual Report 2021

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Our Farms

Overall, our tenanted holdings give us the opportunity to work with experienced, longstanding family businesses, coupled with the energy and new ideas of the younger generation.

For most of our agricultural tenants the pandemic meant business as usual, but for some it was a good opportunity to capitalise on an increased demand for direct sales and contact with the public.

A further three agricultural successions were completed over the year, affording the next generation of farming tenants the security needed to invest in their farms.

Rent review notices were served on three holdings to review the rent and enter into meaningful discussions regarding tenants’ businesses.

Trustees agreed to co-invest with tenants in the replacement of two dairy complexes. We are proud to support a broad spectrum of farming sectors across the estates and all four of the dairy farms now have a bright future.

Extensive forestry work continued over all our

estates to remove dead, dying and dangerous ash trees as a result of ash dieback. We are proud to report that during the year we planted some 3,500 new trees, representing more than double those removed.

Ornithological surveys continue across the Home Estates and have commenced on our Little Dalby Estate in Leicestershire, with priority species being supported by habitat development work. Further ecological survey work will be conducted at Little Dalby as part of The Learning Estate programme. Our aim is to extend the surveys across all Trust land, to develop a crucial baseline for our environmental improvement goals.

For the Trust there has been much discussion on new opportunities to use our farming subsidiary, ECT Farms Ltd. We are not stepping into commercial farming, but it will enable us to control our land and property in support of the provision of new learning experiences. In the meantime, we continue to work with the Learning team to develop learning opportunities on the estates. On the Home Estates in Fairford, our conservation/ learning apprentice completed his apprenticeship successfully.

Page 32

The Ernest Cook Trust | Annual Report 2021

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Estates - Sales & Acquisitions

Three property sales were completed in the 2020/21 financial year, being small scale plots on the Hatherop Estate.

Estates - Development

www.wisloe.co.uk.

We were delighted to accept the generous bequest of Court Farm Estate in Quenington, Gloucestershire by The Frank Gollins Trust, adding four residential properties to our managed portfolio and 30 acres of agricultural land nestled between our Fairford and Hatherop Estates.

Following the annual review of all property, it has been agreed that portfolio values will be subject to some indexation, both in the context of our residential portfolio and woodlands. The agricultural sector has been subject to considerable volatility, although values have remained broadly static.

Page 33

The Ernest Cook Trust | Annual Report 2021

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Investments

The Trust’s charitable activity is funded from external grants and donations, returns from its investment portfolio and surplus income from the estates. The Trust’s finance and investment policies are intended to provide long-term stability and liquidity sufficient for the financing of the Trust’s charitable activities while maintaining the real value of the endowment.

The Trust’s investment policy is reviewed annually and establishes the long-term investment objective, risk-profile, strategic asset allocation and investment restrictions as well as encompassing our policies on Environmental, Social and Corporate Governance (ESG). The policy reflects a total-return objective that considers all sources of return and means that both income from the portfolio and the underlying capital can be used to support charitable activities.

The Trustees have considered a policy in relation to socially responsible investment and sustainability for the Trust in the context of its aims and objectives. The Trust expects its investment managers to consider issues when making investment decisions, such that the Trust is seen to have applied best practice and is not at risk of undue criticism or damage to its reputation and standing. The Trust also expects the investment managers to report on how ESG considerations have been applied in the selection and management of investments.

The Ernest Cook Trust has five significant items of expenditure:

The Trust’s income derives from surplus income over expenditure on the estates and from its investment portfolio.

THE GRANTS THAT WE MAKE

THE COSTS OF MANAGING THE ESTATES

THE COSTS OF PROVIDING LEARNING OUTDOORS

THE COSTS OF MANAGING OUR INVESTMENT PORTFOLIO

THE RUNNING EXPENSES OF THE ERNEST COOK TRUST (of which staff costs are the major component)

Total expenditure costs are managed carefully to ensure maximum expenditure on charitable activity.

Page 34

The Ernest Cook Trust | Annual Report 2021

Financial Review

TRUSTEES’ REPORT

PRINCIPAL RISKS & UNCERTAINTIES

Risk Management

The Trustees are responsible for the oversight of the risks faced by the Trust.

We review our risk regularly through the Management team, our committees and our full Board of Trustees, using a comprehensive Risk Register that identifies the risk, the potential severity of its impact and its likelihood of occurrence. Risk Management is scrutinised by the Audit and Risk Management Committee, which reviews the Trust’s risk position, internal controls, compliance with relevant statutory and finance regulations, and the work of our external auditors.

Risks are mitigated by ensuring internal policies are reviewed regularly; ensuring adequate reporting procedures, from operational to board level; providing relevant training across the organisation; taking appropriate and timely professional advice; making sure that the Trust is appropriately insured against risks.

Financial – We planned our 2020/21 budget expecting the pandemic to significantly reduce our estate income. Actually, the agricultural estates stood up very well. We agreed a small rental rebate overall on commercial and residential properties. The value of our investment portfolio decreased substantially at the start of the pandemic, but had recovered well by the close of the financial year. Going forward, it is clear that the demand for our charitable activities could easily outstrip our ability to resource our work. We are planning ways to increase our annual income, including long-term development of the estates to produce higher yields and increasing our grant seeking and fundraising efforts.

Cyber Crime – Common with all charities, we remain acutely aware of the risks associated with increased cyber crime. Staff are regularly reminded of the risk and specific nature of the crimes as they develop. We have a ‘risk aware’ culture in the organisation, which is crucial in reducing this risk.

Health & Safety in Estates and Learning Activities – There

is some risk associated with children and young people learning outdoors and with managing large landed estates. We manage this risk with rigourous, up to date health and safety procedures and risk assessments for all activities, high levels of staff awareness and training, and third party assessments and advice.

Child Protection and Safeguarding – Trustees are aware of the safeguarding issues associated with working with children and young people. All Trustees and staff undertake regular safeguarding training and our Senior

Safeguarding Lead, Trustee Simon Eliot, works with our Designated Safeguarding Lead, Emily Crawley, to ensure that our policy is up to date and consistently upheld.

Staff Performance and Retention – We are aware that the pandemic has taken its toll on the work and home lives of the nation and recognise that this could prove a threat to staff performance and retention. Throughout the year our staff have worked hard to maintain the Trust’s growth in activities while coping with difficult working conditions. We have mitigated this risk by paying careful attention to staff wellbeing, maintaining close communication and providing support to one another. We continue to monitor staff performance and wellbeing.

Operational risk – is mitigated through the regular review of activities and the use of professional advisers. In our partnership work, we specifically mitigate risk by conducting thorough due diligence of any potential partners and drafting written partnership agreements.

Governance – We are aware of the importance of good oversight of the Trust’s assets, management and charitable activities by the Board of Trustees. Our Trustee engagement remains at a very high level and we are currently planning Trustee succession to ensure that the right mix of skills, experience and expertise is maintained. Trustees receive monthly management accounts, minutes of all committees and a quarterly report from the Chief Executive. A transparent culture and culture of open communication with the executive helps Trustees maintain a thorough oversight of the organisation.

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The Ernest Cook Trust | Annual Report 2021

Risk Management

TRUSTEES’ REPORT

Structure, Governance & Management

The Trust’s financial year runs from 1 April to 31 March and meetings of the full Trustee Board were held quarterly. The Trustees have appointed four Trusteeled committees to monitor specialist areas of activity: Estates; Finance and Investment (including Audit and Risk Management); Everything Outdoors; and the Green Influencers Scheme. Each committee has its own terms of reference, is chaired by a Trustee and reports back to the main Board. No estate visits were made by Trustees in 2020/21 due to the COVID-19 pandemic.

The Ernest Cook Trust was founded and endowed in 1952 by the late Ernest Edward Cook as an educational charity. The 1952 Deed of Trust was added to and amended in 1984, 1995 and 2006. The Trust was incorporated in 2012. The Directors of the Trust are also its Trustees for the purposes of charity law. Our Head Office is based on our Fairford Estate in Gloucestershire. The Trust is a charity registered in England and Wales, number 1146629.

There are currently six Trustees. Each Trustee’s appointment is reviewed every five years and Trustees are formally required to retire at the age of 75. New Trustees are provided with a comprehensive induction programme and individual Trustee evaluations are conducted annually by the Chairman. Training of Trustees is reviewed against individual training needs.

The full Trustee Board ratifies the decisions of the grantgiving committees, which examines in detail the grants to be awarded under the separate grant streams approved by Trustees. Matters requiring a decision by the Trustees are referred to them either at one of their meetings or, in between such meetings, by correspondence (normally email) and telephone calls.

The Trustees are paid under the terms of the Articles of Association to recognise the professional work they undertake on behalf of the Trust, over and above that normally expected of a charity Trustee. There were no changes to the Board during the 2020/21 year.

The Trust is run on a day to day basis by the Chief Executive, assisted by some 34 staff, including a Property Director and Heads of Learning, Grants, Finance and Operations & Communications.

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The Ernest Cook Trust | Annual Report 2021

Structure, Governance & Management

TRUSTEES' REPORT

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

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also Directors of The Ernest Cook Trust for the purposes of company law) are responsible for preparing the Report of the Trustees 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Trustees are aware:

Auditor

The resolution for the reappointment of Price Bailey LLP as auditor of the Charitable Company will be proposed at the forthcoming AGM.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415a of the Companies Act 2006.

On behalf of the Trustees:

A W M Christie-Miller, Chairman of the Trustees Date: 26 January 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ERNEST COOK TRUST

Opinion

We have audited the financial statements of The Ernest Cook Trust (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities incorporating the Income and Expenditure account, the Balance Sheet, the Statement of Cash Flows and the related notes to the financial statements, including 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:

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

financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 Trustees’ 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 charitable 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 trustees with respect to going concern are described in the relevant sections of this report.

Page 37

The Ernest Cook Trust | Annual Report 2021

Statement of Trustees’ Responsibilities | Independent Auditor’s Report

TRUSTEES' REPORT

Other information

Matters on which we are required to report by exception

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees 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.

In the light of the knowledge and understanding of the charitable 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:

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.

Opinion on other matters prescribed by the Companies Act 2006

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

Responsibilities of Trustees

fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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 Trustees either intend to liquidate the charitable 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 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 gained an understanding of the legal and regulatory framework applicable to the charitable company and the sector in which it operates and considered the risk of the charitable company not complying with the applicable laws and regulations including fraud in particular those regulations directly related to the

financial statements, including financial reporting, and tax legislation. In relation to the operations of the charitable company this included compliance with the Charities Act 2011 and SORP 2019, employment law, safeguarding and health and safety.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:

Reviewing minutes of Board meetings, reviewing any correspondence with the Charity Commission, agreeing the financial statement disclosures to underlying supporting documentation, and made enquiries of management and officers of the charitable company. We have also reviewed the procedures in place for the reporting of any incidents to the Trustee Board including serious incident reporting of these matters as necessary with the Charity Commission.

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustment for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk and evaluated the business rationale of significant transactions to identify large of unusual transactions. We reviewed key authorisation procedures and decision making processes for any unusual or one-off transactions. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Because of the inherent limitations of an audit, there is the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or noncompliance 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 Helena Wilkinson BSc FCA DChA (Senior fraud rather than error, as fraud involved Statutory Auditor) intentional concealment, forgery, for and on behalf of Price Bailey LLP collusion, omission or misrepresentation. Chartered Accountants

for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-forthe-audit-of-the-f/description-of-theauditor%E2%80%99s-responsibilities-for This description forms part of our auditor’s report.

24 Old Bond Street London W1S 4AP

Date: 26 January 2022

Use of our report

This report is made solely to the charitable 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 charitable company’s members those matters we are required to state to them in an auditor’s 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 charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Page 38

The Ernest Cook Trust | Annual Report 2021

Independent Auditor’s Report

TRUSTEES' REPORT

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)

BALANCE SHEET

U nrestricted
funds
2021		 Endowment
funds
2021		 Restricted
funds
2021		 Total funds
2021		 Total funds
2020
£
4,340,815
500,000
-
1,389,685
6,230,500
3,749,932
1,435,470
255,317
5,440,719
789,781
(2,917,354)
(2,127,573)
-
(2,127,573)
181,433,454
-
181,433,454
179,305,881
l activities are
ial Activities		 2021 2020
Note £ £
Fixed assets
Note
Income
Estate income
1		 £
3,943,737		 £
-		 £
-		 £
3,943,737		 Tangible assets
12		 3,423,949 3,489,091
Investment in subsidiaries
13		 200 200
Investments
13		 200,399,280
203,823,429		 186,458,809
189,947,900
Charitable activities
2		 - - 500,000 500,000
Furloughgrants received
3		 82,104 - - 82,104 Current assets
Investment income
4		 882,790 - - 882,790 Debtors: falling due after more than
oneyear
14		 200000 200000
Total income
Expenditure
Charitable activities:		 4,908,631 - 500,000 5,408,631

Debtors: fallingdue within oneyear
14		 ,
2,145,402		 ,
2,808,702
Cash at bank and in hand
Creditors: amounts falling
due within oneyear
15
Net current assets
Total assets less current liabilities
Creditors: falling due after
more than oneyear
16		 2,923,001
5,268,403
(1,407,106)
3,861,297
207,684,726
(14,663,506)
193,021,220		 2,709,360
5,718,062
(1,684,863)
Estate expenditure
5		 2,796,561 - - 2,796,561
Grants & LearningActivities
6,7,8		 1,819,468 - 876,097 2,695,565 4,033,199
193,981,099
Raising funds:
Investment
management fees		 246,928 - - 246,928
(14,675,218)
Total expenditure
9		 4,862,957 - 876,097 5,739,054
179,305,881
Net income / (expenditure)
before gains and losses on
investments		 45,674 - (376,097) (330,424)
Capital and income funds
Gain/(loss) on investment
fxed assets
13
Net income /(expenditure)
Transfer between funds
Net income / (expenditure)
and net movement in funds
Reconciliation of funds
Fund balance as at 1 April
2020 aspreviouslystated		 -
45,674
(500,000)
(454,326)
4,676,297		 14,045,762
14,045,762
-
14,045,762
174,132,571		 -
(376,097)
500,000
123,903
497,013		 14,045,762
13,715,339
-
13,715,339
179,305,881		 Unrestricted funds 3,724,958 4,179,284
Restricted funds 1,117,929 994,026
Endowment funds
17
The Ernest Cook Trust (Registered No. 7907411)
The fnancial statements have been prepared in accor
companies’ regime and in accordance with the provisio
Trustees on 26 January 2022.
A W
Trust
H M Henderson
Trustee		 188,178,333
193,021,220		 174,132,571
179,305,881
dance with t
ns of FRS10
M Christie-M
ee
,		 he
2.T
ill		 provisions applicable to companies subject to the s
he fnancial statements were approved by the
er,		 mall
Prior Year Adjustment
18
Adjusted Balance
Fund balances carried
forward at 31 March
The accompanying accounting polic
continuing and there are no recogni		 (497,013)
4,179,284
3,724,958		 -
174,132,571
188,178,333		 497,013
994,026
1,117,929		 -
179,305,881
193,021,220
ies a
sed g		 nd n
ain		 otes on pages
s or losses for t		 40 to 47 form an integr
he period other than th		 al part of these fnancial statements. Al
ose recorded in the Statement of Financ

The accompanying accounting policies and notes on pages 40 to 47 form an integral part of these financial statements. All activities are continuing and there are no recognised gains or losses for the period other than those recorded in the Statement of Financial Activities above.

The accompanying accounting policies and notes on page xx to xx form an integral part of these financial statements

Page 39

The Ernest Cook Trust | Annual Report 2021

Statement of Financial Activities

TRUSTEES' REPORT

Section 139 of the Charities Act 2011 not to prepare group accounts on the basis that the value of the subsidiaries are immaterial both individually and in total.

STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL STATEMENTS

2021 2020
£
(2,127,573)
117,255
2,917,354
(1,389,685)
(1,339,988)
704,692
5,863
(1,112,082)
-
(84,740)
(2,610,744)
-
1,389,685
16,391,410
(16,974,827)
(1,889,216)
4,000,000
-
4,000,000
998,702
2,163,819
3,162,521
2,709,360
453,161
3,162,521
1.1
BASIS OF PREPARATION AND
GOING CONCERN
The fnancial statements have been
prepared under the historical cost
convention, except for the modifcation
to a fair value basis for investment
properties, freehold properties and
listed investments as specifed in the
accounting policies below.
The fnancial statements have been
prepared in GBP 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)
(efective 1 January 2019) – (Charities
SORP (2015)) and the Companies Act
2006. The registered ofce is The Estate
Ofce
Fairford Park, Fairford, Gloucestershire
GL7 4JH. The functional currency is £
sterling.
The Ernest Cook Trust is a public beneft
entity, and as such, the fnancial planning
process, including fnancial projections,
has taken into consideration the
current economic climate, the impact of
COVID-19 and its potential impact on the
various sources of income and planned
expenditure. The Trustees consider
that the Trust has adequate resources
to continue in operational existence for
the foreseeable future. Accordingly,
they have adopted the going concern
basis in preparing the Annual Report and
Accounts
that the value of the subsidiaries are
immaterial both individually and in total.
1.3 INCOME
All income is recognised once the Trust
has entitlement to the income, it is
probable that the income will be received
and the amount of income receivable can
be reliably measured.
Income represents the total amount
receivable by the Trust during the year for
rental of property, dividends, including
associated transitional relief, interest and
amounts under deeds of covenant due
to the Trust.
Estate income from rental of property
is shown gross within income and the
related estate expenditure is included
within Activities in furtherance of the
charity's objectives.
Lease premiums received are amortised
over the period of the lease.
Revenue grants are credited as income
when they are receivable provided
conditions for receipt have been complied
with, unless they relate to a specifed
future period, in which case they are
deferred.
Income is recognised from the sale of
freehold property at the date of the
exchange of contracts. Donations are
accounted for on a receivable basis.
1.4 EXPENDITURE
Expenditure is charged on an accruals
basis and allocated to the relevant
charitable activity.
Employment costs are divided between
enterprises based on the best estimate
Net cash infow/(outfow) from operating activities £

Net movement in funds		 13,715,339
Adjustments for:
Depreciation of tangible fxed assets		 95,925

Unrealised losses /(gains)on investments		 (14,045,762)
Dividends & interest from investments (882,790)
(Increase)/ decrease in debtors 663,300
Increase /(decrease)in creditors (297,917)
Proft /(loss)on sale of fxed assets 8,452

Net infow/(outfow) from operating activities
Cash fows from investing activities		 (743,453)

Proceeds from sale of tangible assets		 -
Purchase of tangible fxed assets (30,785)

Purchase improvements landed estates		 (1,096,652)
Salesproceeds from disposal ofproperties 1,144,473
Dividends & interest from investments 882,790
Proceeds from sale of investments 9,768,786
Purchase of investments (9,043,025)
Net cash used in investing activities
Cash fows from fnancing activities		 (1,625,587)

Cash infow from new borrowing		 -

Repayments of borrowing		 -
Net cash used in fnancing activities
(Decrease)/increase in cash in theyear		 -
882,134
Cash brought forward at 1 April 3,162,521
Cash carried forward at 31 March
Cash carried forward at 31 March is comprised of:		 4,044,655
Cash at bank and in hand 2,923,001
Cash deposits included with Other Investments (see
note 13)		 1,121,654
Total cash carried forward 4,044,655

Employment costs are divided between enterprises based on the best estimate of the division of the time spent by each employee. Support Costs are charged directly to the charitable activities on the basis of staff time.

1.2 SUBSIDIARY COMPANIES

The accompanying accounting policies and notes on pages 40 to 47 form an integral part of these financial statements. A net debt reconciliation for the statement of cash flows is disclosed in note 23.

The Trust has two wholly owned subsidiaries which are incorporated in the United Kingdom. The Trust owns 100 ordinary £1 shares in each company. The Trustees have taken advantage of

1.5 GRANTS PAYABLE

Grants are included in the accounts

once the grant has been approved by management and the details have been communicated to the grant recipient. Committed grants include grants communicated and approved but not paid to recipients at the balance sheet date.

1.6 INVESTMENTS

Additions to investment properties include purchases of land and buildings and property development costs, and are included at valuation.

Assets held for investment purposes are shown in the financial statements at their value to the Trust at the balance sheet date. Traded securities are valued based on the latest market bid prices at the year-end.

The Companies Act 2006 requires all investment properties to be depreciated. However, the requirement conflicts with the generally accepted accounting principle. The Directors consider that to depreciate freehold buildings held for investment purposes would not give a true and fair view so they are not depreciated.

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The yields (YP) are formally reviewed every five years.

Realised surpluses or deficits on the disposal of investments are included in the Statement of Financial Activities and calculated based on the sale price against the previously posted valuation. Unrealised surpluses or deficits on revaluation of investments, calculated on the year-end valuation in comparison to either the initial cost price or previous year-end valuation, are included in the Statement of Financial Activities.

Page 40

The Ernest Cook Trust | Annual Report 2021

Statement of Cash Flows

Notes to the Financial Statement

TRUSTEES' REPORT

the amount due to settle the obligation
can be measured or estimated reliably.
Creditors are normally recognised at their
settlement amount after allowing for any
trade discounts due.
1.13 TARGETED CONTRIBUTION
SCHEME
In the light of unsustainable increasing
costs, the Trustees reviewed the pension
provision for members of this scheme.		 1
ESTATE INCOME		 2021
2020
£
£
Rents 3,689,505
4,096,643
Forestryincome 35,154
19,932
Countryside Stewardship& othergrants 32,660
15,704
Other income
All Estate income of £3,943,736 is unrestricted (2020 - £4,340,815 unrestricted)		 186,417
208,536
3,943,736
4,340,815

1.7 FINANCIAL INSTRUMENTS

reserve in prior years, was established following the initial endowment of 14,462 acres received from the Founder of the Trust, Ernest Edward Cook, in 1952 when he founded The Ernest Cook Trust as an educational charity.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, which is at cost, with the exception of:

Unrestricted fund

In the light of unsustainable increasing costs, the Trustees reviewed the pension provision for members of this scheme. As a result of this review and following advice from their pensions consultants, the Trustees decided to stop targeting a pension in respect of service after 1 April 2007; in respect of such future service, the employer’s contribution will be defined. The pension costs charged in the year in respect of this scheme represent the amount of contributions payable to the scheme in respect of the accounting period.

2 CHARITABLE ACTIVITIES

2021
2020
£
£
Green Infuencers Scheme - grants received
All charitable activities income of £500,000 is restricted (2020 - £500,000 restricted)
3
FURLOUGH GRANTS RECEIVED		 500,000
500,000
500,000
500,000
2021
2020
£
£
Furloughgrants received(HMRC Coronavirus Job Retention Scheme) 82,104
-
There are no unfulflled conditions relating to this grant. 82,104
-

Designated unrestricted funds

The investments note 12 details the historical cost of the investments and the unrealised gains to arrive at their fair value.

Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees.

Restricted Funds

1.8 FIXED ASSETS FOR CHARITY USE

Restricted funds are funds which have been restricted for specific purposes by the donor.

Expenditure on vehicles, plant & machinery and office equipment in excess of £3,500 is capitalised and written off on a straight line basis over either three or four years based on the useful economic life of the asset. Some more substantial fixtures & fittings are written off over 10 years. These assets are listed under ‘Other’ in the table of tangible fixed assets in note 12.

1.14 CRITICAL JUDGEMENTS AND ESTIMATES

1.10 PENSIONS - DEFINED Preparation of the financial statements CONTRIBUTION SCHEME requires management to make significant judgements and estimates. The items There are three Defined Contribution in the financial statements where these schemes in place for employees. The judgements and estimates have been pension costs charged in the year in made include: respect of this scheme represent the amount of the contributions payable to » Depreciation – the Trust exercises the scheme in respect of the accounting judgement to determine useful lives period.

1.10 PENSIONS - DEFINED CONTRIBUTION SCHEME

amount of the contributions payable to
the scheme in respect of the accounting
period.
1.11 DEBTORS
Debtors are recognised at the settlement
amount due after any trade discount
ofered. Prepayments are valued at
the amount prepaid net of any trade
discounts due. Accrued income and
tax recoverable is included at the best
estimate of the amounts receivable at the
balance sheet date.
»
Depreciation – the Trust exercises
judgement to determine useful lives
and residual values for tangible fxed
assets. The assets are depreciated
down to their residual values over
their estimated useful lives.
»
Properties – the value of properties
owned by the Trust have been
considered in relation to current
market conditions, actual transactions
and ofers made for sale and rental.		 4
INVESTMENT INCOME		 2021
2020
£
£
Dividends,distributions and interest fromquoted securities(gross) 875,290
1,378,652
Bank and other interest (gross)
All investment income of £882,790 is unrestricted (2020 - £1,389,685 unrestricted)		 7,500
11,033
882,790
1,389,685

The freehold buildings held for use on a continuing basis by the Trust are depreciated over a straight line 50 years basis to the future realisable value of £3.3M. This future residual value is sustained by regular maintenance and repair, which is charged to the statement of financial activities. These functional assets are subject to valuations and annual impairment reviews in the same way as for freehold land and buildings held for investment purposes.

1.12 CREDITORS

1.9 FUNDS

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and

Expendable endowment fund

The expendable endowment fund, previously referred to as the capital

Page 41

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

5 ESTATE EXPENDITURE

2021 2020
£ £
Repairs and replacements 668,441 1,203,411
Depreciation 61,543 75,487
Rates 2,944 69,915
Insurance
Light and heat		 118,949
32,668		 101,783
31,005
Telephone 6,747 3,836
Estate salaries andpension costs 179,783 195,507
Casual labour - -
Equipment and vehicle expenses 35,509 43,365
Legal fees 100,631 70,924
Otherprofessional fees 350,975 573,769
Sundryexpenses 27,936 45,199
Bad debts - 35,137
Non recoverable VAT 41,884 106,479
Donations 21,025 -
Support costs allocation (note 8) 1,147,526 1,194,115
2,796,561 3,749,932

All estate expenditure of £2,796,561 is unrestricted (2020 - £3,749,932 unrestricted)

6 GOVERNANCE COSTS

2021 2020
£ £
Salaries andpensions 276,313 333,078
Trustees remuneration and expenses(note 11) 65,500 74,024
Travellingand subsistence 205 11,012
Audit and accountancy 31,850 36,122
Legal fees 15,285 1,005
Otherprofessional fees 4,133 22,645
Public relations fees 1,618 7,051
Non recoverable VAT - 369
Equipment and vehicle expenses 758 -
Other expenses 4,631 -
400,293 485,306

All governance costs of £400,293 are unrestricted (2020 - £485,306 unrestricted).

7 GRANTS AND LEARNING ACTIVITIES

The value of the grants and other direct charitable expenditure paid during the year are as follows:

Restricted
Unrestricted
Total 2021
Total 2020
£
£
£
£
Educationalgrants to institutions 741,903
1,049,796
1,791,699
499,376
Grant salaries andpension costs 78,083
36,714
114,797
53,359
Ofce expenses and equipment 4,720
3,356
8,076
5,710

Grant seminars & conferences		 3,608
-
3,608
-
Grant Evaluation & research 20,935
-
20,935
-
Grant travel expenses 254
-
254
-
Grant Co-ordinator 1,500
-
1,500
-
Grant digital communications 14,013
-
14,013
-
Depreciation -
16,580
16,580
20,337
Postage and telephone -
1,937
1,937
756
Printingand stationery -
318
318
112
Learningsalaries andpension costs -
381,058
381,058
398,310
Learningexpenses and equipment -
61,240
61,240
111,833
Learningspecialprojects -
-
-
18,061
Non recoverable VAT -
-
-
1,956
Grants returned -
-
-
(1,860)
Administration costs 10,000
-
10,000
180
Recruitment costs -
-
-
5,794
Support costs allocation (note 8)
Total		 -
269,550
269,550
323,322
876,096
1,819,469
2,695,565
1,435,470
PRIOR YEAR Restricted
Unrestricted
Total 2020
£
£
£
Educationalgrants to institutions -
499,376
499,376
Grant salaries andpension costs -
53,359
53,359
Ofce expenses and equipment -
5,710
5,710

Depreciation		 -
20,337
20,337
Postage and telephone -
756
756
Printingand stationery -
112
112
Learningsalaries andpension costs -
398,310
398,310
Learningexpenses and equipment -
111,833
111,833
Learningspecialprojects -
18,061
18,061
Non recoverable VAT -
180
1,956
Grants returned -
(1,860)
(1,860)
Administration costs 180
-
180
Recruitment costs 5,794
-
5,794
Support costs allocation (note 7)
Total		 -
323,322
323,322
5,974
1,429,496
1,435,470

All grants are to institutions (2020 – all grants to institutions).

Page 42

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

8 SUPPORT COSTS

PRIOR YEAR Staf costs Depreciation Other Total
2020
£ £ £ £
Investment management fees - - 255,317 255,317
Estate expenditure 720,400 89,797 2,939,735 3,749,932
Grants & Learning Activities 617,454 27,458 790,558 1,435,470
Total 1,337,854 117,255 3,985,610 5,440,719
PRIOR YEAR
Staf costs
Depreciation
Other
Total
2020		 PRIOR YEAR
Staf costs
Depreciation
Other
Total
2020		 PRIOR YEAR
Staf costs
Depreciation
Other
Total
2020		 PRIOR YEAR
Staf costs
Depreciation
Other
Total
2020		 PRIOR YEAR
Staf costs
Depreciation
Other
Total
2020
£ £
-
2,279
17,802
27,794
47,875
388,991
18,128
40,018
13,416
12,782
119,982
14,679
485,306
22,054
1,115,356
1,025
353,181
354,206
1,517,437
1,194,115
323,322
1,517,437		 £ £ £ £
Establishment expenditure Investment management fees - - 255,317 255,317

Rates		 - Estate expenditure 720,400 89,797 2,939,735 3,749,932
Light and heating (28) Grants & Learning Activities
Total		 617,454
1,337,854		 27,458
117,255		 790,558
3,985,610		 1,435,470
5,440,719
Depreciation 17,802
Insurance
Administration expenditure		 26,751
44,525		 Total expenditures include: 2021 2020
Salaries andpension costs 403,580
Travellingand subsistence 2,568 £ £
Equipment and motor vehicles 63,501 Auditor’s remuneration 16,040 19000
Printingand stationery 6,350
Auditor’s remuneration – 2020 additio		 nal costs 31,850 ,
10065
Postage and telephone 13,633
Auditor’s remuneration: non-audit		 - ,
7057
Otherprofessional fees 70,291
Depreciation		 95,925 ,
117255
Subscriptions 6,582 Proft/(loss)on sale of fxed assets - ,
5863
Governance costs(see note 6) 400,293
Pension costs		 161,242
2021		 ,
104,339
Sundries
Financial expenditure		 5,631
972,429		 10
EMPLOYEES		 2020
Non recoverable VAT -
Bank and interest charges
Total Support costs		 400,122
400,122
1,417,076
£ £
Wages and salaries 1,115,240 1,131,725
Social securitycosts 99,203 101,790
Allocation of support costs Other pension costs
The average number of employees du		 ring the period, analysed by activity, w 112,525
1,326,968		 104,339
1,337,854
Estate Expenditure 1,147,526 as as follows:
Grants & Learning Activities
Total		 269,550
1,417,076
2021 2020
Number
Number
Maintenance of estates
8
8
Management and administration
26
31
34
39
The average number of employees during the period, analysed by activity, was as follows:
2021 2020
Number Number
Maintenance of estates 8 8
Management and administration 26 31
34 39

Support costs are allocated across charitable activities on the basis of staff time.

9 ANALYSIS OF EXPENDITURE

9
ANALYSIS OF EXPENDITURE
Staf costs Depreciation Other Total
2021
£ £ £ £
Investment management fees - - 246,928 246,928
Estate Expenditure 668,435 75,567 2,052,559 2,796,561
Grants & Learning Activities 658,533 20,358 2,016,674 2,695,565
Total 1,326,968 95,925 4,316,161 5,739,054

The emoluments of higher paid employees fell within the following ranges:

2021 2020
Number Number
£110,000 to £120,000 1 1
£80,001 - £90,000 1 1

Key management personnel comprise the Trustees, Chief Executive, Property Director, Head of Finance, Head of Learning, Head of Grants and Head of Operations & Communications. Total employee benefits of key management personnel, including figures in note 10, were £471,057 (2020: £628,482).

Page 43

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

11 TRUSTEES’ REMUNERATION

13 FIXED ASSET INVESTMENTS

2021 2020
£
15,000
10,000
10,000
10,000
10,000
10,000
65,000
9,024
74,024
 Investment
properties		 Listed
investments		 Other
investments		 Total
£
Recipient £ £ £ £
Mr A W M Christie-Miller 15,000 Cost or valuation
Mr H M Henderson 10,000 At 1 April 2020 146,818,552 39,186,896 453,161 186,458,809
Mr S F Eliot 10,000 Additions 1,096,652 9,043,025 - 10,139,677
Sir Bertie Ross 10,000 Disposals (1,144,474) (9,768,787) - (10,913,261)
Mrs M E Riall 10,000 Cash movement - - 668,293 668,293
Ms J D Greenwood
Total Trustee remuneration		 10,000
65,000
500
65,500		 Total gain / (loss) on revaluation
At 31 March 2021		 6,633,925
153,404,655		 7,411,837
45,872,971		 -
1,121,654		 14,045,762
200,399,280
Expenses
Total remuneration and expenses
Investment in subsidiaries -
153,404,655		 -
45,872,971		 200
1,121,854		 200
200,399,480
Historical cost At 31 March 2021 28,398,497 1,121,854

Expense reimbursements paid to the six Trustees during the year amounted to £500 (2020: £9,024). At the year-end an amount of £16,250 (2020: £16,250) was owed to the Trustees. There is an authority in the Memorandum and Articles of Association to provide remuneration to Trustees.

If the fixed asset investments excluding properties had not been revalued they would have been included on the historical cost basis as £29,520,351 (2020: £29,495,097). It is not possible to determine the historical cost of the investment properties as many of them were settled by the founder in 1952.

12 TANGIBLE FIXED ASSETS

12
TANGIBLE FIXED ASSETS
Free hold land and
buildings		 Other Total
£ £ £
Cost
At 1 April 2020 3,331,432 803,531 4,134,963
Transfer from investmentproperties - - -
Transfer to investmentproperties - - -
Additions - 30,785 30,785
Disposals
At 31 March 2021		 -
3,331,432		 -
834,314		 -
4,165,746
Depreciation
At 1 April 2020 - 645,872 645,872
Charged in theyear - 95,925 95,925
Disposals
At 31 March 2021		 -
-
3,331,432		 -
741,797
92,517		 -
741,797
Net book amount at 31 March 2021 3,423,949
Net book amount at 31 March 2020 3,331,432 157,659 3,489,091

The Trustees hold 100 shares of £1 in each of the Trust’s two wholly owned subsidiaries, ECT Farms Limited and Mintglebe Limited.

Results of these are as stated:

Name of company ECT Farms Limited Mintglebe Limited
Countryof incorporation United Kingdom United Kingdom
% holding/control 100% 100%
No of shares held and value 100 shares at £1per share 100 shares at £1per share
Income 2021 £108,301 -
Net Assets as at 31 March 2021 £48,450 £(24,976)
Income 2020 £127,828 -
Net Assets as at 31 March 2020 £17,380 £(15,523)
Management of land held for farming Design and build services to
Nature of business purposes The Ernest Cook Trust.

Page 44

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

13 FIXED ASSET INVESTMENTS (continued)

PRIOR YEAR Investment
properties		 Listed
investments
i		 Other
nvestments		 Total 2020
£ £ £ £
Cost or valuation
At 1 April 2019 143,056,006 42,658,385 1,655,592 187,369,983
Transfer from tangible fxed assets 299,250 - - 299,250

Transfer to tangible fxed assets		 (285,000) - - (285,000)

Additions		 2,610,744 16,974,827 - 19,585,571
Disposals - (16,391,410) (1,202,431) (17,593,841)
Total gain / (loss) on revaluation
At 31 March 2020		 1,137,552
146,818,552		 4,054,906
39,186,896		 -
453,161		 (2,917,354)
186,458,609
Investment in subsidiaries - - 200 200
146,818,552 39,186,896 453,361 186,458,809
Historical cost At 31 March 2020 - 29,154,419 250,678 29,405,097

An analysis of the location of investments for the Trust is as follows:

UK
Non-UK
2021
Total
2020
Total
£
£
£
£
Investmentproperties 153,404,655
-
153,404,655
146,818,552
Listed investments 27,301,824
18,571,147
45,872,971
39,186,896
Other investments
PRIOR YEAR		 1,121,654
-
1,121,654
453,161
181,828,332
18,571,147
200,399,280
186,458,609
UK
Non-UK
2020
Total
2019
Total
£
£
£
£
Investmentproperties 146,818,552
-
146,818,552
143,056,006
Listed investments 27,822,476
11,364,420
39,186,896
42,658,385
Other investments 453,161
-
453,161
1,655,592
175,094,189
11,364,420
186,458,609
187,369,983

Listed and other investments by fund type are as follows:

Listed and other investments by fund type are as follows:
2021 2020
£ £
UK equities 23% 32%
Non-UK equities
Bonds		 45%
9%		 29%
13%
Alternatives 21% 25%
Cash 2% 1%
Total 100% 100%

Individual investments which comprise over 5% of the value of the portfolio £ £ at the year-end are as follows:

All equities are held within funds and are therefore indirect holdings.

Vanguard US S&P 500 Fund 4,358,697 4,022,250
Trojan Income Fund 4,089,908 5,249,131
Heronbridge UK EquityFund 3,633,708 3,232,384
Schroder CharityEquityFund 2,853,760 4,094,980

14 DEBTORS

2021
2020
£
£
Due after more than oneyear
Other debtors 200,000
200,000
200,000
200,000

This is a long term loan to a previous Chief Executive that is due to be repaid 12 months after the death of the surviving partner. Interest is paid at 3.75% for the first 5 years, from the date of the advancement (5[th] April 2016), and then 2.5% above LIBOR, calculated at 3 monthly intervals. Security for the loan is by way of a charge over the property purchased by Mr & Mrs Ford.

2021
2020
£
£
Due within oneyear
Rents receivable 1,476,849
2,052,380
Other debtors andprepayments 569,764
570,908
Amounts due from group companies 98,788
185,414
2,145,402
2,808,702

15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021
2020
£
£
24,887
142,311
1,881
12,136
36,632
123,955
236,441
265,478
855,516
653,875
251,749
487,108
1,407,106
1,684,863
Social securityand other taxes
Pension creditor
Amounts owed togroupcompanies
Accruals
Other creditors
Deferred income
Deferred income represents unexpired lease premiums payable – see note 16.

Page 45

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

16 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

16
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR		 2021
2020
£
£
14,000,000
14,000,000
663,506
675,218
14,663,506
14,675,218
nterest rate of 3.51% from 2016 for 20 years. The
2021
2020
£
£
1,162,326
700,842
(487,108)
(12,812)
240,037
474,296
915,255
1,162,326		 2020 As restated Opening Balance
£		 Income
£		 Expen diture
£
Gai		 n/loss
£		 Tra nsfer
£		 Closing
Balance £
Unrestrictedgeneral funds 1,773,008 5,730,500
 (5,434 ,745) - 383 ,376 2,452,139
Loans Designated Funds
Total Unrestricted Funds		 2,610,521
4,383,529		 -
5,730,500
(		 5,434, -
745)
-
(2,917,		 -
-		 (883,
(500,		 376)
000)		 1,727,145
4,179,284
Deferred income
£10,000,000 is secured on part of the Fairford and Hatherop estates at a fxed i
remaining £4,000,000 is a loan facility dated August 2019 for four years.
Deferred Income reconciliation:
Endowment Funds 177,049,925 - 354) - 174,132,571
Restricted Funds:
Green Infuencers Scheme
Total restricted Funds		 -
-
181,433,454		 500,000
500,000
6,230,500
(		 (5
(5,		 ,974)
974)
,719)
(2,917,		 -
-		 500
500		 ,000
,000		 994,026
994,026
179,305,881
Total Funds 5,440 354) -
Deferred income balance brought forward
Income released in theyear Transfers between funds are ma
detailed below		 de to mainta in reserves in line with policies set by the Trustees, or as a sha re of rest ricted costs as
Income deferred
Final total carried forward

Transfers between funds are made to maintain reserves in line with policies set by the Trustees, or as a share of restricted costs as detailed below.

Expendable endowment fund

Deferred income by period: 2021 2020
£ £
Under 1year
Between 2 and 5years
Over 5 years		 251,749
35,136
628,370		 487,108
35,136
640,082
Total 915,255 1,162,326

17 FUNDS AND RESERVES

2021 Opening
Balance £		 Income
£		 Expen diture
£
Gai		 n/loss
£		 Tra nsfer
£		 Closing
Balance £
Unrestrictedgeneral funds 2,452,139 4,908,631 (3,900, 034) - (3,969, 078) (508,342)
Designated Funds 1,727,145 - (962, 923) - 3,469 ,078 4,233,300
Total Unrestricted Funds
Endowment Funds
Restricted Funds:		 4,179,284 4,908,631 (4,862, 957)
-
14,045		 - (500, 000) 3,724,958
174,132,571 - ,762 - 188,178,333
Green Infuencers Scheme 994,026 500,000 (876, 097) - 500 ,000 1,117,929

Total restricted Funds
Total Funds		 994,026
179,305,881		 500,000 (876, 097)
054)
14,045		 - 500 ,000 1,117,929
5,408,631 (5,739, ,762 - 193,021,220

This is a reserve representing the capital assets of the Trust.

Designated fund

The Trustees agree a designated fund each year for repairs, maintenance and capital improvements on the estates. Designated funds for this purpose have been set relatively high as we work through a planned schedule of improvements to both the residential portfolio and agricultural holdings. Last year’s designated fund of £1,727,145 was underspent due to the problems of carrying out building work during the pandemic. Nevertheless, we have set an ambitious designated fund of £4,233,300 for the financial year, 2021-22 but are aware of supply chain problems which may prevent us achieving full expenditure. We are closely monitoring the situation.

Restricted funds – Green Influencers Scheme

The Green Influencers Scheme helps young people to create connections with the natural environment and build valuable life skills while contributing to the local community through environmental action. The scheme was developed by The Ernest Cook Trust in 2019 as a match-funded project with the #iwill Fund. The #iwill Fund is made possible thanks to £54 million joint investment from the National Lottery Community Fund and the Department for Digital, Culture, Media & Sport (DCMS) to support young people to access high quality social action opportunities. Both the #iwill Fund and The Ernest Cook Trust will provide £1.5 million to the Green Influencers Scheme, resulting in a total of £3 million to be spent over three years on youth environmental action. The Ernest Cook Trust is acting as a match funder and awarding grants on behalf of the #iwill Fund to registered charities and non-profit organisations across England to employ Green Mentors to help young ‘Green Influencers’ (10-14 years) to create environmental projects in local schools, youth groups and communities. There is a matched funding agreement whereby £500,000 is transferred in from unrestricted reserves in order to match the #iwill Fund’s share of funding.

Page 46

The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

TRUSTEES' REPORT

18 PRIOR YEAR ADJUSTMENT

20 COMMITMENTS FOR FUTURE EXPENDITURE

There were no capital commitments as at 31 March 2021 or 31 March 2020.

The charity has made one prior year adjustment as follows:

21 PENSIONS

(a) The prior year Green Influencers Scheme was restated to include a transfer of £500,000 (as opposed to 50% of the costs incurred) as per the grant agreement so an additional transfer of £497,013 was recognised as a transfer from unrestricted funds to restricted funds. As a result the restricted fund for the year ended 31 March was increased by £497,013 and restated to £994,026; unrestricted funds decreased by £497,013 to £2,452,139. The increase in the transfer was to recognise that the match funding requirements result in transfers being controlled by the grant agreement and under the control of the funder if not spent.

Defined Contribution schemes

The Trust operates three defined contribution pension schemes for the benefit of employees. The assets of the schemes are administered by trustees in funds independent from those of the Trust. Total contributions in the year were £161,242 (2020 – £104,339) and at 31 March 2021 creditors related to pensions totalled £1,881 (2020 – £12,136)

22 POST BALANCE SHEET EVENTS AND CONTINGENT ASSETS

Restricted fund
Expendable
endowment
Designated fund
Unrestricted fund
Total 2020
£
£
£
£
£
497,013
174,132,571
1,727,145
2,949,152
179,305,881

497,013
-
-
(497,013)
-
994,026
174,132,571
1,727,145
2,452,139
179,305,881
ET ASSETS BETWEEN FUNDS
Restricted fund
Expendable
endowment
Designated fund
Undesignated fund
Total 2021
£
£
£
£
£
-
3,415,501
-
-
3,415,501
-
184,762,832
11,653,533
3,983,095
200,399,480
1,117,929
-
-
4,150,474
5,268,403
-
-
-
(1,398,658)
(1,398,658)
-
-
(10,000,000)
(4,663,506)
(14,663,506)
1,117,929
188,178,333
4,233,300
(508,342)
193,021,220
Restricted fund
Expendable
endowment
Designated fund
Undesignated fund
Total 2020
£
£
£
£
£
-
3,489,091
-
-
3,489,091
-
170,643,480
11,727,145
4,088,184
186,458,809
994,026
-
-
4,724,036
5,718,062
-
-
-
(1,684,863)
(1,684,863)
-
-
(10,000,000)
(4,675,218)
(14,675,218)
994,026
174,132,571
1,727,145
2,452,139
179,305,881		 22.1 Trustees were made aware of a forthcoming bequest from the Frank Gollins Trust of a property known as Court Farm (details are
referred to in the Chairman’s introduction to this year’s Annual Report). Due to the complexities of the legal transfer and verifcation
of inheritance tax relief, the transfer of the property has not yet taken place. The approximate value of the property is £5M.
22.2 During September 2021 the sale of Flamberts, a residential property on the Trent Estate, was completed for £1.505M and the
purchase of the Low Beckside estate in Cumbria was completed for £1.858M. A loan facility was increased by £2M to fund the
purchase of Low Beckside.
22.3 During November 2021 the sale of the Boarstall Estate was completed for £5.075M net of costs.
22.4 The Trust owns investment properties on land that is subject to compulsory purchase for HS2 High Speed Rail line. Since the Trust
is in the process of negotiating settlement for the compensation receivable due to compulsory acquisition, including compensation
for loss of income, the amount receivable is not yet able to be determined.
23
ANALYSIS OF CHANGES IN NET DEBT
This note refers to the cash fow on page 40:
Opening balance
Cash fows
Other non cash
changes
Closing balance
Opening balance at
1 April 2020
Unrestricted funds to
restricted funds
19
ANALYSIS OF N
Tangible fxed
assets
Investments £
£
£
£
Current assets Cash and cash equivalents
3162521
882134
-
4044655
Current liabilities
,,
,
,,
Loans due over one year
(14,000,000)
-
-
(14,000,000)
Total net debt
(10,837,479)
882,134
-
(9,955,345)
Long term liabilities
24
RELATED PARTY TRANSACTIONS
In September 2016 the Trust issued a loan to the former Chief Executive, Nicholas Ford, amounting to £200,000 to enable him to
purchase a home on his retirement. The loan, which was secured on the property, is subject to a fxed rate interest charge of 3.75% per
annum for fve years and 2.5% above the sterling LIBOR thereafter. The loan is repayable within 12 months of the death of the surviving
borrower, Mr Ford or his wife. This loan of £200,000 remained outstanding at the year end of 31 March 2021 as disclosed in note 14 to
the accounts.
During the year the charity operated bank accounts for the two subsidiaries and received funds and incurred costs on their behalf. For
ECT Farms Ltd, the Charity incurred costs of £59,034 (2020 - £74,169) and received income of £81,488 (2020 - £136,497). At the year-end
The Ernest Cook Trust was owed £90,264 by the subsidiary, (2020 – the Trust owed the subsidiary £31,828).
For Mintglebe Ltd, the charity incurred costs of £17,644 and recharged costs related to the Waiten Hill project of £6,051 (2020 - £59,342).
At the year-end Mintglebe Ltd owed the charity £98,788 (2020 - £92,737).
Tangible fxed
assets
Investments
Current assets
Current liabilities
Long term liabilities

There were no other related party transactions (2020 - none).

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The Ernest Cook Trust | Annual Report 2021

Notes to the Financial Statement

LEGAL AND ADMINISTRATIVE DETAILS

The Ernest Cook Trust Legal and Administrative details for the year ended 31 March 2021

Registered Company No. 7907411

Registered Charity No. 1146629

Registered Office and principal address:

THE ESTATE OFFICE FAIRFORD PARK FAIRFORD GLOUCESTERSHIRE GL7 4JH

Trustees

Andrew W M Christie-Miller

Chairman

Harry M Henderson DL

Simon F Eliot

Sir Bertie Ross KCVO

Mary E Riall

Jenefer D Greenwood OBE

Senior Management Team

Dr Victoria M Edwards OBE FRICS FAAV Chief Executive and Company Secretary

Sara B Rostant

Executive Assistant and Head of Operations

Michael A Birnie MRICS FAAV Property Director

Suzie R Paton Head of Grants

Emily M E Crawley Head of Learning

Michelle L Cole FCCA Head of Finance

Committees

Finance and Investment (inc. Audit and Risk Management)

Andrew W M Christie-Miller Chairman

Harry M Henderson DL

Estates

Sir Bertie Ross KCVO Chairman

Jenefer D Greenwood OBE

Ian Monks FRICS

Everything Outdoors

Simon F Eliot Chairman

Mary E Riall

Green Influencers Scheme

Mary E Riall Chair

Advisers

Banker

National Westminster Bank plc 32 Market Place Cirencester Gloucestershire GL7 2NU

Solicitors

Charles Russell Speechlys LLP Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ

Payne Hicks Beach 10 New Square Lincoln’s Inn London WC2A 3QG

Auditor

Price Bailey LLP 24 Old Bond St London W1S 4AP

Investment Adviser

Cazenove Capital Management 1, London Wall Place London EC2Y 5AU

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The Ernest Cook Trust | Annual Report 2021

Legal and Administrative Details

Our History

The importance of being Ernest

The roots of The Ernest Cook Trust are deeply embedded in our founder’s love of the countryside.

Ernest Cook bought several country estates which were eventually bequeathed to The Ernest Cook Trust - the educational charity he established in 1952.

Just as he used his own fortune for good, so we share the wealth of our considerable knowledge, experience and land, championing the Learning from the Land sector.

Our story continues

The important work Ernest Cook began continues to thrive today. This success emanates from a diverse range of people at the Trust who share the wealth of their skills and abilities, working together as one.

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The Ernest Cook Trust | Annual Report 2021

Our History

Fairford Park, Fairford, Gloucestershire GL7 4JH Office 01285 712492 Email hello@ernestcooktrust.org.uk Web www.ernestcooktrust.org.uk

Designed and produced by APE Inc. Ltd

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