**A N N U A L R E P O R T A N D A C C O U N T S F O R T H E Y E A R E N D E D 3 1 M A R C H 2 0 2 2 THE ERNEST COOK TRUST**
## **C O N T E N T S**
||**CHAIRMAN’S REPORT**|||**3**|
|---|---|---|---|---|
||**A WORD FROM OUR CHIEF EXECUTIVE**|||**4**|
||**CHARITABLE ACTIVITY**|||**5**|
||**About The Ernest Cook Trust**|**6**|**Green Influencers Scheme**|**18**|
||**Overall Impact**|**7**|**The Owl Collaboration**|**22**|
||**Everything Outdoors**|**9**|**The Learning Estate**|**27**|
||**TRUSTEES’ REPORT**|||**29**|
||**Objectives & Activities**|**30**|**Statement of Financial Activities**|**48**|
||**Future Activities**|**31**|**Statement of Cash Flows**|**49**|
||**Financial Review**|**39**|**Notes to the Financial Statements**|**49**|
||**Structure, Governance & Management**|**44**|**Legal and Administrative Details**|**57**|
||**Accounts**|**45**|**Our History**|**58**|
||**Statement of Trustees’ Responsibilities |**||||
||**Independent Auditor’s Report**|**46**|||
## **Chairman’s Report**
**Welcome to The Ernest Cook Trust 2021/22 Annual Report.** As the Trust reached its 70th birthday, we continued to face the challenges associated with COVID-19, but remained buoyant and agile throughout.
Despite a significant amount of remote working, we positively impacted the lives and communities of a large number of young people across the nation, particularly through two of our programmes, The Green Influencers Scheme (page 18) and The OWL Collaboration (page 22).
It has been an exciting year on the property front with the purchase of Low Beckside Farm in Cumbria. The farm, formerly part of Newton Rigg College, was at risk of being lost as an important agricultural and educational facility. Its addition to the Trust’s portfolio complements our existing partnerships in the North West with the Pendle Hill Landscape Parnership and the Lowther Estate. We look forward to working more closely with local educational initiatives going forward.
Also during the year, we sold the Boarstall Estate, acquired by Ernest Cook in 1941 from the Aubrey-Fletcher family. It was a very happy outcome to have sold it back to the same family after all these years. Our retired farm tenant at
Boarstall, Francis Stone, was our longest standing tenant and probably the only surviving person in the Trust to have known our founder. Very sadly, Francis died in May 2022; in his memory and with his family’s support, we are launching an annual apprenticeship in his name.
I am delighted that the activities and reputation of the Trust continue to grow. This is in no small measure due to Chief Executive Dr Victoria Edwards and our outstanding team. I would also like to thank my fellow Trustees for their time, commitment and loyal support.
I have been focused during the year on succession within the Trustee body. Sadly, Sir Bertie Ross retires at the end of 2022 after nearly 10 years as a Trustee. He has been a tower of strength and wise counsel and will be greatly missed. We move into the next year with two new Trustee appointments, Dr Ian Gambles and Ian Pigott, and look forward to their contributions in the years ahead. I will be stepping down as Chairman during 2023 and I am delighted to announce that Mary Riall has agreed to take over the role, with the unanimous support of the Trustees. Our future is in very good hands.
## **Andrew Christie-Miller, Chairman**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Chairman’s Report
## **A word from our Chief Executive**
Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.
Margaret Mead
This, one of my favourite quotations, could appropriately be re-written for our Green Influencers Scheme to include the word ‘young’ before citizens. With the help of our wonderful 44 Green Mentors, young people from all over England have been involved in an extraordinary array of environmental social action projects, all designed, planned and executed by them to improve their local communities. It is collective action at its best and it epitomises our collaborative approach at The Ernest Cook Trust, of convening, supporting and encouraging Outdoor Learning and environmental improvement.
their experience through the shared learning of the participating Outdoor Centres. The final piece in achieving our current Learning Strategy is to develop more impactful learning on our own land – especially on the River Coln, our tenanted farms and on our two new in-hand farms. I’m looking forward to reporting next year on how we carried on this theme of successful collective action in the countryside!
The quotation above sits equally well as a description of our staff team. It is an absolute privilege to work with a small group of such thoughtful, committed citizens. Supported and encouraged by our Trustees and our partners, we thank each and every one of them for their important contribution to our collective action.
Similarly, The OWL Collaboration provides a great opportunity for the children and young people involved, while increasing the overall quality and impact of
## **Dr Victoria Edwards OBE FRICS FAAV**
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A word from our Chief Executive
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022Charitable Activity
CHARITABLE ACTIVITY
## **The need**
## **About The Ernest Cook Trust**
Britain has one of the lowest levels of connection to nature and associated levels of wellbeing in Europe.*
Such disconnection with natural environments has significant implications for health, social inclusion, educational attainment and environmental stewardship, particularly for disadvantaged young people who tend to spend less time in outdoor spaces and nature than their peers.
## **Our mission**
## **Strategic Framework**
We have four core strategic programme areas:
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EVERYTHING GREEN
OUTDOORS INFLUENCERS
SCHEME
THE
THE OWL LEARNING
COLLABORATION ESTATE
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To improve life chances through a range of Outdoor Learning experiences
## **Our vision**
Our vision is for an environmentally engaged society with better connections to nature
## **Our response**
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We fund others GR A NT S U P P O RT
We fund and run our own programmes D IR E CT D E L IV E RY
We work to maximise impacts and R ES E A R CH & A DVO CACY
promote better outcomes
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We aim to improve children and young people’s nature connectedness, health and wellbeing, learning and skills, and environmental stewardship through unique Outdoor Learning approaches.
We do this on and beyond our own land and in partnerships and collaborations with like-minded organisations.
*Source: Country-level factors in a failing relationship with nature, Miles Richardson, Iain Hamlin, Lewis R Elliott & Mathew P White, Ambio (2022)
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About The Ernest Cook Trust
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
## CHARITABLE ACTIVITY
## **Overall Impact**
**£1.9M**
**TOTAL GRANTFUNDING AWARDED** (£1.8M: 2020/21)
**927 TOTAL GRANTS AWARDED** (412: 2020/21)
**35,000+ CHILDREN AND YOUNG PEOPLE** Over 35,000 children and young people benefitted from our Outdoor Learning opportunities this year (Approx 30,000: 2020/21)
I've seen a difference in me, and I can't lie... it feels nice.
Young person, participant on a funded Outdoor Week of Learning (OWL) at Jamie’s Farm
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Overall Impact
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CHARITABLE ACTIVITY
N Ireland (3%)
Scotland (5%) 1%
3%
Overall Impact
Wales
We work hard to ensure the (4%) London (7%)
4% 15%
East
Midlands (9%)
benefits of our grants are
geographically distributed 7%
across the UK Midlands (9%)West
8%
South
West (8%)
14%
% OF GRANT FUNDING
East Of
(% OF UK POPULATION)
England (8.5%)
8%
North
Yorkshire (11%) West (13.5%)
8.5% 13.5%
South
North
East (8%)
East (14%)
8.5%
8.5%
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Overall Impact
**C H A R I TA B L E A C T I V I T Y**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022Everything Outdoors
CHARITABLE ACTIVITY
## **Everything Outdoors**
The Everything Outdoors programme connects people with nature – particularly those for whom nature is a distant and untapped world, which they may feel is ‘not for them'. We create opportunities for children, young people and young adults to overcome the multiple barriers to engagement with the natural world, which range from socio-economic and emotional, to physical and cultural. We want to make nature accessible to all, for health, recreation, learning and employment.
We know that one size does not fit all when it comes to Outdoor Learning, so we work with each group, setting-type and individual to create an opportunity that appeals and has potential for lasting impact.
This programme works in a long-term timeframe. We believe that regular, facilitated contact with nature is the most powerful thing we can do to ensure that all feel welcome in our landscapes, developing lasting connections to nature.
## **Schools**
We are working to make Outdoor Learning the norm in schools. We do this by empowering teachers, equipping schools and inspiring students - all free of charge:
**» Outdoor Learning Support** Taking a whole-school approach, working with the leadership team to embed Outdoor Learning in their school and curriculum delivery.
**» Natural Environment Sessions** Building an understanding of habitats and environments through fieldwork and practical, curriculumfocused sessions at farms, woodlands and rivers.
**» Wild Places for Wellbeing** Long-term programmes of regular, nurturing sessions that allow children and young people experiencing mental ill health and
special educational needs an opportunity for freedom, acceptance and independence in our safe wild spaces.
We offer visits to a wide range of location types across our estates and beyond, and have been supported by our farm tenants in making access to authentic working farms a reality for many children who would not otherwise have this opportunity.
## **Communities**
Recognising that there is a mental health crisis facing the country’s young people, the Trust is investing in its community outreach programme.
Our Communities programme aims to enable better educational, professional and life outcomes for each individual as they connect with nature and acquire knowledge and skills. We prioritise our free support for: young carers, families on low incomes, minoritised ethnic groups, young people with poor mental health, groups with special educational needs (SEND), young people not in employment, education or training (NEET) and young people with adverse childhood experiences (ACEs).
With new community-focused staff in Gloucestershire, a focus on increasing the accessibility of our sites, and a successful Boost for Biodiversity funding bid to develop a community
orchard project near our Redwood site, we will be developing this programme over the coming years.
## **Outdoor Futures (Skills)**
It is widely recognised that many young people do not learn well in the traditional classroom environment. The current system fails to support these young people in reaching their potential and transitioning to fulfilling employment.
Our Outdoor Futures programme aims to bridge this gap, providing participants with regular skillsbased sessions to build practical and ‘soft’ skills, to boost selfesteem, confidence and employability in the green economy. We design meaningful projects which allow for progression and a sense of accomplishment, delivering apprenticeships, qualifications and certification awards, while providing regular mentoring, support and time with positive role models. This opens doors to new opportunities, nurturing wellbeing and aspiration in young people, as well as strengthening the future workforce, essential for responsible stewardship of the environment.
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Everything Outdoors
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
CHARITABLE ACTIVITY
## **Everything Outdoors**
The grants awarded under our Everything Outdoors programme during 2021/2022 cover three key audiences: **Schools** Outdoor Essentials Grant £279,500 **Communities** Outdoor Learning Officer Grant £283,718 **Outdoor Futures** Apprenticeships & Scholarships Grant £29,250
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Everything Outdoors
CHARITABLE ACTIVITY
## **Impact on Schools**
## **237 Transport**
**& Travel** 59%
**232 Nature**
- **& Nurture** 41%
**559**
**920**
**5,032**
schools have received an Outdoor Essentials Grant to either:
schoolchildren have visited our outdoor sites **(4,200: 2020/21)**
accompanying adults have been inspired by Outdoor Learning **(300: 2020/21)**
- **»** create spaces where young people can connect with nature
- **»** overcome transport barriers to Outdoor Learning
Helping address the challenges caused by disadvantage and deprivation
60% of the children experiencing our woodlands, farms and rivers were from schools that met the Trust’s criteria indicating significant deprivation and disadvantage
Everything Outdoors
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
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CHARITABLE ACTIVITY
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## **Impact on Schools**
**100%**
of teachers would recommend the experience to colleagues
**It was an amazing day. I felt that the children had an amazing learning experience and an amazing opportunity to explore the world. For some of our children, I feel that they might not have this kind of opportunity in their home lives.**
Teacher, river visit, Gloucestershire
## I’m feeling calm.
Child (from a very large chaotic family), woodland visit, Dorset
**I've watched the long-term gains achieved by two lads in my year group as they've worked [at the Learning Workshop] over the last couple of years. Spending time at the Trust has had a marked impact on their attitude and attendance.**
Teacher, Learning Workshop, Gloucestershire
It makes me feel happy and fantastic! Child, farm visit, Dorset
**100%**
of teachers thought the sessions improved the children's connection to nature
**This was a life-changing experience for many of our children with comments like: “I've never seen a place like this before.” “...that tastes amazing, I've never toasted a marshmallow before. ”**
Teacher, woodland visit, Gloucestershire
**It was lovely to see some of our quieter children very animated when they saw the animals, and for children to see a turkey for the first time and the different eggs each bird lays.**
Teacher, farm visit, Dorset
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Everything Outdoors
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CHARITABLE ACTIVITY
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## **Impact on Communities**
Our community sessions supported 973 vulnerable children (631: 2020/21) and 628 adults (384: 2020/21)
**Highlights from 2021-22:**
- **»** Our continued relationship with Cheltenham Welcomes Refugees, including some Easter holiday sessions at the Learning Workshop in Fairford
- **»** Summer holiday sessions for SEND groups and Young Carers groups in Gloucestershire
- **»** Provision of Outdoor Learning activities for 181 children attending the HAF (Holiday Activities and Food) programme during the summer holidays in Lancashire – sessions specifically targeted at children in receipt of Free School Meals
- **»** Free Forest School-style toddler groups for low-income families in Lancashire
**I just wanted to say thank you for a lovely day at Redwood, the children absolutely loved it and lots of memories were made for them.**
Gloucestershire Young Carers
**Thank you for yesterday. The teenagers really enjoyed it and I’ve been told they wanted to come back immediately! I also wanted to directly tell you a huge THANK YOU for the two days last week. The teenagers had a brilliant time! One parent emailed to say, “In the evening, many positive emotions and memories were shown.” Thank you very much for this.**
Cheltenham Welcomes Refugees
To further our impact in communities, we grant-funded 10 new Outdoor Learning Officer posts in charities this year, making a total of 20 throughout the UK
These were awarded to:
- **» Action for Conservation**
- **» Beechbrae**
- **» Brathay Trust**
- **» Earth Moves**
- **» Full Circle Food**
- **» Grow Wakefield**
- **» It's Your Life**
- **» St Werburghs City Farm**
- **» Stepney City Farm**
- **» Warm Hut**
Everything Outdoors
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
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CHARITABLE ACTIVITY
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## **Focus on Pendle Hill Landscape Partnership**
## **Schools Engagement**
Our work with schools in the region has been well received, focussing on upskilling teachers to better equip them to take their classes outdoors, into the local landscape. We are confident that our work, in partnership with Pendle Hill Landscape Partnership, will leave a lasting legacy.
**[the Trust's Outdoor Learning Officer] has been a fabulous asset to the team. Her delivery of sessions and resources shared were excellent. We have used these and adapted these for other year groups and sessions. The fact that all of the sessions were funded was a great help to the school. The project has ignited a passion for Outdoor Learning across the school.**
## **Our research showed:**
Almost two-thirds of all participating teachers use their outdoor spaces more as a direct result of the Trust’s support; the remaining schools all plan to do so
Teacher, school engagement as part of the Pendle Hill Landscape Partnership
## **Community Engagement**
One of the major successes of our participation in the Pendle Hill Landscape Partnership over the past four years has been the establishment and ongoing high uptake of a weekly outdoor toddler group, ‘Little Saplings’, held in public green spaces. During 2021/2022, 1,439 children attended, enjoying a total of 2,159 hours of outdoor play.
As well as providing a safe, enjoyable space to find out more about nature, these sessions have focused on building skills and confidence in parents and guardians in their ability to access nature with their families.
92% of participants reported that they have replicated some of the activities after the sessions, and the remainder say they plan to do so
**I’m a very anxious person but have always loved the outdoors and grew up playing outside whatever the weather. I want my little one to enjoy the outdoors, like I do, but to be more confident. I feel like Little Saplings has been the perfect place to start this process and I feel very lucky to have been able to attend two sessions already. It has already helped my mental health and taught me more ways to enjoy playing outside with my son in a way that he also enjoys.** Participant, Little Saplings
**Magical! This group has been an absolute godsend to myself and my son.**
Participant, Little Saplings
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Everything Outdoors
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CHARITABLE ACTIVITY
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## **Impact on Outdoor Futures**
**I feel more comfortable on this course. It’s much more chilled and the way I get talked to by staff is much better. You treat me like an adult and don’t simplify things too much.**
**Highlights from the Outdoor Futures programme during the academic year 2021-22:**
- **»** Participants at our Learning Workshop in Gloucestershire have been awarded **26 of our Employability Awards** . These awards allow young people with SEND, at the edge of school exclusion, or with mental ill health, the opportunity to build a documented portfolio of work, while developing technical and ‘soft’ skills (such as communication, teamwork and resilience) in the process.
- **»** Our joint Green Recovery Challenge Fund funded project with the Lake District National Park Authority at Brockhole has provided **horticultural and land-based training to seven students from Kendal College, alongside other training opportunities for students at Lowther Castle and Gardens, and the Trust’s newly acquired Low Beckside Farm in Cumbria.**
Students left the course with a Level 1 land-based qualification, as well as quad bike driving tickets, tractor training, First Aid certificates, vet training, money management skills and work experience in a variety of trades and occupations.
**Surprised myself – I could go away from home on my own.**
**Always thought I couldn’t do things – kept trying and realised I can.**
**Mental health has got a lot better. Being outdoors is good as used to being stuck in the house.**
**I used to be very angry. Easier to let anger go rather than cause a problem in the group of friends.**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Everything Outdoors
CHARITABLE ACTIVITY
## **Impact on Outdoor Futures - Kickstart**
From July to December 2021, we created 11 placements for trainees in Cumbria, through the Government’s Kickstart Scheme. This provided six months paid employment opportunities to young people (aged 16-24) in receipt of Universal Credit and at risk of long-term unemployment.
Nine of these placements were filled (compared with less than 50% of placements nationally through the Scheme) and seven resulted in completion. The eighth participant left a month prior to completion in order to take up farming employment, whilst the final participant left the Scheme midway through.
The Trust worked in partnership with the Lowther Estate, Susan’s Farm and the Oaklea Trust to create part time roles, with additional training for skills and employability.
**»** The Scheme resulted in **an increase in reported ‘life satisfaction’** amongst participants, in a cohort for whom this was initially far below national averages.
**Kickstart Scheme Reported Life Satisfaction**
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5.5 6.4
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Trainee Trainee
Baseline Follow-Up
(average) (average)
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- **» Six of the seven trainees secured employment post-placement,**
**and one continues to access further employability support.**
- **»** Considering that the level of unemployed 16-24 year-olds claiming Universal Credit between February 2020 and September 2021 rose by 195%, **The Ernest Cook**
**Trust Kickstart Scheme has demonstrably made a positive contribution to the employment of local young people during a particularly precarious time.**
**»** Out of the seven trainees who completed the Scheme, **four found employment within the environmental sector** . This demonstrates the positive impact the Trust’s Scheme has had on young people and their next steps and demonstrates that **the Scheme has successfully engaged young people in the environmental sector** .
**The programme has been very beneficial to me. I have learned new skills and gained a better understanding of the world of work and employability skills.** Kickstart Scheme participant
**It would have taken longer to get a job like this without Kickstart, I would have likely got a worse job.** Kickstart Scheme participant
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
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 for the Year Ended 31 March 2022Green Influencers Scheme
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CHARITABLE ACTIVITY
## **Green Influencers Scheme**
**In its second year, the Green Influencers Scheme has gone from strength to strength. Young people’s engagement in environmental issues has grown during the COVID-19 pandemic and since COP26 in Glasgow. Just over 3,000 young people have signed up to be Green Influencers in 347 groups across England.**
The scheme continues to fund 44 Green Mentor posts in 37 organisations, as well as funding environmental social action projects carried out by groups of Green Influencers through grants of £360 initially and then up to £5,000.
In the 2021-2022 financial year, the Trust has given 157 grants of £360 for groups to initiate their ideas and 33 grants of up to £5,000 to develop group projects to maximise community and environmental impact.
The Green Influencers Scheme 2nd Annual Conference was held in March 2022 to celebrate collective achievements and learn new skills in a variety of participative workshops. This was the first time so many of the Green Mentors had met in-person, after last year’s event was held online due to COVID-19 restrictions.
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Youth Advisory Board
members at the
Conference
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This project is joint-funded by the #iwill Fund. The #iwill Fund is made possible thanks to £54 million (up to July 2022) 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.
**Funded projects by theme**
**64%** Wildlife/biodiversity
**18%** Waste/litter/ recycling
- **8%** Sustainable food/ growing
- **6%** Air pollution/ climate/carbon
- **4%** Other environmental/ nature projects
Green Influencers Scheme
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
## CHARITABLE ACTIVITY
**Green Influencers Scheme Cumulative Impact to March 31st 2022**
## **3,189**
**37**
## **Green Influencers recruited**
## **Host**
## **Organisations**
80% in the target age range of 10-14 year-olds **(1,500: 2020/21)**
awarded grants since November 2020
**44**
## **6,500**
## **Green**
## **Peers engaged**
## **Mentors**
in community environmental projects **(3,000: 2020/21)**
now employed across England
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Over half of the
Green Influencers
are from the top
20% most deprived
areas of England.
Green Influencer
groups support
disadvantaged young
people including
young carers,
refugees, asylum #IWILL HOST GREEN GREEN ONGOINGENVIRONMENTAL
seekers and young SEED & ECT ORGANISATIONS MENTORS INFLUENCERS SOCIAL ACTION
people affected by FUNDING
domestic violence. 37 44 3,1896,500
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**It encourages me to see an organisation so youth-led, that has young people at the forefront of the work.** Tasneem, Green Influencers Scheme Youth Advisory Board member
Green Influencers Scheme
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
TRUSTEE REPORTCHARITABLE ACTIVITY
## **Green Influencers Scheme - Impact**
## **Children and young people**
On average, Green Influencers who took part in the Scheme showed a **positive increase in their wellbeing and nature connection** as well as a connection between the two.
In addition, young people **gained key skills** from taking part in environmental youth social action projects:
## **ONE IN EVERY TWO**
- **» Improved teamwork skills**
- **» Improved communication skills**
- **» Improved confidence**
## **Communities**
**Green Influencers have engaged with community groups and are making connections with other organisations:**
“… As a result we have had organisations reaching out to us to work with these young people more and benefiting community outreach for many organisations.”
“The young people showed that they can be responsible and take positive action. Due to this, local community and residents want to support further action and youth work in the estate.”
**Green Influencers have benefited local businesses through their projects:**
“Local traders have increased their seating capacity thanks to the Parklets project that young people have co-designed and local residents are currently enjoying more nature brought into the street.”
“They are now going to the Flood Wardens meetings and are on the climate group locally. They are very engaged young people.”
## **Green Influencer projects have benefitted schools:**
“Coop Academy Nightingale in Leeds who received a Project Grant of £5,000 for their school garden this year just got a good OFSTED inspection. The Green Influencers Eco Club and their new garden was mentioned in the inspection specifically as being something really positive and beneficial to the school.”
**88**
**new gardens**
**16**
**litter picks/ clean ups**
**30**
**wildlife homes built**
Green Influencers Scheme
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
**C H A R I TA B L E A C T I V I T Y**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022The Owl Collaboration
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CHARITABLE ACTIVITY
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## **The OWL Collaboration**
## **About**
**The OWL Collaboration is a £2.8M programme funded and delivered by The Ernest Cook Trust in collaboration with seven farm and environmental Outdoor Learning Centres:**
**Bore Place (Commonwork Trust) Countryside Education Trust Jamie’s Farm**
**Lambourne End**
**Magdalen Farm (Magdalen Environmental Trust)**
**Shallowford Farm**
**Ufton Court Educational Trust**
The OWL Collaboration funds a unique opportunity for children to experience and explore nature whilst living and learning together. The activities on these trips aim to produce the following outcomes for children:
- **»** A stronger connection to nature
- **»** Improved mental health and wellbeing
- **»** Care and concern for the environment
- **»** Improved engagement with education
## **Core Components**
- **»** An innovative Outdoor Week of Learning targeting disadvantaged children and young people
- **»** Focus on nature connection as a pathway to improved outcomes for children and young people
- **»** Long-term relationships with schools to embed and champion Outdoor Learning
- **»** Robust evaluation framework
- **»** Outdoor Learning Centres’ Community of Practice to optimise provision and influence future policy and practice
- **»** Opportunity for funders to be involved in an impact-driven project
## **The Future**
The Ernest Cook Trust has committed to funding The OWL Collaboration until 2025. However, we need other funders to join in this initiative, which aims to improve the provision of residential visits in the farm and environmental sector in three ways:
**Pupil aim** - Children and young people with a stronger connection to nature have better life chances in the face of 21st century challenges **School aim** - Schools and educators are inspired to embed Outdoor Learning approaches into day-to-day learning
**Network aim** - A stronger and more sustainable Outdoor Learning sector
**The Dulverton Trust has joined The Ernest Cook Trust in the Collaboration. We believe that not only the sector as a whole will gain substantial long-term benefits through collaboration, but so will the individual schools and pupils. We look forward to more funders joining The OWL Collaboration.**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The OWL Collaboration
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CHARITABLE ACTIVITY
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## **The OWL Collaboration - Year 1 Reach**
**The OWL Collaboration has successfully reached some of the most deprived children and young people in the country:**
- **» 62% of the children attending an Outdoor Week of Learning (OWL) were from minoritised ethnic groups – far greater than the proportion in the UK population overall (14%)**
- **» 82% of participating primary schools and 68% of participating secondary schools had more pupils in receipt of Free School Meals than the national average**
- **» 88% of participating primary schools and 75% of participating secondary schools had higher than the national average of pupils with special educational needs**
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7 36 830
Outdoor schools with high young people took
Learning Centres levels of disadvantage part in an Outdoor
engaged Week of Learning
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The OWL Collaboration
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CHARITABLE ACTIVITY
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**The OWL Collaboration - Year 1 Impact Impact on Children and Young People**
**I think that it cannot be put into quantifiable data what this experience has meant to the whole team and all the children that were able to participate in this experience. It is so far from their normal and has been so inspiring for the children, lets them know there is a different life outside of what they have known all their lives. They are truly brighter sparks after this experience. The independence and personal growth has been immeasurable.** Teacher on an OWL residential
**I feel like this has just been a good opportunity because you kind of just need a reset. You need a reset out of school for a little bit. Just to get yourself back on track, and then obviously use all that you've learnt from here to try and go back to school and replicate it.**
**I have learnt how important nature really is and that I should be willing to help.** Participant on an OWL residential
**It was a great experience and something I’ll remember for the rest of my life. It was incredibly fun and I really enjoyed myself!** Participant on an OWL residential
Participant on an OWL residential
**Many of our pupils are categorised as deprived and this was truly a once in a lifetime opportunity.** Teacher on an OWL residential
**I saw how these pupils who have a very negative view of school and success, achieve in practical tasks and the impact that this had on them and their engagement.**
Teacher on an OWL residential
**93%**
of children want to spend more time outdoors as a result of their OWL residential
**80%**
of children have a greater appreciation of nature
**70%**
of children have improved mental health
**52%**
of children are now more motivated and co-operative in lessons
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The OWL Collaboration
CHARITABLE ACTIVITY
## **The OWL Collaboration - Year 1 Impact**
## **Impact on Schools**
ALL teachers interviewed stated that their participation in The OWL Collaboration has inspired them to provide more Outdoor Learning opportunities for their students
**The impact of the Outdoor Week of Learning and Forest School activities has been seen by all teachers, and the leadership team has recognised the need for an alternative curriculum for this cohort to help them engage with school and to improve their mental health and behaviour.”** Teacher on an OWL residential
**We have spent more time in our school garden, integrated Outdoor Learning into the Science curriculum and are planning trips to outdoor experiences across the school.** Teacher on an OWL residential
## **Impact on the Outdoor Learning Sector**
Benefits of the network to Outdoor Learning Centres:
- **»** Financial security during uncertain times
- **»** Connection and engagement with new and existing schools
- **»** Sharing of knowledge, resources and collaborations between centres
- **»** Improved practice in evaluating impact with potential to influence policy and practice
- **»** New focus on nature connection as an outcome measure
**“Thank you so much for “By sharing best practice being such encouraging, with other providers, thought provoking we hope to move the and responsive colleagues! outdoor education sector It is hugely enjoyable forward and ultimately to work with you and a give more children lifelong really excellent and highly memories of being in unusual example of a nature and a sense of hope funder relationship.” for their futures.”**
**“Who knows what could evolve from a programme like this. There is more strength in numbers, we don’t need to keep reinventing the wheel.”**
**“It was a huge moment of hope!”** Head of an Outdoor Learning Centre, speaking of the moment they were appointed as an one of the partners for The OWL Collaboration
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The OWL Collaboration
**C H A R I TA B L E A C T I V I T Y**
Page 27
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022The Learning Estate
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 has started to pursue one of its boldest projects to date - The Learning Estate.**
## **Core Components**
- **» A baseline survey of various key biodiversity indicators is underway, such as birds, bugs, soils, water and habitats. The surveys will now be regularly conducted to track progress towards increasing the biodiversity across the 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.
- **» A good proportion of the estate is now either in, or going into, the Countryside Stewardship Scheme in its many forms - Higher Tier, Mid Tier agreements and Capital Grants. These have a wide range of objectives that cover restoring the historic landscape (including the restoration of a scheduled monument), improving water and soil quality, providing educational access and increasing biodiversity with a range of habitat establishment options.**
Set against a backdrop of pressing environmental, economic, social and health challenges, this 10-year-plus 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.
- **» Work has been carried out to improve the biodiversity value of a stretch of the River Eye – this has been completed in partnership with the Trent Rivers Trust.**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The Learning Estate
**T R U S T E E S ’ R E P O R T**
The Ernest Cook Trust | Annual Report for the Year Ended 31 MaT **r** ustees’ Reportch 2022
Page 29
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 the opportunity 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 7 to 28 and outlined in the Chairman’s Report on page 3. Plans for the future are reported on the next pages.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Objectives & Activities
**T R U S T E E S ' R E P O R T**
Page 31
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022Future Activities
TRUSTEES’ REPORT
## **Future Activities**
**Our principal strategic priority for the coming year is to develop direct learning opportunities on our own land. This includes three major projects: Low Beckside Farm, Cumbria; Home Farm, Gloucestershire; and Little Dalby Estate, Leicestershire.**
In Cumbria, we will be liaising with the local community and industry experts to work-up a full project plan for Low Beckside Farm, Mungrisdale, which we acquired in September 2021. It is our intention to keep land-based skills training within Cumbria by providing valuable facilities for learning at the farm, but also to use the farm as a learning hub for upland farmers, exploring the options for upland farms of the future and moving towards more nature-friendly ways of farming.
Having taken back in-hand Home Farm in Quenington, Gloucestershire, we are evaluating how the farm can offer high impact learning opportunities and, specifically, which age range of students it can best serve. In the meantime, it will provide much needed winter grazing for the fell flock from Low Beckside Farm who will travel south once they have been gathered off the fell in November.
In Leicestershire, we are working on a business plan for our Little Dalby Estate, which will seek ways of increasing the economic, social and environmental diversity of the estate, wrapped within a long-term educational programme. We will be doing so by collaborating with our tenants, making this a more unique and more challenging project than many of our peer estates have attempted.
Further research and our own impact evaluation forms a crucial part of developing these project plans and in ensuring that they are worthy of support, both internally and from external organisations.
Finally, we have been granted planning permission to convert Court Farmhouse in Quenington, Gloucestershire, kindly donated to The Ernest Cook Trust last year by the Frank Gollins Trust, into our new Headquarters. Work will begin on the necessary alterations as soon as possible and we are confident that the finished site will support our work by providing first class office space and educational facilities for the Trust.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Future Activities
TRUSTEES’ REPORT
## **The Estates**
**The Trust owns and manages over 9,000 hectares of land and property made up of mainly let farmland but also 584 hectares of woodland, houses, cottages and a few small commercial premises.**
Land is owned in six counties: Buckinghamshire, Cumbria, Dorset, Gloucestershire, Leicestershire and Oxfordshire. These estates are managed for income return and capital growth whilst seeking ways to improve their environment and habitats, evolve landscapes and protect heritage.
Active management dictates that we are constantly looking for new opportunities and ways to evolve and improve our income stream in support of the Trust’s overall charitable object. We seek to be professional, progressive and supportive landlords and we expect our tenants to aspire to, and advocate best practice in farming, land management and environmental impact (which should always be above minimum legal requirements).
As the COVID-19 pandemic abates, we are managing through a period of substantial boom in the property industry and the effects of Brexit. The increased material costs and a lack of labour have restricted the industry’s capacity to undertake work and catch up on 1-2 years of delayed planned work. However, we have been committed to getting back on track and retaining those important contractor relationships that have stood us in good stead. These pressures are highlighted even more so in the context of our important stakeholders in the public sector, such as planning authorities, where resources are commonly at breaking point.
This year, our Estates team have been able to visit our estates on a more regular basis, which has been hugely positive, allowing us to connect back with these stunning landscapes and meet with our valued farming, residential and commercial tenants.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
The Estates
## TRUSTEES’ REPORT
## **Residential Property**
**Once again, Trustees agreed to suspend rent reviews for our residential portfolio during 2021/22, and routine property inspections are reinstated following the COVID-19 pandemic.**
The market for rural housing has seen a continued boom, with high demand for vacant property when coming back on the market. During the year, we successfully let 14 new homes, with five properties undergoing extensive refurbishment prior to re-letting. We carried out our first Residential Tenants’ Survey gathering feedback on the condition of our residential property and views on the Trust’s customer service. We had a response from over 65% of our residential tenants with constructive feedback to aid continual improvement and give us confidence that the hard work and dedication is having an impact.
- **»** Over three-quarters of respondents said that they were either quite likely or very likely to recommend The Ernest Cook Trust as a landlord to their friends and family
- **»** More than 80% of respondents said that they were either quite satisfied or very satisfied with their home
- **»** Almost half of respondents have been living in their homes for more than 10 years (way above national averages)
**I feel very much NOT just another The Trust stay in tenant. Interaction with the Trust is touch, they also always genuinely friendly, rather leave you to enjoy than the ‘have a nice day’ blandness your home. and insincerity found elsewhere.** Tenant comment
**A lovely place to live with good, fair landlords.**
Tenant comment
Tenant comment
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Residential Property
TRUSTEES’ REPORT
## **Our Farms**
**Having the opportunity to work with our farming tenants is a pleasure, especially given the considerable time, effort and resources put in to operating thriving farming businesses.**
Whilst dealing with day-to-day management matters pertaining to good estate management, we continue to take every opportunity to collaborate with this important group, support diversity of thought, new approaches to problem solving, and new ideas.
We were very sad to lose one of our longstanding farming families on our Home Estates. This, coupled with a considerable block of land becoming vacant on our Leicestershire Estate has necessitated 10 new farm business tenancies being agreed across both estates. We are pleased to continue supporting our existing tenants, allowing their businesses to grow, but the considerable changes in tenure have enabled the retention of some key plots of land, representing opportunities for the Trust to explore new
environmental land management objectives. The Trust is also exploring managing land in-hand to support direct delivery of our core educational objectives.
Discussions over rent and future successions have been concluded on three holdings and, more broadly, much discussion is centred on post-Brexit UK-based legislation, changes in traditional agricultural support mechanisms and new environmentally based subsidies. There is considerable interest in accessing private investment markets and opportunities around new income streams for both landlord and tenant. We have no doubt that the next 24 months will represent considerable change for the sector.
We are pleased to have retained our Conservation & Learning Apprentice on the Home Estates in a new permanent role overlapping both disciplines. We are committed to supporting more apprenticeships in future years to encourage more young people to be employed in land and learning.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Our Farms
TRUSTEES’ REPORT
## **Progressive Farming**
We want to see a diverse outdoors: **commercially, socially and environmentally**
## **Improve Access**
- We want our farms to be more accessible. We do this by:
- **» encouraging improved and managed access**
- **» community engagement**
- **» public awareness-raising**
- **» proactive management**
“We farmers cannot reasonably expect public support if we don’t let the public in.
Inviting the public onto the farm by creating permissive paths, as accessible as possible, seemed to be the best way to include the people we rely on to buy our produce. We aim to educate and inform and most importantly, to welcome.
## Get
on my farm!
With the provision of a dedicated accessible hub and toilet facilities we hope to encourage visitors who might not normally have access to working farms.”
**Helen Wade, Tenant Farmer, Hatherop Estate (and the Trust’s accessibility champion)**
## **Monitoring Diversity**
We are trying to better understand the demands and opportunities around nature recovery and its place alongside food production, energy, amenity and financial viability. The following environmental survey work has been carried out:
## **Wild Bird Winter Surveys**
- **» Home Estates & Little Dalby Estate (covering 6,238 Ha)**
- **» 111 different species recorded**
- **» 25 red listed**
- **(JNCC* highest conservation concern)**
- **» 24 amber listed (JNCC* moderate conservation concern)**
- *UK Joint Nature Conservation Committee
## **Soil Surveys**
- **» Little Dalby Estate (covering 2,312 Ha)**
- **» Surveying soil structure, water filtration, carbon and worm counts.**
## **Bird Box Installation**
- **» 14 owl boxes across our Home Estates**
- **» A small number of kestrel boxes**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Progressive Farming
TRUSTEES’ REPORT
## **Progressive Farming**
## **Commercial Diversification with Zero Waste**
After selling the family dairy herd in 2010, Hurst Farm diversified into the fodder industry, primarily dealing with the equestrian market:
“Using the latest machinery, technology and committed employees, we strive to maximise our yields ensuring we produce a premium product that satisfies the market and ensures demand is high all year round. A herd of around 100 longhorn cattle work hand in hand with the fodder business by utilising any produce that cannot be sold therefore ensuring that the farm produces zero waste. These cattle are fattened on conservation grazing during the summer and then grass silage and waste bales during the winter. The meat is then butchered and sold to Ruby & White, Bristol.”
## **Preservation of Cultural Heritage**
“I was lucky enough to secure a FiPL grant in relation to the restoration of two historic stone bridges along the Sheepbridge valley, west of Eastleach, with match funding (of £2,000) generously provided by the Trust.
The flat stone bridge has been restored with work on the other to start shortly. Both bridges enable sheep to cross the River Leach when it rises in the winter.”
**Lyndall Gibson, Tenant Farmer, Hatherop Estate**
## **Dan Moss, Tenant Farmer, Slimbridge Estate**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Progressive Farming
## TRUSTEES’ REPORT
## **Estates - Sales & Acquisitions**
Some considerable sales have been completed through the year, including disposal of the Boarstall Estate in Buckinghamshire, a large residential property in Dorset and a number of other small plots. Trustees were pleased to be able to agree the sale of Boarstall Estate to its previous owners, the Aubrey-Fletcher family.
The completion of the bequest of Court Farm Estate in Quenington, Gloucestershire has provided the Trust with the opportunity to relocate our Headquarters to Court Farmhouse and redevelop our current office space. Although in recent years Court Farm and neighbouring properties have been minimally occupied, the relocation of the Trust will return these properties to active occupation, bringing a national education charity to a beautiful base nestled between our existing Home Estates.
We were delighted to complete the purchase of Low Beckside Farm in Cumbria along with the lowland and hefted sheep flocks. This beautiful valley hill farm has been purchased in support of the direct provision of education and learning.
As this is the Trust’s quinquennial year, an in-depth valuation exercise has been commissioned across all estates to assess both capital and investment values. This involves an inspection and review of all land and property owned by the Trust by professional advisors. The portfolio has seen an increased investment value of which takes into account the change in markets, but also sales and acquisitions.
## **Estates - Development**
Council and the community to ensure we can address issues early on in the process. Again, in Fairford, the decision was taken to delay construction of five new dwellings through our trading subsidiary, Mintglebe Ltd. We expect to review the future of this site in the forthcoming financial year.
The Trust has continued with its commitment to create opportunities for future residential development in line with a drive from national and regional governments through their local plan process. In response to demand, we are continuing to focus on bringing forward our large strategic sites in collaboration with those local communities surrounding them. It is important to the Trust that this is approached with due sensitivity within the wider community. It also allows us to take forward our estates in the best interest of our charitable objective and pursue opportunities for enhanced capital value and sales where it is appropriate to do so. We very much hope that within the next 12-18 months we will be in a position to generate capital receipts.
In Buckinghamshire, the Trust has unfortunately now lost land to HS2 Ltd through compulsory purchase. However, with our interests being represented by expert advisors we have been able to negotiate compensation for our losses and we continue to work with HS2 Ltd to minimise the impact of this national scheme on the Trust's Hartwell Estate.
Finally, in Leicestershire the Trust is on notice of another significant infrastructure project, the Melton Mowbray Distributor Road (MMDR) which, if it progresses, will clip the northern part of our estate.
As we have emerged out of COVID-19 lockdown a greater emphasis has been placed on consultation for our strategic site in Stroud District (https://www.wisloe.co.uk/) and preparation of submissions for the Local Plan Examination in Public (EiP). Likewise, this has been a focus for a smaller strategic site closer to home in Gloucestershire (www.nefairford. co.uk), working closely with Fairford Town
All of these projects highlight the activity in the sector of land and property management, and the importance of retaining expert advice to create opportunities for the Trust and protect the future of our charitable activity.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Estates - Sales & Acquisitions | Estates - Development
TRUSTEES’ REPORT - FINANCIAL REVIEW
## **Financial Review**
**As this report demonstrates, the Trust has continued to develop and extend its education and learning activities. Expenditure on Grants and Learning projects increased to £2,917,888 (2021: £2,695,565) representing an increase of 8% over the previous year.**
Funding for these activities is derived from the Trust’s estate income, external grants and its financial investments.
Performance of the estates remains relatively strong, income diminished by 3% to £3,835,262 (2021: £3,943,737) in the year. The easing of restrictions imposed by the COVID-19 pandemic in 2021-22 helped the Trust to continue important estate works that saw expenditure increase to £3,413,211 (2021: £2,796,561), with the resulting surplus from estates falling to £422,051 from
## £1,147,176 in the previous year.
The Trust’s financial investments performed well in the year, generating an income of £1,026,051 (2021: £882,790) and increasing in value by £3,250,811 in the year. The overall return from the Trust’s financial investments was 8.64% for the year, which met the policy objective of financing our activities and preserving the long-term value of the Trust’s endowment.
Independent professional valuations have resulted in an uplift of £16,195,706 in the value of our property investments.
The acquisition of Low Beckside Farm in Cumbria and Court Farm in Gloucestershire have been valuable additions to our freehold land and buildings portfolio.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Financial Review
TRUSTEES’ REPORT - FINANCIAL REVIEW
## **Financial Review**
## **Reserves Policy**
The Statement of Financial Activities shows an increase in the Trust’s Reserves of £22,838,424 for the year. The Trustees have set aside Reserves as follows. The Expendable Endowment represents the Endowment of the Charity at 31 March 2022 at £207,624,850. The level of the Designated Fund is set at the level of potential future commitments at £3,564,859. Restricted Funds are £1,095,362 at the year-end, representing the Green Influencers Scheme. Unrestricted Funds are £7,139,432 at year-end which provides the working capital and operating requirements of the charity for at least twelve months from the date of signature of the accounts.
## **Fundraising Policy**
The Trustees are aware of their obligations under the Charities Act to report the charity’s fundraising policy. We occasionally engage with statutory funders, trusts and foundations in order to raise income but do not engage in public fundraising or use commercial fundraisers. There have been no instances of complaints or non-compliance with any code.
**The Ernest Cook Trust has five significant items of expenditure:**
**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)**
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Financial Review
TRUSTEES’ REPORT - FINANCIAL REVIEW
## **Financial Review**
## **Remuneration policy**
The Trust’s pay policy, pay structure and changes to employee terms and conditions are reviewed by the remuneration committee, which comprises the Chair and one other Trustee, and makes recommendations to the Board of Trustees.
The Chairman of the Trust determines the salary and other benefit changes for the Chief Executive. These changes are only made when market forces and other matters dictate the need. The Chairman makes these decisions in consultation with the remuneration committee described above.
The Trust’s Memorandum and Articles of Association provide an authority to pay our Trustees, in accordance with the wishes of our founder. A separate remuneration committee of independent experts is convened every five years to review Trustee remuneration.
## **Future Financial Performance**
The Trustees are mindful of the current pressures and challenges posed by the global economic situation and the specific domestic pressures we are experiencing. Rising costs could impact the Trust’s operations significantly and will be a key factor in planning future activity. Consideration of how activities will be funded remains important and our plans will be determined by maintaining an appropriate balance between income and expenditure, as well as continuing to exercise careful management of our assets.
## **Investments**
The Trust’s charitable activities are 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 continued to work on 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.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Financial Review
TRUSTEES’ REPORT - FINANCIAL REVIEW
## **Financial Review**
## **Risk**
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.
## **Principal Risks & Uncertainties**
**Financial** We planned our 2021/22 budget expecting restrictions imposed by the COVID-19 pandemic to continue to ease, but the out turn was marked by variations across the Trust’s expenditure over the previous year when so much expenditure was constrained, although income held up particularly well. Having decreased substantially at the start of the pandemic, the investment portfolio performed well, achieving a net return of 8.64% for the year. Potential demand for our charitable activities continues to outstrip our ability to resource our work. We are planning ways to increase our annual income, including long-term development of our assets to produce higher yields and increasing our grantseeking and fundraising efforts. The economic turbulence which took hold in the last part of the year following Russia's invasion of Ukraine has inevitably had an adverse impact on the Trust's investments and operating costs, particularly in financial year 2022-23. Nevertheless, Trustees remain confident of the long-term resilience of our finances.
**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 rigorous, 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.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Financial Review
TRUSTEES’ REPORT - FINANCIAL REVIEW
## **Financial Review**
**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. Staff continue to work hard to maintain the Trust’s growth in activities while coping with variable working conditions. We mitigated this risk by paying careful attention to staff wellbeing, encouraging more home/hybrid working for many roles, maintaining close communication and providing support to one another. We continue to monitor staff performance and wellbeing.
**Cost of Living Crisis** In common with many other charities, the Trust faces notable challenges posed by the exceptional economic conditions impacting stakeholders because of an increased cost of living. The Trust is conscious of the economic impact of the cost of living crisis on grant recipients and families who face increased challenges in participating in projects and programmes as well as a reduction in funding for projects from elsewhere. The Trust can adapt and support its activities as circumstances require. Equally, the impact of the cost of living crisis is felt by the Trust itself and careful monitoring is required of its overall costs base, as well as continuing to provide the appropriate support where necessary. We continue to monitor staff concerns with the cost of living crisis through our wellbeing survey.
**Operational Risk** This 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, we plan Trustee succession to ensure that the right mix of skills, experience and expertise is maintained. Trustees receive 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 for the Year Ended 31 March 2022
Financial Review
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 five Trustee led committees to monitor specialist areas of activity: Estates; Finance and Investment (including Audit and Risk Management); Everything Outdoors; the Green Influencers Scheme; and The OWL Collaboration. Each committee has its own terms of reference, is chaired by a Trustee and reports back to the main Board.
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 grant giving 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 Trust is run on a day to day basis by the Chief Executive, assisted by 35 staff, including a Property Director, a Finance Director, Heads of Learning, Grants, and Operations & Communications.
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 2021/22 year.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Structure, Governance & Management
**T R U S T E E S ' R E P O R T**
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022Accounts
Page 45
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
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:
- » there is no relevant audit information of which the charitable company’s auditor is unaware; and
- » the Trustees have taken all steps that
- » select suitable accounting policies they ought to have taken to make and then apply them consistently; themselves aware of any relevant audit information and to establish
- » observe the methods and principles in that the auditor is aware of that the Charities SORP (2019) FRS102; information.
- » make judgments and accounting estimates that are reasonable and prudent;
## **Auditor**
The resolution for the reappointment of Price Bailey LLP as auditor of the charitable company will be proposed at the forthcoming AGM.
- » state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415a of the Companies Act 2006.
- » prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
On behalf of the Trustees:
## **A W M Christie-Miller,**
**Chairman of the Trustees**
Date : 8 December 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 2022 which comprise of the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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:
- » give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022, and of the incoming resources and application of resources, including its income and expenditure, for the year then ended;
- » have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- » have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report.
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 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.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
Based on the work we have performed, we have not identified any material **the Companies Act 2006** uncertainties relating to events In our opinion, based on the work or conditions that, individually or undertaken in the course of the audit: collectively, may cast significant doubt on the charitable company’s ability to » the information given in the Trustees’ continue as a going concern for a period Report (incorporating the strategic of at least twelve months from when report and the directors’ report) the financial statements are authorised for the financial year for which the for issue. financial statements are prepared is consistent with the financial Our responsibilities and the statements; and
- responsibilities of the Trustees with respect to going concern are described in » the strategic report has been the relevant sections of this report. prepared in accordance with applicable legal requirements **.**
## **Other information**
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.
Page 46
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Statement of Trustees’ Responsibilities | Independent Auditor’s Report
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
**Matters on which we are required to** taken on the basis of these financial **report by exception** statements.
## **Use of our report**
Management override: To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness. We reviewed systems and procedures to identify potential areas of management override risk. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.
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 and to the charitable company’s Trustees, as a body, in accordance with act. Our audit work has been undertaken so that we might state to the charitable company’s members and its Trustees 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 and the charitable company’s members as a body and the charitable company’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
In the light of the knowledge and Irregularities, including fraud, are understanding of the charitable company instances of non-compliance with laws and its environment obtained in the and regulations. We design procedures course of the audit, we have not identified in line with our responsibilities, outlined material misstatements in the strategic above, to detect material misstatements report and the directors’ report. in respect of irregularities, including We have nothing to report in respect of fraud. The extent to which our procedures the following matters in relation to which are capable of detecting irregularities, including fraud is detailed below:
|We have nothing to report in respect of
the following matters in relation to which
the Companies Act 2006 requires us to
report to you if, in our opinion:
»
adequate accounting records have
not been kept by the charitable
company, or returns adequate for our
audit have not been received from
branches not visited by us; or
»
the charitable company’s fnancial
statements are not in agreement with
the accounting records and returns; or
»
certain disclosures of directors’
remuneration specifed by law are
not made; or
»
we have not received all the
information and explanations we
require for our audit.|.
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 that could have a material impact
on the fnancial statements. This included
those regulations directly related to the
fnancial statements, including fnancial
reporting, and tax legislation. In relation
to the operations of the charitable
company this included compliance with
the Charities Act 2011 and Companies
Act 2006.
The risks were discussed with the audit|in determining signifcant accounting
estimates.
Because of the inherent limitations of
an audit, there is a risk that we will not
detect all irregularities, including those
leading to a material misstatement
in the fnancial statements or non-
compliance with regulation. This risk
increases the more that compliance with
a law or regulation is removed from the
events and transactions refected in the
fnancial statements, as we will be less
likely to become aware of instances of
non-compliance. The risk is also greater
regarding irregularities occurring due to
fraud rather than error, as fraud involves
intentional concealment, forgery,
collusion, omission or misrepresentation.
A further description of our|
members and its Trustees those matt
we are required to state to them in an
auditor’s report and for no other purp
To the fullest extent permitted by law
do not accept or assume responsibilit
to anyone other than the charitable
company and the charitable compan
members as a body and the charitabl
company’s Trustees as a body, for ou
audit work, for this report, or for the
opinions we have formed.
**Helena Wilkinson BSc FCA DChA**
**(Senior Statutory Auditor)**|
|---|---|---|---|
|**Responsibilities of Trustees**
We have been appointed auditor under
the Companies Act 2006 and report in
accordance with those Acts.
Our objectives are to obtain reasonable|team and we remained alert to any
indications of non-compliance throughout
the audit. We carried out specifc
procedures to address the risks identifed.
These included the following:
Reviewing minutes of Board meetings,|responsibilities is available on the
FRC’s website at: https://www.frc.org.
uk/auditors/audit-assurance/auditor-s-
responsibilities-for-the-audit-of-the-f/
description-of-the-auditor%E2%80%99s-
responsibilities-for.This description forms
part of our auditor’s report.|for and on behalf of Price Bailey LLP
Chartered Accountants
Statutory Auditors
24 Old Bond Street
London
W1S 4AP|
|assurance about whether the fnancial|reviewing any correspondence with|||
|statements as a whole are free from
material misstatement, whether due to|the Charity Commission, agreeing
the fnancial statement disclosures to||Date: 14 December 2022|
|fraud or error, and to issue an auditor’s|underlying supporting documentation,|||
|report that includes our opinion.|and enquiries of management and|||
|Reasonable assurance is a high level|ofcers of the charitable company and a|||
|of assurance, but is not a guarantee|review of the risk management processes|||
|that an audit conducted in accordance|and procedures in place. We have also|||
|with ISAs (UK) will always detect a|reviewed the procedures in place for the|||
|material misstatement when it exists.|reporting of any incidents to the Trustee|||
|Misstatements can arise from fraud|Board including serious incident reporting|||
|or error and are considered material|of these matters as necessary with the|||
|if, individually or in the aggregate,|Charity Commission.|||
|they could reasonably be expected to||||
|infuence the economic decisions of users||||
Page 47
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Independent Auditor’s Report
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)**
## **BALANCE SHEET**
## **At 31 March 2022**
## **For the year ended 31 March 2022**
||||**Unrestricted**|**Endowment**|**Restricted**|**Total funds**|**Total funds**|||**2022**|**2021**|
|---|---|---|---|---|---|---|---|---|---|---|---|
||||**funds**
**2022**|**funds**
**2022**|**funds**
**2022**|**2022**|**2021**||**Note**|**£**|**£**|
|||||||||**Fixed assets**||||
||**Note**||**£**|**£**|**£**|**£**|**£**|Tangible assets|12|**6,650,811**|3,423,949|
|**Income**||||||||Investment in subsidiaries|13|**200**|200|
|Estate income||1|**3,835,262**|**-**|**-**|**3,835,262**|3,943,737|Investments|13|**216,434,131**|200,399,280|
|Charitable activities||2|**-**|**-**|**604,562**|**604,562**|500,000|||**223,085,142**|203,823,429|
|Furlough grants received||3|**7,366**|**-**|**-**|**7,366**|82,104|**Current assets**||||
|Investment income||4|**1,026,051**|**-**|**-**|**1,026,051**|882,790|Debtors: fallingdue after more than oneyear|14|**200,000**|200,000|
|Donated assets|||**4,490,987**|**-**|**-**|**4,490,987**|-|Debtors: fallingdue within oneyear|14|**2,755,788**|2,145,402|
|**Total income**|||**9,359,666**|**-**|**604,562**|**9,964,228**|5,408,631|Cash at bank and in hand||**5,859,541**|2,923,001|
|||||||||||**8,815,329**|5,268,403|
|**Expenditure**
**Charitable activities:**||||||||**Creditors: amounts falling**
**due within oneyear**|15|**(1,389,033)**|(1,407,106)|
|Estate expenditure||5|**3,413,211**|**-**|**-**|**3,413,211**|2,796,561|**Net current assets**||**7,426,296**|3,861,297|
|Grants & Learning Activities|6,7,8||**1,378,291**|**-**|**1,539,597**|**2,917,888**|2,695,565|||||
|||||||||**Total assets less current liabilities**||**230,511,438**|207,684,726|
|**Raising funds:**||||||||**Creditors: falling due after**||||
|Investment management
fees|||241,222|-|-|241,222|246,928|**more than oneyear**|16|**(14,651,794)**
**215,859,644**|(14,663,506)
193,021,220|
|**Total expenditure**||9|**5,032,724**|**-**|**1,539,597**|**6,572,321**|5,739,054|||||
|||||||||**Capital and income funds**||||
|**Net income / (expenditure)**
**before gains and losses on**
**investments**|||**4,326,942**|**-**|**(935,035)**|**3,391,907**|(330,423)|Unrestricted funds
Restricted funds||**7,139,432**
**1,095,362**|3,724,958
1,117,929|
|Gain/(loss) on listed investments|||-|3,250,811|-|3,250,811|14,045,762|Endowment funds||**207,624,850**|188,178,333|
|**Gain/(loss) on the revaluation of**
**investment properties**|||**-**|**16,195,706**|**-**|**16,195,706**|**-**||17|**215,859,644**|193,021,220|
|**Net income / (expenditure)**|||**4,326,942**|**19,446,517**|**(935,035)**|**22,838,424**|13,715,339|||||
|||||||||**The Ernest Cook Trust (Registered No. 07907411)**||||
|**Transfer between funds**|||**(912,468)**||**912,468**|**-**|-|The fnancial statements have been prepared in accordance with the provisions||applicable to companies subject to the small||
|**Net movement in funds**|||**3,414,474**|**19,446,517**|**(22,567)**|**22,838,424**|13,715,339|companies’ regime and in accordance with the provisions of FRS102.||||
|||||||||The fnancial statements were approved by the|Trustees on 08.12.22.|||
|**Reconciliation of funds**||||||||||||
|Fund balance as at 1 April||||||||||||
|2021|||**3,724,958**|**188,178,333**|**1,117,929**|**193,021,220**|179,305,881||**A W M Christie-Miller,**|||
||||||||||**Trustee**|||
|**Fund balances carried**||||||||||||
|**forward at 31 March**|||**7,139,432**|**207,624,850**|**1,095,362**|**215,859,644**|193,021,220|||||
|The accompanying accounting policies|||on pages 49 to 50 and notes on pages 50 to 56 form an integral part of these fnancial||||||**H M Henderson,**
**Trustee**|||
|statements. All activities are
|continuing
||and there are no|recognised gains or losses for the period other than those recorded in the||||||||
The accompanying accounting policies on pages 49 to 50 and notes on pages 50 to 56 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.
Page 48
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Statement of Financial Activities
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **NOTES TO THE FINANCIAL**
## **STATEMENT OF CASH FLOWS**
## **1.5 GRANTS PAYABLE**
to prepare group accounts on the basis that the value of the subsidiaries are immaterial both individually and in total.
**STATEMENTS For the year ended 31 March 2022**
## **For the year ended 31 March 2022**
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.
|||**2022**|**2021**
**£**
13,715,339
95,925
(14,037,310)
(882,790)
663,300
(297,917)
(743,453)
(30,785)
(1,096,652)
1,144,473
882,790
9,768,786
(9,043,025)
1,625,587
882,134
3,162,521
4,044,655
2,923,001
1,121,654
4,044,655
**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.
**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
of the division of the time spent by each
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 fnancial 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 conficts 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 diference in the nature,
location or condition of the specifc asset.
The yields (YP) are formally reviewed
every fve years.
Realised surpluses or defcits on the
disposal of investments are included
in the Statement of Financial Activities
|
|---|---|---|---|
|**Net cash infow/(outfow) from operating activities**||**£**||
|
Net movement in funds||**22,838,424**||
|Adjustments for:||||
|Depreciation of tangible fxed assets||**46,042**||
|Unrealised losses /(gains)on investments||**(19,446,517)**||
|Dividends & interest from investments||**(1,026,051)**||
|(Increase)/ decrease in debtors||**(610,384)**||
|Increase /(decrease)in creditors||**(29,785)**||
|Income from donated asset||**(4,490,987)**||
|**Net infow/(outfow) from operating activities**||**(2,719,258)**||
|
**Cash fows from investing activities**||||
|||||
|
Purchase of tangible fxed assets||**(1,930,103)**||
|Purchase improvements landed estates||**(1,276,531)**||
|Salesproceeds from disposal ofproperties||**6,604,478**||
|Dividends & interest from investments||**1,026,051**||
|Proceeds from sale of investments||**15,838,943**||
|Purchase of investments||**(13,153,653)**||
|**Net cash used in investing activities**||**7,109,185**||
|||||
|**(Decrease)/increase in cash in theyear**||**4,389,927**||
|Cash brought forward at 1 April
**Cash carried forward at 31 March**||**4,044,655**
**8,434,582**||
|**Cash carried forward at 31 March is comprised of:**||||
|Cash at bank and in hand||**5,859,541**||
|Cash deposits included with Other Investments (see Note 13)
**Total cash carried forward**|**H FLOWS IS DISCLOS**|**2,575,041**
**8,434,582**
**ED IN NOTE 22.**||
|**A NET DEBT RECONCILIATION FOR THE STATEMENT OF CAS**||||
Employment costs are divided between Realised surpluses or deficits on the enterprises based on the best estimate disposal of investments are included of the division of the time spent by each in the Statement of Financial Activities employee. Support Costs are charged and calculated based on the sale price directly to the charitable activities on the against the previously posted valuation. basis of staff time. 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.
## **1.2 SUBSIDIARY COMPANIES**
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 Section 139 of the Charities Act 2011 not
Page 49
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Statement of Cash Flows
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **1.7 FINANCIAL INSTRUMENTS**
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:
- » Investments are measured at their fair value as at the balance sheet date as noted in 1.6;
- » Fixed assets are measured at cost less depreciation;
The investments note 12 details the historical cost of the investments and the unrealised gains to arrive at their fair value.
## **1.8 FIXED ASSETS FOR CHARITY USE**
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.
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.
## **1.9 FUNDS**
## **Expendable endowment fund**
The expendable endowment fund, previously referred to as the capital reserve in prior years, was established
|can be measured or estimated reliably.|**1**
**ESTATE INCOME**|||
|---|---|---|---|
|Creditors are normally recognised at their
settlement amount after allowing for any
trade discounts due.
**1.13 TARGETED CONTRIBUTION**
**SCHEME**|Rents
Forestryincome|**2022**
**£**
**3,780,117**
**18,546**|**2021**
**£**
3,689,505
35,154|
|In the light of unsustainable increasing
costs, the Trustees reviewed the pension
|Countryside Stewardship& othergrants
Other income|**25,511**
**11,088**
**3,835,262**|32,660
186,417
3,943,736|
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.
## **Unrestricted fund**
This fund represents the net incoming resources of the Trust, before realised and unrealised gains and losses, since its foundation in 1952. The nature of this unrestricted fund enables the Trustees to apply this fund in the furtherance of the charity’s objectives.
|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**
|**1**
**ESTATE INCOME**
**2022**
**2021**|**1**
**ESTATE INCOME**
**2022**
**2021**|
|---|---|---|
||**£**
**£**||
||Rents
**3,780,117**
3,689,505||
||Forestryincome
**18,546**
35,154||
||Countryside Stewardship& othergrants
**25,511**
32,660||
|In the light of unsustainable increasing
costs, the Trustees reviewed the pension
rovision for members of this scheme|Other income|**11,088**
186,417
**3,835,262**
3,943,736|
|p .
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 defned. 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.
**1.14 CRITICAL JUDGEMENTS AND**|All Estate income in the year was unrestricted (2021 - unrestricted).
**2**
**CHARITABLE ACTIVITIES**|**2022**
**2021**|
|||**£**
**£**|
||Green Infuencers Scheme|**500,000**
500,000|
||The OWL Collaboration|**45,000**
-|
||Kickstart Scheme|**53,937**
-|
||Other|**5,625**
**604,562**
500,000|
## **Designated unrestricted funds**
Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees.
## **Restricted Funds**
Restricted funds are funds which have been restricted for specific purposes by the donor.
## **1.14 CRITICAL JUDGEMENTS AND ESTIMATES**
All charitable activities income in the year was restricted (2021 - restricted).
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:
## **1.10 PENSIONS - DEFINED**
## **CONTRIBUTION SCHEME**
## **3 FURLOUGH GRANTS RECEIVED**
There are three Defined contribution schemes in place for employees. The pension costs charged in the year in respect of this scheme represent the amount of the contributions payable to the scheme in respect of the accounting period.
||**2022**
**2021**|
|---|---|
||**£**
**£**|
|Furloughgrants received(HMRC Coronavirus Retention Scheme)|**7,366**
82,104|
|There are no unfulflled conditions relating to this grant.|**7,366**
82,104|
|||
» Depreciation – the Trust exercises the scheme in respect of the accounting judgement to determine useful lives period. and residual values for tangible fixed **1.11 DEBTORS** assets. The assets are depreciated down to their residual values over Debtors are recognised at the settlement their estimated useful lives. amount due after any trade discount offered. Prepayments are valued at » Properties – the value of properties the amount prepaid net of any trade owned by the Trust have been discounts due. Accrued income and considered in relation to current tax recoverable is included at the best market conditions, actual transactions estimate of the amounts receivable at the and offers made for sale and rental. balance sheet date.
## **4 INVESTMENT INCOME**
|»
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.||**2022**
**2021**|
|---|---|---|
|||**£**
**£**|
||Dividends,distributions and interest fromquoted securities(gross)|**1,018,551**
875,290|
||Bank and other interest (gross)
All investment income in the year was unrestricted (2021 - unrestricted).|**7,500**
7,500
**1,026,051**
882,790|
||||
## **1.12 CREDITORS**
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 the amount due to settle the obligation
Page 50
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **7 GRANTS AND LEARNING ACTIVITIES**
## **5 ESTATE EXPENDITURE**
The value of the grants and other direct charitable expenditure paid during the year are as follows:
||**2022**
**2021**
**£**
**£**
**1,275,204**
668,441
**8,811**
61,543
**32,617**
2,944
**132,159**
118,949
**53,408**
32,668
**6,228**
6,747
**203,729**
179,783
**36,908**
35,509
**52,170**
100,631
**166,885**
350,975
**42,911**
27,936
**38,507**
41,884
**27,307**
21,025
**1,336,367**
1,147,526
**3,413,211**
2,796,561||**Restricted**
**Unrestricted**
**Total 2022**|
|---|---|---|---|
||||**£**
**£**
**£**|
|Repairs and replacements||Educationalgrants to institutions|1,292,059
602,245
**1,894,304**|
|Depreciation||Grant salaries andpension costs|141,615
27,437
**169,052**|
|Rates||Ofce expenses and equipment|-
2,264
**2,264**|
|Insurance||Grant seminars and conferences|14,381
323
**14,704**|
|Light and heat||Grant evaluation and research|41,225
-
**41,225**|
|Telephone||Grant travel expenses|4,521
3,913
**8,434**|
|Estate wages andpension costs||Grant Co-ordinator|-
-
**-**|
|Equipment and vehicle expenses||Grant digital communications|30,272
-
**30,272**|
|Legal fees||Depreciation|-
8,018
**8,018**|
|Otherprofessional fees||Postage and telephone|-
7,210
**7,210**|
|Sundryexpenses||Printingand stationery|-
-
**-**|
|Non recoverable VAT||Education salaries andpension costs|-
313,945
**313,945**|
|Donations||Education expenses and equipment|-
78,844
**78,844**|
|||Administration costs|15,524
-
**15,524**|
|**Support costs allocation (note 8)**
All estate exenditure in the ear was unrestricted (2021 - unrestricted)||||
|||**Support costs allocation (note 8)**
**Total**|**-**
334,092
**334,092**
**1,539,597**
**1,378,291**
**2,917,888**|
All estate expenditure in the year was unrestricted (2021 - unrestricted).
## **6 GOVERNANCE COSTS**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Salaries andpensions|**279,783**|276,313|
|Trustees remuneration and expenses(note 11)|**65,891**|65,500|
|Travellingand subsistence|**2,204**|205|
|Audit and accountancy|**25,540**|31,850|
|Legal fees|**48,562**|15,285|
|Otherprofessional fees|**24,548**|4,133|
|Public relations fees|**1,235**|1,618|
|Equipment and vehicle expenses|**995**|758|
|Other expenses|**37,127**|4,631|
||**485,885**|400,293|
All governance costs in the year were unrestricted (2021 - unrestricted).
## **PRIOR YEAR**
|||**Restricted**|**Unrestricted**|**Total 2021**|
|---|---|---|---|---|
|||**£**|**£**|**£**|
||Educationalgrants to institutions|**741,903**|**1,049,796**|1,791,699|
||Grant salaries andpension costs|**78,083**|**36,714**|114,797|
||Ofce expenses and equipment|**4,720**|**3,356**|8,076|
||Grant seminars and conferences|**3,608**|**-**|3,608|
||Grant evaluation and 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|
||Postage and telephone|**-**|**1,937**|1,937|
||Printingand stationery|**-**|**318**|318|
||Education salaries andpension costs|**-**|**381,058**|381,058|
||Education expenses and equipment|**-**|**61,240**|61,240|
||Administration costs|**10,000**|**-**|10,000|
||||||
||**Support costs allocation(note 8)**|**-**|**269,550**|269,550|
||**Total**|**875,016**|**1,820,549**|2,695,565|
All grants are to institutions (2021 – all grants to institutions).
Page 51
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **8 SUPPORT COSTS**
||**PRIOR YEAR**|**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**|
||||||**PRIOR YEAR**
**Staf costs**
**Depreciation**
**Other**
**Total**
**2021**|**PRIOR YEAR**
**Staf costs**
**Depreciation**
**Other**
**Total**
**2021**|**PRIOR YEAR**
**Staf costs**
**Depreciation**
**Other**
**Total**
**2021**|**PRIOR YEAR**
**Staf costs**
**Depreciation**
**Other**
**Total**
**2021**|**PRIOR YEAR**
**Staf costs**
**Depreciation**
**Other**
**Total**
**2021**|
|---|---|---|---|---|---|---|---|---|---|
||||**£**|**£**
(28)
17,802
26,751
44,525
403,580
2,568
63,501
6,350
13,633
70,291
6,582
400,293
5,631
972,429
400,122
400,122
1,417,076
1,147,526
269,550
1,417,076||**£**|**£**|**£**|**£**|
|**Establishment expenditure**|||||Investment management fees|-|-|246,928|**246,928**|
|Light and heating|||**-**||Estate expenditure|668,435|75,567|2,052,559
|**2,796,561**|
|Depreciation|||**6,566**||Grants & Learning Activities
**Total**|658,533
1,326,968|20,358
95,925|2,016,674
**2**
4,316,161
|**,695,565**
**5,739,054**|
|Insurance
**Administration expenditure**|||**29,243**
**35,809**|||||||
||||||**Total expenditures include:**|||**2022**|**2021**|
|Salaries andpension costs|||**534,084**|||||||
|Travellingand subsistence|||**5,158**|||||||
|Equipment and motor vehicles|||**91,337**|||||**£**|**£**|
|Printingand stationery|||**4,445**||Auditor’s remuneration|||**20,000**|16,040|
|Postage and telephone|||**9,941**||Auditor’s remuneration – 2020 additio|nal costs||**-**|31,850|
|Otherprofessional fees|||**32,091**||Depreciation|||**46,042**
**106,319**
**2022**|95,925
161,242|
|Subscriptions|||**4,882**||Pension costs|||||
|Governance costs(see note 6)|||**485,885**||**10**
**EMPLOYEES**||||**2021**|
|Sundries
**Financial expenditure**|||**19,927**
**1,187,750**|||||||
|||||||||||
|Bank and interest charges
**Total Support costs**|||**446,900**
**446,900**
**1,670,459**|||||||
|||||||||**£**|**£**|
||||||Wages and salaries|||**1,164,656**|1,115,240|
||||||Social securitycosts|||**106,236**|99,203|
|**Allocation of support costs**|||||Other pension costs
**The average number of employees du**|**ring the period, analysed by activity, w**||**104,482**
**1,375,374**|112,525
1,326,968|
|Estate Expenditure|||**1,336,367**||||**as as follows:**|||
|Grants & Learning Activities
**Total**|||**334,092**
**1,670,459**|||||||
|||||||||**2022**|**2021**|
||||||||**Number**
**Number**|||
||||||Maintenance of estates||**8**
8|||
||||||Management and administration||**26**
26
**34**
34|||
||**The average number of employees during the period, analysed**|**by activity, was as follows:**||
|---|---|---|---|
|||**2022**|**2021**|
|||**Number**|**Number**|
||Maintenance of estates|**8**|8|
||Management and administration|**26**|26|
|||**34**|34|
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**
**2022**|
||**£**
**£**
**£**
**£**|
|Investment management fees|-
-
241,222
**241,222**|
|Estate Expenditure|785,560
32,205
2,595,446
**3,413,211**|
|Grants & Learning Activities
**Total**|589,814
13,867
2,314,207
**2,917,888**
1,375,374
46,072
5,150,875
**6,572,321**|
## **The emoluments of higher paid employees fell within the following ranges:**
|||**2022**|**2021**|
|---|---|---|---|
|||**Number**|**Number**|
||£110,000 to £120,000|**1**|1|
||£80,001 - £90,000|**1**|1|
Key management personnel comprise the Trustees, Chief Executive Officer, 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 £476,402 (2021: £471,057).
Page 52
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **11 TRUSTEES’ REMUNERATION**
## **13 FIXED ASSET INVESTMENTS**
|||**2022**|**2021**
**£**
15,000
10,000
10,000
10,000
10,000
10,000
**65,000**
500
65,500
|||**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 2021||153,404,655|45,872,971|1,121,654|**200,399,280**|
|Mr S F Eliot||10,000||Additions||4,424,718|13,153,651||**17,578,369**|
|Sir Bertie Ross||10,000||Disposals||(6,604,478)|(15,838,943)||**(22,443,421)**|
|Mrs M E Riall||10,000||Cash movement||||1,453,386|**1,453,386**|
|Ms J D Greenwood
**Total Trustee remuneration**||10,000
**65,000**
891
**65,891**||Total gain / (loss) on revaluation
**At 31 March 2022**||16,195,706
**167,420,601**|3,250,811
**46,438,490**|**2,575,040**|**19,446,517**
**216,434,131**|
|Expenses
**Total remuneration and expenses**||||||||||
|||||Investment in subsidiaries||**167,420,601**|**46,438,490**|200
**2,575,240**|**200**
**216,434,331**|
|||||||||||
|||||||||||
|||||Historical cost at 31 March 2022||-|37,673,495|2,575,240|-|
Expense reimbursements paid to the six Trustees during the year amounted to £891 (2021: £500). At the year-end an amount of £Nil (2021: £16,250) was owed to the Trustees. There is an authority in the Memorandum and Articles of Association to provide remuneration to Trustees.
|**PRIOR YEAR**||**Investment**
**properties**|**Listed**
**investments**
|**Other**
**investments**|**Total 2021**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Cost or valuation**||||||
|At 1 April 2020||146,818,552|39,186,896|453,361|**186,458,809**|
|Additions||1,096,652|9,043,025||**10,139,677**|
|Disposals||(1,144,474)|(9,768,787)||**(10,913,261)**|
|Cash movements||||668,293|**668,293**|
|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**|
|||||||
|Investment in subsidiaries||-|-|200|**200**|
|||**153,404,655**|**45,872,971**|**1,121,854**|200,399,480|
|||||||
|Historical cost at 31 March 2021||-|28,398,497|1,121,854|-|
## **12 TANGIBLE FIXED ASSETS**
|**12**
**TANGIBLE FIXED ASSETS**||||||
|---|---|---|---|---|---|
||**Freeh**|**old land and**
**buildings**|**Other**||**Total**|
|||**£**|**£**||**£**|
|**Cost**||||||
|At 1 April 2021||3,331,432|834,314||4,165,746|
|Additions||3,243,407|29,497||3,272,904|
|Disposals
**At 31 March 2022**||-
**6,574,839**|-
**863,811**||-
**7,438,650**|
|||||||
|**Depreciation**||||||
|At 1 April 2021||-|741,797||741,797|
|Charged in theyear||-|46,042||46,042|
|Disposals
**At 31 March 2022**||-
**-**
**6,574,839**|-
**787,839**
**75,972**||**-**
**787,839**|
|**Net book amount at 31 March 2022**|||||**6,650,811**|
|Net book amount at 31 March 2021||3,331,432|92,517||3,423,949|
The 2022 valuations were made by Savills, Sworders and Briggs & Stone on an investment value basis.
If the fixed asset investments excluding properties had not been revalued they would have been included on the historical cost basis as £40,248,536 (2021: £29,520,351). It is not possible to determine the historical cost of the investment properties as many of them were settled by the founder in 1952.
Page 53
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees hold 100 shares of £1 in each of the Trust’s two wholly owned subsidiaries, ECT Farms Limited and Mintglebe Limited.
||**Individual investments which comprise over 5% of the value of the**|**2022**|**2021**|
|---|---|---|---|
||**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|**5,899,534**|4,358,697|
||Trojan Income Fund|**4,359,510**|4,089,908|
||Heronbridge UK Equity Fund|**-**|3,633,708|
||Schroder Charity Equity Fund|**2,799,510**|2,853,760|
## **Results of these are as stated:**
||||||Vanguard US S&P 500 Fund|**5899534**|4358697|
|---|---|---|---|---|---|---|---|
|**Name of company**||**ECT Farms Limited**||**Mintglebe Limited**||**,,**|,,|
||||||Trojan Income Fund|**4,359,510**|4,089,908|
|Countryof incorporation
% holding/control||United Kingdom
100%||United Kingdom
100%|Heronbridge UK Equity Fund|**-**|3,633,708|
|No of shares held and value
Income 2022||100 shares at £1per share
£155,751|100 shares at £1per share
£-||Schroder Charity Equity Fund|**2,799,510**|2,853,760|
|Net Assets/(Liabilities)as at 31 March 2022
Income 2021||£(46,852)
£108,301||£(30,757)
£-|**14**
**DEBTORS**|||
|Net Assets as at 31 March 2021
Nature of business||£45,075
Management of land held
for farming purposes|£(24,976)
Design and build services to ECT.|||**2022**
**£**|**2021**
**£**|
||||||**Due after more than one year**|||
|**An analysis of the location of investments for the Trust is as follows:**|||||Other debtors|**200,000**|200,000|
||**UK**|**Non-UK**|**2022**|**2021**||**200,000**|200,000|
||||**Total**|**Total**||||
||||||This is a long-term loan to a previous Chief Executive that is due to be|||
|Investmentproperties
Listed investments|**£**
167,737,694
31,255,235|**£**
-
15,183,255|**£**
**167,737,694**
**46,438,490**|**£**
153,404,655
45,872,971|repaid 12 months after the death of the surviving partner. Interest is paid at
3.75% for the frst 5 years, from the date of the advancement (September
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|||
|Other investments|2575041|-|**2575041**|1121654|Mr & Mrs Ford.|||
||**UK**|**Non-UK**|**2022**|**2021**|
|---|---|---|---|---|
||||**Total**|**Total**|
||**£**|**£**|**£**|**£**|
|Investmentproperties|167,737,694|-|**167,737,694**|153,404,655|
|Listed investments|31,255,235|15,183,255|**46,438,490**|45,872,971|
|Other investments|2,575,041|-|**2,575,041**|1,121,654|
||**201,567,970**|**15,183,255**|**216,751,225**|200,399,280|
|**PRIOR YEAR**|**UK**|**Non-UK**|**2021**|**2020**|
||||**Total**|**Total**|
||**£**|**£**|**£**|**£**|
|Investmentproperties|153,404,655|-|**153,404,655**|146,818,552|
|Listed investments
Other investments|27,301,824
1,121,654|18,571,147
-|**45,872,971**
**1,121,654**|39,186,896
453,361|
||**181,828,133**|**18,571,147**|**200,399,280**|186,458,809|
|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 frst 5 years, from the date of the advancement (September
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.||
|---|---|
||**2022**
**2021**|
||**£**
**£**|
|**Due within one year**||
|Rents receivable|**1,492,772**
1,476,849|
|Other debtors and prepayments|**753,768**
569,765|
|
Amounts due from group companies|**509,248**
98,788
**2,755,788**
2,145,402|
## **Listed and other investments by fund type are as follows:**
|**Listed and other investments by fund type are as follows:**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|UK equities|**16%**|23%|
|Non-UK equities|**48%**|45%|
|Bonds|**8%**|9%|
|Alternatives|**23%**|21%|
|Cash|**5%**|2%|
|**Total**|**100%**|100%|
## **15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**15**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
||**2022**|**2021**|
||**£**|**£**|
|Social securityand other taxes|**51,587**|24,887|
|Pension creditor|**8,033**|1,881|
|Amounts owed togroupcompanies|**-**|36,632|
|Accruals|**479,338**|236,441|
|Other creditors|**589,383**|855,516|
|Deferred income|**260,692**|251,749|
||**1,389,033**|1,407,106|
Deferred income represents unexpired lease premiums payable – see note 16.
Page 54
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **16 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|**16**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**||
|---|---|
||**2022**
**2021**|
||
**£**
**£**|
|Loans|**14,000,000**
14,000,000|
|Deferred income|**651,794**
663,506
**14,651,794**
14,663,506|
£10,000,000 is secured on part of the Fairford and Hatherop Estates at a fixed interest rate of 3.51% from 2016 for 20 years. The remaining £4,000,000 is a loan facility dated August 2019 for 4 years.
|**Deferred Income reconciliation:**|**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Deferred income balance brought forward|**915,255**|1,162,236|
|Income released in theyear|**(268,539)**|(487,018)|
|Income deferred|**265,770**|240,037|
|**Final total carried forward**|**912,486**|915,255|
|**Deferred income by period:**|**2022**
**2021**|
|---|---|
||**£**
**£**|
|Under 1year|**260,692**
251,749|
|Between 2 and 5years|**35,136**
35,136|
|Over 5 years
**Total**|**616,658**
628,370
**912,486**
915,255|
## **17 FUNDS AND RESERVES**
|**2022**||||**Opening**
**Balance £**||**Income**
**£**|**Expenditure**
**£**|**Gain/loss**
**£**|**Transfer**
**£**|**Closing**
**Balance £**|
|---|---|---|---|---|---|---|---|---|---|---|
|Unrestrictedgeneral funds||||(508,342)||9,359,666|(4,364,283)|-|(912,468)|3,574,573|
|Designated Funds||||4,233,300||-|(668,441)|-|-|3,564,859|
|**Total Unrestricted Funds**||||**3,724,958**||**9,359,666**|**(5,032,724)**|**-**
**19,446,517**|**(912,468)**
**-**
|**7,139,432**|
|**Endowment Funds**|||**1**|**88,178,333**||**-**|**-**|||**207,624,850**|
|**Restricted Funds:**|||||||||||
|Green Infuencers Scheme||||1,117,929||500,000|(1,041,143)|-|500,000|1,076,786|
|The OWL Collaboration||||-||45,000|(457,468)|-|412,468|-|
|Kickstart Scheme||||-||53,937|(40,986)|-|-|12,951|
|Other restricted funds||||-||5,625|-|-|-|5,625|
|**Total restricted Funds**|||**1**|**1,117,929**||**604,562**|**(1,539,597)**|**-**
**19,446,517**|**912,468**
**-**
|**1,095,362**|
|**Total Funds**||||**93,021,220**||**9,964,228**|**(6,572,321)**|||**215,859,644**|
|**2021**|||**Opening**
**Balance £**|**Income**
**£**||**Expenditure**
**£**|**Gain/loss**
**£**|**Transfer**
**£**||**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**|||**4,179,284**
**174,132,571**|**4,908,631**||**(4,862,957)**|**-**
**14,045,762**|**(500,000)**||**3,724,958**
**88,178,333**|
|**Endowment Funds**||||**-**||**-**||**-**|**1**||
|**Restricted Funds:**|||||||||||
|Green Infuencers Scheme|||994,026|500,000||(876,097)|-|500,000||1,117,929|
|**Total restricted Funds**||**1**|**994,026**
**79,305,881**|**500,000**
**5,408,631**||**(876,097)**|**-**
**14,045,762**|**500,000**
**-**|**1**|**1,117,929**
**93,021,220**|
|**Total Funds**||||||**(5,739,054)**|||||
Transfers between funds are made to maintain reserves in line with policies set out in the Trustees' Report, or as a share of restricted costs as detailed below.
## **Expendable endowment fund**
This is a reserve representing the capital assets of the Trust.
## **Designated fund**
The Ernest Cook Trust has a designated fund 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 £4,233,300 was underspent due to the problems of carrying out building work during the pandemic and funds of £3,564,859 are carried forward. We remain aware of supply chain problems which may prevent us achieving full expenditure and continue to closely monitor 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 £54M (up to July 2022) joint investment from the National Lottery Community Fund and the Department for Digital, Culture, Media & Sport to support young people to access high quality social action opportunities. Both the #iwill Fund and The Ernest Cook Trust will provide £1.5million to the Green Influencers Scheme, resulting in a total of £3million to be spent over 3 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 year-olds) 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.
## **Restricted funds – The OWL Collaboration**
Launched in 2020 The Owl Collaboration brings together schools, Outdoor Learning Centres and funders to develop and deliver new ways of teaching and the development of skills for learning outside the classroom. The Ernest Cook Trust provides funded places for disadvantaged pupils as well as funding to Outdoor Learning Centres. External funding for The OWL Collaboration of £45,000 was received in the year and our expenditure on The OWL Collaboration of £457,468 was met by a transfer of £412,468 from Unrestricted Funds.
## **Restricted Funds - Kickstart**
During 2021 we participated in the Government's Kickstart Scheme which provided funding to employers to create jobs for 16 to 24 year olds on Universal Credit. Government funding for the scheme has now closed.
Page 55
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
## TRUSTEES' REPORT
THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
## **18 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
||**Restricted fund**
**Expendable**
**endowment**
**Designated fund**
**Unrestricted fund**
**Total 2022**|
|---|---|
||**£**
**£**
**£**
**£**
**£**|
|Tangible fxed
assets|-
3,331,432
-
3,319,379
**6,650,811**|
|Investments|-
204,293,418
12,140,913
**216,434,331**|
|Current assets|1,095,362
-
1,423,946
6,296,021
**8,815,329**|
|Current liabilities|-
-
-
(1,389,033)
**(1,389,033)**|
|Long-term liabilities|-
-
(10,000,000)
(4,651,794)
**(14,651,794)**
**1,095,362**
**207,624,850**
**3,564,859**
**3,574,573**
**215,859,644**|
||**Restricted fund**
**Expendable**
**endowment**
**Designated fund**
**Unrestricted fund**
**Total 2021**|
||**£**
**£**
**£**
**£**
**£**|
|Tangible fxed
assets|-
3,331,432
-
92,517
**3,423,949**|
|Investments|-
184,846,901
14,233,300
1,319,279
**200,399,480**|
|Current assets|1,117,929
-
-
4,150,474
**5,268,403**|
|Current liabilities|-
-
-
(1,407,106)
**(1,407,106)**|
|Long-term liabilities|-
-
(10,000,000)
(4,663,506)
**(14,663,506)**
**1,117,929**
**188,178,333**
**4,233,300**
**(508,342)**
**193,021,220**|
## **19 COMMITMENTS FOR FUTURE EXPENDITURE**
There were no capital commitments as at 31 March 2022 or 31 March 2021.
## **20 PENSIONS**
## **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 £106,319 (2021 – £161,242) and at 31 March 2022 creditors related to pensions totalled £8,033 (2021 – £1,881)
## **21 POST BALANCE SHEET EVENTS AND CONTINGENT ASSETS**
The Trust owns investment properties on land that is subject to compulsory purchase for HS2 High Speed Rail line. Since the balance sheet date, the Trust has reached a negotiated settlement for the compensation receivable due to compulsory acquisition, including compensation for loss of income of £1,810,004 which was received post year-end.
## **22 ANALYSIS OF CHANGES IN NET DEBT**
## **This note refers to the cash flow on page 8:**
||**Opening balance**
**Cash fows**
**Other non-cash**
**changes**
**Closing balance**|
|---|---|
||**£**
**£**
**£**
**£**|
|Cash and cash equivalents|4,044,655
4,389,927
-
8,434,582|
|
Loans due over one year
**Total net debt**|(14,000,000)
-
-
(14,000,000)
**(9,955,345)**
**4,389,927**
**-**
**(5,565,418)**|
## **23 RELATED PARTY TRANSACTIONS**
In 2016 the Trust issued a loan to the former Chief Executive 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 fixed interest charge of 3.75% per annum for five years and 2.5% above the sterling LIBOR thereafter. The loan is repayable within 12 months of the death of the surviving borrower, former Chief Executive or his wife. The loan of £200,000 remained outstanding at the year end and is 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 Limited the charity incurred costs of £367,662 (2021 £59,034) and received income of £18,782 (2021 £81,488). At the year end The Ernest Cook Trust was owed £428,857 (2021 £90,264) by the subsidiary - the Trust owed the subsidiary £Nil (2021 £31,828).
For Mintglebe Limited the charity incurred costs of £16,544 (2021 £17,644) and recharged costs related to the Waiten Hill Project of £Nil (2021 £6,051). At the year-end Mintglebe Limited owed the charity £80,391 (2021 £98,788).
Mary Riall is a Trustee of The Ernest Cook Trust and is also a Trustee of The Ufton Court Educational Trust, a registered charity. During the year The Ernest Cook Trust made a Grant to The Ufton Court Educational Trust amounting to £50,000 in support of their Outdoor Week of Learning (2021 £50,000).
A loan provided to a former Agent and Secretary made in 1987 was repaid in full during the year. No interest was charged on the loan. There were no other related party transactions (2021 none).
Page 56
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Notes to the Financial Statements
LEGAL AND ADMINISTRATIVE DETAILS
The Ernest Cook Trust Legal and Administrative details for the year ended 31 March 2022
Registered Company No. 07907411
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
**Gary McDonald** Interim Finance Director
## **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 (adviser)**
## **Everything Outdoors**
**Simon F Eliot** Chairman
## **Mary E Riall**
**Mohammed Dhalech** Ex officio advisor
**Green Influencers Scheme**
**Mary E Riall** Chair
**The OWL Collaboration**
## **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 Street London W1S 4AP
## **Investment Adviser**
Cazenove Capital Management 1, London Wall Place London EC2Y 5AU
**Simon F Eliot** Chairman
Page 57
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Legal and Administrative Details
## **Our History**
## **An extraordinary legacy**
Seventy years ago, a remarkable story began when a shy, unassuming English gentleman bequeathed his estates to the charity that bears his name - The Ernest Cook Trust.
His generous bequest created an extraordinary legacy that has since benefited many thousands of children and young people, their families and communities, particularly those who are disadvantaged. The latest chapter of this story is recorded here in this Annual Report.
## **A bright future**
It is a privilege to continue the important work Ernest Cook began, helping to nurture a lifelong journey of learning, appreciation and respect for the countryside.
Our success emanates from a diverse range of people at the Trust who share the wealth of their skills and abilities, working together as one.
If you get a small group of people together who are passionate about something and put everything they’ve got into it, it’s amazing what you can achieve.
Dr Victoria Edwards OBE, Chief Executive, The Ernest Cook Trust
Page 58
The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2022
Our History
**Fairford Park, Fairford, Gloucestershire GL7 4JH Office 01285 712492 Email hello@ernestcooktrust.org.uk Web www.ernestcooktrust.org.uk**
Page 59
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