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2023-03-31-accounts

A N N U A L R E P O R T A N D A C C O U N T S 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 3

LOOK!

O U R S T O R Y O F L E A R N I N G, C O N N E C T I O N A N D I M P A C T

REASONS TO BE CHEERFUL | HEADLINE ACHIEVEMENTS

C O N T E N T S

The Ernest Cook Trust is part of an impressive community of networks and organisations across the UK, working to help create a more environmentally engaged society. Our work is increasingly achieved through collaborations and with our funding partners, whose contribution significantly boosts the scale and reach of our work.

Together, we are making an impact. Read on and join in!

**REASONS TO BE CHEERFUL HEADLINE ACHIEVEMENTS**
**LEADING THE WAY OUR CHAIR AND CHIEF EXECUTIVE**
**CHARITABLE ACTIVITY OUR ACTIVITY AND AMBITIONS**
Our Learning Strategy 7 A Geographical Focus 9
Our Approach 8
OUTDOOR EDUCATORS 10
Nature Connection and Learning 11 Outdoor Essentials Grants 21
The OWL Collaboration 14
OPENING OUTDOORS 23
Naturally Connected to Nature - Little Saplings 27 Outdoor Leaning Ofcer Grants & OPEN 28
SKILLS FOR NATURE 29
Training & Certifcation 31 Infuencers Schemes 33
Outdoor Futures Grant 32
OUR LANDHOLDINGS 40
**Bricks and Mortar Our Capital Assets and Development Opportunities** 42 The Land we Manage
**A new high-quality low-carbon community Sustainable communities** 43 Our Landholding Initiatives
TRUSTEES’ REPORT 47
Financial Review 48 **Statement of Financial Position - The Ernest Cook Trust **
Consolidated Statement of Cash Flows 58
Structure, Governance & Management 53
Notes to the Consolidated Financial Statements 59
Accounts 54
Legal and Administrative Details 69
**Report of the Trustees Independent Auditor’s Report** 55
A Remarkable Legacy 70
**Consolidated Statement of Financial Activities **
Consolidated Statement of Financial Position 57

HEADLINE ACHIEVEMENTS

Reasons to be cheerful

In this unprecedented era of nature and climate crisis, our work has never been more urgent and important.

Far from being daunted, we are continually inspired and encouraged by the young people who not only benefit from the Trust, but are increasingly involved at the core of our work. The energy and unique spirit each person brings drives us to champion the youth voice, enabling everyone to make a real and lasting difference to our changing world.

School Support

2,596 individual children worked with

563

sessions hosted at our sites from Cumbria to Dorset

100% of teachers who responded to our survey said they would recommend an Outdoor Learning site visit to their school colleagues (85 teachers were surveyed, 52% responded; in the period Sept 2022 - July 2023)

£3M

CHARITABLE SPEND* (£2.8M 2021/22)

OF WHICH

£1.9M

GRANT-FUNDING AWARDED* (£1.9M 2021/22)

903

TOTAL GRANTS AWARDED*

(927: 2021/22) demonstrating a more targeted approach

42,000+

CHILDREN AND YOUNG PEOPLE*

Over 42,000 children and young people benefitted from our Outdoor Learning opportunities this year (35,000+ 2021/22)

1,059 young people experienced an Outdoor Week of Learning (OWL)*

36,088 people were engaged through Green Influencers Scheme projects across England (in the Scheme’s 3-year period)

Our Green Influencers (young people aged 10-14 years) spoke at 26 conventions or conferences, and held 30 School Assemblies, amplifying the youth voice*

We have 100+ active working partnerships with organisations who share our vision for a diverse outdoors where people and places flourish

We use our 9,000 hectares of rural landholdings as a source of income for our charitable work, as sites for Outdoor Learning, and as centres for sustainable land management

*In the year 2022/23

Nature makes everything better!

Child on an Outdoor Week of Learning (The OWL Collaboration)

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Reasons to be cheerful | Headline achievements

OUR CHAIR AND CHIEF EXECUTIVE

Leading the way

The Ernest Cook Trust exists to enable disadvantaged children and young people to connect with nature. Working This simple aim enriches and changes lives whilst together and listening also helping to build a better, greener society. CULTIVATING deeply to CONNECTIONS create the This Report outlines the work we have delivered in the conditions for people and last year. The Trust is an extraordinary organisation, places to blessed with a deeply committed workforce, a flourish diverse landholding with fantastic potential and a rich web of relationships with our agricultural and Nurturing trust residential tenants, our beneficiaries and funding and courage in ourselves and partners. Together, we have delivered a wide range of FREEDOMTO TRY others to make trying new programmes, all focused on increasing young people’s things access to meaningful experiences in the natural world. possible

It has been a year of change with a new Chair and an interim Chief Executive. We would like to thank and pay tribute to Andrew Christie-Miller and Dr Victoria Making the Edwards OBE for their tireless work on behalf of the most of the outdoors as a Trust and their essential contribution to increasing PROGRESSIVE place where the Trust’s resolute focus on our charitable purpose STEWARDSHIP diversity can thrive of education. We are building on our predecessors’ achievements by setting clear strategies for the future of our educational work, our property and business operations, by strengthening our internal organisation and developing integrated geographical hubs. We are delighted to welcome our new Chief Executive, Ed Ikin, who will lead the Trust forward from December 2023.

Our generous partners have been pivotal to increasing our impact. The success of the Green Influencers Scheme which saw over 7,000 young people engage in green community activities could not have been achieved without our funding partners at the #iwill Fund. We look forward to the next phase as we roll out the Blue Influencers Scheme in the coming months.

The year has also been marked by the increasing contribution being made by some exceptional young people, particularly the Youth Advisory Board, as they helped us empower young people to find their voice and positively engage in environmental youth social action.

Looking ahead, we are determined to do more to meet the challenges of the nature and climate crisis. We will continue engaging with young people, including in leadership roles, to support their positive response to this defining issue of our era, and we will do more to drive and facilitate progressive stewardship of the land that we own and the properties we manage.

Finally, we want to give our heartfelt personal thanks to our growing staff team, without whose energy and enthusiasm none of this would be possible. Together, we cherish the freedom to try new opportunities to achieve our vision for an environmentally engaged society.

Mary Riall Chair

Dr Ian Gambles Interim Chief Executive (November 2022 - December 2023)

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Leading the way | Our Chair and Chief Executive

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

Charitable Activity | Our activity and ambitions

We are inspiring more young people to achieve better life outcomes.

As one of the UK’s foremost funders and providers of Outdoor Learning, The Ernest Cook Trust continues its decades-long commitment to helping children and young people, their families and communities forge lasting connections with nature.

Being outdoors makes me grateful that I am in this world and it makes me realise that nature is amazing!

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We fund others G R A N T S U PP O RT
We fund and run our own programmes D I R E CT D E LI V E RY
We work to maximise impacts and R ES EA R CH & A DVO CACY
promote better outcomes
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

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Funding for
CHARITABLE ACTIVITY organisations
offering green skills
training for young
Funding for
people
organisations for
community-based
Our Learning youth-led environmental
social action
Increasing
projects
awareness and initial
Strategy experience of land-based
and environmental Outdoor
careers for Practitioners’
As key players in the Learning from the Land sector, we have young people EXPERIENCE,WORK EducationNetwork
PLACEMENTS
comprehensively reviewed all of our programmes to ensure & CAREERS SKILLS
we make the best use of our considerable landholdings, INFORMATION FOR NATURE
maximise the impact of our work, and remain true to our opportunities for youngSkills and leadership
charitable object, which is education. people to make positive
environmental change
What has emerged is an ambitious new Learning Strategy
which will guide our future partnerships, grant giving and
direct delivery.
OPENING
OUTDOORS
Tackling barriers
to outdoor access NATURALLY
and participation CONNECTED
for young people TO NATURE
Programmes sit across three
NATURE
strategic themes: DOORNEXT
O U T D O O R E D U C AT O R S COMMUNITY LEADERS
O P E N I N G O U T D O O R S
S K I L L S F O R N AT U R E
Funded immersive
Outdoor Weeks of
Learning (OWLs)
for young people at
Outdoor Learning
Centres
Outdoor
Learning training
for community
leaders
OUTDOOR
LEARNING
OFFICER
GRANT
Supporting
organisations
to employ
Outdoor
Learning
Officers
Support
package of Nature,
training, funding wellbeing
and sessions and conservation
for schools sessions for
pre-teens and
youth groups
Hands-on
Outdoor Learning
sessions for
students at our
woods, rivers
and farms
Guided, supported
and independent
volunteering
opportunities
Internally
certified / externally
accredited awards and
training opportunities
to build green skills
NATURE IN
YOUR STRIDE
INFLUENCERS
SCHEMES
ENRICHING
EDUCATION
FOUNDATIONS
FOR OUTDOOR
LEARNING
OUTDOOR
FUTURES
GRANT
Funding for
schools to help
remove barriers to
Outdoor Learning
OUTDOOR
EDUCATORS
Growing a fresh
approach to education
where nature
connection is at the
heart of learning
OUTDOOR
ESSENTIALS
GRANT
APPRENTICESHIPS
& TRAINEESHIPS
OPEN
Comprehensive
training providing
supported first steps
into environmental
careers
Equipping
teachers with
the skills needed
to take the Nature-based
school curriculum wellbeing sessions
outdoors for early years and
family support
groups
TRAINING &
CERTIFICATION
TEACHER
TRAINING
GRANT
THE OWL
COLLABORATION
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Our Learning Strategy

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

CHARITABLE ACTIVITY

Our Approach

We translate our comprehensive new Learning Strategy into the work of the Trust, using the following approach:

Communities of support

We are building communities of support around young people; listening to their needs, equipping them with the knowledge and skills needed to make meaningful connections with nature so they can pursue fulfilling land-based careers, while helping to address a prevailing tide of eco-anxiety.

Overcoming barriers

Many young people experience barriers to participation in the outdoors. By sharing our landscapes, funding and experience we are creating opportunities for high quality Outdoor Learning through formal, informal and non-formal education routes.

Empowering young lives

Ultimately, we want every young person to feel empowered to make positive changes in their own lives, their communities, and for the planet.

It takes a village

The ambitions embodied within our Learning Strategy will be fully realised through cultivating connections with likeminded organisations, shared learning, ‘funding plus’ and with careful research and evaluation to maximise the impact of our collective efforts.

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Ambitions for
Charitable Spend
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£3M
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2022/23
(actual)
£5M+
2029
(planned - including
co-funding)
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Together, we inspire a love and understanding of the natural world, future farming and sustainability, creating a diverse outdoors where people and places flourish

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Our Approach

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

CHARITABLE ACTIVITY

A Geographical Focus

Highly networked regions

We’re developing our focus areas into highly networked regions, with excellent opportunities for referrals between organisations, shared learning and peer support, joint funding bids and use of resources. We will use these regions as case studies of high-quality projects which demonstrate the benefits of outdoor and land-based learning, using these to inspire and influence policy and decision makers.

This work will start with research and consultation to identify the need in each area, developing an understanding of the communities and schools where children and young people are disconnected from nature and how they might benefit from our work. Our aim is to:

We are excited to be starting one such programme in our Cumbria/ Lancashire hub this year: Connecting People and Nature (CPAN), a 3-year National Lottery Heritage Fund funded programme in partnership with the Forest of Bowland Area of Outstanding Natural Beauty (AONB). Read our Press Release about this collaboration.

The Forest of Bowland is not just stunning landscapes, it is about the people who live, work and visit the area and those who live nearby. This project seeks to enable a wider range of people to benefit from the wellbeing that nature brings.

Emily Crawley, Head of Learning Strategy & Delivery, The Ernest Cook Trust, talking about the CPAN programme

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Cumbria / Lancashire
Leicestershire
Gloucestershire
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A significant element of the new Learning Strategy is a decision to focus our resources on specific areas, to ensure that we can develop meaningful, place-based programmes with a range of support available through our direct delivery, partnerships and grant funding.

Initially, we will focus this ‘geographical hub’ approach in Gloucestershire, and Cumbria/Lancashire, with Leicestershire becoming the third hub in the future.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

A Geographical Focus

SKILLS FOR NATURE Skills and leadership opportunities for young people to make positive environmental change Hands-on Outdoor Learning sessions for students at our woods, rivers and farms ENRICHING EDUCATION

O U T D O O R E D U C AT O R S

Growing a fresh approach to education where nature connection is at the heart of learning

OPENING OUTDOORS OUTDOOR EDUCATORS

Equipping teachers with the skills needed to take the school curriculum outdoors TEACHER TRAINING GRANT

Tackling barriers to outdoor access and participation for young people Growing a fresh approach to education where nature connection is at the

heart of learning

FOUNDATIONS FOR OUTDOOR LEARNING

Support package of training, funding and sessions for schools

OUTDOOR ESSENTIALS GRANT

THE OWL COLLABORATION

Funding for schools to help remove barriers to Outdoor Learning

Funded immersive Outdoor Weeks of Learning (OWLs) for young people at Outdoor Learning Centres

Outdoor Educators

OUTDOOR EDUCATORS

Nature Connection and Learning

The Ernest Cook Trust advocates for a school system where nature connection is at the heart of learning. Our work to support schools with the training, mentoring and funding needed will be key to helping teachers give their pupils an education centred around nature and time spent outdoors.

We achieve this by:

The Trust’s long history of supporting schools has given us insight into the barriers faced by schools in learning outdoors, and the necessity of the work within this bold Outdoor Educators theme.

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Outdoor Educators

Nature Connection and Learning

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OUTDOOR EDUCATORS

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SKILLS
FOR NATURE
Skills and leadership
opportunities for young
people to make positive
environmental change
563
individual sessions
OPENING
OUTDOORS
Tackling barriers
to outdoor accessand participation During academic year
for young people 2022-23 we worked with
2,596 individual children ,
through 563 sessions at our
sites from Cumbria to Dorset .
Sessions included woodland,
river, farm and workshop
visits, with 20% (512 children)
visiting five times or more
during the academic year and
a further 498 children having
Funded immersive visited us twice in the year.
Outdoor Weeks of
Learning (OWLs)
for young people at
Outdoor Learning
Centres
Support
package of
training, funding
and sessions
for schools
Hands-on
Outdoor Learning
sessions for
students at our
woods, rivers
and farms
FOUNDATIONS
FOR OUTDOOR
LEARNING
ENRICHING
EDUCATION
Funding for
schools to help
remove barriers to
Outdoor Learning
OUTDOOR
EDUCATORS
Growing a fresh
approach to education
where nature
connection is at the
heart of learning
OUTDOOR
ESSENTIALS
GRANT
Equipping
teachers with
the skills needed
to take the
school curriculum
outdoors
TEACHER
TRAINING
GRANT
THE OWL
COLLABORATION
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71% 100% of sessions for of teachers recommend 'additional needs' schools our site visits

of teachers recommend our site visits

Our support of schools is based on eligibility criteria including additional needs and community deprivation levels. 71% of sessions were provided for children from schools scoring highly against these criteria while a further 16% of sessions were provided for children with identified additional needs from lower scoring settings. We were also able to provide Outdoor Learning opportunities for children in schools on the doorstep of our landholdings (7% of sessions).

100% of teachers who responded to our survey said they would recommend an Outdoor Learning site visit to their school colleagues (85 teachers were surveyed, 53% responded, in the period Sept 2022 - July 2023).

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Outdoor Educators

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

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OUTDOOR EDUCATORS
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We delivered sessions for Childcare students in Gloucestershire and ran our first Teacher Training Conference, with 70 attendees from Lancashire schools who had participated in our programmes through the Pendle Hill Landscape Partnership.

I am going to ensure we have a weekly slot to continue our Outdoor Learning as it was quite amazing how well they treated each other, and how much more willing they were to learn when the session was outdoors and very practical. Teacher, woodland session

When we cover animals and plants, I usually cover so many different types of exotic animals. It makes much more sense to teach them about our local wildlife and then I can do this in more depth. Teacher, woodland session

There is a little girl in my class who is really shy. She usually takes a little while to find her confidence to talk and put her hand up. This really was her moment to shine. She was so enthusiastic, putting her hand up and joining in all sessions. It was so lovely to see her find her voice and show how knowledgeable she is. The environment and leaders obviously made her feel comfortable enough to do this. Thank you.

Teacher, woodland session

Today I learnt that barriers shouldn't stop us from getting outside at school. I need to use organisations, grants, and experts to help us.

Teacher Training Conference participant

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Outdoor Educators

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

T H E O W L C O L L A B O R AT I O N

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

The OWL Collaboration

We believe every child should experience an immersive week in nature – as a rite of passage, rather than a journey for the fortunate few.

We are proud of the progress The OWL Collaboration has made this year to provide transformational experiences in nature for children and young people. Building on the success of its first year, more young people have participated in an Outdoor Week of Learning (OWL), more schools have developed their Outdoor Learning provisions and we have partnered with more Outdoor Learning Centres.

We are excited about our evaluation outcomes which tell us that an Outdoor Week of Learning can develop a sense of belonging in the natural world and a desire to care for it; that it can give a young person feelings of joy, peace and success; and that when they are learning outdoors, young people can shine.

Our OWL Theory of Change

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

The OWL Collaboration

Bringing together Outdoor Learning Centres, targeted schools and funders, this Collaboration enables the sharing of best practice and training opportunities, as well as the development of shared resources and joint evaluation tools to collectively measure the programme’s success across four fields of impact:

Shallowford Farm �����������������

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

The OWL Collaboration - Impact on young people

1,059 (2021/22: 830) young people have put on their wellies to embrace new challenges on an Outdoor Week of Learning

Pupil surveys revealed that following their OWL residential, pupils felt closer to nature and had increased care and concern for the environment Teacher surveys revealed that 88% of pupils want to spend more time outside

We continue to remove barriers and reach those who might benefit most

49%

of participants were in receipt of Free School Meals

34% had Special Educational Needs

20%

had English as their Second Language

I felt proud for not giving up when it was cold.

The key moments were when we were helping each other.

It’s the best thing I’ve ever done because I’ve been out in nature, and I haven’t really been angry.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

The OWL Collaboration

- Impact on schools

55

(2021/22: 36) schools with high levels of need have put on their waterproofs, left the classroom and joined their pupils on an Outdoor Learning adventure

We have:

» enabled 32 schools to access transport grants totalling £32,954

» produced a Schools Training Directory and awarded Training Grants of £11,121 to help teachers develop their Outdoor Learning expertise

» enabled 54 schools to access curriculum resources through annual membership of the Council for Learning Outside the Classroom

I have seen a student who has barely spoken in class for three months, suddenly take charge and order a group of 10 around the garden about what they need to do.

I’ve seen every single child grow and develop as a person who will have a positive impact on their community.

The visit has changed the senior leadership team’s view of Outdoor Learning, leading to a new school garden, forest school training and a litter picking and recycling initiative around the school.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

Together we have:

The OWL Collaboration

- Impact on Outdoor Learning partners

10 (2021/22: 7) Outdoor Learning partners have come together to share best practice, transfer knowledge and foster mutual support

It is great to be part of this network as it has the potential to demonstrate to the industry the benefits of and best practice in Outdoor Learning. Exciting times!

I believe there has been a shift [from] us being competitors to us being one collaborative team, reaching for the same goals, which in turn has created a hugely positive and collaborative network.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS & OPENING OUTDOORS

The OWL Collaboration - Storytelling

We know that stories entice and inspire, change hearts and convince minds. The stories we have created this year are helping us promote our strategic aim - that every child should experience an immersive week in nature as a rite of passage.

Change makers

With a growing body of evidence, and exciting plans to evolve our storytelling, we are working with stakeholders to convince policymakers that every child deserves their own Outdoor Week of Learning.

We invite you to watch our Strategic Story Video to witness how an OWL has helped young people on a journey towards nature connection.

We are grateful to the Dulverton Trust who support The OWL Collaboration and provide funding for Outdoor Weeks of Learning. To ensure the long-term strategic success of the programme, we are seeking new funding partners to join us. If you believe, as we do, that every child should experience an immersive week in nature, please contact us to start the conversation.

J O I N U S !

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The OWL Collaboration

OUTDOOR EDUCATORS

Outdoor Essentials Grants

Outdoor Essentials is a small Grant that goes a long way

The Grant is a £500 award to UK state-funded Primary, Secondary and Special Schools to enable them to get their pupils learning outdoors.

Since it was launched in 2019, 1,814 Grants have been awarded to schools, reaching 340,836 young people.

This year (2022-23), we issued 504 Grants.

2022 was the Trust’s 70th year, an anniversary we shared with Her late Majesty Queen Elizabeth II. The Trust linked the Outdoor Essentials Grant with The Queen’s Green Canopy, created to mark Her Majesty’s Platinum Jubilee. Run by The Woodland Trust, this unique planting initiative encouraged schools to apply for a free tree to plant in their local area.

192 schools applied for the Outdoor Essentials Grant with a pledge to plant a tree.

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26%
NATURE & NURTURE
(SCHOOL GROUNDS DEVELOPMENT)
GRANT WELLIES & WATERPROOFS
Type of Grant
TRANSPORT & TRAVEL
56%
18%
6%
12%
PRIMARY
SCHOOL
SECONDARY
Type of School
SPECIAL
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Outdoor Essentials Grants

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OUTDOOR EDUCATORS

Outdoor Essentials Grants

Giving schools a choice of how to spend the Grant has allowed them to address their particular barriers to accessing nature in the way that is most effective for them.

As a result of this Grant, children have been enabled to:

Engage positively with school when they usually find it emotionally challenging

Go out in weather and at times of year when they would not otherwise have done

We have one particular student who struggles with anger in school who has transformed due to having five lessons a fortnight outdoors.

The most valuable outcome was enabling children to experience a day at the beach, many of whom had never been to beach or seen the sea before.

One boy who can be extremely shy within the classroom became very vocal and engaged in den building and seemed to build in confidence that is now having an impact on his grades within school.

Experience places they would not otherwise be able to

They are now more likely to take their learning outside of school and share it with their families as they are so passionate about it.

Teachers report the development not only of their grounds but also of their teaching approaches, with some schools even taking on a whole school approach to getting outside.

We have now incorporated the planting schedule into our curriculum planning.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Outdoor Essentials Grants

Funding for organisations for community-based youth-led environmental social action projects Outdoor Practitioners’ Education Network SKILLS FOR NATURE Skills and leadership opportunities for young people to make positive environmental change OPENING OUTDOORS Tackling barriers to outdoor access and participation for young people COMMUNITY LEADERS Funded immersive Outdoor Weeks of Learning (OWLs) for young people at Outdoor Learning Centres OUTDOOR LEARNING OFFICER GRANT NATURALLY CONNECTED TO NATURE NATURE NEXT DOOR Supporting organisations to employ Outdoor Learning Officers Nature, wellbeing and conservation sessions for pre-teens and youth groups Outdoor Learning training for community leaders Guided, supported and independent volunteering opportunities NATURE IN YOUR STRIDE INFLUENCERS SCHEMES OUTDOOR EDUCATORS Growing a fresh approach to education where nature connection is at the heart of learning OPEN Nature-based wellbeing sessions for early years and family support groups THE OWL COLLABORATION

O P E N I N G O U T D O O R S

Tackling barriers to outdoor access and participation for young people

Opening Outdoors

OPENING OUTDOORS

We want every child and young person to feel able to connect with nature

Opening Outdoors is all about tackling the barriers that make the outdoors inaccessible to many young people, including young people with mental health difficulties, neurodiversity, minoritised ethnic groups and lower income backgrounds. We work with young people in small groups, providing long-term support and non-formal learning opportunities to enable them to engage with nature and thrive outdoors.

Cultivating Connections

Working with youth-based organisations and professionals, we help create communities of support around children and young people, building a sense that nature can and should be relevant and available to everyone, so that all may benefit from the wellbeing improvements that nature connection provides.

Not only do we open up outdoor spaces for young people who are facing significant barriers to inclusion, we also provide training and funding for others to do the same, building capacity and skills for Outdoor Learning in communities.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Opening Outdoors

OPENING OUTDOORS

We have achieved this through:

Consultation

8 events for community leaders to share their knowledge of barriers to access, and explore ways the Trust could help reduce and remove these.

As skilled and experienced Outdoor Learning providers within community settings, we have been able to grow our Opening Outdoors theme. From our relatively new community engagement programmes, we have cultivated stronger connections with local community groups together with regional and national networks.

Co-creation

Working with VICTA UK (supporting blind and partially sighted children) to create online resources encouraging nature connection and wellbeing through accessible gardening activities.

Contribution

Actively contributing to county and regional programmes (such as the Gloucestershire and West of England Local Nature Partnerships, Exeter University Green Social Prescribing research and Barnwood Trust’s Access to Nature programme) to tackle inequity of access to nature.

Opening Outdoors

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OPENING OUTDOORS

Inequity of access to the outdoors isn’t restricted to physical barriers. For some, a lack of confidence, resilience and self-esteem (the basic building blocks of wellbeing) make it harder to remove barriers. Using a range of nature-based interventions, we offer bespoke programmes to respond to these needs and enable participants to connect with nature in a safe, welcoming and supportive environment.

Our achievements can be aligned to the New Economics Foundation 5 Ways to Wellbeing:

Give

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210 volunteer hours contributed
to the Halmore orchard
restoration project in
partnership with CPRE The
Countryside Charity.
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Take Notice
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Connect
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6 Ukrainian children have created A small group of parents of
sound maps, encouraging them neurodiverse children have
to pause, be present and be calm shared experiences and peer
listening to the different sounds support whilst trying activities
around them. NEW ECONOMICS they can replicate with their child.
FOUNDATION
5 WAYS OF
WELLBEING
Be Active Keep Learning
42 members of Gloucestershire Over 300 children learnt new
Young Carers have explored skills at Holiday Activity and
our sites through team Food (HAF) programme sessions
challenges and river walks. support by the Trust’s Learning
team – including weaving, tool
use and knot work to create
dream catchers and key rings.
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Opening Outdoors

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OPENING OUTDOORS

Naturally Connected to Nature - Little Saplings

Our ever-popular outdoor toddler group, Little Saplings, restarted in May as part of the National Lottery Heritage Fund funded 'Connecting People and Nature’ (CPAN) project, in partnership with the Forest of Bowland Area of Outstanding Natural Beauty (AONB).

321

Using a new delivery methodology allowed those families who are new to Participants the outdoors to slowly build confidence (98 adults and and knowledge to take part in child-led 223 children) outdoor play. A ‘Four Steps to Nature’ have attended approach with support from local the Forest School partners in Lancashire also allowed ethos-led sessions engagement with harder to reach families.

Everyone should come to these sessions, we feel so well supported. I like how there are a mixture of freestyle elements and activities [which are led], allowing me and my little one to pick and choose to suit his mood. Parent

Everything is already very good and accessible and this is only our first session.

Grandparent

Naturally Connected to Nature - Little Saplings

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OPENING OUTDOORS

Outdoor Learning Officer Grants & OPEN

Supporting organisations to employ Outdoor Learning Officers

The Trust awarded a further 10 Outdoor Learning Officer Grants in 2022 bringing the total of Outdoor Learning Officers supported in their role across the UK to 30, representing £816K of funds directed to host organisations for this grant stream over the three years to April 2023.

Read this Press Release about our Spring 2023 Outdoor Learning Officer Grant recipients.

Take a look at our map to see where these grants are making a difference. All funded Outdoor Learning Officers were invited to join OPEN (Outdoor Practitioners Education Network), run by The Ernest Cook Trust to share best practice, exchange ideas and skills, and encourage CPD. They were also invited to join our growing community of environmental youth social action leaders at the annual Green Influencers Scheme Conference.

Join Us!

If you would like to support the funding of inspirational role models who help young people form lasting connections with the natural environment, please talk to us about becoming a partner.

This year’s applications were awarded to charities and non-profit organisations within two defined geographical areas, with awards of up to £15,000 per year, for three years made to:

Cumbria/Lancashire hub

Gloucestershire hub

Outdoor Leaning Officer Grants & OPEN

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

S K I L L S F O R N AT U R E

Skills and leadership opportunities for young people to make positive environmental change

----- Start of picture text -----
Funding for
organisations
offering green skills
training for young
Funding for
people
organisations for
community-based
youth-led environmental
social action
Increasing
projects
awareness and initial
experience of land-based
and environmental
careers for
young people WORK
EXPERIENCE,
PLACEMENTS
& CAREERS SKILLS
INFORMATION FOR NATURE
Skills and leadership
opportunities for young
people to make positive
environmental change
OPENING
OUTDOORS
Tackling barriers
to outdoor access
and participation
for young people
Internally
certified / externally
accredited awards and
training opportunities
to build green skills
Hands-on
Outdoor Learning
sessions for
students at our
woods, rivers
and farms
INFLUENCERS
SCHEMES
ENRICHING
EDUCATION
OUTDOOR
FUTURES
GRANT
OUTDOOR
EDUCATORS
Growing a fresh
approach to education
where nature
connection is at the
heart of learning
APPRENTICESHIPS
& TRAINEESHIPS
Comprehensive
training providing
supported first steps
into environmental
careers
TRAINING &
CERTIFICATION
----- End of picture text -----

Skills for Nature

----- Start of picture text -----
SKILLS FOR NATURE
Skills and leadership
Farmer Apprentice
opportunities for young at the Trust’s Low
Beckside Farm,
Cumbria
people to make positive
environmental change
Building on our previous success with a sense of agency and improved
the Kickstart Scheme in Cumbria, and wellbeing in the process.
recognising that our landholding and
partnerships represent significant Our support will particularly focus
on young people facing additional
training opportunities, our new Skills for
barriers to participation, including
----- End of picture text -----

Building on our previous success with the Kickstart Scheme in Cumbria, and recognising that our landholding and partnerships represent significant training opportunities, our new Skills for Nature theme will focus on developing skills pathways and leadership opportunities.

Our support will particularly focus on young people facing additional barriers to participation, including urban and rural deprivation, low-income backgrounds, additional needs and minoritised ethnic groups.

Green Skills Pathways

We are addressing skills shortages in the land-based sectors (eg forestry, ecology, agriculture) through a range of training opportunities that will help young people gain the qualifications needed to access these roles, increasing their employability. Helping to build the future workforce is an essential part of achieving our environmental goals.

We want to empower young people to make positive changes in their own lives, their communities and for the planet. With this aim, our programmes will work to create green skills pathways, offering practical ways young people can contribute to environmental improvement and building skills and positivity about the future, while gaining

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Skills for Nature

SKILLS FOR NATURE

Training & Certification Opportunities for young people who thrive outside the classroom

We continue to develop a range of opportunities for young people. In 2022/23 these included:

Watch BBC Points West coverage of this course.

Never thought in a million years I’d be able to do something like that ... I love dirty hands now!

Student on the Blacksmithing course

Training & Certification

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

SKILLS FOR NATURE

Outdoor Futures Grant

The Trust awarded Outdoor Futures Grants to the following organisations in 2022/23:

Bursaries to attend the Emergent Generation 2022 gathering

Read more

about the Apprenticeships made possible through our Platinum Jubilee Award.

I don’t come from a farming family but I really love the outdoors.

Apprentice Dry Stone Waller funded by the Platinum Jubilee Award, via the Dry Stone Walling Association

To commemorate the Trust’s 70th Anniversary, two organisations were granted The Ernest Cook Trust Platinum Jubilee Award, consisting of £15,000 per year for three years to support apprenticeship and training schemes:

Outdoor Futures Grant

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Influencers Schemes

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SKILLS FOR NATURE &
OPENING OUTDOORS
Green
Influencers
GREEN COMMUNITY
#IWILL HOST GREEN INFLUENCERS GREEN MEMBERS
Scheme FUNDINGSEED & ECT ORGANISATIONS MENTORS GROUPS INFLUENCERS ENGAGED
A £3M youth-led project aimed at 10-14
year-olds. Our youth-led Influencers
Schemes help young people find their
voice, positively impact the environment
and benefit their communities through
unique youth social action projects.
The Green Influencers Scheme delivery
phase ended in July 2023.
Over three years, the Scheme
successfully supported:
3
7
4
3
,
4
6
6
0
7
,
5
8
4 4
0
0 0
----- End of picture text -----

36

44

474

7,050

36,800

Host

Organisations

across England

Green

Mentors

employed by Host Organisations

Green Influencers Groups established across England

Green Influencers

from schools and youth groups leading environmental youth social action (exceeding the 5,000+ target)

Community Members Engaged

peers, families and members of the public through school assemblies, events and Open Days (exceeding the 15,000+ target)

Influencers Schemes

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

SKILLS FOR NATURE & OPENING OUTDOORS

Green Influencers Scheme - Evaluation

Look out for the final Impact Report for this Scheme from external evaluators Wavehill on our website.

Green Influencers told us:

It's made me feel really good about the environment, and I love helping it, it's made me feel better about that.

It’s helped me identify nature more. When you understand what a tree or plant is a connection deepens.

Green Mentors said:

Thanks to the Scheme we appreciate the profound meaning of youth-led work and the power of young people's voices and creativity in raising environmental awareness.

The ripple effect and general reach of the Scheme has been much further and more successful than other funds we have been involved in delivering.

The #iwill Fund is made possible thanks to £66M joint investment from The National Lottery Community Fund and the Department for 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.

Influencers Schemes

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

SKILLS FOR NATURE & OPENING OUTDOORS

Green Influencers Scheme - Grants

GRANTS:

STATISTICS FOR FINANCIAL YEAR 2022/2023:

SKILLS

Green Influencers were surveyed and asked how the Scheme had been of benefit to them. They were asked about a range of skills they could have gained from running youth-led environmental social action projects and these were the top skills gained:

Influencers Schemes

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

SKILLS FOR NATURE & OPENING OUTDOORS

Green Influencers Scheme - Conference 2023

Bringing together Green Mentors and community workers from environmental charities and non-profit organisations, this year’s youth-led Conference was supported by our Youth Advisory Board (young people aged 14-20 years). It hosted a variety of speakers and workshops with opportunities to share ideas, network and be inspired.

----- Start of picture text -----
Celebrating reaching our target of
5000+ Green Influencers
----- End of picture text -----

The best bits were: time to speak to colleagues, a chance to see how other organisations are progressing and a reminder (as if I needed one!) how incredible young people really can be!!

I’m so pleased to be here, to celebrate and share the learning, to take all the fantastic things you’ve been doing to amplify, so that we can show more funders why we should be funding youth social action.

Helen Whyman Head of #iwill Fund

Influencers Schemes

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

----- Start of picture text -----
Celebrating
three years of
----- End of picture text -----

----- Start of picture text -----
environmental
youth social
action with the
Green Influencers
Scheme
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023 Influencers Schemes

Page 38

SKILLS FOR NATURE & OPENING OUTDOORS

Blue Influencers Scheme

Following the successful delivery of the Green Influencers Scheme, this new Scheme, launched in September 2023, will fund 22 Blue Mentor posts based in Host Organisations across England. They will work with 4,000+ young people across three years, supporting groups of young people in their youth-led environmental social action projects in coastal, river and estuary communities and on ‘blue’ environmental issues.

This £2.26M programme is match funded with the #iwill Fund and will support Host Organisations nationwide working in areas with high Multiple Deprivation Indices.

Launching the Blue Influencers Scheme in Lancashire with local children from St Mary’s RC Primary School, Morecambe

The Blue Influencers Scheme will help address the specific environmental concerns raised by young people living in coastal, river and estuary communities. Evidence suggests that despite living in proximity to the ocean, many deprived coastal communities do not feel welcome in these blue spaces or connected to their immediate environments. The Blue Influencers Scheme plans to increase:

The #iwill Fund is made possible thanks to £66million joint investment from The National Lottery Community Fund and the Department for 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.

Influencers Schemes

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

OUR LANDHOLDINGS

OUR LANDHOLDINGS

9,000 HECTACRES

across 9 estates in 6 counties

25

FARMS

best-practice, innovative land management

480+

TENANTS

dwellings, land, woodland, commercial enterprises

The Trust owns and manages over 9,000 hectares of land and property across six counties: Cumbria, Buckinghamshire, Dorset, Gloucestershire, Leicestershire and Oxfordshire. This is mainly let farmland, with 584 hectares of woodland, houses, cottages, and a few small commercial premises.

Our vision for our whole estate is to provide growth and continuity, supporting the future of the Trust, while playing a central part in the communities we share.

Over 480 tenants rent from the Trust, either year to year, or for multiple generations. We take pride in the professional management of these relationships, embracing the inevitability of change and sensitively diversifying our interests in support of the Trust’s charitable object, which is education.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Our Landholdings

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OUR LANDHOLDINGS
Bricks and Mortar
Land and property in rural England has seen unprecedented
economic pressure from increased costs, changing onerous
government legislation and high demand in the market place. In
addition, post-Brexit agricultural and environmental legislation
continues to be challenging.
Living in the countryside is changing, particularly since the
COVID-19 pandemic which brought a renewed recognition of
‘value’ in being able to access nature, and a growing urgency to
reduce our environmental impact on the planet.
During the year, we successfully re-let nine new homes, with a
return to routine rent reviews across our residential portfolio.
Income from all our estates is seeing steady growth and
we continue to direct significant expenditure on repairs and Court Farmhouse, Quenington
maintenance as part of our commitment to our rural landholding.
Fiennes Court,
Our Capital Assets and Development Fairford
Opportunities
While there have been no major capital sales or acquisitions
during the year, we were excited to receive planning permission
for the renovation of Court Farmhouse, Quenington into our
new Head Office. Works are now underway. Our in-house
professional team is also overseeing the building of Fiennes
Court, a development of five 2 and 3-bedroom homes in Fairford,
Gloucestershire, through our trading subsidiary, Mintglebe Ltd.
These new homes at Fiennes Court will supplement our existing
portfolio with modern property.
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Bricks and Mortar | Our Capital Assets and Development Opportunities

OUR LANDHOLDINGS

A new high-quality low-carbon community

In October 2023 we received planning permission for 87 new homes at north east Fairford. Designed with nature in mind, the development achieved Building with Nature Design accreditation and provides more than 50% of the area as green space.

This is an opportunity to create a high-quality, low-carbon community. We want to do more than just build homes. We want to create a better place for nature, so are following Gloucestershire Wildlife Trust and the University of the West of England’s national standards framework, Building with Nature. This seeks to protect and enhance existing and new green infrastructure features, maximising the benefits of new places for people and wildlife.

By bringing people closer to nature and building great places for us to live, work and play, this development can make a major contribution towards better health and wellbeing in our community, tackling the climate and nature emergency.

Sustainable communities

On our Slimbridge Estate, the Wisloe development (a new c1,500-home settlement) in the Stroud district is advancing through the local plan process, while the Southwest Aylesbury development in Buckinghamshire (c1,400 new homes) waits patiently for HS2 and the local planning circumstances to allow it to proceed.

The Trust’s long history of building homes, supporting development and sensitively embracing opportunities across our landholdings remains an important part of our activities.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

A new high-quality low-carbon community | Sustainable communities

OUR LANDHOLDINGS

The Land we Manage

Around 90% of our land is farmed by farm tenants. We continue our commitment to the sensitive management of rural land and providing the support to see each farm business thrive alongside nature.

With so much opportunity in this glorious and diverse landscape, we aim to demonstrate best practice for sustainable land management, explore ways to further improve our natural capital and reduce our environmental impact, while integrating the Learning Strategy into our activities.

There are some exciting new land based projects that we hope to secure in the coming months, with a River Coln Catchment Management Plan taking shape in Gloucestershire, along with plans for habitat improvement across our Home Estates in partnership with our farming tenants. This exciting proposition will have tangible positive outcomes for the environment and local communities and create Outdoor Learning opportunities.

Our ambitious application for Higher Level Stewardship funding in Leicestershire was successful and will promote alternative land use choices and deliver habitat improvements alongside food production.

In Cumbria we have applied for a similar scheme at Low Beckside Farm to support continued investment in the natural resources we own, and provide opportunities to learn from the land and develop essential rural skills. We are developing the in-house skills to manage these new initiatives, supported by expert external advisers. Where applicable, we use our farming subsidiary ECT Farms Ltd to maximise these opportunities.

The evolution of our Learning Estate in Little Dalby continues within the development of our Leicestershire geographical hub. We are excited to see this hub develop as we explore new partnerships with landholders in the region, and continue cultivating connections in the wider educational and environmental world.

Take a look at this map to see our rural landholding locations.

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Low Beckside Farm, Cumbria
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

The Land we Manage

OUR LANDHOLDING INITIATIVES

River Coln Catchment Management Plan

At the heart of the Home Estates in Gloucestershire is a 2.86 mile stretch of the River Coln and surrounding catchment which falls within the Trust’s ownership. The river as a whole has had a number of pressures placed upon it from historic management and interventions to abstraction, pollution and poorly managed access. These have led to the gradual degradation of the habitat.

Through our progressive stewardship of this popular local landscape we aim to reinstate an ecologically rich habitat, creating learning and social community engagement opportunities around this unique natural resource.

Our aim is to maximise conservation, educational and recreational value while enabling the catchment to remain productive. Future management will be informed by baseline surveys and improvement monitoring.

River Coln Survey

We have undertaken our first survey of wild fish on the River Coln via electrofishing, a common scientific survey method used to determine abundance, density and species composition.

The results were a surprise, with greater numbers of grayling and brown trout than expected, with young and breeding fish present indicating that the ecosystem is supporting the growth of local wild fish populations. This is a credit to the hard work of volunteers, led by our dedicated River Keeper.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

River Coln Catchment Management Plan | River Coln Survey Our Landholding Initiatives

OUR LANDHOLDING INITIATIVES

Fairford Estate Habitat Management Plan

We are collaborating with farm tenants on our Fairford Estate to improve habitat and biodiversity on a landscape scale, to achieve mutually beneficial objectives. The Habitat Management Plan will assess the opportunities and develop a framework for providing a more environmentally-rich estate, while also considering the funding and resource requirements to achieve the Plan’s objectives.

Lapwing Project

This year saw a great success for lapwing on one of our farms in Gloucestershire. Our Estate Ranger, spotted two pairs on an area that was going to be cultivated for maize, where the birds had been attracted to the open ground favoured for nesting. Having established that a lapwing pair was actively nesting, a collaboration between our consultant ornithologist, farm tenant, and his contractors ensured the safety of the birds during the multiple field operations necessary for the seasonal maize crop.

By the end of July, 10 pairs had nested in the land kept bare for them, with over 20 chicks successfully hatching and protected from predation. A plan is now in place to provide a safe breeding ground in years to come, by encouraging the birds into an area that will remain uncropped, and monitoring the site for breeding activity.

To have seen this red-listed bird breeding successfully in these numbers is a huge credit to all involved for their tireless active stewardship in keeping track of the birds’ locations, and our farm tenant for their sensitive farming practices and appreciation of wildlife.

----- Start of picture text -----
Veteran ash pollards by Leafield Farm,
Gloucestershire
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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Fairford Estate Habitat Management Plan | Lapwing Project

"' ¥t".-<.- =4"*. TRUSTEES, REPORT

TRUSTEES’ REPORT - FINANCIAL REVIEW

Financial Review

The Trust has continued to develop and extend its education and learning activities.

Expenditure on Grants and Learning activities increased to £3,013,000 (2022: £2,829,000) representing an increase of 6.5% over the previous year.

Trustees have considered the Charity Commission’s guidance on public benefit and believe the Trust’s objects and aims are in alignment with the public benefit requirements of the 2011 Charities Act. The Report demonstrates the activities of the Trust and how they meet the principles defined in the Act. In particular it outlines the Trust’s expenditure of £3,013,000 on education and learning in 2022/23 of which £1,866,000 was on educational grants. All our grants are assessed to ensure they deliver public benefit and charitable purpose.

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 increased by 6% to £4,076,000 (2022: £3,835,262) in the year. The Trust continued

important estate works that saw expenditure increase to £4,564,000 (2022: £3,056,000) with the resulting contribution falling to a negative £488,000 compared with a positive contribution of £779,000 in the previous year. The reduction in contribution was largely the result of repairs costs which increased by £673,000 to £1,948,000 and support costs which increased by £252,000 year on year.

The Trust’s financial investments performed less well in the year, generating an income of £1,068,000 (2022: £1,026,000) and reducing in market value by £3,188,000 in the year. The overall return from the Trust’s financial investments was -4.9% for the year (2022: +8.64%), a reflection of the wider economic challenges and turbulence in financial markets. The Trust has a policy of financing its activities while preserving the long-term value of its Endowment. The Investment Managers have a mandate of achieving a return of 3% plus the increase in the Consumer Price Index over the course of an economic cycle; this is likely to be challenging for the short and medium term.

A re-assessment of Investment Property valuations has resulted in an uplift of £2,276,000 in the value of our property investments.

The Ernest Cook Trust has five significant items of expenditure:

THE GRANTS THAT WE MAKE THE COSTS OF MANAGING THE ESTATES

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THE COSTS OF PROVIDING LEARNING OUTDOORS
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----- Start of picture text -----
THE COSTS OF MANAGING OUR INVESTMENT PORTFOLIO
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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 2023

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Financial Review

Reserves Policy

The Trust has an Expendable Endowment and, as such, the risk of not having adequate reserves is judged by the Trustees to be low. Within this context, the Trustees ensure that the Trust holds sums equivalent to at least six months working capital, including grant commitments, in readily accessible liquid assets. The Expendable Endowment represents the Endowment of the Charity at 31 March 2023 at £208,227,000 (2022: £207,625,000).

Fundraising Policy

The Trustees are aware of their obligations under the Charities Act. We occasionally engage with statutory funders, trusts and foundations 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 (2022: none).

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. 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 periodically to review Trustee remuneration.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Financial Review

Future Financial Performance

The Trustees are mindful of the current pressures and challenges posed by the global economic and political situation, in particular the impacts of inflation, higher interest rates and volatile markets. 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 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. It also encompasses 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 now established 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 follow this policy when making investment decisions, and 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 2023

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 Leadership team, our committees and our full Board of Trustees, using a Risk Register that identifies the risk, the potential severity of its impact and its likelihood of occurrence.

Risk Management is scrutinised by the Audit, Finance & Investment 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 The Trust’s financial position is inevitably exposed to risk from the wider economy and global financial and political trends. Having performed well in the previous year, the investment portfolio performed poorly in 2022/23, achieving a net return of minus 4.9% for the year.

Potential demand for our charitable activities continues to outstrip our ability to resource our work. We are planning ways to enhance future income, including long-term development of our investment assets to produce higher yields and enable increases in our charitable work. The challenging economic climate continues to have an adverse impact on the Trust's investments and operating costs, however the Trustees remain confident of the long-term resilience of our finances.

Cyber Crime In 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 risk associated with children and young people learning outdoors and with managing large, landed estates. We manage this risk with up-to-date Health & Safety procedures and risk assessments for all activities, high levels of staff awareness and training, and third-party assessments and advice.

Child Protection and Safeguarding Trustees are aware of the safeguarding issues associated with working with children and young people. All Trustees and staff undertake regular safeguarding training and our Senior Safeguarding Lead, Trustee Simon Eliot, works with our Designated Safeguarding Lead, Emily Crawley, to ensure that our policy is up to date and consistently upheld.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Financial Review

TRUSTEES’ REPORT - FINANCIAL REVIEW

Financial Review

Principal Risks & Uncertainties (continued)

Staff Performance and Retention We are aware that the COVID-19 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 continue to mitigate 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 economic conditions impacting stakeholders because of an increased cost of living. The Trust is conscious of the economic impact of inflation 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 is felt by the Trust itself and its staff. We monitor our costs carefully and took exceptional steps in 2022-23 to support staff to cope with increases in the cost of living.

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 high level, we plan Trustee succession to ensure that the right mix of skills, experience and expertise is maintained. The Board of Trustees appoints specific committees dealing with Property; Learning; Audit, Finance & Investment that each meet regularly. Trustees receive accounts, minutes of all committees and a regular report from the Chief Executive. A transparent culture and culture of open communication with the executive helps Trustees maintain a thorough and up-to-date oversight of the organisation.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Financial Review

TRUSTEES’ REPORT

Structure, Governance & Management

During 2022/23 Dr Ian Gambles, Sir Bertie Ross and Andrew Christie-Miller all stood down as Trustees and Ian Pigott joined the Board of Trustees. In June 2023 Rory Landman joined the Board of Trustees. The Trust’s financial year runs from 1 April to 31 March and meetings of the full Trustee Board are held quarterly. The Trustees have appointed three Trustee-led committees to monitor specialist areas of activity: Property; Audit, Finance & Investment; and Learning. Additionally, a Remuneration Committee of Trustees is convened on an ad hoc basis when required.

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 (November 2023). Trustees are appointed for a five-year term and may serve a maximum of three terms.

Each committee has its own terms of reference, is chaired by a Trustee and reports back to the main Board. Matters requiring a decision by the Trustees are referred to them either at one of their meetings or by correspondence in between such meetings. The Trust is run on a day-to-day basis by the Chief Executive, assisted by a team of staff, including a Property Director, a Director of Finance & Technical Services, Head of Learning Strategy & Delivery, Head of Grants & Partnerships, and Chief of Staff.

New Trustees are provided with an induction programme and individual Trustee evaluations are conducted annually by the Chairman. Training of Trustees is reviewed against individual training needs. 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.

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The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Structure, Governance & Management

T R U S T E E S ' R E P O R T

Accounts

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

REPORT OF THE TRUSTEES

The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The Trustees have adopted the provisions of 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) (effective 1 January 2019).

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.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

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

In so far as the Trustees are aware:

Auditor

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

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

On behalf of the Trustees:

M E Riall, Chair of Trustees

Date : 7 December 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ERNEST COOK TRUST

Opinion

We have audited the consolidated financial statements of The Ernest Cook Trust (the 'parent') and its subsidiary (the ‘group’) for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

consolidated financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report, other than the consolidated financial statements and our Report of the Independent Auditors thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the

consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

» the information given in the Report of the Trustees for the financial year for which the consolidated financial statements are prepared is consistent with the consolidated financial statements; and

Page 55

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Report of the Trustees | Independent Auditor’s Report

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

INDEPENDENT AUDITOR’S REPORT (CONTINUED)

Matters on which we are required to report by exception

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

In preparing the consolidated financial statements, the Trustees are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

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

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees Responsibilities, the Trustees (who are also the Directors of the group for the purposes of company law) are responsible for the preparation of the consolidated financial statements and for being satisfied that they give a true

Irregularities, including fraud, are instances of non-compliance with laws

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

We gained an understanding of the legal and regulatory framework applicable to the charitable group and the sector in which it operates and considered the risk of the charitable group not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the operations of the charitable group and parent this included compliance with the Companies Act 2006, Charities Act 2011, and SORP 2019.

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

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

Management override: To address the risk of management override of controls, we carried out testing of journal entries and other 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.

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

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

Use of our report

This report is made solely to the group'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. Our audit work has been undertaken so that we might state to the group's members and its Trustees those matters we are required to state to them

in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the group's members and Trustees as a body, for our audit work, for this Report, or for the opinions we have formed.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor)

for and on behalf of Price Bailey LLP 3rd Floor, 24 Old Bond St Mayfair London W1S 4AP

Date: 12 December 2023

Page 56

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Independent Auditor’s Report

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2023

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
funds		 Endowment
funds		 Restricted
funds		 31.3.23
Total funds		 31.3.22
Total funds
£000
3,835
7
605
1,026
4,491
161
10,125
3,056
2,829
241
446
255
6,827
3,298
3,251
-
16,195
22,744
-
22,744
193,041
215,785		 31.3.23
Total funds		 31.3.22
Total funds
Note
Fixed assets
Tangible assets
14		 £000
6,724		 £000
6,651
Notes
INCOME FROM
Estate income
2		 £000
4,076		 £000
-		 £000
-		 £000
4,076
Investments
15
Current assets
Stocks		 214,190 216,434
223,085
186
220,914
636
Furlough grants received
5		 - - - -
Charitable activities
4		 - - 82 82
Investment income
3		 1,068 - - 1,068 Biological assets 51 39
Donated Assets - - - - Debtors: fallingdue after more than oneyear - 200
Trading income
6
Total
EXPENDITURE ON
Estate expenditure
7		 710
5,854
4,564		 -
-
-		 -
82
-		 710
5,936
4,564		 Debtors: fallingdue within oneyear
16		 2,355 2,516
Cash at bank and in hand
Creditors
Amounts falling due within one year
17
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: falling due after more than one year
18
NET CURRENT ASSETS
Funds
19		 5,803 5,884
8,825
(1,473)
7,352
230,437
(14,652)
215,785
8,845
(1,728)
Grants and Learning activities
8		 1,452 - 1,561 3,013
Raising funds 7,117
Investment management fees
11		 243 - - 243
Bank interest and charges 492 - - 492 228,031
Other expenditure
(14,640)
213,391
Trading expenditure
6
Total		 620
7,371		 -
-		 -
1,561		 620
8,932
NET INCOME/(EXPENDITURE)
BEFORE GAINS AND LOSSES		 (1,517) - (1,479) (2,996)
Unrestricted funds 5,037 7,065
Gain/(loss) on listed investments - (3,188) - (3,188) Restricted funds 127 1,095
Gain/(loss) on the disposal of
investmentproperties		 - 1,514 - 1,514 Endowment funds
TOTAL FUNDS
The fnancial statements have been prepared in accordance
companies' regime and in accordance with the provisions of
The fnancial statements were approved by the Trustees on		 208,227
213,391		 207,625
215,785
Gain/(loss) on the revaluation of
investment properties
NET INCOME/(EXPENDITURE)
Transfers between funds		 -
(1,517)
(511)		 2,276
602
-		 -
(1,479)
511		 2,276
(2,394)
-
with the provisions applicable to com
FRS102.
7 December 2023 and were signed on		 panies subject to the small
its behalf by:
Net movement in funds (2,028) 602 (968) (2,394)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD		 7,065
5,037		 207,625
208,227		 1,095
127		 215,785
213,391

The accompanying accounting policies on pages 59 - 60 and notes on pages 61 - 68 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.

M E Riall H M Henderson Trustee Trustee

Page 57

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Consolidated Statement of Financial Activities | Consolidated Statement of Financial Position

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

STATEMENT OF FINANCIAL POSITION – THE ERNEST COOK TRUST ONLY

AT 31 MARCH 2023

AT 31 MARCH 2023
31.3.23
Total funds		 31.3.22
Total funds
Note
Fixed assets
Tangible assets
14		 £000
6,689		 £000
6,651
Investments in subsidiaries 425 0
Investments
16
Current assets
Debtors: fallingdue after more than oneyear		 214,190 216,434
223,085
200
221,304
-
Debtors: fallingdue within oneyear
17		 2,618 2,756
Cash at bank and in hand
Creditors
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
Creditors: falling due after more than one year
19
NET CURRENT ASSETS
Funds		 5,660 5,858
8,814
(1,389)
7,425
230,510
(14,652)
215,858
8,278
(1,521)
6,757
228,061
(14,640)
213,421
Unrestricted funds 5,068 7,139
Restricted funds 126 1,095
Endowment funds
TOTAL FUNDS		 208,227
213,421		 207,624
215,858

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2023
31.3.23 31.3.22
Notes
Cash fows from operating activities		 £000 £000
Cash generated from operations
1		 (2,294) (2,742)
Interest paid
Net cash provided by operating activities
Cash fows from investing activities		 - -
(2,742)
(2,294)
Cash fows from investing activities - -
Purchase of tangible fxed assets (210) (1,930)
Purchase improvements tenanted estates (427) (1,277)
Sales proceeds from disposals of properties 694 6,604
Dividends & interest from investments 1,069 1,026
Proceeds from sale of investments 10,498 15,839
Purchase of investments
Net cash used in investing activities		 (9,974) (13,153)
7,109
1,650
Cash fows from fnancing activities

Loan repayments in year
Net cash used in fnancing activities
Change in cash and cash equivalents in the reporting period		 - -
7,109
4,367
1,650
(644)
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of
the reporting period		 8,459
7,815		 4,092
8,459

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS102.

The financial statements were approved by the Trustees on 7 December 2023 and were signed on its behalf by:

M E Riall H M Henderson Trustee Trustee

Page 58

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Statement of Financial Position - The Ernest Cook Trust | Consolidated Statement of Cash Flows

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Ernest Cook Trust is a public benefit future period, in which case they are entity and, as such, the financial planning deferred. process, including financial projections, has taken into consideration the current Income is recognised from the sale of freehold property at the date of the economic climate, and its potential exchange of contracts. Donations are impact on the various sources of income accounted for on a receivable basis. and planned expenditure. The Trustees consider that the Trust has adequate Trading income consists of group resources to continue in operational companies' harvest income, and basic existence for the foreseeable future. payments made by the Rural Payments Accordingly, they have adopted the going Agency. concern basis in preparing the Annual Harvest income is agreed under a Report and Accounts.

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.23
Total funds		 1
ACCOUNTING POLICIES
1.1
BASIS OF PREPARING THE
CONSOLIDATED FINANCIAL
STATEMENTS AND ASSESSMENT
OF GOING CONCERN
The consolidated fnancial statements
of the charity, which is a public beneft
entity under FRS 102, have been prepared
in accordance with the Charities SORP
(FRS 102) '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 2015)', Financial
Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK
and Republic of Ireland' and the Charities
Act 2022. 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 round thousands
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.
economic climate, 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.
1.2 GROUP FINANCIAL STATEMENTS
AND BASIS OF CONSOLIDATION
The fnancial statements consolidate
the results of the charity and its wholly
owned subsidiaries ECT Farms Ltd
(Company no. 01324410) and Mintglebe
Ltd (Company no. 01665074) on a line-
by-line basis.
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
reeo property at te ate o te
exchange of contracts. Donations are
accounted for on a receivable basis.
Trading income consists of group
companies' harvest income, and basic
payments made by the Rural Payments
Agency.
Harvest income is agreed under a
contract with a contractor who provides
services over the land. The income is
recognised under an agreed proportion
once the harvest has been collected an
sold. Income is recognised in the year
that the harvest takes place.
Basic payments and other payments
related to these are recognised on a
calendar year basis in line with the
calculation and submission of basic
payment returns.
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
employee. Support costs are charged
to the charitable activities on the basis
of staf time.
31.3.22
Total funds
£000
22,744
46
(19,447)
(166)
(1,026)
(856)
454
(4,491)
-
(2,742)
Group
2022
£000
8,459
8,459
Group
2022
£000
5,884
2,575
8,459
Closing
balance
£000
7,815
(14,000)
(6,185)
Net income for the reporting period (as per the Statement of Financial Activities)
Adjustments for:		 £000
Net movement in funds (2,394)
Depreciation charges 122
Unrealised losses/(gains)on investments 912
Stocks (462)
Interest and dividends received (1,068)
(Increase)/decrease in debtors 145
Increase/(decrease)in creditors 460
Gifted asset -
Proft/(Loss) on sale of fxed assets
Net cash provided by operations
ANALYSIS OF CHANGES IN NET FUNDS		 (9)
(2,294)
Group
2023
Cash and cash equivalents £000
Cash at bank and in hand 7,815
Total cash and cash equivalents 7,815
Group
2023
Cash and cash equivalents comprise £000
Cash at bank and in hand 5,803
Cash held in Investments 2,012
Changes in net debt
Opening
Balance
Cash
Flows		 7,815
Other
non-cash
changes
£000
£000
Cash and cash equivalents
8,459
(219)		 £000
(425)
Loans due over oneyear
(14,000)
-		 -
TOTAL NET DEBT
(5,541)
(219)		 (425)

Harvest income is agreed under a Report and Accounts. contract with a contractor who provides 1.2 GROUP FINANCIAL STATEMENTS services over the land. The income is AND BASIS OF CONSOLIDATION recognised under an agreed proportion once the harvest has been collected and The financial statements consolidate sold. Income is recognised in the year the results of the charity and its wholly that the harvest takes place. owned subsidiaries ECT Farms Ltd Basic payments and other payments (Company no. 01324410) and Mintglebe related to these are recognised on a Ltd (Company no. 01665074) on a linecalendar year basis in line with the by-line basis. calculation and submission of basic 1.3 INCOME payment returns.

Page 59

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

1.5 GRANTS PAYABLE

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

1.6 INVESTMENTS

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

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

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

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

Realised surpluses or deficits on the disposal of investments are included in the Statement of Financial Activities and calculated based on the sale price against the previously posted valuation. Unrealised surpluses or deficits on

revaluation of investments, calculated on the year-end valuation in comparison to either the initial cost price or previous year-end valuation, are included in the Statement of Financial Activities.

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:

The investments note 15 details the historical cost of the investments and the unrealised gains to arrive at their fair value.

1.8 TANGIBLE FIXED ASSETS

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 14.

The freehold buildings held for use on a continuing basis by the Trust are depreciated over a straight line 50 years basis. During the year we revised the estimation technique to take account of the estimated useful life of the freehold buildings and their residual value. There has been a depreciation charge of £62,000 in the financial statements

that will be ongoing. The future residual value is also 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 TAXATION

The charity is exempt from tax on its charitable activities.

1.10 DEBTORS

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

1.11 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 can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 FUND ACCOUNTING

Expendable endowment fund

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

Restricted Funds

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

Designated unrestricted funds

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

Unrestricted funds

This fund represents the cumulative 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.

1.13 PENSION - DEFINED CONTRIBUTION SCHEME

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.

1.14 TARGETED CONTRIBUTION SCHEME

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

1.15 CRITICAL JUDGEMENTS AND ESTIMATES

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:

Page 60

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

2 ESTATE INCOME

2
ESTATE INCOME
31.3.23 31.3.22
£000 £000
Rents 3,867 3,780
Forestryincome 22 18
Countryside Stewardship& othergrants 89 26
Other income 98 11
4,076 3,835

All Estate income in the year was unrestricted (2022 - unrestricted).

3 INVESTMENT INCOME

31.3.23 31.3.22
£000 £000
Dividends and distributions 1,051 1,019
Bank and other interest
All investment income		 17
1,068		 7
1,026

All investment income in the year was unrestricted (2022 - unrestricted).

4 INCOME FROM CHARITABLE ACTIVITIES

31.3.23 31.3.22
£000 £000
Green Infuencers Scheme
The OWL Collaboration		 -
60		 500
45
Kickstart Scheme - 54
Other 22 6
82 605

All charitable activities income in the year was restricted (2022 - restricted)

5 FURLOUGH GRANTS RECEIVED

31.3.23 31.3.22
£000 £000
Furlough grants received (HMRC Coronavirus Retention Scheme) - 7
- 7

6 INCOME EARNED FROM OTHER ACTIVITIES

The subsidiary, ECT Farms Limited, which is wholly owned by the parent, is a registered company (No. 01324410). The summary financial performance of the subsidiary alone is:

31.3.23 31.3.22
£000 £000
Total income 710 161
Total expenditure (620) (248)
Net (expenditure)
The assets and liabilities of the subsidiary are:		 90 (87)
Fixed assets 35 -
Current assets 769 467
Current liabilities (739) (509)
Long-term liabilities - -
Total net assets
The subsidiary, Mintglebe Limited, which is wholly owned by the parent, is a registered
company (No. 01665074). The summary fnancial performance of the subsidiary alone is:		 65
31.3.23		 (42)
31.3.22
£000 £000
Total income - -
Total expenditure (16) (7)
Net (expenditure)
 (16) (7)
The assets and liabilities of the subsidiary are:
Fixed assets - -
Current assets 570 52
Current liabilities (193) (84)
Long-term liabilities - -
Total net assets 377 (32)

There are no unfulfilled conditions relating to this grant.

Page 61

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

7 ESTATE EXPENDITURE

31.3.23 31.3.22
£000 £000
Repairs and renewals 1,948 1,275
Depreciation 100 9
Rates 35 33
Insurance 153 132
Light and heat 76 53
Telephone 6 6
Estate wages andpension costs 230 204
Equipment and vehicle expenses 56 37
Legal fees 129 52
Otherprofessional fees 344 167
Sundryexpenses 39 43
Bad debts 157 -
Non recoverable VAT 48 39
Donations 12 27
Support costs allocation (see note 10) 1,231 979
4,564 3,056

8 (continued) GRANTS AND LEARNING ACTIVITIES

PREVIOUS YEAR

8
(continued) GRANTS AND LEARNING ACTIVITIES
PREVIOUS YEAR
Restricted Unrestricted Total 2022
£000 £000 £000
Educationalgrants 1,292 602 1,894
Grant salaries andpension costs 142 27 169
Ofce expenses and equipment - 2 2
Grants seminars and conferences 15 - 15
Grants evaluation and research 41 - 41
Grants travel expenses 5 4 9
Grants Coordinator - - -
Grants digital communications 30 - 30
Depreciation - 8 8
Postage and telephone - 7 7
Learningsalaries andpension costs - 314 314
Learningexpenses and equipment - 79 79
Administration costs 16 - 16
Support costs allocation - 245 245
Total 1,541 1,288 2,829

All estate expenditure in the year was unrestricted (2022 - unrestricted).

9 GOVERNANCE COSTS

8 GRANTS AND LEARNING ACTIVITIES

Educationalgrants
Grants salaries andpension costs
Ofce expenses and equipment
Grants seminars and conferences
Grants evaluation and research		 Restricted
£000
1,232
118
1
10
53		 Unrestricted
£000
634
49
-
-
-		 Total 2023
£000
1,866
167
1
10
53
Grants travel expenses
Grants Coordinator
Grants digital communications		 12
-
21		 1
-
-		 13
-
21
Depreciation
Postage and telephone		 -
-		 4
4		 4
4
Learningsalaries andpension costs - 402 402
Learningexpenses and equipment - 159 159
Administration costs 5 - 5
Support costs allocation (see note 10) - 308 308
Total 1,452 1,561 3,013
31.3.23 31.3.22
£000 £000
Salaries andpensions 406 280
Trustees remuneration and expenses 81 68
Travellingand subsistence 2 2
Audit and accountancy 62 26
Legal fees 22 49
Otherprofessional fees 48 26
Equipment and vehicle expenses 4 1
Other expenses 6 34
631 486

All governance costs in the year were unrestricted (2022 - unrestricted).

Page 62

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

10 SUPPORT COSTS

11 ANALYSIS OF EXPENDITURE

2023 2022
£000
-
7
29
36
534
5
91
5
10
32
0
486
-
20
1,183
1,219
979
245
1,224		 Staf costs
Depre		 ciation
 Other
Total
2023
£000 £000 £000 £000
£000
Establishment expenditure Investment management fees
-		 - 243
243
Light and heating 12 Estate expenditure
978		 101 3,485
4,564
Depreciation 1 Grants and Learningactivities
756		 4
 2,253
3,013
Insurance
Administration expenditure		 32 Trading expenditure
46
Total
1,780		 10
115
 563
619
6,544
8,439
44

Salaries andpension costs		 529 PREVIOUS YEAR
Staf costs
Depre		 ciation
 Other
Total
2022
Travellingand subsistence 12
Equipment and motor vehicles 8
Printingand stationery 21 £000 £000 £000
£000
Postage and telephone 14 Investment management fees
-		 - 241
241
Otherprofessional fees 44 Estate expenditure
786		 32
 2,238
3,056
Subscriptions 10 Grants and Learningactivities
590		 14
 2,225
2,829
Governance costs(see note 9) 631 Trading expenditure
23
Total
1,399		 -
46		 232
255
4,936
6,381
IT expenses 88
Sundries
Total Support costs
Allocation of support costs		 138
1,495
1,539		 12
TRUSTEES' REMUNERATION AND BENEFITS		 31.3.23 31.3.22
Estate expenditure
80%		 1,231 £000 £000
Grants and Learning activities
20%		 308
1,539		 Mr A W M Christie-Miller 15 15
Mr H M Henderson 10 10
Mr S F Eliot 10 10

Sir Bertie Ross		 9 10
Mrs M E Riall 10 10
Ms J D Greenwood 10 10
Mr I W Pigott 6 -
Dr I C Gambles
Expenses
Total remuneration and expenses		 4 -
65
1
66
74
7
81

Trustees' expenses

Expense reimbursements paid to the Trustees during the year amounted to £7,052 (2022: £891). At the year-end an amount of £Nil (2022: £Nil) was owed to the Trustees. There is an authority in the Memorandum and Articles of Association to provide remuneration to Trustees.

Page 63

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

13 STAFF COSTS

31.3.23 31.3.22
£000 £000
Wages and salaries 1,478 1,188
Social securitycosts 170 104
Other pension costs 132 106
1,780 1,398

The average monthly number of full-time equivalent employees during the year was as follows:

31.3.23 31.3.22
Maintenance of estates 8 8
Grants and Learningactivities 16 14
Management and administration 14 12
38 34

The number of employees whose employee benefits (excluding employer pension costs) exceeded £80,000 was:

31.3.23 31.3.22
£120,000 to £130,000
£110,000 to £120,000		 1
-		 -
1
£80,000 to £90,000 2 1
3 2

Key management personnel

The total aggregate compensation (including pensions) due to key management personnel in the year to 31 March 2023 was £547,558 (2022: £476,402).

14 TANGIBLE FIXED ASSETS (GROUP)

2023 Freehold land and
buildings
Other		 Totals
£000 £000 £000
COST
At 1 April 2022 6,575 864 7,439
Additions 39 170 209
Disposals - (26) (26)
7,622
At 31 March 2023 6,614 1,008
DEPRECIATION
At 1 April 2022 - 788 788
Charge foryear 63 59 122
Disposals - (12) (12)
898
At 31 March 2023 63 835
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
TANGIBLE FIXED ASSETS (PARENT)
2022		 6,551 173 6,724
6,575 76 6,651
Freehold land and
buildings
Other		 Totals
£000 £000 £000
COST
At 1 April 2022 6,575 864 7,439
Additions 39 125 164
Disposals - (26) (26)
7,577
At 31 March 2023 6,614 963
DEPRECIATION
At 1 April 2022 - 788 788
Charge foryear 63 49 112
Disposals - (12) (12)
888
At 31 March 2023 63 825
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 6,551 138 6,689
6,575 76 6,651

Page 64

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

15 FIXED ASSET INVESTMENTS (GROUP)

FIXED ASSET INVESTMENTS (PARENT)

2023 Investment
properties
Listed
investment
s
Other
investments
2023 Total
£000 £000 £000 £000
Cost or valuation
At 1 April 2022 167,421 46,438 2,575 216,434
Additions 427 9,974 - 10,401
Disposals (671) (10,498 )
-		 (11,169)
Cash movement - -
(564)		 (564)
Totalgain/(loss)on revaluation 2,276 (3,188 )
-		 (912)
214,190
214,190
At 31 March 2023 169,453
169,453		 42,726
42,726		 2,011

2,011
Historical cost at 31 March 2023 38,934 2,011 40,945
2023 Investment
properties
Listed
investments

Other
investments
2023 Total
£000 £000 £000 £000
Cost or valuation
At 1 April 2022 167,421 46,438 2,575 216,434
Additions 427 9,974 425 10,826
Disposals (671) (10,498 )
-		 (11,170)
Cash movement - -
(564)		 (564)
Totalgain/(loss)on revaluation 2,276 (3,188 )
-		 (912)
214,615
At 31 March 2023 169,453 42,726 2,436
Investment in subsidiaries 425 425
169,452 42,726 2,011 214,190
Historical cost at 31 March 2023 38,934 2,436 41,370
2022 Investment
properties
Listed
investments
Other
investments
2022 Total
£000
200,400
17,577
-
(22,443)
1,453
19,447
216,434
216,434
40,248		 2022 Investment
properties
Listed
investments
Other
investments
2022 Total
£000 £000 £000
£000 £000 £000 £000
Cost or valuation
Cost or valuation
At 1 April 2021 153,405 45,873 1,122
At 1 April 2021 153,405 45,873 1,122 200,400
Additions 4,424 13,153 -
Additions 4,424 13,153 - 17,577
Gifted asset - - -
Gifted asset - - - -
Disposals (6,604) (15,839) -
Disposals (6,604) (15,839) - (22,443)
Cash movement - - 1,453
Cash movement - - 1,453 1,453
Total gain/(loss) on revaluation 16,196 3,251 -
Total gain/(loss) on revaluation 16,196 3,251 - 19,447
216,434
At 31 March 2022 167,421 46,438 2,575
2,575
At 31 March 2022 167,421 46,438 2,575
Investment in subsidiaries - -
2,575 216,434
Historical cost at 31 March 2022 37,673 2,575
Historical cost at 31 March 2022 37,673 2,575 40,248

The valuation of investment properties is made by professional valuers on the basis of the assets' investment values. If the fixed asset investments had not been revalued they would have been included on the historical cost basis as £40,946,000 (2022: £40,249,000). 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 65

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

The Trust holds shares in each of its wholly owned subsidiaries, ECT Farms Limited and Mintglebe Limited.

Results are as stated:
Name of company ECT Farms Limited
Mintglebe Limited
Countryof incorporation United Kingdom
United Kingdom
% holding/control 100%
100%
No of shares held and value 100 shares at £1per share
425,100 shares at £1per share
Income 2023 710,000
-
Net assets/(liabilities)as at 3 1 March 2023
64,000
377,000
Income 2022 161,000
-
Net assets/(liabilities)as at 3 1 March 2022
(42,000)
(32,000)
Nature of business Management of land held
for farming purposes
Design and build services to
The Ernest Cook Trust
An analysis of the location o
2023		 f investments for the Trust is as follows:
UK
Non-UK
2023
2022
£000
£000
£000
£000
Investmentproperties 169,452
169,452
167,738
Listed investments 21,450
21,277
42,727
46,438
Other investments
2022		 2,011
2,011
2,575
192,913
21,277
214,190
216,751
UK
Non-UK
2022
2021
£000
£000
£000
£000
PRIOR YEAR
Investmentproperties 167,738
167,738
153,405
Listed investments 31,255
15,183
46,438
45,873
Other investments 2,575
2,575
1,122
201,568
15,183
216,751
200,400

Listed and investments by fund type are as follows:

Listed and investments by fund type are as follows:
2023
2022
UK equities 15%
16%
Non-UK equities 46%
48%
Bonds 12%
8%
Alternatives 22%
23%
Cash
Individual investments which comprise over 5% of the value of the
portfolio at the year end are as follows:
(All equities are held within funds and are therefore indirect holdings)		 5%
5%
100%
100%
2023
2022
£000
£000
Vanguard US S&P 500 Fund 5,568
5,900
Trojan Income Fund 3,345
4,360
Schroder CharityEquityFund 2,520
2,800

16 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

GROUP GROUP PARENT PARENT
31.3.23 31.3.22 31.3.23 31.3.22
£000 £000 £000 £000
Rents receivable 1,113 1,493 1,113 1,493
Other debtors and prepayments 1,242 1,023 785 754
Amounts due from group companies - - 720 509
2,355 2,516 2,618 2,756

Page 66

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

GROUP GROUP PARENT PARENT
31.3.23 31.3.22 31.3.23 31.3.22
£000 £000 £000 £000
Other tax and social security 53 55 53 52
Pension creditor 4 8 4 8
Amounts owed togroupcompanies - - - -
Accruals 565 550 475 479
Other creditors 873 599 756 589
Deferred income 233 261 233 261
1,728 1,473 1,521 1,389

Deferred income represents unexpired lease premiums payable – see note 17.

18 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

GROUP
31.3.23		 GROUP
31.3.22		 PARENT
31.3.23		 PARENT
31.3.22
£000 £000 £000 £000
Bank loans and overdrafts 14,000 14,000 14,000 14,000
Deferred income 640 652 640 652
14,640 14,652 14,640 14,652

A loan of £10,000,000 is secured on part of the Fairford and Hatherop Estates at a fixed interest rate of 3.51% repayable in 2036. The remaining £4,000,000 is a loan facility dated August 2019 for 4 years.

Deferred Income reconciliation: 31.3.23
31.3.22
£
£
Deferred income balance brought forward 912
916
Income released in theyear (272)
(269)
Income deferred
Final total carried forward
Deferred income by period:		 233
266
873
913
31.3.23
31.3.22
£000
£000
Under 1year 233
261
Between 2 and 5years 35
35
Over 5 years
Total		 605
617
873
913

19 FUNDS AND RESERVES

19
FUNDS AND RESERVES
2023 Opening
balance
Income		 Expenditure Gain/(Loss) Transfer Total
£000 £000 £000 £000 £000 £000
Unrestrictedgeneral funds 3,500 5,854 (5,423) (2,025) 1,906
Designated funds 3,565 - (1,948) - 1,514 3,131
5,037
Total unrestricted funds 7,065 5,854 (7,371) - (511)
Endowment funds 207,625 - - 602 - 208,227
Restricted funds
Green Infuencers Scheme 1,077 - (990) - - 87
The OWL Collaboration - 60 (571) - 511 -
Kickstart Scheme 13 - - - - 13
Other restricted funds 5 22 - - - 27
Total restricted funds
Total Funds
2022		 1,095
215,785		 82
5,936		 (1,561)
(8,932)		 -
602		 511
-		 127
213,391
Opening
balance
Income		 Expenditure Gain/(Loss) Transfer Total
£000 £000 £000 £000 £000 £000
Unrestrictedgeneral funds (488) 9,520 (4,620) - (912) 3,500
Designated funds 4,233 - (668) - - 3,565
7,065
Total unrestricted funds 3,745 9,520 (5,288) - (912)
Endowment funds 188,178 - - 19,447 - 207,625
Restricted funds
Green Infuencers Scheme 1,118 500 (1,042) - 500 1,076
The OWL Collaboration - 45 (457) - 412 -
Kickstart Scheme - 54 (41) - - 13
Other restricted funds - 6 - - - 6
Total restricted funds
Total funds		 1,118
193,041		 605
10,125		 (1,540)
(6,828)		 -
19,447		 912
-		 1,095
215,785

Page 67

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

TRUSTEES' REPORT

THE ERNEST COOK TRUST | ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

FUNDS AND RESERVES (CONTINUED)

Designated funds

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. Expenditure of £1,948,000 was incurred in the year. A transfer of £1,514,000 was made from unrestricted funds to designated funds to meet future commitments, and a balance of £2,069,000 is carried forward.

2022 Restricted funds Expendable Designated funds Unrestricted funds Total 2022
endowment
£000 £000 £000 £000 £000
Tangible fxed
assets		 - 3,332 - 3,319 6,651
Investments - 204,293 12,141 - 216,434
Current assets 1,095 - 1,424 6,306 8,825
Current liabilities - - - (1,473) (1,473)
Long-term liabilities - - (10,000) (4,652) (14,652)
TOTAL FUNDS 1,095 207,625 3,565 3,500 215,785

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 was made possible thanks to £66M joint investment from the National Lottery Community Fund and the Department for Culture, Media & Sport to support young people to access high quality social action opportunities. Both the #iwill Fund and The Ernest Cook Trust provided £1.5million to the Green Influencers Scheme, resulting in a total of £3million spent over 3 years on youth environmental action. The Ernest Cook Trust acted as a match funder and awarded 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.

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 £60,000 was received in the year and our expenditure on The OWL Collaboration of £570,519 was met by a transfer of £510,519 from Unrestricted Funds.

Restricted Funds – Kickstart Scheme

During 2021 we participated in the Government's Kickstart Scheme which provided funding to employers to create jobs for 16-24 year-olds on Universal Credit. Government funding for the Scheme has now closed.

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

20 ANALYSIS OF NET ASSETS BETWEEN FUN DS
2023 Restricted funds Expendable
endowment		 Designated funds Unrestricted funds Total 2023
£000 £000 £000 £000 £000
Tangible fxed
assets		 - 3,332 - 3,392 6,724
Investments
Current assets		 -
127		 204,895
-		 9,295
2,775		 -
5,943		 214,190
8,845
Current liabilities - - - (1,728) (1,728)
Long-term liabilities - - (10,000) (4,640) (14,640)
TOTAL FUNDS 127 208,227 2,070 2,967 213,391

21 CAPITAL COMMITMENTS

There were no capital commitments as at 31 March 2023 or 31 March 2022.

22 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 £130,782 (2022 £106,319) and at 31 March 2023 creditors relating to pensions totalled £3,941 (2022 £8,033).

23 ANALYSIS OF CHANGES IN NET DEBT

23
ANALYSIS OF CHANGES IN		 NET DEBT
This note refers to the cash
fow on page 58:		 Opening Balance Cash Flows Other non-cash
changes		 Closing balance
£000 £000 £000 £000
Cash and cash equivalents 8,459 (219) (425) 7,815
Loans due over one year (14,000) - - (14,000)
TOTAL NET DEBT (5,541) (219) (425) (6,185)

24 RELATED PARTY TRANSACTIONS

In 2016 The Trust issued a loan to the fomer Chief Executive Nicholas Ford amounting to £200,000 to enable him to purchase a home on his retirement. The loan which was secured on the property is subject to a fixed interest charge of 3.75% per annum for five years and 2.5% above the sterling LIBOR thereafter. The loan was repaid on 1 December 2022, therefore the balance outstanding at the year end is Nil.

During the year the charity operated bank accounts for the two subsidiaries and received funds and incurred costs on their behalf. For ECT Farms Ltd the charity incurred costs of £730,319 (2022 £367,662) and received income of £145,945 (2022 £50,302). During the year ECT Farms Ltd repaid £527,191 to the Trust. At the year end The Ernest Cook Trust was owed £533,373 (2022 £428,857) by the subsidiary - the Trust owed the subsidiary £Nil (2022 £Nil).

For Mintglebe Ltd the charity incurred costs of £6,436 (2022 £16,544). During the year the charity made a loan of £100,000 to its subsidiary Mintglebe Ltd. Interest will be charged at 4.5% per annum above the Bank of England base rate. The loan is repayable within two years of the loan being made. At the year end Mintglebe Ltd owed the charity £186,828 (2022 £80,391).

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 £52,500 in support of their Outdoor Week of Learning (2022 £50,000).

There were no other related party transactions (2022 none).

Page 68

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Notes to the Consolidated Financial Statements

LEGAL AND ADMINISTRATIVE DETAILS

The Ernest Cook Trust Legal and Administrative details for the year ended 31 March 2023

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 (until 31 March 2023)

Mary E Riall (appointed Chair 31 March 2023)

Simon F Eliot

Dr Ian Gambles FCMA (July - November 2022)

Jenefer D Greenwood OBE

Harry M Henderson DL

Ian Pigott OBE DL (appointed September 2022)

Sir Bertie Ross KCVO (until December 2022)

Leadership Team

Dr Victoria M Edwards OBE FRICS FAAV

Chief Executive

Dr Ian Gambles FCMA

Michael A Birnie MRICS FAAV

Property Director

Emily M E Crawley

Head of Learning Strategy & Delivery

Steve Hatcher FCA

Director of Finance & Technical Services and Company Secretary

Suzie R Paton

Head of Grants & Partnerships

Sara B Rostant Chief of Staff

Committee Chairs

Audit, Finance & Investment

Harry M Henderson DL

Property

Jenefer D Greenwood OBE

Learning

Simon F Eliot

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

Auditor

Price Bailey LLP 3rd Floor, 24 Old Bond Street London W1S 4AP

Investment Adviser

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

Interim Chief Executive

Page 69

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

Legal and Administrative Details

A Remarkable Legacy

The achievements and ambitions documented in this Report owe much to the leadership of our departing Chief Executive, Dr Victoria Edwards.

Victoria’s influence has been integral to our growth. She has helped join our charitable purpose with our land ownership, securing the future of our estates by overseeing an extensive modernisation programme and revised strategy. She focused our charitable work on providing Outdoor Learning opportunities for underserved young people, such that many thousands of young lives have benefited as a direct result of her enthusiasm, tenacity, hard work and vision.

The Ernest Cook Trust extended family thanks Victoria for her outstanding leadership, commitment and expertise and wishes her the very best in the future. She leaves a remarkable legacy.

I will always hold enormous affection for the Trust, its beneficiaries, and partners. Most of all, I will miss my extraordinary team of dedicated colleagues, but I am confident that they will nurture what we have built and ensure that the Trust continues to flourish.

Dr Victoria Edwards OBE, Chief Executive 2016 - 2023 (Trustee 2007 - 2016)

Page 70

The Ernest Cook Trust | Annual Report for the Year Ended 31 March 2023

A Remarkable Legacy

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

Designed and produced by APE Inc. Ltd Photography by Dave Brown Photography, Lucy Judson Photography, Stuart Walker Photography (including cover image), staff, friends and programme participants Page 71