2021-01-31-accounts - Nene Park Trust

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CONTENTS			Page
	l
Comment from the Chair and Chief		Executive	1-4
Report ofthe	Board ofTrustees		5-15
Report ofthe	Auditors		16-18
Consolidated	Statement of Financial	Activities	19
Consolidated	and Charity Balance Sheets		20
Consolidated	Cash Flow Statement		21-22
Notes to the	Accounts		23 -.'41
Acknowledgements			42
Corporate Information			43-44

CONS As at	OLIDATED AND 31January 2022	CHAR	ITY BALA	NCE SHE	ETS
						2022		2021
Note					Group	Charity	Group	Charity
					R'000	R'000	R'000	R'0.00
	FIXEDASSETS
7	Tangible assets				6,345	6,065	6,086	5,726
8	Heritage assets				3,448		3,448
9	Investments				35,089	21,902	32,150	19,823
					44,882	27,967	41,684	25,549
	CURRENT ASSETS
10	Stocks				59.	38	46	20
11a	Debtors falling due	after	more than	one year		94
11b	Debtors falling due	within one year			421	475	323	695
12	Cash at bank and	in hand			1,555	1,163	2,067	2,038
					2,035	1,770	2,436	2,753
13	CREDITORS: Amounts		falling due
	within		one year		(543)	(414)	(371)	(360)
	NET CURRENT ASSETS				1,492	1,356	2,065	2,393
	TOTAL ASSETSLESSCURRENT LIABILITIES				46,374	29,323	43,749	27,942
14	CREDITORS: Amounts		falling due
	after more than one			year	(885)	(862)	(903)	(868)
	NET ASSETS				45,489	28,461	42,846	27,074
15	FUNDS
	Nene Park Trust
	Restricted Funds				3,957	509	3,994	546
	Unrestricted Funds
	General Funds				2,315	1,994	1,538	1,603
	Designated Funds				25,958	25,958	24,925	24,925
	Endowment Held	in Connection		with Nene	Park
	Permanent Endowment				13,259		12,389
					45,489	28,461	42,846	' 27,074

					Note	2022	2021
						Group	Group
						R'000	R'000
Cash invested I(used) in operating			activities			(1,045)	(1,301)
Cash flows from investing		activities
investment income						1,251	984
Purchase of investments						(4,888)	(6,851)
Sale of investments						4,716	6,778
Purchase oftangible fixed assets						(817)	(335)
Sale oftangible fixed assets							4
Cash provided by investing		activities				262	580
Cash flows from financing		activities
Loans							20
Repayment ofloans						(1)	(352)
Payment offinance lease	obligations					(5)	(1)
Cash provided by financing		activities				(6)	(333)
(Decrease) Iincrease in cash and cash						(789)	(1,054)
equivalents in the year
Cash and cash equivalents	at the beginning			ofthe		2,531	3,585
year
TOTAL CASH AND CASH	EQUIVALENTS			AT	A	1,742	2,531
THE END OF THE YEAR
NOTE A: Analysis ofcash						2022	2021
						Group	Group
						f.'000	R'000
Cash at bank at 31 January						1,555	2,067
Cash at investment manager's		at 31 January				187	464
						1,742	2,531

			2022
		At 1 Feb	Gashflow	At 31 Jan
		E'000	F'000	E'000
Cash at bank	and in hand	2,067	(512)	1,555
Cash at investment managers		464	(277)	187
Net cash and	cash equivalents	2,531	(789)	1,742
Movements	in cash and cash equivalents
Comparative	information:		2021
		At 1Feb	Cashew	At 31Jan
		8'000	8'000	8'000
Cash at bank	and in hand	2,926	(859)	2,067
Cash atinvestment managers		659	(195)	464
Net cash and	cash equivalents	3,585	(1,054)	2,531

Yea	r ended 31Januar	y 2022	y 2022	y 2022
2	ANALYSIS OF	GROUP EXPENDITURE
	2022			Direct	Other	Depreciation		Support and	Total
				costs —	direct			governance	2022
				Staff	costs			costs
				R'000	E'000	R'000		f'000	E'000
	Costs ofraising funds
	Costs ofsales			57	147				204
	Investment management				93				93
	costs
	Fundraising costs			97	10			18	130
	Charitable
	expenditure							'
	Park management			1,436	1,234	538		825	4,033
				1,590	1,484	543		843	4,460
	2021			Direct	Other	Depreciation		Support and	Total
				costs —	direct			governance	2021
				Staff	costs			costs
				E'000	f'000	E'000
	Costs ofraising funds Costs ofsales,			23	52				75
	Investment management				90				90
	costs
	Fundraising costs			95	11				127
	Charitable
	expenditure
	Park management			1,126	885	369		648	3,028
				1,244	1,038	374		664	3,320
3	ANALYSIS OF	SUPPORT AND GOVERNANCE COSTS
	2022				Staff	Other	.	Depreciation	Total
					costs	costs			2022
					R'000	R'000		F000	R'000
	Support costs
	Office and administration				59	28		15	102
	'Chief Executive	and	team		226	7			233
	Business Services				248	82			330
	Other organisational		costs		5	135			140
	Total support	costs			538	252		15	' 805
	Governance costs				13	25			38
	Total support	&governance		costs	551	277		15	843

2021		Star	Other	Depreciation	Depreciation	Total
		costs	costs			2021
		E'000	E'000	.	E,'000	8'000
Support costs Office and administration		59	30		13	102
Chief Executive and	team	149	1			150
Business Services		21.3	48			261
Other organisationai	costs	16	105			121
Total support costs		437	184		13	634
Governance costs		10	20			30
Total support 4governance costs		447	204		13	664

The aveiage nurriber ofemployee was as follows:	s, analysed by function,	(excluding Members ofthe Board	ofTrustees
		2022	2021
		No.	No.
Operations team Development team		45 11	35 1'1
Support services and fundraising	team	14	15
		70	61

The aggregate
	2022	2021
	R'000	R'000
Wages and salaries Social Security costs Pension costs	1,816 160 165	1,431 128 132
	2,141	1,691
Other staff costs	24	25
	2,165	1,716

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and enjoyment ofthe publ	ic	in art by p	lacing, maintain	ing and pro	moting the col	lection in publ	ic places.
				2022		2021
				Group	Charity.	Group	Charity
				R'000	R'000	.R'000	R'000
INVESTMENTS
Listed investments
Market value at 1 February				32,150	19,758 .	33,047	20,512
Additions				4,888	2,884	6,851	2,204
Disposals Net unrealised investment		gains I(losses)		(4,716) 3,237	(2,778) 2,218	(6,778) (628)	(2,295) (597)
Net realised investment losses				(193)	(90)	(147)	(101)
Movements in cash held by investment			manager	(277)	(155)	(195)	35
Market value at 31 January				35,089	21,837	32,150	19,758
Unlisted investments:
65,000E1 shares in trading		subsidiary	at cost		65		65
Investments at 31 January				35,089	21,902	32,150	19,823
Historical cost as at 31 January				27,473	15,486	26,384	14,635
Analysis of listed securities at 31 January 2022:
				Group
				R'000
Fixed Interest securities				2,413
UK Equities				17,540
Global securities				7,154
Multi asset funds				2,396
Property. '				1,629
Other assets				3,770
Cash held by investment	manager			. 187
				35,089

				2022		2021
			Group	Charity	Group	Charity
			F000	R'000	R'000	OOOO
10	STOCKS
	Goads for resale		21		26
	Livestock		38	38	20	20
				38	46	20
11	DEBTORS
	a) Debtors falling due after more than one year
	Owed by trading	subsidiary
				56

		Trade debtors				217	21,7	97	97
		Other debtors				57	43	181	175
		Prepayments				147	146	45	33
	,	Owed by Endowment	Held		in Connection
		with Nene Park							.3
		Owed by PCLT							380
		Owed by trading subsidiary					69		7
						421	475	323	695
12		CASH AT BANK AND		IN	HAND
		Cash and short-term	deposits			1,555	1,163	2,067	2,038
13		CREDITORS: Amounts		falling due within one year
		Hire purchase creditor				.2
		Other creditors				244	131	216	211
		Other taxation and Social			Security	43	43	33	33
		Accruals				141	97	34	27
		Deferred income				.109	109	88	88
		Owed to trading subsidiary					34		6
		Bounce back loan				4
						543	414	371	360

NOT	ES TO TH	E FINANCIAL	STA	TEMENTS (Contd.)
Year	ended 31	January 2022						2021
					Group	Charity	Group	Charity
					R'000	E'000	R'000	.	E'.000
14	CREDITORS: Amounts		falling due after more than		one year
	Hire purchase creditor				8		15
	Bounce back loan				15		20
	Deferred	income			862	862	868		868
					885	862	903		868
	Deferred	income included		within Creditors:
	Deferred	income at 1 February			956	956	973		973
	Released Deferred	in year in year			(94) 109	(94) 109	(104) 87		(104) 87
	Deferred	income at 31 January			971	971	956		956

5 FUNDS
		Balance at						Balance at
a) IHovement in Funds		1 February 2021	Income	Expenditure	Investment Gains I		Transfers	31January 2022
					(Losies)
		R'000	R'000	F'000	K'000		R'000	R'000
Unincorporated Charity Permanent Endowment		12,389		(46)		916		'13,259
PCLT Restricted Funds		3,448						3,448
Charity Restricted'Revenue Funds		244	773	(718)			(68)	231
Restricted Capital Fund		302					(24)	. 278
Total Restricted Funds		3,994	773	(718)			(92)	3,957
Unrestricted Funds
Designated Funds Tangible Fixed Assets Fund Investment Fund Woodlands Maintenance Fund Park Works Fund	(iv) (v) (vi) (vii)	5,831 17,180 325 1,514					277 (1,266) 2,017	6,108 15,914 325 3,531
Trust Infrastructure Fund	(viii)	75					5	80
Total Designated Funds		24,925					1,033	25,958
General Funds
Nene Pat Se'rvices Ltd PCLT General Funds		(41) (24) 1,603	147 791 2,948	(204) (348) (3,744)	2,128		(941)	(98) 419 1,994
Total General Funds		1,538	3,886	(4,296)	2,128		(941)	2,315
Total Funds		42,846	4,659	(5,060)	3,044			45,489

2021		Balance at					Balance at
Nlovement in Funds		1February			Investment		31January
		2020	Income	Expenditure	Gains	Transfers	2021
		f'000	8'000	8'000	E'000	E'000	8'000
Unincorporated Charity Permanent Endowment		12,515		(49)	(77)		12,389
PCLTRestricted Funds			3,448				3,448
Charity Restricted Revenue Funds		271	527	(428)		(126)	244
Restricted Capital Fund		234				68	302
Total Restricted Funds		505	. 3,975	, (428)	(77)	(58)	3,994
Unrestricted Funds
Designated Funds
Tangible Fixed Assets Fund Investment Fund Woodlands Maintenance Fund Park Works Fund	(iv) (v) (vi) (vii)	5,550 18,276 325 1,347				281 (1,096) -167	5,831 17,180 325 1,514
Trust Infrastructure Fund	(viii)	55				20	75
Total Designated Funds		25,553'				(628)	24,925
General Funds
Nene Park Services Ltd PCLT		(22)	56 1'I-	(75) (35)			(41) (24)
General Funds		2,103	2,245.	(2,733)	(698)	686	1,603
Total General Funds		2,081	2,312	(2,843)	(698)		1,538
Total Funds		40,654	6,287.	(3,320)	(775)		42,846

Analysis ofass	ets	betw	een Funds:
					Net
			Tangible		current	After more .		Intra fund
2022			Fixed	Investments	Assets	Than 1	year	balances			Total
			Assets
			K'000	F'000	K'000	R'000		R'000			K'000
Permanent Endowment				13,252					7	'	13259
Charity
Restricted Funds			238		280				(9)		509
Unrestricted Funds			5,827	21,837	947	(862)			137		27,886
PCLT Restricted Funds			3,448								3,448
PCLT Unrestricted	Funds		280		170		(8)		(23)		419
Nene Park Services					95		(15)	(112)			(32)
Total Funds			9,793	35,089	1,492	(885)					45,489
					Net	Creditors
			Tangible		current	after	more	Intra	fund
2021			Fixed Assets	Investments E'000	Assets E'000	Than 1year f'000		Balances 8'000			Total 8'000
			f'000
Permanent Endowment				12,392					(3)		12,389
Charity
Restricted Funds			255		346				(55)		546
Unrestricted Funds			5,472	19,758	1,656		(868),		445		26,463
PCLTRestricted	Funds		3,448								3,448
PCLTUnrestricted		Funds	359		13		(15)		(381)		(24)
Nene Park Services					50		(20)		(6)		24
Total Funds			9,534	32,150	2,065		(903)				42,846

ransactions between t	hecharityand members ofthe group are as follows
		2022	2021, '
		R'000	.R'000
Salaries recharged by Admin costs recharged	Nene Park Trust to Nene Park Services Ltd by Nene Park Trust to Nene Park Services	57 52	23 25
Job Retention Scheme	grant received by Nene Park Trust for PCLT	(17)
Salaries recharged by	Nene Park Trust to PCLT	108	14
Admin costs recharged	by Nene Park Trust to PCLT	92	7
Job Retention Scheme	grant received by Nene Park Trust for PCLT	(94)	(12)
		198	57

ECONCILIATION OF CTIVITIES	NET M	OV	EMENT IN F	UNDS TO NET C	ASH INFLOW.FROM	OPERATING
					2022	2021
					Group	Group
					R'000	R'000.
Net movement in funds					2,643	(1,256)
Add back depreciation	charge				558	387
Deduct investment income shown			in investing	activities	(1,251)	(984)
(Deduct) / add (gains) / losses on Loss on disposai oftangible fixed			investments assets		(3,044)	775 9
Increase in.debtors					(98)	(173)
Increase / (decrease)	in creditors				160	(34)	.
Increase in stock					(13)	(25)
Net.cash used in operating		activities			(1,045)	(1,301)

Profit and loss a	ccount
		2022	2021
		K'000	R'000
Shop sales		130	51
Less: Cost ofsales		(97)	(26)
		33	25
Other expenses		(109)	(48)
Other operating		17	7
income
Loss for the year		(59)	(16)
Balance Sheet
		2022	2021
		K'000	F'000
Current assets		108	58
Current liabilities		(69)	(13)
Net current assets		39	45
Creditors falling	due	(72)	(19)
after more than	1 year
Net (liabilities) I	assets	(33)	26
Capital and reserves:
Profit and loss account		(98)	(39)
Share Capital		65	65
		(33)	26

Statemen	t ofFinancial	Activities
				2022	2021
					2 months
				f'000	R'000
	Income
	Grants received			147	11
	Operating income
	Expenditure	on charitable	activities	(348)	(35)
	Net incomel	(expenditure)		(157)	(24)
	Exceptional	item		600
	Impact of parent loan writeback
	Net incomel	(expenditure)		443	(24)
Balance	Sheet
	Heritage Assets (Note 8)			3,448	3,448
	Fixed Assets			280	359
	Current Assets			335	19
	Current liabilities			(189)	(387)
	Net Current	Liabilities		(146)	(368)
	Non-current	liabilities		(7)	(15)
	Net Assets			3,867	3,424
	Funds
	Restricted Funds			3,448	3,448
	General Fund			419	(24)
				3,867	3,424

			Unrestricted	Unrestricted	Restricted	Permanent	Group
				Funds	Funds	Endowment	2021
			Note	F000	R'000	R'000	R'000
Income
Investment income				984			984
Grants and donations				210	510		720
Acquisition ofsculpture	collection				3,448		3,448
Charitable activities
Income from tenants				530	15		545
Operating income				537	2		539
Trading income				51			51
Total Income				2312	3,975		6,287
Expenditure
Costs ofraising funds
Trading cost ofsales				75			75
Investment management	costs			41		49	90
Fundraising costs				65	62		127
Expenditure on charitable Park management		activities		2,662	366		3,028
Total expenditure				2,843	428	49	3,320
Net income i(expenditure) before investment losses		igains		(531)	3,547	(49)	2,967
Net investment (losses)	/ gains			(698)		(77)	(775)
Net income i(expenditure)				(1,229)	3,547	(126)	2,192
Transfers				58	(58.)
Net movement in funds				(1,171)	3,489	(126)	2,192
Funds brought forward	1 February 2020			27,634	505	12,515	40,654
Funds carried forward 31 January 2021				26,463	3,994	12,389	42,846

Mr P H Rolfe (to 24	April 2021)
Mr M Bradbury (from 24 April 2021 to 22 Feb 2022)
Ms SWilson (from	23 Feb 2022)
Nene Park Trust
Ham Farm House
Ham Lane
Peterborough
PE2 5UU
Lloyds Bank pic
65 High Street
Stamford
PEQ 2AT
Saffery Champness
Peterborough Business Park,
Westpoint, Lynch Wood,
Peterborough
PE2 6FZ
Charles Stanley &	Co Limited
25 Luke Street
London
EC2A 4AR
CCLA Investment	Management	Limited
Senator House
85Queen Victoria	Street
London
EC4V 4ET
Rathbones Brothers PLC
8 Finsbury Circus
London
EC2M 7AZ
Greenwoods Solicitors LLP
Monkstone House
City Road
Peterborough
PE1 1JE
Savills
Stuart House
City Road
Peterborough
PE1 1QF