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|CONTENTS|||Page|
|---|---|---|---|
||l|||
|Comment<br>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<br>Information|||43-44|





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|CONS<br>As at|OLIDATED<br>AND <br> 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<br>Funds||||3,957|509|3,994|546|
||Unrestricted<br>Funds||||||||
||General<br>Funds||||2,315|1,994|1,538|1,603|
||Designated<br>Funds||||25,958|25,958|24,925|24,925|
||Endowment<br>Held|in Connection||with Nene|Park||||
||Permanent<br>Endowment||||13,259||12,389||
||||||45,489|28,461|42,846|' 27,074|





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||||||Note|2022|2021|
|---|---|---|---|---|---|---|---|
|||||||Group|Group|
|||||||R'000|R'000|
|Cash invested<br>I(used) in operating|||activities|||(1,045)|(1,301)|
|Cash flows from investing||activities||||||
|investment<br>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<br>by investing||activities||||262|580|
|Cash flows from financing||activities||||||
|Loans|||||||20|
|Repayment<br>ofloans||||||(1)|(352)|
|Payment offinance lease|obligations|||||(5)|(1)|
|Cash provided<br>by financing||activities||||(6)|(333)|
|(Decrease) Iincrease<br>in cash and cash||||||(789)|(1,054)|
|equivalents<br>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<br>manager's||at 31 January||||187|464|
|||||||1,742|2,531|





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||||2022||
|---|---|---|---|---|
|||At 1 Feb|Gashflow|At 31 Jan|
|||E'000|F'000|E'000|
|Cash at bank|and<br>in hand|2,067|(512)|1,555|
|Cash at investment<br>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<br>managers||659|(195)|464|
|Net cash and|cash equivalents|3,585|(1,054)|2,531|





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|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<br>management||||93||||93|
||costs|||||||||
||Fundraising<br>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<br>Costs ofsales,|||23|52||||75|
||Investment<br>management||||90||||90|
||costs|||||||||
||Fundraising<br>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<br>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<br>was as follows:|s,<br>analysed<br>by function,|(excluding<br>Members ofthe Board|ofTrustees|
|---|---|---|---|
|||2022|2021|
|||No.|No.|
|Operations<br>team<br>Development<br>team||45<br>11|35<br>1'1|
|Support services and fundraising|team|14|15|
|||70|61|



|The aggregate|payroll costs were.as follows:|||
|---|---|---|---|
|||2022|2021|
|||R'000|R'000|
|Wages and salaries<br>Social Security costs<br>Pension costs||1,816<br>160<br>165|1,431<br>128<br>132|
|||2,141|1,691|
|Other staff costs||24|25|
|||2,165|1,716|





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|Z|~|||||||||||||||||||||





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|and enjoyment<br>ofthe publ|ic|in art by p|lacing,<br>maintain|ing<br>and pro|moting<br>the col|lection<br>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<br>Net unrealised<br>investment||gains I(losses)||(4,716)<br>3,237|(2,778)<br>2,218|(6,778)<br>(628)|(2,295)<br>(597)|
|Net realised<br>investment<br>losses||||(193)|(90)|(147)|(101)|
|Movements<br>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<br>in trading||subsidiary|at cost||65||65|
|Investments<br>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.<br>'||||1,629||||
|Other assets||||3,770||||
|Cash held by investment|manager|||. 187||||
|||||35,089||||





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|||||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)<br>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<br>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<br>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<br>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<br>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<br>Deferred|in year<br>in year|||(94)<br>109|(94)<br>109|(104)<br>87||(104)<br>87|
||Deferred|income at 31 January|||971|971|956||956|



|5<br>FUNDS||||||||||
|---|---|---|---|---|---|---|---|---|---|
||||Balance at||||||Balance at|
|a)<br>IHovement<br>in Funds|||1 February<br>2021|Income|Expenditure|Investment<br>Gains I||Transfers|31January<br>2022|
|||||||(Losies)||||
||||R'000|R'000|F'000|K'000||R'000|R'000|
|Unincorporated<br>Charity<br>Permanent<br>Endowment|||12,389||(46)||916||'13,259|
|PCLT Restricted<br>Funds|||3,448||||||3,448|
|Charity<br>Restricted'Revenue<br>Funds|||244|773|(718)|||(68)|231|
|Restricted<br>Capital Fund|||302|||||(24)|. 278|
|Total Restricted<br>Funds|||3,994|773|(718)|||(92)|3,957|
|Unrestricted<br>Funds||||||||||
|Designated<br>Funds<br>Tangible Fixed Assets Fund<br>Investment<br>Fund<br>Woodlands<br>Maintenance<br>Fund<br>Park Works Fund||(iv)<br>(v)<br>(vi)<br>(vii)|5,831<br>17,180<br>325<br>1,514|||||277<br>(1,266)<br>2,017|6,108<br>15,914<br>325<br>3,531|
|Trust Infrastructure<br>Fund||(viii)|75|||||5|80|
|Total Designated<br>Funds|||24,925|||||1,033|25,958|
|General Funds||||||||||
|Nene Pat Se'rvices Ltd<br>PCLT<br>General Funds|||(41)<br>(24)<br>1,603|147<br>791<br>2,948|(204)<br>(348)<br>(3,744)|2,128||(941)|(98)<br>419<br>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<br>Charity<br>Permanent<br>Endowment|||12,515||(49)|(77)||12,389|
|PCLTRestricted Funds||||3,448||||3,448|
|Charity<br>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<br>Funds|||||||||
|Designated<br>Funds|||||||||
|Tangible Fixed Assets Fund<br>Investment<br>Fund<br>Woodlands<br>Maintenance<br>Fund<br>Park Works Fund||(iv)<br>(v)<br>(vi)<br>(vii)|5,550<br>18,276<br>325<br>1,347||||281<br>(1,096)<br>-167|5,831<br>17,180<br>325<br>1,514|
|Trust Infrastructure<br>Fund||(viii)|55||||20|75|
|Total Designated<br>Funds|||25,553'||||(628)|24,925|
|General Funds|||||||||
|Nene Park Services Ltd<br>PCLT|||(22)|56<br>1'I-|(75)<br>(35)|||(41)<br>(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<br>.||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<br>Endowment||||13,252|||||7|'|13259|
|Charity||||||||||||
|Restricted Funds|||238||280||||(9)||509|
|Unrestricted<br>Funds|||5,827|21,837|947|(862)|||137||27,886|
|PCLT Restricted<br>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<br>Assets|Investments<br>E'000|Assets<br>E'000|Than 1year<br>f'000||Balances<br>8'000|||Total<br>8'000|
||||f'000|||||||||
|Permanent<br>Endowment||||12,392|||||(3)||12,389|
|Charity||||||||||||
|Restricted Funds|||255||346||||(55)||546|
|Unrestricted<br>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<br>between<br>t|hecharityand members<br>ofthe group are as follows|||
|---|---|---|---|
||<br>|2022|2021, '|
|||R'000|.R'000|
|Salaries recharged<br>by <br>Admin costs recharged|Nene Park Trust to Nene Park Services Ltd<br>by Nene Park Trust to Nene Park Services|57<br>52|23<br>25|
|Job Retention Scheme|grant received<br>by Nene Park Trust for PCLT|(17)||
|Salaries recharged<br>by|Nene Park Trust to PCLT|108|14|
|Admin costs recharged|by Nene Park Trust to PCLT|92|7|
|Job Retention Scheme|grant received<br>by Nene Park Trust for PCLT|(94)|(12)|
|||198|57|



## 

|ECONCILIATION<br>OF<br>CTIVITIES|NET M|OV|EMENT<br>IN F|UNDS TO NET C|ASH INFLOW.FROM|OPERATING||
|---|---|---|---|---|---|---|---|
||||||2022|2021||
||||||Group|Group||
||||||R'000|R'000.||
|Net movement<br>in funds|||||2,643|(1,256)||
|Add back depreciation|charge||||558|387||
|Deduct investment<br>income shown|||in investing|activities|(1,251)|(984)||
|(Deduct)<br>/ add (gains)<br>/ losses on <br>Loss on disposai oftangible fixed|||investments<br> assets||(3,044)|775<br>9||
|Increase<br>in.debtors|||||(98)|(173)||
|Increase<br>/ (decrease)|in creditors||||160|(34)|.|
|Increase<br>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<br>liabilities||(69)|(13)|
|Net current assets||39|45|
|Creditors<br>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<br>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<br>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<br>Fund|||419|(24)|
|||||3,867|3,424|





## 

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## 

||||Unrestricted|Unrestricted|Restricted|Permanent|Group|
|---|---|---|---|---|---|---|---|
|||||Funds|Funds|Endowment|2021|
||||Note|F000|R'000|R'000|R'000|
|Income||||||||
|Investment<br>income||||984|||984|
|Grants and donations||||210|510||720|
|Acquisition<br>ofsculpture|collection||||3,448||3,448|
|Charitable<br>activities||||||||
|Income from tenants||||530|15||545|
|Operating<br>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<br>management|costs|||41||49|90|
|Fundraising<br>costs||||65|62||127|
|Expenditure<br>on charitable<br>Park management||activities||2,662|366||3,028|
|Total expenditure||||2,843|428|49|3,320|
|Net income i(expenditure)<br>before investment<br>losses||igains||(531)|3,547|(49)|2,967|
|Net investment<br>(losses)|/ gains|||(698)||(77)|(775)|
|Net income i(expenditure)||||(1,229)|3,547|(126)|2,192|
|Transfers||||58|(58.)|||
|Net movement<br>in funds||||(1,171)|3,489|(126)|2,192|
|Funds brought<br>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|





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|Mr P H Rolfe (to 24|April 2021)||
|---|---|---|
|Mr M Bradbury<br>(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<br>Business Park,|||
|Westpoint,<br>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<br>Brothers PLC|||
|8 Finsbury<br>Circus|||
|London|||
|EC2M 7AZ|||
|Greenwoods<br>Solicitors LLP|||
|Monkstone<br>House|||
|City Road|||
|Peterborough|||
|PE1 1JE|||
|Savills|||
|Stuart House|||
|City Road|||
|Peterborough|||
|PE1 1QF|||



