2022-01-31-accounts

CONTENTS			Page
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
					E'000	F'000	F'000	E'000
	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 ASSETS LESSCURRENT 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
						6000	E'000
Cash invested I(used) in	operating		activities		19	(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 Payment offinance lease	obligations					(1) (5)	(352) (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
						E'000	f.'000
Cash at bank at 31 January						1,555	2,067
Cash at investment managers		at 31 January				187	464
						1,742	2,531

Movements in ca	sh and cash equivalents
			2022
		At 1 Feb	Gashflow	At 31 Jan
		F'000	F'000	F'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 eguivalents
Comparative information:	At1Feb	2021 Cashflow	At 31Jan
	8'000	E'000	E'000
Cash at bank and in hand	2,926	(859)	2,067
Cash atinvestment managers	659	('/95)	464
Net cash and cash equivalents	3,585	(1,054)	2,531

NALYSIS	OF GROUP EXP	ENDITURE
2022		Direct	Other	Depreciation	Supportand	Total
		costs—	direct		governance	2022
		Staff	costs		costs
		F.'000	F'000	F'000	E'000	E'000
Costs of raising 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
		Stat'f	cos'ts		costs
		E'000	E'000	E'000	E'000	E'000
Costs ofraising funds
Costs ofsales		23	52			75
Investment	management		90			90
costs
Fundraising	costs	95	11		16	127
Charitable
expenditure
Park management		1,126	885	369	648	3,028
		1,244	1,038	374	664	3,320

ANALYSIS OF	SUP	PORT AND GOVE	RNANCE COS	TS
2022			Sclaff	Other	Depreciation	Total
			costs	costs		2022
			. F'000	F'000	F'000	F'000
Support costs
Office and administration			59	28		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				25		38
Total support	&governance costs		551	277	15	843

2021		Staff	Other	Depreciation	Total
		costs	costs		2021
		8'000	8'000	E'000	8'000
Supportcosts
Office and administration		59	30	13	102
Chief Executive and	team	149	1		150
Business Services		213	48		261
Other organisational	costs	16	105		121
Total support costs		437	184	13	634
Governance costs		10	20		30
Total support 8 governance costs		447	204	13	664

				2022	2021
				No.	No.
Operations	team			45	35
Development		team		11	11
Support services and fundraising			team	14	15
				70	61
The aggregate		payroll costs were	as follows:
				2022	2021
				E'000	F'000
Wages and	salaries			1,816	1,431
Social Security costs				160	128
Pension costs				165	132
				2,141	1,691
Other staff	costs			24	25
				2,165	1,716

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and enjoyment of	the publ	i	c in ar	t by p	lacing,	maintain	ing and pro	moting the co	llection in publ	ic places.
							2022		2021
							Group E'000	Charity f'000	Group f'000	Charity 6'000
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							(4,716)	(2,778)	(6,778)	(2,295)
Net unrealised investment			gains	/ (losses)			3,237	2,218	(628)	(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:
65,000F1 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			31January		2022:
							Group
							f.'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
		F'000	E'000	F'000	6'000
STOCKS
Goods for resale		21		26
Livestock		38	38	20	20
		59	38	46	20
DEBTORS
a) Debtors falling due after more than one year
Owed by trading	subsidiary		56
			56

	b) Debtors falling d	ue	within one year
	Trade debtors			217	217	97	97
	Other debtors			57	43	181	175
	P repayments			147	146	45	33
	Owed by Endowment	Held in Connection
	with Nene Park						3
	Owed by PCLT Owed by trading subsidiary				69		380 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
				543	414	371	360

				Balance at						Balance at
	a) Movement in Funds			1 February			Investment			31January
				2021	Income	Expenditure	Gains	I	Transfers	2022
							(Losses)
				R'000	R'000	R'000	R'000		R'000	K'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		(iv)	5,831					277	6,108
	Investment Fund		(v)	17,180					(1,266)	15,914
	Woodlands Maintenance	Fund	(vi)	325						325
	Park Works Fund		(vii)	1,514					2,017	3,531
	Trust Infrastructure Fund		(viii)	75					5	80
	Total Designated Funds			24,925					1,033	25,958
	General Funds
,	Nene Park Services Ltd PCLT			(41) (24)	147 791	(204) (348)				(98) 419
	General Funds			1,603	2,948	(3,744)	2,	128	(941)	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
Movement in Funds			1February					Investment		31January
			2020		Income	Expenditure		Gains	Transfers	2021
			E'000		E'000	E'000		E'000	8'000	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 Caoital Fund				234					68	302
Total Restricted Funds				505	3,975	(428)	.	(77)	(58)	3,994
Unrestricted Funds
Designated Funds
Tangible Fixed Assets Fund		(iv)	5,550						281	5,831
Investment Fund		(v)	18,276						(1,096)	17,180
Woodlands Maintenance	Fund	(vi)		325						325
Park Works Fund		(vii)	1,347						167	1,514	'
Trust Infrastructure Fund		(viii)		55					20	75
Total Designated Funds			25,	553					(628)	24,925
General Funds
Nene Park Services Ltd			(22)		56	(75)				(41)
PCLT					11	(35)				(24)
General Funds			2,	103	2,245	(2,733)		(698)	686	1,603
Total General Funds			2,	081	2,312	(2,843)		(698)	686	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
			f.'000	E'000	R'000		E'000	R'000		f."000
Permanent Endowment				13,252					7	13,259
Charity
Restricted Funds					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	Investments	Assets		Than 1year	Balances		Total
			Assets	E'000	F'000		8'000	8'000		E'000
			E'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
PCLT Unrestricted		Funds	359			13	(15)	(38'I)		(24)
Nene Park Services						50	(20)		(6) .	24
Total Funds			9,534	32,'I50	2,065		(903)			42,846

ransactions between t	he charity and members ofthe group are as follow	s
		2022	2021
		f'000	f.'000
Salaries recharged by	Nene Park Trust to Nene Park Services Ltd	57	23
Admin costs recharged Job Retention Scheme	by Nene Park Trust to Nene Park Services grant received by Nene Park Trust foi PCLT	52 '/ /1 'Tx	25
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

					2022	2021
					Group	Group
					E'000	f.'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	investments		(3,044)	775
Loss on disposal oftangible fixed increase in debtors			assets		(98)	9 I8WAX t I f8/
Increase / (decrease)	in creditors				160	(34)
Increase in stock					(13)	(25)
Net cash used in operating		activities			(1,045)	(1,301)

9746744). The summary results for the y	9746744). The summary results for the y	ear are as follows:
Profit and loss account
		2022	2021
		f'000	f'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
		F'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)

					2022	2021
						2 months
					f.'000	K'000
	Income
	Grants received				147	11
	Operating income				44
	Expenditure	on charitable		activities	(348)	(35)
	Nei income/	(expenditure)				(24)
	Exceptional	item			600
	Impact of parent		loan writeback
	Net incomel	(expenditure)				(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	F'000	F'000	f'000	E'000
Income
investment income				984			984
Grants and donations				210	510		720
Acquisition of sculpture	collection				3,448		3,448
Charitable activities
Income from tenants				530	15		545
Operating income				537	2		539
Trading income				51			51
Total Income				2,312	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 activities
Park management				2,662	366		3,028
Total expenditure				2,843	428	49	3,320
Net income i (expenditure)
before in'vestment losses Igains				(531)	3,547	(49)	2,967
Net investment (losses)	i 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

CHIEF EXECUTIVE:	Mr M Bradbury	Mr M Bradbury	Mr M Bradbury
COMPANY SECRETARY:	Mr P H Rolfe (to 24 April 2021)
	Mr M Bradbury (from 24 April 2021 to 22 Feb 2022)
	Ms SWilson (from		23Feb 2022)
PRINCIPAL AND REGISTERED OFFICE".	Nene Park Trust
	Ham Farm House
	Harri Lane
	Peterborough
	PE2 5UU
BANKERS:	Lloyds Bank pic
	65 High Street
	Stamford
	PE9 2AT
AUDITORS:	Saffery Champness
	Peterborough Business Park,
	Westpoint, Lynch	Wood,
	Peterborough
	PE2 6FZ
INVESTMENT MANAGERS".	Charles Stanley	&	Co Limited
	25 Luke Street
	London
	EC2A 4AR
	CCLA Investment		Management	Limited
	Senator House
	85 Queen Victoria		Street
	London
	EC4V4ET
	Rathbones Brothers PLC
	8 Finsbury Circus
	London
	EC2M 7AZ
SOLICITORS:	Greenwoods Solicitors LLP
	Monkstone House
	City Road
	Peterborough
	PE1 1JE
COMMERCIAL AGENTS:	Savills
	Stuart House
	City Road
	Peterborough
	PE1 1QF