NENE PARK TRUST (A Company Limited by Guarantee and r￿t having a Share Capitsl) ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 January 2023 CHARiff REGISTRATION NUMBER 800067 COMPANY REGISTRATION NUMBER 2288607 111 •ac90S19W* 1110812023 COMPANIES HOUSE 28 #134 NENE PARK TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 315t JANUARY 2023 CONTENTS Pa9e Comment from the Chair and Chief Executi Report of the B07&d of Trustees 5-15 Report of the A￿tOrS 16-18 Consolld8ted Statement of Financial Activibes 19 Consolidated a￿1 Charity Balan￿ Sheets Consolidated Cash Flr)w Statement 21-22 Notes to Ihe Accounts 23-41 A¢knth4edgements 42 Corporate InforniatK*n NENE PARK TRUST COMMENT FROM THE CHAIR AND CHIEF EXECUTIVE YEAR ENDED 31 JANUARY 2023 CHAIR'S STATEMENT 11 is my ￿Vilege as Chair lo spend many h￿$ in and wound Nene Park Trust. experienrAng it both a5 a beautiful, vibrant physical space and as an outstanding community of staff. volunleeT5 and w5itors. In spite of this dose contsct, I stil ffind rt brealh-tskirvJ to see a full yearf5 Worth of work collected together and presented in our Annual Rer*Xt. The sheer breadth arKY diversity of our acliwties. and the huge impacl these have on improwng life both for people and the natural enwronmenL is both hunbliNJ and a source of great for us as a Board of Trustees. My thanks go again to CEO Matthew kndbury who lea(Is Ihe incredible staff and volunteer team bvilh cre81ivty, skill and delemiinalion. especially through this recent year in impressive achievements were m8tched on OCC8sion by some very stretching challer¥Jes. We had the exhilarating h￿hs. for example. of hosting the first ever Pete￿I￿ough Celebrates Festival in May 2022, 8 glorious posl-pandemic celebration of ow rich. diverse wam-hearted and endlessly talented local communities. Howtver. this set against s￿e soberi1￿ fiscal challenges ¢Juring the year as we sought to rebalance our ommercial acb'vity in a spjnrfunlly changed trading VKJrkl. As alway3. w2 take leaming forvrard from both the success and ¢Wlenge and use bl lo inform ow pkinning in this next per￿d. A huge part of what do is ensuring contwiuty: the prowsion and stewardship of high quality urban park and rural estste every day of the year. making sure there is aNvays welccme. deanliness. safety, Cbearccrfnm￿1ca1l0n. quality relationships and something worthwhile for people lo do. Simply $tan¢Jing Still requires immense energy a5 maintstn complex processes and uphold the high standards we set ourselves- to be Ihe besl can be in all we do. Al the same lime committed to ¢￿inUOuS impTo¥pment and grovkn. intent on deWek)p￿9 the Nen8 Park Trust Vision and Mission to match the chaThJing needs of our re&Yonal communty and ever more diverse beneficiary profile. Much of our focus ths year has been on ensuring that our business plan for the next five years - our'Roadmap to Impact. is finely tuned to rec¢vJnise the priorities for the postiovid era. The pandemic and its aftemiath hève into sharp relief the heath profile of 2020$ society, rendering communrts.es suscepti￿0 lo both infection so- called lrfestyle dis&3se. a5 well as the increase in mental health challenges. We.0￿ well placed to provide opportunities for improving phystil arKI mentsl health. through access to nature. sport and physical aclivity, quiel and sditude. the experb.se of our stsff and good old fashioned sunlight and fresh air. , Health and Wellbeing are thusgtven mLKh higher priority in new plans, expl￿tlY selting outto positively imp¥t upon the physical and mentsl health of the communilies we seNe. A strong sense of identty. culture and heritage a￿ Fnlegr81 to the heath and happiness of both individua15 and mmunities. We are re¢klu￿1ng our effort5 to proadively welcome everyone and to reach out lo the most diverse ssible group of visitors and users of our serwce5. (￿r inlentK)n is to promote and celebrate through art. sculpture. ￿atre. $loMelling and musi¢ the deep and rKh curture and.diversty of our regKJn and people.. Our plans are also alwjned ￿th the pressing r￿ed lo be responsible custodians and protectors of ihe environment. Throughout all the land ¥￿ manage and influence v* wll erKleavour to lead by example. laking all Thieasures possible to mitigate the negati￿ effects of ch'mate diange and to provKle rich natural habilat for the many species we share our space V*ith. NENE PARK TRUST COMMENT FROM THE CHAIRMAN AND CHIEF EXECUTIVE (conL) . YEAR ENDED 31 JANUARY 2023 CHAIR'S STATEMEKf {conl.} This year I took part in a national consultation focustng on the changing nature of voluntary sector Boards as we collectively assess the impact of Ihe parKlemK and the different poliltiUfinanc4al climate on third sector . organisalions. Emerging from this was the dear need for 8oards to oper8te more flexibly is a higher risk. more unstable environment There is a need to be more adaptsble and Inr￿tive. more fleet of foot. and if necessary lo challenge and change traditional planning processes. Trustees and Chairs find Ihemsthes increasirvjly called upon in terms of lime and energy and musl find efficient and appropriaie ways of fvlfilling their roles and appropriately supp(vts"ng senK)r leadership. As 8 Board ￿ have been workiThJ on this, develq)ing oursew as a leam by spendry more time together. adapting piocesses and testing out'lask group. modeb to add￿$$ and support specific issues with our Equality, Diversity and Inclusion IEDII WorkirvJ Group being a 9ood exampbe of this. In their careful business planning over the past year the Senior Leadership Team has likewise desMJned the delivery of the,R0￿maP to Impact, lo be a flexible, robust and contempKThy programme for our tAY>rk ttKough to 2028. Whilst ￿ have agreed Msion. l￿dgetsand Clear plans for how this prc*3ramme can be achieved. we have at the same time incorporaled the r￿EsS¥ry Checks and balances which V*ill. rf necessary. allow for weU'mana9ed changes of direth'on and execulion in 8 ra￿dIY shifting and uncertain wodd. Key to this is kewng ourselves keenlyfocused M vknat we we hereforand measuriffj impact8cross all adivities. We have adopted a 'double bottom line. approach wthich ensures that we have a well-articulated and transparent lalionship betsveen those actiwties %•knich are driven by our charitable obiects'ves. and those Nthich. whi151 also having a charitable dimension. can.also deliver the sustsinable inwme required to support the acb"wties central to our mission. Ambitious plans and ¢hallenging en￿ronrnents require leaders vkno inspire and deliver across all our operating areas and W￿ a￿ delighted to wdcome to OUT team both Rob Pearce as Head of Parks Consultancy and Stephante Pea¢hey as Head of Visitor Experience. 80th of these are nevAy created leadership roles wh￿h wll help us deliver our excAtin9 expansion plans. We are as alway5 deeply grateful fN the generosity of .olhets. whether it's donors and grant givels that make many of our achievements p0S￿ble. or the hund￿￿$ of volunteers who make a gfft of that most precious of sources- their time'and energy. And ffftally thank you to everyone has played a part in making the Nene Park Trust wthat'it is today. -July 2023 Jackie Bland Chair of the Boarf of Truste NENE PARK TRUST COMMENT FROM THE CHAIRMAN AND CHIEF EXECUTIVE Icontd.) YEAR ENDED 31 JANUARY 2023 CHIEF EXECUTIVE'S FOREWORD It is wrth great pleasure that we present Nene Path Tmsfs Annual Report aThJ Aetofftts 2022-23. Our 2022123 financial year tegan tpthile the UK wa5 5ti11 dealing ￿th the Covid-19 pandemic., aAhough Covid restrictions were 500n lrfted and'normal servirE' resumed as we wekomed people bxk to al ofour green spaces. venues and acliwties. Unfortunately. new sources of uncertainty and instability have emerged induding Ihe Russian invasion of Ukrairse and the cost ol living crisis. 80th have hit some of Ihe most vulnerable peop￿ in society - people we hope to support through our activities and initiatrves. The full effects of these chaltenges on our Msitors. our partners and the Trust have yet to be seen. However, are takin9 the likety changes in visitor behawour and affordability into account as we plan for the short and medium term. Post- pandemic. parks and green spaces continue to be vahJed more Ihan ewer and across our operations. the In¢￿aSe in visitors arKI user5 has continued. This, together wth increa￿ng economic and social unceriainty, has given us cause to reflect - and together ￿th a wider re¥￿ of ￿ar servKes and their impact. has led to hjrther investment in resource5 to enab￿ improved Ffftision of safe and welcoming spaces and venue5. In reviewing our Master Plan and Strategy- and as Jat*ie has explair*d. in devewing 8 new five year Business Plan. we have employed a flexible approach to delivering a meaningfvl 'double bottom line, by balancing charitable impact %Mth financial sustainability. The five year Bugness Plan Ouf 'Roadmap to Impact, sel$ out a medium term finanaal strategy. which indudes a more diversrfied and flexiwe approach lo securing investment income and ￿entir*S signifKanl capital investment to deliver a range of positive outcomes indu¢S'ng health and wellbeing. social coheyon and the ¢limate emergency. During the year made significant capital investments induding: The purch8se of 180 he¢ts￿$ of agricullural lancJ- therety dTversifying our investment portFolio The in51allalion of 126kW of photovoltaics on Ihree18rge buildings helpirKJ us land our tenants) lo become MO￿ energy el￿ent and suslainafAe The completion of 8 new car park with EV ¢*arging points at LakesK1e- doubling rxjr cap8ciIy I was delighted that the sprirvj sun shone on our first big communFty festival at Ferry Meadows. Free lo attend. Peterborough Celebrates welcomed over20.CQO vtsrtors to enjoy a ¥￿)nderfUl mix of entertainment. activtiies. food and culture. The v￿ekend family festNal was a celebration of Peterborough and the region and featured a huge number of community groups and partners as well as professional performers. schools. colleges and businesses. We also experimenled with a 'Christrnas experie￿. at Ferry Meadows - arKI whi151 we discovered some challenges byith the hired ice rink and leame(l a gre8t deal about runniThJ events on d8rk. cold evenings. we were pleased to welcome over 75C#) skatets and a lar9e number of families and s¢hwls came to enjoy the wder offer. Our Charrtab￿ fundrai4in9 delNered over £8￿.((10 of voluntary In￿Me and enabled Lts to deliver the 'added value, programmes that have so much irnpad. Arts Counal England wnlinued to be a valued supporter of our cultural activit￿S, providing funding for Peterborough Presents. the Peterborough SculptLJre Collection and the Pelerborough Celebrates festival. We are very grateful lo the National Lottery Heritage Fund INLHF). vtho increased their grant for the Your Communty Greenspace project. enablirrfj us to rnanage the effects of hwh cost irrflalion. Our sincere thanks go to all ourfunders and benetsctors. induding the Augean Community Fund, FCC Community Action Fund, Viridor. RHS. Cambridge Community Foundation. Cross Keys Homes. BUCk￿S Solicitor5, Groundwork New lo Nature Fund, the Henry Moore Foundation, Ihe Foolball Foundation and D Haird & Co. Your support is invaluable in helping us to improve Ihe lives of the people that utilise the Trust's spxes and activities. NENE PARK TRUST COMMENT FROM THE CHAIRMAN AND CHIEF EXECUTIVE (Contd.) YEAR ENDED 31 JANUARY 2023 CHIEF EXEcimvE'S FOREWORD {Conld.) Fdlov•ing a refft. we r￿￿ted our F¥m Shq), 7*thich sells predominanty local produce linclu¢Jing our ovm18mbl, lo the m8in Visitor Centre at Ferry Meadowts in March 2022. We hope that Visitors can now enjoy a better, broader, more convenient mix of information and shopping *then ￿Y Msit. Our Marketing and ComMuni￿￿OnS team ￿￿e pleased to see double-digil increases in visits lo our website ond even more signffi¢ant inueases in engagement with our warious social media channels. The Trust is an organisatK¥n that rglw heavily on its people and it ￿mbling to see the results of ¢yJr annual staff survey. Highlights included.. . 100°h felt proud to work for Nene Pawk Tnjst . 100% have the right knowledge and skills lo th thwjobs . 100% have the opportunty to leam at work . 960A are mob"valed to Wofk to their full polenlial . 98Qh thought that their woth has a posib¥p impxl on the lives of the pewe we serve. Our partnerships remain at the heart of our success and 7hp have èctively participated in a number of partnership based initiatives and organisations indudirg the Natural Cambridgeshire Local Nature Partnership. The Towns Deal 8oaTd. Pelerbc¢oush Positive BID, The John Clare Countyside Project. Living Sport, Nene cape. Cambridgeshire Fubjre Parks A￿lerator 8nd N￿e Valley Nature Improvement Area. What Impad did w• mak•7 Visitor numbers have conlinued to rise arKI our online reath continues to grow. Our ouligach work with local communities has a150 grown considerably. mainly as a result of ts Your Community Green5pace project and funding from the CambrKlgeshire Future Parks Accelefalor project. During the year, we asked ￿sItOrS to complete a survey and the responses we8led how hvJhly Nene Park and the Trust is valued and how much Msitors appreaate the standaNls of maintenance and the variety of spaces and activilies. Thanks lo our Nene Outdoor5 team, outdoor acliwbes proved incredibly popular *fjth almosi 32,OfA) hires of b)als and paddle craft. We also saw In¢￿3$e$ in cycle hire and open water swimming and our bell tents were booked on more than 500 occasions. Our partners Sailabilty. promded over 3300 hours of sailing experiences for people living wth physical or lewniry condibons and disabilities. Almost 5500 children joined our environmental edu¢ab"on wsits and over 1100 children participated in our holiday trail adi￿tieS. Led by our Volunteers, Lorwdlhorpe Tover v*lcomed over people to enjoy the 14th century slone tower and its spectacular wall paints"ng5. The Your Community Green$p￿ {YCGSI lottery fvnded kYoje¢t completed its first year wlh a full team of staff. Cfver 5000 people attended YCGS events V+ith art classes al￿ young ranger sessi¢Ms bein9 most popular. Five successfvl sessions of the Schools in Residence Programme have tsken pw so f8r. Volunteers have been busy helping g&t Ihe new Nene I￿an1) Nursery ready for ￿sInesS and v* hope Ihat it wll open trn earfy 2023. Capitsl works lo ￿Place Ponto¢)n Bridge began Off￿le in December 2022 and bridge wll be assembled and commissioned in August 2023. The Peterborw Sculplure ColleclKJn "ColW1￿ C￿versatIOns. project has hdped us to ur*Jetstand the conservation reouirements of some of the scJJlpbJres in the collect￿n and has given us an insight into audience persptttr.ves 8nd ideas. The projed has provided 15 new creative inlerpretalion and engagement activities. worked with 39 artists, ueatives. partners and specialists. and engaged 325 path"¢ipants al events - over 14.000 d￿ltally. The commitment across our large cohort of volunteers grew again. wilh over 12.000 hours completed across a t￿ad range of activitses including conservation. educaticm), wlor infomalKin and our retsil operations. A sincere thank you lo all of the volunteers vtho generoU￿Y give Iheir time. enlhusiasm and energy to support the Trust and ils impact- an¢J thanks too to the team V*tho 5UPPOrt the I￿lL￿teerS and keep Ihern safe and busV. NENE PARK TRUST COMMENT FROhl THE CHAIR%IAN AND CHEF EXECUTIVE (Contd.} YEAR ENDED 31 JANUARY 2023 CHIEF EXECUTIVE'S FOREWORD Icontd.) Volunteers have led our wildlife surveying and nbjnrtoring. cknkiry up 555 hours and recording invertebrates. flora. birds. bats. reptile5 and mammals. H&hlwJhts include 28 butterfiy spec￿, 8 species of trNJmblebees, over 140 bird Species and over 100 flower speaes. The Sand Marb"n bank h•J another sueeesslul season wrth 98% occupaw and the resident olters did not o￿app￿nI the many wsrtors who came to Nene Park to see them. Tho increases in the numbers of species fouTrJ acro55 our knd P*oldings is in no small part down to our Park ManageTnent Team who have 7hthed tire[e￿Y to deliver n8tweftiendty man￿eMent c<)mplemented by safe and welcoming facilrties. Pelerborough Presents engaged wrth 56,5W aL￿w¢e memteTS and ¢)ver 2400 people directly participated in aclivilies, all wtrth excellent feedback and impacL The Milffiekl festival relumed to great ￿laIM and enjoyment and Peterborough Presents ￿ntr"nued to develop its acbvib"e5 across the city. particulaty in Eye and weSts￿}d Iplaces idenlifEd in Petert￿[OUgh. where people are least likely to engage in arts and culture) induding the wonderful"Loht Up Eye" laniem pafade in November. Our Equalrty. Diversty and Inclusion IEDII group reviewed and improved our recruibnanl processes and we ran a slaff confererKe and further trainry f(ussed on EDI. The Trust was set up lo benefft the people of Petert¥orough and visit￿$ everyone should feel welcome in all of our spxes and places. In spite of the challer#Jes all face. our strategy and bLt$iness plan ensure that we are increasingly well placed to th) mLYe for people. natu￿. culture and herit•3e - and to ensure that there are no baniers to people enjoying it 2022123 was a tough year for many reasons. but it is a SOU￿ ofgreat prth to me that we increased our impxt across almost every one of our charitsble Trietrics. This can onty be attributed to the commrtted and griming team thal keep the Trust and the Park moving fowards. My sinwe Itwiks to J**. our Volunteers, our trustees, our contracto￿. our partn*5 and amazryty rewl*nt and Ixeattve staff. Chi•f Executlv• NENE PARK TRUST REPORT OF THE BOARO OF TRUSTEES YEAR ENDED 31 JANUARY 2023 Our achlevomonts in 2022123 Financial year 2022r23 was a year cl ehaNenges ar￿ OPF*¥lunities con&derabt& I￿r￿ don8 lo addr resdual cha118ng8s and em￿￿0 n6W Opportunities - and society mcfe generally as we emer9ed into a p￿1 pandemic era. Over the course of the year faulibes aeross Ihe park rw)ened wqth ran•ning restricb'ons on usage gradually remcNed a *ideT pyogramme rf activths re4ntr￿JJCed. Er￿Uraging more vigtors lo visit ths traditi¢)nally lesser used areas of park remains an iMp￿an1 medium temi fcf the Trust. In the meantime conb.nue lo m•ntsin thos¢ that have trnth"bonally been Ihe prefer￿ fcf the majority of w vistors to a high 5tand8T(I so as lo prtr4ide 8 ￿3¢e d respite. recOv￿Y ￿l•Su￿ lo our park ¢Jsers. A nunber olfacfors have caused challerfjes in the %%ider ￿c￿￿)myln trus reporb.ng perirAI and those ￿ likety lo 4)efSiSt for some lime. The rise in inftation has impact&J on disposable ir￿neS V•ith a consequ•nl impact on park usage. There have ag) gjme direct cost impads on the Trust ￿1th ggnthcant increases in the price of energy. consumables, and constNdim malorials haviThJ a particular impo¢t on park operations certain devel(*￿en1 acbvibgs. E￿rKth1c instab￿lty also had impact the value crf our inves1m￿t wttdio. Further d8tsils IA acb"vib'es in 4Je(yfic parts of the bU￿r￿ are CAJllined v4eT th8 next cwple cl pages but it may be wcrth drawng attenb'on to Imp￿￿nI dv4el0pxm￿1S thal hwe taken ￿ace cluring ihe year. Firsly. in the gjmmer d 2022. the trustees trKA( th8 di1rK￿l d9ci9L￿ to dose Lc6t Worfd indoor play. operated thfough Pet8th(￿gh Culture and Leiwre Limitsd IPCLTI. do¢igon- its financial consequences- were anbupaled and dwribed fully in 2021122 annual report and a¢￿VnI$ appropriate accounting entries being made in Ihose accounts. PCLT has prepared fin#n¢Aal 8¢¢cwnl$ ftr 2022123 and the resdual assats and liabili1￿$ thovm in finènciJ slatanenls h*e bew induded in these ¢o)$0]idated group financial slalemenls. All ¢osts arigng fr¢Mn the do￿re refiethd in the 2021122 accounts and th8re are no new rinanoal imp•*s in th￿ accow Secondty. in DeceJnber 2022 the trustees approved an important change in slratè9¢ dI￿¢￿0n lor th& Trust. Since 2017 Ihe Trust has been pursuing a strategic agenda *t out in its 10Year StTategy 201712027. During FY 2022123 the trusiees revie￿1 and revised that strategy. as as the 50 Year Part Maslerplan to develop 8 new Five Year Business Plan f￿the 2023-2028 ￿ed Road Map lo Impxt.. Our Fulwe ￿an$ WI￿ls1 the new Busness Plan is informed by ￿ 201712027 Strategy 'Doing More with More" {and indeed the longer lerm Park Master Plan Ihat lake5 a vithv out to 21J50) thero are scffie imr*ytant revi&on& In parti￿lar Ihe new approach..- lakes a mue flexible aFpro¥h to fundÉng arKI. in pariul¥, so8ks to b•tter ILwerag& Trust's signffKant investment wffdio (this anticipates thecoming into effg¢t of certain po￿T$ set out in Charities Acl 2022. Ihal allow the use of an investmenl Folfc4io as borro*ing in certain contrdle11 iircumstances}'. pl￿ a greater focus on ￿e1￿￿1n9 impa¢t by makirg moTe us• of a 'doJble bottom line approach, that considers finan¢i* impa¢ls. envworvnent4 *wJ xKielal bgnefits vthan considerirKJ and appraigng proposed 8Cti¥ities,' takin9 a wider wewof inveslmenl to ernbraca nol eX￿L￿1V￿y ihe Improv￿ant rj the phygcal ènvir(xvnent of .the park bul also growing and Midening the services dtere(l. eX￿[le of this might be Creating offerir¥Js for different s￿let31 gr￿pS vitth a gre* ￿[￿a$1$ Ihw that may not ha￿ used pwk. ow faciliti&s and programmes mu¢h to date. The overall impact d these thanges are likety to Inc1￿Je Ibjl *ill Tr)t n￿eSsarilY be limttsd to)", an exlenston to the geographic extent of the park.. hdding a wider [￿[￿10 of income generating assets as a SOLTrrce of recurring inccme lin part lo reduce rdiance m the pwfomance of have been fa'rfy vcdatile ¢apilal market in recenl years).. the develownent of a broader offering of products aThJ Serv￿,. increasng the overall benèfKial impact of Ihe pa* ￿ the wider phy&.1￿ envirornient and Ihe communilies il sepies. NENE PARK TRUST REPORT OF THE 80ARD OF TRUSTEES Icontd.) YEAR ENDED 31 JANUARY 2023 Developing our resources Developing tho Business What did we set out to do? Subj'ect to a final business case. fundiThJ auyeements and Board approval begin constructTron of the Lakeside Activity Centre. Reorganise and relaunch Nene Park SeNces retail. ￿l)rkIng retained eonsultants lo improve the offer. tumover and profitability to achie¥E its 2022123 tthget tsrget. Through the Arts Council funded Collection Conversations engage visitcKs in the sculpture collection and deliver important mwntenanee arKI improvements lo the collection. developing a next project stage arKI asswated funding. To focus on Nene Outdoors. key growlh a￿8$ (Pay and play, corporate bookings. school bookings. glamping and the new electric boat SeTh￿l en￿e Nene Ouldoors to a¢trMeve ils 2022123 budget tsrgets. To deliver 8 proactive and exuling events programme Ind￿ling The Peterborough Celebrates Festival in May 2022. promob'ng innovalion aNI the use of online and digital p1alfC￿mS for engagement. To ￿nplete the business case. d￿gn aTrJ Flanning apwoval to e5tabli5h pemanenl facililies at W¢>>Jlands to support ￿MMunity use of the pitches. Establish a first phase I"pop-up") visitor offer at Thorpe Meadtrws *)cludhig café, toilets, play area and services for secorKJ phase permar*nt offer. To embed the pracb¢e of Insights based Impxl Reporbng {in¢￿dIng 'S￿la1 Rdum on Investmenl'l into future projects and the mormtoring of aclivilies to en*4e more infomied reporb'ng on our overall impact as a charity. Undertake a successful first full year of iMplements￿n of Your Community Greenspace. devek)ping range of inclusive actimties. gro*ing our volunteerin9 offer and taking fcrtvard the project-￿lated capital wotks. What did w• do? In October 2022 cijmmenced phase 1 of the Lakeside Aciivity Centre project by ￿lOCating the main car park at the Lake￿￿e site. Tr signifi￿n￿y upgr8de¢J facility was opened for use in the early Spring of 2023. We Contin￿ wr1( on developing phase 2. Tl* Nene Park Services Farm Shop vras fvlly ¢peralional in its new refitted layout from April 2022 selling a variety of prOd[￿e in¢ludiThJ locally sourced artisan food and drinks as well as providing an outlet for lamb famied under our regenerative share farming ariangement. We femain focu5sed on devel¢)pI￿j the retail offer and the aclivities of OLK tradiThJ subsidiary. The Collection Conversations project. supported using public funding by Arts Council England. engaged local community 9TOUPS and schoo15. conservatK)n specialists. staff. volunteers and reatives. to explore. engage and r&imagine arM)rks within the Peterborough sculptu￿ Collection. The project addressed the urgent conservation of sculptures and delivered ue81ive public workshops. signage, o map and guide. and inrKJwatNe digital activities promotiThJ Thorpe Meado￿% Swlpture Trail. Nene Outdoors arKI Ihe Education team had a very busy and successful yeaf. Nene Ouldwrs finished the year strongly wth successes in pay and ￿ay. Carn￿￿J. Iraining cour5e5, edLJcation and rcom hire all receiving higher take ￿ Ihan exFected. NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES IContd.> YEAR ENDED 31 JANUARY 2023 The Pelerborcwh Celebrates fesbwal welcomed rec1xd-b￿kir￿j numbers of vtsitots to the park. Online and digitsl plattorms were an importanl part of the communi¢ab"ons strategy. The ogrammin9 focussed on communty enga9emenl and bringing art lo the park. We were successful in fundr8ising wih congderable corForate SUPFKJrt both in cash and in kind and Significant grants frcAn Arts Council EnglarKI and the Nalional Lottery Community Fund. Across the year I￿rk VMS undertaken to further develop multh'_use sport al Woodlands. Wothing with dubs and parlners. we producEd a site masterplan and an bnclusive, sustainable facilities proposal. This was submitted for planning pemission in January 2023 and ￿ continue to wjrk with the planning department to Secu￿ a successful outcome. AfteT sub5tanti81 V•rrk over the ￿r. planning pemiission was granted for the Thorpe Meadows Cafe in November 2022. lo the farlure of a key SUppl￿r in early 2023 the project has been delayed. We ￿tinued to devdop our impact-reFthling frameNhth. burlding on Ihe of expert evaluations with projects such as Your Communty Greenspace and developing our recording of quantitative and qualilalive data, devekjping the'double bottom4ine" approath adopted in our f￿e-￿ar business plan. The Your Community Greenspace project has had a Suc￿sSIu1 fitsl yew, over 20 events and activities undertaken. including brand-new partnerships wth a wde and diverse range of groups from across Ihe city. Despite challenges due to cost inflation. the prciect capitsl Wfxks have been further developed for implementation during 2023r24. We have also been successful in increasin9 the use of Lynch Lake Community Hub and tested a rarMJe of other event spaces in the park. Sustainable transport is a key element of this project arKI continue to be committed lo impromng w cost and uyeen traNel to the park With further planned in 2023. Devoloplng the team Whal did we s•t to do? To eSta￿lsh revised volunteer acti￿ plans in line V•ith YO￿ Commurmty Greenspace EDI aspirations and in support of Trust Busines5 Pbns incI￿ling eng89ing volunleers in empowered rdes & panels, project collabc*abon, ￿-desIgn and fundraising opportunrties. To irnplemenl line manager training awss the Trust focussing on the employee lifecycle, induding successfvl recruitmenL running effective review meetings and handling diffi￿11 conversations. To develop the Trust's recruitment ar￿ onboarding process lo ensure it refiects our Equality, Diversity and Indusion ￿MMitMents. What did we do? We have rewse(i our ￿tK)n$ plans and trialled new of %thing with volunteer5 to give an In￿ased fange of experien¢es and opwtunities Nthilsl inc¥easing ¢)ur capacity to seNe our gro￿n9 number of volunteer5 acsoss the Trust We implemented 8 new Volunteer Relationship Management {VRM} system to ensu￿ we are managing volunteers effectively, stre8mlining admin and empowing volunteets lo explo￿ new opportrjnities. We devdoped a 'Growng G￿al Leade￿. pro9rammft for line mana9ers provided training that focu5sed on 811 elements of the employee lrfecycle. The training vr4s 44EII received and its benefits have al￿adY been seen across organisation. We ffxme¢J an inlemal Equalty. tAversity aTrJ Indusion IEDII Wothing Group look ownershFP of reviewng and redesigning recruilment pad(s a￿1 on t￿rd1Thg processes. Our packs now have a dearer EDI statement and are de%gned lo be 8s indusive and welcoming as posSi￿e. Further steps in the process have also been improved such as antin￿nised shortlislwlg and diverse intsThi8w pands. NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Developlng the Park and the Infrastructu What did w• $•¢ out to do? To relocate the car park and eomplele other supwting infrastructure improvements in the Lake%de Area Roll-out an improved pr￿sS of wsilor counting. ana1￿ing and rewbng across the Trust e5tale including online Scope. lender and implement a nèw system Ihal is fil for PL*P¢)se for the grOv￿n9 demands of the Trust As part of the Ywr Community Greenspace project. cOMp￿te the re￿aCement of Pontoon Bridge Research the oplions and make 8 recommend8ts.ffi for an org8nisalkJn wide Customer Relabonship Management $￿tern, parbcuLArly for our supporters and donors - and to create effKien¢ies, reduce duplication ant1 ensure dats is m8n8ge11 effectively As part of Your Community Greenspace establish Nene Nursery community growing space creating a new and indusive volunteer offer wth a focus on physical and menlal healih for largeled groups and s(Ki* prescribiThJ partwships What did ￿ do? Trustees approved the car path re1(Kat￿n prcyect atNJ upgrade of services lo Lakeside at Ihe beginning of ts year. and wc*k c(ffimenced in December 2022. The V*Drks I￿re Completed in April 2023 Research has been completed on a range of new visitor counting and analysis options, which are now ready lo be rolled out for 2023 giving the Trust accurate. reliable and rich information about how our visilors use the park. A number of finance systems have been thoroughly and we ¥e now well placed to plan and implgment a new system *ill represent a swjnthcant organisatsonal change. Follown9 a year of si9nrficant inflationary pressure have rewewed u)st engineering options and liaised with our funders to reach a revised affordable optson and the Pontoon Brmage replacement will be wing ahead In 2023. We continue lo assess options for a Customer Relabonship Management system. whith we 4￿Uld like lo link closely to the new Finance $yst¢m. We are confident of purchasing and rolling- out a CRM system during 23124. Over the Nvinler of 2022123 great efforts V•Ère made to eslablish the new"Nene Nurserf which is promising to be an important feature of our future work. The nursery is due to complete in earfy 2023 and have been suecessful in seeuwing 8ddits"on81 funding both for its construction and operab.on wth lunded entry level posts adding addib.onal imp8Ct. The Tfust invested in the purchase of 8d(Jition8118nd in the Pelerborough area in 2022123 c(%Trp￿ting on the purchase of tsmlaThJ totalling 147.61 he¢tsres in December 2022 and a further 32.24 hects￿$ in January 20231179.85ha1444 a￿$ lotall. These purchases we undertaken with Ihe th'ce of the Trusys Rur81 SuNeyoTS and reP￿Sent a strong invesbnent enabling the delivery of posits.ve enmronmental aThY societal work in the future. (￿r 2022123 ￿ have maintsined a diah)gue our twnts al Lynch Fami who ceased Ir8ding in September 2022 and Y+E continue to V+t¥k with them as they pian their retirement and the retum of LyTKh Fami to the Trust anticyated for mid-2023. NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Gmwing the Park Gmwlng fundlng What did w• sol out to do7 Submit grant appI￿a￿t￿$ and attracl ¢NPOf8te sponsorshp to secure fuTrJiry for Peterbortsjgh Celelxales evenl &4)port the project team in secJJring match-fvndirvj for ts Peterborough Presents prohect, to strengthen phase 3 implementation Secure addilional funding for the constr￿lI0n of IhE Lakeside Actmty Centre- Building won the successful Towns Fund bid proach funders for Ihe pe￿anent Woodlands pavilion Continue to secAxe funds that will cover cwr match4unding obligation5 to the N8tion81 Lottery Herilage Fund Community Grtenspa¢e woie¢t What dld we do? We succe55fully raised over £g),000 Peterb￿tt Celebrates 2022. wilh both Arts Council and the Nab"onal Lottery Community Fund contributiThJ signrficant funds toward5 the cost of the festival. Over £18.0￿ raised fr￿n local eorporate sponsors. as well as helpful in-kind donations. We are extremety gratefiJl to all ourfesbval funders. We arè grateful to the Arts Council Crealive People and Places Programme Yknich supported Peterborough Presents to enter a furlher phase. with funding now secured to allow conlinu8tion unth"l al least 2025. Al0￿sIde this continually on secuiiThJ additional match funding. During Ihe year engaged a Fun¢Jraising Consultancy to devek)p a Ca￿01 Campaign for Lakeside Activily Centre vthilst conb"nuirwJ lo develop relationships potential rnaior funders. This project is a key element of the Five Year Business Plan and these efforts will continue into 2023. We have approached the UK Govemmenl Community C￿￿ershiP Fund for a grant towards Wcodlands Pawlion and continue to develop our ￿ationShiP with key sports and wnmunity fuNJers. Due to ddays with the applKatKJn process for Pl8nning Pemission. we cannot yet submit a full application. h(Mtver ère montton.ng potenlial fvnding sources closely. We have been successtul in achieving match fvnding from the project wth awards from both Augean Communities Fund and the RHS Flourish Fund towards the Nene Nursery element whith wll not only match fijnd Ihe planne¢J hortiC￿livre apprent￿ bul abo fttnd iwo paid 6- month opportunitie5 for graduates of our NEETS programm?. Bulldlng partnershlps What did w• set out to do7 Develop fomal parfnwthips for socol PTesrxit4ng *ith I￿al heafth bodies through the estsblishment of Nene Nursery. We will pL4y a leading role in delib￿ng the final funded phase of FPA programme in line ￿￿th agreed funder targets l outputs,. and its tr8nsibon into future ongoing working. We continue to play a leading role in Ihe Cambri¢J9eshire Local Nature Partnership and ils ddivery of a nature recovery area f￿ Cambiidgeshire and a doublin9 of natwe across the county. We wll devel¢)p an 8rThal event S￿(8h(l￿erS to irrform arKI e4)nsutt ovèr strategy 10 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES {Contd.) YEAR ENDED 31 JANUARY 2023 What did w• do? We have grown relationships kxal heath provKlers over year to further out social escribing opmunities. The creation of Nene Nursery will be a key element of this. however we have also been working outside of the park 5UPWted by the Future Park Accelerator Test and Leam funding to trial the development of groups in g￿nSpace closer to areas of need. We were instrumental in suppNbng the cambridgeshi￿ and Peterb(¥ough Future Parks Ac￿leratOr to achieve its targel ol creating a range of valuable partnerships, resources and twls to support the bong term suslainability of parks and green spaces across Cambridgeshire. We have conttnued to support Natural Camtsidgeshire by invofvemenl in its govemance and its projects. We held a suc£essful event with stakehddets 8fMJ corporate supporters in O¢lober 2022 and Mll be building upon this in 2023 V￿th a range of stskeholder and support events. Developlng our Plans What did w• s•t to do7 We %￿1 roll out reviews of our Master Plan and Organisation81 Strategy. We will prepare a new Five Year Business Plan for Nene Park Trust and Nene Park Services Limited, ftowing from the updated Organis8tion#l Strategy. To produce a new management ￿an for the rural estate and update management plans for Ferry Meadows. Thorpe Meadows and our wo(KILarKlsltrees includin9 our environmental and s0ci¢Fecor￿Mic objectives lo help meet the challenges of a changing climate. Undgrtake a first phase of installing micro generation renewable energy and conb.nue to develop and implernent an updated wder environfflentsl policy wthin the Trust. To produce a natural capital assessment for Nene Park. What did w• do? We conducled reviews of the master plan and a lighter louth rewew of our ten-year oroanisaknonal strategy 2017-2027. The revw confim)ed there were some areas that needed to have greater prominence over the remaining Itle of Ihe fve year plan and business plannin9 period. i￿uding. o Climate Charmje. the Envyonment aTrJ Sustainabilty o Equality. Oiver5ity and Inclusion Heallh & Wellbein9 Cultu￿, Heritsge and the Arts gital and Data o Income generation Rws¢d d0￿ments v4ill be launched ￿ 2023 The trustees fonnally approved the rth¥ Five Year Business Flan at their meeting in Decernber 2022. The Busines5 Plan"Our Roadmap to Impael" fc¢usses upon growng the impa¢l of the Trust vthilst ensuring the lon9 term suslainability of ihe charity and its assets 8nd includes substantial investment in t*)th. Following thi5 V•ill be reyiewng internal sub-strategies for areas Sl￿￿ as finance. ffiJndraising. marketing and events amongst olhers. NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Amss 2022 we reliewed our entiffj lar#J ts)Idw￿ and have updated compartrnents schedules for all of our land. This is the first time this has been compleled in such a way and wll be used to create management plans for the entire estste in 2023 Nthich ¥MII ensure connected landscape scale sustsinaNe management and the opportunity to achieve Green Flag ac¢redit8lion acfOSS the entrety of Nene Path. We instslled 126kW ca￿ty of photovdtaic system5 across three buildings on the Trust Estate in 2022. This is the Trust's first substant￿1 investment in green technoksgy which will reduce r dependence on bc¥Jght in energy ar￿ enable us lo export green energy to the grid. We 8re exploring opportunities for continuing this th in 2023 and considering a rarge of technologies. In May 2022 the Trust achieved Green Investors in the Environment accreditation. the highest level available. This reinfor￿ our commilment to improving the ￿vIrOnmental impact ol our operations as we strive for contsnual improvement in this area. Working with experts, the first phase of 8 n81ural capital assessment was completed during 2022. We are nowshapirwJ this into a report a plan for %that this mean5 for the Park and the TfUSI. 12 MENE PARK TRUST REPORT OF THE 80ARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Financial Review At a consolidated level Nene Park Trust is rerrt)rtYo a signFftant loss f(Y the yew both before and after investment losses. Al the pr&investrnent Mosses level a small infftase in lumover oftset by a signrfKant inuease in Costs. The latter reflected an increase in staff costs and olher direct costs. The increase in $18ff costs was due lo partly to Ihe use of interim staff lo fill certain senior posts and paruy thrO￿h irhcreases in headcounl and, more spe(¥fically. investment in new staff in areas such as project management. Visitor engagement and matheliry all of which wll be needed lo delivw the Five Year &Jsiness Plan. Non-staff costs inC￿8$ed pa￿Y L￿uSe of extra acliwty needed to and Safely re-open facilities as Ihe Covid pandemic moved to a conclusiM and paruy because of infiation on key costs particulady energy. cmstruclion materials 8nd consumables. Investment losses in the peritsj signfftant {net loss of £1.742m compared to a net gain of £3.044m in 20211221 reflecting difficult financial market conditions across most sectors and geographies. Those markets ￿tre adversdy impacted by the economic tslbut from the Russian invasion of Ukraine and the resulting significant crease in inflation arKI the consequent interesl r*e rises im ￿anted by central banks across the advanced economies. The legal structure of the ConS￿lda1ed entity is described in detail later in Ihi5 report15ee page 181. These fin8nci81 statements reflect the tradir¥J perforrnance of Nene Park Trust {NPT). Nene Park Service5 Limited {NPSI, Petertwh Culture and Leisure Trust {PCLT) aThJ Nene Outdoors Limited (NOI. NPT is the core charity and undertakes 811 tharits￿e and most other actiwty undertaken by the Organisat￿)n. Key activities include the maintenance and upkeep of the park itself. Ihe management of attraclions across the park. the renlal of park owned assets to thir(J parbes for agriculturol or commerual activities and Ihe provision of educational and events services. NPS is a trading subsidiary whose primary acli¥ity is operating a farm shop selling a Tange of food and beverage products induding locally sourced artisan products including lamb reared through NPT'S share faming ventures. As noted eadier in this report work continues to improve the finan¢ial perfomiance of NPS and it remains reliant on finamal support from NPT V•hilst this impmement actmty conlinues. PCLT continues lo hold and maintsin a lafge ¢dI￿￿On of significant outdoor sculptures. NO did not trade during FY2022123 and is a dtymant company. Total group assets d￿reaSed to £42.448m frcrfn £45.489m refiecting the trading loss ar¥J the nel loss on the investment portlolio. The distnbutK)n of group assets has changed quite S￿nifIcan1Y during the year and now comprises the investment portfol￿ £28.553m {£35.089m- 20221: lan9ible fixed assets that are integral to the operation of the park £10.226m 1£6.345m: 2022}', heritsge assets £3.448m lun¢hanged from 20221.. other assetslnet current assets £0.221m I£0.607m). The trust has made signrficant capital investments in ts year induding £3.013m in knd and buiklings and £1.231m in assets under conslnKlion at the year*rKI date {improved and extended car parking faalities and new pedeslrian bridge). Further signthcanl investments have tsken pla￿ in Ihe post year end period and this will continue into the future as the Five Year Bus¥*ss Plan Pr￿eeds. This Change across assets Classes i.e. from listed and unlisted investments into tangibte assets is expected to continue into fulure a¢￿Unting periods as the Five Year Business Plan proceeds and further sums are invested in various capital asse15 that can generate the'd¢x*>le bottom line. benefiis that are a primary ant￿Ipated outcome of the Five Year ￿sinesS Pkgn. 13 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDEO 31 JANUARY 2023 Rl$k Manag•m•nl The Trust's Risk Management Strategy inuypoTates a register ¥Jenlffies the mY4or risks to ththich the Trust is exposed. The risks are PfiofTtised in lemis of potential impact and likelihood of oGcuffence and steps to rnanage the risks are identrfied. indudirKJ adi¢)n wnts to take f(￿rd. The risk rtgisler is kept under regular review by the Trust's Sen￿r Leadership Team and tab*d reguL7rty for consideralion by both the Finance Committee and Ihe Board of Tn￿tee5. For Ihe maTr)r risks KIentif￿d Ihe trustee5 have taken steps to manage these risks. Th& priwpal risks have been wJentifi8d as folloK: in the fight of the Covid 19 experien￿ the potential impact of further pandemics or endemics on either park users or the wder park environment le.g. f￿ryd and faun8}. challenges in the Implementati￿ oflhe Fi* Ye8r Business Plan agreed by the Board in December 2023. These challeTrJes might include are not limrted to).. failing to identrfy the optimal rnix of projects to lake f¢yward from amorrfJst the oppy1unities identified" being unable to secure the necessary fijnding needed to ddiver the plan", being unable to secure appropriate statutory ￿nnIng consents,. failing lo successfully deliver indivKJual prqects: failing to delw the plan as a wthc4e. a major accident. incident. disaster. flood CK infrastruciure failu￿ resulling in a physul risk to our visitor5 and the risk of repulalional and finantyal damage to the Trust. loss of ¢J8ta as a resull of a serious IT faihJTe. The Trust already has plans in place to mitigate rnost of these risks and 1$ developing apFrfoathes to mftigate the other parlicularly ttrb)se as%￿lated 7Mth the FNe Year Business Pl￿. As well as an increasingfocus ￿ Our0￿ Heallh and S*ty resources. a Health and Safety Consultant is retained lo advise the TNst on Ihe procedures and practices required lo achieve compli8￿ wth the wide range ol legislation to which the Trust is subj'ect due to the diverse natu￿ of its actwibes in managing Nene Park. The Trust employs a Ranger for health and safety and has apwnted a Iwstee as a heath and safety champion. The Trust also seeks athce Irom its insurers. Reserdes The Trust relies on its investrnenl portfolio to generate 8 Plowrtion of the income required lo operate the park whilst the capitsl held in the inveslment porlfolio ensu￿5 the long-tem financial sustainability of the charity. At 31 January 2023 the Group hekl trAal reseffts of£42.448m {2022.. £45.48kn) oftéthich £3.866m was restricted (2022.. £3.957ml and £12.437m reflects the pernarEnt ￿a0¥￿￿entI2O22'. £13.259ml. The trustees have designated certain f￿d$ to safeguard Ihe assets which arg used to generale the income ￿1¢h is essenlial to fund day lo day cperating expenditure. A total of£22.727m has been designated {2022: £25.958rn1, of which £5.795m {2022.. £15.914m} relates to the invesbiient fund. The remaining designated fvnds support the Trusfs poly crf seeking to m*¢ adequate provision for future liabilities so that funds ao availab￿ f¢y the ￿placement and f¢furbishment of Park buibdings and structures. and for future investrnenl in ICT infrastructure. In respect of replacernent and refurbishment athity a total of£16.497m 12022,. £9.639ml is r￿1 designated. This made up of £9.881m".12022 £6.108ml in the TaTrJible Fixed Assets fvnd ond t6.616m'.12022.. È3.531rn1 in the Park Worts FurKI. These ¢*barues refiect the tru51ees' ffjvised longer temi aims in ￿SPect of unrestricted in the light of the revised Five Year Business Plan. Preww51y the aim was lo increase the overall level of listed and unlisted investments held so as ift￿3$e Ihe overall in￿)me Capab￿ of being drawn fr￿ those funds annually. In those circumstsnces how the funds dassifred Ir.e. under the General Invesknent Fund or Endowfnent Investment Fund headings) was important onty to the extent that it demonstrated that the original endowment was being preseNed). 14 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES Icontd.) YEAR ENDED 31 JANUARY 2023 Re5errfes Icont. The revised approath ￿ to use funds pre￿oUslY hekl in the form of listed or unlisted investments to acquire other assets that are capable of producing the 'double bottom line, retum that is core lo the FNe Year Business Plan approach (see Financial Review seclion above). Any such withdrawals from the inveslmenl portlolio win be made in line wth the reserves p￿ICY (see below) and any specrfic legal and fiduciary obligations ihat apply partieulady with ￿SPect to the Endowment Fund. These significant changes ¥e a ￿anned and anlicipated consequence of the change in trMJsiness strategy implicit in the Five Year BU￿neSS Plan a5 explained further below and e15e%there in this ￿Port. This redislribulion 8¢ross designated fund categor*5 is likely lo conlmue as the FNe Year Business Plan woceeds. The trustees. policy on reserves is subJ-e(a to an annual re￿eW by the Finance Committee and approval by the full Board of Trustees. The trustees have carefully considered the requirement to maintain an appropriate level of free reserves {i.e. those unrestricted ftTrnds not hJenlified as invested in fixe¢J assets, designated f¢{ specific purposes. Of Otherwise committed). In arrimng at ￿1r ¢ondusion on this matter the trustees recognise the trends described above and the fact that more of the assets are now in the relati￿Y illiquid fom) of kngible fixed assets and less is in the fom of mefe easily realisable capital market inve5trnenls. The trustees have identified the key risks antj uncertsinties faang the charity and have sought lo provide a level of free reserves sUffiC￿nt to M￿gate those risks. In parlicular. The impact of inflation over and above the budgeted amount The cash flow requirement lo ensure the Trust has sufficient vK*king capitsl to carry out its day lo day operations. given that a significant proportion of funding is reeeived in arrears. The risk that operating income ts￿ets are r￿t achieved. The potential loss of inwme as a resuh of the failure of a major tenant's business. The failure to achieve fvrKlrai&ng tsrgets. Fluctuations in investment income. An event h8ving a major negative reputatr.onal effect on the charity. Contractual aThJ Wl oblMJalion$ to stakeholders indu¢thng empklyees. The Iruslees have esiimated that the level of free reseNes required to mitigaie againsl the identifiable risks is approximately £2.626m 8131 January 2023. The Iruslees a¢knovAedge th8t the Commen￿Ment of the Five Year Business Plan increases finanaal risk and in fecognilion of this fact Ihey have reallocated a significant sum to the General Fund in anth￿patIOn of the need for additional free reserves in fulwe months. Given this the value of thè ¢hariVs General Fund al the balarKe Sheet dale exceeds the level of reserves needed to mitigate identified Current risks. The trustee5 expect that excess lo deGrease as impkmentalion of the Five Year eusiness Plan proceeds. The Injstees therefore believe that the current level of free ￿selveS are sufficienl to eover the risks to vthich the chbrity is CUTrently exposed and those to it might become exposed in the short to mediLbm teTm. Post BalarK• Sh¢•t Events There have been a number of developments &nce the year end date a knowledge of wfiich will better ￿f0￿ a reader of these accounts. Pofential financial loss - in lin8 4Mlh occasi(Thl (albeit not stsndardl pr8clI￿ in the construclion sedor the Charity advanced funds lo a prime c￿tractOr for the purch85e of raw materials and supplies for a project. After the funds had been advanced bul wthout any substanbve V•rirk hawng been done the supplier ceased trading and has subsequenlly been placed in administratlon. Our daim lo knese funds has been lodged with the administrator and a furlher updale is awaited: 15 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Post Balanc• Sh••t Evonts {CoThL) Progress on Ihe Five Year Business Pl￿- the ￿ementalIon of this plan has Contin￿ Sin￿ the year end dale. Projects that V•we in progress al the year*nd dale have been successfully completed and the resulting assets are now in operational use (for example the impyoved and extended Lakeside Car Parkl. Olher gnificant projects in preparation at 3111 January have begun sirKe the year end dale" Fundin9 drawdowns - furtw signfftanl divestments been made frtyn the investment portlolio to fund the costs associated wth the ab¢)ve and other developments.. Portfolio lending agreement- usiro new poth*rs set out in the Charitss Act 2022 the Charity has entwed into an agreement to borrow money against the security offered by the investments held in its Permanent Endowment although this agreement has not yet been triggered {arKI indeed may not be lriggered rf financial market arcumstan￿ mthe il disadvantageous to do so). Inv•stment rnanag•ment As permitted by the tharitys ArtKlgs (rf Assrtk3tN)n. the trustees haNp given the investment managers discretion to manage the investment porffolios 8n agreed risk profile. The investmenl managers submit quarterly progress reports which are scrutinised by the Finance Committee. Perfornance of the investsnents is a150 rewewed half-yearty wth the investment managers close and regular contact in the interim. allowing the Board to be fully informed of ihe lund managers. thin￿"r& and acbMs. The Board of Tnjstees operates an el￿1 investment poly. wth an upJ8led p)li¢y approved by ihe Board in April 2022. The Trust is committed to invesling its funds in a swally re$Wnsib￿ way and believe5 that to accord wilh its v81ues of promoting a healihy lrfe* and clean environment regard must be made to en￿rOnmental. and govemance issue5. The Trust's ethical investment principles ¥e-. To tske into consideration the enwrcffliental. SOfAal and governar￿e perfcffmance of the businesses and funds our portfolio is invested in. To encourage investment in companie5 Wth 8 p)sibve social. he81th or enwronmental impacl. To reduce eXp)SU￿ lo ￿MPanieS Ihal have a negab"¥e impact on the ¢limale and to invest in companies that are contributing to Climate change mib"93tJon and atlaption. To encourage our fund managers to engage with fimis wh￿h are in breach of the Trust's ethical investment policy and to divest rf those fimis do not respond to investor concems. To excl￿18 investments in acbvi*es are materially irKz•nsistent %*ith the Chariws aims. In making inveslmenl decisions. the Trust expects it5 appointed investrnenl rn3n8gers to observe responsible investment principles and to tske into consideration the enMronmental. social. ￿pu￿bOnal and 9ovemance risk characteristics of existing and prospecb.ve investments. The trustees en¢ourago our investment managers to invest In Com￿￿ with o positive sooal. health or environmenta impa¢L The Trust is taking steps lo align its portFolio to support and benefft fr(Yn the transition to a lower carbon economy, by reducirvJ exposu￿ to industries those activrties are misaligned ￿1h a low carbon pathway aThJ increasing exposure to industries 8n(I companies a￿ contribuling to dimale change mrf¢l9ati￿ and adaption. The tru51ees wish lo measure. and twne. to reduce tr* CalL￿n fwtyinl of the inve$lment pNrfolio. The trustees also encourage our investment managers to demonstrate responsible stewardship of our investrnents via positwe engag*nent V•ith firm5 through proxy voth.ng and by en¢ouTaging fim$' good behaviour and efforts lo change. If it ¢ome$ to the Trust's attentw that fimis in wh￿h the Trust 1$ dirxtly invested are in breach of the principles set ab)ve. the Trust %4ill th wth its investment man•3ers to undertskg e ￿￿eW of those investments. 16 NeNE PARK TRUST REPORT OF THE BOARD OF TRUSTEES {Contd.} YEAR ENDED 31 JANUARY 2023 Investm•nt management IC¢)nt.) The trustees do not wsh direcdy to profil from, or wo%ide capital to, activities Ihat are materially inconsistent with the charills aims. SpecifKalty investment marhagers shoukg exclude any direct portfolio exposure to the followng areas.. Companies s￿alls1ng in fossil fijds tfvthere more than 10% of revenue comes from the exlraction of them)al coal or unconventional oil and gas. induding oil sands and shale oil gas. Companies Nlith serious failings in environmental management and vthose enwronmentsl perfoftnance for their parli¢ular sector is ￿nsIsten11Y and materially below average. Companies in which a major part of their business actimty or focus (defined as more than 100A of group revenues) derive from the manuf￿1V￿ or retail of lobxco aTrJ related products. Companies operating as high interest pay day lenders. Companies wlh a major slake Idefined as more than 10% of group revenues) in the production, distribution or ￿tall of Pofnography. Companies engaged in the irreswnsible marketing of akohol. casinos. gaming or lolteries. The trustees wil continue to w￿k ￿th the Trusys investrnent managers to refwWdevelop the policy over lime. Subject to the observations above aÈ*)ut Ihe revision in strategy arKI the trustees, increased willingness lo withdraw funds ftom investments to fund appropriately approved arKI appraised projects offering 'double bottom line, returns the investment aim ofthe General Investment Fund, a portfolK• of equrty and fixed interest investment, continues to achieve in the longer term the ca￿tal growth needed to maintsin an 8ppTopriate value of reselves and to pmvide the basis for the income streaffls which wll ￿ needed in the fulure. The aims, in order. for the Trust's investments are to.. ensure the continuity of the Trust by pro￿(ling rt in the ftrtV￿ with an income stream sufficient to prote￿ it from falls in ils other 50UTce5 of incorne and Ine￿ts￿e increases in expenditwe", ensure that the Tru51 will be able lo meet the cosls vkni¢h will artse in ￿ near an¢J distant fvture from major repairs and renevrdls in the Park- maintatn the real walue of the Trust's wwestments: During the year ende(J 31 January 2023. the General Investment Fund achieved a total retum of 0.370A as cOMpa￿d to the MSCI WMA Private Investor Balanced Fund benchmark total return of-2.03% (minu5 2.3Yol. In the same period the FTSE All Share benchmark total retum was 5.20%. Fund performance is also benchmart¢ed against a target of 'Con$umer Price Index plus 3%.. The ccThparatÈy for thal large¢ was 13.88%. The Endowment Investment Furny is a pemanent endovment which aims to maintain over the lor¥Jer term # stable inc(¥ne stre8m in real lems ar)d have the wlential for capital gro%th. The Fund aims to.. achieve real groNth in the annual irwne: obtain the capital growth necessary to maintain the real value of the end0￿Ed sum lo support the ￿81 growth in income. Income is paid over to Nene Park Trust as rt arises vAth the invesbnent management fees being paid by the main charity on behaff ofthe permanent endowment. The Endowment Inveslment Fund achieved a total ￿turn of-2.9Vty {minus 2.￿) to 3151 January 2023 as compared to the wmposite benchmark retum of-1.1% (minus 1.1%1. Fundraising approach and perforniance The Tfust undertakes fundraising activity to its suppcKters fijnthaising appeals, donation p￿nts. and email marketing. We are ￿gIstered ￿th the Fundraisrng Regulator. adhere to the slandards of the Fundraising Code of Practice and have a complaints poI￿Y in to deol V*ith any Issues that may arise. No complain15 about ndraising actimty were received in the ￿T. The Trust continues to employ fundraisers who have anclher successful year raising £800.000 of voluntary income. Major fundraisiThJ successes included securing extension furKling from Arts Council Eng18nd for our Pelerborough Presents community arts piogramme, receiving over £75,OLK) in grants, donations and sponsorship from various sources lowards the inaugural Peter1K￿ough Celebrates Fe5ts"val, and in collaboralion with Peterborough Crty Council. stturing a grant of £35,¢4￿ from th8 UK Govemment towards a new Changing P*e$ fa¢ilrty * Ferry Kqeadows. For every £1 spent on fundrai$irvJ adivity in 2022f23. £7 of income was raised. 17 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (CoThtd.I YEAR ENDED 31 JANUARY 2023 Structure. Governance and Managemenl Objects and Natur• of Adiviti•s The Trust'5 object5 are to provide for the public bertefrt parks and recreation grounds for the inhabitants of Pelerborough and the yjrrounding re9i¢M and for wsitors Ihe obj'ect of improving the quality of life for such per50n5. The trustees have had due regard to the Charity Cc¥r*ntssh)n's guidance in relation to public benefft. Nene Park was originally ￿1¢￿¥8{1 as an intsgral element of the Peterborough Dewlopment Corporation Masterplan for ihe expansion of the City of Pelethffjugh, and was consequenty created in the late 1970's to provide an a￿eSsIble nehKJrk of open space arKI wateThwdyS. and a gateway to the open countyside for the people of Peterborough. As ihe worf( of the Peterborough Oevebpment Corporation wound down in the mid 1980's. there was a need to ensu￿ Ihat the Path would be managed, a long term basis, by a secure and financially stable organisalion solety dedicated to this tssk. Consequently Nene Park Trust was established as an independent charity in 1988. Along V￿th a 999 year ￿ase on the Park. the TTUSt was endowed wilh commercial proFertie5 and other 8ssels lo enable the Twst to generate the income required to manage Nene Path. The 2,169-acre Nene Park contains a wide variety of 1aThJxa￿$. buihjirgs. infrastructure, and visitor facilities. The Tnjst diredy manages and maintsins a 500 aue c(xJntry park at Fery Meadows as ￿11 as smaller open spaces al Thorpe Meadows and Orton me￿ and Wc#)dston Reach. The remainder of the Park comprises the Tru51's rural estate slretching along the River Nene as far as Sutton and an agricultural holding on the east of cty near Eye. Nene Park also conlaKis visitor fa¢*tses and C￿rnercial managed by tenants and li¢￿see$. The Trust fuifils its objects thr￿g￿ the provbSK)n of high quality natural landscape. wldlife habitsts and visitor amenities for the enjoyment. heamh and wellbeing of iisitors to the Park. The Board of Trustees consider that all of the work undertaken by the Trust is for the t*nefrt of the public. During the 2022 calendar year. it is estimated that ¢)ver 2.Omillion visib Wefe madg lo Nene Park. Slwcluro Nene Park Trust is a oimpany limited by guarantee regislered in Ervjland undtt number 2288607. incorporated under the Companies Act 2006 and govemed by a MemorandLwn and Article5 of Assttiation as prescribed by the Act. The Trust is a registered charity, number 800C67. The cha￿$ Whol￿ owned Irading subsKliary, Nene Park Services Limited. is a limited ¢ompany registered in Eng￿rKI under nuM￿r 09746744. The principal activity of the company is the operation of a sfw at the Ferry Meadows Visitor Centre. The Trust holds 65,000 £1 ordinary shares in the company. On 7 March 2016, tr* tharity eslotyished a new trading subsidiary. Nene OuttS)ors Limited (Company number 1￿456861. The company did rK>I trade aTrJ has remained domant thrwhcrtrt the ye8r. On 1 D￿ernber 2020. thecharity acquired the Peteftorough Cutture and Leisure Twst (Charity number 1138230, company number 07171668 and fomierfy kno￿ as Vivaoty). The Twst is the c￿pOrate trustee of Peterborough Culture and Leisu￿ Trust and has a contrdling interest in the chaiity. This entity continues lo hokl certain assets and the value of those assets aTrJ other finanaal impacts re>Jting frcfft thal acliwty continue to be consolidaled into these group accounts. Nene Park Trust is the Corporate Trustee of Ihe unincorpoT*gJ Charty 'EndLf•vment held in Connection Y￿th Nene Park.. registered charity number 1085421 {now 800067-1 }. is governed by a Charity Commission Scheme dated 26 January 2001. The unin￿rporated Charity was established to accept the Ir8nsfer of the woperty of Nene Park Endowment Properties13963975) to the Corporate Trustee lo be managed as a separate charity. Its a¢liMly is th¢ investment of that property. held 8s pemanent endos￿￿8nt. to prc#Ju¢e income to be used by the beneficiary. Nene Park Trus( ￿ the operakn.on of Nene P•*. The unincorporated charity (no 1085421} is treated as fomiing part of the incorporated charity Ino 80¢)067} for the purposes of Part 4 Iregistrationl and Part 818CCtxJnling} of Ihe Charit￿ Act 2011 follown9 the issue ol a Uniting DireCt￿n for accountsn¢y and legal purposes. was rssued on 12 Novembgr 2013. The twstees prepare single sel of financia statements for the vAx)le entity. *ithin whith Ihe indiwdual p•ts are ￿ported separately. 18 NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2023 Gov•man .The work of the Trust is overseen by a Board of Trustees. The role of Ihe Board is lo develop arid agree the Trust's vision, values. maSterp￿n arKI strategy. The Board ts responsible for inplementw and monrtoring the master plan and strategy through the business plan. On joining the Board, all new Board rnernbers receive a cc¥nprehen5ive Ind￿tion on the Trust and Nene Park. This is complemented by an on90ing programme of imiefing events and Sile ￿511$ for Board members. 8né periodic Teviews of the various aspects of Ihe Trust's operat￿n of Nene Path as part of an ongoing cycle of rewews of the Tiusl's strategic priofilies. Regular reports a￿ made lo the Board on the Tfusl's financial progress in relation to agreed budgets, its in¥e5tmenls, property m8tters arnj operat￿n81 matters fxb vthich il needs lo be briefed. The main Board mgets Quarte￿Y. with a Finance Committee also meeting quarterfy and delegaled lo ensure tr effective financial managemenl of the Charity and to reFrfXt back lo each Board meeting. The trustees have established a Governance and Nominations knmittee lo rev7ew and make recommendations to the Board for the continucHJ5 improvement of the overall corporate govemance of the Trust. In addition. Ihe committee leads the Process for apwntrnents to Ihe Board of TTUStee5, In(lependent rnewnbers of rts sub- committees and deS￿nated exetulive posts. making reC￿mMenda￿"0ns to the full Board as to the suitability ot carKlidales. The trustees take their obligations seriousty and wryk to a set of fomial 9Jvemance procedures with a 8oard Development Plan setting out the key priorities. The Articles of Assooatbon setoutfixed ternis ofoffice forall trustees", ￿th a m'aximun 013 terms of 3 years each. All trustees 8re oppointed by the Board, with the exception of the two nominations made by Peterborough City Council. The trustees ￿￿larlY rev￿ the skills. experience and competencies required to carry ovl the B¢)ard's work effecb'vely so as to identify any skills gaps that need lo be filled. A list of the Members of the 8oard ol Twsteés at the date of this report aThJ those who served during the year to 31 j￿Uary 2023 is on page X). Manag•m•nt The Chief Exe¢xJlive is responsi￿e to the Board for the mar￿ement of the Trusl and the conduct of lh8 Trust's business in accofdance w41h polic￿$ and budgets set by the &)ard of Trustees. He is resp￿SIble for the day lo day operatit)n of Ihe Trust wthin this fraffle*￿Tk and is aulhorised lo act on behaK of the Trust on all matters other than those vthich by law are reqUI￿d to be decided by the Board of Trustees. The Chief Executive ¢5 SUPPOrted by a senior leadership team. Nthich at 31S1 J8n consisted of a Head of Operations, Head of Fundiaising. Head of Development. Head of OrganisatK)nal DeveloKMnent. Head of V1511or Engagement and D1￿ctOr of Fi￿ar￿e and Business Services. The Trust also engages 8 number of wofesshjnal advisers to assist in its work. Pay polky for s•nior stsff The Board considers that Ihe trustees and the Senror Leadership Team comprrse the key management personnel of Ihe charity in charge of directing and confrolling. runniThJ and operating the Trust on a day to day basis. All trustees give of their time fredy and no trustee re￿iVed remuneralion in the year. Details ol trustees. expenses are disdosed in note"5 and Telated pwty transactions in note 18 of the accounts. The pay of senior stsff 15 rewewe(J regulady. When rdes and responsibilities change sKJnrficanly. a benchmarking exercise is undertaken by an Independent consijllant. wh￿h considers the eamings for comparable roles in similar or9anisalions. atKI pay is adjusle¢J in 8ccordance Wbth the consuttant's recommendations. The Trust's. perfomiance related pay sy3tem measures all stsff against both wiwk, wfomiance and the Trnsl's agreed set of values and behaMours. The same syEtem applies to the Senior Leadership Team. with cost of living rises consolidated and non-consolidated bonuses b•"fWJ dependent upon perfonnance. 19 NENE PARK TRU REPORT OF THE BOARD OF TRUSTEES {Contd.) YEAR ENDED 31 JANUARY X123 Statgmont'ol Trusts•$ Ro$ponslbiliti•s The trustees {who are also the direclors of Nene Park Trust for the purwses of company law} are ￿$￿nsible for preparing the Report of the Board of Trustees and the financial stslemenls in accordance with appl￿ble law and United Kir¥Jdom Accounting Slandar(ls {Uniled Kingdom Generally Accepted Accounb"ng Pr3cbcel. Company law requires the Bo¥d of Tnjstees to prepare knnoal ststements for each financial year Nthich give true and fair view of the state of affairs of the Group and of the incoming resources and application ol resources. . induding the incoffle and expenditure. of Ihe Group for the year. In preparin9 these financrdl statements. Ihe trustees are ￿qUired lo.. select suitable accounting [￿1¢￿ and appty them consisténlly. observe the methods and prinoples in the Charities SORP.. make judgements and estimates that are reasonable and pnJdent'. stale whether applicable UK Accounting Standards have been follo*Ed. subj'ect to any material departures disclosed and explained in the financial statements- and .prepare the financial statements on a going con¢em bays Un￿ it is nappropriale lo presume that the Trust will continue in operation. The Board of Twstees is responsible f￿ keetmng adequate accounting recor(Is Nthich disclose with reasonable accuracy at any lime the financial position of the Trust and enable ihem to ensu￿ that the financial statements comply with the Companie5 Act 2006. The Board of Trustees is a150 responsible for safeguarding the assets of Trust and hence for taking reasonablè steps for Ihe prevention and detection of fraud and olher irregularities. The Board of Trvstees is responsible for the maw)len8nce and integrity of the ¢￿ale and financial information included on the Trust's website. Legislation in the United Kingdom goveming the preparation and disseminalion of financial statements may drfter from legislation in otherjurisdictions. In $0 far as the member5 of the Bowd of Tru51ees are aware: Ihere is no relevant audrt inlomiation of whKh the Trust's audiiors are unabyare., and the members of the Board ol Tnjstees have taken all the steps that they cwht lo have taken to make themselves aware of any relèv8nt audit infomiab'on and to establish that the auditor 15 aware of th81 information. In preparing the Report of the Board of Trustees. tr* tFUStee&' haNe tsken athantage of thè exemption available lo small companies and have not prepared a strategic reporL Signed by order of the Board otTrustees J Bland Chair Approved by the Bo¥d onqth July 2023 20 NENE PARK TRUST INDEPENDENT AUCXTOR'S REPORT TO THE MEMBERS AND TRUSTEES OF NENE PARK TRUST Opini¢)n We have audite(l the finarttyal ststemènts of NÈnÈ Path Trust {the 'partnl Charrta￿e company'l arml its subsidiaries (the 'group'l for the year ended 31 January 2023 whth wnprise the Consolidated Statement of Finarrial Activities. the Consolidated and Charity BaLqnce Sheets, the C￿scAlda1ed Cash Flow Siatement and notes to the financial stateM￿ts, includir4J sgnifi¢Jnt accountirvJ polioes. The finar￿la1 reportirrfJ framework that has been applied in their preparats'on is applicable law and United Kingdom ACC(￿nbn9 Slandards. induding Finanryal R&p¢)rting Sl8ndard 102. the Finanual Reporting StaThJard ap￿￿ble in the UK aThJ RewblK of Ireland (United TrQrsdom Generally A¢cepled Accounting Pradicel. In iyjr opinion the financial statements- give a true and fair view of Ihe Slale d ihe affaws of the gro￿ the parenl tharilable company as ¥131 January 2023 and ol the group's inctsming resources and appl'caiion of resources. i￿V01n9 its incoma and expendiiure, for Ihe year ihen ended; have been properfy prepared in acaxfftsnce v*7th United Kingtr)m Gerwally Accepted Accountin9 Pradi¢e.' and have been prepaTed in accordarKe wilh ts requirements of the c￿np￿leS Act 2006. Basis for opinion We conducted our audr¢ in accordance wilh Intemational Slandards w Auditing IUKI IISAS IUKII and applTr¢able law. Our respon$ibilrties under those stsndard$ are funher des¢ribe¢J in the Audrtofs responsibilities for the audit of the financial statements secbon of our r8wt. We affj independenl of the group and parent ¢haritsblÈ Company in accordance with the éthtsl rèqu1￿MentS that are rnl$vant to our audit of thè financial statèments in the UK. I￿lud[￿j the FRC'S Ethical Standard, and we have fulfilkd ovr other ethical resp￿sibilitieS in accordance with these requirements. W* bdi¥v• that the audrt hav8 obtain¥d * suffits"¢nt and appropriate to prowde a basis for our opjnion. Con¢lu$ion$ rolating to going conc•rn In auditing the finanaal Statements, WÈ have ¢onduded that the trustees, u$e of going cOn￿M basis of accounknryJ in the preparation of the financial ststements is apprryiate. Based on th• work we have p¢rf0rrn￿d. we ha￿ not identified any mat¢rial y￿ertaIn￿•S relating to events or ¢(￿dItIonS that, individually or thkcb"vely, may cast slgnffj￿ant doubt on the group or the parent charitable company's ability to continue as a wng concem for a pernd of at beast nNMths from when the finanaal statements are auththrysed for issue. Our respon*bil￿¢S and th? re¥*)n￿bA￿l•$ of th¢ tJust•¢s with rosp¢¢t to gting ¢¢nc•m arn dèscribed in the relevant séetions Of this repowL Other Inforniatlo The trustees are resp￿sIble for the other infom)ation. The other Informat￿ comprtses the inf0m)atiC￿ included in the nual report, other than the financAal statements and our audilorfs report thefeon. Our opinion OTr the finanrial stalements does not ￿Ver the oiher Informatic￿ and. except to ihe e¥tenl othwwise expliLitly stated in wr reporL we do not express any form of assurance CO￿lUsion thereon. Our responsibilty 15 to read the other informatiffi 8rKI. in doing $0, ¢4nsdwwhèthèr thè ¢thèr infomiation is materéally tneonsistent wth thè financial statements or our kth￿￿edge obtairtd in the r£>utse of thè audit or otheMise appears to be materially rni85t8te(l. If we identsfy such material In¢￿￿51enoes or apparent matcriol misststements, we ore required to ijelerrnine whether this gives rise to a material misstsiement in Ihe finanoal statements themselves. If. basèd on Ihe work we have perf¢th*d. we CL￿d￿le that thefy is 8 matwial missialemenl ofthis Othor infomiation we are r$quirempany indude The Companies Ad 2¢)06 on¢J guidance iswed by Ihe Chanty Cth)vN"swi for EThJland aThJ Wales. NENE PARK TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF NENE PARK TRUST {¢ontlnu•dl AuiJf( response to risks identffj￿.. We ¢(￿￿￿er£I1 Ihe extent of compliance wrth Ihese lav45 and regulatths as part of OUT audit procedures on the related finanual slaternent items induding a ￿VieW of financial statem￿1 disdosures. We reviewed the parent harrt#ble ¢ompany's r¢¢ords of b￿a¢h&S of Ws and wulalvrt. mimrte$ of meeting$ and eofresponden¢e with relevant authoribes to thntsfy potential maknal misststements ari*ng. We discussed the parent charitablè ¢ompanYs policies and prmlures for Com￿1￿ wlh laws and ffjgul8tiM$ with rnemt*rs of managomènt rèsponsiblè for ¢omplianc•. During the planning meeting with the audit team. the eruagernenl partner drew attenlion lo the key areas which might invdve non•compliance with laws and regulations cy fraud. We enquired of managemenl whether they were aware of any instances of non•compliance with laws and wulaticffls cff knowl&Jge of any actual, suspected or alleged fraud. We add￿sSed the risk of fraud thrcwh management overy*Je of contrcls by testiThJ the approprialeness ofjournal entries and identifying any s￿niknnt transacti(￿$ thal unusual or outside the ncKmal cKJur5e ol business. We assessed whether judgements made in making aCC￿ntir￿j estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagen￿nt partnerfs rewew induded ensuring that Ihe team had approached their woth wrth appropriate profess￿￿ sCep￿sM aThJ thus the capauty to identify non- compliance with laws and regLtkilions and fraud. There are inhwent l¥nitatws in the a￿￿11 wocedures descr*ed above and th* further remov&J non•compIiar￿e with laws and r&Julations is from the events and tranSath.e￿S ￿flected in Ihe fina￿al ststements. the less likely we woukl become aware of it. Also. the risk of not detectiThJ a material misstatement due to fraud is h￿her than the risk of not detecting one resulbng from error, as fra￿1 may in¥olve deliberate corwlment by. for example, forgery or intentional misrepresentations. of through collusion. A further deseription of our responsibil￿e$ is available on the Finnci4 Rewrting Couwfs wèbsite al: . This descripb.on ftsM￿ part of rAJr audiiorfs repo Us• of our r•port This r&F￿ is made solÈty lo thè parenl ¢hanlable ¢￿￿pan￿$ members. as a l>ody, in accorda￿& with Chapter 3 of Part 16 of thè Companiès Act 2C4J6. Our audit *r)rk has be￿ urKlertaken so that wè might ststè to the Pa￿nt ¢harbtable company's members those maltefs we are required lo $tate lo them in an audrtofs ￿pOrt and for other purpose. To th$ hJll8st extent pemitted by law, ws do not a¢¢ept or assume ￿SponsIbl11ty to anyon& othef Ihan the parent ¢harilable company and Ihe patent tharrtable ￿mpanY$ members a$ • boty. for wr audit vffjrk. fof this report, ty fry the opinions we havg form•J. Gareth Norris FCA (￿lOr Statutory Auditw) for and on behaw of Saffery Champness LLP Saffery Champness Peterborough Buyness Park, Westwnt, Lynch Wood, Peterborough PE2 6FZ Chartered ACCO￿tants Statutory Auditor5 Date: Il Saffery Champness LLP is elNJible lo act as an a￿￿11￿ in twms of s￿11￿ 1212 of the Companies Act 2006 23 NENE PARK TRUST CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES Ilncorporallng the Income and Expendlture Account) Year ended 31 January 2023 Unr•strict•d Restrl¢t¢d Pemian•nt Funds Funds Endovmiorrt Note rooo £'ooo Group 2023 £'ooo Group 2022 £'ooo Incorne Inveslmenl I￿ 1.263 1.251 Grants and donations 1ff2 800 1,056 charitable activities Income frorn tenants Operating incorne Trading income 23 14 831 1,228 194 650 972 130 1214 Total InGom• 3.641 675 4.316 4.059 Expenditure Costs of raising fiind$ (Not• 2) Trading c051 of 5ale5 Investment management costs Fundraising costs 237 45 237 97 139 204 93 130 76 Expenditure on charitable actfvhles (Ilote 2) Park management 4.431 711 5,142 4.033 Exceptional Item (Not• 5) Write off inlergroup Loan Total expendltu 4.T16 787 5,615 5.060 Net •xpendlturo beforn Invoslffl•nt gaIn￿{lOSS•s) (1,135) 152) (1.2991 {1.001 Net investment Ilossesygains Excoptional Itom (Note 5123) Write back of intercompany Loan 1972} {770) (1.742) Net lexp•ndltw•) I Income 12.107) (112} (822) {3.041) 2.643 Transfers (Notg 15) (21) 21 Net movement in funds 12.128) (822) 11041) 2,643 Funds broughl forphBr(11 February 2022 fNole 15) 28,273 3.957 13.259 45.489 42.846 FuTrJs ￿￿led forvrard 31 January 2023 26.145 12.437 42.448 45.489 1 omounts ￿ale ￿ Cert￿¥r￿a th￿OS. The rKle5 tsftl￿ fiftartial Sl*efftwts. Full Comwalive figu￿$ ts the ended 31 2022 are in 22. P*J separate 8TrJ acc￿niha$ t pre5enle¢ as Ihe thllwente L*1v￿ Ihe nel e¥peTrJiture for Il* >tar ff3.041.LWI the mele4￿￿ttUrèforthè Y￿8$ defined by Ihe Comparues A￿2(￿ I£1299.1￿0) ￿the netinyestrnert Ic*ses of tl.742.(1)J. 24 NENE PARK TRUST CONSOUDATED AND CHARITY BALANCE SHEErs As at 31 January 2023 2023 ' Charity £￿00 2022 Charity £'ooo Re5tsted Note Group Group FIXED ASSErs Tangible assets Heritage assets Investments 10,226 3.448 28.553 10,226 6,345 6.065 16,183 35.089 21.902 42.227 26,409 44.882 27.967 CURRENT ASSErs 10 Stocks 118 Debtors faling due after more than one year 11b Debtors falling due wthin one year 12 Cash at bank and in hand 100 38 84 485 1.163 570 1.180 713 959 421 1.555 1.850 1.816 2.035 1.770 13 CREDITORS . fall¥￿ due V*ithin one year {7631 {672) 1543} {414} NET CURRENT ASSETS 1.087 1.144 1,492 1,356 TOTAL ASSETS LESS CURRENT UA8IUTrES 43.314 - 27.553 46,374 29,323 14 CREDITORS: Amounts falling due after more than one year 18661 1855) (885) (862) NET ASSETS 42.448 26.698 45.489 28.461 . 15 FUNDS Nen• Park Trust Restricted Funds Unrestricted Funds General Funds Designated Funds 418 3.957 3.418 22.727 3.553 22.727 2.315 25.958 1.994 25.958 EndowmentHeld In Connection with N•n• Pa Permanent Endovrnent 12.437 13.259 26.698 45.489 28.461 The Trust has tsken the exemption available under seclion 408 of the Companie5 Act 2006 from p￿sertting the parent charity SOFA. The net expendilure of Ihe parenl charity was £2.585,00012022". net income of £1.986.0001. The accounts were approved by the Board of Trustees and aLrthoris8d for issue on their behall by. uly 2023 and signed ¢)n Ms J Bland Director Company re9lstration no. 2288607. The aCc￿￿pany1"n9 notes fomi part ol these finanraal statements .25 NENE PARK TRUST CONSOUDATED CASH FLOW STATEMENT Year •nd•d 31 January 2023 2023 Group £'ooo 2022 Group £'ooo Cash Invested l (u$edl in owating activitles 19 (1.8WI (1.0451 ' Cash flows.from inv•stlng actlvttl•$ Investment income Purchase of inveslmenl& Sale of inveslmenls Purchase of tangible fixed assets Sale of tangible fixed assets .1.263 (2.9611 7.896 (4.6221 1.251 {4.8881 4.716 (8171 Cash provided by investing activitses 1,581 262 Cash flows from ffinancing activitits Repaynent of loans Payment of finance lease 0￿￿allonS 14) 110 {1} {s) Cash'provid•d by financing activiti•s 114) {6) Decrease in cash and cash èquivalents in thè y•ar 1233) (789) Cash and cash equNalents at the" beginning of year 1.742 2.531 TOTAL CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1.742 NOTE A: Analysls of cash 2023 Group £'ooo 2022 Group £'ooo Cash at bank at 31 Jawary Cash at investment managers at 31 January 1.180 329 1.555 .187 1.509 1.742 26 NENE PARK TRUST CONSOUDATED CASH FLOW STATEMENT {Cortlnu•d) Year end•d 31 January 2023 Stat8ment of Net D8bl 2023 Cashflow At1Feb At 31 Jan rooo Cash al bank aryl in hand 1.555 {375} 1.180 Cash at investment managers 187 142 Obligations under Finnce Leases 10 110) L08ns 19 14) 15 Nel cash and cash equivalents 1.771 {247) 1,524 Stat•m•nt of Net Debt Comparative 1nf0m7at￿n.' 2022 Cashflow At1Feb At31 Jan Cash 8t bank and ￿ hand 2.(￿7 (512) 1.555 Cash at investment managers {277) 187 Obligations under Finan¢9 Loa$8s 15 (5) io Loans 16 (i) 15 Net cash and cash equivalents 2.562 (795) 1,767 27 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Y•ar •nded 31 January 2023 ACCOUNTING POLICIES 1.1 Basls of Fx•paration The financial statements have twi prepared in accordance %*ith Accounting and Reporting by Charities.. Statement of RecommerKled Practice applicable to chaiities preparing their accounts in accordance with the Financial Rewting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecbve 1 January 2019) - (charit￿$ SORP {FRS 10211, the Financial Reporbng Standard applicable in the UK and Rewblic of lffjland (FRS 1021 and the Companies Ad 2006. Nene Park Trust meets the definibon of a publtc benefit enlrty under FRS 102. Assets and liabilities are initially ognised 8t historical cost or transaction rdlu8 unless 0￿￿$¢ stated in Ihe relevant acLounting policy note(s). In preparing the accounts. Ihe trustees have considered vthelher in applying the accounting policies Tgquired by FRS 102 and Ihe Charibe5 SORP FRS 102 the restatement of comparativo items was required. The p￿r￿1PaI a¢￿Untirvj poliryes. Il￿gements and key sowces of e￿IMation u￿ertainty adopted in the preparalion of the finBncial statements ¥e set out below. 1.2 Consolidatlon The fywicial ststements consolidate the results of the charilable company (charity no 022886071. the end0￿Ment fund. the in¢orwraled charity (company no 071716681 and Ihe trading Subsidiary (charity no 097467441. The indiwdual parts are reported separately as either Un￿Stricted funds, reslricted funds or pe￿anent endowmenL 1.3 Incom• Trading income investment ir￿e is I￿uded in the Slatement of Finar￿JaI Actmties the Twst is entitted lo the income arKI Ihe amounl can be quantified reasonable accur8Cy. Income frcffi grants andlor where the receipt of the grant is dependent on the fulfilment of certain conditions is recognised when those ¢ondrtiMs have teen satisfied. W the gr*rt has been received but conditions have not been salisffftl the itKome is delerred. 1.4 Governm•nl grants Government grants are reeognised at the faw Yalue of the asset weived or recervable ￿en there is reasonable assuranee th81 the grant Cond￿"0n$ wll be mel and il is probable the grants ￿11 be received. A grant that specifies perf0mla￿e condit￿n$ is recognised in income when the perfomance conditions are met. Where a grant does nol specify performance condition5 it 15 recognised in income the proceeds are received or receNable. A grant received before the recognition criteria are satssfied is recognised as a Irab￿lty. 1.5 Expenditur• Exper￿lture is ￿cOgnised once there is a legal or Constr￿t￿t obligation lo make a payment to Ihird party. il 15 prob8ble that setuement wll be wuired 8nd the amount of the ¢)bligation can b8 measured relkgbly. Expendilure is classifed under the follovAn9 acti￿tY headings". Costs of faising fvnds ¢omwises the costs of sales of Ihe tra¢*ThJ subsidiary, investment mana9ement and fundraising costs Expendrf(ure on charitable actsvilvs comprises the cost of park management This incsudes the costs of park staff. rOUtir￿ maintenance and conservation and events. education and outdoor aclimties. Irrecoverable VAT is charged as a cost against Ihe acliwty for whith the expenflilure was incurred. 28 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Year •nd•d 31 January 2023 ACCOUNTING POUCIES (contd.) Expenditure is allocated to the particular activity vknere the cost relates directly lo that actNily. However, the cost of the overall direction arKI administra￿n of activity is apportioned based on staff time attributable lo each ￿ti￿ty. 1.6 Allocatlon of support costs Support COSts are those functions that assist the *Drk of the charity bjl do not rfireclly undertake charitable activitie5. Support costs inclLKle back office costs. finance. HR. payroll and 9ovemance costs which support the Trusfs activrtEs. These costs have been allocated between the eosl of raising fvnds and expenditure on charitable actiwtses. The bases on whith supp¢)rt costs have been allocated are set out in note 3. 1.7 Tangibh fix•d ass•ts and deprn¢iation Tango￿ fixed assets costing £S.l￿o ￿ fflo￿ are capital*ed el o)st. Depreciab'on is calculated so as to *Tite off Ihe cost of tangl￿e fixed assets over Iheir estimated usefvl lives as follows.. Jildings Leasehold Freehold Plant and Machinery Motor Vehicles Office Eouipmenl Nene Outdoors equipm•it 540 years on a strawht line basts 540 yeals on a straight line b8Sts 2% to 25% per annum on a 5traighl line basis 20Y• per annum on a straight line ba513 10Y• - 25°A per annum on a straight line basis 25% per ann(m ￿ a Stra￿ht line basis DeprK1atl￿ is nol ¢harged on Assets in the Course of ConslnKli¢)n until practi￿1 completion. 1.8 Herit•gt Assets Heritsge assets lsculptures) we acqL*red on the trar￿ of PCLT to Nene Park Tnjst in 2020. They a￿ valued in the acCo￿lS 81 thwr exlemally assessed Ma￿et value as at November 2020. Fwther revalualKJns *Aill be undertaken at appropriate intervals vAth periodic inspections takin9 place to assess any degradation or damage Ihat might impact on the 2020 valuation. Heritsge assets are not depreciated 8$ they are considered to h8ve an indefinite useful life. The costs of maintaining the heritage assets are expensed Ihrough the Statemenl of Financial Aclivits8$ as incurred. as part of the Trust's charitab￿ actwitses. 1.9 Investm•nls Listed investments are slated at market Trralue as at the balar￿E sheet date. The Statement of Finarrial Aclivities incIL￿e5 ihe net gains and losses arising on revaIl￿110￿ and disposals throughout the year. Unlisted investrnents represent the value of shares in a subsidiary enlty and a￿ staled at cost. 1.10 Financial instruments Basic financial instrumen15 are iniiially recognised at transaction value and subsequenlly measured at amorti5ed cost W•ilh the exceplK)n of investrnents whith are held 8t fair value. Financi818ssets held at amortised cost compnse cash at bank and in hand. together ￿th trade and other ¢Jeblors. A specific provision is made for debts for wh)ich recoverability 15 in doubl. Cash 8t bank 8nd in hand is defined as all cash held in instant acce55 bank 8¢counls and used as w(Kking c8pilal. Financial liabilities held al amortised ￿$t¢oMpnse 811 cre(JiiOts except sockgl security and t8xes. accruals and provisions. 29 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Year •nd•d 31 Janu•ry 2023 ACCOUNTING POUCIES I￿nId.} 1.11 Cr•ditors and Fxovisions Creditors and provisions are recwised Y￿te￿ the charity has a present obligation resulting from past event th81 will probably ￿$V1¢ in the transfer of funds lo a third party and thè arnount due to setue the O￿lgation can be measured or estirnated rella￿y. Creditors and provisiorts are normally re¢ognised at their settlement amount after allowing for any trade discounts due. 1.12 D•btorn Tr8de and other debtors are reccgnised at the selllernenl amount due after any trade discount offered. Prepayments are valL*d at the amc¥Jnt prepaid net of any Irade discounts due. 1.13 Cash at bank and in hand Cash at bank aNJ cash in hand indudes ￿$h and short-term hI￿lY liquid investments wilh a short maturity of Ihree monlhs or bss frcffl the date of aequisition or OP￿ing of the deposit or similar account 1.14 Crltlc81 •c¢ounting Judgments •nd k•y sourc•s of estinmtknn uneortalnty In the appIl￿tion of Ih¢ accwilirvj polici8s. trustees are required to makejudgments, estimates and assumptions about Ihe Ca￿￿ing value of assets and liabiltlies that are not readily apparent fr(xn other sources. The estim81es and ur￿￿rtying assumptions are based on hislori¢al experience and other f8Ctors that are considered to be relwdnt Actual re￿￿ts may drffer from these estimates. The estimates and Undert￿n9 assumptions are ffjvie*Ed on an ongoing basis. Revisions to accounting estimate5 are recognised in the period in the estimate is rwsed rf the revision affects only that period. or in the peri(xl of the rewsion and future periods rf the revision affected currenl and future Fer￿$. Thw8 have been no such re￿S1onS in the peric*J. 1.15 Stock Stock congsts of purchased 90c￿ for resafe oTrJ livestock. Goods for resa￿ are valued * Ihe lower of Cost nel reali&th va*Je on a first in first out basis. Livestock is valued at the lovrt of cost of net rea￿Sable Val￿ where cost InCk￿S feedstc¢k. veterinary fees and ¢)ther direct costs in line wilh accepted accounting pwti¢e in the agriculturall fomiing sector. 1.16 Preparation of the a¢¢ounts on a goiNJ ¢on¢om bas1$ The trustees ¢onskler the￿ are no material uncertainties about the Charity's ability lo corbtinue as a going ¢on¢em. The rev7ew of the financial position. reserves levels and future plans gives trustees nfidence the Chanty remains a goirrfj Co￿*M for the foreseeable futu￿. 30 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2023 ACCOUNTING POLICIES (¢ontd.) 1.17 Funds General funds are unrestricted fvnds which a￿ aVaila￿e for use 8t the discrelK)n of the Iruslees in furtherance of the general objectives of the Trust and Nthich have not been designated for other purposes. General lun¢J5 also ir￿ude the inveslment income eamed by the unincorporated Charity 'Endowment held in connect￿ wilh Nene Park". In the unincorporated charity this is restricted for the benefit of the ineofporated tharty, hov•EveT in the incorporated chanty ar￿ group this income is unrestn"¢ted. Al amounts received during the year have been applied for unrestricted purposes. Deslgnatsd fund$ 8re unrestricted fu￿1$ eamiathed by the trustees for parb"cular purposes. Detsils of each ¢Jesignated lund are given wthin Note 15 of Ihe accounts. Restrl¢ted Funds relate to ￿ants receivwj for SFeufic purw)ses. The Pgrnianenl Endowment Fund arises from the transfer to the unincorporated Charity of the pr￿eedS of the disposal of the endoved properties by Pelerborough City Council. These proceeds are held by the Unin￿rPor*ed Charity as pemianent endowment in a¢cordance with the Charity's goveming scheme. The costs of managing the investments vrithin the unincorporated Charity are charged against Ihis fund. 1.18 Deferred in￿* Premiums on kng leases haNt been received. pwb.ons of are beirKJ credited to the Statemwt of Financial Activilies over the periods of the leases. on a basis to ￿fie¢t the diminut￿ in theirvalue. 31 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS {Contd.) Yew ended 31 January 2023 ANALYSIS OF GROUP EXPEMDMJRE 2023 Tot•1 diroct gov•rnanc• £'ooo £'ooo £'ooo Costs of r•lslng funds Costs of Sales Investsnwm managemwt costs Fundraisir#J 201 237 15 21 139 Charitable expenditure Park management 1.657 2.041 5,142 1.791 2,354 1.002 5,615 2022 Total 2022 Staff Costs Costs of ralslng ffunds Costs of sales Investment mantyemenl 57 147 93 FundTrisiD3 c¥xts 97 10 18 13Q Charitabl• expendlture Park managemert 1.436 1.234 S38 825 4.D33 1.590 1.484 4.460 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS 2023 Other D•prnclatlon ¢o$ts £'ooo Total 2023 £'ooo rooo Support ¢osts Office and administralion Chiel Executive and team Business S¢rw¢8s Other organisabonal costs 61 12 107 321 25 121 107 285 20 127 Total support costs 287 12 G¢>vernon￿ ¢osts 13 28 41 Total support & gov•manc• costs 675 315 12 1.￿2 32 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Icontd.) Year *ndod 31 January 2023 2022 Staff costs Othor D•prnciation costs Total 2022 £voo Support costs C>ffica and administration Chief Executive and leam Business Ser￿$ Oiher organisai?onal costs 28 15 102 233 330 140 226 248 82 135 Total support costs 538 252 15 805 Gov•manc• costs 13 25 38 Total support & gov•manc• costs 551 2TT 15 843 STAFF NUMBERS AND COSTS The average number of employees. analysed by fu￿tion. {excluthng Members of the 808rd of Trustees) was as follows.. 2023 2022 No. Operations team Development team Supwrt servi￿5 and fiJKlraising team 13 18 14 81 70 The aggregate payrdl costs I￿re as k4lows'. 2023 £'ooo 2022 rooo Wages and salaries Social Security costs Pension costs 1,816 201 179 165 2.141 24 Olher slaff costs 29 2.495 2.165 33 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Cortd.) Year ended 31 January 2023 The number of wnpbyees whose emokmerts forthe year exceeded £60,000 are wlhin the foll¢)wing 2023 2022 No. £60,000 10 £70,000 £70,000 10 £80,000 £80.000 10 £90,000- £140.OCQ to £150.000 The key ma￿gement womel of the Group comprise the trustees. rKeiv8d no remuneration (2022.. £nil) arKI the Senior Leadefship Team ISLTI. The members of SLT at 31* January 2023 hlere the Chief Executive. the Director of Gro%•lh and Opera￿n$ {and dewty ch￿ Executive). Director of Finance and Business Services. He8d of Operalions, Head of Developmenl. Head of FurKlraising & Marketing, Head of Organisalional Development. Head of Ifjsitor Engagement arKI Head of Parks Consultarty. The total empbyee benefts of Ihe kty man&3ement personnel of the Trust were £533.970 (2022.. È480.774}. NET INCOME I (EXPENDITURE) 2023 2022 £'ooo Thls is stated after charglng the followiNJ: Government grant5 and related expenditure Audilorfs ￿munerati Non 8udii services DEpr￿lation of tangible fixed assets Loss on impairment of Intergroup (charity) k)an Loss on dis[￿lS ol tangible fixed assets 15 19 146 17 558 600 24 257 In 2023. local govemment grant$ of £15,000 {2022.. £146,000) were ￿ceIVed from Peterborough City Council as support for small local retailers suffering because of the econom￿ cir¢umslan¢es There are no fulure related costs assoc4ated V*ith these grants which kn*re recei￿1 solely as ￿)Mp9nsatIOn for costs incurred in the year. Members of the Board of Trustees act in a trustee capacity and therefore may not receive remunerdtion. During the year expenses for travel and subsL8lence lotallirrtJ £nil 12022.. £1.112} were reimbursed to nil 12022.. 2) Iwslees. In 2021r22. the charity impaired in lull £6￿ of loans madg to Pelethrough Cullure and Leisure Trust. A further £24k was written off in 2022r23 (Note 23 refers). NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Year ondod 31 January 2023 TAXATION The Trust is a registered charity Ino. 8Ci1067) ar¥J FS considered lo meetthe definition in Schedule 6 Finance Act 2010 of a charitsble companyfor UKcorporation tax purposes. Therefore the Trust is potentially exempl from tsxalion in respect of income or capital gains *ilhin categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or section 256 Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively for charitable pwposes. 35 P4EIIE PARKTrU$T P*)TES TOThE FINAIICIAL sTATrIE1￿ Yur end•d 31 January 2023 TA14GIBLE FIXED ASSEfs IGROUPI Assets in thè course of Veh￿5 c•J At l Fetnwy2022 Ttsngltrs AOJthr¢6 414 5A19 519 19 215 {421) 1013 163 123Z 4.6Z3 1476) {24} Al31 J8rrtJ8ry 2023 3.427 6.110 l651 107 1.573 14.039 Al 1 Febru￿2022 255 1H16 125T 151 3.547 18 0ndis￿5 {199) At31 Jarwary 20rJ 1281 157 74 3,813 N•1 bookv41 At31 JorAJary ￿23 3.161 4M75 1.370 14 1￿75 10226 Al 31 JaThj￿ 2022 519 6.345 ltrn Ixeda55ets heldfoTtheu5eclthE¢& NENEPARK TRUST NOTESTO THE FINAN¢W STATEIIEMTSICort&i Y•w•nd•d 31 hnuary2023 TANGIBLE FIXED ASSETS ICHAR Co*t Al l Fètrtwy2022 Trwsfe 4d￿j0r 414 5.819 2.42S 19 Z15 171 107 $19 1013 1.2Y2 4.623 Al 31 JarA￿ty 2023 3.427 8.110 2.851 107 1.573 14,039 Al 1 Fgbtu¥ry2W22 cha￿ in ) dwosBIs 255 1.109 179 151 15 433 131 Jarrtjary 2tr23 74 J.813 N•t book￿1 At 31 JaTrJary 2023 3.161 4.075 1J70 14 10226 Al 31 Jarrt￿ry 2022 1J16 519 6.C65 indudesc0￿￿3Trts restnthry dspos*clwcpwty. h ￿le￿Of•￿e resbK*ef¢hi¥iants. hasbeen wloD ihe In ihe5e aett￿nts. Z. Tran5ferstrry ts yearreLyte k a55ets In the¢ourse b8en ￿tou￿¢v￿g ihe ￿￿[. 3. Al the fixBd 37 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS {Cor*d. Year Md•d 31 January 2023 HERITAGE ASSETS The heritage assets are a collecliM (rf 26 sculptures *ere donated to the Trust by Vivocity C￿ 3Jth November 2020. A full coThJiliws survey was con¢knted by Rupert H*ris Cortservation in November 2020 and the assets wef8 valL*d at £3.448.200. The colleclion ranges in size and material arKI most of the swIpIu￿$ are on pemianent display around the city of Pelerborough. wth many located wlhin Nene Pa￿ ttsell. The ￿ulptureS can only be 501d to develop the collection further and to advance the education and enjownent of Ihe publ￿ in art by placing, maintaining and promoting the collecth?n in places. The assets are sufy'ect to an annual fftspe¢lion to assess their condition. A more fom818ssessment of value has been undertaken every four years wlh next inspedion scheduled for autumn 2024. 2023 Group £'oJ)o 2022 Group £'ooo Charity Charity £'ooo INVESTMENTS L￿ted in¥estmnts Market value at 1 February Additions Disposals Nel unrealised investment (losses) I gains Net realised inveslmenl gains I (losses) Movements in cash held by inNwtmenl M￿ager 35.089 2.961 {7,8961 {2,779} 1.036 142 21,837 655 15.370) 11.868) 32.150 4.888 14.7161 3.237 1193) 1277} 19.758 2.884 12.778) 2.218 1901 (155) 132) Market value al 31 January 28.553 16.118 35,089 21.837 Unlisted inv8$lments.' 65,000 £1 shares in trading subsKliary at cost 65 65 Investments at 31 January 28.553 16.183 35.089 21,￿2 Hist￿¢01 cost as at 31 January 24,004 11.793 27.473 15.486 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Contd.) Yoar •ndgd 31 January 2023 2023 Chaiity £'ooo 2022 Charity £'ooo Restated Group £'ooo Group £'ooo 10 STOCKS Goods for resal8 vestod( 21 38 11 DEBTORS a) Debfors fallin9 due after m(Ye tlw? ong y*¥ ijvfjd by trading subsidiary 84 84 The owed by the tradirKJ sUbsKI￿ry comprtses a of £84.500 made on 31* JanLtary 2022 and repayable in March 2025. Interest is payab￿ on this loan every quarter al an annual interest rate of 6%. It had P￿￿o￿$1Y been un¢Jerstood the pnncipal w8s repayable in quarterfy instalments over the life of the klan and so part of it was disdosed as a deblor due in less than one year and the remainder as due in mo than one year. In fact no ￿pIts1 sums are due until the loan expl￿$ as noted above. The comparattve r￿ureS in notes 11a) and 11 b) have been restated. b) Debt+yS falling due within Off￿ year Trade debtors Other debtors Prepayments ¢￿Ed by trathro wbsidiary 239 254 239 253 217 57 147 217 43 146 79 144 570 713 421 485 12 CASH AT 8ANK AND IN HAND Cash and short-temi deposits 1.180 959 1.555 1.163 13 CREDITORS.. Amounts falling due wilhin cffte year Hire purchase creditor Other creditor5 Other tsxation and Social Security Accruals Deferred income (￿d lo trading subsidiary BourKe back loan 445 244 43 141 109 131 43 97 109 34 25 126 21 126 763 672 414 Hire purthase credf(ors ore secured on the assets to whKh they relate. 39 NeNE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year end•d 31 Janu•ry 2023 2022 Charlly £'ooo fxoup Charity Group £No 14 CREDITORS: Amounts falling due after more than one ye Hire purchase ¢redrtor Bounca back loan DefeThed income 11 855 15 862 862 D•ferred Incoffl• includ•d within Cr•dltors: Deferred income at 1 February Released in year Deferred in year 971 (116) 126 971 1116) 126 956 (941 956 1941 109 Deferred income al 31 January 971 971 Defe￿d income ￿￿esents ￿MiUm$ on long ￿aSe$ and ffjntsl and other rncome recerved in advance during the year whi¢h relates to the follovAng year. The tr¥din9 subsidiary took out a Boun￿ Back loan on 7 December 2020 for a lenn of 6 Yea￿ and al an interest rate of 2.5%pa. Interest in the first 12 months was covered by the g0￿mment. Capital repaynents payable fr￿ Januay 2022.Hlre purchase credttors are secured on the assets to ￿ttiCh they rdate. 15 FUNDS Balance at 31 January 2023 •) Mov¢nwnt In Fund¥ 1 February 2022 Invostment G•in ILoM•sl Incomg EX￿ndIt￿# Tr*sl•rs £'ooo £'ooo Unincorporated Chawlty Permanent EnfhJV￿8nI 13,259 152) 17701 12.437 PCLT R•StrIc￿ Funds Charlty Rèstricted Revenue Fur RestrKted Capitsl Fund 231 278 67S (787) 163 255 (23) Tolaj Restocled Funds 3,957 675 (787) 21 Unrnstr4Cted Funds Dgswaled Funds Tangible Fixed Assets Fund Investment Fund wo￿landS Maint•n**e Fund Park Works Fund TrLBt 1n1ra6t￿￿Te Fund 6.108 15,914 325 3.531 3.773 110.1191 9,881 5,795 325 6.616 110 Iv) l¥il {￿1) Tolal Des￿Jnatad F￿ts General Funds Nene Park Semtss Lld PCLT Genefal Funds 1981 419 263 117 3.261 (334) {5￿2} 13.940} (1691 19721 3.210 3,553 Tctsl General Fur4ts 2.315 3.641 (4.776) 19721 3.210 3.418 Total F￿ndS NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year endgd 31 January 2023 PCLT R¢stri¢tod Fvnds- represents the market walue of Ihe sculpture collection. Income arising from the fijnd can be used in accordan￿ with the objects of the Peterbofough Culture and Leisure Trust. Any capital gains or losses arising on the assets form part of the fund. Restricted Revenue funds - the net trar￿fer to restricted reveThJe funds of £21,0(Kl comprises £76.OCQ of fundraising costs incurred in generating the restri¢ted income but which are nol directly recoverable from Ihefunder, less £55,OCrfJ of restr￿ted inwn8 releasetl to gener81 funds at the year- end once the original grant restriction had been satisfied. R•strTr￿ Capital Fund- represents the net book value of fixed assets that have been wthsed from grants and donations Nthere a restrictson applies as lo the use of the asset. The nel transfer of £23,0￿ al the year*nd represents the release from the capital fijnd lo offset the depreoalion for the year on the bluebell boar(thlk that has been funded by the Nat￿n81 Lottery Heritsge Fund an¢J the electric boat and Lynch Lake ccrfnmunty hub *thich have been wt-funded by LEADER grants. Tanglble Fixed Assets Fund- represents the net book value ot unrestricted tangible fixed assets ich coulJ onty be realised by dIsp￿ng of the assets ts charity requires lo operate Nene Pafk. Inv•$tmwt Fund - ￿ rxesents the amount set aside which is required to produce an essential income slream lo fvnd the wc*k of the charity. The trustees. strategy in respect of this fund has altered as a result of the new Five Year Business Plan. The ￿Se0 approach is discussed in the accornpan￿n9 Directors Report. (vl) Woodlands Malntenance Fund - represents the balance after costs of the Trust's share of the premiums resulling frorn the granting of a new lease of Ihè premises at Woodlands Castor. The Fund includes the amounts sel aside for the potential fLrture demolits'on costs of the w(￿￿landS Sports Centre building, in the event of a defaum by the Trust's tenant of the building. Park Works Fund prowdes the funding to uThJewite the estimated costs of replacing or refurbishing specific Park buildings and structures over the next 3 year5. (vlll) Trust Infr4stnKtur• Fund- provith5 the funding to underwyite ts likely in￿StMent in improwng the Trust's ICT and duital infrastrwture over the comirrtj 3 years. 41 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMEpifs {Corbtd. Year ended 31 January 2023 2022 bj fdov•m•n¢ in Funds Bal•n¢e•l 31 January 2022 2021 In￿rne ExpenoY&K• Galns l Transfers (Los$esJ Permanenl Endowment 12.389 (46) 916 13,2S9 1448 3.448 Charity R8stitt•dR•v•nue Funds R8strrct8d Cwtal Fund 244 773 1718) 168) (24) 231 278 TO￿ R•slrict•d Funds 1994 773 (T18) (92) 3.957 Unrnstrlet•dFunds Deswnat•d Fvnds T8nyble FixedAssets Fund Inveslm8nt Fund (v) woodlan￿ Maintonari¢8 (w) Park Works Fund Trust Intsslrvcture Fund 5.831 17,180 325 1.514 75 277 (1.266) 6,108 15.914 325 3.531 80 2.017 Tolal D8sftJnafod Foy 24.925 1,03J 25.958 General Funds Nen8 P8rk Servths Ltd PCLT Gen8ral Fwjds (41) (24) 1.603 147 791 (204) (348) (3.744) 198) 419 1.994 2.128 1941J Tol41 G￿￿r01F￿n￿S 14,296) 2.128 (941J 2.315 rot•l Funds 42,846 (5.060) 45,489 42 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Contd. Year ended 31 January 2023 b) Analysis of assets bdween Funds: Tanglbl• Flxed Assets curr•nt After nxxg Intra I￿Trd Inveslftwts Agsets Than 1 balarb￿S 2023 Tot81 £'ooo £'ooo Pemiarent Endoknwt Charily Restricted FuTrJ5 12.435 12.437 221 {1691 418 Un￿11￿1￿ Funds 10.005 16.118 571 {855) 376 26,21S PCLT Restricted Funds PCLT Urnrestricted Funds Nent Park Servic*s 3.448 51 117) 1192) {104} Totsl Fynd¥ 13.674 28.553 1.087 (866) 42,448 Tanglble cuffenl aflermore intr• lund Fixed Inv•sfrn•nts A$s•ts Than l yew B•l•n¢es Assets 2022 Total £'o Perm8ngnt Endo*ynent 13,252 13.259 Charity ReslricledFunds 238 (9) 509 Unr&strict8d F￿￿S 5.827 21.837 947 (862) 137 27.886 PCL TResln¢l8d Funds PCL T Unrestri¢ted Funds Nene Park Serrices 3.448 3,448 419 (32) 170 95 (8) (15) (23) (112) rot•l Funds 9,793 35,089 1,492 (885) 45.489 16 CAPITAL COMMITMENTS Capital expenditure authorised and tt1)tra￿ for at the end of the year was £2.351k (2022." £nil). This significant level of capital commrtments reflects the fact that - in line ￿th the revised strategy described in this document- severdl development projects vore in progress al the year-end dale. The capital commilmenl figure represents actual expendIlu￿ on the four largest projects in the period betsveen the year- end date arKI the date of signature of these accoun15. The projects in question arelwere the purchase of a property {compleledl, the expangon of cèr parking facilities (Com￿eted), the replacement of a footbridge in the park lowing). and the installation of renewable energy equipment and technology {compleled}. Other smaller scale projects v*re in progfess al the year*nd date bLrt there We￿ no materi81 ca￿181 commilments in respect of these inib"8tives. 43 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2023 17 PENSION SCHEME The TTL￿1 adminislers a Group per￿81 Pensicw) for the t*nefft of walityng emplojws. The fvnds of the scheme are separate from Ihe Trust. The pension scheme cost charged lo the accounts represents the employer's contributions payable to Ihe fvnd. Contributions ma¢Je during the ye8r by the employer amounted to £179.388 {2022'. £164.1881. £23.281 of contrtbuticffis remaine(l OLrtstsndirvJ at the yearond 12022.. £20.601) and are included ￿ the Other Creditots subheading wilhin Creditors.. Amounts due within one year. 18 RELATED PARTY TRANSACTIONS Expenses paid to trustees are di%lose(l in note 5. Transactions bet**en the charity and mwnbeTS of the are as f￿lOw5. 2023 £'ooo 2022 £'ooo 57 52 1171 108 92 1941 Salaries recharged by Nene Park Trust lo Nene Park Serv￿$ Ltd Admin costs recharged by Nene Park Trust to Nene Park Serwices Job Retention Stheme grant re¢eived by Nene pa￿ Trust for PCLT Salaries recharged by Nene Path Twst to PCLT Admin costs recharged by Nere Park Trust to PCLT Jct) Retenlion Sthwne grant receib*d by Nene Path Trust f(x PCLT 151 145 {41 418 198 Amounts owed lo Nene Park Servw are shovm in note 11 and 13. The parent chanty loaned the tradin9 subsKliary £84.500. by way of an interwnpany loan made on 31 Jonuary 2022. Interesl is payable on a quarterly basis al an interest rate of 6Yo per annum. The capital s￿n is repayable in January 2025. 19 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATING ACTivmES 2023 Group 2022 Group £'ooo Not movement In funds (3,041) 2.643 Add back depreriation charge Deduct investment income shoMI in investing a￿l￿treS Add l (deduel} losses l {gwns) on investsments L05s on disposal of tangiUe fixe(l assets Increase in debtors In￿aSe in creditors Increase in stock 558 (1,2511 (3,0441 (1.2631 1.742 257 11491 215 141) (98) 160 {13) Net ¢•sh used in operatlng a¢tl¥ltles (1.8CM)) (1.045} NENE PARK TRUST NOTES TO THE FINANCIAL STATEMEprrs (Conld.) Year end*d 31 January 2023 20 TRADING SUBSIDIARY The Trust has a wholly ovmed trading subsidiary. Nene Park SeNw Limiled (Company number 09746744}. The summary results for Ihe year ¥e as fdbws: Profft and loss account 2023 £'ooo 2022 £'ooo Shop sales Less-. Cost of sales 251 {215) 130 {971 33 Other expenses Other operating income (1131 11 {109} 17 Loss the year 1661 1591 Interest payab Loss ￿ ord#iary activitses 171) 2023 £'ooo 2022 £'ooo Restated Cut￿nI assets Current liabilities 134 {1431 108 1411 Net cjjrrenl {liakxlities} l assets 191 67 Creditors falling due after more than 1 year 1951 {1ts)) Net (liabilities) l assets {104) 1331 Capital and reserves.. Profil and loss account Share Capital {1691 65 198} 11(41 The reslalement of the Fmor year comparative relates to the treaknent of a loan from the pareni company as described at note 118bove. The Trust also has 8 vtholly ovmed subsidiary. Nene Oufdoor5 Limiled (Company numbèr 1CMJ456861 vkni¢h has ￿rna1ned domiant throughout the CLwrent and prior year. 45 NENE PARK TRUST NOTES TO THE FINANCIAL STATEME1￿ ICortd.> Y••r ended 31 January 2023 21. PETERBOROUGH CULTURE AND LEISURE TRUST Peterborough Culture and Leisure Trust is a chantable o)mpany limited by guarantee. Park Trust is a Corporate Trustee of the ch*ity. Peterborough Cutture and Letsure Tnbsl's primary operating asset i8 a Collect￿ft of sculptures hels al various location5 across the uty of Peterbofough induding a number cn land owned by Nene Park Trust. Acting in their capacity 85 the corporale truslee Ihe colkntive view of the trustees of Nene Park Trust is thal holding of heritage 8ssets in Ihe frym of xulptures is an activity that is comp81ible with the charitable Q￿pan￿S memorandum of aSs￿lat￿)n and the wider public benefit ct)ligations of Nene Pa￿ Trust. The company was previousty invofved in the prowsion of indoor climbing aTrJ soft play act￿ltieS but in the earty summer ot 2022 the directors c(mduded that the Company should exit from this activity wlh all trading activity ceasing on 30th September 2022. The financial impacts of the exil were ￿￿eCted the published accounts of the Company 8nd Nene Path Trust for their respective rewrting periods ending 31 January 2022 as set out lalw in this note. Peterborough Cullure arKI Leisure Twst i% exempt from the requiremerrts of the Acl relatiThJ to the audit of accoun1$ urKler section 479A of the Companies Act 2CTh. The financial results for Peterborouyh Culture and Lwsure Tr￿1 for ts year to 31 January 2023 are summarised bdow. Stat•m•nl of Flnancitil Activities 2023 2022 In￿rne Grants received Operatin9 income Donation from parent charity Total inc¢)me Expendilure on charilabk activittes N•t in¢¢)mel {exptndlturel 147 91 719 126 502 217 376 Balan￿ She•t Heritsge Asset5 F￿ed Assets Currenl Assets Cash Cuffent Liabilities Nonthcjjrrent liabtfities Net Assets Funds Endowment Funds General Fund blf Income in the peiiod General fund clf 276 146 {113) (7311 {1831 217 183 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMENTS Icorrtd.) Year end•d 31 January 2023 In 2021r22 an impaimient of £600k wa5 made to the earrying value of the intercompany loan held on the Balance Sheet of Nene Park Trust The Charity COn￿dered the caryng walue of the debtor balance held against Pelerborough Culture and L￿S￿e Trust LTD {PCLTI. The CharTrty ca￿fUllY ￿nSIdered the trading perfomance alongside independent adV￿e regarding the expected future 8tMlity of PCLT to generate cash. The review conclLKled that ffie￿ was no realistic prospect of ihe debl being seltled in the fvture and Ihus the debt would be impaired by the full value of £6CK*. The Trustees also considered whether this appropriate in the context of NPT'S ¢har(rtable objects and believe that this support is apprOp￿￿te The impxt in the Charws accounts in 2021122 was lo rellect an except￿nal charge of £600k. with corresponding red(Ktion in debtors and hents a fall in gtr*ral fund value of £600k. The impad in PCLfs accounts was lo receive the exceptK•nal benefft of £6OOk of the debt being impaired. with a corresponding fall in creditors and he￿e a rise in general fund value of £800k. The impact in the group accounts vras netted off betsveen parent and subsKliary. A further impairment of £23k was made in 2022r23 bul in of the amount, this has been treated as part of expenditure on charitable acliwties in the 2022r23 8ccounts, rather than as an exceptional ilem. 47 NENE PARK TRUST NOTES TO THE FINANCIAL STATEMEPITS {Cortd.I Year ended 31 Janu•ry 2023 22. COMPARATIVE CONSOUDATEO STATEMENT OF FINANCIAL ACTMTIES (2022 unrestri￿ R•stricted Porman•nt lknp Funds Funds ETrdowThnt 2022 Note £'OOO £'ooo E'ooo Incom• Investm8rrt inwne 1.251 1.251 Grants and donations Acquisition of sojlpture colleclK41 Charltable actlvities Income Irom tenants Oper81ing income Tr&Jing income 321 735 1,056 12 650 972 130 130 Total I￿om9 773 4,059 Expendlturn Costs of ralslng funds Trading cost of sales Investrnenl management ￿$ts Fundraising costs 204 93 130 47 61 Park management 4.033 Ex¢eptlonal Item (Note 5) Write off inlerwp Loan T¢>tal •xp•ndilurn 718 5.060 Net {oxp¢ndlturel I Income b•for• Inv•stm•nt galns I loss•s {461 11,0011 Ngt investrnent gains I Ilossesl 2.128 916 Exceptional ftom {Noee 16) Write back of intercompany Loan 600 N•t In¢om• 1.718 870 Tr￿￿er$ (¥2) Net movement In funds 1,810 1371 870 Funds broutht f0v￿rd 1 February 2021 26.463 12.389 42.846 Funds carried folward 31 January 2022 28.273 3.957 13.259 45.489 48 NENE PARK TRUST ACKNOWLEDGEMENTS We a￿ gratefvl for the support received arKI wwld parlicularly like to ackrK>wledge the fO1￿M"ng: Statutory s•ctor and other publi¢ Ixjdles Cambridgeshire and Pelert>oroLtyh Combined Authority Cambridgeshire and Petert)oroLuh NHS Foundalion Tnsl Institute of Export and International Trade Petert)orough City Council Rural Payments Agency UK Govemment Changir#J Places Fund Welcome Back Fund Busin•ss supporters ASDA BGL In$urance City College Pe1eTbm￿h CityFibre Central England Co-operative Dobbies Garden Centre5 East of England CO-OP Google Ad Grants Greenwoods Legal LLP Hegarty LLP Hilton Garden Inn Hotel Inspi￿ Education Group Meadow Brown Restaurants Ltd Notcutts Perkins Engine5 Company Ltd Saffery Champness LLP Tesco Stores Lld Van Hage & Co Ltd Waterstones Bookselers Ltd Wm Morrisons Supemiarkets Charitabl• trusts. non4Jovemmental organisations ¥nd Indlvidual donors Arts Council England Augean Community Fund Cambridgeshire Communty Foundalion Cambs & Peterborough Future Parks A￿lerator Cr05s Keys Homes Foolb811 Foundation Henry Moore Foundation LNER Community Investment FurKI National Lottery Community Fund- P￿tInUM Jublee Fund National Lottery Heritsge Nene Rivers Trust Nenescape Landsc¥e Partnership Scheme PECT Royal Horlicultural Society Viridor in Peterborough FurKI And all our In¢ji￿￿u0l supporters and volunteers 49 NENE PARK TRUST CORPORATE INFORMATION MEMBERS OF THE BOARD OF TRUSTEES AND THEIR NOMINATING BODIES NAME Ms J Bland (Chairl Mr A Dunseath {Senior Independent TnJsteel Mr S Allen Mr M Chillcott Ms L Cooke Mr T Cooper Mrs C De Ferrars Green Mr J Mccann Ms L Robin50n Ms 8 Sellick MEMBERS OF COMMtrrEES Flnanc• Committ•e Mr J Mccann (Chay) Ms J 81ar Mr T Cooper Mr A Dunsealh Gov•rnance and N¢)minations Comm6tte• MT A Dunseath {Chairl Mrs C de Ferrars Green Ms B Sellick hAs J Bland CHARITr REGISTRATION NUMBER COMPANY REGISTRATION NUMBER 2288607 50 NENE PARK TRUST CORPORATE INFORMATION {Contd.I CHIEF EXECUTIVE: M Bradbwy Mr A MacDem)ott- Acting CEO from 9th Jan 2023 COMPANY SECRETARY: M Bradb￿ {10 22 Feb 2022} Ms S Wilson (from 23 Feb 2022) PRINCIPAL AND REGISTERED OFFICE: Nene Park Trust Ham Fam House Ham Lane Peterborwgh PE2 5UU BANKERS: Lloyds Bank pl 6S High Street Stsmf(wd PE9 2AT AUDITORS: Saffery champn￿$ Petert(￿ough Bu51ness Pwk, Westpoint. Lynth Wood. P8terbOr￿gh PE2 6FZ INVESTMENT MANAGERS: Chades Stsnley & Co Limited 25 Luke Street Lonthn EC2A 4AR CCLA Investrnent Management Limited Senatr* House 85 Qlwi Viclori8 Slreel London EC4V 4ET Rathbones Brothers PLC 8 Finsbury Circus London EC2M 7AZ SOLICITORS: GreenvKM)d5 Solicrtots LLP Monkslone House City Road Petertxyough PE1 1JE COMMERCIAL AGENTS: Savilks Sttjart House Qty Road Peterborough PE1 1QF 51