## NENE PARK TRUST
(A Company Limited by Guarantee and not having a Share Capital)
ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 January 2024
CHARITY REGISTRATION NUMBER 800067 COMPANY REGISTRATION NUMBER 2288607
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NENE PARK TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS | YEAR ENDED 315 JANUARY 2024
|CONTENTS|‘Page|||
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|Commentfrom the Chair and Chief Executive|1-4|||
|Report ofthe Board ofTrustees|5-17|||
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|Report ofthe Auditors|18 -20|||
|Consolidated Statement of Financial Activities|21|||
|Consolidated and Charity Balance Sheets|22|||
|Consolidated Cash Flow Statement|23 - 24|||
|Notes to the Accounts|25 -47|||
|Acknowledgements|48|||
|CorporateInformation|49-50|||
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NENE PARK TRUST
## COMMENT FROM THE CHAIR AND CHIEF EXECUTIVE YEAR ENDED 31 JANUARY 2024
## CHAIR’S STATEMENT
## Welcome to the Trust’s Annual Report on the remarkable year that was 2023-24.
These few words are both a warm invitation to learn more about our recent work, and a fond goodbye as | prepare to step down as Chair after three unforgettable and rewarding years.
A truly deep and heartfelt thanks to all those who offered me this opportunity to Chair a very special organisation, and to everyone who worked together with me during this time.
As | reflect on 2023-24, | am also grateful for the power and resilience that has been built within Nene Park Trust, qualities that this year enabled us to weather extraordinary challenges whilst continuing to progress on many of our future plans.
When we review risk as charity Boards, the loss or serious incapacity of key members of staff often ranks highest on the list, but thankfully it rarely happens.
Sadly, at the beginning of 2023 our outstanding leader, Trust CEO Matthew Bradbury, received a cancer diagnosis and embarked on an arduous year-long course of treatment from which we were delighted to welcome him back just before Christmas 2023.
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The Board wishes to pay tribute to Matthew's characteristic strength and spirit during this time, which we know involved unimaginable mental and physical challenges. We also recognise how testing it can be to be the leader of an organisation and yet be unable to lead, and then to adapt to the inevitable changes that occur during absence.
Of course, good organisations recognise and mitigate the high risk of losing their CEO for protracted periods, and thanks to the forward planning of the Board and the Executive team, the Trust had created the role of Deputy CEO and recently welcomed Andrew MacDermott to this position.
Andrew stepped into the Acting CEO role when we were carrying significant vacancies at senior level and we __ pay tribute to the hours he worked above and beyond any reasonable expectation in order[to][ keep][things][afloat,] and push on successfully with many of our planned initiatives despite significantly diminished human resources.
In the pages that-follow, both Matthew and Andrew, as well as Phil Hodgett whom we welcomed as Chief Finance Officer during the year, lead on reporting on the detail of our recent work, which | am sure you will agree adds up to yet another impressive year demonstrating how the provision and use of beautiful outdoor space and the power of nature positively impacts on human life.
Inevitably when we weather challenges there are compromises. Some planned progress on our future plans has been adjusted to accommodate our temporarily diminished capacity, but everything has an upside and rescheduling of some of our projects has given us a valuable opportunity to reevaluate and plan in more detail. There has been more work for our Board than usual this year, and | want to extend special thanks to my fellow Trustees, and especially Deputy Chair Christine De Ferrars Green and Gillian Beasley for their staunch support and wisdom over the past 12 months. :
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## NENE PARK TRUST
## COMMENT FROM THE CHAIR AND CHIEF EXECUTIVE (Contd.) YEAR ENDED 31 JANUARY 2024 i
## CHAIR’S STATEMENT (Contzd.)
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It's a wrench to leave a role that has consumed so much of my life and my thoughts for almost four years, but'| do so with the absolute conviction that the future is bright, and the people responsible for creating that future are an incredible team. Perhaps an even greater wrench is leaving the NPT landscape itself which my move away from Peterborough demands. | will miss the beautifully managed Ferry Meadows, the early misty mornings and the bright sunny days. I will miss the quiet of Lynch Wood and the beauty of the rural estate; the vibrant atmosphere of the Park Runs, the careful, professional curation of land and wildlife - and especially Sammy the seal, who seems to live in the Rowing Course and says hello most mornings. . As we recruit a new Chair to take over from me later this year, | can only hope they benefit as | have from being a transient part of this valuable resource.
And a final reflection:
> When| arrived in Peterborough as a rookie CEO in 1994, | found Nene Park and thought:
‘Wow, what’a wonderful place.’
| was privileged to enjoy it for 30 years. As | leave, both the Park and Peterborough, | can only repeat once again:
‘Wow, what a wonderful place’.
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Jackie Bland 16th July 2024
Jackie Bland Chair of the Board of Trustees
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## NENE PARK TRUST COMMENT FROM THE CHAIRMAN AND CHIEF EXECUTIVE (Contd.) YEAR ENDED 31 JANUARY 2024 CHIEF EXECUTIVE’S FOREWORD
We are very pleased to present the Nene Park Trust Annual Report and Accounts after what has been another year of intense activity at the Trust, a year of change, challenge and the seizing of opportunity. As noted in the Chair's report this included the crystallisation of a key risk, the absence of senior staff through natural change and growth as we appointed three new senior leaders to the team during the year and due to illness, as we coped with a temporary reallocation of duties at the most senior level in the organisation.
The year also marked the first full year of our new business plan, investing for impact and financial sustainability —-our ‘double bottom line’. Of course, alongside these headlines we continued to deliver high quality experiences for many thousands of visitors, making memories across the Trust estate and venues, made possible by the unwavering efforts of the Nene Park team; staff, volunteers and partners. With the encouragement and dedicated support of our Trustee Board, this year sawa significant investment made in beginning the realisation of our renewed vision for growing long term impact and ensuring financial sustainability in these turbulent times. This investment was chiefly in our most important resource, our people, alongside growth of the estate - with the acquisition of new farmland and commitment in renewing key visitor infrastructure. Our external operating environment continued to be challenging with global volatility impacting our underlying investment assets, however we remain in good financial health despite this, with a strong plan for long term sustainability:
Over this year, visitors, partners and colleagues have felt the impact of our growing organisation and park. We have established a dedicated Events Team for the first time and began a new approach to our community programming of cultural activity. This initiative is delivering both income for the Trust and impact for local communities; characterised perfectly by the second year of both the Peterborough Celebrates Festival and our Winter Festival, creating special, affordable experiences for all against the idyllic backdrop of Ferry Meadows, delivered in partnership with multiple organisations and the community. More of our event highlights follow in this report and we look forward to an exciting and diverse programme for 2024. We have continued to play a leading role in culture more widely in the city as hosts to both Peterborough Presents and the Peterborough Cultural Alliance, the latter of which has reached a watershed moment for the city securing over £500,000 to deliver the city’s cultural strategy.
We have also changed our approach to fundraising and marketing with significant investments in both - securing dedicated leadership and accompanying resources to ensure we can deliver our ambitious goals of increasing impact across our work, whilst protecting and nurturing our core offer. In turn we hope you may have felt a gentle and joyful change to our tone of communications which will continue, alongside identifying clearer opportunities for you to support the work of the Trust, our exciting projects and the communities we serve.
As the natural environment remains at threat from climate change (2023 was the warmest year on record) and the associated biodiversity crisis (1 in 6 species at risk of being lost in Great Britain), our fundamental. association and commitment to nature remains at the heart of our work and is increasingly important. Across the Trust we are supporting nature through tangible projects to improve habitat, such as the new reed bed creation in Gunwade Lake and developing our regenerative agricultural practices, and reducing our organisational impact, achieving the Investors in the Environment Green accreditation once more as we minimise resource consumption across our activities. As importantly, we are fostering strong connection between people and nature through growing and enriching our offer to schools and learning professionals. This includes curating adventure on water and land at Nene Outdoors - and creating new and more accessible ways for our communities to benefit from the power of nature, such as through the opening of the long-awaited Nene Nursery, an inclusive community growing space at Ferry Meadows. It is easy to assume the positive environmental impact of our activities, however we must continue to challenge ourselves to do better, do more and be a louder voice for the natural environment.
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## NENE PARK TRUST COMMENT FROM THE CHAIR AND CHIEF EXECUTIVE (Contd.) YEAR ENDED 31 JANUARY 2024 ieee CHIEF EXECUTIVE’S FOREWORD (Contd.)
We are sad to be shortly saying ‘goodbye’ to our Chair of Trustees Jackie Bland as she will retire from the board in 2024. Jackie has been with us through a period of exciting change and has provided formative guidance to her fellow Trustees, our senior colleagues and the wider Trust tearn. In this last year, when illness and change have challenged us, her support has been immeasurable and outstanding. We are also very grateful to our wider Board of Trustees, who volunteer their time and expertise, offering challenge and support, enabling this fantastic organisation to be bold and ambitious and deliver impact for the city and the region in ways that would have been hard to imagine at its creation and at a time when a charity focussed on quality of life, health and wellbeing in the natural environment could never be more relevant.
It is not only our Trustees who volunteer their time. We are incredibly grateful to those members of the community who give up their time freely to be part of the NPT team. We could not deliver across the organisation and landscape in the way that we do without your skills, support and dedication.
Lastly,we would like to thank the Trust team for their continued dedication. ‘Managing change’ is always disruptive and exciting in equal measure and as the continual climate of change of the last few years has endured and shaped our last year, the supportive, caring and committed approach of all those involved with the Trust has also endured and shone through as brightly as ever.
Having been away from the Trust for most of the year, | would like to add my personal, deep thanks and appreciation to Andrew, Jackie, ‘team NPT’ and our partners for their compassion, kindness and fortitude. | returned to an organisation that had not paused; but had continued with the construction and delivery of our ambitious plans. For 2024/25; | look forward to getting back into full swing and working with the enlarged team and when we appoint, our new Chair.
Matthew Bradbury Chief Executive
Andrew MacDermott Director of Operations and Growth & Deputy CEO (Acting CEO, January to December 2023)
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES YEAR202400ENDED 31 JANUARY OUR ACHIEVEMENTS IN 2023/24 .
This year marked the commencement of our new five-year business plan, ‘Our Roadmap to Impact’. As we introduced in last year’s Annual Report, this marks a change in how we deliver some of our work. With a focus on the ‘double bottom line’ and a strong plan, post investment phase, to return to an annual breakeven position. 2023/24 saw the commencement of the programme, with a number of significant investments to achieve our ambitious 5-year vision. There were many factors that made this a challenging environment within which to operate, both external and internal. Instigating and managing these changes has therefore been a key focus for the whole organisation.
Nene Park Trust has evolved rapidly in recent years and is therefore familiar with developmental change. However, we have recognised that the delivery of our plans requires greater staff resource and new, approaches to planning, forecasting and delivering our activity and our sustainability. By the end of the year, we were able to fill all key roles and we quickly realised the benefits from the increased capacity and expertise to better inform our work. Important business plan projects have been progressed and new approaches to our core work are emerging. At the same time, we continue to deliver a high-quality visitor offer to many hundreds of thousands of visitors. We also remain agile and if the circumstances are appropriate, we have built in the ability to seize the right new opportunities as they arise.
The Trust's 2017 Strategy, ‘Doing More with More’ (available on the Trust website), remains our key strategic document and our activities across the year, a combination of core operations, long planned projects and new areas of work, all maintain alignment with this and its four key pillars:
- e Celebrating Our Environment e Engaging Our Communities
- e Developing Our Resources e Growing Our Park
Below you will read about just a summary of our achievements across the last year grouped under these strategic pillars. Of course, much of our work crosses over these definitions and is interlinked, the best examples of which encompass communities, culture, the environment and at the same time promote organisational financial sustainability and a host of other outcomes. ‘
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 ; eet CELEBRATING OUR ENVIRONMENT |
## Biodiversity and Greenspace
e During 2023 our Share Faming partnership increased its livestock numbers to a peak of 1,149 (sheep and cattle) during the year and is now managing over 192ha of the NPT rural estate; delivering regenerative and sustainable land management and locally grown food to the local population. A new partnership with Grasmere Farms has ensured Nene Park meat products are easily available to local markets.
e During the year we acquired over 220ha of farmland to the east of Peterborough. Our plans include the development of a regenerative farming system, adoption of environmental schemes and the development of new opportunities for environmental/outdoor education.
e Inthe summer of 2023 we completed a Natural Capital Assessment for all our land, identifying the . quantum of biodiversity across the Park. The combined annual benefits of the Park's sites equating to £17.6m per year, predominately through the provision of recreation (£10.5m) and physical health benefits (£6.6m). We will use this information to help support our ongoing work on impact measurement, future management decisions and the development of a natural environment investment plan.
e We have maintained the highest level of Investors in the Environment accreditation, having been awarded Green level in August with an average assessment mark of 75%. We scored highly across all but one category, with a peak of 100% for our Environmental and Social Projects and a low of 50% for our Communication and Engagement, giving us a focus for areas to work on.
e We were immensely proud to open the new Nene Nursery in September of this year. Funded by the National Lottery Heritage Fund (NLHF) and the culmination of a great deal of work by staff and volunteers. It is a space in which to embrace and connect with the natural environment through growing. The nursery is proving popular already and we are excited to work with partners to develop a sustainable model for the long term.
## Culture, Arts and Heritage
e The Trust is very proud to be an active member of the Peterborough Cultural Alliance. As well as hosting the Alliance, our CEO is the current Chair. During the year we were delighted to welcome the appointment of a Director for the Alliance, who led a huge team effort to complete a substantial (and ultimately successful!) funding bid to the Arts Council. The funding will to support the Alliance in the delivery of the cultural strategy for the city. This marks an important moment in cultural leadership for the city, in which the Trust has played a crucial role.
e Peterborough Presents, the Arts Council funded Creative People and Places programme hosted by Nene Park Trust, has continued to deliver outstanding cultural experience and engagement with local communities as it approaches its 10" birthday year. Peterborough Presents has engaged over 45,000 people across the city and beyond, through a diverse range of community curated commissions that provide enjoyment, inspiration and interest. We were very proud of the extremely successful Reasonable Adjustments commission, just one example of their leading work amongst a whole programme.
e As the custodian of the Peterborough Sculpture Collection, we began a fundraising campaign to conserve and reinstall the landmark and much-loved Peterborough Arch Sculpture. Located in the Park, the sculpture is a key landmark in the city and icon of The Collection. With three New Town partners, the Trust hosted two student placements from the UEA MA in Cultural Heritage and Museum Studies, exploring innovative approaches to management of New Town Art Collections. The outcomes of the research will support the development of a two-year Arts Strategy.
e Our Art-In-The-Park programme included monthly creative workshops for young people aged 14-17 and a creative outreach programme. We also successfully hosted our first Singing Schools event with children, friends and family from three local schools learning, creating and celebrating music in the Park.
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 NN
e Wecontinue to develop our offer at the historic Longthorpe Tower with 1140 volunteer hours helping to deliver an incredible 972 tours, which included 5 days of living history events welcoming 166 visitors. We are further broadening the appeal and accessibility of this wonderful historic gem.
## ENGAGING OUR COMMUNITIES
## Leisure, Health and Wellbeing
e During the year we invested in our event programming, growing our events team with the appointment of a new Events Manager and an additional Events Officer. Our two largest events of the year, Peterborough Celebrates Festival and Winter Festival, delivered obvious impact, welcomed many thousands of local visitors whilst pushing the boundaries of our experience, challenging us to learn and become better.
e Peterborough Celebrates Festival returned for its second year with over 23,000 people attending over a glorious weekend. The event engaged 56 community groups in the creation of a Field of Colour through the creative recycling of plastic into 4490 flowers, 300 performers took part in over 70 performances, more than half of which were local community groups who performed on a programme alongside professional performers including the spectacular global touring artists, Motionhouse.
e Nene Outdoors, our water sports and adventure hub, again delivered high-quality experiences to schools, corporate groups and our visitors. We also supported the work of close partners, including Sailability (who delivered 4,083 experiences in 2023) and Packers Canoe.Club. Over 17,000 members of the public took part in activities at Nene Outdoors throughout the year.
° Volunteering across all our activities has continued to grow and has become the most effective way to . deliver multiple outcomes for people and the park. Our volunteers gave almost 13,000 hours of their time to support our activities over the year with 192 active adult volunteers covering 43 different roles. Our volunteers rate their overall experience as ‘9 out of 10’ and we were delighted to retain our Investor in Volunteers accreditation. We also engaged directly with 74 young people through specifically targeted opportunities including our Young Rangers project, providing valuable experiences designed to support young lives beyond the sessions.
## Skills, Outreach and Learning
e 5,444 children and young people joined education, learning and adventure activities through our sessions with school across the Park and at Nene Outdoors. As part of our business plan aspirations, we activated new venues across the estate including, Lynch Farm and Castor.
e The audiences for our education offer were further diversified during the year as we increased our skills and provision for educating fellow learning professionals to become Forest School leaders. We also continued the NLHF funded ‘Schools in Residence’ programme as part of Your Community Greenspace. We worked with Paston Ridings primary school and the three Owls Trust schools, hosting a number of visits for their pupils to the park and visiting them in their own settings. Communications e During the year we invested in and established a standalone Marketing team for the first time, supporting the talented team members we already have and increasing our skills and capacity with a new Head of Marketing, a Content Creator and a Trainee Marketing Officer to appropriately resource the growing organisation and ensure we can effective tell our story to our broadening audiences. e Inrecognition of our growing and diverse activities and business plan aspirations, we conducted a review of the Trust brand. Next year we will use our learning to develop our brand and our ‘voice’ to foster stronger connections with our communities and to drive the more commercial elements of our activities, which bring in the income needed to sustain the charity and its impact.
## Effective Communications
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 eee
e We also completed an in-depth audience research report, involving surveying of both visitors and nonvisitors - and audience segmentation and analysis to understand our existing and potential new beneficiaries. This work, together with the brand review, is central to the development of our new marketing Strategy and has already begun to influence our day-to-day work.
e To ensure the park is as welcoming as possible to all, we took a decision during the year to trial ‘dogs-onleads' zones around Ferry Meadows. This is a particularly emotive issue for all public open spaces and required significant planning to manage the trial and to analyse the significant level of communication it stimulated. The process enabled open and transparent communication and has led to a longer-term, inclusive solution, which has been informed by users with a high level of consensus. ~ DEVELOPING OUR RESOURCES The Business : e This year saw us take the long-awaited step into the world of CRM systems with the launch of HubSpot. This system will allow us to better understand and serve our visitors and stakeholders whilst ensuring we use our resources effectively.
e We have also invested in our sales and ticketing software platform to improve customer experience, ease of use and our efficiency in operations and reporting.
e As the organisation has grown, we have had to ensure our systems keep pace. We have changed how we administer our Human Resource support, moving to a new online system, ensuring that wherever members of the team are working they can access everything they need to support a healthy working life.
## The Team
e 2023 was a year of significant growth for the organisation with an additional 18.9 full time equivalents appointed across the organisation during the year, including three key senior appointments.
e We have been very grateful for the funding secured for six Apprentices and Trainees joining the NPT team and learning new skills thanks to funding from NLHF, RHS and the Groundwork, New to Nature fund. These are meaningful entry level roles, with opportunities for growth and development.
## Infrastructure
e October 2023 saw the opening of two new bridges in Nene Park, with the NLHF funded Willow Bridge opening in Ferry Meadows. Willow Bridge is a sculptural creation by Chris Brammall, providing a memorable centre piece in the heart of the Park. We were delighted to reopen the more functional, but equally important Thorpe Meadows bridge, delivered through a partnership between NPT and PCC, with additional funding from the Landfill Community Fund. The bridge has allowed the re-opening of a much-loved riverside walkway. . ¢ In April we opened the new car park at Lakeside. This has substantially increased our Capacity and has allowed us to prepare the old car park space for the future Lakeside Activity Centre. In September this was supplemented by 26 electric vehicle chargers, supporting the transition away from fossil fuels and providing a source of income for the Trust.
e [nthe middle of the year Lynch Farm, the well-regarded riding school, which ceased operating in 2022, came back into the management of the Trust. We are excited by the opportunities that the important listed buildings and the wider site offer for a broad range of uses to deliver impact and income. We will be taking our time to ensure this sensitive and promising opportunity is realised appropriately.
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024
e A significant investment was made in the year into our core infrastructure. We improved our main sewage system in Ferry Meadows by replacing the main linking Lakeside and Centre Point. We are noticing an increasing number of issues with our aging park fabric.
e Significant investments also got underway on the Ferry Meadows Welcome Area renovations, the Thorpe Meadows Cafe and Play, and the Lynch Farm Community Hub and Volunteer workspace developments, all of which will be completed in 2024.
## GROWING OUR PARK
## Funding.
e As highlighted above, investment across the teams has been a theme of the year and fundraising has been bolstered by a return to a dedicated Head of Fundraising leadership post and supplemented by two new fundraising posts, effectively doubling the team to ensure we can continue to deliver our core work and exciting new projects with the support of funding from a wide range of sources. e As part of our work to diversify funding sources we have grown our engagement with the corporate community of Peterborough and have enjoyed hosting several events with park supporters, had greater engagement with partners Opportunity Peterborough and taken a new approach to corporate volunteering.
e Peterborough Celebrates Festival 2023 was another spectacular and successful event thanks to funding from Arts Council England and corporate supporters.
e Valencia Communities Fund and Environment Agency Fisheries Improvement Programme funded our exciting work to create new reed bed at Gunwade Lake for which preparation is underway with the bulk of the work anticipated in early 2024.
e Ongoing successful delivery of Your Community Greenspace funded by the National Lottery Heritage Fund, a major project linking greenspace, community engagement and social integration.
e The level of grants and donations.received during FY 23/24 = £1,274,674, includes £30,012 from individual donations.
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Thank you to all funders and benefactors who supported us during the year, including those mentioned above alongside UK Government Changing Places Fund, ASDA, Augean Community Fund, BGL Insurance Group, Bellway Homes, Cambridgeshire Community Foundation, CityFibre Holdings, FCC Communities Foundation, Football Foundation, Greenwoods Legal LLP, Hegarty LLP, The Peterborough School, Savills . PLC and Tarmac Landfill Communities Fund. Your support is essential in helping us deliver our charitable objective of improving the lives of our visitors and local communities.
## Partnerships
Our partnerships are and continue to be of great importance in delivering our charitable mission and central to much of our work. We are fortunate to be surrounded in the city and beyond by like-minded organisations and individuals committed to collaborative working for common goals and we are extremely grateful to all our valuable partners.
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## NENE PARK TRUST . REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 een
Financial Review. ; Nene Park Trust reports a consolidated loss of £2.044m (2023: £3.041m) for the year.
The trust increased its capacity with the introduction of more resources, in particular, more staff - as part of a planned investment programme designed to deliver the Five-Year Business Plan. '
Non-staff costs increased partly because of extra activity and partly because of the rapidly increasing costs on essential expenditure. For example, energy and materials.
Investments losses were a significant influence on the year end results. In 2023-24 losses on investments were £710k, an improvement on the 2022-23 losses of £1,742k reflecting another year of difficult financial market conditions influenced by several factors including inflation, interest rates - and new and continuing conflicts.
Within the group are four entities and these financial statements reflect the trading performance of Nene Park Trust (NPT), Nene Park Services Limited (NPS), Peterborough Culture and Leisure Trust (PCLT) and Nene Outdoors Limited (NO). NPT is the core charity and undertakes all charitable and most other activity undertaken by the organisation. Key theactivities include the maintenanceand upkeep of the park itself, the management of facilities and venues across park and other land-holdings, the leasing of Trust owned assets to third parties for agricultural or commercial activities and the provision of education and events.
NPS is a trading subsidiary whose primary activity is operating a farm shop
PCLT continues to hold and maintain a large collection of significant sculptures.
NO did not trade during FY2023/24 and is a dormant company.
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Total group assets decreased to £40.404m from £42.448m reflecting the net expenditure of the group. The distribution of group assets has changed during the year, with a movement to more Fixed Assets, funded from the investment portfolio. Fixed Assets have increased by £4.400m to £14,626m (2023: £10.226m) and investments reduced by £6.051m to £22,502 (2023: £28.553m). Heritage assets have remained unchanged at £3.448m.
The Trust has made planned capital investments in the year including £3.972m of assets under construction and this change across assets classes i.e. from listed and unlisted investments into tangible assets is expected to continue into future accounting periods as our plans proceed and further sums are invested in various capital assets that can generate the ‘double bottom line’ benefits (financial return and impact) of the Five Year Business Plan.
## Risk Management
The Trust's Risk Management Strategy incorporates a risk register which identifies the major risks to which the Trust is exposed. The risks are prioritised in terms of potential impact and likelihood of occurrence and steps to manage the risks are identified, including action points to take forward. The risk register is kept under regular review by the Trust's Senior Leadership Team and tabled regularly for consideration by both the Finance Committee and the Board of Trustees. For the major risks identified the Trustees have taken steps to manage these risks.
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 eee ee eee enn FINANCIAL REVIEW (Contd.)
The principal risks have been identified as follows: e The potential impact of further pandemics or endemics on either park users or the wider park environment (e.g. flora and fauna). , e The effects of high inflationary pressures on the budgets e The endowment and investments not generating required returns e The need to withdraw funds from the portfolio reducing the returns from investments e Fundraising not reaching target leading to under absorption of overheads and revenue/capital projects not financially viable e Challenges in the implementation of the Five-Year Business Plan. These challenges might include (but are not limited to); failing to identify the optimal mix of projects to take forward from amongst the opportunities identified; being unable to secure the necessary funding needed to deliver the plan; being unable to secure appropriate statutory planning consents; failing to successfully deliver individual projects; failing to deliver the plan as a whole. e Amajor accident, incident, disaster, flood or infrastructure failure resulting in a physical risk to our visitors and the risk of reputational and financial damage to the Trust. e Loss of data or financial loss as a result of a serious IT failure or fraud . e The Trust already has plans in place to mitigate these risks and continues to develop its approaches to mitigate,in particularly those associated with the Five-Year Business Plan.
## Reserves
The Trust relies on its investment portfolio to generate a proportion of the income required to operate the park and other assets, whilst the capital held in the investment portfolio ensures the long-term financial sustainability of the charity.
At 31 January 2024 the Group held total reserves of £40.404m (2023: £42.448m) of which £4.320m was restricted (2023: £3.866m) and £12.274m reflects the permanent endowment (2023: £12.437m).
The Trustees have designated certain funds to safeguard the assets which are used to generate the income which is essential to fund day to day operating expenditure. A total of £23.517m has been designated (2023: £22.727m), which relates to the investment fund, the replacement and refurbishment of Park buildings and structures (Fixed assets and Park works). . These designated funds reflect the longer term aims of the Trusts in respect of the Five-Year Business Plan.
The revised approach is to use funds previously held in the form of listed or unlisted investments and additional fundraising to acquire other assets that are capable of producing the ‘double bottom line’ return that is core to the Five-Year Business Plan.
Any such withdrawals from the investment portfolio will be made in line with the reserves policy (see below) and any specific legal and fiduciary obligations that apply particularly with respect to the Endowment Fund. The Trustees’ policy on reserves is subject to an annual review 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 funds not identified as invested in fixed assets, designated for specific purposes, or otherwise committed).
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## NENE PARK TRUST
## REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024
## so FINANCIAL REVIEW (Contd.)
## Reserves (Cont.)
The Trustees have identified the key risks and uncertainties facing the charity and have sought to provide a level of free reserves sufficient to mitigate those risks. In particular:
- e The impact of inflation over and above the budgeted amount
- - @ The cash flow requirement to ensure the Trust has sufficient working capital to carry out its day-to-day operations, given that a significant proportion of funding is received in arrears. e The risk that operating income targets are not achieved. ; e The potential loss of income as a result of the failure of a major tenant’s business. e The failure to achieve fundraising targets. . e Fluctuations in investment income. e An event having a major negative reputational effect on the charity. ¢ Contractual and legal obligations to stakeholders including employees. ¢ The Trustees have estimated that the level of free reserves required to mitigate against the identifiable risks is approximately £2.3m at 31 January 2024. The Trustees acknowledge that the the Five-Year Business Plan increases financial risk and in recognition of this fact they have allocated to the General Fund in anticipation of the need for additional free reserves in future months. Given this the value of the charity’s General Fund at the balance sheet date exceeds the level of reserves needed to mitigate identified current risks. The Trustees expect that excess to decrease as implementation of the Five-Year Business Plan proceeds.
The Trustees therefore believe that the current level of free reserves are sufficient to cover the risks to which the charity is currently exposed and those to which it might become exposed in the short to medium term.
## Post Balance Sheet Events.
- There have been a number of developments since the year end date a knowledge of which will better inform a reader of these accounts. e Funding drawdowns — a further divestments was made from the investment portfolio. to fund the costs — associated with the above and other developments; e The Portfolio lending agreement mentioned in last year’s report has not been triggered in the year because of interest rate increases
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 ee
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FINANCIAL REVIEW (Contd.) |
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## Investment management
As permitted by the charity’s Articles of Association, the Trustees have given the investment managers discretion to manage the investment portfolios within an agreed risk profile. The investment managers submit monthly valuations and quarterly progress reports which are scrutinised by the Finance Committee. Performance of the investments is also reviewed regularly with the investment managers with close and regular contact, allowing the Board to be fully informed of the fund managers' approach and actions.
The Board of Trustees operates an ethical investment policy, with an updated policy approved by the Board. The Trust is committed to investing its funds in a socially responsible way and believes that to accord with its values of promoting a healthy lifestyle and clean environment due regard must be made to environmental, social and governance issues.
- The Trust’s ethical investment principles are: e To take into consideration the environmental, social and governance performance of the businesses and funds our portfolio is invested in.
- e To encourage investment in companies with a positive social, health or environmental impact. e Toreduce exposure to companies that have a negative impact on the climate and to invest in companies that are contributing to climate change mitigation and adaption. e To encourage our fund managers to engage with firms which are in breach of the Trust's ethical investment policy and to divest if those firms do not respond to investor concerns. e Toexclude investments in activities that are materially inconsistent with the charity’s aims.
In making investment decisions, the Trust expects its appointed investment managers to observe responsible investment principles and to take into consideration the environmental, social, reputational and governance risk characteristics of existing and prospective investments. The Trustees encourage our investment managers to invest in companies with a positive social, health or environmental impact.
The Trust is taking steps to align its portfolio to support and benefit from the transition to a lower carbon economy, by reducing exposure to industries whose activities are misaligned with a low carbon pathway and increasing exposure to industries and companies which are contributing to climate change mitigation and adaption. The Trustees wish to measure, and over time, to reduce the carbon footprint of the investment portfolio.
The Trustees also encourage our investment managers to demonstrate responsible stewardship of our investments via positive engagement with firms through proxy voting and by encouraging firms’ good behaviour and efforts to change. If it comes to the Trust's attention that firms in which the Trust is directly invested are in - breach of the principles set out above, the Trust will work with its investment managers to undertake, a review of those investments.
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## NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 See FINANCIAL REVIEW (Contd.)
## Investment management (Cont.)
The Trustees do not wish directly to profit from, or provide capital to, activities that are materially inconsistent with the charity's aims. Specifically, investment managers should exclude any direct portfolio exposure to the following areas:
- e Companies specialising in fossil fuels where more than 10% of revenue comes from the extraction of thermal coal or unconventional oil and gas, including oil sands and shale oil and gas. e Companies with serious failings in environmental management and whose environmental performance for their particular sector is consistently and materially below average. . e Companies in which a major part of their business activity or focus (defined as more than 10% of group revenues) derive from the manufacture or retail of tobacco and related products. e Companies operating as high interest pay day lenders. e Companies with a major stake (defined as more than 10% of group revenues) in the production, distribution or retail of pornography. e Companies engaged in the irresponsible marketing of alcohol, casinos, gaming or lotteries. e The Trustees will continue to work with the Trust’s investment managers to refine/develop the policy over time.
The Trustees aim to use its investments to generate growth and income to provide the basis for the income streams which will be needed in the future. The aims, in order, for the Trust's investments are to: e ensure the continuity of the Trust by providing it in the future with an income stream sufficient to protect it from falls in its other sources of income and inevitable increases in expenditure; e - ensure that the Trust will be able to meet the costs which will arise in the near and distant future from major repairs and renewals in the Park: * maintain the real value of the Trust's investments; The Endowment investment Fund is a permanent endowment which aims to maintain over the longer term a stable income stream in real terms and have the potential for capital growth. The Fund aims to: e achieve real growth in the annual income; e obtain the capital growth necessary to maintain the real value of the endowed sum and to support the real growth in income. . Income is paid over to Nene Park Trust as it arises with the investment management fees being paid by the main charity on behalf of the permanent endowment. During the year, the Endowment Fund achieved a total return of 6.3% In the same period the FTSE All Share benchmark total return was 3.2%. Fund performance is also benchmarked against a target of ‘Consumer Price Index plus 3%’. The comparator for that target was 7.0%. GB Charity Risk level 4 was 9.0%. The General Fund achieveda total return of -0.78% (minus 2.9%) to 31* January 2024 as compared to the FTSE all share of 1.90% and Consumer price plus 3% of 7.11%.
## Fundraising approach and performance
,
The Trust undertakes fundraising activity to its supporters via fundraising appeals, donation points, and email marketing. We are registered with the Fundraising Regulator, adhere to the standards of the Fundraising Code of Practice and have a complaints policy in place to deal with any issues that may arise. No complaints about fundraising activity were received in the year.
14 -
.
## NENE PARK TRUST | . REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 a—— STRUCTURE, GOVERNANCE AND MANAGEMENT
## Objects and Nature of Activities
;
The Trust's objects are to provide for the public benefit parks and recreation grounds for the inhabitants of Peterborough and the surrounding region and for visitors with the object of improving the quality of life for such persons. The Trustees have had due regard to the Charity Commission’s guidance in relation to public benefit. Nene Park was originally conceived as an integral element of the Peterborough Development Corporation Masterplan for the expansion of the City of Peterborough, and was consequently created in the late 1970's to provide an accessible network of open space and waterways, and a gateway to the open countryside for the people of Peterborough. As the work of the Peterborough Development Corporation wound down in the mid 1980’s, there was a need to ensure that the Park would be managed, on a long term basis, by a secure and financially stable organisation solely dedicated to this task. Consequently Nene Park Trust was established as an independent charity in 1988. Along with a 999 year lease on the Park, the Trust was endowed with commercial properties and other assets to enable the Trust to generate the income required to manage Nene Park.
The 2,169-acre Nene Park contains a wide variety of landscapes, buildings, infrastructure, and visitor facilities. The Trust directly manages and maintains a 500 acre country park at Ferry Meadows as well as smaller open spaces at Thorpe Meadows and Orton Mere and Woodston Reach. The remainder of the Park comprises the Trust's rural estate stretching along the River Nene as far as Sutton and an agricultural holding on the east of city near Eye. Nene Park also contains visitor facilities and commercial properties managed by tenants and licensees.
The Trust fulfils its objects through the provision of high quality natural landscape, wildlife habitats and visitor amenities for the enjoyment, health and wellbeing of visitors to the Park. The Board of Trustees consider that all of the work undertaken by the Trust is for the benefit of the public.
## Structure
Nene Park Trust is a company limited by guarantee registered in England under number 2288607, incorporated under the Companies Act 2006 and governed by a Memorandum and Articles of Association as prescribed by the Act. The Trust is a registered charity, number 800067. The charity's wholly owned trading subsidiary, Nene Park Services Limited, is a limited company registered in England under number 09746744. The principal activity of the company is the operation of a shop at the Ferry Meadows Visitor Centre. The Trust holds 65,000 £1 ordinary shares in the company. ;
On 7 March 2016, the charity established a new trading subsidiary, Nene Outdoors Limited (Company number 10045686). The company did not trade and has remained dormant throughout the year.
On 1 December 2020, the charity acquired the Peterborough Culture and Leisure Trust (Charity number 1138230, company number 07171668 and formerly known as Vivacity). The Trust is the corporate trustee of Peterborough Culture and Leisure Trust and has a controlling interest in the charity. This entity continues to hold certain assets and the value of those assets and other financial impacts resulting from that activity continue to be consolidated into these group accounts.
Nene Park Trust is the Corporate Trustee of the unincorporated Charity “Endowment held in Connection with Nene Park”, registered charity number 800067-1, which is governed by a Charity Commission Scheme dated 26 January 2001. The unincorporated Charity was established to accept the transfer of the property of Nene Park Endowment Properties (3963975) to the Corporate Trustee to be managed as a separate charity.
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## NENE PARK TRUST
## REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 Seen eee eee ee ee
## STRUCTURE, GOVERNANCE AND MANAGEMENT (Contd.)
Its activity is the investment of that property, held as permanent endowment, to produce income to be used by the beneficiary, Nene Park Trust, in the operation of Nene Park. :
The unincorporated charity is treated as forming part of the incorporated charity (no 800067) for the purposes of Part 4 (registration) and Part 8 (accounting) of the Charities Act 2011 following the issue of a Uniting Direction for accountancy and legal purposes, which was issued on 12 November 2013. The Trustees prepare a single set of financial statements for the whole entity, within which the individual parts are reported separately.
## Governance
The work of the Trust is overseen by a Board of Trustees. The role of the Board is to develop and agree the Trust's vision, values, masterplan and strategy. The Board is responsible for implementing and monitoring the master plan and strategy through the business plan.
On joining the Board, all new Board members receive a comprehensive induction on the Trust and Nene Park: This is complemented by an ongoing programme of briefing events and site visits for Board members, and periodic reviews of the various aspects of the Trust’s operation of Nene Park as part of an ongoing cycle of reviews of the Trust's strategic priorities. Regular reports are made to the Board on the Trust’s financial progress in relation to agreed budgets, its investments, property matters and operational matters on which it needs to be briefed.
The main Board meets quarterly, with a Finance Committee also meeting quarterly and delegated to ensure the effective financial management of the charity and to report back to each Board meeting. The Trustees have established a Governance and Nominations Committee to review and make recommendations to the Board for the continuous improvement of the overall corporate governance of the Trust. In addition, the committee leads the process for appointments to the Board of Trustees, independent members of its sub-committees and designated executive posts, making recommendations to the full Board as to the suitability of candidates.
The Trustees take their obligations seriously and work to a set of formal governance procedures with a Board Development Plan setting out the key priorities.
The Articles of Association set out fixed terms ofoffice for all Trustees, with a maximum of 3 terms of 3 years each. All Trustees are appointed by the Board, with the exception of the two nominations made by Peterborough City Council. The Trustees regularly review the skills, experience and competencies required to carry out the Board’s work effectively so as to identify any skills gaps that need to be filled. A list of the Members of the Board of Trustees at the date of this report and those who served during the year to 31 January 2024 is on page 49.
## Management
The Chief Executive is responsible to the Board for the management of the Trust and the conduct of the Trust's business in accordance with policies and budgets set by the Board of Trustees. He is responsible for the day to day operation of the Trust within this framework and is authorised to act on behalf of the Trust on all matters other than those which by law are required to be decided by the Board of Trustees. The Chief Executive is supported by a senior leadership team, which at 31* January 2024 comprised, the Director of Growth and Operations (and deputy Chief Executive), Chief Finance Officer, Head of Land and Environment, Head of Development, Head of Fundraising, Head of Marketing, Head of Organisational Development, Head of Visitor Engagement and Head of Parks Consultancy. The Trust also engages a number of professional advisers to assist in its work.
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NENE PARK TRUST REPORT OF THE BOARD OF TRUSTEES (Contd.) YEAR ENDED 31 JANUARY 2024 2 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees (who are also the directors of Nene Park Trust for the purposes of company law) are responsible for preparing the Report of the Board of Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Group and of the incoming resources and application of resources, including the income and expenditure, of the Group for the year. In preparing these financial statements, the Trustees are required to:
- e select suitable accounting policies and then apply them consistently;
- e observe the methods and principles in the Charities SORP; ° make judgements and estimates that are reasonable and prudent; ° state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ° prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Board of Trustees is responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. The Board of Trustees is also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Board of Trustees is responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
In so far as the members of the Board of Trustees are aware: ° there is no relevant audit information of which the Trust's auditors are unaware; and ° the members of the Board of Trustees have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ° In preparing the Report of the Board of Trustees, the Trustees’ have taken advantage of the exemption available to small companies and have not prepared a strategic report.
Signed by order of the Board of Trustees
J Bland Chair Approved by the Board on 16" July 2024
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NENE PARK TRUST i
ese
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NENE PARK TRUST
Opinion We have audited the financial statements of Nene Park Trust (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 January 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements: ° give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 January 2024 and of the group’s incoming resources and application of resources, including its income and - expenditure, for the year then ended; , :
- ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- °. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion E We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. - : Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and_our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we ‘are required to report that fact.
We have nothing to report in this regard.
## Other matters prescribed by the Companies Act 2006
- In our opinion, based on the work undertaken in the course of the audit: ° the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- ° the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements. .
18
NENE PARK TRUST
## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NENE PARK TRUST (continued)
Matters on which we are required to report by exception In the, light of the knowledge and understanding of the group and the parent charitable company and their - environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report. .
We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion: ° adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or ° the parent charitable company financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of trustees’ remuneration specified by law are not made; or ° we have not received all the information and explanations we require for our audit.
Responsibilities of trustees: As explained more fully in the Statement of Trustees’ Responsibilities set out on page 14, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. , Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities: We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.
Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.
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NENE PARK TRUST See eee
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF NENE PARK TRUST (continued)
## Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of Weany instances of non-compliance with laws and regulationsor knowledge of any actual, suspected or alleged fraud. addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## Use of our report
This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor's Teport and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Gareth Norris FCA (Senior Statutory Auditor) for and on behalf of Saffery LLP
Peterborough Business Park, Westpoint, Lynch Wood, Peterborough PE2 6FZ
,
Chartered Accountants Statutory Auditors
## Date: 31 Jw 2024
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
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NENE PARK TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) Year ended 31 January 2024
||Unrestricted|Unrestricted|Restricted|Permanent|Group|Group|
|---|---|---|---|---|---|---|
|||Funds|Funds|Endowment|2024|2023|
||Note|£'000|£'000|£'000|£°000|£'000|
|Income
Investment income
Grants and donations||970
28|-
1,246|=
-|970
1,274|1,263
800|
|Charitable activities
Incomefrom tenants
Operating income
Trading income||852
1,267
218|-
92
-|-
-
.|852
1,359
218|831
1,228
194|
|Total Income||3,335|1,338|-|4,673|4,316|
|Expenditure|||||||
|Costs ofraising funds)
Trading cost ofsales
Investment management costs
Fundraising costs|2|.
237
27
182|-
-
.|-
42
-|237
69
182|237
97
139|
|Expenditure on charitable activities
Parkmanagement|2|4,667|852|-|5,519|5,142|
|Total expenditure||5,113|852|42|6,007|5,615|
|Netexpenditure
|
before investment gains/(losses)||(1,778)|486|(42)|(1,334)|(1,299)|
|Netinvestment (losses)/gains||(590)|-|(120)|(710)|(1,742)|
|Net(expenditure) /income||(2,368)|486|(162)|(2,044)|(3,041)|
|Transfers|15|34|(34)|-|-|-|
|||||||||
|Net movement infunds||(2,334)|452|(162)|(2,044)|(3,041)|
|Funds broughtforward 1 February 2023|15|26,145|3,866|12,437|42,448|45,489|
|Fundscarriedforward31January2024||23,811|4,318|12,275|40,404|42,448|
The statement of financial activities includes all gains and losses recognised in the year.
All amounts relate to continuing activities. The accompanying notes form part of these financial statements. Full comparative figures for the year ended 31 January 2023 are shown in note 22. No separate income and expenditure account has been presented as the only difference between the net expenditure for the year (£2,044,000) and the net expenditure for the year as defined by the Companies Act 2006 (£1,334,000) is the net investment losses of £709,000.
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NENE PARK TRUST
## eee CONSOLIDATED AND CHARITY BALANCE SHEETS As at 31 January 2024
||||||2024||2023|
|---|---|---|---|---|---|---|---|
||Note|||Group
£'000|Charity
£°000|Group
£°000|Charity
£°000|
|||FIXED ASSETS||||||
||7
8
9|Tangible assets
Heritage assets
Investments||14,626
3,448
22,502|14,626
-
10,292|10,226
3,448
28,553|10,226
-
16,183|
|||||40,576|24,918|42,227|26,409|
|||CURRENT ASSETS||||||
||10|Stocks
.||102|62|100|60|
||11a
11b
12|Debtors falling due after more than oneyear
Debtors falling duewithin oneyear
Cash at bankand in hand||-
622
587|84
750
516|-
570
1,180|84
713
959|
||13.|CREDITORS:
Amounts falling|due|1,311|1,412|4,850|1,816|
|||within one year||(627)|(613)|(763)|(672)|
|||NETCURRENTASSETS||684|799|1,087|1,144|
|||TOTAL ASSETSLESSCURRENTLIABILITIES||41,260|25,717|43,314|27,553|
||14|CREDITORS:
Amounts falling|due|||||
|||aftermorethan oneyear||(856)|(849)|(866)|(855)|
|||NETASSETS||40,404|24,868|42,448|26,698|
||15|FUNDS||||||
|||Nene Park Trust||||||
|||Restricted Funds
Unrestricted Funds||4,320|885|3,866|418|
|||General Funds
Designated Funds||294
23,516|466
23,517|3,418
22,727|3,553
22,727|
|’||EndowmentHeldin Connection withNenePark
PermanentEndowment
,||Park
12,274|-|12,437|-|
|||||40,404|24,868|42,448|26,698|
The Trust has taken the exemption available under section 408 of the Companies Act 2006 from presenting the parent charity SOFA. The net expenditure of the parent charity was £1,831,000 (2023: net expenditure of £2,585,000). at The accounts were approved by the Board of Trustees and authorised for issue on (t July 2024 and signed on their behalf by: Mo Ms J Bland Vion Director
Company registration no. 2288607. The accompanying notes form part of these financial statements
.
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NENE PARK TRUST
## CONSOLIDATED CASH FLOW STATEMENT
## Year ended 31 January 2024
||||Note|2024|2023|
|---|---|---|---|---|---|
|||||Group|Group|
|||||£000|£°000|
||Cash invested / (used) in operating activities||19|(2,034)|(1,800)|
||Cash flows from investing|activities||||
||investment income
;
Purchase of investments
Sale of investments
Purchase oftangiblefixed assets
Sale oftangible fixed assets|||970
(3,759)
8,873
(4,869)
15|1,263
(2,961)
7,896
(4,622)
5|
||Cash provided by investing activities|||1,230|1,581|
||Cash flows from financing|activities||||
||Loans|||||
||Repayment ofloans
Payment offinance lease obligations|||(4)
-|(4)
(10)|
||Cashprovided byfinancing activities|||(4)|(14)|
||Decrease incash and cash equivalents inthe|||(808)|(233)|
||year|;||||
|.|Cash and cash equivalents|atthe beginning ofthe||1,509|1,742|
||year|||||
||TOTALCASHANDCASH|EQUIVALENTSAT|A|701|1,509|
||THE END OFTHEYEAR|||||
||NOTEA: Analysis ofcash|||2024
Group|2023
Group|
|||||£°000|£7000|
||Cash at bank at 31 January|||587|1,180|
||Cash at investment managers at 31 January|||114|329|
|||||701|1,509|
,
23
NENE PARK TRUST a
## CONSOLIDATED CASH FLOW STATEMENT (Continued) Year ended 31 January 2024
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Statement|of|Net|Debt|
|2024|
|At|1|Feb|Cashflow|At|31|Jan|
|£°000|£°000|£'000|
|Cash|at bank and|in|hand|1,180|(593)|587|
|Cash|at|investment|managers|329|(215)|114|
|Loans|(15)|4|(11)|
|Net cash and|cash|equivalents|1,494|(804y|690|
|Statement|of Net Debt|
|Comparative|information:|2023|
|At|1|Feb|Cashflow|At 31|Jan|
|£'000|£'000|£'000|
|Cash|at bank and in hand|1,555|(375)|1,180|
|Cash|at investment managers|187|142|329|
|Obligations|under Finance|Leases|(10)|10|-|
|Loans|(19)|4|(15)|
|Net cash and cash|equivalents|1,713|(219)|1,494|
**----- End of picture text -----**
24
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2024
## 1 ACCOUNTING POLICIES
## 1.1. Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Nene Park Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required.
The principal accounting policies, judgements and key sources of estimation uncertainty adopted in the préparation of the financial statements are set out below.
## 1.2 Consolidation
The financial statements consolidate the results of the charitable company (charity no 02288607), the endowment fund, the incorporated charity (company no 071 71668) and the trading subsidiary (charity no 09746744). The individual parts are reported separately as either unrestricted funds, restricted funds or permanent endowment.
## 1.3 . Income
Trading income and investment income is included in the Statement of Finaricial Activities when the Trust is entitled to the income and the amount can be quantified with reasonable accuracy.
Income from grants and/or where the receipt of the grant is dependent on the fulfilment of certain conditions is recognised when those conditions have been satisfied. If the grant has been received but conditions have not been satisfied the income is deferred.
- 1.4 Government grants
;
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and it is probable the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify, performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised asa liability. .
## 1.5 Expenditure
- Expenditure is recognised once there is a legal or constructive obligation to make[a][payment][to][a] third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: * Costs of raising funds comprises the costs of sales of the trading subsidiary, investment management and fundraising costs
- * Expenditure on charitable activities comprises the cost of park management. This includes the costs of park staff, routine maintenance and conservation and events, education and outdoor activities. ©
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
25
## NENE PARK TRUST a NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2024 1 ACCOUNTING POLICIES (contd.)
THE FINANCIAL STATEMENTS ' 31 January 2024 POLICIES (contd.) Expenditure is allocated to the particular activity where the cost relates directly to that activity. However, the cost of the overall direction and administration of each activity is apportioned based on staff time attributable to each activity. .
## 1.6 Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, HR, payroll and governance costs which support the Trust's activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 3.
## 1.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £5,000 or more are capitalised at cost.
**----- Start of picture text -----**
Depreciation is calculated so as to write off the cost of tangible fixed assets over their estimated
useful lives as follows: ‘
Buildings Leasehold 5-40 years on a straight-line basis
Plant Freehold 5-40 years on a straight-line basis
Motorand Machinery 2% to 25% per annum ona straight-line basis
Office Vehicles 20% per annum ona straight-line basis
Nene Equipment 10% ~ 25% per annum ona straight-line basis
Outdoors equipment 25% per annum ona straight-line basis
Depreciation is not charged on Assets in the Course of Construction until practical completion.
**----- End of picture text -----**
## 1.8 Heritage Assets
Heritage assets (sculptures) were acquired on the transfer of PCLT to Nene Park Trust in 2020. They are valued in the accounts at their externally assessed market value as at November 2020. Further revaluations will be undertaken at appropriate intervals with periodic inspections taking place to assess any degradation or damage that might impact on the 2020 valuation.
Heritage assets are not depreciated as they are considered to have an indefinite useful life. The costs of maintaining the heritage assets are expensed through the Statement of Financial Activities as incurred, as part of the Trust’s charitable activities.
1.9 Investments Listed investments are stated at market value as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Unlisted investments represent the value of shares in a subsidiary entity and are stated at cost. ; 1.10 Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, accruals and provisions.
26
NENE PARK TRUST
1 ACCOUNTING POLICIES (contd.)
## NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2024
## 1.11 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## 1.12 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.13 Cash at bank and in hand Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ‘
## 1.14 Critical accounting judgments and key sources of estimation uncertainty
No judgements (apart from those involving estimations) have been made in the process of applying the entity’s accounting policies.
There are no key assumptions concerning the future or other sources of estimation uncertainty at the reporting date that have significant risk if causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
- 1.15 Stock
## Stock consists of purchased good for resale and livestock.
Goods for resale are valued at the lower of cost and net realisable value ona first in first out basis.
Livestock is valued at the lower of cost or net realisable value where cost includes feedstock, veterinary fees and other direct costs in line with accepted accounting practice in the agricultural/ farming sector.
## 1.16 Preparation of the accounts on a going concern basis
The trustees consider there are no material uncertainties about the Charity’s ability to continue as a going concern. The review of the financial position, reserves levels and future plans gives trustees confidence the Charity remains a going concern for the foreseeable future.
## 1.17 Funds
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. General funds also include the investment income earned by the unincorporated Charity “Endowment held in Connection with Nene Park”. In the unincorporated charity this is restricted for the benefit of the incorporated charity, however in the incorporated charity and group this income is unrestricted. All amounts received during the year have been applied for unrestricted purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Details of each designated fund are given within Note 15 of the accounts.
27
———
## NENE PARK TRUST a——— NOTES TO THE FINANCIAL STATEMENTS (Contd.) ; Year ended 31 January 2024
Restricted Funds relate to grants received for specific purposes. |
The Permanent Endowment Fund arises from the transfer to the unincorporated Charity of the proceeds of the disposal of the endowed properties by Peterborough City Council. These proceeds are held by the unincorporated Charity as permanent endowment in accordance with the Charity’s governing scheme. The costs of managing the investments within the unincorporated Charity are charged against this fund.
## 1.18 Deferred income
Premiums on long leases have been received, portions of which are being credited to the Statement of Financial Activities over the periods of the leases, on a basis to reflect the diminution in their value.
|1|ANALYSISOF GROUP EXPENDITURE|ANALYSISOF GROUP EXPENDITURE||||||||
|---|---|---|---|---|---|---|---|---|---|
||2024|Direct||Other|Depreciation|Supportand|||Total|
|||costs—|_direct|||governance|||2024|
|||Staff||costs||costs||||
|||£000|=|=£°000|£7000|£°000|||£°000|
||Costs of raising funds|||||||||
||Costs ofsales|39||198|-|-|||237|
||Investment management|-||69|-|-|||69|
||costs|||||||;||
||Fundraising costs|126||21|2|33|||182|
||Charitable|||||||||
||expenditure|‘|||||,|||
||Park management|2,330||=1,661|460|1,068|||5,519|
|||2,495||1,949|462|1,101|||6,007|
||2023|‘Direct||Other|Depreciation|Supportand|||Total|
|||costs~||direct||governance|||2023|
|||Staff||costs||costs||||
|||£7000|=£000||£’000|£’000|||£’000|
||Costs ofraising funds|||||||||
||Costs of sales|36||201|-|.|||237|
||Investmentmanagement|-||97|.|-|||97|
||costs|||||||||
||Fundraising costs|98||15|5|21|||139|
||Charitable.|||||||||
||expenditure|||||||||
||Parkmanagement|1,657||2,041|463|981|||5,142|
|||1,791||2,354|468|1,002|||5,615|
28
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
**----- Start of picture text -----**
|||||||||
|---|---|---|---|---|---|---|---|
|3|ANALYSIS|OF|SUPPORT AND|GOVERNANCE|COSTS|
|y|2024|Staff|Other|Depreciation|Total|
|costs|costs|2024|
|£'000|£'000|£'000|£°000|
|Support|costs|
|Office|and|administration|70|50|11|131|
|Chief|Executive|and|team|265|8|-|273|
|Business|Services|294|175|-|469|
|Other|organisational|costs|33|147|-|180|
|Total|support|costs|662|380|11|1,053|
|Governance|costs|18|30|-|48|
|Total|support & governance|costs|680|410|11|1,101|
|2023|Staff|Other|Depreciation|Total|
|costs|costs|2023|
|£'000|£'000|£'000|£'000|
|Support|costs|
|Office|and|administration|61|34|12|107|
|Chief Executive|and|team|296|25|.|321|
|Business|Services|285|121|-|406|
|Other|organisational|costs|20|107|-|127|
|Total|support|costs|662|287|{2|961|
|Governance|costs|13|28|-|41|
|Total|support & governance|costs|675|315|12|1,002|
**----- End of picture text -----**
29
NENE PARK TRUST
## NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024 .
## A STAFF NUMBERS AND COSTS
|Theaveragenumberofemployees, analysed byfunction, (excludingMembers
was as follows:|Theaveragenumberofemployees, analysed byfunction, (excludingMembers
was as follows:|MembersoftheBoard|Board|ofTrustees)|
|---|---|---|---|---|
|||2024|.|2023|
||,|No.||No.|
|Operations team|,|53||50|
|Developmentteam||13||13|
|Support services and fundraising team||23||18|
|||“89||“81|
|,The aggregate payroll costs were as follows:|||||
|||2024||2023|
|||£°000||£'000|
|Wages and salaries
Social Security costs||2,736
227||2,086
201|
|Pension costs||212||179|
|Other staffcosts||3175
31||2,466
29|
|||3,206||2,495|
30
NENE PARK TRUST
.
6 TAXATION
## NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
The number of employees whose emoluments for the year exceeded £60,000 are within the following, bands:
**----- Start of picture text -----**
|||
|---|---|
|2024|2023|
|No.|No.|
|2|2|
|-|2|
|1|-|
|1|1|
**----- End of picture text -----**
**----- Start of picture text -----**
£60,000 to £70,000
£70,000 to £80,000
£100,000 to £100,000
£140,000 to £150,000
**----- End of picture text -----**
The key management personnel of the Group comprise the trustees, who received no remuneration (2023: £nil) and the Senior Leadership Team (SLT). The members of SLT at 31st January 2024 were the Chief Executive, the Director of Growth and Operations (and deputy Chief Executive), Chief Finance Officer, Head of Operations, Head of Development, Head of Fundraising & Marketing, Head of Organisational Development, Head of Visitor Engagement and Head of Parks Consultancy.
The total employee benefits of the key management personnel of the Trust were £681 922 (2023: £533,970).
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|5|NET INCOME|/ (EXPENDITURE)|2024|2023|
|£°000|£'000|
|This|is|stated|after|charging|the|following:|
|Government|grants|and|related|expenditure|-|15|
|Audit|of parent|charity|16|12|
|Audit|of subsidiaries|7|7|
|Additional|audit|costs|in|relation|to|prior year|15|-|
|Non|audit|services|5|5|
|Depreciation|of tangible fixed|assets|462|480|
|Loss|on|impairment of|Intergroup|(charity)|loan|-|24|
|Loss|on|disposals|of tangible|fixed|assets|8|257|
**----- End of picture text -----**
In 2024, local government grants of £nil (2023: £15,000) were received from Peterborough City Council as support for small local retailers suffering because of the economic circumstances. There are no future related costs associated with these grants which were received solely as compensation for costs incurred in the year.
Members of the Board of Trustees act in a trustee capacity and therefore may not receive remuneration. During the year expenses for travel and subsistence totalling £nil (2023: £nil) were reimbursed to nil (2023: £nil) trustees.
,
The Trust is a registered charity (no. 800067) and is considered to meet the definition in Schedule 6 Finance Act 2010 of a charitable company for UK corporation tax purposes. Therefore, the Trust is potentially exempt from taxation in respect of income or capital gains within 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 purposes.
31
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NENE PARK TRUST
## eee
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2023
- 8 HERITAGE ASSETS
The heritage assets are a collection of 26 sculptures which were donated to the Trust by Vivacity on 30th November 2020. A full conditions survey was conducted by Rupert Harris Conservation in November 2020 and the assets were valued at £3,448,200. -
The collection ranges in size and material and most of the sculptures are on permanent display around the city of Peterborough, with many located within Nene Park itself. The sculptures can only be sold to develop the collection further and to advance the education and enjoyment of the public in art by placing, maintaining and promoting the collection in public places.
The assets are subject to an annual inspection to assess their condition. A more formal assessment of value has been undertaken every four years with the next inspection scheduled for autumn 2024. The carrying value is still considered to be a materially accurate estimate of the fair value at the Balance Sheet date.
||||2024||2023|||
|---|---|---|---|---|---|---|---|
||||Group
£'000|Charity
£°000|Group
£°000|Charity
£'000||
|9|INVESTMENTS|||||||
||Listed investments|||||||
||Market value at 1 February
Additions
Disposals
;
Withdrawn additional to disposal
Net unrealised investment (losses) /gains
Net realised investment gains /(losses)
Movements in cash held by investment manager||28,553
3,759
(7,669)
(1,193)
(2,019)
1,286
(215)|16,118
100
(4,107)
(1,193)
(1,986)
1,323
(28)|35,089
2,961
(7,896)
-
(2,779)
1,036
142|21,837
655
(5,370)
-
(1,868)
896
(32)||
||Marketvalue at 31 January||22,502|10,227|28,553|16,118|'|
||Unlisted investments:|||||||
||65,000 £1 shares in trading subsidiary at cost||-|65|-|65||
||Investments at 31 January
©||22,502|10,292|28,553|16,183||
||Historicalcostasat31January||19,706|7,786|24,004|11,793||
NENE PARK TRUST
**----- Start of picture text -----**
)
**----- End of picture text -----**
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
|Year endedended|Year endedended31January 2024||||||
|---|---|---|---|---|---|---|
|Year endedended|Year endedended 31 January 2024||2024||2023||
||.|Group
£000|Charity
£'000|Group
£°000|Charity
£'000||
|10|STOCKS||||||
||Goods for resale|40|-|40||-|
||Livestock|62|62|60||60|
|||102|62|{00||60|
|11.|DEBTORS||||||
||a)
Debtors fallingdue aftermore than oné year||||||
||Owed by trading subsidiary|-|84|-||84|
|||=|84|.||“84|
||Theamountowed bythe trading subsidiary comprises a loan of£84,500 made on 31%January
repayable in March 2025. Interest is payableonthis loan everyquarter atan annual interest rate|||||2022 and
of6%.|
||b)
Debtors falling due within oneyear||||||
||Trade debtors
Otherdebtors|358
236|358
227|239
254||239
253|
||Prepayments
Owed bytrading subsidiary|28
-|28
137|77
-||77
144|
|||622|750|570||713|
|12|CASH AT BANKAND IN HAND||||||
||Cash and short-term deposits|587|516|1,180||959|
|13.|CREDITORS: Amounts falling due within one year||||||
||Hire purchase creditor
Other creditors|-
302|-
285|-
544||-
445|
||Othertaxation and Social Security
Accruals
,
Deferred income
Owed to trading subsidiary
Bounce back loan|97
78
146
-
4|97
70
146
14
-|55
34
126
-
4||55
25
126
21
-|
||.|627|612|763||672|
Hire purchase creditors are secured on the assets to which they relate.
39
°
## NENE PARK TRUST ——$—$———eee
|NOTESTOTHE FINANCIALSTATEMENTS (Contd.)
Yearended 31 January2024|NOTESTOTHE FINANCIALSTATEMENTS (Contd.)
Yearended 31 January2024|NOTESTOTHE FINANCIALSTATEMENTS (Contd.)
Yearended 31 January2024|NOTESTOTHE FINANCIALSTATEMENTS (Contd.)
Yearended 31 January2024||2024|2024||2023|||
|---|---|---|---|---|---|---|---|---|---|---|
|||||Group||Charity|Group
Charity||||
|£000
14
CREDITORS: Amounts falling due after more than one year||||||£°000||£'000|£°000||
|Bounce backloan||||:|rf|-||11|-||
|Deferred income|||||849|849||855|855||
||||||856|849||866|855||
|Deferred income included within Creditors:|||||||||||
|Deferred income at 1|February||||981|981||971|971||
|Released in year
Deferred in year
:|||||(132)
146|%
(132)
146||(116)
126|(116)
126|,|
|Deferred income at 31|January||||995|995||981|981||
|Deferred income represents premiums on long leases|||||and rental and other income|||received in|advance||
|during the yearwhich relates to thefollowing year. The trading subsidiary took outa Bounce Back loan on
7December2020fora term of6years and atan interest rate of2.5%pa. Interest in the first 12 monthswas
covered bythe government. Capital repayments were payablefrom January 2022.Hire purchase creditors
are secured on the assets to which they relate.|||||||||||
|15
FUNDS|:||||||||||
|a)
Movement in Funds
Unincorporated Charity||Balance at
1 February
2023
£000|Income
£°000||Investment
Expenditure
Gains/
(Losses)
£°000
£’000|||Transfers
£°000|Balance at
31 January
2024
£7000||
|PermanentEndowment||12,437||-||(42)|(120)|-||12,275|
|PCLT Restricted Funds
Restricted Revenue Funds
Restricted Capital Fund|(i)
(ii)
(iii)|3,448
163
255||-
1,338
-||(12)
(840)
.|-
-
-|—
(11)
(23)||3,436
650
232|
|Total Restricted Funds||3,866||1,338||(852)|-|(34)||4,318|
|Unrestricted Funds|||||||||||
|Designated.Funds|||||||||||
|Tangible FixedAssets Fund
Investment Fund
Woodlands Maintenance Fund
ParkWorksFund
Trust Infrastructure Fund|* (iv)
(v)
(vi)
(vii)
(viii)|9,881
5,795
325
6,616
110||-
-
-
-
-|,|-
-
.
*
-|-
.
-
“
-|994
-
(58)
(115)
(30)||10,875
5,795
267
6,501
80|
|Total Designated Funds||22,727||-||-|-|791||23,518|
|GeneralFunds|||||||||||
|Nene ParkServices Ltd
PCLT
General Funds||(169)
34
3,553||218
.
3,117||(252)
(4)
(4,857)|-
-
(590)|-
-
(757)||(203)
30
466|
|Total General Funds||3,418||3,335||(5,113)|(590)|(757)||293|
|TotalFunds’||42,448||4,673||(6,007)|(710)|:||40,404|
40
NENE PARK TRUST
## NOTES TO THE FINANCIAL STATEMENTS (Contd.)
Year ended 31 January 2024
- (i) PCLT Restricted Funds — represents the market value of the sculpture collection. Income arising from the fund can be used in accordance with the objects of the Peterborough Culture and Leisure Trust. Any capital gains or losses arising on the assets form part of the fund.
- (ii) | Restricted Revenue funds — the net transfer to restricted revenue funds of £34,000 comprises £11,000 of fundraising costs incurred in generating the restricted at the end of the Netscape project plus £23,000 of write down of the Boardwalk, Electric Boat and Lynch Lake capital projects.
- (iii) Restricted Capital Fund — represents the net book value of fixed assets that have been purchased from grants and donations where a restriction applies as to the use of the asset. The net transfer of £23,000 at the year-end represents the release from the capital fund to offset the depreciation for the year on the bluebell boardwalk that has been funded by the National Lottery Heritage Fund and the electric boat and Lynch Lake community hub which have been part-funded by LEADER grants.
- (iv) Tangible Fixed Assets Fund — represents the net book value of unrestricted tangible fixed assets which could only be realised by disposing of the assets the charity requires to operate Nene Park.
- (v) Investment Fund — represents the amount set aside which is required to produce an essential income stream to fund the work of the charity. The trustees’ strategy in respect of this fund has altered as a result of the new Five-Year Business Plan. The revised approach is discussed in the accompanying Directors Report. .
- (vi) | Woodlands Maintenance Fund — represents the balance after costs of the Trust’s share of the premiums resulting from the granting of a new lease of the premises at Woodlands Castor. The, Fund includes the amounts set aside for the potential future demolition costs of the Woodlands Sports Centre building, in the event of a default by the Trust's tenant of the building.
- (vii) Park Works Fund — provides the funding to underwrite the estimated costs of replacing or refurbishing specific Park buildings and structures over the next 3 years.
- (viii) Trust Infrastructure Fund — provides the funding to underwrite the likely investment in improving the Trust’s ICT and digital infrastructure over the coming 3 years.
41
NENE PARK TRUST
## OSS— NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024 :
|||NOTES TO THETO THETHE FINANCIAL STATEMENTS
Year ended 31 January|FINANCIAL STATEMENTSSTATEMENTS
2024|FINANCIAL STATEMENTSSTATEMENTS (Contd.)|(Contd.)||||:||
|---|---|---|---|---|---|---|---|---|---|---|
|||b)
Movement in Funds2023||Balanceat
1 February
2022|Income|__Expenditure|Investment
Gains/||Transfer|Balanceat
31 January
2023|
|||UnincorporatedCharity
Permanent Endowment||£000
13,259|£’000
-|£°000
(52)|(Losses)
.
£7000
(770)||s
£7000
-|.
£7000
12,437|
|||PCLT Restricted Funds|(i)|3,448|.|.||-|-|3,448|
|||Charity|||||||||
|||Restricted Revenue Funds
Restricted Capital Fund|(ii)
(iti)|231
278|675
-|(787)
-||-
-|44
(23)|163
255|
|||Total Restricted Funds||3,957|675|(787)||-|21|3,866|
|||Unrestricted Funds|||||||||
|||DesignatedFunds|||||||||
|||Tangible FixedAssets Fund
InvestmentFund
Woodlands Maintenance Fund
ParkWorks Fund
Trust Infrastructure Fund|(iv)
(v)
(vi)
(vii)
(viii)|6,108
15,914
325
3,531
80|-
-
-
-
-|-
-
-
-
-||-
-
.
.
-|3,773
(10,119)
-
3,085
30|9,881
5,795
325
6,616
110|
||*|Total Designated Funds
GeneralFunds||25,958|-|-||.|(3,231)|22,727|
|_||Nene ParkServices Ltd
PCLT
General Funds||(98)
419
1,994|263
117
3,261|(334)
* (502)
(3,940)|-
-
(972)||-
-
3,210|(169)
34
3,553|
|||Total General Funds||2,315|3,641|(4,776)|(972)||3,210|3,418|
|||TotalFunds||45,489|4,316|(5,615)|(1,742)||:|42,448|
42
NENE PARK TRUST
## NOTES TO THE FINANCIAL STATEMENTS (Contd.)
Year ended 31 January 2024
## b) Analysis of assets between Funds:
**----- Start of picture text -----**
||||||||||
|---|---|---|---|---|---|---|---|---|
|Net|
|Tangible|current|After more|Intra fund|
|2024|Fixed|Investments|Assets|Than|1|year|balances|Total|
|Assets|
|~|£7000|£7000|£°000|£7000|£’000|£7000|
|Permanent|Endowment|-|12,274|-|-|12,274|
|Restricted|Funds|3,679|-|641|-|-|4,320|
|Unrestricted|Funds|14,395|10,228|43|(856)|-|23,810|
|Total|Funds|18,074|22,502|684|(856)|-|40,404|
|Net|Creditors|
|Tangible|current|after more|Intra|fund|
|2023|Fixed|Investments|Assets|Than|1 year|Balances|Total|
|Assets|£7000|£000|£’000|£’000|£000|
|£’000|
|Permanent Endowment|-|12,435|-|.|2|12,437|
|Restricted Funds|3,669|-|366|-|(169)|3,866|
|Unrestricted Funds|40,005|16,118|721|(866)|167|26,145|
|Total Funds|13,674|28,553|1,087|(866)|-|42,448|
**----- End of picture text -----**
16 CAPITAL COMMITMENTS
Capital expenditure authorised and contracted for at the end of the year was Enil (2023: £2,351k).
‘The significant level of capital commitments outstanding at year end 2022-23 were all completed within the 2023-24 year. Several development projects are in planning for the near future.
43
'
,
## NENE PARK TRUST See eee
## ee NOTES TO THE FINANCIAL STATEMENTS (Contd.) ’ Year ended 31 January 2023 _~
17 PENSION SCHEME
The Trust administers a Group Personal Pension for the benefit of qualifying employees. The funds of the scheme are separate from the Trust. The pension scheme cost charged to the accounts represents the employer's contributions payable to the fund. Contributions made during the year by the employer amounted to £214,460 (2023: £179,388). £23,281 of contributions remained outstanding at the year-end £30,169 (2023: £23,281) and are included in the Other Creditors subheading within Creditors: Amounts due within one year.
18 RELATED PARTY TRANSACTIONS
Expenses paid to trustees are disclosed in note 5. Transactions between the charity and members of the group are as follows:
**----- Start of picture text -----**
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2024|2023|
|£°000|£°000|
|Salaries|recharged|by|Nene|Park Trust|to|Nene|Park|Services|Ltd|'|39|53|
|Admin|costs|recharged|by|Nene|Park|Trust|to|Nene|Park Services|30|151|
|Job|Retention|Scheme|grant|received|by Nene|Park Trust for PCLT|-|(11)|
|Salaries|recharged|by|Nene|Park Trust|to|PCLT|.|84|
|Admin|costs|recharged|by|Nene|Park Trust|to|PCLT|16|145|
|Job|Retention|Scheme|grant|received|by Nene|Park Trust for PCLT|-|(4)|
|85|418|
|owed|to|Nene|Park|Services|are|shown|in|note|11|and|13.|
|parent|charity|loaned|the|trading|subsidiary|£84,500,|by|way|of|an|intercompany|loan|made|
|2022.|Interest|is|payable|on|a|quarterly|basis|at|an|interest|rate|of 6% 6%|per|annum.|The|
|is|repayable|in|January|2025.|
|RECONCILIATION|OF|NET MOVEMENT MOVEMENT|IN|FUNDS TO TO|NET CASH CASH|INFLOW FROM FROM|OPERATING|
|ACTIVITIES|
|-|2024|2023|
|Group|Group|
|£7000|£7000|
|Net movement|in funds|(2,044)|(3,041)|
|Add|back|depreciation|charge|462|480|
|Deduct|investment|income|shown|in|investing|activities|(970)|(1,263)|
|Add|/|(deduct)|losses|/ (gains)|on|investments|710|1,742|
|Loss|on|disposal|of tangible|fixed|assets|8|257|
|Increase|in|debtors|(62)|(149)|
|Decrease|in|creditors|(146)|215|
|Increase|in|stock|:|(2)|(41)|
|Net cash|used|in|operating|activities|(2,034)|(1,800)|
**----- End of picture text -----**
Amounts owed to Nene Park Services are shown in note 11 and 13.
The parent charity loaned the trading subsidiary £84,500, by way of an intercompany loan made on 31 January 2022. Interest is payable on a quarterly basis at an interest rate of 6% 6% per annum. The capital sum is repayable in January 2025.
## 19 RECONCILIATION OF NET MOVEMENT MOVEMENT IN FUNDS TO TO NET CASH CASH INFLOW FROM FROM OPERATING ACTIVITIES
44
NENE PARK TRUST
## NOTES TO THE FINANCIAL STATEMENTS (Contd.)
Year ended 31 January 2023
## 20 TRADING SUBSIDIARY
The Trust has a wholly owned trading subsidiary, Nene Park Services Limited (Company number 09746744). The summary results for the year are as. follows:
|Profitand loss account||||
|---|---|---|---|
||2024||2023|
||£°000||£000|
|Shop sales
Less: Cost ofsales|217
(137)||251
(215)|
||80||36|
|Otherexpenses
Other operating|(109)
-||(113)
11|
|income||||
|Loss fortheyear|(29)||(66)|
|Interest payable|m(s))||(5)|
|Loss on ordinary.|(34)||(71)|
|activities|||;|
|Balance Sheet||||
||2024||2023|
||£°000||£°000|
|Current assets
Current liabilities|106
(153)||134
(143)|
|Net current (liabilities)|(47)||(9)|
|/ assets||||
|||)||
|Creditors falling due|(92)||(95)|
|after more than 1 year||||
|Net (liabilities)
/assets|(139)||(104)|
|Capital and reserves:||||
|Profitand loss account|(204)||(169)|
|Share Capital|65||65|
||(139)||(104)|
The restatement of the prior year comparative relates to the treatment of a loan from the parent company as described at note 11 above. ;
The Trust also has a wholly owned subsidiary, Nene Outdoors Limited (Company number 10045686) which has remained dormant throughout the current and prior year.
45
NENE PARK TRUST
a
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
21. PETERBOROUGH CULTURE AND LEISURE TRUST
Peterborough Culture and Leisure Trust is a charitable company limited by guarantee. Nene Park Trust is a Corporate Trustee of the charity. : mo
Peterborough Culture and Leisure Trust's primary operating asset is a collection of sculptures held at various locations across the city of Peterborough including a number on land owned by Nene Park Trust. Acting in their capacity as the corporate trustee the collective view of the trustees of Nene Park Trust is that holding of heritage assets in the form of sculptures is an activity that is compatible with the charitable company’s memorandum of association and the wider public benefit obligations of Nene Park Trust.
) The company was previously involved in the provision of indoor climbing and soft play activities but in the early summer of 2022 the directors concluded that the company should exit from this activity with all trading activity ceasing on 30" September 2022. The financial impacts of the exit were reflected the published accounts of the company and Nene Park Trust for their respective reporting periods ending 31 January 2022. . Peterborough Culture and Leisure Trust is exempt from the requirements of the Act relating to the audit of accounts under section 479A of the Companies Act 2006.
The financial results for Peterborough Culture and Leisure Trust for the year to 31 January 2024 are summarised below.
## Statement of Financial Activities
||||2024|2023|
|---|---|---|---|---|
||||£000|£°000|
||Income||||
||Grants received||-|4|
||Operating income||-|91|
||Donation from parent charity||-|624|
||Total income||-|719|
||Expenditure on charitable activities||(16)|(502)|
||Net income/ (expenditure)||(16)|217|
|Balance|Sheet||||
||Heritage Assets|;|3,448|3,448|
||Fixed Assets||-|-|
||CurrentAssets||1|1|
||Cash||22|146|
||Current Liabilities||(5)|(113)|
||Non-current liabilities||-|-|
||NetAssets||3,466|3,482|
||Funds||||
||Endowment Funds||3,436|3,448|
||General Fund||30|34|
||||3,466|3,482|
46
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
22. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (2023)
|||Unrestricted|Unrestricted|Restricted||Permanent||Group||Group:|
|---|---|---|---|---|---|---|---|---|---|---|
||||Funds|Funds||Endowment||2023||2022|
|||Note|£'000|£°000||£°000||£°000||£'000|
|+|Income
Investment income
Grants and donations||1,263
162|-
638||-
-||1,263
800||1,251
1,056|
||Charitable activities
Income from tenants
Operating income
Trading income||808
1,214
194|23
14
-||-
-
-|.|831
1,228
194||650
972
130|
||Total Income||3,641|675||-||4,316|||4,059|
||Expenditure||||||||||
||Costs ofraising funds (Note 2)
Trading cost ofsales
Investment management costs
Fundraising costs||237
45
63|-
-
76||-
52
r||237
97
139||204
93
130|
||Expenditureon charitable activities (Note 2)
Parkmanagement
,||4,431|711||-||5,142||4,033|
|||||||||||||
||Exceptional Item (Note 5)
Write offintergroup Loan||-|-||-||-||600|
||Total expenditure||4,776|787||52||5,615||5,060|
||Net expenditure
before investment gains/(losses)|:|(1,135)|(112)||(52)||(1,299)||(1,001)|
||Net investment(losses)/gains||(972)|-||(770)||(1,742)||3,044|
||Exceptional Item (Nofe 5/23)
Write backofintercompany Loan||-|-||-||-||600|
||Net (expenditure) /income||(2,107)|(112)||(822)||(3,044)||2,643|
||Transfers (Note 15)||(21)|21||-||-||-|
||Net movement infunds||(2,128)|(91)||(822)||(3,041)||2,643|
||Funds brought forward 1 February
(Note 15)|2022|28,273|3,957||13,259||45,489||42,846|
||Fundscarriedforward31January2023||26,145|.3,866||12,437||42,448||45,489|
47
NENE PARK TRUST
## ACKNOWLEDGEMENTS
We are grateful for the support received and would particularly like to acknowledge the following:
## Statutory sector and other public bodies
Cambridgeshire.and Peterborough Combined Authority Cambridgeshire and Peterborough NHS Foundation Trust Institute of Export and International Trade Peterborough City Council Rural Payments Agency UK Government Changing Places Fund Welcome Back Fund
## Business supporters
ASDA BGL Insurance City College Peterborough CityFibre Central England Co-operative Dobbies Garden Centres East of England Co-op Google Ad Grants : Greenwoods Legal LLP Hegarty LLP Hilton Garden Inn Hotel Inspire Education Group Meadow Brown Restaurants Ltd Notcutts Perkins Engines Company Ltd Saffery LLP Tesco Stores Ltd Van Hage & Co Ltd Waterstones Booksellers Ltd Wm Morrisons Supermarkets
## Charitable trusts, non-governmental organisations and individual donors
Arts Council England Augean Community Fund ; Cambridgeshire Community Foundation Cambs & Peterborough Future Parks Accelerator Cross Keys Homes Football Foundation : Henry Moore Foundation : LNER Community Investment Fund National Lottery Community Fund — Platinum Jubilee Fund National Lottery Heritage Fund Nene Rivers Trust Nenescape Landscape Partnership Scheme PECT Royal Horticultural Society . Viridor in. Peterborough Fund
And all our individual supporters and volunteers
48
NENE PARK TRUST
CORPORATE INFORMATION , MEMBERS OF THE BOARD OF TRUSTEES AND THEIR NOMINATING BODIES | NAME Ms J Bland (Chair) , Mr S Allen (resigned 17 July 2023) Ms G Bealsey Mr M Chilcott Ms L Cooke Mr T Cooper Mrs C De Ferrars Green ‘ Mr N Dunseath (resigned 17 July 2023) Mr J McCann Ms L Robinson MsB Sellick MEMBERS OF COMMITTEES Finance Committee Mr J McCann (Chair) Ms J Bland Mr M Chillcott Mr T Cooper : Ms L Cooke Governance and Nominations Committee Mr A Dunseath (Chair) (resigned 17 July 2023) MrsMs BCSellickde Ferrars Green , Ms J Bland CHARITY REGISTRATION NUMBER 800067 COMPANY REGISTRATION NUMBER 2288607
49
NENE PARK TRUST —SS——
## ee. CORPORATE INFORMATION (Contd.)
|CORPORATE INFORMATION (Contd.)||||||
|---|---|---|---|---|---|
|CHIEF EXECUTIVE:||MrM Bradbury||||
|||MrA MacDermott— (Acting CEO from||9th|.
Jan 2023 to|
||||31 Dec 2023)|||
|COMPANYSECRETARY:||MrP Hodgett(from 1 April 2024)
~
MsS Wilson (resigned 31 April 2023)||||
|PRINCIPALAND REGISTERED OFFICE:||Nene Park Trust||||
|||Ham Farm House||||
|||Ham Lane|||:|
|||Peterborough||||
|||PE2 5UU||||
|BANKERS:||Lloyds Bank plc||||
|||65 High Street||||
|||Stamford||||
|||PE9 2AT||||
|AUDITOR:||SafferyLLP
.||||
|;||Peterborough Business Park,||||
|||Westpoint, Lynch Wood,||||
|||Peterborough||||
|||PE2 6FZ||,||
|INVESTMENTMANAGERS:||Charles Stanley& Co|& Co Limited|||
|||25 Luke Street||||
|||London||||
|||EC2A4AR||||
|||CCLA Investment Management Limited||||
|||Senator House||||
|||85 Queen Victoria|Street|||
|||London|,|||
|||EC4V4ET||||
||-|Rathbones Brothers PLC||||
|||8 Finsbury Circus||||
|||London||||
|||EC2M 7AZ||||
|SOLICITORS:||Greenwoods Solicitors LLP||||
|||Monkstone House||||
|||City Road||||
|‘||Peterborough||||
|||PE1 1JE||||
|COMMERCIALAGENTS:||Savills
—||||
|||Stuart House||||
|;||City Road||||
|||Peterborough||||
|||PE11QF||||
50