Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
(A Company Limited by Guarantee and not having a Share Capital)
ANNUAL REPORT AND FINANCIAL STATEMENTS
Year ended 31 January 2025
CHARITY REGISTRATION NUMBER 800067 COMPANY REGISTRATION NUMBER 2288607
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31[st] JANUARY 2025
| CONTENTS | Page |
|---|---|
| Forewords from the Chair and Chief Executive | 2 - 3 |
| Report of the Board of Trustees | 4 - 9 |
| Report of the Auditors | 10 - 12 |
| Consolidated Statement of Financial Activities | 13 |
| Consolidated and Charity Balance Sheets | 14 |
| Consolidated Cash Flow Statement | 15 - 16 |
| Notes to the Accounts | 17 - 35 |
| Acknowledgements | 36 |
| Corporate Information | 37 - 38 |
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NENE PARK TRUST
Foreword from Matthew Bradbury, Chief Executive
At Nene Park Trust, we are fortunate to have been founded on a model that is as forward thinking today as it was when the charity began. Our independent, self-sustaining structure gives us the freedom to focus on what really matters: caring for the Park’s landscapes, delivering inspiring experiences, supporting wildlife and creating opportunities for people to enjoy, learn and thrive. Our blended finance model, combining income from commercial investments and enterprises with fundraising and activity income, means we are not reliant on public funding. It allows us to plan confidently for the future and invest directly in delivering our charitable purpose.
As you read through this Annual Report, you will see the scale and variety of what that purpose looks like in action. From conservation and volunteering to learning and events, our work continues to reach more people every year. Our 300 regular volunteers contributed over 13,450 hours of their time to help us manage, maintain and animate the Park, and our education team welcomed more children than ever before – 6,122 in total – to discover the joys of environmental learning and outdoor adventure.
The year has seen an extraordinary range of projects delivered across the Park. We completed the transformation of our main Welcome Area, creating a more accessible and enjoyable experience for visitors. Our Winter Festival returned for its second year, welcoming families to celebrate the season with lights, music and creativity, including a partnership with the National Literacy Trust that saw the launch of an exclusive book written for us by a local author. And in May, Peterborough Celebrates Festival returned for its third and most successful year yet, bringing together thousands of people for a weekend of sunshine, community and joy.
We have also made great strides in our environmental work. The Reedbed project, created using 6,000 cubic metres of reused soil, has already inspired further biodiversity enhancements including the creation of Poppy Meadow and the Bee Bank – both now thriving habitats that are home to an abundance of wildlife. We also secured our first Biodiversity Net Gain agreements and completed a Defra funded Natural Environment Investment Readiness Fund project, further strengthening our position as a regional leader in sustainable land management.
Our reach continues to grow beyond Peterborough, as we share our expertise and approach with partners in neighbouring areas. We are delighted to be supporting the creation of new country parks at Alconbury Weald with Urban & Civic, and at Quarry Farm near Stamford with Allison Homes. It is incredibly rewarding to see the principles that underpin Nene Park – sustainability, accessibility and community value – being applied to shape the green spaces of tomorrow.
In 2024, we also launched our Investment Prospectus, inviting organisations and individuals to invest with us and partner with us to deliver social, economic and environmental impact. The response so far has been extremely positive, reinforcing the growing recognition that parks and open spaces are not simply amenities, but essential infrastructure for thriving, healthy communities.
Looking forward, we are developing a stronger framework to measure and demonstrate our impact. The data already tells a powerful story: more people, more wildlife and more positive outcomes for our city. But the real story is felt every day in the smiles of visitors, the enthusiasm of schoolchildren and the pride of our volunteers who help keep the Park at its best.
Finally, my sincere thanks go to our trustees, staff, volunteers, partners and supporters. Your hard work, commitment and belief in our mission make everything we achieve possible. Together, we are ensuring that Nene Park Trust continues to deliver real impact for people and nature across Peterborough and beyond.
Best wishes
Matthew Bradbury
CEO
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NENE PARK TRUST
Foreword from Mark Duckmanton, Chair of Trustees
It has been a year of both challenge and opportunity for Nene Park Trust, one that has tested our resilience, sharpened our focus and, above all, reminded us just how important our work is.
Across the country, charities like ours are navigating an uncertain financial landscape, with rising costs, changes in visitor behaviour and increasing pressure on public funding. Yet, despite these challenges, Nene Park Trust has continued to thrive, delivering real, visible impact for the people, wildlife and communities of Peterborough. From caring for our cherished landscapes to investing in new places and experiences, we have shown that growth and sustainability can go hand in hand when driven by purpose and passion.
As the new Chair, I feel incredibly proud and excited to lead a charity that delivers such a powerful and positive impact for our city and its residents. The work of Nene Park Trust reaches far beyond the boundaries of the Park itself, improving wellbeing, nurturing nature, and helping to make Peterborough a happier, healthier and more connected place to live. It is a privilege to help guide an organisation that so clearly makes a difference to people’s lives every day.
This year has also seen change and renewal at Board level, with several new trustees joining us and bringing valuable expertise and energy to the table. I have been continually inspired by the dedication and skill across the Trust, from our staff and volunteers to our leadership team, all working with care and creativity to ensure the Park continues to serve our city for generations to come.
We have achieved a great deal over the past year. From the transformation of Thorpe Meadows to the creation of new habitats and learning spaces across the wider estate, we have continued to invest in the natural beauty and biodiversity that make our parks so special. Our footprint is also growing as we work with incredible partners including Urban & Civic and Allison Homes to extend our reach, strengthen ecological corridors, and create new opportunities for people to experience nature and culture on their doorstep. As ever, we remain mindful of balancing this growth with our responsibility to manage the land sustainably for the long term.
Looking ahead to the future, we will be reviewing our strategy to make sure it remains focused, relevant and ambitious, ready to meet the changing needs of both our communities and our environment. Our goals remain clear: to champion the role of green space in shaping Peterborough’s identity, to lead the way on environmental responsibility, and to keep creating opportunities for people to enjoy, learn and thrive in our parks and spaces.
Finally, my heartfelt thanks go to everyone who makes Nene Park Trust the special place it is: our dedicated staff, volunteers, partners, supporters and visitors. Together, we are helping Peterborough and its people to flourish through the spaces and places that just make life better.
Mark Duckmanton Chair of Trustees Nene Park Trust
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NENE PARK TRUST
Annual Report & Financial Statements
2024-25
Our People
Throughout our Trust’s team we have expert knowledge, experience and dedication to the mission of Nene Park Trust.
From Education, Estate and Environment, Farming and Finance, Property and Park volunteers, our team combine their skills and provide the public with a landscape and facilities for Peterborough and surrounding area.
Our team engage with local communities, working with shared valued to create the best environment to meet the needs of those communities and the wider population. We thank our network of individuals groups and organisations for their continued support in helping us deliver.
Our Volunteers
We are extremely grateful to the 194 volunteers that have supported the Trust in the year; dedicating 14,401 hours of their time to a wide variety of activities, including conservation, surveys, education, the visitor centre and events.
Our Financial Performance
At the close of the 2024-25 financial year, our group financial position had shown an increase in our net assets, reaching £40.9 m, up by £0.5 m from the previous year’s £40.4 million.
The increase was due to grant receipts for a future capital project of £1.4m and the value of our investments increased by £0.9m in portfolio realised and unrealised gains.
The investment increase in value followed two years of significant losses in the markets. All three Investment Funds made gains in the year.
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NENE PARK TRUST
Our net assets are allocated across four reserve funds as follows:
Restricted Fund : Standing at £5.9m (2024: £4.3m). These funds are earmarked for Peterborough Culture and Leisure Trust sculptures £3.4m and Nene Park Trust projects £2.5m (the largest element being £1.4m allocated to the Lakeside Activities Centre).
Endowment Fund : Currently valued at £12.6m (2024: £12.3m). This fund is held in Investments and throughout the year provides an income stream from dividends and interest. In addition, the valuation of the portfolio fluctuates in the year and the increase in closing value is due to the increase in portfolio valuation at the end of the year.
Designated funds : Currently £22.0m (2024: £23.5m). These are a group of earmarked funds from unrestricted reserves set aside for forthcoming expenditure and include £10.0m Tangible Fixed Asset fund, £5.8m Investment fund, £0.2m Woodland Maintenance fund and £5.9m Parks Works Fund.
General Fund : Currently at £0.4m (2024: £0.3m). This is the remaining unrestricted fund, undesignated, for the general use of the Trust or its subsidiaries.
Financial Review of 2024-25
In reviewing the financial performance of 2024-25, it is important to note that we continue to grow financially in both income and expenditure but also in the varied services and impact we offer as a Charity.
We have completed year two of our 5-year-business-plan. The plan includes the development of a strategy to move Investment Funds from the Stock Market into income generating projects and at the same time create more impact – Our “double bottom line”. We continue to grow and diversify, and financially this has meant that we have established a more balanced and diverse range of income streams.
The total income was £6.7m for the year (2024: £4.7m). “Total income” combines income from its permanent endowment, restricted and unrestricted funds.
Investment income from dividends and interest amounted to £807k (2024: £970k). Investment income reduced because stock market investment portfolios have reduced in the year. Investments have been used to both finance the recent planned investments across the organisation, which appear as ‘deficits’ and investments have been moved into other Fixed Assets such as land and property acquisitions.
Grants and Donations have increased to £3.3m from £1.3m in 2024. Boosted by a £1.4m grant for the Lakeside Activity Centre – a climbing and bouldering centre planned for 2026/27.
Within our charitable activities, income from tenants has increased to £980k (2024: £852k) as the portfolio of tenancies has expanded and those business tenancies have had successful financial years. Operating income which includes car parking, environmental stewardship, water sports, education and events income has increased slightly from £1.3m in 2024 to £1.4m.
Trading income generated from the shop at the Visitors Centre was £209k compared to £218k the previous year.
Expenditure was planned to exceed income for the period of organisational investment of the 5-year-businessplan. The net expenditure before investment gains was £398k.
Total Expenditure was at its highest ever level at £7.1m (2024: £6.0m), of which £1.0m was restricted funds expenditure and £6.1m unrestricted.
Fundraising costs were £188k (2024: £182k). The newly expanded fundraising team, providing a platform from which to apply for available grants for our projects and charitable activities.
Investment management costs amounted to £87k (2024: £69k) for the management of our three investment portfolios.
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NENE PARK TRUST
The shop trading costs of sales were £207k for the year, a decrease of £30k from the previous year.
We continue to develop our portfolio of capital projects to both improve the infrastructure of our estate and increase charitable impact for public benefit.
During the year, we completed the acquisition of a parcel of agricultural land at Castor, helping to link existing Trust land and better enable public access through our rural estate. We continue to evaluate other such opportunities.
To increase our ability to deliver education to schools and groups, another classroom has been added, effectively doubling our capacity. The classrooms are adjacent to an all-new visitor welcome area (funded mainly by Heritage Lottery Fund), providing an improved gateway to Ferry Meadows and a much more welcoming meeting area.
Key Financial Metrics
| Key Financial Metrics | ||
|---|---|---|
| 2024/25 | 2023/24 | |
| Total incoming Resources | 6.7m | 4.7m |
| Total resources Expended | 7.1m | 6.0m |
| Net investment gains/(losses) | 0.9m | (0.7m) |
| Net movement in funds | 0.5m | (2.0m) |
| Investment return (income + net gains) | 1.7m | 0.3m |
| Investment return % | 7.9% | 1.2% |
Investments
In addition to the properties and land under tenancies we hold three investment portfolios. Their purpose being to create income to be used in our charitable activities day to day, and also to fund capital purchases. The funds comprise an endowment fund, and two additional portfolios. They all have the same brief, which is to maximise income with a focus on ethical investments on a medium risk basis over a medium (5-year term).
The income from the three portfolios, held by Rathbone Greenbank, CCLA and Charles Stanley, are a mix of income from dividends and interest and gains from the increase in portfolio value. Whereas the income is relatively stable, portfolio valuations can vary considerably from year to year. This year’s gains were £950k whereas in 2023-24 we experienced a loss of £710k. A positive swing of £1.7m in the year. However, 2023-24 saw a negative swing of £1m.
2024-25 showed signs of recovery following net losses in 2023-24 and 2022-23, both years having been strongly influenced by international unrest.
Looking ahead
During the medium term, we plan to see the recent investments come online and start to contribute to a more diverse range of income streams.
2024-25 saw further reduction in inflation (which peaked at 9.6% in October 2022) which eased the pressures experienced in the previous few years affecting all of our activities from the largest projects to day-to-day expenditure. Inflation though is still twice the government’s 2% target and this not only increases our costs but reduces disposable income available to our visitors. The official bank base rate started to fall during 2024-25 but spent much of the year at 5.25% falling to 4.75% at year end. Lower interest rates bring back the possibility of borrowing carefully for future projects. Whereas using our own funds has been the only viable option since 2023.
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NENE PARK TRUST
STRUCTURE, GOVERNANCE AND MANAGEMENT
Our 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 2,535-acre (1025 ha) 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 a large 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 the work undertaken by the Trust is for the benefit of the public.
Group Structure and Subsidiary undertakings
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 until the end of the year, when it was shop activities combined with the Trust’s Visitor Centre. The Trust holds all 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). The Trust is the corporate trustee of Peterborough Culture and Leisure Trust and has a controlling interest in the charity. This entity holds a collections of sculpture artwork and its main activity is to maintain that collection for the future enjoyment of the public.
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.
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.
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NENE PARK TRUST
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 of office for all Trustees, with a maximum of 3 terms of 3 years each. All Trustees are appointed by the Board. The Trustees regularly review the skills, experience and competencies required to carry out the Board’s work effectively 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 2025 is on page 37.
Nene Park Trust Senior Leadership Team
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-today 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 leads the senior leadership team, The Trust also engages several professional advisers to assist in its work. Senior Leadership Team during the year at the date of this report are as follows:
| Matthew Bradbury | Chief Executive Officer |
|---|---|
| Andrew MacDermott | Deputy Chief Executive Officer |
| Phil Hodgett | Chief Finance Officer |
| Steph Peachey | Head of Visitor Engagement |
| Selina Wilson | Head of People |
| Adrian Oates | Head of Fundraising |
| Nicola Craven | Head of Development |
| Jen Marscheider | Head of Marketing |
| Duncan Bridges | Head of Land and Environment |
| Rob Pearce | Head of Parks Consultancy |
Key Personnel - Remuneration
The Chief Executive’s remuneration is determined by the Board. The Board also carry out the annual performance review of the Chief Executive. Salaries are reviewed in the fourth quarter of each financial year and any changes take effect in the February of the new year. Salaries are benchmarked regularly to ensure all are within the ‘market range’.
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NENE PARK TRUST
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:
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select suitable accounting policies and then apply them consistently.
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observe the methods and principles in the Charities SORP.
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make judgements and estimates that are reasonable and prudent.
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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:
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there is no relevant audit information of which the Trust’s auditors are unaware; and
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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.
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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
[farSigned292BE062DB474D7... Ducemantowby:
M Duckmanton
Chair
Approved by the Board on 9th July 2025
Company Number: 2288607
The accompanying notes form part of these financial statements.
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NENE PARK TRUST
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 2025 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:
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give a true and fair view of the state of the affairs of the group and the parent charitable company as at 31 January 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
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:
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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
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the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
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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:
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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
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the parent charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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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
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 any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We 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 non-compliance 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.frc.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 report 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
Statutory Auditors
Date: 27 October 2025
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
12
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) Year ended 31 January 2025
| Unrestricted | Unrestricted | Restricted | Permanent | Group | Group | |
|---|---|---|---|---|---|---|
| Funds | Funds | Endowment | 2025 |
2024 | ||
| Note | £'000 |
£'000 | £'000 | £'000 | £'000 | |
| Income | ||||||
| Investment income | 352 | - | 455 | 807 | 970 | |
| Grants and donations | 607 | 2,689 | - |
3,296 | 1,274 | |
| Charitable activities | ||||||
| Income from tenants | 979 | - | - | 979 | 852 | |
| Operating income | 1,415 | - | - |
1,415 | 1,359 | |
| Trading income | 209 | - | - | 209 | 218 | |
| _____ | ______ | _____ | _____ | _____ | ||
| Total Income | 3,562 | 2,689 | 455 | 6,706 | 4,673 | |
| _____ | ______ | _____ | _____ | _____ | ||
| Expenditure | ||||||
| Costs of raising funds) | 2 | |||||
| Trading cost of sales | 207 | - | - | 207 | 237 | |
| Investment management costs | 34 | - | 53 | 87 | 69 | |
| Fundraising costs | 188 | - | - | 188 | 182 | |
| Expenditure on charitable activities | 2 | |||||
| Park management | 5,578 | 1,044 | - |
6,622 | 5,519 | |
| _____ | ______ | _____ | _____ | _____ | ||
| Total expenditure | 6,007 | 1,044 | 53 | 7,104 | 6,007 | |
| _____ | ______ | _____ | _____ | _____ | ||
| Net expenditure | ||||||
| before investment gains/(losses) | (2,445) | 1,645 | 402 | (398) | (1,334) | |
| Net investment (losses)/gains | 631 | - | 319 | 950 | (710) | |
| ____ | ____ | _____ | ____ | ____ | ||
| Net (expenditure) / income | (1,814) | 1,645 | 721 | 552 | (2,044) | |
| Transfers | 15 | 402 | - | (402) |
- | - |
| ____ | ____ | _____ | ____ | ____ | ||
| Net movement in funds | (1,412) | 1,645 | 319 | 552 | (2,044) | |
| Funds brought forward 1 February 2024 | 15 | 23,811 | 4,318 | 12,275 | 40,404 | 42,448 |
| ______ | _____ | _____ | ______ | ______ | ||
| Funds carried forward 31 January 2025 | 22,399 | 5,963 | 12,594 | 40,956 | 40,404 | |
| ______ | _____ | _____ | ______ | ______ |
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 2024 are shown in note 22. No separate income and expenditure account has been presented as the only difference between the net income for the year £552,000 and the net expenditure for the year as defined by the Companies Act 2006 £398,000 is the net investment gains of £950,000.
13
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CONSOLIDATED AND CHARITY BALANCE SHEETS As at 31 January 2025
| As at 31 January 2025 | As at 31 January 2025 | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Note | Note | Group | Charity | Group | Charity |
| £'000 | £'000 | £'000 | £'000 | ||
| FIXED ASSETS | |||||
| 7 | Tangible assets | 15,089 | 15,089 | 14,626 | 14,626 |
| 8 | Heritage assets | 3,448 | - | 3,448 | - |
| 9 | Investments | 22,065 | 9536 | 22,502 | 10,292 |
| ______ | ______ | ______ | ______ | ||
| 40,602 | 24,625 | 40,576 | 24,918 | ||
| CURRENT ASSETS | |||||
| 10 | Stocks | 95 | 95 | 102 | 62 |
| 11a | Debtors falling due after more than one year | - | - | - | 84 |
| 11b | Debtors falling due within one year | 351 | 351 | 622 | 750 |
| 12 | Cash at bank and in hand | 1,250 | 1,244 | 587 | 516 |
| _____ | _____ | _____ | _____ | ||
| 1,696 | 1,690 | 1,311 | 1,412 | ||
| 13 | CREDITORS: Amounts falling due | ||||
| within one year | (500) | (497) | (627) | (613) | |
| _____ | _____ | _____ | _____ | ||
| NET CURRENT ASSETS | 1,196 | 1,193 | 684 | 799 | |
| _____ | ______ | _____ | ______ | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 41,798 | 25,818 | 41,260 | 25,717 | |
| 14CREDITORS: | CREDITORS:Amounts falling due | ||||
| after more than one year | (842) | (842) | (856) | (849) | |
| ______ | _ | _ ______ |
______ | ||
| NET ASSETS | 40,956 | 24,976 | 40,404 | 24,868 | |
| ______ | _ | ______ | ______ | ||
| 15 | FUNDS | ||||
| Nene Park Trust | |||||
| Restricted Funds | 5,963 | 2,542 | 4,320 | 885 | |
| Unrestricted Funds | |||||
| General Funds | 400 | 435 | 294 | 466 | |
| Designated Funds | 21,999 | 21,999 | 23,516 | 23,517 | |
| Endowment Held in Connection with Nene Park | Endowment Held in Connection with Nene Park | ||||
| Permanent Endowment | 12,594 | - | 12,274 | - | |
| _____ | ______ | ______ | ______ | ||
| 40,956 | 24,976 | 40,404 | 24,868 | ||
| _____ | ______ | ______ | ______ |
The Trust has taken the exemption available under section 408 of the Companies Act 2006 from presenting the parent charity SOFA. The net income of the parent charity was £108k (2024: net expenditure of £155k).
The accounts were approved by the Board of Trustees and authorised for issue on 9th July 2025 and signed on their behalf by:
Mr Mark Duckmanton Director
Company registration no. 2288607. The accompanying notes form part of these financial statements
14
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CONSOLIDATED CASH FLOW STATEMENT Year ended 31 January 2025
| Note | 2025 | 2024 | |
|---|---|---|---|
| Group | Group | ||
| £’000 | £’000 | ||
| Cash invested / (used) in operating activities | 19 | (472) | (2,034) |
| ---------------------- | ---------------------- | ||
| Cash flows from investing activities | |||
| Investment income | 807 | 970 | |
| Purchase of investments | (4,198) | (3,759) | |
| Sale of investments | 5,584 | 8,873 | |
| Purchase of tangible fixed assets | (1,070) | (4,869) | |
| Sale of tangible fixed assets | 11 | 15 | |
| ---------------------- | ---------------------- | ||
| Cash provided by investing activities | 1,134 | 1,230 | |
| Cash flows from financing activities | |||
| Loans | |||
| Repayment of loans | (11) | (4) | |
| __ | __ | ||
| Cash provided by financing activities | (11) | (4) | |
| Decrease in cash and cash equivalents in the | 651 | (808) | |
| year | |||
| Cash and cash equivalents at the beginning of the | 701 | 1,509 | |
| year | |||
| ---------------------- | ---------------------- | ||
| TOTAL CASH AND CASH EQUIVALENTS AT | A | 1,352 | 701 |
| THE END OF THE YEAR | |||
| ---------------------- | ---------------------- | ||
| NOTE A: Analysis of cash | 2025 | 2024 | |
| Group | Group | ||
| £’000 | £’000 | ||
| Cash at bank at 31 January | 1,250 | 587 | |
| Cash at investment managers at 31 January | 102 | 114 | |
| ---------------------- | ---------------------- | ||
| 1,352 | 701 | ||
| __ | __ |
15
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CONSOLIDATED CASH FLOW STATEMENT (Continued) Year ended 31 January 2025
| Statement of Net Debt | |||
|---|---|---|---|
| 2025 | |||
| At 1 Feb | Cashflow | At 31 Jan | |
| £'000 | £'000 | £'000 | |
| Cash at bank and in hand | 587 | 663 | 1,250 |
| Cash at investment managers | 114 | (12) | 102 |
| Loans | (11) | 11 | - |
| _____ | _____ | _____ | |
| Net cash and cash equivalents | 690 | 662 | 1,352 |
| _____ | _____ | _____ | |
| Statement of Net Debt | |||
| Comparative information: | 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 | (804) | 690 |
| _____ | _____ | _____ |
16
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2025
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 preparation 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 07171668) 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 Financial 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 as a 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.
17
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2025
NENE PARK TRUST
1 ACCOUNTING 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.
Depreciation is calculated so as to write off the cost of tangible fixed assets over their estimated useful lives as follows:
| useful lives as follows: | |
|---|---|
| Buildings Leasehold | 5-40 years on a straight-line basis |
| Freehold | 5-40 years on a straight-line basis |
| Plant and Machinery | 2% to 25% per annum on a straight-line basis |
| Motor Vehicles | 20% per annum on a straight-line basis |
| Office Equipment | 10% - 25% per annum on a straight-line basis |
| Nene Outdoors equipment | 25% per annum on a straight-line basis |
Depreciation is not charged on Assets in the Course of Construction until practical completion.
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.
18
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS Year ended 31 January 2025
1 ACCOUNTING POLICIES (contd.)
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 on a 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.
19
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
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.
2 ANALYSIS OF GROUP EXPENDITURE
| 2025 | Direct | Other | Depreciation | Support and | Total |
|---|---|---|---|---|---|
| costs – | direct | governance | 2025 | ||
| Staff | costs | costs | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Costs of raising funds | |||||
| Costs of sales | 44 | 163 | - | - | 207 |
| Investment management | - | 87 | - | - | 87 |
| costs | |||||
| Fundraising costs | 180 | 8 | - | - | 188 |
| Charitable | |||||
| expenditure | |||||
| Park management | 2,331 | 2,542 | 608 | 1,141 | 6,622 |
| --------------- | -------------- | --------------------- | ---------------------- | -------------------- | |
| 2,555 | 2,800 | 608 | 1,141 | 7,104 | |
| -------------- | -------------- | -------------------- | ---------------------- |
------------------ | |
| 2024 | Direct | Other | Depreciation | Support and | Total |
| costs – | direct | governance | 2024 | ||
| Staff | costs | costs | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | |
| Costs of raising funds | |||||
| Costs of sales | 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 | |
| -------------- | -------------- | -------------------- | ---------------------- |
------------------ |
20
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
3 ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
| 2025 | Staff | Other | Depreciation | Total |
|---|---|---|---|---|
| costs | costs | 2025 | ||
| £'000 | £'000 | £'000 | £'000 | |
| Support costs | ||||
| Office and administration | 37 | 16 | 10 | 63 |
| Chief Executive and team | 322 | 18 | - | 340 |
| Business Services | 340 | 84 | - | 424 |
| Other organisational costs | 212 | 44 | - | 256 |
| _____ | _____ | _____ | _____ | |
| Total support costs | 911 | 162 | 10 | 1,083 |
| Governance costs | 23 | 35 | - | 58 |
| _____ | _____ | _____ | _____ | |
| Total support & governance costs | 934 | 197 | 10 | 1,141 |
| _____ | _____ | _____ | _____ | |
| 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 |
| _____ | _____ | _____ | _____ |
21
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
4 STAFF NUMBERS AND COSTS
The average number of employees, analysed by function, (excluding Members of the Board of Trustees) was as follows:
| was as follows: | ||
|---|---|---|
| 2025 | 2024 | |
| No. | No. | |
| Operations team | 58 | 53 |
| Development team | 12 | 13 |
| Support services and fundraising team | 26 | 23 |
| ___ | ___ | |
| 96 | 89 | |
| ___ | ___ | |
| The aggregate payroll costs were as follows: | ||
| 2025 | 2024 | |
| £'000 | £'000 | |
| Salaries and wages | 2,916 | 2,736 |
| Social Security costs | 279 | 227 |
| Pension contributions | 274 | 212 |
| Redundancy and termination costs | 20 | - |
| _____ | _____ | |
| 3,489 | 3,175 | |
| Other staff costs | 37 | 31 |
| _____ | _____ | |
| 3,526 | 3,206 | |
| _____ | _____ |
During the year, the charity, restructured part of its operating staff structure resulting in one redundancy. The charity also terminated one employees’ contract. Payments of £20k were made. These payments were recognised in full during the year in which the redundancy and termination was announced.
No Further redundancy provisions remain at the balance sheet date.
22
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
The number of employees whose emoluments for the year exceeded £60,000 are within the following bands:
| bands: | ||
|---|---|---|
| 2025 | 2024 | |
| No. | No. | |
| £60,000 to £70,000 | 4 | 2 |
| £70,000 to £80,000 | 2 | - |
| £100,000 to £110,000 | 1 | 1 |
| £110,000 to £120,000 | 1 | - |
| £140,000 to £150,000 | - | 1 |
| £150,000 to £160,000 | 1 | - |
The key management personnel of the Group comprise the trustees, who received no remuneration (2024: £nil) and the Senior Leadership Team (SLT).
The members of SLT at 31[st] January 2025 were the Chief Executive, the Director of Growth and Operations (and deputy Chief Executive), Chief Finance Officer, Head of Fundraising, Head of Land and Environment, Head of Marketing, Head of Visitor Engagement, Head of Development, Head of People and Head of Parks Consultancy.
The total employee benefits of the key management personnel of the Trust were £803,658 (2024: £681,922).
5 NET INCOME / (EXPENDITURE)
| NET INCOME / (EXPENDITURE) | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| This is stated after charging the following: | ||
| Government grants and related expenditure | - | - |
| Audit of parent charity | 17 | 16 |
| Audit of subsidiaries | 8 | 7 |
| Additional audit costs in relation to prior year | - | 15 |
| Non audit services | 4 | 5 |
| Depreciation of tangible fixed assets | 590 | 462 |
| Loss on impairment of Intergroup (charity) loan | - | - |
| Profit on disposals of tangible fixed assets | 11 | 8 |
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 (2024: £nil) were reimbursed to nil (2024: nil) trustees.
6 TAXATION
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.
23
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
| 7 | TANGIBLE FIXED ASSETS | (GROUP) | ||||||
|---|---|---|---|---|---|---|---|---|
| Freehold | Leasehold | Assets in the | ||||||
| Land & | Land & | Plant & | Motor | Office | course of | |||
| Buildings | Buildings | Machinery | Vehicles | Equipment | construction | Total | ||
| Cost | £'000 | £'000 | £'000 | £'000 | £'000 | £’000 | £'000 | |
| At 1 February 2024 | 7,760 | 6,724 | 2,656 | 201 | 80 | 1,410 | 18,831 | |
| Transfers | (1,959) | 3,016 | - | - | - | (1,057) | - | |
| Additions | (12) | 631 | 42 | - | 10 | 399 | 1,070 | |
| Disposals | - | - | - | (17) | - | - | (17) | |
| __________________ | ||||||||
| At 31 January 2025 | 5,789 | 10,371 | 2,698 | 184 | 90 | 752 | 19,884 | |
| __________________ | ||||||||
| Depreciation | ||||||||
| At 1 February 2025 | 283 | 2,268 | 1,445 | 162 | 47 | - | 4,205 | |
| Charged in year | 41 | 342 | 204 | 10 | 10 | - | 607 | |
| On disposals | - | - | - | (17) | - | - | (17) | |
| __________________ | ||||||||
| At 31 January 2024 | 324 | 2,610 | 1,649 | 155 | 57 | - | 4,795 | |
| __________________ | ||||||||
| Net book value | ||||||||
| At 31 January 2025 | 5,465 | 7,761 | 1,049 | 29 | 33 | 752 | 15,089 | |
| __________________ | ||||||||
| At 31 January 2024 | 7,477 | 4,456 | 1,211 | 39 | 33 | 1,410 | 14,626 | |
| __________________ |
-
The Trust occupies property and buildings known as Nene Park, which is situated in the City of Peterborough, under the provision of a lease between the Trust and the Peterborough Development Corporation dated 23 September 1988. The lease is for a duration of 999 years from 31 March 1988 and includes covenants restricting the use and disposal of property. In view of these restrictive covenants, no value has been put on the lease in these accounts.
-
2 Transfers during the year relate to assets in the course of construction at 1 February 2024 which have since been brought into use during the year. 3 Within Group Office Equipment, £nil (2024: £nil) of assets are held under hire purchase agreements. 4 All the fixed assets are held for the use of the Group.
24
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
| TANGIBLE FIXED ASSETS | (CHARITY) | ||||||
|---|---|---|---|---|---|---|---|
| Freehold | Leasehold | Assets in the | |||||
| Land & | Land & | Plant & | Motor | Office | course of | ||
| Buildings | Buildings | Machinery | Vehicles | Equipment | construction | Total | |
| Cost | £'000 | £'000 | £'000 | £'000 | £'000 | £’000 | £'000 |
| At 1 February 2024 | 7,760 | 6,724 | 2,656 | 201 | 80 | 1,410 | 18,831 |
| Transfers | (1,959) | 3,016 | - | - | - | (1,057) | - |
| Additions | (12) | 631 | 42 | - | 10 | 399 | 1,070 |
| Disposals | - | - | - | (17) | - | - | (17) |
| __________________ | |||||||
| At 31 January 2025 | 5,789 | 10,371 | 2,698 | 184 | 90 | 752 | 19,884 |
| __________________ | |||||||
| Depreciation | |||||||
| At 1 February 2025 | 283 | 2,268 | 1,445 | 162 | 47 | - | 4,205 |
| Charged in year | 41 | 342 | 204 | 10 | 10 | - | 607 |
| On disposals | - | - | - | (17) | - | - | (17) |
| __________________ | |||||||
| At 31 January 2024 | 324 | 2,610 | 1,649 | 155 | 57 | - | 4,795 |
| __________________ | |||||||
| Net book value | |||||||
| At 31 January 2025 | 5,465 | 7,761 | 1,049 | 29 | 33 | 752 | 15,089 |
| __________________ | |||||||
| At 31 January 2024 | 7,477 | 4,456 | 1,211 | 39 | 33 | 1,410 | 14,626 |
| __________________ |
-
The Trust occupies property and buildings known as Nene Park, which is situated in the City of Peterborough, under the provision of a lease between the Trust and the Peterborough Development Corporation dated 23 September 1988. The lease is for a duration of 999 years from 31 March 1988 and includes covenants restricting the use and disposal of property. In view of these restrictive covenants, no value has been put on the lease in these accounts.
-
Transfers during the year relate to assets in the course of construction at 1 February 2023 which have since been brought into use during the year. 3. All the fixed assets are held for the use of the Charity.
25
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
8 HERITAGE ASSETS
The heritage assets are a collection of 26 sculptures which were donated to the Trust by Vivacity on 30[th] 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.
9
| 2025 | 2024 | |||
|---|---|---|---|---|
| Group | Charity | Group | Charity | |
| £'000 | £'000 | £'000 | £'000 | |
| INVESTMENTS | ||||
| Listed investments | ||||
| Market value at 1 February | 22,502 | 10,227 | 28,553 | 16,118 |
| Additions | 4,196 | 1,285 | 3,759 | 100 |
| Disposals | (5,575) | (2,541) | (7,669) | (4,107) |
| Withdrawn additional to disposal | - | - | (1,193) | (1,193) |
| Net unrealised investment (losses) / gains | (236) | (374) | (2,019) | (1,986) |
| Net realised investment gains / (losses) | 1169 | 797 | 1,286 | 1,323 |
| Movements in cash held by investment manager | 9 | 78 | (215) | (28) |
| ______ | _____ | ______ | ______ | |
| Market value at 31 January | 22,065 | 9,472 | 22,502 | 10,227 |
| Unlisted investments: | ||||
| 65,000 £1 shares in trading subsidiary at cost | - | 65 | - | 65 |
| ______ | _____ | ______ | ______ | |
| Investments at 31 January | 22,065 | 9,537 | 22,502 | 10,292 |
| ______ | _____ | ______ | ______ | |
| ______ | _____ | ______ | ______ | |
| Historical cost as at 31 January | 19,213 | 7,338 | 19,706 | 7,786 |
| ______ | _____ | ______ | ______ |
26
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.)
Year ended 31 January 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Group | Charity |
Group | Charity | ||
| £'000 | £'000 |
£'000 | £'000 | ||
| 10 | STOCKS | ||||
| Goods for resale | 26 | 26 |
40 | - | |
| Livestock | 69 | 69 |
62 | 62 | |
| ___ | ___ |
___ | ___ | ||
| 95 | 95 |
102 | 62 | ||
| ___ | ___ |
___ | ___ | ||
| 11 | DEBTORS | ||||
| a) Debtors falling due after more than one year | |||||
| Owed by trading subsidiary | - | - |
- | 84 | |
| ____ | ____ |
____ | ___ | ||
| - | - |
- | 84 | ||
| ____ | ____ |
____ | ___ | ||
| The Loan owed by trading subsidiary was written off in the year as the parent company absorbed the shop | |||||
| into its core activities. The loan of £84,500 was made on 31st | January 2022 and | repayable | in March 2025. | ||
| Interest was payable on this loan every quarter at an | annual interest rate of 6%. | ||||
| b) Debtors falling due within one year | |||||
| Trade debtors | 115 | 115 |
358 | 358 |
|
| Other debtors | 118 | 118 |
236 | 227 |
|
| Prepayments | 118 | 118 |
28 | 28 |
|
| Owed by trading subsidiary | - | - |
- | 137 | |
| ___ | ____ |
____ | ____ | ||
| 351 | 351 |
622 | 750 | ||
| ____ | ____ |
____ | ____ | ||
| 12 | CASH AT BANK AND IN HAND | ||||
| Cash and short-term deposits | 1,250 | 1,244 |
587 | 516 |
|
| _____ | _____ |
_____ | _____ | ||
| 13 | CREDITORS: Amounts falling due within one year | ||||
| Trade Creditors | 97 | 97 |
210 | 197 | |
| Other creditors | 180 | 180 |
92 | 91 | |
| Other taxation and Social Security | 67 | 67 |
97 | 97 | |
| Accruals | 22 | 19 |
78 | 70 | |
| Deferred income | 134 | 134 |
146 | 146 | |
| Owed to trading subsidiary | - | - |
- | 11 | |
| Bounce back loan | - | - |
4 | - | |
| ____ | ____ |
____ | ____ | ||
| 500 | 497 |
627 | 612 | ||
| ____ | ____ |
____ | ____ |
27
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.)
| Year | ended 31 January 2025 | 2025 | 2024 | ||
|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||
| £'000 | £'000 | £'000 | £'000 | ||
| 14 | CREDITORS:Amounts falling due after more than | one year | |||
| Bounce back loan | - | 7 | - | ||
| - | |||||
| Deferred income | 842 | 842 | 849 | 849 | |
| ____ | ____ | ____ | ____ | ||
| 842 | 842 | 856 | 849 | ||
| ____ | ____ | ____ | ____ | ||
| Deferred income included within Creditors: | |||||
| Deferred income at 1 February | 995 | 995 | 981 | 981 | |
| Released in year | (153) | (153) | (132) | (132) |
|
| Deferred in year | 135 | 135 | 146 | 146 | |
| ____ | ____ | ____ | ____ | ||
| Deferred income at 31 January | 977 | 977 | 995 | 995 | |
| ____ | ____ | ____ | ____ |
Deferred income represents premiums on long leases and rental and other income received in advance during the year which relates to the following year. The trading subsidiary took out a Bounce Back loan on 7 December 2020 for a term of 6 years and at an interest rate of 2.5%pa. Interest in the first 12 months was covered by the government. The loan was repaid in the year. Capital repayments were payable from January 2022.Hire purchase creditors are secured on the assets to which they relate.
15 FUNDS
| 5 FUNDS |
|||||||
|---|---|---|---|---|---|---|---|
| Balance at | Balance at | ||||||
| a) Movement in Funds |
1 February | Investment | 31 January | ||||
| 2024 | Income | Expenditure | Gains/ | Transfers | 2025 | ||
| (Losses) | |||||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Unincorporated Charity | |||||||
| Permanent Endowment | 12,275 | 455 | (53) | 319 | (402) | 12,594 | |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- | ||
| PCLT Restricted Funds | (i) | 3,436 | - | (16) | - | - | 3,420 |
| Charity Restricted Revenue | 650 | 2,689 | (1,028) | - | - | 2,311 | |
| Charity Restricted Capital | (ii) | 232 | - | - | - | - | 232 |
| _____ | _____ | _____ | _____ | _____ | _____ | ||
| Total Restricted Funds | 4,318 | 2,689 | (1,044) | - | - | 5,963 | |
| _____ | _____ | _____ | _____ | _____ | _____ | ||
| Unrestricted Funds | |||||||
| Designated Funds | |||||||
| Tangible Fixed Assets Fund | (iv) | 10,875 | - | - | - | (876) | 9,999 |
| Investment Fund | (v) | 5,795 | - | - | - | - | 5,795 |
| Woodlands Maintenance | (vi) | 267 | - | - | - | (58) | 209 |
| Fund | |||||||
| Park Works Fund | (vii) | 6,501 | - | - | - | (555) | 5,946 |
| Trust Infrastructure Fund | (viii) | 80 | - | - | - | (30) | 50 |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- | ||
| Total Designated Funds | 23,518 | - | - | - | (1,519) | 21,999 | |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- | ||
| General Funds | |||||||
| Nene Park Services Ltd | (203) | 392 | (254) | - | - | (65) | |
| PCLT | 30 | 5 | (5) | - | - | 30 | |
| General Funds | 466 | 3,165 | (5,748) | 631 | 1,921 | 435 | |
| ------------- | ------------- | ---------------- | ------------- | ----------------- | ------------- | ||
| Total General Funds | 293 | 3,562 | (6,007) | 631 | 1,921 | 400 | |
| ------------- | ------------- | ---------------- | ------------- | ----------------- | ------------- | ||
| Total Funds | 40,404 | 6,706 | (7,104) | 950 | - | 40,956 |
28
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
-
(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 – represents funds for expenditure yet to be completed,. Including £1.4m received for the Lakeside activity Centre. Building work not yet started.
-
(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.
-
(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.
29
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
| Balance at | Balance at | ||||||
|---|---|---|---|---|---|---|---|
| b) Movement in Funds 2024 | 1 February | Investment | 31 January | ||||
| 2023 | Income | Expenditure | Gains/ | Transfer | 2024 | ||
| (Losses) | s | ||||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Unincorporated Charity | |||||||
| Permanent Endowment | 12,437 | - | (42) | (120) | - | 12,275 | |
| -------------- | -------------- | -------------- | -------------- | -------------- | -------------- | ||
| PCLT Restricted Funds | (i) | 3,448 | - | (12) | - | - | 3,436 |
| Charity | |||||||
| Restricted Revenue Funds | (ii) | 163 | 1,388 | (840) | - | (11) | 650 |
| Restricted Capital Fund | 255 | - | - | - | (23) | 232 | |
| Restricted Capital Fund | (iii) | _____ | _____ | _____ | _____ | _____ | _____ |
| 3,866 | 1,338 | (852) | - | (34) | 4,318 | ||
| Total Restricted Funds | _____ | _____ | _____ | _____ | _____ | _____ | |
| Unrestricted Funds | |||||||
| Designated Funds | 9,881 | - | - | - | 994 | 10,875 | |
| Tangible Fixed Assets Fund | (iv) | 5,795 | - | - | - | - | 5,795 |
| Investment Fund | (v) | 325 | - | - | - | (58) | 267 |
| Woodlands Maintenance Fund | (vi) | 6,616 | - | - | - | (115) | 6,501 |
| Park Works Fund | (vii) | 110 | - | - | - | (30) | 80 |
| Trust Infrastructure Fund | (viii) | -------------- | -------------- | -------------- | -------------- | -------------- | -------------- |
| 22,727 | - | - | - | 791 | 23,518 | ||
| Total Designated Funds | 25,958 | -------------- | -------------- | -------------- | -------------- | -------------- | |
| General Funds | |||||||
| Nene Park Services Ltd | (169) | 218 | (252) | - | - | (203) | |
| PCLT | 34 | - | (4) | - | - | 30 | |
| General Funds | 3,553 | 3,117 | (4,857) | (590) | (757) | 466 | |
| ------------- | ------------- | ---------------- | ------------- | ----------------- | ------------- | ||
| Total General Funds | 3,418 | 3,335 | (5,113) | (590) | (757) | 293 | |
| ------------- | ------------- | ---------------- | ------------- | ----------------- | ------------- | ||
| Total Funds | 42,448 | 4,673 | (6,007) | (710) | - | 40,404 |
30
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
b ) Analysis of assets between Funds:
| Net | ||||||
|---|---|---|---|---|---|---|
| Tangible | current | After more | Intra fund | |||
| 2025 | Fixed | Investments | Assets | Than 1 year | balances | Total |
| Assets | ||||||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Permanent Endowment | - | 12,594 | - | - | 12,594 | |
| Restricted Funds | 3,448 | - | 2,515 | - | - | 5,963 |
| Unrestricted Funds | 15,089 | 9,471 | (1,319) | (842) | - | 22,399 |
| -------------- | ------------ | ------------ | ------------ | ------------ | -------------- | |
| Total Funds | 18,537 | 22,065 | 1,196 | (842) | - | 40,956 |
| ======= | ======= | ====== | ====== | ====== | ======= | |
| Net | Creditors | |||||
| Tangible | current | after more | Intra fund | |||
| 2024 | Fixed | Investments | Assets | Than 1 year | Balances | Total |
| Assets | £’000 | £’000 | £’000 | £’000 | £’000 | |
| £’000 | ||||||
| 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 |
| ======= | ======= | ====== | ====== | ====== | ======= |
16 CAPITAL COMMITMENTS
Capital expenditure authorised and contracted for at the end of the year was £nil (2024: £nil).
The significant level of capital commitments outstanding at year end 2023-24 were all completed within the 2024-25 year. Several development projects are in planning for the near future.
31
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
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 £271,567 (2024: £214,460). £34,212 of contributions remained outstanding at the year-end (2024: £30,169) 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:
| 2025 | 2024 | |
|---|---|---|
| £’000 | £’000 | |
| Salaries recharged by Nene Park Trust to Nene Park Services Ltd | 44 | 39 |
| Admin costs recharged by Nene Park Trust to Nene Park Services | 30 | 30 |
| Admin costs recharged by Nene Park Trust to PCLT | 6 | 16 |
| ----------------- | ----------------- | |
| 80 | 85 | |
| ======= | ======= |
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% per annum. The loan was written off at the end of the 2024-25 year.
19 HIVE-UP AT YEAR END
At the year end the shop activity from the Trust’s subsidiary Nene Park Services Ltd was moved to Nene Park Trust. The Trust purchased the shop’s stock valued at £26,620. At year end Nene Park Services Ltd transferred its bank balance to the Trust (£60,228).
At the time of the hive-up Nene Park Services Ltd owed Nene Park Trust an outstanding balance on a loan of £84,500, plus £72,530 outstanding creditor to the Trust as parent company. Both of these amounts were released by the Trust at year end.
20 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH INFLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| 2025 | 2024 | |
| Group | Group | |
| £’000 | £’000 | |
| Net movement in funds | 552 | (2,044) |
| Add back depreciation charge | 607 | 462 |
| Deduct investment income shown in investing activities | (807) | (970) |
| Add / (deduct) losses / (gains) on investments | (950) | 710 |
| Loss/ (gain) on disposal of tangible fixed assets | (11) | 8 |
| (Increase)/ decrease in debtors | 271 | (52) |
| Increase/ (decrease) in creditors | (141) | (146) |
| Decrease/ (Increase) in stock | 7 | (2) |
| ______ | ______ | |
| Net cash used in operating activities | (472) | (2,034) |
| ______ | ______ |
32
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2024
21 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:
| Profit and loss account | ||
|---|---|---|
| 2025 | 2024 | |
| £’000 | £’000 | |
| Shop sales | 235 | 217 |
| Less: Cost of sales | (156) | (137) |
| --------- | --------- | |
| 79 | 80 | |
| Other expenses | (92) | (109) |
| Other operating | - | - |
| income | ||
| --------- | --------- | |
| Loss for the year | (13) | (29) |
| --------- | --------- | |
| Loan written off by | 84 | - |
| parent charity | ||
| Creditor written off by | 73 | - |
| parent charity | ||
| Interest payable | (5) | (5) |
| ____ | ____ | |
| Loss on ordinary | (139) | (34) |
| activities | ____ | ____ |
| Balance Sheet | ||
| 2025 | 2024 | |
| £’000 | £’000 | |
| Current assets | . | 106 |
| Current liabilities | . | (153) |
| --------- | --------- | |
| Net current (liabilities) | . | (47) |
| / assets | ||
| Creditors falling due | . | (92) |
| after more than 1 year | ||
| --------- | --------- | |
| Net (liabilities) / assets | . | (139) |
| --------- | --------- | |
| Capital and reserves: | ||
| Profit and loss account | (65) | (204) |
| Share Capital | 65 | 65 |
| --------- | --------- | |
| - | (139) | |
| --------- | --------- |
The Trust also has a wholly owned subsidiary, Nene Outdoors Limited (Company number 10045686) which has remained dormant throughout the current and prior year.
33
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
22. 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.
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[th] 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 2025 are summarised below.
Statement of Financial Activities
| Income Profit on sale of fixed asset Total income Expenditure on charitable activities Net income/ (expenditure) Balance Sheet Heritage Assets Current Assets Cash Current Liabilities Net Assets Funds Endowment Funds General Fund |
2025 £’000 5 5 (21) (16) 3,448 - 6 (3) 3,451 3,421 30 3,451 |
2024 £'000 - |
|---|---|---|
| - (16) |
||
| (16) 3,448 1 22 (5) |
||
| 3,466 3,436 30 |
||
| 3,466 |
34
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
NOTES TO THE FINANCIAL STATEMENTS (Contd.) Year ended 31 January 2025
23. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (2024)
| Unrestricted | Unrestricted | Restricted | Permanent | Group | Group |
|---|---|---|---|---|---|
| Funds | Funds | Endowment | 2024 |
2023 | |
| Note | £'000 |
£'000 | £'000 | £'000 | £'000 |
| Income | |||||
| Investment income | 970 | - | - | 970 | 1,263 |
| Grants and donations | 28 | 1,246 | - |
1,274 | 800 |
| Charitable activities | |||||
| Income from tenants | 852 | - | - |
852 | 831 |
| Operating income | 1,267 | 92 | - |
1,359 | 1,228 |
| Trading income | 218 | - | - | 218 | 194 |
| _____ | ______ | _____ | _____ | _____ | |
| Total Income | 3,335 | 1,338 | - | 4,673 | 4,316 |
| _____ | ______ | _____ | _____ | _____ | |
| Expenditure | |||||
| Costs of raising funds (Note 2) | |||||
| Trading cost of sales | 237 | - | - | 237 | 237 |
| Investment management costs | 27 | - | 42 | 69 | 97 |
| Fundraising costs | 182 | - | - | 182 | 139 |
| Expenditure on charitable activities (Note 2) | |||||
| Park management | 4,667 | 852 | - |
5,519 | 5,142 |
| _____ | ______ | _____ | _____ | _____ | |
| Total expenditure | 5,113 | 852 | 42 | 6,007 | 5,615 |
| _____ | ______ | _____ | _____ | _____ | |
| Net expenditure | |||||
| before investment gains/(losses) | (1,778) | 486 | (42) | (1,334) | (1,299) |
| Net investment (losses)/gains | (590) | - | (120) | (710) | (1,742) |
| ____ | ____ | _____ | ____ | ____ | |
| Net (expenditure) / income | (2,368) | 486 | (162) | (2,044) | (3,041) |
| Transfers_(Note 15)_ | 34 | (34) | - |
- | - |
| ____ | ____ | _____ | ____ | ____ | |
| Net movement in funds | (2,334) | 452 | (162) | (2,044) | (3,041) |
| Funds brought forward 1 February 2022 | |||||
| (Note 15) | 26,145 | 3,866 | 12,437 | 42,448 | 45,489 |
| ______ | _____ | _____ | ______ | ______ | |
| Funds carried forward 31 January 2023 | 23,811 | 4,318 | 12,275 | 40,404 | 42,448 |
| ______ | _____ | _____ | ______ | ______ |
35
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
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 Department for Levelling Up, Housing and Communities Environment Agency Joint Nature Conservation Committee Peterborough City Council Rural Payments Agency UK Government Changing Places Fund UK Shared Prosperity Fund
Business supporters
AEPG ASDA Big Motoring World Britannia Alarms Buckles Solicitors CityFibre Holdings Compare the Market Central England Co-operative Digital Moneybox Ltd East of England Co-op Europress GCE Hire Google Ad Grants Greenwoods Legal LLP Hegarty LLP Meadow Brown Restaurants Ltd Morrison Supermarkets Perkins Engines Company Ltd Savills PLC Term Times Ltd Tonys Ices Van Hage & Co Ltd We Love Peterborough
Charitable trusts, non-governmental organisations and individual donors
Angling Trust Arts Council England Augean Community Fund Barsby Charitable Trust Bernard Sunley Foundation Cambridgeshire Community Foundation CLA Charitable Trust Cross Keys Homes FCC Communities Foundation Finnis Scott Foundation Football Foundation The Gosling Foundation Groundwork
And all our individual supporters and volunteers
36
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CORPORATE INFORMATION
MEMBERS OF THE BOARD OF TRUSTEES AND THEIR NOMINATING BODIES
NAME
Ms J Bland (Chair) (resigned 16 July 2024) Mr M Duckmanton (Chair) (appointed 16 July 2024) Ms G Beasley (resigned 22 May 2025) Mr G Bowman (appointed 9 July 2025) Mr M Chillcott (resigned 16 July 2024) Ms L Cooke Mr T Cooper (resigned 9 July 2025) Mrs C De Ferrars Green Mr D Goodson (appointed 9 July 2025) Mr P Harknett (appointed 9 July 2025) Mr J McCann Ms L Robinson Ms R Sellick (resigned 17 October 2025) Ms K Simmons (appointed 9 July 2025) Ms R Stephens (appointed 18 October 2024)
MEMBERS OF COMMITTEES
Finance Committee
Mr J McCann (Chair) Ms J Bland (resigned 16 July 2024) Mr G Bowman (appointed 9 July 2025) Mr M Chillcott (resigned 16 July 2024) Mr T Cooper (resigned 9 July 2025) Ms L Cooke Mrs C De Ferrars Green Mr D Goodson (appointed 9 July 2025)
Governance and Nominations Committee
Mrs C de Ferrars Green (Chair) Mr M Duckmanton Mr J McCann
CHARITY REGISTRATION NUMBER 800067 COMPANY REGISTRATION NUMBER 2288607
37
Docusign Envelope ID: DC92C6CE-90A4-4336-BF05-12D84A0B4C19
NENE PARK TRUST
CORPORATE INFORMATION (Contd.)
| CHIEF EXECUTIVE: | Mr M Bradbury |
|---|---|
| COMPANY SECRETARY: | Mr P Hodgett |
| PRINCIPAL AND REGISTERED OFFICE: | Nene Park Trust |
| Ham Farm House | |
| Ham Lane | |
| Peterborough | |
| PE2 5UU | |
| BANKERS: | Lloyds Bank plc |
| 65 High Street | |
| Stamford | |
| PE9 2AT | |
| AUDITOR: | Saffery LLP |
| Peterborough Business Park, | |
| Westpoint, Lynch Wood, | |
| Peterborough | |
| PE2 6FZ | |
| INVESTMENT MANAGERS: | Charles Stanley & Co Limited |
| 25 Luke Street | |
| London | |
| EC2A 4AR | |
| CCLA Investment Management Limited | |
| Senator House | |
| 85 Queen Victoria Street | |
| London | |
| EC4V 4ET | |
| Rathbones Brothers PLC | |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ | |
| SOLICITORS: | Greenwoods Legal LLP |
| Westpoint | |
| Lynch Wood | |
| Peterborough | |
| PE2 6FZ | |
| COMMERCIAL AGENTS: | Savills |
| Stuart House | |
| City Road | |
| Peterborough | |
| PE1 1QF |
38