The Senior Finance Manager (Client) introduced his report summarising the current financial position of the Cobtree Manor Estate.  The report covered the Golf Course, Kent Life, the Manor Park and the residential properties.

The Senior Finance Manager (Client) advised the Committee that:

·  Despite the closure of the Manor Park, Kent Life and the Golf Course at various times during the year due to COVID-19 and the contract issues which had been experienced, the provisional outturn for 2020/21 showed an overall surplus of £79,570 against a projected deficit of £10,740.  There were three main reasons for this:

a)  Car park income was higher than had been forecast;

b)  There were staff vacancies during the year; and

c)  There was a partial deferral of the loan repayments for the car park works.

·  The figures assumed that all outstanding contract payments would be made.  Planning Solutions, the operator of Kent Life, had now settled all outstanding sums.  However, an outstanding payment was awaited from Mytime, the operator of the Golf Course.

·  Due to the uncertainty over contract payments, there were concerns about the cashflow position.  It was agreed with the Director of Finance and Business Improvement that loan repayments for the car park works could be deferred to mitigate any possible problems.  Half of the sum due for 2020/21 was paid.  However, if the outstanding contract payments were received, it would be possible to repay the remaining balance together with the sum due for 2021/22.

·  Subject to the contract issues being resolved, an updated cashflow projection would be reported to the September meeting of the Committee.

·  The budget for 2021/22 was agreed at the meeting of the Committee held on 26 January 2021 and reflected the new management arrangements for the Manor Park and the establishment of a COVID-19 Recovery Fund to cover any COVID-related costs that might be incurred which had not otherwise been budgeted for.

·  A surplus of £49,660 was projected at the end of the financial year.

·  The value of the Charity’s investment in Charifund was continuing to recover and currently stood at £866,198 compared to the value of £820,915 in March 2021.  However, this was still lower than the value of £930,938 in January 2020.  Further updates would be provided at future meetings of the Committee.

In response to questions the Officers advised the Committee that:

·  A cautious approach had been taken when setting the budget for car park income in 2021/22 to avoid becoming too over reliant on it as it could, for example, be affected by a poor summer season.  Any income in excess of the budget would be a bonus.

·  In terms of the provisional outturn 2020/21 in relation to Repairs and Maintenance at the Manor Park, there had been additional expenditure as it had been necessary to install bollards in the car park due to the high number of visitor vehicles.

·  For some years no tree works were carried out so last year a larger budget than usual was required.  The budget for this year  ...  view the full minutes text for item 14