The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 31 January 2022.  The report covered the Golf Course, Kent Life, the Manor Park and the residential properties.  The report also included an update on the review of the Charity’s investment of the permanent endowment with Charifund, including alternative investment options.

Financial Position

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

·  The current financial position remained healthy.  There was an £11k underspend against the profiled budgets as at 31 January 2022 together with a projected year-end surplus of £50k which might be exceeded slightly provided that there were no unanticipated major items of expenditure between now and the end of March.

·  Car parking income continued to be high; the figures now included £9k for car parking charges from the organisers of the winter lights trail.

·  The only significant item of expenditure was £9k on play area parts that were needed to ensure that the equipment remains fit for ongoing use.

Investment Options

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

·  The value of the investment with Charifund had fallen from £891k as reported to the last meeting of the Committee to £812k the previous day.  This fall was likely to reflect the reaction of the financial markets to the current situation in Ukraine.  The lowest figure during the pandemic was £670k.

·  In terms of investment options going forward, the Council’s treasury management advisors had said that whilst they did not specifically advise on charitable funds, they would be willing to provide some guidance once any potentially suitable funds had been identified.  They did suggest, however, that checks should be made to see if there were any limits or restraints on what types of investments can be made.

·  A review of the available documents had been undertaken and there were no specific references to investments in any of those.  It was therefore suggested that some draft investment objectives be drawn up in line with Charity Commission guidance for consideration at the July 2022 meeting of the Committee together with alternative investment options to meet these objectives.

During the discussion, it was suggested and agreed that a meeting of the Committee be arranged to take place at the earliest opportunity to discuss how the Queen’s Platinum Jubilee might be commemorated at the Cobtree Manor Park and that all Members be invited to attend to share ideas.  Suggestions put forward at the meeting included tree planting, a water fountain or a sundial.

RESOLVED:

1.  That the financial position of the Cobtree Manor Estate as at 31 January 2022 be noted.

2.  That the Officers draw up draft investment objectives for consideration at the July 2022 meeting of the Committee together with alternative investment options to meet these objectives.

3.  That a meeting of the Committee be arranged to take place at the earliest opportunity to discuss how the Queen’s Platinum Jubilee might be commemorated at the Cobtree Manor Park and that all Members of the Council be invited to attend to share ideas.