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MAIDSTONE BOROUGH COUNCIL
COBTREE MANOR ESTATE COMMITTEE
11TH JANUARY 2012
REPORT OF THE HEAD OF FINANCE & CUSTOMER SERVICES
Report prepared by: Paul Holland (Senior Accountant)
1 FINANCIAL POSITION 2011/12
1.1 Issue for Decision
1.1.1 To consider the current financial position of the Golf Course and Manor Park as at 30th November 2011.
1.2 Recommendation of the Head of Finance & Customer Services
1.2.1 That the current financial position as at 30th November 2011 is noted.
1.3 Reasons for Recommendation
1.3.1 Attached at APPENDIX A is the current financial position as at 30th November 2011. If any significant financial issues arise during December these will be reported verbally to the meeting.
1.3.2 The statement also includes details of any capital expenditure, the projected loan repayment position, deposits held and total investments held at APPENDIX B.
1.4 Investments
1.4.1 The market value of the investments held with Charifund continues to be below the purchase value by just under £30,000, which is a reflection of the current economic conditions. Assuming that Trustees do not intend to liquidate a significant proportion of the investments this will not present any operational difficulties, and assuming economic conditions do improve the value of the investments should rise accordingly.
1.5 Loan Repayment
1.5.1 It has previously been anticipated that the loan would be repaid by 31st March 2011. However, as was reported to the last meeting there is still a sum owing to the Borough Council following the audit of the 2010/11 accounts, but this will not cause any operational issues and Trust will become debt free during 2011/12.
1.6 Alternative Actions and Why Not Recommended
1.6.1 The Committee could not receive updates during the year on the financial position, but this would not be consistent with good financial management.
1.7 Impact on the Charity’s Objectives
1.7.1 The net surplus on the activities of the Golf Course and Manor Park are to be used to further the long term aims and objectives of the Trust, particularly the proposed master plan for the development of the Manor Park.
1.8 Risk Management
1.8.1 Good financial management allows more informed decisions to be made regarding the ongoing activities of the Trust.
1.9 Other Implications
Financial |
X |
Staffing |
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Legal |
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Social Inclusion |
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Environmental/Sustainable Development |
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Community Safety |
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Human Rights Act |
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Procurement |
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Asset Management |
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1.10 Financial Implications
Financial Implications are detailed in the report above.
NO REPORT WILL BE ACCEPTED WITHOUT THIS BOX BEING COMPLETED
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Is this a Key Decision? Yes No
If yes, when did it appear in the Forward Plan? _______________________
X
Is
this an Urgent Key Decision? Yes No
Reason for Urgency
Not applicable