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Cobtree Manor Estate Financial Position

Meeting: 11/07/2019 - Cobtree Manor Estate Charity Committee (Item 30)

30 Cobtree Manor Estate Financial Position pdf icon PDF 69 KB

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The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 31 May 2019.  The report covered the activities at the Golf Course, Kent Life, the Manor Park and the Café/Visitor Centre.  The report also included updates on the proposed Service Level Agreement between the Borough Council and the Charity, the car park loan agreement and the new financial management system.


Financial Position


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


·  The new financial management system went live on 1 July 2019.  This was slightly later than anticipated due to the Council’s year-end accounts close-down being more complicated than in previous years.  As a consequence, the quarter one figures were still in the Borough Council’s financial management system, but they would be transferred across to Sage so that the whole year would be in the new system going forward.  Future reports would show a separate heading for the residential properties and the residual budgets for the Café/Visitor Centre would be incorporated into the Manor Park budget.


·  The summary totals showed a positive variance of £10,403 for the Charity at the end of May 2019.  The forecast for the year was for an operational surplus of £55,920, compared to a provisional surplus of £35,596 for 2018/19.


·  There were no issues to report at this stage in respect of the Golf Course.  The invoice for the first quarter of 2019/20 had been paid by MyTime.


·  Income from the car park at Cobtree Manor Park continued to be high.  The new Apprentice post was still vacant resulting in an underspend in employee costs.  There was a small overspend in controlled running costs as the new arrangements for locking the gates were not yet fully in place and the services of the security firm would continue to be used until September 2019.


·  There were no issues to report at this stage in respect of Kent Life.


With regard to the Café/Visitor Centre, the Leisure Manager advised the Committee that responsibility for running the facility had passed to DAGT Ltd in April 2018 and discussions were ongoing with the company regarding invoices for staffing costs.  Whilst there had been some progress, there were outstanding invoices and action was being considered to recover the monies owed to the Borough Council and the Charity.  It was suggested and agreed that a letter be drafted to be sent from the Chairman of the Committee to the company seeking early payment of the monies owed to the Charity.


In response to questions, the Senior Finance Manager (Client) explained that rent income of £5,300 at the Golf Course related to the siting of a mobile phone mast.  The variance in rent income for the residential properties at Cobtree Manor Park was due to them having two rent free weeks at the start of the financial year.  The variance in other income - staff recharges at the Café/Visitor Centre related to the outstanding invoices for staffing costs.  The variance in other income  ...  view the full minutes text for item 30