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Issue - meetings
Cobtree Manor Estate Financial Position
Meeting: 18/03/2020 - Cobtree Manor Estate Charity Committee (Item 79)
79 Cobtree Manor Estate Financial Position PDF 63 KB
Additional documents:
Minutes:
The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 29 February 2020. The report covered the Golf Course, Kent Life, Cobtree Manor Park and residential properties. It also included an update on the Service Level Agreement.
Financial Position
The Senior Finance Manager (Client) advised the Committee that:
· The summary totals showed a positive variance of £48,396 at the end of February 2020. The budgeted forecast for the year was for an operational surplus of £55,920, compared to a surplus of £35,596 for 2018/19.
· There were no issues to report at this stage in respect of the Cobtree Golf Course, Kent Life and residential properties.
· In overall terms the budget for Cobtree Manor Park was showing an underspend, but there were some underlying issues. The new Apprentice post was still vacant, and would not be filled this financial year, resulting in an underspend on employee costs. There were some overspends on controlled running costs, but these additional costs had been offset by underspends in other areas such as repairs and maintenance. Car park income continued to be high and the profit share element of the Café contract had realised more income than was forecast. These two income streams together with the underspends on repairs and maintenance and employee costs meant that the overspends were covered.
Service Level Agreement
· The Senior Finance Manager (Client) reminded the Committee that Mid-Kent Legal Services had been asked to redraft the Service Level Agreement (SLA) to ensure that it accurately reflects the complex nature of the relationship between the Charity and the various Council departments. This was to ensure that the roles of the various Officers are clarified sufficiently to ensure that no conflicts of interest arise in their dealings with Charity matters. The aim had been to report the revised draft to this meeting of the Committee. However, due to other work commitments within Mid-Kent Legal Services, the document had not been finalised. It was now planned to report the SLA back to the Committee in July.
In response to questions, the Senior Finance Manager (Client) explained that Mytime, the Golf Course contractor, had been invoiced for the first three quarters of 2019/20 and the invoices had been paid. Planning Solutions, the operators of Kent Life, were invoiced twice a year (in October and April), and had paid the first invoice.
The Head of Regeneration and Economic Development drew the Committee’s attention to the potential implications for the Cobtree Manor Estate Charity as a result of the spread of the COVID-19 virus; for example, closure of income generating facilities.
RESOLVED:
1. That the financial position of the Cobtree Manor Estate as at 29 February 2020 be noted.
2. That the progress to date with the Service Level Agreement between the Borough Council and the Charity be noted.