The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 30 September 2021.  The report covered the Golf Course, Kent Life, the Manor Park and the residential properties.

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

·  The position as at 30 September 2021 was a surplus of £25,873 against the profiled budget for the year to date.

·  There had been a question before the meeting about how the figures in the table at paragraph 3.1.1 of his report were presented.  By way of explanation, in the middle three columns of that table, minus figures represented net income to the Estate and plus figures represented net expenditure.  The final column was the variance against the current budget.

·  There had been a higher than anticipated level of spend against the parks hard landscaping budget due to the need for a new door at the Visitor Centre and the creation of a new parking area.  Funding of this overspend would be addressed when the draft budget proposals for 2022/23 and an updated budget for this year were submitted to the next meeting of the Committee.  For example, car parking income continued to exceed the budgeted figure as visitor numbers to the Manor Park remained high and there were other budgets that remained unspent at present.

·  Fencing repairs had been undertaken at the Golf Course and although this showed as an overspend against the profiled budget, the cost of the works was within the total budget for repairs and maintenance.

·  Rental income from the residential properties was under budget due to Garden Cottage being vacant whilst the refurbishment works were taking place.  It was understood that these works were substantially complete and within budget.

·  The value of the Charity’s investment in Charifund currently stood at £860,945 compared to the value of £867,762 in July 2021.  Further updates would be submitted to future meetings of the Committee.

In response to questions:

The Leisure Manager confirmed that the reference to the need for a new door at the Visitor Centre was incorrect as the work had involved a refurbishment.

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

·  He would undertake a review of Charifund and how it was performing compared to other funds;

·  As part of this exercise, he would consider whether funds invested in Charifund might be used more appropriately to repay the money borrowed from the Borough Council in relation to the car park improvement works at Cobtree Manor Park; and

·  He would review the way in which the figures in the table set out at paragraph 3.1.1 of the report were presented and report back with a format that might be more easily understood.

RESOLVED:  That subject to the points raised in the discussion, the financial position of the Cobtree Manor Estate as at 30 September 2021 be noted.