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Cobtree Manor Estate Financial Position Report

Meeting: 26/10/2022 - Cobtree Manor Estate Charity Committee (Item 13)

13 Cobtree Manor Estate Financial Position Report pdf icon PDF 167 KB

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Minutes:

The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 31 August 2022.  The report covered the Golf Course, Kent Life, the Manor Park and the residential properties.  The report also included an updated cashflow projection for the Estate.

 

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

 

·  The position at 31 August 2022 was a small overspend of £2,842 against the profiled budget.  There were no significant issues to report, but the following points should be noted:

 

Mytime, the operator of the Golf Course, would be invoiced for £80,000 for rental payments due, with an initial £21,736 for performance based on trading in the early part of the financial year.  Given the positive trading position so far this year, it was hoped that another significant performance-based sum could be realised.

 

The spend of £6,610 against Golf Course professional services was for advice from consultants in respect of the clubhouse.

 

·  The updated cashflow projection covered the next ten years and was based on currently approved budgets with adjustments for inflation (5%) and contract uplifts.  For the Golf Course contract, a figure of £100,000 per annum had been used as this was the sum needed to ensure a break-even position for operational activities at the Estate.

 

·  The main challenge going forward was funding future capital expenditure, the most significant item being the replacement of the existing play area which was likely to cost more than £350,000.  Works would also be needed to the Llama House and the concrete hardstanding outside the Café building.  At this stage, no costings had been included in the projection for these works as funding had yet to be identified.  The proposed new staff welfare and storage facility could be funded from existing resources, but it would be necessary to identify funding for other works.  One option was to increase car parking charges to raise additional income to fund capital works within the Manor Park, but the projection currently assumed that the charges would stay as they are at present.

 

·  Risks associated with the figures in the projection included inflation rising above the projected 5% and it not being possible to identify funding for the major capital works needed, particularly the play area, which was a key attraction for visitors to the Park.

 

RESOLVED:

 

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

 

2.  That the updated cashflow projection be noted.