The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 31 January 2024 and stated that the current position showed a surplus of £55,000 for the year to date and no significant issues to report. The following points were noted:

·  As previously reported, gas and electricity costs at the café were to be largely recharged to the contractor. The exercise to calculate the recharges would be completely shortly, with invoices raised. This would largely eliminate the overspend;

·  Cleaning responsibilities for the toilets had been taken on by the café tenant, who had redecorated and attended to the cleaning regularly. The cost of this approach was less than using external cleaners and the standards were noticeably better;

·  The income from the new café contract was higher than budgeted for and there has been no need to date to draw on the additional ser-aside budget for the Parks Management agreement with the Council. This resulted in an underspend on the Manor Park budget;

·  Investment income and bank interest had been higher than anticipated so there was expected to be a surplus on the activities of the estate at the end of the year with no unexpected or significant costs incurred; and

·  In response to a query from the last meeting, the Senior Finance Manager (Client) advised that the recharge costs for the Democratic Services team were considered appropriate. The rate was based on the average salary plus overheads for a Democratic Services Officer, who was responsible for the Committee meetings.

In response to a query, the Senior Finance Manager (Client) advised that the £40,000, listed under ‘Other income – Cobtree Charity Trust Ltd’ in Appendix 1 to the report, referred to income from an investment the freeholder has, which the Cobtree Manor Estate were entitled to the interest from.

RESOLVED: That the current financial position be noted.