The Committee considered the report of the Head of Finance and Customer Services setting out details of the financial position in respect of the Golf Course and the Manor Park as at 31 January 2013.  The report also included details of capital expenditure, deposits held and total investments.  It was noted that:-

·  No significant financial issues had arisen during February/March to date and both the Golf Course and the Manor Park were operating within budget at present.

·  The market value of the endowment funds invested with Charifund had increased to £1.513m, which was higher than the purchase value.  This was important as endowment funds would be used to implement the Master Plan over the next few years.

·  The budget for the Master Plan had been set at £1.065m.  To date there had been expenditure of £70,100 on Phase 1 works in respect of the play area, but no endowment funds had yet been drawn down as there were sufficient resources available from the 2011/12 operational surplus to fund this amount.

RESOLVED:  That the financial position in respect of the Golf Course and the Manor Park be noted.