The Committee considered the report of the Head of Finance and Resources setting out the un-audited Report and Financial Statement for the financial year 2012/13.  It was noted that:-

·  The draft Report and Financial Statement had been produced in accordance with the Charity Accounting Statement of Recommended Practice.

·  The net deficit on the operation of the Golf Course and the Manor Park was £171,062, compared to a net surplus of £122,100 during 2011/12.  However, this included capital expenditure of £296,742 in relation to the implementation of Phase 1 of the Cobtree Manor Park Master Plan.  Excluding the capital expenditure and investment income of £72,147, the operation of the Golf Course and the Manor Park made a net surplus of £53,538 for 2012/13.  These figures were provisional as the accounts were still subject to external audit.

·  The capital expenditure would be funded by making a withdrawal from the permanent endowment funds invested in Charifund, as agreed by the Charity Commission.  This was shown as a creditor due to Maidstone Borough Council on the Balance Sheet as the expenditure was incurred by the Council on behalf of the Trust.

·  There were no asset disposals during 2012/13, and none of the assets held were subject to revaluation.

·  The market value of the Charifund investment had risen significantly during 2012/13 to £1,526,936 at 31 March 2013, compared to a value of £1,328,166 at 31 March 2012.  The purchase value of the investments held was £1,290,000, so the market value remained greater than this figure at the Balance Sheet date.

RESOLVED:  That the draft Report and Financial Statement for the financial year 2012/13 be noted prior to audit.