Cobtree Manor Estate Committee			4 November 2021

Cobtree Manor Estate Financial Position

Final Decision-Maker	Cobtree Manor Estate Committee
Lead Head of Service	Director of Finance & Business Improvement � Mark Green
Lead Officer and Report Author	Paul Holland, Senior Finance Manager (Client)
Classification	Public
Wards affected	Boxley

Executive Summary
The report summarises the current financial position of the Estate covering the activities at the golf course, Kent Life, the Manor Park and the residential properties.�
Purpose of Report To update the Committee on the current financial position and any other relevant matters that may impact the financial position of the Trust.

This report makes the following recommendations to this Committee:
1. That the current financial position and cashflow projection be noted.

Timetable
*Meeting*		*Date*
Cobtree Manor Estate Committee		4 November 2021

Cobtree Manor Estate Financial Position

1. CROSS-CUTTING ISSUES AND IMPLICATIONS

Issue	Implications	Sign-off
Impact on Corporate Priorities	The operation of the Estate directly supports the objects of the Trust as set out when the Council became the Corporate Trustee	Head of Regeneration & Economic Development
Cross Cutting Objectives	The operation of the Estate supports the Council�s strategic objective to ensure there are good leisure and cultural attractions in the Borough.	Head of Regeneration & Economic Development
Risk Management	There is a potential reputational risk if the facilities are operated poorly. This is addressed in the annual risk management report.	Leisure Manager
Financial	There is a financial risk to the Trust if the operations cost more than predicted or fail to generate sufficient income to cover the costs of running the estate. This risk is currently heightened by the impact of the ongoing Covid-19 situation on the operations of the estate, particularly in relation to the various contractors.	Senior Finance Manager (Client)
Staffing	There are no additional implications arising from this report.	Leisure Manager
Legal	Under the Council�s Constitution the Committee as Corporate Trustee is responsible for all matters relating to the Charity with the exception of daily management. Law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the Charity�s financial activities during the year and of its financial position at the end of the year. This update report assists in meeting those requirements� � There are no further implications arising from this report.	Contracts and Commissioning Team Leader, Mid Kent Legal Services
Privacy and Data Protection	There are no specific privacy or data protection issues to address.	Policy and Information Manager
Equalities	There are no additional implications arising from this report.	Policy and Information Manager
Public Health	There are no additional implications arising from this report.	Public Health Officer
Crime and Disorder	There are no additional implications arising from this report.	Head of Regeneration & Economic Development
Procurement	There are no additional implications arising from this report.	Head of Regeneration & Economic Development
Biodiversity & Climate Change	The implications of this report on biodiversity and climate change have been considered and there are no implications on biodiversity and climate change.	Biodiversity and Climate Change Manager

2.�� INTRODUCTION AND BACKGROUND

2.1 This is a regular update report on the financial position of the Estate, which enables the Committee to see how the various areas of activity are performing. Covid-19 has presented a significant risk to the finances and operations of the estate, emphasising the need for robust management and monitoring of the budget.

3. CURRENT FINANCIAL POSITION��

3.1 The table below summarises the financial position of the Estate as at 30^th September 2021. Appendix 1 provides a more detailed breakdown of the figures.

3.1.1 Overall Summary Position:��

SUMMARY TOTALS

3.2 The current position shows a surplus of �25,873 for the year to date. There are no significant issues to report, but the following points should be noted:

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� As advised at the last meeting there has 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. Officers will review the budgets to identify funding for any further hard landscaping works may be needed. This will form part of the budget proposals report that will come to the next meeting of the Committee. ��

� Car parking income continues to exceed the budgeted figure as visitor numbers to the park remain high. ��

� Fencing repairs were undertaken at the golf course. Although this shows as an overspend against the profiled budget the costs of the works are within the total budget for repairs and maintenance. ��

� Rental income for the residential properties is under budget due to Garden Cottage being vacant whilst the major refurbishment works were undertaken. ��

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3.3 Members have also requested an ongoing update on the Charifund investment. The value of the investment currently stands at �860,945, compared to the value of �867,762 in July. However, this is still lower than the value of �930,938 in January 2020. Updates will continue to be provided to future meetings as part of this report.� ��

3.4 An updated cashflow projection for the Estate is included as part of the exempt Estate Investment report elsewhere on this agenda.

4. AVAILABLE OPTIONS��

4.1 Section 3 is for noting only. ��

5. PREFERRED OPTION AND REASONS FOR RECOMMENDATIONS

5.1 Section 3 is for noting only.��

6. NEXT STEPS: COMMUNICATION AND IMPLEMENTATION OF THE DECISION

6.1 Officers will continue to monitor the financial position and take appropriate action where necessary.��

7. REPORT APPENDICES

� Appendix 1: Financial Position

8. BACKGROUND PAPERS

None.