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Cobtree Manor Estate Committee |
18 April 2023 |
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Cobtree Manor Estate Financial Position |
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Final Decision-Maker |
Cobtree Manor Estate Committee |
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Lead Head of Service |
Director of Finance, Resources & Business Improvement – Mark Green |
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Lead Officer and Report Author |
Paul Holland, Senior Finance Manager (Client) |
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Classification |
Public |
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Wards affected |
Boxley |
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Executive Summary |
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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.
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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.
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This report makes the following recommendations to this Committee: |
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1. That the current financial position be noted. |
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Timetable |
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Meeting |
Date |
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Cobtree Manor Estate Committee |
18 April 2023 |
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Cobtree Manor Estate Financial Position |
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1. CROSS-CUTTING ISSUES AND IMPLICATIONS
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Issue |
Implications |
Sign-off |
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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 |
Director of Finance, Resources & Business Improvement |
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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. |
Director of Finance, Resources & Business Improvement |
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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 |
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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. |
Senior Finance Manager (Client) |
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Staffing |
There are no additional implications arising from this report. |
Leisure Manager |
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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.
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Senior Legal Advisor, Corporate Governance - Mid Kent Legal Services |
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Information Governance |
The recommendations do not impact personal information (as defined in UK GDPR and Data Protection Act 2018) the Council processes. |
Senior Information Governance Officer |
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Equalities |
The recommendations do not propose a change in service therefore will not require an equalities impact assessment |
Equalities and Communities Officer |
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Public Health
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There are no additional implications arising from this report. |
Public Health Officer |
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Crime and Disorder |
There are no additional implications arising from this report. |
Director of Finance, Resources & Business Improvement |
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Procurement |
There are no additional implications arising from this report. |
Director of Finance, Resources & Business Improvement |
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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. A pending decarbonisation study recommendations aims to support areas of the Cobtree Manor Estate to reduce costs from energy consumption, insulate, find low carbon heating solutions, and seek renewable energy options which will save costs in the longer term. |
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 and uncertainty around future contracts present 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 28th February 2023. Appendix 1 provides a more detailed breakdown of the figures.
3.2 The current position shows a surplus of £25,473 for the year to date. There are no significant issues to report, but the following points should be noted:
· There has been spend of £17,855 for consultancy work relating to the procurement of the new golf course contract.
· Car parking income continues to be slightly down against the budgeted figure, but this is offset by additional income from the café and overall, the budgets for the Manor Park are underspent.
3.3 An updated cashflow projection is included as an appendix to the exempt report on the Cobtree Café elsewhere on this agenda.
4. AVAILABLE OPTIONS
4.1 Section 3 - for noting only.
5. PREFERRED OPTIONS AND REASONS FOR RECOMMENDATIONS
5.1 Section 3 - 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.