Issue - meetings

Cobtree Manor Estate Financial Position

Meeting: 31/03/2021 - Cobtree Manor Estate Charity Committee (Item 163)

163 Cobtree Manor Estate Financial Position pdf icon PDF 134 KB

Additional documents:

Minutes:

The Senior Finance Manager (Client) introduced his report summarising the financial position of the Cobtree Manor Estate as at 28 February 2021.  The report covered the Golf Course, Kent Life, the Manor Park and the residential properties.

 

The Senior Finance Manager (Client) advised the Committee that:

 

·  The figures set out in the summary totals included the value of invoices sent to the contractors providing services at the Estate, less the agreed contract reliefs.  It was assumed that these invoices would be paid, but ongoing issues relating to the closures due to COVID-19 meant that some invoices remained unpaid.  Discussions with the contractors to resolve these issues were ongoing and, in the meantime, the Officers were continuing to monitor the financial position and restricting expenditure where possible to essential items only.

 

·  Other than the contract situation, there were no other significant issues with the budget.  Car park income had continued to recover very strongly and was now exceeding the original target despite the closure of the Park for parts of the year.  After taking into account investment income and the car park loan repayment, the forecast outturn surplus was £27,350 compared to a budget deficit of £10,740, assuming receipt of all outstanding contract payments.

 

·  There were no cash flow issues at present, but the Officers were continuing to monitor the financial position closely to ensure sufficient resources were in place to meet ongoing commitments.

 

·  The value of the Charity’s investment in Charifund had recovered strongly and currently stood at £820,915 compared to the value of £769,426 in January 2021.  However, this was still considerably lower than the value of £930,938 in January 2020.  Further updates would be provided at future meetings of the Committee.

 

Members thanked the teams involved in the operation and management of the Cobtree Manor Park for keeping costs down at a time of increased visitor numbers.

 

RESOLVED:  That the financial position of the Cobtree Manor Estate as at 28 February 2021 be noted.