Issue - meetings

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 2013/14.  It was noted that:-

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

·  There had been a net increase in the funds of the Charity of £167,458.  However, this figure included capital expenditure in relation to and funding of the Master Plan, and investment income.  Excluding these items the operation of the Golf Course and the Manor Park had made a net surplus of £10,146 compared to a net surplus of £53,538 in 2012/13.  The reason for the decrease in the level of the surplus was the increase in the running costs of the Park associated with increased usage.

·  The capital expenditure had been funded by withdrawals totalling £506,000 from the permanent endowment funds invested in Charifund, as agreed by the Charity Commission.  Previously accumulated operational surpluses of £150,000 had also been utilised to fund the project and a donation of £300,000 had been received from the Cobtree Charity Trust Ltd towards the cost of the Visitor Centre.  This would reduce the level of funding needed from the permanent endowment.

·  In November 2013, the Charity assumed responsibility for the Kent Life attraction.  Whilst an interim management agreement had been entered into with Continuum Ltd to continue running the attraction on behalf of the Charity, the asset was now shown on the Balance Sheet of the Charity, and had been valued at £725,000.

·  A number of withdrawals had been made from the permanent endowment fund invested with Charifund, but the underlying position was that the investments had increased in value over the year.

In response to questions, the Officers explained that:

·  A risk assessment had been undertaken in respect of the horse ride which linked into other bridleways in the area and was not considered to represent a hazard to other users of the Park.

·  The fluctuation in the number of registrations at the Golf Course reflected trends across the country, and discussions would take place with the management contractor regarding initiatives to promote the Course and attract new players.

·  Whilst the incidence of crime and vandalism was generally low, action was being taken to improve security across the Estate.

·  King & Taylor had been appointed as the external auditors for the financial years 2013/14 and 2014/15.  They had been the Charity’s external auditors for a number of years and there was a good working relationship between their staff and Council staff.  In addition, King & Taylor were experienced auditors of charity accounts and had a good working knowledge of the Charity from their previous audit work.  Whilst the Committee could seek to appoint a different auditor this was not recommended at this time.

RESOLVED:  That the draft Report and Financial Statement for the financial year 2013/14 be noted prior to audit.