Registered nurnber." 00500208 Charity number- 208455 THE COBTREE CHARITY TRUST LIMITED (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
THE C08TREE CHARITY TRUST LIMITED IA company limited by guarantee) CONTENTS Page Reference and administrative detsils of the Compony, It$ Tyustees and adviser5 Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial ststements 10-18 The following pages do not form part of the statutory financial statements.. Balance sheet for Slr Garrard Tyrwhlttiirake Wlll Trust 19
THE COBTREE CHARITY TRUST LIMITED IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023 Trustees S F Knatchbull, Chaimian D.T.B. Wigg Esq. L.J. Martin Esq. S.A. Beck Esq. M Sharp M Startup FCA S Jordan K A Moule M C Essex Company registered number 00500208 Charity registered number 208455 Reglstered offlce Victoria Court 17-21 Ashford Road Maidslone Kent ME14 5DA Company seGretsry M.H. Rithords Indepondont examiner Duncan Cochrane-Dyel MHA Chartered Accountants Victoria Court 17-21 Ashford Road Maidslone Kent ME14 5DA Bankers National Westminster Bank plc Ma*dslone Solicitors Whitehead Moncklon Maidslone Page 1
THE COBTREE CHARI TRUST LIMITED IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their annual report together with the financial statements of the Company for Ihe 6 April 2022 to 5 April 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial slaternenls of the charitable company comply wlh the current statutory requirements, the requirement5 of the charitable companvs goveming document and the provisions of the Statement of Recommended Practi ISORP} applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS102} (effective 1 January 20191. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Seclion 415A of the Companies Act 2006. Objectlves and activities a. Pollcles and objeclives The principal activities of the Trust during the year have been the support of charitable organisations within the Maidstone area and development of Cobtree Manor Estate. The Trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year, b. Grantwmaking policles The Trust has established its grant making policy to achieve its objectives for the public benefit. The Trust makes grants to Charities and good causes based on the merits of the grant applications received with regard to the aims of the TNst and their benefit lo the public. Achlevements and perfomance a. Key perforniance indicators The financial statements show a deficit for the year of £670,674 12022.. surplus of £141.7121. There was a decrease in market valuation of invoslmenls of £439,19612022'. increase of £125,066), and a deficit of income over expenditure of £139.071 12022: £30,721). The total income of the Trust for the year was £172.284 12022.. £201,757) which represents a decrease of £29,418 on the prewous year. The total amount expended at Coblree was £311,355 12022= £232,478) and charitable donalKins for the year amounted to £263,128 {2022.. £176,315). Page 2
THE COBTREE CHARITY TRUST LIMITED {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2023 Financial review . Going concern The Trustees have reviewed the Trust's forecasts and projections along with current economic data and forecasts. The tNslees are confident that the charity will be able lo remain operational without having to make any significant changes to their investment or grant strategies. The Trustees have a reasonable expectation that the Tnjst will have adequate resources trj continue in operational existen for the fDreseeable future as well as hawng sufficient money available for donations. The Trustees have decAded not to cash in any investments during this time to provide emergency funding to charities in desperate need. The Trust therefore continues to adopt the going concem basis in preparing its financial statements. b. Reserves policy The Trustees regularty review the SerVeS of the Trust. This rewew encornpasses the nature of the major income and expenditure streams, the need lo match income and expenditure, and the nature of the Trust's reserves. The Trust's prinaple source of funds is the income from the investment portfolio. The Trustees have concluded that, lo enable the Trust to continue lo meet ils objectives, an unrestricted general reserve should be maintained so as to enable the undedwng investment portfolio to be maintained in value and income generation in real lems for the foreseeable future. Additional capitsl growth over and above this objedive woukl be retained within the Trust so as to increase the level of annual disFX)sable income for future years. Any donations made and any costs relating to the managment and administration of the Trust should, as far as possible, be funded by the incorne from the investments held by the Trust. No specrfic measures to encourage donations are envisiged al this moment in time. The nature of investments held will be revlewed as necessary, in order that the income stream will cover future expenditure. Structure, govemance and management a. Constltutlon The Cobtree Charity Trust Limited is registered as a charitable company limited by guarantee and the registered chanly number is 208455. Page 3
THE CO8TREE CHARITY TRUST LIMITED (A company limited by guarantee TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED S APRIL 2023 strUCre, governance and management Icontinuedl b. Methods of appointment or electlon of Trustees New Trusleesloirectors are appointed by the existing board at a meeting of the Cornmittee. The Committee shall have power al any lime, and from lime to lirne, lo appoint any person to be a mernber of the Committee, either lo fill a Casual vacancy or as an addition lo the existing members of the Committee, but so that the lotsl number of members of the Committee shall not at any tirne exceed any maximum number fixed in accordance wth the Articles of Association. Any member so appointed shall hold office until the nexl following Annual General Meeting, and shall then be eligible for re*lection. but shall not be taken into account in deteTrnining the members of the Committee who are lo retire by rotation al such rneeting. No person who has reached the age of 75 shall be appointed a member of the Committee and an existing member of the committee who has reached the age of 75 shall retire at the next Annual General Meeting held by the Trust after they have reached the age of 75. At every general meeting one third of the members of the committee shall retire from office. These shall be those who have been the longest in office since their last election. A retiring rnember of the committee shall be eleigible for re-election prowded they have not reached the age of 75 years. The Trust rnay from lime to time by ordinary resolution increase or reduce the number of members of the committee. The Trust may by ordinary resolution. of which special notice has been gNen. remove any member of the committee before the expiration of their perits in office. c. Oryanisational structure and decision-making policies The Trvstees hold four meetings a year at which they conduct any business. The day lo day affairs of the Trust are tjeall with by the Chaimian. The investments are held in accordance with the Trustees. powers. In the opinion of the Trustees, the funds can meet any future obligations. The Trust is also administrator for the Sir Garrard Ty7whitt-Drake Will Trust. on behalf of Maidstone Borough Counal, details of which are given in the notes. d. Rlsk management The Trustees regularty review the major risks which the Trust may be exposed to and in particular those relating to the operation and fInanS of the Tnjst. The Trkjstees are satisfied that maintaining the unrestricted general reserves at the current level will provide sufficient resources for the foreseeable future. The investments are reviewed frequenuy by a sub-committee and the stockbrokers advising the Tnjst. The investments are deemed lo be 8 moderate risk. Plans for future perlods The Trustees will detem)ine future giving levels after due consideration to any changes in the financial situation of the trust along with current economic data and forecasts and will pay particular attention to the guidance provided by their financial advisors. Page 4
THE COBTREE CHARITY TRUST LIMITED (A company limited by guarantoel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Statevnent of Tru5tees' responsibilities The TTUStees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Qngdom Accounling Standards (United Kingdorn Generally Accepted Accounting Pradicel. Company law require5 the Trustees to prepare financial statements for each financial . Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Company and of its incoming resources and application of resources, inclijding ils income and expeneiture, for that period. In preparing these finanrial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly., obseTve the methods and principles of Ihe Charities SORP {FRS 1021., make judgements and accounting estimates that are reasonable and prudent.. slate whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disdosed and explained in the financial statements,. ppare the financial slalemenls on the going concern basis unless it is inappropriate to presume that the Company will conlinve in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Companvs transactions and disclose wlh reasonable accuracy al any time the financial position of the Company and enable them lo ensure that the financial statements cornply wlh the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularilies. Approved by order of the members of the board of Trustees and signed on their behalf by.. S Knatchbull Chairman Date: 16 0£ . Startup Trustee Page S
THE C08TREE CHARI TRUST LIMITED IA ry>rnpany limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023 Independent examlnerfs report to the Trustees of The Cobtree Charity Trust Limited (Ihe Company'l I report to the charity Trustees on ffly examination of the accounts of the Company for the year ended 5 April 2023. Responslbllltles and ba$1$ of report As the Trustees of the Company (and ils directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Acl 20061'lhe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinallon of the Companls accounts carried out under section 145 of the Charities Act 2011 I'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151(bl of the 2011 Act. Independent examlner's statement I have completed my ex8mlnallon. I conflmi that no matters have come lo my attention in connection with the examination giving me cause lo believe: accounting records were not kepl in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with th09e records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fai view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and prinuples of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is m8de solely to the Companls Tnjslees. as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Company's Trustees those mallers l am required lo state lo them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and tye Companys Trustees as a body, for my work or for this report. Signed.. Dated= 06 November 2023 Duncan Cochrane-Dyel Bsc BFP FCA MHA Maidstone United Kingdom Page 6
THE COBTREE CHARITY TRUST LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED S APRIL 2023 Unrestricted funds 2023 Total funds 2023 Total fvnds 2022 Note Income from: Investments Other income 171,504 780 171,504 200.870 887 Total income Expendllure on: Managernent fees Charitable activities 172,284 172,284 201.757 36,100 275.255 36.100 275,255 41,455 191,023 Total expenditure 311,355 311.35S 232.478 Net {lossesygains on investments 10 {531,603) (531.603) 1 T2,433 Net movement in funds Reconciliation of funds: Totsl funds brought foNard Net rnovement in funds 1670,6741 {670,674) 141, 712 8,630,843 1670,6741 8.630.843 {670.674) 8,489, 131 141. 712 Total funds carrled forward 7.960,169 7,960.169 8,630,843 The Statement of financial activities includes all gains and10sges recognised in the current and prior year. The notes on pages 10 10 18 form part of these financial statements. P8ge 7
THE COBTREE CHARITY TRUST LIMITED IA company limited by guarantee) REGISTERED NUMBER: 00500208 BALANCE SHEET AS AT 5 APRIL 2023 2023 2022 Note Fixed assets 100 7.567.340 100 8.366, 722 Tan9ible assets Investmenls 10 7,567,440 8,366,822 Current assets Debtors Investments Cash at bank and in hand 11 10,527 101.347 294,655 8,802 63.176 206,819 406.529 278.797 Creditors.. amounts falling due within one year 12 (13.8001 (14,776) 264,021 Net current as¥ets 392,729 7.960,169 8.630,843 Total net assets Charlty funds Restricted funds Unrestricted funds 13 8,630,843 13 7,960,169 Total funds 7.960,169 8,630.843 Page 8
THE COBTREE CHARITY TRUST LIMITED {A company limited by guarantee) BALANCE SHEET (CONTINUED) AS AT S APRIL 2023 The Company was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordan with section 476 of Companies Act 2006. The Tnjstees acknowledge their responsibilities for complying the requirements of the Act with respect to accounting records and preparation of financial slatemenls. The financial statements have been prepared in accordance with the provisions applicable to enlities subject to the small companies regime. The financial ststernent$ were approved and authorised for issue by the Trustees and signed on their behalf by.. Startup FCA S Knat bull, Chaimian Date: l& 2wzl The notes on pages 10 to 18 form part of these financial statements. Page 9
THE COBTREE CHARITY TRUST LIMITED (A company lirnited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 Accounting pollcles 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance wth the Charities SORP IFRS 102) - Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK ané Republic of Ireland IFRS 102 Section 1A) and the Companies Act 2006. The Cobtree Charity Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are inilialty recognised al historical cost or Irans8clion value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling which is the functional currency of the charity and rounded lo the nearest £1. 1.2 Company status The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, Ihe liability in respect of the guarantee is limited to £1 per member of the company. The 8ddress of the Tegistered office is Victoria Court, 17-21 Ashford Road. Maidslone, Kent ME14 5DA. The nature of the charills operations and principal activities are to support charitable organisalions the Maidslone area and development of Cobtree Manor Estate. 1.3 Golng concern The Trustees have reviewed the Trust's forecasts and projections along with the current economic data and forecasts. Whilst these uncertainties remain the Iruslees are confident that the charity will be able lo remain operational without having to make any significant changes to their investment or grant slralegies. The Trustees have a reasonable expectation that the Trust will have adequate resources to continue in operation81 existence for the foreseeable future as well as having sufficient money available for donations. The Trustees have decided not to cash in any investments during this time lo provide emergency funding to charities in desperate need. The Trust therefore continues to adopt the going Concern basis In preparing financial statements. 1 A Intome All income is recognised once the trust has entitlement to the income, it is probable that the income will be received and the amount of income reIvable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the lime the investment income is re1Vable. 1.5 Expendlture Expenditure is recognised once Ihere is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Page 10
THE COBTREE CHARITY TRUST LIMITED IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies (continued) 1.5 Expenditure (continued) Costs of generating funds are costs incurred in attracting volLEntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the Irusl's operations and costs relating lo the govemance. 1.6 Interest recelvable Interest on funds held on deposit is in¢luded when receivable and the amount can be measured reliably by the trust., this is normally upon notification of the inleresl paid or payable by the Bank. 1.7 Tangible fixed assets and depreGiation The Freehold Land known as Cobtree Manor Estate which is subject to a 999 year lease to Maidstone Borough Council has been included al a nominal value of £100. This represents the original cost of the Freehold of £25,191 less compulsary purchase compensation at £1 and £25,090 wrillen off. A review for impaim)ent of a fixed asset is carried out if events or change5 in circumstances indicate that the carrying value of fixed 3ssel may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable arnounts are recognised as impairments. Impairment losses are recognised in the S&tement of financial activities incorporating income and expenditure account. 1.8 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured al fair value at the Balance sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and kse5, whether realised or unrealised. are combined and presented as 'Gainsl{Lossesl on investments, in the Slaternent of financial activities. 1.9 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page11
THE COBTREE CHARITY TRUST LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies {continued) 1.11 Llabllltlgs and provlsions Liabilities are recognised when there is an obligation al the Balan sheet date as a resuS1 of a past event, il is probable that a transfer of economic benefit will be required in setuement. and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount Ihat the Company anticipates it will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to selde the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rale that reflects the risks specific lo the liability- 1.12 Fund accounting General funds are unrestricted funds whith are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accountSng estlmate5 and area5 of Judgement No estirnates or judgement5 have been made by management in preparing these financial statements. Investment income Unrestrlcted funds 2023 Total funds 2023 Total funds 2022 Investment income 170.567 937 170.567 937 200,848 22 Bank interest Total 2023 171,504 171.504 200,870 Total 2022 200.870 200.870 Page 12
THE COBTREE CHARITY TRUST LIMITED {A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Other inGofne Unrestricte funds 2023 Totsl funds 2023 Total fijnds 2022 Management fee- Will Trust 780 780 887 Tolal 2022 887 887 Investment management costs Unrestricted funds 2023 Total funds 2023 Total funds 2022 Investment marlagemenl fees 36,100 36,100 41.455 Total 2022 41,455 41,455 Analysls of expendlture by actlvltles Actlvltles underiaken dlrectly 2023 Support costs 2023 Total funds 2023 Total fvnds 2022 Chari18ble acliwlies 263,128 12,127 275.255 191,023 Total 2022 176,315 14.708 191,023 Page 13
THE COBTREE CHARITY TRUST LIMITED (A company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Analysis of expenditure by actlvltles {contlnued} Analysis of direGt Gosts Total funds 2023 Total fiinds 2022 Activities 2023 Donations 263,128 263.128 176,315 Total 2022 176,315 176,315 The total donations of £263,128 {2022.. £176,315) were from unrestricted funds. Analysis of support costs Total funds 2023 Total funds 2022 Activities 2023 AGcounlancy Fees re. Bookkeeping Independent examinels remuneration Secretarial fees Sundry 1.781 4.497 5,000 849 1.781 4,497 5,000 2,178 3, 719 5.000 3,811 Total 2023 12.127 12,127 14,708 Total 2022 14.708 14,708 The total support cost of £12.12712022: £14,708) was from unrestricted ftjnds. Independent examIne$ remuner#tlon 2023 2022 Fee5 payable lo the Cornpanls independent exarniner for the independent examination of the Company's annual accounts 4.497 3,719 Page 14
THE CO8TREE CHARITY TRUST LIMITED {A company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 Trustees. remuneration and expense$ During the year, no Truslees received any remuneration or other benefits (2022- £NIL). During the year ended 5 April 2023, no Trustee expenses have been incurred {2022- £NIL)- Tangible fixed assets Freehold property Cost or valuatlon Al 6 April 2022 100 Al 5 April 2023 100 Net book value Al 5 April 2023 100 At S Apnl 2022 l( £100 nominal value relates to the 999 year lease to Maidslone Borough Council. Page 15
THE COBTREE CHARITY TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 10. Flxed asset Investments Llsted Unllsted investrnents Investments Total Cost or valuation Al 6 April 2022 Additions Disposals Revaluations 8,286,722 724.610 11.084.796) (439,196) 80,000 ,366.722 724,610 (1,084.7961 {439.196) At 5 April 2023 7.487.340 80,000 7,567.340 Net book value At 5 April 2023 7,487.340 80.000 7,567.340 At 5 Apnl 2022 8,286, 722 80,000 8,366, 722 Investments at market value comprlse: 2023 2022 Fixed asset investments 7,567,340 8.366, 722 7.567.340 8,366, 722 All fixed asset investments are held in the UK. During the financial year. losses on investment valuation lotalled £439,196 12022.. £125,066 gains) and I0e$ on disposal of investments totalled £92,40712022.. £47,367 gainsl- Page 16
THE COBTREE CHARITY TRUST LIMITED IA company limited by guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2023 11. Debtors 2023 2022 Due after more than one year Other debtors 7.500 7,5(X] 7,500 7,500 Due within one year Other debtors Prepayments and accrued income 2,554 473 887 415 10.527 8,802 12. Creditors: Amounts falling due within one year 2023 2022 Trade creditors Accruals and defeed incorne 583 13,800 14.193 13.800 14,776 13. Statement of funds Statement of funds - cuwrent year Balance at 6 AprS12022 Galnsl Balance at 5 {Lossesl Aprll 2023 Income Expenditure Unrestrlcted funds General Funds 8,630,843 172,284 {311,3551 1531,6031 7,960,169 Page 17
THE COBTREE CHARITY TRUST LIMITED (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 13. Ststement of funds l¢ontinuedl Statement of funds - prior year Balance at 6 Apnl 2021 Gains/ Balance al (Losses) 5 April 2022 Income Exp6ndilure Unrestricted lunds General Funds 8,489,131 201,757 (232.478) IT2,433 8,630,843 14. Related party transactions Al the balance sheet date £2.55412022 - £887} was due from The Sir Garrard Tyrwhill-Drake Will Trust and is included within other debtors. A management fee of £78012022 - £8871 was receivable from The Sir Garrard Trywhitt-Drake Will Trust and is included within other operating income. Following the death of Lady Edna Tyrwhitt-Drake the terms of the agreement between The Cobtree Charity Trust Limited and Maidstone Borough Council dated July 1971 have become operative. Under this agreernent, the Charity has covenanted the capital and 97'/2Qh of the income of The Sir Garrard Twhitt-Drake Will Trust to Maidslone Borough Council to be used for the upkeep and maintenance of Cobtree Manor Es18te. The Charity administers the Will Trust on behalf of Maidstone Borough Council. Accordingly the Trustees consider it inappropriate lo include the transactions of this Fund within the main body of the charitys financial statements. However, the Balance Sheet of the Fund as al 5 April 2023 has been reproduced on Note 16. 15. Taxatlon The company is exempt from corporation tsx on its charitable activities. Page 18
THE COBTREE CHARITY TRUST LIMITED IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 16. BALANCE SHEET FOR SIR GARRARD TYRjRAKE WILL TRUST AT S APRIL 2023 2023 2022 ESTATE ACCOUNT . UNRESTRICTED FUNDS 1.907.315 1,994,684 INCOME ACCOUNT COBTREE CHARITY TRUST LIMITED Balancg at 8 Aprll 2022 Share of incoTne Add.. Deposits Le55= Withdrawals 2,882 887 780 2,882 Balance Ht 5 April 2023 2,554 887 MAIDSTONE BOROUGH COUNCIL Balance at 6 April 2022 Share of income 34,596 30,437 27,361 34,596 65.033 61,957 Less= withdr8W8Is 34.596 127,361 Balance at 5 April 2023 30.437 34,596 1,940,306 2,030,167 REPRESENTED BY.. ESTATE ACCOUNT Investments Investments cash de[Sit$ Amount due from Income Account 1,816,167 21,907 69,241 1,914,361 18,845 61,478 INCOME ACCOUNT Amounl due to Capital Account Cash al Bank Other Debtors Less: Othei Creditors 169,2411 106,891 161.4781 101,398 12 4,4491 14.6591 32,991 35,483 1,940,306 2,030,167 Page 19