Ch*ritynumbtr. 283617 Cobtree Manor Estate Trustee's Report and Financial Statements For the YearEnded 31 March 2021
Cobtrtt M•or Eslate CoDtsDts Paxe RefereD and •thnini5trptiYe dettiilsofthe eknity. its 1"twttt3 Hnd advis¢rs TDJ5¢<¥s r¢port IndHxndent audito wort on the f5tyonci ststem¢Dts Stment OrrMla] activities io Balat sheet Not¢5 to the financial 3tstemeMS 12-26
Cobtret MAor Ftstst¢ Admilli>trativt Dttai]a•f the Charity its xhd Adviser# For the YearEDdtd 31 Mattk 2121 TnE¥tttJ MAid%toMe Borough Council There aT¢ M individual tru5tee5. All elected tnembErs of th¢ MaidsloDe Bomugh CouD¢iI F¢rfornJ dulles of In£5 but ar¢ noltn¢s intheirowi right A full Iisi of sllembers i5 avoilabk on request. Charity regi%twtd •uJnb¢r 283617 PriD¢ip•l offKt maidSlle Borough Coun¢il Maidstorte House King Strt Maidston¢ K¢nt ME15 6JQ UHY Kent LLP tl& UHY Hack¢rYoung Chart¢r¢d Ac4ouniants Statutory Audito Thmes House, Romart SquaTe Sittin8bourne Kent MEIO 4BJ Bank¢ All finjds are managed by Maid8tone B¢)rou8h Council at.. Lloyd8 Baokplc, City Office Bailey Drive Kcnt 50LS Solirito Head of Legal PartDcrship Mid-K¢m Ltga] Services Maid5tODe Borough Coullcil Maid5tonE Housc Kent ME15 6JQ Page I
Cob¢ree Manor Estate Trllstecjs Report For the Year Ended 31 Mgrch 2021 Th¢ Maidstone Borough Council acting as Corporate Tr41¢¢ io the r¢g]5ter¢d Charity known -C0btret Manor Flate, prescnts its aThtLual Teport in rtltition to thc financial y¢ar ¢llding 31 March 2021. Trllsttes Thc trustc¢ who strvcd during theyw 15 showi on the itlfomiatiott pa8e. OBJECTIVES AND ACTIVITIES GoveTlliDg Object The governing obje¢t of the Charity [n&in$ thai d¢fifJd in the1¢gs¢ of the Cobtrt¢ F.stak dai¢d 13 July 1971 lthvea] the C<)btree Chswity Trnst Limited (the 1<88or) and the Maidstone Borough Council (the lessee}. The govaTritLg objed is stated as.. '-1 o hold Cobtr¢c Man4)T and Cobtrce Manor FJ51at¢ foT the benefit oftht inhabitants of M8id$ion¢ and other members of the general public in one or oth¢r or a]1 of the following ways.. By maitttaining the Cobtr¢¢ MaJ)or Estate as att spac£ as d¢fiTred by the Opety Spae& Act ITh and if the Lessees think fit providing theT¥ai fa¢iliii¢s for organiscd game5 and tsth¢r sports" With ih¢ con5¢nr vf . .Ithe Cobtree Charsiy TNst Limited and the Kent Ctsunly Councill... in such oth¢r way for th¢ b¢n¢fit of thc inhabitsnts of Ntaidqtone and othcr mcmbeTS of th¢ genL4xI public as the Council shall frow time to lime thiE]k appropriaie., Object of th¢ Charfty 'Ib¢ lat¢ Sir Gattard T)Twhitt-DrAkc beoueathe41 his fonD¢r estste to the Cobtree Charity Thst Limit¢J 8Dd $¢t (hwn in the xIle1]S Èo his Will rcquiremtnts for its future use. In seeking to inleryr¢¢ these, somelimes conflicting. codicil8 the Maidslone Borough CtsunLtl and Cobtr¢¢ Charity Trust LiTniied agre that the Estat¢ in iis entlTW. and the intCDdcd ¢haritsbl¢ objtLt4 should be le&%ed to and govcrncd by. the Maidstone Borough Cout)¢il. Ihe Mwdstone Borough Cthmcil, Corpordtc Truste¢ to the Charity, h8s deterDJilled and regularly T¢#w$ a seues of policies to guide the actioDS of its Members and employee5 ijj fulfilling the governins object of th¢ Ch8rity. Members of the Cobtree Manor E5taie Charity Co]nrnittee mattaBe all aspects of the Charity on behalt. o th¢ Council. InfonThaJ liaison continues with the Trustees kn th¢ Cobtr¢¢ Charity Trust Limited. particularf}' rcgard to considering ltential dcvdopm¢nts. Members of thc Cobtree Cha)ity Trust Limited are illted io attend the m%linBs of tbe Cobtree Mallor Estat¢ Charity ConJm51t¢¢. ACHIEVEMENTS AND PERFORMANCE Organisation of the Clwlty Th¢ Trustee 10 the Re8iStcrcd Chariry kntswn as the Cobtrec mOr &4tate rqngin¥ thg Corpotale Body of the Maidston¢ Borough CobnGil. How the functions of th¢ Corporate Ttu¥tee are implem¢nt¢d is re4Eerated in tht section above. A]1 IndirndU elttted M¢mbffs' tu the MaidsioJ)e Borough Council dT¢ itisttucied to pdorni any duli¢s and responsibilities th¥y have in Te]ation 10 the charity as thoush they acting as individual trust¢¢s; &lhcit that they are not indIl(lua1 tnLttcs in c}rItY Law. All elected Members and OffieeTS of the Council ar¢ r¢minded of ihe Council-s obligaÈions io the Chariiy and how these nttd 10 be considerL¥J quiie stparat¢ly from the nornial duties of the Council acting as thc Local Autliority. An A to 2"aid mettjoir" is madc availablc to all M¢n)b¢r5 and Officcrs via the Council's inteTnal intranet site. Under the iernv of the 1c)rt which iht Charity bolds th¢ Cobtree Manor Esthtc, aJ)d Èn th¢ 5pttifi¢xl circumsLqnces. the Coujhcil continuc5 to li5¢ with th the freehold own¢r of th¢ Estat¢, the CobLree ChLty Trust Litnit¢%l, atmi the Kent County Council. Advl¢t to Tru5tee5 The adce for trusie&s publishedby the Charity Coffjmission is giv£ to new tnemks of the charity committee and new guidanc¢ is notified and tnade available io Ih¢m as it js T¢1V( from the Commission. Q)mTnittec membets have free £¢5S to all M¢b¢r9 of staff to ¢nsuTe thai can be fully aware of the special considerations. a¢livities and implications of, and for, the charity PAge 2
Cobtree Manor Estate Trustee's Report For the Year KDded 31 March 2021 The following pwraphs inc]udedto d¢monstt4te tLOW th¢Ch8rity is netIng its obligatioll to provide 3 publifjinefit. The ptiTtIXry activities of the Charity are to mallage and maintsin three facilities to which thc 8¢JJeral public have acccss.. th¢ Cobtree Maner Padc- which is a parkland ¢VIrOnMl with woodlatK] a[ meadows containing a wde variety of trc and 5hrLkn 8ttd which is freely aceog8ibl¢ to thc gen¢ral publi< th¢ Cobtre¢ M8n¢r Pth( Golf Course- which is apay and play facility 4¢¢ts$ibl¢ to dl,. and Keni Life- a farffl heritsge attra¢tiott, ittcludirtg a collection of hi#Ori¢ art¢fa¢t4 which is open thepublic either on aY n et)tyy or througb an Ynnual tnefflbetship fe Cobtree Golf Course Year Rounds Pla ed 39,927 201512010 201612017 40593 201712018 3V72 201812019 36008 201912020 2fj006 202012021 27281 Rounds played in 202012021 was 27,281, which is a s]ight incr¥ase on thenumber from 201912020. This is ¢spr&ially sigrtificant consideting the course was not open for the full 12 tnonths a Tesult of thcCovid-19 pandanic. The course was closed for approximately 26 w¢¢ks of 2021V2021 because oEmultipl¢ lockdown periods. Golf on¢ of the first leisure a¢tiVLtie5 that could be donc as each lockdo was e8se(L 80 itt openpoioos Cobtre¢ wos a very popu]aT 8ttr&xiw hellce achievitig 27,281 rounds Six ujonths of allowAble tsle. WhaTr the course could r¢-op¢n it had w do so wth limity] fvod And Eeverage oplii>ns, limited ¢vaJts and llo large functions. This hampered Secortd Irade but fortunelY it did not rthcc th6 amDunt of golf that wa8 playcd. The golf cour8e attra¢t¢d lots of playets who had not played bdor¢ or who had not playd for a while. The Op¢tOrhopeS to capitalise on this in th¢ recovcrypeTiod and retsin thesenew vi81t0 &8 regular cu8tomtr5. Cobtree Manor Park Thepuk wa8 awartsl a Grea) Flag Award for 202012021. Thcpark had reo)rd visit(>T numbers in 2020 as a rcsultof the Covid-19 pand¢mi¢. With resttictions limitittg where people Uld go d what they could do, th¢paTk a very busy destinaiii>n ev¢ry day. The rnana8etnent team changed som¢ of the park operations to cnsuT¢ so¢ial distancing and tompliance with Ch8ng to government rtstrictions. With fin8nciaJ uDr¢rtainty across the rest of the estate, larger projerts had tv be put 0]) hold, but illve8tment was made ints) additional overtlow Car parking space, bollards to pr1 unauthoris&J p4rking and automatic gates wthich haveranoved the need for ongoing swuriry cos Th¢ staff at tht park have been am&lgamated with Ihe paTk5 gnd op¢n spaw staff at theeouncil who manage and overs¢¢ the othqr parks ill the Ix>iou8b. This rwjuces the cost CMEC and provides a tllore r&ilient and diverse1&gm that CMLC rely upon and b¢ 8 part of. Page 3
Cobtree Manor Estate Trustee's Report For the Year EDdcd 31 IYJr¢b 2021 A varied proal]e of ¢vents and adivities delivered by th¢ Park team and partThcr organisations h&8 been Offe thToughout the ytsu. These included family-friendlyy nabjreand wildlifc th¢med ev&Jt$ And the popularEa8ter aTrd Halloween trails. which each attracted more than 150 Pdrticipants. Kent Llle As awpular l¢isw¢, hospitality and towism attraction in the sthjih Kent Life inevitably SLJffcrcd &% a rcsult of the pandemia It was forca4 to c105e in MaTch 2020 and r¢-owed in July 2020 with ttqtrictions in plat¢. SoTne events were dtliwered io reduced audienccs in the summer 01.2020, but DeccmbeT 2020 a 8ubsw¢nt lorkdown forted anoth¢r Glosure which disjuptcd tbe Christmas and winter cvojis programme. Th¢ venue had to remaill clos¢AJ for th¢ runainderof the 202012021 financial year. Additlonrtl VolunieerHelp and14lunblEJncrn£ Th¢ vsual vtslbntetr help gi on th¢ ¢¥M¢ 1$ ref•red to abov£ In 2020 th¢n)djority of this help pr¢vatrA be¢ause of r¢8tri¢tions explicitly preveyjting il or because the individuals involved did not feel safc and COnfidt enough for the2r gTOUPS to Revlew of PbItC Benellt The Trus¢ contLllI to considet and thsure that the Chgrity meets 115 Twuiicmcni io comply with th¢ test of public benefit. Thc C4)btree fvlanor Park runain8 frctly aecessiblc to the grn¢AI public and the pay and play golf COUTS¢ is d¢cessible to all (hose wbo wish to takc advantage of it fa¢ililia% at reable cosL whilst Kent Life prowi<ies a Vlea family day out foT a T&q8onable fee. Related Party Dlsclo¥ure The Maidsione Borvugh Council is the CoOrate TTU51ee of ihe Charity. In addition the Council itself owns part ot"th¢ land upo which the Cobtree Nfanor Park Golf CouTS¢ 1$ built'tknt ateouniing angemenTS b¢tW the Couttcil and ihe Charity are th¢ Council is Te5PQll5ible Eor all receipts and pa)rynents for Ix)th the golf cours¢ 4nd the Cobtrcc M0[Park. Al the end of each financi3] year th¢ iulal nel opeTaling Surplus or deficit of the Manor Park Is tran8femyJ to the actoijnts. For the golf course 719ihs of the iot&i net opeTating suwlu8 or d¢fi¢il is th$f¢r[ed to thechaxtty accounts. ren178 the splii of land owry)eTship. Th¢ remainillg 219th5 Bre shown in the awounts of the Cowicil. The Council al&0 employs a Manager whu jvinily ttwges Mote Park and the Mallor PdTk. A pgjk rwigtt ¢mployd b}, the council is aysigned to the Park also.. Th¢5e posts cxist as of a smllG¢ level agTeemeni for parks and opul sp8CtsmwJagement of C.'ohtrct Mattor ParK the totsi ¢ost of which is shown in the Charily aLcounts under the arrang¢n)ents SPried above. When equit&l, dddiuonal labour for covering rangLY holjday and SOll w¢¢kends in the summer season is &lso paid for by the Clwity. Other officers of the Coun¢il are engaged from time to lim¢ in duties specific&llyr¢lattsJ to th¢ op¢rntion and martagemeni of the Estate. They are not part of the afortmentionel scrvice level agreement and their line alld associd wsts are 8PPOrtioned accordingly to th¢ cObtr accounts. Full detai18 of the fin¢11 imwd¢t of tkne related paty transaction ts provid in not¢ 22 to the fuwJ¢ial statemls. FINANCIAL REVIEW Flnanel*l Review Jncom¢ for the year arnounted 10 £463k, a slight d&rtase on lotal income tsf £472k in theprn40us ycar. All maill incom¢ ¢lass¢g showi on the Ststement of Fingncial Adivits¢g ("SoFA)" remained wnsist¢nl, although within the heading for income from charitsble a¥ttivities there were reductions in Kent Life incornc and a rise in car Park and g(Jlf course incomc. Charitsble Losts mse 10 £500k froTn £445k: with the increas¢1gxgely &ttriblllable to in¢tcased sd on TcpaiT5 and maintenollct. The additional spcnd irtcluded 5omc.%ignifi£ant one-off items such a5 the ingts]lation of the new automatic gat¢s and new play equipmenL as well other play area repairs that wqy neixlfxl. Page4
Cobtree ManoT TrJSt#te Trustee's Report For the Year Ended 31 Marcb 2021 Brfor¢ gains rwrtthl on investments this me¢ thc r¢sult for the ytar was a deficit of £36k (2020: sUlUS of £27k). The £155k gai oll inv¢sttnellls12020.. loss of £L93kl brings net inwm¢ for lh¢ year per the SOFA to £119k {2020.' Del ¢XF¢nditUTe of £165kl. The gain oll iThvesttnts rtprcsoits the movement in th¢ y¢ar on the chtiTity' listed investment 5UticS. as sho in note IS. Th¢ fil nK>vement in bjrtds for they¢ar rtlates lo fjxed awt revaluations. The carrying value of the fiKcd assets ha5 decrtL4 by £60k to rcfie¢t the lat&qt valuations. The overall ]nov¢Tn¢Dt iti fimds was therefore an increase of £59k (2020.. d¢4&e of £785kl. Th¢ basic net su]plu8 of irtcome over ¢xpcnditurE kforethe IThv<%tMt attd rcVa1u1On Movemen (xhntinuedto b¢ US to ¢omplet¢ tbeTepayment of debt dueto the Maidston¢ Bthough Cowlcil. Interest due to the Charity in re5tK¢t of th¢ endowmethtt held on tbe Charity's b¢haJf by the Borough Couttcil is included part of the ullrestri¢ted iE)come. The Balance shet shuw8 net assets ai 31 Mgrch 2021 of £4.44m,up from £4.38m at the end of th¢prior year. Much of this value És Tclztd to the charity'% tsThgible fix¢d assets and othcrinvestments held ill endowrncni fu]]ds, which wmprise £4.12m of the totsl. The Temainillg thDds sit a5 uDF¢St[i¢t fr¢¢ rtserves of £291k ¥nd restricted fund5 of £32k. Res¢rvÉs Pollry Restricted reserves aT¢ J)JaIntain in Tespe£i of thepamanent eijdowment fid8. Risk Monagtment Ihe Ttustee continues to rcview the business and 0tional risks which the Charity faces, and id¢Dtifies Wh approte 8tq)s to minimise the impact of any i¢J¢ntifjeJ risks. All contractors workittg on the Estat¢ ar¢ 3150 required to undertakcrisk assessments appiopriate to their activiti¢s. PLANS FOR FifniRE PERIODS The Tmsttt has now iTnpl¢mented themastsrplan for ihe Cobtree ManorPark aa has usedrestrve fvnds for its implfmeJ)tation, wyth th¢p¢rmission of the Ch3Tiry Commission, which will grathlY b¢ r¢-paid In futurc a m&sterplan for the e8tatc as a wthole will neoj to d¢vi$al. TRUSTEE'S RESPONSIBILITIES Th¢ TTU5tr is reswible for prepari the fjnancial stat¢n)¢nts ID Jt¢OTdance wilh applicable law and the Unikd Kingdom GerallY Actepled Acu)untirtg Practice. tAw applicable io charitie5 in England aDd W8le6 re4uircs tlke trus¢ to prepare finanoal stat¢rn¢nts foT eath financi31 which givc a ITUC and fair view ofthe Charity's financial attimties during the year attd of its finCial position atth¢ end of th¢y¢aT. Jn PWaTing th&%e st8tements ihe Th1¢£ is rquiT¢d tu: select suitable accounting wJlici¢s 8Dd apply them cotisistenily,. mÈkc judgements and that ar¢ r¢asonabl¢ and pTudtht' 5bt¥ whether applicable accouniing standardi hAve been followed, Subject to any mat¢ria] dq)artures disclosal and plained in the financial slalunenls.. prepart the fi]kincial statents on thc going concem unlttq it 1$ ittappropriatc to presutne that the Ctlarity will ¢ontithue IA busintss. The Trnstee has overall responsibility for ensuring Ihattbe Charity has appropri¢ svst¢Tn5 of wntrols, financial and otherwise. It is Iso 14xponsible tor keq)ing proper ae¢ounting records which diKlosc with reasonable aceuracy at any tiTn¢ the financial position of thc Charity and 10 &bI¢ to eiisuT¢ thatthe fiTtha1 Statements comply with the chariti Ad 2011. It its also responsilTrle (or safeguaInS ihe assets of th¢ Charity and hente foi iakinb reasonabl¢ st% for the prevention and dete£tion of hud and other i]rt8ulaJiti&q. Page 5
Cobtree Manor Estate Trustee's Report For tht Year EDded 31 M*rch 2021 Thi5 r¢port was approved by theTrustee and signed on its beha]f by Couneillor htrik G4rt¢ Chaimoo of tkn¢ Cobtree MOr Estate Ch8rAty ComDJittee Dat¢.. 2s/oi/202L Pag¢ 6
Cobtrtt M4nor knt¢ lDdtptAdtntAudlto, Report to tht Mtmber5 of Cobtrte ManorE8¢at¢ Opittio We have audited th¢ fMwLcial slat¢m¢nts IkfcobtT¢¢ Manor Estat¢ (th¢'¢harity'l for the ytar ¢nded 31 March 2021 whichcotnpri5¢ th¢ Stat¢m¢nt of FinaDcig1 A¢tiviti¢4 th¢ Balan¢¢ Sh¢eL thc St&temellt of CLph Flows aDd the related tM)fr& including g surnmary of signifieani counting poli¢i¢s. Th¢ financial r¢portlJl8 frarnewoyk that ba$ been applied in their preparation i5 applicable law and United KBdOM A¢countllJg itt¢ludtsb8 Fitiati¢iai ¢tti8 sttttd 102'The Fin4pfjl K¢wrting Standatd app1]ble in the UK 8nd Rcpublit of Ire18ttd' (Uttitcd Kingdom Gener[Y Aepted A£vtIng PraGtic¢l. The fi74] statemBnts have been prepared in accordanc< with AcCow1tr ¥nd R¢wrting by Chariiies prepaTill8 their ctouDts in rdan¢¢ with th¢ Fiiian¢ial R¢porting Standards appli1¢ in th¢ UK and R¢publi¢ of Ir¢land IFRS 102} in prc(cren to th¢ Acwuntin8 and Reporting by Charities.. Slatemeni of Recommended Ptactice issued on l April 2(X)5 wthirh TcfeTrcd to UJ thc extant 8u]ations has been withdraw. This has been dolle ill for the a¢cou5 to pwvide a trug lairview ill accoTdBllc¢ with th¢ G¢Tal A¢¢epted Attountill8 PractiL% effective forPth8 puiod5 beEinnitJK on or4fter l JHnuEry 2015. In tsur opthion the 51m¢nts'. iv¢ a true Hnd fair view ofthe 51ate ofthe chuitys Affairs at 31 March 2021 And of its incoming resouttes 8nd appJleati(m of resources for ihE year then endcd. hive been properly prepared in atcordatht¢ with U•rt¢J Kitigdom fjentrally Aptsd A¢Unting Practice: &tJd have been Prepad ill ac¢ordau¢e withthe Nuirellts of Charities Act 2011. B•sts for fyplknlo We conducted our audit in BCCOTdBnce with lDternalional Stsndards on Auditing USAS (UK)) 8ttd 8ppJieabk law. OUT responsibilities wJdertho8e standards ar¢ further deJ¢riE¢d in the AuditOTS' responsibilities for the audit of th¢ fJnwKi41 stst¢ments se¢tion nf our report. W¢ ar¢ independent of the ¢hty in a¢¢oTdan¢e with the ethital requiremet)1s th2t &r¢ r¢l¢v9nt to our audii of the r]]Jatt¢]al statements itt the Unit¢d Kiti8d0 iL¢ludill8 the Fin8Cial Rep)rtiDg Council's Ethicd Stjndarf and wt hove fulfilled our otherethi¢al re$tx>n$ibilities in Lccordan¢e Ivith the%e requirttnentk We believe that th2 audit eviknc¢ have obtained is sllffi¢ient And aPPTOWi4te to PTovi& ll bHsis for Our opinK)n. Co•rlu¥Éolls rdwtillgto yiDg ¢ont¢r Jn auditiDgthe finan¢ial 51ot¢m¢DI4 bave nclUded9¢ the T.5 uye of the going wncem b88is of wounting itl th¢ ppatt0Tr of the rJJJan¢I statsments LS appropriite. Bastd on the work wc hav¢ p¢rforn)¢d. havc not i¢kntificd any matcffial uttcertaimits ttlatin8 to events orconditions irldividually or eollethively may cosi significant dou on the ¢h8rity's ability io continue as a goAD8 eoncm for ap¢riod of ai l¢aM tw¢lve month5 froTtL whett the r]twi¢ial ststtments aTe ttuthoiised for isslle. Our resw)msibilities And the rcspon8ibiliti¢softh¢ Tnjsrces with respctl to EoiThg cozKem aT¢ dwTknd in th¢ reltvanl 5ECtion5 of this r¢port. Olknr iwfornwti Th¢ oth¢r iDforni&tiQD ¢omprisES th¢ iDfonnaiioD iDGlud¢d ID th¢ Arnwal Repon Oth than the fLnan¢ii1 statements and ow Auditors. Rcp)n th¢r¢on. Th¢ TTUSt¢¢ r¢sw>nsibl¢ for the 01h¢r inforniAtion CODtsincdwithinthc Annual Report. Ouropinion Im lh¢ firjancial stsi¢meMS do¢$ wl ¢ovcrilK other infomiaiion and ¢xe¢pt to th¢ cxttni othtLwise explicitly stated in ourrEpori, VK do nol ¢xpre55 any forni of Assurance wnclusion thereon. Our resp)nsibility i8tO Ttad the oiher thfomiat)ti alld, in doing so, consider wh¢ther the other inforn]ion 1$ ttLalerially incon5i5teut wilh tlK finEncial slaleTnenlS QT our knowledge obtsined in the cours¢ of th¢ audi¢ OT Othetwixe appesT5 lo bE makrilllly mis5tai¥d. If wt idEnlify sueh mateTixI inionsislencies or appareDi tn&lerial tni55rat¢m¢nt& aJe ftequited to dcterniine ithetherthis gives rise to R mthrial n]i$st&lEmeTht the finCIal statement5 th¢ms¢lves. Jf. based on the work M¢ have rforne4 conclude that thcrc is ll tnatcriaj misslaletncDtof thisother iDfonDatioJ4 v 8re reqll]r io r¢p)rt that f*L W¢ have nothin8 lo in this Rgard. Page 7
Cobtr¢¢ Malor Estat¢ IDdependentAuditor•' R¢p•Tt to tbe Mwbtrs of Cobtret MAAOf Estt¢ (con¢iDuedl Mxtters on whi¢h we are r¢q•lr¢d to report by typIo We h8ve nothing to T¢POrt in te$F¢¢t orth¢ (olloiving matters where the ChoritLes (A¢wwJts 2nd Reports} Re8ulztions 2{8 require5 US to reptrrt to you if. ill our opinion.. the itiforniatioJkgiv¢n in the Trwtec's R¢wbrt is inconsi¥trnt in any ]nateri re4xd withth fman¢yoJ stht¢mcn. or suffi¢ieJJt ac£ounting ttcorth h&vc not b¢¢n kcpt: or thE finttncial 8]t not iti agrt¢m¢ni wilh th¢ acwunting rOTdS wjd rEturns' or VK v¢ nol reteived all the inforniation ¢xplanation$ w¢ r¢quire ftrr out audit. R¢JponsibilitieJ oftrniieti As ¢xptsina D)¢) 1]Y in the Trusite's ResP)nbilitIeS StatsmenL the Trust¢¢s are re5ponsibic for the prEPardIrI of the f>nancia] Ststements whieh giv¢ a Inje f&ir view, attd for suth thternal ¢oJJtrol as tbc Tyu5r¢¢s det¢IDe i5 rteCc$$ to ertibk the prepAAtio orrinancial statements that free from mat¢rial mi851aletDent, whether duc to fraud OT em)r. In preparing the fJJwi¢tai starements. Ih¢ Trust¢¢s aT¢ T¢byonsible for a5ses$tng lthe charity's ability to ¢ontinu¢ as agoing coiKcn4 dixlo$in& a$ appli(ble. m8ttCts rclor¢d kn going eoncern and u5in8 the going Cnce bAsts of i¢¢outtting unkssthe Trustees either intrnd to liquidate the clwiiy or 10 ¢t Operatior or have fto rtali8ti¢ ah¢rnative io th 50. AMdltor5' r¢spollsibiliti¢$ for th¢ audit of the fiDxciI &tAte]kntnts We have been appointed as auditor UD¢kr section 144 ofthe Chariiies Act 2011 alld report in acU8ncc withthe Act AThd rekvaDt r¢xulations math or having etFe¢t ther¢wJder. OUT objective5 are to obtain Texsonablc uranCe aFx)ui whcthu thc finan¢i4J staternct a whok fte¢ from matsrial misstaiemtn thether due or error, and i8sue an Auditors. Rep)rt that in¢lud¢5 our opuuon. R<asonable a55urance 15 a high levvl of 8ssuranc¢. but is not a guarantr that ttudit tonducted fft a¢wrdallce with ISAS (UK) will 8lw#y$ detect a tllateriai misststetllettt WJK t exiys. Misststements caD aris¢ frorn fraud or eTwf and arE considpTrd [re[jaI if, ll)dividu4lly or in the aggregate, they could tel]Y be expected to influ¢n¢e th¢ ¢¢onomi¢ thisions tsf)w¢r8 t)keAh on the b8sis of these finaD¢iaJ st•t¢m¢nt& Irr¢guJarities. including frau4 instn¢es of llonompliante with Jaws 4JMI re8ulatioJts. We design pro¢eduwe8 in line with our testx)nsThJ illtie4 ouilthed alx)ve. to detect material misslal¢m¢nls in $¢tOr1Tr¢gU1lrJlIcs, including fraud. The extent to Mthich our procedures are ¢apablc of dde¢tllb8 trTeIll]lle8. in¢ludiLg fraud is detailed b¢low'. How the •UdItw to•slOtr¢d pable of d¢te¢linK irw¢yl•rhiu in¢ludig frAud Our4WToach to identifyitt8 Alld assessing the risksof material mi55taiemenl ITh re¥K¢t of irreguiariTie$. including fraud and tk) compli4 wtth Jaws and TcgulaIiot wa5 &s follow$'. ithntifjed th laws and r¢gulations applicable to Ik ¢haTity throu8b discu08 With mw¢ttLenL 8T from ow knowledge and ex¢¢¢ of t charity and nol-foryofil sl0r.. we fO¢d OD SFecific I&ws a]Mi gUlaT]n$ which ¢onsidered may hav¢ a dire( mdteyial etyeci OD the actowjts or the opeTalions of the charity. incjuding th Charitics Aci 201 I.. id¢niifJ¢d law5 and guIlIn$ were tommutiiclied wththin the oudit team and the legm remained ttler( to iLtstittsof tLOn ¢ompliaftce throughourthe audil. We as5e8sed the SteibilIty of tht ¢iwity's a¢¢ountsto matcriai inchlg0btainjttB underslanding ofknw frnud mi8ht occur, by.. makLn8 ¢nqiiiric5 of mww8¢mEnLa5 to whEre thBy con%i&red there susceptibilty to frgul theirknowicdge of actuaL SUspeCd and alleged fraud., arLd con5iderin8 the intttrnal ntlS in plac¢ to miiigatr risks of fraud Bnd 1compli1ce with lfjws and regulalio To adth5sfr risk of frnud through maTh8gemtni bi&s and override of ¢onirol& we.. Éxrfornied aDal)rtical proC¢dur to id¢ntify ?ny or llnexpgcd relationships; testtd jolurt entties ro id¢ntify unusual transJ¢tions', 9sses5ed whether jud¥¢menl$ and assumptions in denniningth¢ aceoutttitig e#iinates sel oui in the acuunting p)litie$ w¢r¢ in41i¢alive nfpotential bias. Bnd inv¢stagat¢d the ratiQDal¢ t¢hsnd $i8Difittttti oi n$al trartsaciions. Pa¥¢ 8
Cobtr¢t Manor Estate Ind¢p¢Nd¢D¢ Audlton, Report to th¢ MtmberA ofcobtr¢e Mm•r KrtAtt (eoAtlllued) In T¢Spor¢ to th¢ risk of irr¢guJaritieS and non.¢onwli8n¢¢ with laws and regul•tions, we designed pro¢eduTes which inclu&4 Pt not limited to.. 4gre¢illg fllJ2nciaI Statement diselo$ures to thJdeTtyiD8 surt[rtE dowmEttWion; T¢ading minutcs of m¢¢tiDg5 of th05c th8Tgc£l with governan¢¢,' and enquiring of mwrnent ro a¢Thl and ptential liiig&ion and ¢laims. Thvte aTe ittherent limitatlD115 in our Rudit proc¢dutes described lllxjve. As a result there is a li5k thRt will not dete¢1 a]1 tnt8ularilie4 itiGludiD8 those leadiDg to amaterial tlliS5tst¢ment in the fjnyn¢I 5t&t¢DDts OT DDwOrnpliat with r¢gu]ation. Thi8 risk intreases the rnorE that compliHne£ with 91gw ofTeguJatioD IS Temoved fTQrn th¢ ¢v¢nls and transa¢tious r¢fl¢ci¢d in th¢ fLrtancial statetnenw 35 we will be l¢sg 11ltely kn bewlle &ware Ofinstan of nowompliance. 1The risk is alw greatsr regarding irregu11t1e$ or¢urring du¢ to fraud rather than eJTor, a% frhud involves intelltional cOttalMen¢ forgery. collusioffj omission or misrepre8tntstio A fwth¢rdtscriprtiott of ourr¢sFKJJsJbilits for th¢ auditof thc fin2n¢ia] statrmcnts i% I0¢at on the Fitiancial Rer18 Council's We2* at.. www.frc.or . audit0re$ ibili s. This descripbon forms psrtof OUT Auditors, Report. UJt•f our rtptrrt This r¢port is m4(k solely to th¢ ¢haTiry'$ tN5t¢¢4 45 a body, in a¢cordanc¢ with P&rt 4 of th¢ Charitie5 (Ac¢ourtis aDd Rgports) R¢Eulaiion$ 2008. Our audit wwk has b¢¢n und¢rtak¢n so that we might siatc to the ¢h8rrty's trn5tee$ those mattersM¢ are Tcquired to stat¢ to th¢m an Auditors, Rcporn and for no othu purpose. To the fullest extent petmitted by law. do tt accept or asswlle resp)nsibiliry to anyonc othcr than the ¢trlty slld its In$. &$ a kndy. for ouraudAt wotL forthi$ TetX)tL orforth¢ opinions have formed. UHY Ktni LLP Ch•rt¢r¢d AccouDtants S1atwory Auditi)rs Th8Ttt¢S House. RomAll Squ&Ye Sillingbournc Keni MEIO 4BJ Dat¢.. 26 January 2022 UHY Kenl LLP tla UHY HackerYoull8 e eJi8ibleto act as auditors ill terms of wioll 1212 of th¢ Cotiwies A¢t 21106. Pog¢ 9
Cobtret Mttor E4tt StatenDt of finan¢il Artivili¢i For lht Y¢r EttdO 31 Mlvth 2•21 UNrestrirtt41 funds R¢itrl¢ltd fuAd8 2021 2021 Endowment funds 2021 Totsl Tolal fymds 1020 202J In¢omt ind Mdowm¢n¢s tkn&tiotis and lega¢ies ChHritablc activities 576 352.IMO 47,771 36.15J 26,463 27,041 352,040 47.771 36,155 43,483 327.216 54,438 47,575 Other tr]ng activities InveMenTy TotAI in¢omt A•d 436,542 26.465 463,007 472,712 EipeDditure ott: Charitabk activitie5 396.552 26.465 76,547 499,564 44J,633 TotAI e%peDditUT¢ 396.552 26,465 76,547 499,564 445,633 Ntt ID¢omt4txpendityr¢l btfore otl 8insl(1o8} on iDveitmt#ly 39, (76.547} (36.J571 27,079 Nel ggill51{knsses) otj imvestments 155.245 155,245 (192.574) inc•thelleXdi¢Vrt} 'I"nnsfers beThn funds 39.990 (23,9791 78.698 118,688 (J65,495) 20 23.979 m¢et in fud$ befor¢ othtr rew%Divd 8Alng/lloJse$) 16,011 23,979 78.698 118.688 (J65,495) Other re<o¥nixd IDsI(Iossc51: L0$3¢5 on rvJiuationof fixed os%ts {60.000) {60,0001 (020.000) l• fllDdJ 23.979 18.698 58,688 (785,4S1J) Recontililtion of h•ds: Toial fwids brought fonwd Net movement in fimdJ 274.716 16.011 8,393 23.979 4,09A849 18,698 4,379.958 S8.688 5,J65,453 1785,495) Total funds trri¢d forwyd 20 290,727 32.372 4,115,547 4,438,646 4,379,958 The Ststhent of Financial A¢tivitie8 inclwle5 all 8llins and105SCS tE£O8TJised inthe year. The notrs OTh p•g¢s 12 to 26 fo part of finArttiil stthtnents. P88e 10
Cobtree M4Dor EBf•te BAIADee Shttt As It 31 MINh 2021 21ni 2020 Nrte Fixed aliets Tangible ass¢ts Invesrmellts 13 2,552.163 825.393 J.000.o 2,7JO,564 670,148 i.oJo.000 15 knv¢stm¢nt 14 4J77.558 4,396,712 Current ets D¢btors Cash at bank and in hand 16 257.914 242.668 13tP.333 247.484 5110,582 377.817 credito amouDts hjling withiD OIL¢ y¢ar 17 {31M,461) (194.996) Ntt turrent iiets 196.121 J82.821 Totsl ustts Itsi eurreAI lthbllltl 4,573,079 4,579.533 ediiofs.. AmOUtsI8 fa]]iti8 due aftermore thats one 18 (135.0331 (199.575) Totsl #èt altts 4.438,646 4,379,958 Ch•rlty fulldi EJJdowment fijnds 20 4.115.547 32.3n 290,727 4,096,849 8,393 274.716 R¢stsi¢t¢d funds Unr¢stridui fid5 20 20 Tot1 fottd$ 4,43&646 4,379,958 The rla1 sents W¢Te approvd aDd aut]yJris¢d for is5 by thF Trust¢¢ aud SI¢47 on th¢ir khalf by: Coun¢lllor Pltrlk Garten Chalrjnan ofthe Cobtret Manor Eitate Chrtty Commiltee 2I/01/20 22 Th¢ notes on psges 12 to 26 fonn p4rt ofihese faLia] stsfrments. Page 11
Cobtret Manor E51att Yotu to tho Financial Staternenty For thtVearENded 31 MITfh 2121 General informtWD Cobtree M8tt0tr Estate is &n unincorytrrattd ¢harity with the charity number 23617. AtrountlD% pojiriej 2.1 Bsts •f pr¢prtioA of fiThAncl $ttemen¢ The financial slateTDenls hive len Prepared in a¢¢oTdantt wtth th¢ Chariti¢$ SORP IFRS 1021 ltond cditN)rt) A¢counting RepDrti]J8 by cIltIes.. StaTem¢nt of Retommended Plaal gpplicsble to chaTitie5 Prepari their a¢count5 ID COrdanC¢ with the Fin¢111 Reporting Standard appli¢8bl¢ in the UK and Republic of Iteland IFRS 1021 {effediv¢ March 2018A th¢ Fijwcial ReportiDg StsndaTd applicable ID the UK and Republi¢ of lrtland IFRS 1021 and the Clwities A¢i 2011. Cobtr¢¢ Estate meets thE defmition of o public Ifit emity vnd¢r TrIiS 102. As%ts Ind liabilities are thitialty Te¢ognised llt historical cost or trattsaction value unless othenvise st¢d in Ih¢ r¢kvant actounting policy. 2J Golng ¢o•te Thc trusl¢¢3 4s¥e$5 thher the of going ¢fjnctrn is appwriate i.e. whether thcr¢ ate any rnat¢ri w)¢twau)ti¢$ r¢lated tu ¢vents or conititii)n5 that ]nay clst $18nificaTht doubt on the ability of the charitabk company to continue as • going The trw5 tD#ke thi5 8sse&%meni ift respe of a liOd of at ka5[ on¢ y¢•T frottl th¢ of authoris4tion for issue of d SIMinly kfor¢ thc 31 March 2020 yesr eDd, the COV1D-19 p#ndethi¢ stnk and so the trustees have tatefully considered the i]np4rl uf COVID.19 th¥if W>8ment. Chges to op¢r•twD¥ G)bty¢¢ OP¢Talors b¢ggn lo ¥Jt¢r their operlliin¥ aTr4n¥cm¢nL% from 16 Mar¢h 2020 onwards umil. undcr In5thliOn from the Govthuneni. th¢y ¢]os¢d and ceased operatiolls on 23 March 2020. Cobtree MaM>r Patk Go]f Course had b¢cn clo%d for 58 days but is now opernting at full c&pxity although t clubbous4 bar and r¢4BurBnt rernai]d c105ed. The tnajotity of the slaJT rtmaintd on turlou8h but a suffi¢icni numbcr r¢twncd to SUP¢TViS¢ th¢ venu¢ aNJ thc pe4)ple on site. The course and clubhouse were again required io ¢105¢ by law in Nov¢mb¢r 2020. They nmain¢d ¢]os¢d until 2021. wh¢n th¢ ¢ourse wos able to re-optsn. The clubhou8e re-opeJd, with strictions im May 2021. and rwp¢n¢d fully in July 2021. Since closing on 23 March 2020. Plannith8 Solution4 the op¢rIr of Kent Lifr. had fvrloughed all staff Bport from tw am Mntr9 who had E¢¢n 8iT¢ ¢ry day ¢he¢ktti8 the Pttmi8es and ¢orm8 for the animals. Keni Life TtF¢n¢d on 4 July 2020 and rem•wKd OFtn until Dember 2020 when il required by Iw lo clost 8gaiti. It tropened in 8¢$ bel¢¢ M4rch 2021 aThd Ju]y 2021 unril all aspects op¢n Bgain a5 31. Cobtree Cllfé had aheted the Café service oll 20 March 2020 10 pfovLd¢ tabawdy food drlljks only. They provided the servict on this basis until th¢y w£re rcquired to c105e on 23 Mah 2020. The Café was re-op¢ntd on a tokeWaY kns fmm 8 July 2D20 and Ternain¢d on for th¢ rest of th¢ year on a take-llway b&si C.ontra¢tor rrntal #mtttdmtttts R¢nt paid by MyTithe Active at Cobtrte Matwr Park Golf Course was suspended for a Friod of 58 day& The contract fee paid by Pl4nning Solutions at Kent Life susnded for the whole of the QI ptriod. The reTht f¢e paid by Cot4r¢e Cafe Lid ai ihe Cobiree Café is suspended for the duration of the Café's Closure wiod. Cat¢.. Rcnt r¢lief 8LYtn April 2020 to Junc 2020. Conttact th¢n to gUrt¢rrn5 pyrnents. Kem Lift.. Renl relief given April 2020 to Jut 2020. Contra¢tthett reMrtt¢d to re8ulartermy and yrncn Golf ¢oune.' Refftt relief given forApril to May 2020. CotLtra¢tth¢D rettuJKd to reBulHr tenn$ thl pay]nents. ConrlusioD Prud¢nt T¢v¢d fore¢85ts havc bc¢D pr¢pared for the ¢omth8 year, tsking Ihe 8bove ittio account. and using the assumptson that the ¢barity will abl¢ w con¢inu¢ provtdin8 Services even ill the evenl of any future io¢k&)wn p¢riods. Pagt 12
Cobtr¢e Mttor E1¢ Notes t(k the Finn¢ial Sttemtnts For tht Ytar En&td 31 March 2021 At¢ouDting politiu {tmti•utdl 22 Goi•g ¢oitern (¢•Dll•ued) Taking the above i]kn Dceount the tnLSt¢¢s hav¢ ¢onclud¢d th¢ ar¢ no matrrial unc¢rtallJties about Ihe chaiily's abi]ilY to continue BQiD8 coD¢¢rn and that it t¢mains appropriate to wntuwe to adopt the goitt8 ¢on¢¢rn tsis of A¢tir8 i trtFfjring th¢ fuJan¢ial slat¢m¢ots. IJ Intom¢ All intoe is recogLised ollc¢ the charity has entitlernenl to the inwm¢, il i$ probable th8t th¢ inrom¢ will b¢ reeeived and th¢ omoujbt of IT0m¢ [¢]ybi¢ ¢4n bp m¢asuTed reliabty. 2.4 Expudit¥r¢ EXndIture 15 ItcogiiLsed on¢E thcrc 15 a k8EI ur coll5truclive obli8ation to tr8Dsf¢r ¢¢onomi¢ llefit tD & third p8rty, it is probable that A tr8rt8fer of ec401( beTJefits will be required in setmetnent and th¢ 8mOUttt of thc obligation ¢an be measwtd reliably. EXpe[ltrt is cl8ssifJed by aclivity. The costs of¢a¢h ¥¢livlly atr tnth up of the totsi of direth ¢i)s attd sh#red illrlvdiDg suppon StS involv¢d in undertaking th a¢tivity. Dire¢t tost5 atiributable to a single adivity 9T¢ ollo¢ated di]Y to that activity. Shattd costs whith c4)rttribute to mOTe than one activity and YUprt Costs wthich nol attr1ble to a sing]¢ arfiviry ar¢ apportioned betwyen those i¢tiviues on a bgsis consistsnt with the u8e of i¢sourc¢5. Ccntral sr8ff ¢osts are allocated on the ba$is of time 5peni 2nd depreciation charg¢s allo¢ar¢d on portion of the Lw'$ ExndItUre on charitsble aclivities is lljcwred OD d¢)Y utLd¢rtaking the activiiies whith th¢ Charity's objectives. a5 well ay &ny asg)cÈal¢d 5UPWrt (l3. 2J IDla•gibleAsstts im•rthatlon Matsri&l int8n8iblt assets are cHpitsli5ed snd recogDis¢d when futs]re wonomi¢ benefLiS art probsbie andth¢ ¢ost or val f the be metsured reliably. Intsngible a5xts 8T¢ inib.glly r¢¢ogni5¢d at ¢0518nd 8te subsequently measured at tost netofAmorbsation arly provisioTh Cor imp9)nenL ¢¥¢imat¢d u¥¢ful livesare as fol]ows: Amortili0tt is provAded oll the followAtig bosis: Website dtvelopmettr 25 % stya58ht lij 2.6 T#n%iblp ed wets XDd depret14tn TTrIe fix¢d ass¢ts •T¢ ¢aTTied at costorvaiu8tion.M of deprecAAtion 8nd atty pviSiOn for iTnpainncnL A review for impA1mnI of a fed is c8rried oui ifevcnts or chge5 in circumstan¢¢J indictte that the carrying value of any fL¥td asset mly not be rccov£rable. Shortfalls IhE Carrying value of fjxcd a&%tts attd the recoverabl¢ Jjoullts Bre rt(¥Jgtii*d AS iltipiintieTit& lrnpainD¢nt b¥x¢s iTe Trcognised inth¢ Statement of fJttthcAtti activTrties. Pe 13
Cobtrtt nOTEst•l¢ Notes t• th¢ FIDxciAI StstemeDts F•rth¢ Y¢r Emdtd 31 M•r¢h 1021 Ateollnting poliriu (¢o•ti•ued) 2.6 Tartiibk fixed aijets d¢prtciation {tontittutdl D¢we¢iAtion is charged so as lo allocate the cost of tangible red asgets Icss th¢ir Tcsiduaj value oVerthE1reiM1t¢d usefijl liv¢4 using th¢ str•igbL-lillt metho Depre¢iation is provided on the following b5.. Long-term le85ehold prorrtrty Motorvehicle5 Fixturcs and fttiDE$ o- 12.S¥rf>D Cost 10.25% on cost The $]dUal values. livcs depreciHtion tncthods ttviewe4 and adjusted prospedively if 8ppropriatt. or if th¢y¢ is an indie&tion of a s1grLifiit ¢hyn8e since the IL%t reporting date. tA)ng.term leasehold propcrty includes Cobtree MBnor PaTk Golf CouTS¢, Kettt Life Museum and Cobtree Manor Park Visitor tentre. As dis¢los¢d in note 13 thue are held under a 999 year Jcas¢. No depreciation 1$ chtryed on these &k8ets o the btt8i8thit they are revalued annually. Ikas¢hold proFrty 4b) inGlu¢ks. at cost, improvements * the Cobtre< Play ATh and ro thc Car paTk 8t C.obtr¢¢ MaDor P. These as8CtS •T¢ d¢preciBted overtheir deemed useful livc& 2.7 IDVeStmtnts Fixed as8¢t inV¢swn¢ots 4r¢ tt fomi of fLnan¢ial instnunent Dre initially tc8n18¢d ai tkir tran50Ction ¢ost and sub8equenTly mcwr¢d •t th¢ir fair vs]ue at the BaiaDCC sheet dar¢ for inve5ttDent pmperties and closing quoi¢d market price foroihET invvstments. All gain¥ and 10s5cs are taken to Statement of ffinanci&l pLtivilies as they ari%. Ruliscd gain5 ond losses QD Dvesmients ar¢ ¢akulated the difftttntt 1¢5 proceeds and tkir opening ¢arryin8 valu¢ OT their PUhas¢ if acquired Subsequent tn the fjrst doy of tbe fjllancial y¢aT. UDredised Baitjs snd ]osses are ¢akuJatrd as ihe d]iTence tween the fair value at the year end 3nd theiT ¢arryin8 value. Inv¢sth¢rtt #aujs attd k)ssts. whether tealised or unTealis¢d, or¢ ¢ombined 8lld showTJ in th¢ he&dlDg'Ga1]0Ssesj on infvemments. UJ th¢ Sl¥t¢rnent of fiDuncial activities. Jnvement prop¢rti¢S are me&4uT¢d at fair value ai each r¢rortiD¥ date with change5 in fair value re¢o8tiis¢d In'gai on rtVAluation of fixed ats, added to the endowment fijnd to which iIKy T¢l. 2.8 Fl•2iei41 instnLme•ls The eharity only has fi[WL1] 4Sts alld firtan¢ia] li•bilities of A kind that 9ualify a$ b&8ic fMJan¢ial iNlrum¢nts. Basi¢ rin4n¢ial inslrllments are initia]Iy T¢¢Otnised At traMtion vajut and subs¢qu¢lltty measured ai their sett]ement va]LX the Bxception of bartk loans which art subsequEnily JneasuTed at amonised $t8]ng the effective ll)tetthl. 2.9 Fund 4t¢oun¢iD# GeneAJ fiLttds sre funds which available for use ai tht di[¢1]ll of the Ttustee iti funhty8nce of th¢ 8¢nernl objKtivts of tht Chariry and which knve not bcen des1)1¢d foroth¢rpury03¢* R¢stri¢t¢d fimds ar¢ fuDds which are lo be used in ITdance with t]rIe $tri]01Lf imposed by doyws OT lch have been raised by chgrity for p4rticular purwses. The co$ ofTaisiDg and athDUJiStering sueh fujth art ¢harBed thc 5PECLfK fund. The aim and ofeach T¢s¢ri¢tcd fimd is sei in th¢ note4 to the finèn¢iAI Statemet. Inv¢sttn¢nt incorne> gains ond losses art allocated to the 4ppropri&te fund. P#8e 14
Cobtree Mnor lItt Notts to tht Fittakntil Stttme#ts For tkt Yer Elldtd 31 M%b 2021 JDeoAe from dollatiO i•d legAt U•re$tricled d 2•21 Restriettd f•nth 2021 T•tal funds 2t]21 Tofol 2020 Will ititome 26,465 26,465 576 43.483 Donatior15 576 576 26,465 27,041 43,483 Analysu of2020 tololbyfw 43,483 43.483 IM¢om¢ from ¢hirltsbk AttlTrltA¢s Unrntricted flln T•tsl fumdg 2fr2J Tot41 fypOJ 2020 2021 Golf tlub revenue 133.745 17,924 146,641 53,730 133.745 17.924 146.641 S3.730 127,857 17,9X4 109,927 71.106 332 Cafc i1tLe Car park inwrn¢ KentLift iD¢ome 352.040 352.040 327,216 Anttlysil of2020 Ial byfuud 327,216 327.216 Inrome fr•th dartiblt tradill8 ttMtIts Uire%tri¢ted TotAI Dd 2021 Toial 2021 2020 Retttal incom¢ 47.771 47.771 54.438 AlYsiS of2020 totsl byftu 54,438 54.438 P•&e 15
Cobtrt MttorKtat¢ to the Financial Sttemtllts FDr the Yt8r E#ded 31 March 2021 lllvestYa¢nl liume UDrntricted fund$ 2021 Total fundi 2021 Totol 2020 lllyeslment ifteome 36.155 36.155 47,575 AMlYsOI2Q2O ¢0141 byfynd 47.575 47.575 AL4lysii of exptnditsrt Dll tharitsblt activities by typt IIDre5tri¢ttd funds kntriEted funds 2021 EndowM¢tyt Tot1 funds 2021 Totol 2021 2021 2b2Q ctwitabk activiti¢s 396.552 26.465 76,547 499.564 445,033 AlYsiS of2020 10th1 325.603 43.483 76.547 445.633 S•mmary by ¢xpendltsn type Tot1 Toial fvnd5 2020 Staff tosts 2021 Deprtti#tioD Oth¢rtwts 2021 2021 2021 Charirnbl¢ xctiviti 87,458 122.722 289.384 499.564 445,633 APwIlS of2020 ioiol 101.156 J21.058 223,419 445,033 Psge 16
Cobtret Mllor Dtslat• N•tu to tht Fittantil Slxttmtits r tbe Year Ended 31 MAr£h 2021 Ath*lysii of expenditstt by a¢tivitit8 Total fundj 2021 Total Dttttt twts 2•21 2020 Charitable activities 499,J64 499.564 445,633 Aiwlysls 012020 it>t&l 445,633 445.633 Anatysb of dlTe¢t cojts Total hnds 2•2l ToÉul fAuds 2020 Staff salaries Stsff tiaining. WElfare And otber¢osts RepaiTS and mairjfrnale Grounds maint¢n&nce 87,458 JOJ,J56 3.881 58,999 29,017 1,088 JtI.404 JI.506 8.735 2,066 72,95J 30,327 R¢Dt r41¢s H¢at fynd li8hi Jrk8uTan¢e 8.778 11.370 8.502 Cleanillg Cateritig swiplies 8Dd proNisiotLS Ptintin& w4g¢ aJ)d $tsiionEry t£8Bi and profe&sionAI fees Tcl¢plM>n¢ and intrrnct Other f¢¢$ and s¢rvi¢es Equipment hir¢ and m8intetwKe inrerest 193 40,444 24,837 40 54.226 9,Q58 8.859 121,DJ8 54.928 44.767 7.009 122,722 Depreciation 499.564 445,633 2021 2020 Fees payabk to the clthTitys4yditQT foTthe audit of thE chori$ •nnuNI 5.545 5,410 P8ge 17
Cobtree Manor Est•t¢ Notes to th¢ frlxutiil StttmtDts Forthe Ytr End¢d 31 Mah 2021 io. Stsff tosts Maidstone BoTough Council ernploys Ytrious stsff whose rok5 ¢xis¢ 50kty forth¢ benefit of the Charity. These costs o Fe¢harga to th¢ Charity gtL4. to refft¢t the subanet of the &TranMent, the costs are reflected irltbe actounts &$ staff CO$. 2021 2020 Wa8e5 and salaries (includi 88etKy staffj SOCI sccuriry ¢05ts Contributiotl W (kfLn¢d ¢ontribution pen8ioJJ 8¢hemes 69.350 5,914 12,184 86,596 5,727 11.833 87.458 /Ol,J50 Thc avcrggc numb¢rof per50rt$ employed by the ch8rity duTit)g the ytar as follow&'. 2021 2020 Park Rattg M4na8er No ¢mployee ttceived remun¢TatioD wnovllting to rTh)r¢ £60,OQO in eidxr yeAr. The eo4XJfale Int. Maid%i¢)nt Borou8h Coun¢iL is wn5id¢r¢d to l* thc key management person1 of the charity. No employee benefits psid to the It¢¢t during the year (2020- £Nil). Trustre J r¢muN¢r•lwn and txpttsst Dwing thc ytar, no Tn1¢¢8 r¢¢¢ived any remuneration or other beDefJts Q020- £NILJ. During th¢ year enthd 31 March 2021. Ththe expe[5 hgve been IncUed1202o. £NJLI. Pag¢ 18
Cobtrtt MnorFtstte For tbe Yexr Elldtd 31 Mr¢h 2021 IL Ibtsn%iblt$3¢ts Website dtvtlopmtt Cait At l April 2020 so,000 At 31 Marcb 2021 50,000 Amortisalw Al l Arytl 2020 50.000 At 31 MATth 2021 50.DOO r4et book YAIu¢ At 31 Maryh 2021 Ai 31 March 2020 13. TADgible fiKed sJets LoDPttnn proptrty Motor vehl¢l ttint$ T•tal At l April 2020 Additions Rev8luwtsons 2.802.511 58,523 2.861.034 8,323 (S0,IX)O) 8,323 (50,000} At 31 March 2021 2,752.511 .323 58.523 2,819,357 D¢pr¢¢i&tio At l April 2020 Ch*r8e for the year 115205 115205 29265 5.853 144,47 121722 At 31 M8r¢h 2021 0.410 1.664 35.1 18 267.192 Iyet book VAlue At 31 March 2021 2.522.101 6.659 23,40S 2,552.165 At31 Mftrth2020 2,687,306 29.258 2.716.504 Page 19
Cobtrte Manor F.sttt Not¢s to ¢h¢ Fth•ty¢hi St•i¢nJ¢ttts For th¢ Y¢¥r End¢J 31 m4h 2021 13. I'D#ibl¢ fiI¢d Alséts Icotttlttlltd) The estttte is held urtdtr 1 999 year le¢ whicb 18 duc to ¢KPiT¢ in 2970. The loug lesseknld lartd And buildings are uxd &)kly for direct charitsble PUTP>SeS Hnd form pari of Ihe pertnantni cndowJ)ent of the Ciwty. All properties t rtvalued )nU8]lY by a professional flrn) of ¢hFrt¢red SLLrv¢yors periodically. usiJJ8 a inarketapproa¢h'. The last valu•tion t4)ok Pl in Mareh 2021. The amount under cost model of th¢ a55¢ts which h&ve been rev1 would have btett £1.673.127 QO20- £1.673.127). 14, lttve•tmtDt pn)perty Long Itrni propETty Valuatio At l A1 2020 surylU(derL¢ltI on revaluation ,oio,wJo iio.000) At 31 March 2021 1.000,000 inve$tmenl prOFrtS are beld to generatc a re irtcome strcam fortk Charity. All inv¢strn¢nt prop¢nies 8re r¢v8lued by profei0nal of chanered 5urv¢yors anrlual cycle (subjeci tr) exilD£ tettan¢ies wlxre appropiiatt). A va]u&tion took pla¢e irt m¢ 2021. One exception kn thi5 is the Tyl&nd prffjxny Mthi¢h is c8rri¢d at £Nil valu¢ on EUV bllsis. This proporty i5 CUTretitly le4 with a pepp¢Irn r¢nL on a 125 year le&se eJJdin8 in 2117. No readily av*¢iabk m8rtet valuc was aY4ilabl¢ for this prortY at 31 M8r¢h 2021 and hcne¢ th¢ EUV b95is is de¢TDed to bE tnost aPplate basis availabk withoui undue io the Chariry. Fix¢d wss¢¢iknvutmtnts Listed Investmmts eojf or valwalion At l April 2020 ReVahl0n5 670.148 155,245 At 31 March 2011 825,393 l¥tl book value At 31 MRTrh 2021 825.393 Al 3J Mar¢h 2020 670.14 P4¢ 20
C•btrtt MADor tate Notes to the FinaDtuJl Sttemtthts For tht Ytar EDdtd 31 Mrth 202A 15. Fixed Met ittvetmtMts (c•ntinued) Material investllK•ls The 4bov¢ list¢d inv¢stm¢nts aJ¢ fully invesled in the M&G Chwifund wlLi¢h qualif 8h <ernatsv¢ invcsm)tM fijnd. Rlsk profik The inv¢sts maithty in the shates of UK listed dividend tYayiDg couEpaDie4 RDd a portion Dfthr furtd is 41$0 invc#¢d inthc shares of dividend psyitig CompleS listed ov¢r5¢&s. It is th¢r¢for¢. 5ubi¢£t ty th¢ pri¢¢ volatility of the UK ov¢is¢as stockrnarkets and th¢ perfoTrnan of IndivLdu ¢ompani¢s. The fund may also subicct to fluctuatioms in cUrlleY cxchan8t The ti]nd's focus on gLY)d quality companie$ with attracttve dividend growth PTospe¢ts. Divi(kTrd distributions fvom the fid, Iwldirtgs however are noi SUaTE]Jte¢d 8ud may vthy. Diversifi11 across Indtri£S ttnd maLtet ¢apitttli$ati(J i5 key in managing liquidily risk reducing mzrket risk. The fund's Tisks ore m¢&8ured and maTr28ed by M&G as an inlegral rArt of the illvestment proEe55. Debtors 2021 21J20 Trade debtors Other debtors Prepayments and &ccruEd nme 220.279 79.667 17.023 33.643 37,635 257.914 130.333 17. CredilorJ'. Amownts hlli%du Ivithill OthE yt4r 2021 2020 Other taxation and social security AmouTrt owed to Maidstone Borough Covncil Othtf Creditors 251 298,665 5,545 189,716 5,280 304.461 194,996 A form81 repayment iwement estabJisld wlth Mxidstoue BoTough Council foT the chllrityto rep8y the ltrned by the th Couthcil iti respect tsf eXnditUTe in T¢SW of thc improv¢mcntto Cobtr¢¢ ManorPaTk CHT wk. R¢NymeDts b¢EaD from l April 2019 on¢¢ th¢ work was compktt, 8md int¢r¢st is payable at ar&te of (Publi¢ Works Loan Board ral¢ 2YTrpIus 1%). Th¢ will balance own8 to thc CouM¢il IL r¢spc¢t of the ¢arpatk loarl at 31 M4r¢h 2021 was £199,375. Itt addition 10 the ¢arJMrk loan the total IMlatt¢e owed to the Couthtil ttiso ittclud¢$ oth¢r amounts of £234,123. The combin¢d iolal of £433,698 has been 5plil betsvceD attNM]nts falliDg duE Within ODE ye8T la$ ab)v¢} and after tllore tkn QDE year Isee not¢ Pa8e 21
Cobtr¢t MDor Emt¢ N•tes ts the Fi•imri•l Stst¢m¢nts For the Year Elldtd 31 Mr¢h 2021 Cr¢tht•n: Amounts falli•gdue •fter More ¢hR •tt¢ y¢r 2021 2020 Arnowjtoyrd ttb Maidstonc Borou8h Couneii 135.033 199,575 See ]wr8tive at the end of Nt¢ 17 expl&iDin8 the balance owed to the Council. 19. 202] 2020 Financial Assets ttte45uYed at fairvaluc through iti¢om¢ gThd expettditure 825,393 670,148 Fin8ncial assetsmc8Jut¢d at fairv8luE IhTDugh itttome andexnditsJTc Compri listed irtv¢sbn¢nt$. Pa8c 22
Cobtrtt Manor Ethtt Notts to the FinAnttal Stattmtnts For tht YtrErtdtd 31 MATch 2121 20. SlatemtDt of fu•ds S¢#t¢mellt of funds- ¢DrrMt year Balnet It I April 2021J Tr•ttsf¢n IDlo•t Ciin51 Baknnce 4131 MAr¢h 2021 ExpMdthure Unre4tri¢ttd fuAd# General fiJnd8 274.716 436.542 1396,5521 123,9791 290.727 EndoMqnvn¢ (xpitsl funds 4.096,849 {76,547) 95245 4.115,547 Restrirt¢d fumdy Will Tnl 26,465 (26.465} Cobtree MaDor Park c4rpork MBC ¢aT pth loa 270.605 1262,212) (38,6581 62,637 231,947 (199.575) 8,Y93 26,465 126,465) 23.979 32,372 To¢AI of fu•d$ 4.379,958 463.1)07 (499,564) 95.245 4.43&646 These cornpri5e fur5 that the trustee5 are free to use in accordBDce with the chaTit8bk obi¢¢ts. R¢Jtriil¢d FDd3 The Will TnL8t FUth Ihe iticome from 'hich is ed m8ititairt the tLtt81 PATk The &4ets of thi5 fimd are ld by Cobtsee ChaTity T$t LiJnik4 a 5cpEfdle enlity. Cobtrce MaT Park oryrp3rk aswiatrd Jo•n from MBL. this repth3 IIL¢ n¢tbook value of the taTpark aDd the amount of th¢ outstAttding wo¢iat¢d loan. Ferollent Eudowm¢Mt Cpltsl Fwid Thc MI8Cl endowm¢nt upital fimd ¢omprisesthc long-tetm f¢d assets of the ¢h*ity, bein8 the long-i¢asebold 18rtd dtyj buildtll8s, iovestTttent prorertie$ pttd the portfolio of listed itiv¢st)ellts Is &tsikd ID Th)t¢5 11. 12 gnd 13. 23
Cobtrtt Mor E8late r4otes to tht FinDrI Ststsmtllts For Ihe YeArEDded 31 March 2021 Stattrnetti •f futtds l¢o•tlDMed) Stxtrmemt olfuDd$- prior yur Balonceot J Apri12019 come PEMditwe Transfers in/o¥r (Lsej 31 A4Grch 2020 ljnrutricttd futhdi GcTrEral fvnd5 179.483 429.229 1325.6n3) ,393) 274, 710 Eodowment ¢apilal Dds Endowmertt eapital 4.98J.970 170,547) (812.574) 4,096,849 R¢$ttir¢¢d funds Wtll T1 43.483 (43.483) Cobtree Manor Park LW P9rk MBC car park loan 301,224 (301,224) 0.619) 39.012 270,605 Q62.212J 43,483 (43.483) 8,393 8,393 TotAI Dffund$ 5.165,453 472, 712 (J45,633) 12,574) 4,379.958 21. Anilysis of Sets bthvttll funds Analysis of bthvttB fundi- ¢urr¢nt IIDrestricled fuDds 21121 REtrieted fundi 2121 Total (und8 2021 2021 T4ThEible fixed assers Fix¢d 8YS¢t illV¢3kn)ents Investjnent property Currenl asscts 29.704 231307 2,290,154 825.393 2,552,165 ¥2S,393 i.000.(Krf) 500.582 {304.4611 {135.033J i.ooo.000 JOO.582 (304.4611 64.902 Creditors du¢ within on¢ y¢ar Creditors du¢ in mor¢ ihan one year 1199.935) Total 290,727 31372 4,115.547 4,438.646 P8ge 24
Cobtr¢t Mtt¢r Estt¢ Notrs to the Finan¢iil Ststtmtnts Fortht Ytar EDded 31 M#r¢h 2021 21. •f Met Assets between Itonllbued) Th¢ rr5tri¢t¢d ¢rcdiiorbal4n¢es r¢lat¢ tt> baian¢es owcd lo th¢ corpor8ts tswtee, Maidthne Borough CounciL in r¢5Wt offimd5 provid¢d during 2018.19 10 fvnd p•rk wth$ Ih&t have t¢¢n capitaiised as tangible red a$5el additions. It LA a requ1ment of rhe repaymetst awement forthese Amounts to be tr¢4ted as ond disr195¢d 8$ 4 T¢strithd balance ill the atynual Attak of #¢1 •wts btwÈn fllAd$- prhryur 7oÉal fy4ds R¢stricIedftts 2020 2020 fupTds 2020 2020 TAll87J )]e fixed Assets Fixed inYe5bncnts 29,258 270.605 2,416,70J 670.148 J,oJts,o 2,7J6,504 070,148 1,030.0ts0 377,8J7 (J94.996) (199,575) Investmellt property CuTr¢rrt ass5 377,81T (132,359) Creditors duc wilhuj one year CreditOTS due in more th4n one ye (02,637) (199,5?5) 274,716 8,393 4.096.849 4.379,958 22. Rt]#ted pArty trAttwtlions Maidslonc Borough Council (MBC) isthe Corporatr Tntre of the Charty. MBC owns part of the IADd MILich the golf cowse ts built. The ¢ountit4 Affalethets bEhAEen MBC and the ¢h8rity Aye thai MBC is resp81ble for 811 receipts attd paytnents for both the 8olf Course and the MarMr ParL At the ¢nd ofearh fTn3ncial Ye the the expEnditure r¢lating to Cobtre¢ Mgnor E5t4t¢ is slM>Wi in th¢ Charity's ¢OUttts. For the 80lf CO 7J*hs of th¢ totsl r¢v¢nu¢ istran5f¢rT¢d to thE $1 ac¢01$, r¢flt¢tiTh8 the split of lattd ownership. The TlIng 219ths Jrt showi in th¢ a¢¢ts of th¢ Cowwil. The Slatem¢ntof Finallal A¢iiviti&4 includes iOrne of £207,981 Q020- £225,778J IYJ telAtiott to OP¢Tating the ¢staie in cordartte with thi$ a¥t¢ a8 knken down below. 2021 2020 Golf club revenue Will tsust inwm¢ Rental income 133,745 26,465 47.771 127,857 43.483 54,438 207.981 225,778 Ex1¢Ure retlethed through the Siitemeni of Fiti8nci&l A¢tivities incldeS opcrating ¢osts in r¢]lOn to in¢ome styeam$ ab)ve. AS discloxd in note lo. MBC ¢mploys 3t8ff who5¢ role5 exist solely forthe berKfit of th¢ Charity. ajjd hence tbe cost ot'their ernployrnent is shown within sL8ff cosik In total, stsff costs include E87,458 {2020. £JOI.156) of r¢¢hatged etDployJnentcosts. During tbe yearMBC provsded various other strvi¢%s to th¢ chlty, which have been th¢luded within'other fe¢s 4nd s¢rvi¢¢ in ¢haritable exnSe Durin8 the year totsl chae$ of £18.193 (2020- £62,444) wen made for th¢5¢ xervi¢¢s. At 31 M8rcb 2021. the Charity Owtd £433.698 Q020- £389.291) to Maidgtotte BoTtr CclI. PAE¢ 25
Cobtr¢ Mkntsr Ext•t¢ N•t¢S to th¢ Fin&llfi&l Stxtsmtknts For the Ycr Fdnded 31 Marcb 2021 C•ntrolllng prty IILC Chority i8vAder th¢ control of the CoTporate Tru5te¢ Maidstone Bortsugh Co¢11. 24. CobtT¢e Manor Estate is a registered Charity and is Kfor¢ wtcntiolly ¢x¢JDpt from taxatitrn on its iL¢ome attd 88itis ss Ihe ity falls within th¢ definition of a charitsbie trud Ls definEd in Part I, Schedul¢ 6 of the Finan Act 2010. No tax charge has
ri thITiD8 the yeAr.
Pige 26