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 St*ment OrrM￿la] activities io Balat￿ sheet Not¢5 to the financial 3tstemeMS 12-26 Cobtret M*Aor 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 maidS￿lle Borough Coun¢il Maidstorte House King Str￿t Maidston¢ K¢nt ME15 6JQ UHY Kent LLP tl& UHY Hack¢rYoung Chart¢r¢d Ac4ouniants Statutory Audito Th*mes 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 Tr￿41¢¢ io the r¢g]5ter¢d Charity known ￿-C0btret Manor F￿late, 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 ill￿ted 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 m￿Or &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 Indi￿rndU￿ 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 indI￿l(lua1 tnL*ttcs 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 1￿c￿￿)rt which iht Charity bolds th¢ Cobtree Manor Esthtc, aJ)d Èn th¢ 5pttifi¢xl circumsLqnces. the Coujhcil continuc5 to li￿5¢ with ￿th the freehold own¢r of th¢ Estat¢, the CobLree Ch￿Lty Trust Litnit¢%l, atmi the Kent County Council. Advl¢t to Tru5tee5 The ad￿ce 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 n￿etIng its obligatioll to provide 3 publifji*nefit. 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 ¢￿VIrOnM￿l 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 a￿Y 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 ts*le. 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 fortun￿elY 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 pr￿1 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 pro￿al￿￿]e of ¢vents and adivities delivered by th¢ Park team and partThcr organisations h&8 been Off￿e￿ 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 and14lun￿blEJnc￿rn£ 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 COnfid￿t enough for the2r gTOUPS to Revlew of P￿bItC 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 rea￿￿ble cosL whilst Kent Life prowivement 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<%tM￿t attd rcVa1u￿1On 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 she*t 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 fi￿d8. Risk Monagtment Ihe Ttustee continues to rcview the business and 0￿￿tional risks which the Charity faces, and id¢Dtifies Wh￿ appro￿te 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 a￿a has usedrestrve fvnds for its implfmeJ)tation, wyth th¢p¢rmission of the Ch3Tiry Commission, which will grath￿lY b¢ r¢-paid In futurc a m&sterplan for the e8tatc as a wthole will neoj to d¢vi$al. TRUSTEE'S RESPONSIBILITIES Th¢ TTU5tr is reswible for prepari￿ the fjnancial stat¢n)¢nts ID Jt¢OTdance wilh applicable law and the Unikd Kingdom G￿erallY Actepled Acu)untirtg Practice. tAw applicable io charitie5 in England aDd W8le6 re4uircs tlke trus*¢ to prepare finanoal stat¢rn¢nts foT eath financi31 which givc a ITUC and fair view ofthe Charity's financial attimties during the year attd of its fin￿Cial position atth¢ end of th¢y¢aT. Jn PWaTing th&%e st8tements ihe Th￿1¢£ is rquiT¢d tu: select suitable accounting wJlici¢s 8Dd apply them cotisistenily,. mÈkc judgements and that ar¢ r¢asonabl¢ and pTudtht' 5bt¥ whether applicable accouniing standardi* hAve been followed, Subject to any mat¢ria] dq)artures disclosal and plained in the financial slalunenls.. prepart the fi]kincial stat￿ents on thc going concem unlttq it 1$ 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 fiT￿￿tha1 Statements comply with the chariti￿ Ad 2011. It its also responsilTrle (or safegu￿aInS 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 M￿Or 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 K￿BdOM A¢countllJg itt¢ludtsb8 Fitiati¢iai ￿¢￿tti￿8 sttttd￿ 102'The Fin4pfj￿l K¢wrting Standatd app1]￿ble in the UK 8nd Rcpublit of Ire18ttd' (Uttitcd Kingdom Gener￿[Y A￿epted A£￿v￿tIng PraGtic¢l. The fi￿￿￿￿74] 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 appli￿1¢ 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¢cou￿5 to pwvide a trug lairview ill accoTdBllc¢ with th¢ G¢￿Tal￿ A¢¢epted Attountill8 PractiL% effective for￿P￿th8 puiod5 beEinnitJK on or4fter l JHnuEry 2015. In tsur opthion the 51*m¢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 A￿ptsd A¢￿Unting Practice: &tJd have been Prepa￿d ill ac¢ordau¢e withthe Nuirell￿￿ts 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 ¢h￿ty 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 Fin8￿Cial 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 ￿nclUded￿9¢ the T￿￿￿.5 uye of the going wncem b88is of wounting itl th¢ p￿pa￿tt0Tr 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 eonc*m 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$st&lEmeTht ￿ the fin￿CIal statement5 th¢ms¢lves. Jf. based on the work M¢ have rforne4 conclude that thcrc is ll tnatcriaj misslaletncDtof thisother iDfonDatioJ4 v￿ 8re reqll]r￿ io r¢p)rt that f*L W¢ have nothin8 lo in this Rgard. Page 7 Cobtr¢¢ Malor Estat¢ IDdependentAuditor•' R¢p•Tt to tbe Mwbtrs of Cobtret MAAOf Est*t¢ (con¢iDuedl Mxtters on whi¢h we are r¢q•lr¢d to report by t￿ypI￿￿o We h8ve nothing to T¢POrt in te$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)n￿bilitIeS StatsmenL the Trust¢¢s are re5ponsibic for the prEPardI￿rI 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 C￿nce￿ 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 fiD*xci*I &tAte]kntnts We have been appointed as auditor UD¢kr section 144 ofthe Chariiies Act 2011 alld report in acU￿￿8ncc 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. R8ment. Ch**ges 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 In5th￿liOn 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-opeJ￿d, with strictions im May 2021. and rwp¢n¢d fully in July 2021. Since closing on 23 March 2020. Plannith8 Solution4 the op¢rI￿r of Kent Lifr. had fvrloughed all staff Bport from tw am M￿nt￿r9 who had E¢¢n 8iT¢ ￿¢ry day ¢he¢ktti8 the Pttmi8es and ¢orm8 for the animals. Keni Life Tt￿F¢n¢d on 4 July 2020 and rem•wKd OFtn until De￿mber 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 Ma￿h 2020. The Café was re-op¢ntd on a toke￿WaY kns fmm 8 July 2D20 and Ternain¢d o￿n 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 sus￿nded 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 ￿gU￿rt¢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 M*ttor E￿1¢ Notes t(k the Fin*n¢ial St*temtnts 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 t*sis of A¢￿￿￿tir￿8 i trtFfjring th¢ fuJan¢ial slat¢m¢ots. IJ Intom¢ All into￿e is recogLised ollc¢ the charity has entitlernenl to the inwm¢, il i$ probable th8t th¢ inrom¢ will b¢ reeeived and th¢ omoujbt of IT￿0m¢ [¢￿]y￿bi¢ ¢4n bp m¢asuTed reliabty. 2.4 Expudit¥r¢ EX￿ndIture 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 ec4￿0￿1( beTJefits will be required in setmetnent and th¢ 8mOUttt of thc obligation ¢an be measwtd reliably. EXpe[￿lt￿rt 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 t￿h 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 YUp￿rt Costs wthich nol attr1￿￿ble 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$is of time 5peni 2nd depreciation charg¢s allo¢ar¢d on portion of the Lw'$ Ex￿ndItUre 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 (l￿3. 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)n￿enL ¢¥¢imat¢d u¥¢ful livesare as fol]ows: Amorti￿li0tt is provAded oll the followAtig bosis: Website dtvelopmettr 25 % stya58ht lij 2.6 T#n%iblp ￿ed wets XDd depret14t￿n T￿￿￿TrIe fix¢d ass¢ts •T¢ ¢aTTied at costorvaiu8tion.M of deprecAAtion 8nd atty p￿viSiOn for iTnpainncnL A review for impA1m￿nI of a f￿ed is c8rried oui ifevcnts or ch￿ge5 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. P￿e 13 Cobtrtt ￿nOTEst•l¢ Notes t• th¢ FID*xciAI 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 r￿ed asgets Icss th¢ir Tcsiduaj value oVerthE1re￿iM1t¢d usefijl liv¢4 using th¢ str•igbL-lillt metho Depre¢iation is provided on the following b￿5.. Long-term le85ehold prorrtrty Motorvehicle5 Fixturcs and fttiDE$ o- 12.S¥rf>D Cost 10.25% on cost The ￿$]dUal values. livcs depreciHtion tncthods ttviewe4 and adjusted prospedively if 8ppropriatt. or if th¢y¢ is an indie&tion of a s1grLifi￿it ¢hyn8e since the IL%t reporting date. tA)ng.term leasehold propcrty includes Cobtree MBnor PaTk Golf CouTS¢, Kettt Life Museum and Cobtree Manor Park Visitor tentre. As dis¢los¢d in note 13 thue are held under a 999 year Jcas¢. No depreciation 1$ 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 tc￿8n18¢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 PU￿has¢ if acquired Subsequent tn the fjrst doy of tbe fjllancial y¢aT. UDredised Baitjs snd ]osses are ¢akuJatrd as ihe d]iTe￿nce ￿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'Ga￿￿1]0Ssesj on infvemments. UJ th¢ Sl¥t¢rnent of fiDuncial activities. Jnve*ment 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 a￿ts, added to the endowment fijnd to which iIKy T¢l*. 2.8 Fl•2iei41 instnLme•ls The eharity only has fi[W￿L1] 4S￿ts 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 traM￿tion vajut and subs¢qu¢lltty measured ai their sett]ement va]LX the Bxception of bartk loans which art subsequEnily JneasuTed at amonised ￿$t￿8]ng the effective ll)te￿￿￿tth￿l. 2.9 Fund 4t¢oun¢iD# GeneAJ fiLttds sre funds which available for use ai tht di￿[¢1]￿ll of the Ttustee iti funhty8nce of th¢ 8¢nernl objKtivts of tht Chariry and which knve not bcen des1￿)￿1¢d foroth¢rpury03¢* R¢stri¢t¢d fimds ar¢ fuDds which are lo be used in I￿￿Tdance with ￿t]rIe ￿$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 M*nor ￿lItt Notts to tht Fittaknti*l St*ttme#ts For tkt Ye*r Elldtd 31 M%￿b 2021 JDeoAe from dollatiO￿ i•d legAt U•re$tricled d* 2•21 Restriettd f•nth 2021 T•tal funds 2t]21 Tofol 2020 Will ititome 26,465 26,465 576 43.483 Donatior15 576 576 26,465 27,041 43,483 Analysu of2020 tololbyfw 43,483 43.483 IM¢om¢ from ¢hirltsbk AttlTrltA¢s Unrntricted flln T•tsl fumdg 2fr2J Tot41 fypOJ 2020 2021 Golf tlub revenue 133.745 17,924 146,641 53,730 133.745 17.924 146.641 S3.730 127,857 17,9X4 109,927 71.106 332 Cafc i1￿￿tLe Car park inwrn¢ KentLift iD¢ome 352.040 352.040 327,216 Anttlysil of2020 I￿al byfuud 327,216 327.216 Inrome fr•th dartiblt tradill8 *ttMtIts Uire%tri¢ted TotAI Dd 2021 Toial 2021 2020 Retttal incom¢ 47.771 47.771 54.438 A￿lYsiS of2020 totsl byftu 54,438 54.438 P•&e 15 Cobtrt* M*ttorK*tat¢ to the Financial St*temtllts FDr the Yt8r E#ded 31 March 2021 lllvestYa¢nl liume UDrntricted fund$ 2021 Total fundi 2021 Totol 2020 lllyeslment ifteome 36.155 36.155 47,575 AMlYs￿OI2Q2O ¢0141 byfynd 47.575 47.575 AL4lysii of exptnditsrt Dll tharitsblt activities by typt IIDre5tri¢ttd funds kntriEted funds 2021 EndowM¢tyt Tot*1 funds 2021 Totol 2021 2021 2b2Q ctwitabk activiti¢s 396.552 26.465 76,547 499.564 445,033 A￿lYsiS of2020 10th1 325.603 43.483 76.547 445.633 S•mmary by ¢xpendltsn type Tot*1 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 APwI￿lS of2020 ioiol 101.156 J21.058 223,419 445,033 Psge 16 Cobtret M*llor Dtslat• N•tu to tht Fittanti*l 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 mairjfrnal￿e 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 St*ttmtDts Forthe Yt*r End¢d 31 Ma￿h 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 sub*anet of the &Tran￿Ment, 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 In￿*t. Maid%i¢)nt Borou8h Coun¢iL is wn5id¢r¢d to l* thc key management person￿1 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 Tn￿1¢¢8 r¢¢¢ived any remuneration or other beDefJts Q020- £NILJ. During th¢ year enthd 31 March 2021. ￿ Ththe expe[￿5 hgve been IncU￿ed1202o. £NJLI. Pag¢ 18 Cobtrtt M*norFtst*te For tbe Yexr Elldtd 31 M*r¢h 2021 IL Ibtsn%iblt*$3¢ts Website dtvtlopmt*t Cait At l April 2020 so,000 At 31 Marcb 2021 50,000 Amortisalw Al l Arytl 2020 50.000 At 31 MATth 2021 50.DOO r4et book YAIu¢ At 31 Maryh 2021 Ai 31 March 2020 13. TADgible fiKed *sJets LoDPttnn proptrty Motor vehl¢l ttint$ 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.st*tt Not¢s to ¢h¢ Fth•ty¢hi St•i¢nJ¢ttts For th¢ Y¢¥r End¢J 31 m4￿h 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 rev￿￿1 would have btett £1.673.127 QO20- £1.673.127). 14, lttve•tmtDt pn)perty Long Itrni propETty Valuatio At l A￿1 2020 sury*lU￿(derL¢ltI on revaluation ,oio,wJo iio.000) At 31 March 2021 1.000,000 inve$tmenl prOF*rt￿S are beld to generatc a re￿￿ irtcome strcam fortk Charity. All inv¢strn¢nt prop¢nies 8re r¢v8lued by profe￿i0nal of chanered 5urv¢yors anrlual cycle (subjeci tr) exi￿lD£ 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¢I￿rn r¢nL on a 125 year le&se eJJdin8 in 2117. No readily av*¢iabk m8rtet valuc was aY4ilabl¢ for this pro￿rtY at 31 M8r¢h 2021 and hcne¢ th¢ EUV b95is is de¢TDed to bE tnost aPp￿￿late basis availabk withoui undue io the Chariry. Fix¢d wss¢¢iknvutmtnts Listed Investmmts eojf or valwalion At l April 2020 ReVah￿l0n5 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 St*temtthts For tht Ytar EDdtd 31 M*rth 202A 15. Fixed *Met ittve*tmtMts (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$0 invc#¢d inthc shares of dividend psyitig Comp￿leS listed ov¢r5¢&s. It is th¢r¢for¢. 5ubi¢£t ty th¢ pri¢¢ volatility of the UK ov¢is¢as stockrnarkets and th¢ perfoTrnan￿ of IndivLdu￿ ¢ompani¢s. The fund may also ￿ subicct to fluctuatioms in cUr￿lleY cxchan8t The ti]nd's focus on gLY)d quality companie$ with attracttve dividend growth PTospe¢ts. Divi(kTrd distributions fvom the fi￿d, Iwldirtgs however are noi SUaTE]Jte¢d 8ud may vthy. Diversifi￿11￿￿ across Ind￿￿tri£S ttnd maLtet ¢apitttli$ati(￿J i5 key in managing liquidily risk reducing mzrket risk. The fund's Tisks ore m¢&8ured and maTr28ed by M&G as an inlegral rArt of the illvestment proEe55. Debtors 2021 21J20 Trade debtors Other debtors Prepayments and &ccruEd ￿n￿me 220.279 79.667 17.023 33.643 37,635 257.914 130.333 17. CredilorJ'. Amownts hlli*%du* Ivithill OthE yt4r 2021 2020 Other taxation and social security AmouTrt owed to Maidstone Borough Covncil Othtf Creditors 251 298,665 5,545 189,716 5,280 304.461 194,996 A form81 repayment iwement estabJisl*d wlth Mxidstoue BoTough Council foT the chllrityto rep8y the ltr*ned by the th Couthcil iti respect tsf eX￿nditUTe in T¢SW of thc improv¢mcntto Cobtr¢¢ ManorPaTk CHT wk. R¢NymeDts b¢EaD from l April 2019 on¢¢ th¢ work was compktt, 8md int¢r¢st is payable at ar&te of (Publi¢ Works Loan Board ral¢ 2YTrpIus 1%). Th¢ will balance own8 to thc CouM¢il IL r¢spc¢t of the ¢arpatk loarl at 31 M4r¢h 2021 was £199,375. Itt addition 10 the ¢arJMrk loan the total IMlatt¢e owed to the Couthtil ttiso ittclud¢$ 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 M*Dor Emt¢ N•tes ts the Fi•imri•l Stst¢m¢nts For the Year Elldtd 31 M*r¢h 2021 Cr¢tht•n: Amounts falli•gdue •fter More ¢h*R •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 andex￿nditsJTc Compri￿ listed irtv¢sbn¢nt$. Pa8c 22 Cobtrtt Manor Ethtt Notts to the FinAnttal Stattmtnts For tht Yt*rErtdtd 31 MATch 2121 20. SlatemtDt of fu•ds S¢#t¢mellt of funds- ¢DrrMt year Bal*net It I April 2021J Tr•ttsf¢n IDlo•t Ci*in51 Baknnce 4131 MAr¢h 2021 ExpMdthure Unre4tri¢ttd fuAd# General fiJnd8 274.716 436.542 1396,5521 123,9791 290.727 EndoMqnvn¢ (xpitsl funds 4.096,849 {76,547) 95245 4.115,547 Restrirt¢d fumdy Will Tn￿l 26,465 (26.465} Cobtree MaDor Park c4rpork MBC ¢aT pth loa 270.605 1262,212) (38,6581 62,637 231,947 (199.575) 8,Y93 26,465 126,465) 23.979 32,372 To¢AI of fu•d$ 4.379,958 463.1)07 (499,564) 95.245 4.43&646 These cornpri5e fur￿5 that the trustee5 are free to use in accordBDce with the chaTit8bk obi¢¢ts. R¢Jtriil¢d F*Dd3 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￿$t LiJnik4 a 5cpEfdle enlity. Cobtrce Ma￿T Park oryrp3rk aswiatrd Jo•n from MBL. this rep￿￿th3 IIL¢ n¢tbook value of the taTpark aDd the amount of th¢ outstAttding wo¢iat¢d loan. Fero￿llent Eudowm¢Mt C*pltsl Fwid Thc ￿MI8￿C￿l endowm¢nt upital fimd ¢omprisesthc long-tetm f￿¢d assets of the ¢h*ity, bein8 the long-i¢asebold 18rtd dtyj buildtll8s, iovestTttent prorertie$ pttd the portfolio of listed itiv¢st)￿ellts Is &tsikd ID Th)t¢5 11. 12 gnd 13. 23 Cobtrtt M**or E8late r4otes to tht Fin*DrI￿ Ststsmtllts For Ihe YeArEDded 31 March 2021 Stattrnetti •f futtds l¢o•tlDMed) Stxtrmemt olfuDd$- prior yur Balonceot J Apri12019 come PEMditwe Transfers in/o¥r (L￿se￿j 31 A4Grch 2020 ljnrutricttd futhdi GcTrEral fvnd5 179.483 429.229 1325.6n3) ,393) 274, 710 Eodowment ¢apilal Dds Endowmertt eapital 4.98J.970 170,547) (812.574) 4,096,849 R¢$ttir¢¢d funds Wtll T￿￿1 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 RE*trieted 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 M*tt¢r Est*t¢ 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 r￿ed a$5el additions. It LA a requ1￿ment of rhe repaymetst awement forthese Amounts to be tr¢4ted as ond disr195¢d 8$ 4 T¢strithd balance ill the atynual Atta￿k of #¢1 •wts b*twÈ*n fllAd$- prhryur 7oÉal fy4ds R¢stricIedft￿ts 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 ass￿5 377,81T (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 Tn￿tre of the Charty. MBC owns part of the IADd MILich the golf cowse ts built. The *¢ountit4 Affal￿ethe￿ts bEhAEen MBC and the ¢h8rity Aye thai MBC is resp￿￿81ble for 811 receipts attd paytnents for both the 8olf Course and the MarM*r 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 ￿$1 ac¢0￿1$, r¢flt¢tiTh8 the split of lattd ownership. The T￿￿lIng 219ths Jrt showi in th¢ a¢¢￿￿ts of th¢ Cowwil. The Slatem¢ntof Finall￿al A¢iiviti&4 includes i￿Orne 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 Ex￿￿1¢Ure retlethed through the Siitemeni of Fiti8nci&l A¢tivities incl￿deS 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¢ ch￿lty, which have been th¢luded within'other fe¢s 4nd s¢rvi¢¢ in ¢haritable ex￿nSe￿ Durin8 the year totsl ￿cha￿e$ 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￿ C￿￿clI. PAE¢ 25 Cobtr¢* M*kntsr Ext•t¢ N•t¢S to th¢ Fin&llfi&l Stxtsmtknts For the Yc*r Fdnded 31 Marcb 2021 C•ntrolllng p*rty IILC Chority i8vAder th¢ control of the CoTporate Tru5te¢ Maidstone Bortsugh Co￿¢11. 24. CobtT¢e Manor Estate is a registered Charity and is ￿K￿for¢ 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