Charity numb¢Y: 283617 Cobtree Manor Estate Trustee's Report and Financial Statements For the Year Ended 31 March 2023
Cob¢rtt M8Dor Est*te Cont¢tst$ Page R¢fereRce artd Admini511alivr D¢lails of the Charity, its Trustees and Avir5 TTUSlr£'s R¢port Independeni Auditorf R¢Fx>rt on the Finart¢ial SrateM¢nts Stst¢ment ofFindD¢ial Athiviiies Balathc¢ Sh¢¢t io N4)tes to the Finan¢ial Stst¢m¢nts
Cobiret Manor Estate Rtferettct lld AdminiJtr4tiYe Dft¥ib of th¢ Charity. its Trustees nd Advir3 For tht Y¢•r Lnded 31 Mah 2023 Tru$tte MaJdston¢ Borough Coun¢il TheTe are no individual trustee5. All ¢l¢cl¢<l mernb¢rs £)f Ihc Maidslone Borough Council perfon dulles of trustees but ar¢ Doi iruses llj their right. A full list of members is availabl¢ on request. Chrity regi4ter¢J Aumb¢T 283617 Pri•eip#l offi¢¢ Maidstorte Borough Council Maidstone House King Street Maidston¢ K¢ni ME15 6JQ Indeptndtknt Audlton UHY Kent LLP VaiJHY Hacker Young Chart¢red Accountants Statutory Audiiors Thames House, Ro]llan SquoT¢ Sittingbourne Keni MEIO 4BJ Baik¢rs All futtds aTe tnanaged by Maidstone Borough Council at.. Lloyds Bank plc. City OffJc¢ Bailey Drive GillinghAm K¢nl ME5 1)LS Solicitors Head of L£gal Portn¢rship Mid.Kent Legal S¢rvi¢ts Maidston¢ Borougb Coull¢il Maidsione House Maidsione Kent MB15 6JQ Page I
Cobtree MADor E$tsts Trugtee's Report For the Yur EDded 31 Mireb 2023 The Maidsiotte Boroush eouncsj acting a5 Corw)Tg1¢ Trustee to the r¢gistrr¢d Ch8rity k]Jowi 8s-Cobir¢¢ Msnor Estate" ptesenis its annual rwort ill relation to the fina731 yegr endth8 31 Mar¢h 1023. Trusiets Th¢ ITUSt¢¢ wkn se]wed dunng th¢ year is gknwn on the information page. OBJECTIVES AND ACTIVITIES Governlng Objttt Th¢ governing object of th¢ Chty re]nwns that defined in the le&eof the CobiTe¢ E5tatedalal 13 July 1971 bdwe¢n the Cobtree Charity rTht Limited lth¢ lessoTI and the Maid5tone Borou Council {Ihe lessee). Th¢ governing obje£1 is stht¢d as.. "To hold Cobtre¢ MBnor and Cobtrtt M¥J)or Estat¢ for the benefii of th¢ inhabitauts of Maidstone and other tn¢mber$ of the g¢nernJ public in i>ne orother or all of the following wtys.. By tnaintaining the 0)ree Manor Estate as an op¢D defined by th¢ Open Spaces Act 19(kS and if th¢ lessees think fil providiDg thereat facilities for organised games and oiher sp)rts'. With the ¢ony¢ntof . .lthe Ctsbtree Charity Tru Lirniled and the Kent County Courttill... in such oth¢r wa). for the be¢fil of the inhabiiants of Maidstone and oth¢r mqnbets of the 8¢n¢rdl public the Council shall from lime to titne think appropri8t¢.' Objert (kf the CbArIry The late Sir Garnrd Tyrwhitt-Drakeb¢qu¢alhed Iiis formereststt to thc Cobtree Charit), TTUSI Limita] and set d(> itt the LX)dtcils io his Will requitemenis for Its firtUTe use. seeking to interyra these, som¢limes collfliclinB. tJ1¢11S th¢ Maidstone Borough Council and Cobiree Charity Limited agreed that the E5tat¢ Jn its entirety. and th¢ intsjdth djaritable objecw should be le4sed to and govemtd by. the Maidstone Boniugh Council. The Maidstone Borough clL gs Corrmie Trust¢¢ w the Charity. has det¢rn)in¢d and regularly reviews a s¢ri¢s of policies to 8llid¢ the actionsof it5 M¢mtS and Nnployeas in fulfilling the govwningobjeth of lh¢ Charity. Members of the Cobtree Manor E6iaie Charity Committee manage all aSpts of the Chariiy on behalf of the Council. Infomia] liaison Cthlinues wlih th¢ TSte£S to the Cobtret Charity Trusi Lirnilal, particularly with regant to considrring potential developm¢nts. Member8 of thc Cobtr¢¢ a]aTity TN$i Limited are vit 10 attend lh¢ meetings of the thbtree Manor Estate Charity Commiiie¢. ACHIEVEMENTS AND PERFORMANCE Ihanlsxtlon of the Chirity Th¢ Trustee to the Rcgist¢r¢d Charity kno as Ih¢O)btre¢ Manor E81ate T)nS the Co]poraie BY of th¢ Maidstone &>Tough Council. How the functions of lh¢ Corporaie Trustee are impl¢meni¢d 1$ r¢iteratcd in the se10 81Kbve. All it)Vidu eled Members to the Maidstone Borough Council are inshwCi to wform any dutie8 and r¢syonsibililies they have in T¢lalion to the ¢harity as though ihgy were a¢iin8 as individual trustees; albeit that they aTe not individual Iwstres in Charity Law. All rltcled Members and Offi¢crs orth¢ Cnuncil are [nined olthe Council's vbligaiions to the Chatity and how these n¢¢d to be consided qui1¢ SLTarately from the nornial duties of the CouJJcil a¢iing Bs the Local Auihority. An A to Z'aid memoir" is mad¢ available to all M¢mb¢rs and ofrfice]5 Vio th¢ Council's internal illttan¢t sil¢. Undcr the 1$ of the leLe U)n which th¢ Charity holds the Cobtr¢¢ Manor Esiaie, and in the specifi1 ¢ir¢umsiances. the Coun¢il coniinues liaise with Ix>th the fre£hold ownerof the E5tatc, the Q)btTee Charity Trust LimL1¢4J, and the Kent County Council. Advlft to Trngteu The advice for tnjstees publishtyj by the Charity Comtni55lOL ls given to n¢w ]neMb of iheclwity co]]]tnittee atyj new guidanc¢ is notified and m&Je available to them il is rw¢ii'ed from the CottUni55ion. Comnlillee Thcmbers hav¢ fr¢£ acc¢$s tt) Rll members of staff to ensure that they can b¢ fully awaTe of the swial CODsiderdtions. tIvITieS and impli¢aiionsof. and for, the charity. Pagc 2
Cobtree Minor E$tte Trnstse's Report For th¢ Year Ended JI March 21123 Atdvltl Th¢ followin8 paTa8Taphs ar¢ in¢lud¢d to dunon$trat¢ how the Chanty is me¢ling its obligation lo provide a public benefit. Th¢ primary a¢tivititts of the Charity are to manage atsj maintain thr£e facilities 10 which the gene public hav¢ Iw5.. Ihe Cobtsye Mat)orPark- which is a parkland exvironmeni with woodland and meadows ltaining a wide VaTi¢ty of t and shrubs a#d which is fr¢¢ly a¢c¢s$ibl¢ to the general publi¢. and the Cobtree MOr PaTk Golf Coutse- which is apay play facility a¢¢£ssibleto 8Jl. 8nd Kr Lif¢-a fann herita8¢ attyction, includujs a ¢oll¢ctson of histori¢ art¢facts, which isop to the public eitheron ap9y on entry or through an annual mcmbuship fc CobtretGolf Count The numbvr of reu]MJs play at the Cobtree Golf course over ihe past ten years has beert as folk)w$'. Yur Rounds Played 36,923 37,482 39.927 40593 35,972 J6.808 26,006 27381 38500 30,430 201J12014 201412015 201512016 201612017 201712018 201812019 201912020 202012021 202112022 2022120LI Rounds play in 202Y2023 of 30,430 was therefore a significant {21¥¢1 drop from the 202112022 levels. Numbers wer¢ behllNJ the 202112022 rates through the whole ye3[. and then the very wet weather in Febtugry and March 2023. whi¢h caus¢d thc coutse to clos¢ for g numbff of dgys, r¢sulted in the gnnu81 numb¢r of rounds to fall even furth¢r b¢low th¢ previous year total. D¢4)ii¢ sound day-ttrday m¥S¢m¢t of the venue. th¢ opmlor at Cobtree Golf Course was unabl¢to me¢t its long-terni co]nmil]neLis with ¢apitaJ itivestmerti aThl PToj#ied rents. The Chatity hJ 10 take steps to iernitijaie the contract with this operaknr and adv¢rtis¢ for &n¢w on¢. That ¢x¢rcis¢ has been wmpl¢td and a n¢w otvator will b¢ tsking ov¢rop¢ration of thc site from O¢tob¢r 2023. Th¢n¢w operatorhys a good tra¢k r¢wrd ond will bring ¢ertainty and $ustaitthl¢opmlions to the8olf course for th¢ next 20 years. Cobtr¢e MAttor Prk Thepark w8s award¢d a Gr Flag Award for 202212023. PaTk vigitoi numbets have Teduced foT th¢ se¢o]vJ yeT UJ a followin8 the peak visitor rtumbtt thai were seen in 202012021 durlljg the height of the Coiryd.19 pandemic. Ikspite this. the park continues to b2 very pipul8rwiih rtsid¢nts and families. Car park income totalled £I08.832 for202212023 Financial Year which was down on 202112022. The 202112022 total was iLlf I 5% down on 202012021. 81th0tt8h 202012021 w&$ a rttord year for carpark sales. The amalgamation of staff at Cobtree M3nor Park with the parks and open spaces department al the counoil ¢ontinu¢$ 10 be a real sU¢S$. The parkb¢nefJts from bein8 Part of a collectiv¢ of parks with 3 Ma[ement department behind it. Management is mor¢ re8ilienL aThJ thedeparmeni ensures its ¢ollKtive ski]15 and experiences are deploywj at CobtTr¢. Ouidoortheatre return in the summer of 2022, delivered by parthers at the Hazliii Theatre. Theperfon]]ance5 Qf Robin Hood drew audienc¢$ of more than 250 evening. Ticket prices were set at affordable family rate5 to able theatr¢ to be brought lo new aj]ences. Th¢ Hazlitt l¢am aT¢ r¢turnin8 th¢ summ¢r of 2023 10 d¢liv¢r family ouid(K>r thfatr¢on¢¢ agn. The Cobtre¢ Mattor Park Café has a new tenant OperaT. who began trlin8 from the café in April 2023. This transition falls slighily OUtse the rq)orting peri(A. but it is of sigtsifi¢#nc& Thenew opeAtor is tradittg well and britt88 su*aitle r¢nts lo the Cobbte Charity. Page 3
Cobtree Manor Est•te Trustee's Report For ihe Yr End¢d 31 M#rth 2023 Kent Llft Kent Life s rM>si-Covid T0Very lId1r7 in 202Y2023 with a full return to VisirumberS and e¢JuCatn&] Dumb¢rs. Th¢r¢ h¥ve been some 5t3ff changes on $it4 which is consistt with the lei8ure and h08Pitality s¢¢tor. New staff and matta8ers to the site continue to dcliv¢rthe events schjU1e and daily visitor ¢xperience. Kent Life was succcssful in r¢ceivin8 Government fundins in 2022 to install a changing places ioil¢i. spLYifically d&sigt)ed io cater for vtsitots of all needs. This will ¥bI¢ mor¢ $thool visits foT Puptls with spxial ¢41ucatnal netyjs aj make sur¢ th¢ vv¢ is even ttLore accessible to its manbers and day VLSltors. Add111 Volunietr Help •Dd Int4ngible Intome Cobirec MarK)T Part ha5 hosted >1c coyponte volunie¢ring days for local Companies and Some volunte¢r day5 organis by our pthJ&sthe M5VaY Va]ley Q)wJtryside PaTbIerSh. Revlew ofpubilt Beneflt The Tslee ¢oni)nue5 to wnsideT and lSUre thai lh¢ Charity JJ)eets ils requirement 10 comply with th¢ test of b)IC benefit. The Cobtree M3MT Park r(ainS fr¢¢ly acca55ible to Ihe ¥eral public and Ihe pay and play golf course is accffsible io ail thos¢ who wish lo tske advantagetsf lis faciliiies at rasonable ¢osl, whilst Kent Lif¢pTr)vides a varied fatnily day oui for a reasonable fe¢. Relad Porty D15dosur¢ Th¢ Maidstone Borough Council 1$ th¢ Corpornt¢ Trustee of the Charity. In ath]lin the CouEi¢il itKlf owrts ef the land up>n which the Coblr¢¢ Manor P3rk Golf Course is buili. Th¢ 3Lrounting arrdngemenis bawe¢n the Collncil and the Charity aTe that the Council is rttwnsibli for 811 receipts and payTTrcnlS for b)ih the golf course and the Cobiree Manor Park. Ai the end of each fin8n¢ial yeaT the tuial rtet operaiittg Sury)1 or deficit of the Matx)r Park is transferra4 to the Charity accounts. For th¢ gi>lf ¢OUTS¢ 719ihs of the loi&l Aet operating 5Utplus or d¢ficit 15 iran$t¢rr&4 to the Chariry a¢tL)tsnt8, refliwing th¢ split of13nd 0e[Ship. Tbe remaining 219ths are sknwn in th¢ accounts of the Council. 1lJe Court¢il also employs a Mgnager who jointly manages Moi¢ PaTk and th¢ Manor Park. A park ranger ¢mpk)yed by th¢ council is assign¢d lo the Marr Patk al80. The5¢ p)sls cxist as part of a service level agTe¢m¢nt for patks artd op*n spaces management of Cobir¢¢ Manor Park, the total cost of whi¢h is shown in the Charity a(Unts under th¢ aang¢M¢ntS Splf1 above. When rLyuiTed, additional laix)UT for v¢rillg rangerholiday at some we¢k¢nds in the summerseason is also paid foTby th¢ Charity. (trotYic¢rs of the C4)urt¢il are engag¢d from timeto lime duties 8Frtifi¢ally rel2la] to the operation and management of the E$tai¢. They ar¢ not part of the afoTetnention¢d service l¢v¢l agTeen)enl, 3nd their lime and as8ociat¢d wsts are BPFK)rrioned A¢¢OTdingly 10 the Cobtre¢ aw)uNIs. FINANCIAL REVIEW Fin•ncl Revlew knvestment Pollcy Tots] income for the y¢aramountal to £476K a slighi drop on tot81 inc(m]e of £463k in th¢ prcvious year. Within the total. incotne from charitabl¢ activities fell £37k Compared 10 2021Q2, m8inly due to Ihede¢line in ¢aT PaTk income as plaintd on page 3. Charitable costs aly) fell. reducing frojn £484k in the previous year to £458k ll) 202Y23. Befor¢ gains rwrted on investtnenis this Jnwt the result for the year was a surplus of £19k12022.. £9kl. The £54k loss gain on inv¢stmeni$12022.' ggin of £60kl brings ¢xp¢)ySiNre for th¢ year peT the SOFA £3ik12022'. n¢t in¢oTne of £69kl. The gAin Ort invesbnertts represents Ihe mov¢menl in the yearon the charity- li$t¢d investtllent CurIt1. a5 shown in noi¢ 14. The final nmivement in funds for the year T¢lates to asset revaluations. The carying v&lue of the fixwj has decreased by £?75k to reftect the latest valu&ions. Th¢overaJl tnovement in fund$ wab ther¢fnre a ra4uciion of £311)k12022.' irttteaK of £142kl. Th¢ nd surplus g¢neraid as per the Stat¢rn¢nl of Finant181 Accounts continued b¢ used to cotllpleie the rLyaymeni ofdebi due the Maidslone Bojvugh Council. Page4
Cobtree Manor Estate Trnst¢¢'s R¢port For the Y¢Ar EDd¢d 31 MArch 2023 ]nteresi due to the Charity in res1 of thepertnanentendowment h¢lJ th¢ Ch8rity's bchajf by the Borough COW11 15 included Is part of the ttriCial coMe. Th¢ Balance sh¢¢t shows net ass¢ts ai 31 March 2023 of £4.27tn, down ftDm £4.58]n al the end of th¢ Prior year. Much of this value is rela to the cbArity's iallgible fLxed assets artd other inv¢sttnrnls h¢ld in ¢ndoMrn¢nt fimd& which ¢omprise £3.81m of the total. The remairting fllnd5 sil as unrestricted free Teserves of £445k and r¢5trict¢d funds of £20k.. Reserves Poliry Re5tticlal rc5eTve5 are maintsinai in r¢5PWt of th¢Ftrn8m¢niendowm¢nt funds. Rlsk MI18tettt Th¢ TTUSte¢ continu lo r¢vi¢w lh¢ businw and optralional risk$ which the Charity faces. 3nd idenlifi¢s wh¢r¢ appTopriate steps to minimis¢ th¢ impwi of any identifiJ risks. All LX)Jtractors wo18 on the Estate are also reouiTqI ty undertake risk &ssessJn¢nis 8pprowiate kn thetractivitie PLANS FOR FifTURE PEIUODS The Trustee hasnow iThplemented the master plan forth¢ Cobtrc¢ Manor PaTk and has reserve funds for its impl¢mentaiiort, with the permission orth¢ Charity commissio which will 8rJually be rtrpaid. In future a ]]]asteTplan forihe estate os a whole will ne to k d¢vi5¢d, TRUSTEE'S RESPONSIBILITIES Th¢ TnIst is r¢sFonsJbl¢ forprwing the fjnancial stalents in acwrdallce with applicable law 8ndth¢ United Kittgdom Gen¢rnlly Accepiul Accounting Prncii¢e. Law applic4bl¢ to thHriti¢s tn Englandand WaL¢5 r¢quires th¢ hijsteeto prepare fJD8n¢ial statanents for ¢ath financial yearwhich giv¢ atru¢ and fyir view of the Charity's financial activities dwing the year and of its flljancial position at th¢ ¢nd of the year. pr¢paring ih¢se ststemcnts the Trustee 18 requirtxl to.. $¢lwt 5Uitgbl¢ a¢wvnting wlicies and apply Consisttly. tnake judgements 8nd ¢stima¢¢s that are reasonable and pnent., state whetherapplicablc countIng starardS have follow, Subject lo any materia] departures disclos¢d and explained in the fancIal statements: pr¢par¢ th¢ r)nanCI 5¢at¢m¢nTy on the Boin8 concem unle&8 it is inapprepriate 10 presutlle thRt th¢ tharity will COnlinu¢ in business. The Trustee ovenll Te$$ib)l1ty for ellsuring that thechariry has appropr syst¢ms of (i)nuY)Is. fitwicilll and otherwise. It is aJ$o re8ponsi7>le for keep8 properACLY)unting ordS which disclos¢ with rcasollablc accurdcy atajjy time the financial posiliL)n of Ihe Charily ajxl to enable Ih¢m 10 ¢nsure thai th¢ fiJ)an¢ial statements comply with the Chatilie5 Act 2011. li is alw reswnsibl¢ for safeguarding the ass9 of the Charity and hen(* fortakingressonable stepq forthe prevention and d¢t¢ciion of fraud and other irre8ularitLaS. This ryn was 9pprov by th¢ TTusl¢e and signed on its behalf by CouDdlloT Davld Burton Chalrjllxtt of the Cobtree Estste Chxrlty Comrnlttet Date: JL+ SthTh- Page 5
Cobtree Mlnor ¢•1¢
lttdtptthdtllt Auditors, Report to the Membtrs of Coblr¢¢ Manor Estxtt
OpiDIts
We have audited the finan¢i*l stst¢m¢nls of Cobiree Manor Estsie1ihe'£harity'l for the year end¢d 31 March 2023 which compTise the
Siaiem¢nt of Financial Activities, the Balanc¢ Sh¢d. the StatemeDI of Cash Flows and the related notes, in¢ludin8 a summary of
sigttifi¢ani accouniing policies. The financial rtwning framework that has been applied in their prepaTAlion is applicabl¢ law and Unit¢d
Kingdom A¢¢ouLiing Stand8rd& including FticIa1 Reporting Standard 102'The Firtan¢tal Re[ing Standard applicablt in th¢ UK
and Republicof Irelat. (Unii¢d Kingdom Generally Ac¢epttd Acco¥DtiJLE prti{l.
Th¢ fJnanci31 statetnent5 have been pr¢par¢
Cobtree Manor E$t4t¢ JDd¢pendtTrt Auditors. R¢port lo the M¢mb¢rs of CobtTe¢ M4Dor E¥t•¢¢ {contlDi¢dl M&t¢¢rs on which we ar¢ required to report by exeeption W¢ hav¢ nothing w T¢POn in r¢$Jxet of the follown8 mattcrs wkTC th¢ Ch¥riti¢$ IA¢eounis and Rewrtsl Regulation$ 2003 requiT¢S US to report to you if. in trUT opinion.. the thfomLatiot) given in the Trllstee's Rep)rt is inconsisteni in any material respeth Math the fJn3nciai st&tm¢nts,' or suffi¢ienl a¢¢ountin8 records have noi been kept: or the fin8n¢ial ststemeDts e not in AgiEement with the accoulli8 tetords aod TeiiLI]JS' OT we have noi Teteived all the info]maiion and explattaiions we ]Equi]E forouT 8udil. Rt5ptshsibiJities of tbe trnittt As explained Jnore fidly in the Trustee's Responsibili(ies StatemenL the Trustee isrespollsible for th¢ PreparlOn of the fitMn¢ial stat¢rn¢nr5 which giv¢ 8 tye and fgirview. 8nd for such interno1 control Hs the Trustc¢ d¢trrniin¢s is necessary to enable the preparation of fiJ)an¢ial siaitm¢nis thai are fr¢¢ from maierial misMi¢rn¢ni, wh¢th¢T du¢ io fraud orerror. In preparing the finaD¢ial starements, the Tnre£ is Tesponsible for a8sessing the charity's ability 10 ¢oniinue &$ a going con¢¢rn, disclosing, a5 applicable. matter5 Telaled to going concern and using Ihc Boirt8 ¢Ont¢rn basis of accounting unkss th¢ Trusi¢¢ ¢ilhEr intends lo Ikquidale the cbarily or lo cease operalions, or hATre iealisli¢ alieEnalive bul lo do so. Audlton. re5ponsibilitieJ for the audit of the fillntiAI Jtste]lleDts Wt hav¢ b¢¢n appoini¢d as audiior und¢r K¢tion 144 of tbe Chariti¢s A¢t 2011 aDd report ID a¢eordan¢e wilh the Aci and relevsnt re¥ulatiotts madt 01 hviti8 tffttt thtrrtundeT. Ourobjc¢iives arc to obiain r¢asonabl¢ as$uTanc¢ #bout wh¢lh¢r the ftnan¢ial alementS as a whole aTe free from material misstslem¢nL whether due lo fr3ud OT e]Tor, and 10 i$sue an Audilors. Rewrt that includes vpinion. Reasongble assur&n¢¢ is a high level of ssurnnc4 but ls not & guBranlee that an Rudit conducted in accordanct with ISAS (UK) wTrll always d¢te¢t a matuial rni$stafrmeni when il exists. Misststrmenis can arlse from fraud or ern)r are considered mglerial if, individually or in lh¢ gggr¢8ait. they tould r¢asonably be ¢X¢t¢d to influ¢nc¢ th¢ cnOMic d¢cisions of us¢rs tskfn on th¢ bg5i5 (kf thcs¢ fJngn¢ial siaiemertts. IrreglalI¢S, in¢ludin8 fraud, are ibstan¢es of not)rfomplian¢¢ wth laivs 9nd r¢gul81ion$. W¢ d¢8ign procedure5 in line with our rtsponsibiliii¢s. ouilintd aFM)ve. 10 deieet maierial missiakmenis in r¢speei of i¢T¢gulariii¢s, including frAud. The extent w whi¢h our procedure5 Hre c8p8ble of detecling irregularitie4 including fraud is dttsiled below". How th¢ audit was considered L4p•bl¢ of detectlng irrtgularltits iThcIDdini fTrud Ourapproach w identifying and assessing the risks ofmalerial misstst¢m¢nl in res¢1 of irr¢gulariiies, including gnd non- ttsmp1ltt Iiw$ 8nd regulttions. w8S L8 follows.. identified the laws and regulations applicable to the chgrity thmugh discussiotis 14ith manag¢menL and from ourt4)m]]]ercial knowledge and experience of the Charity nol-foTrprofit sector: we focused on specific law3 and regulaiion8 which w¢ ¢onsid¢r¢d tnay hHv¢ a di1 materi81 tffe¢t OJJ the èctounts or th¢ optraiions of Ihe ¢h4T¢ty. including rhe ChaTiti¢s Act 2011.. ideniified laws and regulaiions were ¢ommunicad within ihe audii tram and the *am remailled alert to in5t8n¢ts of non tnpliance throughout the audit. W¢ aessed the wscepbbility of the charity's account5 to material miss&t¢znenL ititluding obtsining an understanding of how fraud mi8hi o¢cur, by.. making enquirie$ tsf management as to wthere they cOldered there was $usteoibiljty to fraud. their knowledge of actual. suspetkd and alleged fraud., and considering the internal controls in plxe to tnitigxte risks of friud artd rton-wmpliAnce 74ryth laws a[ regulations. To 8ddr¢s9 th¢ risk of fraud through ll)8nag¢mtnt biAs and oVeide of controls we.. perfornjed analytical procedu$ w identify any unusual or un¢X¢t¢d r¢lationshi. tested joutnal entries to identify urt115uaJ tr&ttsa¢titsn$; se5sed wheihei judgemen15 and assumptions Inad¢ in dtiemiitsing the Coun118 csiimoies sel out in the accouniin8 wliei¢s were indicative of p)lential bias; and invesliyed the rationale behiThl signifi£anl or unusual transacliotL5. Pa8¢ 7
Cobtree Minor EJtst¢ lttdependent Auditor4, R¢pDrt to tke Mtmbtn of Cobtrtt Mhor lItt l¢oThtlTruedl In response lo thE Tisk of irregulariii¢s and nTrnwcompli&ncc with law5 alld rrgulaiitrn$, dtsign¢d predr¢s whi¢h included, but W¢T¢ not limited to.. agreeing financial ststrmeni disclosures to underlying svpp)rting do¢um¢Dtation', re&ding tninutts of me¢iin88 of thos¢ ¢hgrg¢d with governance: Hnd en9uirin8 of managemenl as 10 a¢iual and w)t¢niial lrtj8ation BJMI ciairns. TheT¢ aTC iAh¢rcni limi¢ations in our audit Procedures deSCTibed aknve. As a resuli they¢ 18 & risk that w¢ will detect Bll LTre8ularitie5. including those leading to a maierial misslatcment in the financial Statements or non-compliance with r¢8u121ion. I"his risk increases the moT¢ th81 compli3nce with a law OT r¢gulaiioJJ is y¢mov¢d fmm the ¢vents and transactions Tefle¢ied in the fJJ)ancial statcments. as w¢ 'ill b¢ less likely lo become dware ofinblance5 ofnon-complian¢¢. The risk is also greater regarding iTtcgularilics o¢tUrrin8 due 10 fTaud iathw ihan ¢rror. a5 fraud involv¢s intentional concealtnenL for8ery, llUSIon. omission or misrepresenllllion. A lurther description of our spOnsIbl]ItieS tor the audit of the financial 8¢ements is locatrd on thc FIncial Reporting Council's websile al.. ww4v.frc.or .uUaudilvrsr¢s )niibilili¢s. This description fonns part ofour Auditors. Rcwrt. IT$t of r¢port This rert is mad¢ 501¢ly lo the Charity's Truslee in accordantt with Part 4 of lh¢ ChaTlti¢s {A¢¢ounts and Rewrt5) Regulations 2(K)8. Our audit work has been uKd¢rtaken 50 that might slate to the d]aTily's Truse those mallers w¢ ar¢ required io slate to them in an Auditors, kewTI and for no other puyws¢. To lh¢ lu11¢5t ¢xteDt Frniid by law. do not Orp1 or assume responsibllity 10 4nyon¢ other than the chariN ils TTuske, for our audit work. for this r¢port, or for the opinions have forrned. [IHY K¢Dt I.I.P Charter¢d A¢¢ountstti$ Statutorj AuditOTS Thgnits Hous¢, Roman Square sitting)Urne Kent MEIO 4BJ Da*.. 26 lanuary 2024 UHY Keni LLP ila UHY Haek¢r Young gr¢ eligible to act Is auditors in ieyms of seciion 1212 of the Companies Aci 2006. Pag¢ 8
Coblrtt M•Dor E¥lt¢ Stttm¢D¢ of fiM4nri•l 4eliYiti¢$ For tht Year EDded 31 Mar¢h 2023 UDruttict¢d (uDd$ Restrltied funds 2023 2023 Endowmtnt fulld 2023 Tol41 nds 2023 ral 2622 Note Infome and tTrdowmtDt$ fnkDJ'. Donations and le8acivs chIlable activities 30,000 30,0110 335,884 63,763 46.808 34,596 373.420 43.331 42.236 335,884 63,763 46.808 Other trading Aclivilies Inv¢stm¢nts Total income and ethdowmtthts 446.455 30,000 476,455 493,583 Expthditurt on-. Charitable activi¢i¢$ 300,19S 80.771 76.547 457,513 484.385 Total txptnditure 300.195 80,771 76.547 457,513 484,385 Net ineomtll¢xp¢ndhurtl before tttl IloJse$y8alns IDVt5tmtnts 146.260 150.7711 176,5471 18,942 9.198 Nei Iloss¢sllgains on inve51ments 14 154.117) {54,Iln 613.150 Net Imeomtllexpelldltlltt) TTansfers between funds 146,260 1139,2941 {50,771} 139,294 1130,664) 09,348 19 N¢t mov¢m¢n¢ in funds before other rtto8nis¢d gainslllossesl 6.966 88.523 1130.6641 135.175) 09.548 Other recogDised ILossesllgains on revaluaiion of fjxtd assets 12.13 {274,9991 1274,999} 73,J42 Net rykvemeDt ID fund$ 6.966 88,523 {405.663) 1310,1741 J42,490 RecoTr¢iligtion of fvnds.. Totsl fiujds brought forwBTd N¢1 mov¢m¢nt in fw)ds 4J8.410 6,966 168,9241 88.523 4,211,650 1405,6631 4.581.136 1310,1741 4,438.646 142.490 Totsl fullds cRrried fornArd 19 445,376 19.599 3.805,987 4.270,962 4.581.J36 The Siatement of Fitwi¢iil A¢tivitLts includes all gains 8nd 1058es tecfjgn7d irt thE year. The no8 on pages 1110 25 fomi pan of Ihese fJnancil ststemenis. Pagr 9
Cobtret Manor Esixtt B#£t Sheti As at 31 m1h 2023 2023 2022 Not¢ FIX wtt$ Tangible assets IJ)v¢thenls 2,176.722 831,426 967.500 2.439,443 885.543 1.102.500 14 Investment prow 3,975,648 4.427.480 Cirrtnt hsstts D¢btUTS CSh ai bank and in hand 253,258 250,755 307.842 182, 779 504,013 490.621 CJEdiiors'. amounts f&lliRg due withtn one year 16 1140.1721 (201.939) Net rrellI sstts 363.841 288.682 Total asKls leJ5 cUrt libililies 4.339.489 4.710,168 Crediiors.. amounts falling due after more than on¢ year 17 168,5271 (135,032) Total net x$8tts 4,270.962 4.581, 136 Ch*rity fund5 Endo%4Th¢nt funds RcslTici¢d tunds 19 3,805.987 19,599 445.376 4.211,650 (68,924) 438,410 19 uteStri¢ted funds 19 Tol•l fvnd$ 4,270.962 4,J81, 136 The finan¢1 sW¢m¢nts w¢re approved and auihorixd for issue by the Trusfre attd signed •)) their b¢haifb>.' COtal0r David Burtoii Chalrmtt ofthe Cobtret M•norEstate Chlrlty Commlttte Date.. Tbe note5 on pages I I to 25 fonn part ot'the5e financisl statements. PaBf 10
Cobtree Manor E5tt¢ Notts to th¢ Finaneil Ststemcllts Foribt Year Ended 31 M•r¢h 2023 GetterAI illformltio Cobtree MatLor Estate is an unincorwrated charity wih the charity nutnbeT 283617. Ateowntin¥ poli¢ie4 2.1 of pttp#rihn of alaitments The finBnciaJ st&tsme]]ts have been PTep3red in a¢cordHnc witb the Charities SORP IFRS 1021 Ix¢ond ¢ditlODI AceouniiDg gnd R¢portin8 by Charities.. Stalement of Recorntnended Pr3clice applicable io Charilies piepaTing their aceounis in a¢cordanc¢ with ihc Financial R¢porting Srgndard appli¢Able in the IJK R¢publi¢ of Ireland IbRS 1021 {effective l January 20191. the Financial Reporting Standard applieablc in th¢ UK and Republic of Ireland IFRS 102) ond the Charities Aci 201 I. Th¢ finan¢ial Stsl¢m¢ni$ hav¢ b¢¢n PT¢pared to gÉv¢ 4 Inje and farf view glld have dep2rt¢d from the Chatities IAcctrunts and Reports) Regularions 2008 only to the extenr requid to provid¢ a In]e and fairf vicw. This departure involved following the Chariiies SORP ffRS 102} publi$h¢d in O¢iokT 2019 rather than Ihe A¢¢ounting and Reporting by h8ritl¢s.' Ststernenl of RecorrunetLded Practice ¢fte¢tive from l April 2005 wbi¢h has sirtce Ixen withdrawn. Cobtre¢ Manor Estate meet$ the defjnition of 8 public benefit entity under FRS 102. Assets and liabsliTie$ are initially TeWlsed ai hislorical $( or transaction value wil¢ss oth¢rwig¢ sta*d in the relevant a¢¢ounting policy. 2J Going tOD¢trn The Trnst¢¢ ass¢ss¢s wh¢th¢r th¢ u$¢ of going concern is appropriate i.e. whether theT¢ ar¢ An). maierial uncertainlies rel#t¢d 10 ¢v¢nis or Condiiions thai may ¢ast 518nift¢anl doubt on the ability ot. Ihe chgriiabl¢ eompany lo continue ls & going ¢on¢ern. Th¢ irustee makes this asSesSDt uj recl of a period of ai kasi one year fi>m the of autknrisation for issue of the rinan¢ial stsi¢m¢nts. oking fotWATd the golf course contract ceased ar the end of Sept¢mb¢r 2023, and Changes u] the tnarkei for such contracts means that the Estate is anlicipating a dp in the annual rtnial payments. CoDelusion Prudeni Tevised forecasts have pr¢par¢d for the ¢oming y¢aT. raking ih¢ above into aceounL artd using the assumption that the charity wryll be ible to corttirtut providiti8 seivL¢eS even in the eveni of any future lockdom period5. Taking the atM)ve into gceounl the TTre ha5 concluded there llre no material uncertainties aVx)ut lh¢ ¢harity'$ ability 10 ¢oniinue as a goin8 concern and that il remains appropriate lo continue to adopt ihe going concem basis of a¢£ounlin8 1 preparits8 the fmatt¢ial statements. 2.3 llliorne All u)com¢ is r¢¢ogni%d once the chBrity ha5 entitlement to the ujcome, it is probable thllt the in¢ome wll be received and th¢ amouniofin¢om¢ Te¢¢ivabl¢ C8D b¢ m¢asur¢d r¢liabl). Page I
Cobtree Manor EJtte Notu to tht FinAnciI SIAttiiitDts For the Yeir Ended 31 M8r¢h 2023 Aicoumtillg policits {CODtinutdl 2.4 EAPtnditur¢ ExFKnditUTt is re¢ogttised oft¢¢ th¢Te is a legal or constructive obligation lo transfer econotnic benefit to a third ty. it is probable that a ITansf¢r of economic b¢n¢fits will be required in SEttlcmtni th¢ amounl of the obligation can be m¢&£ured reliRbly. ExpBnditure is classifjed by activity. Thc co5 of each adivil). are mad¢ up of the ioial of dir¢¢i eosts and thaT¢d costs, including 5Pport costs involved in und¢rtakin8 ¢a¢h activity. DI¢t costs attribuiablc 10 a singl¢ a¢iivily are allocated directly io that activity. Shared costs whi¢h eoniributr to more than one aclil'ily and 5uprM)rt COSIS Nsthi¢h ate not atlTibutablc lo a singl¢ activity ar¢ gpportioned between those ttttivities on a b8515 consistent w'ith the use of resources. Central s¢aff costs aTe allo¢ad on ih¢ basis oftime spenl, 3nd depreciaiion ¢har8¢s a]10¢2led on the ponion of Ihe asset's ExpenditiiT¢ on ¢hariiabl¢ aciiviiies is incurrcd on directly undertaking the a¢tiviti¢s wthich tiLTther the charity's objectives as well as any as80¢iated support CO81S. ExEnditur¢ is shown inclusive of any ]rcOVeb]e VAT. Any VAT irrecoverable os a of partial exemoion l¢ulations is shoThTL in note 8. 1.5 Intlngible )Mtsrtiyti Maierial intsngible assets are capilalised and COgnised wth¢n fuv]r¢ eco[1¢ benefLlS are probable and the ¢osi or valu¢ f Ihe asbei ¢¥n b¢ m¢asuted reliably. Intangible a55cIs arc initially rttognis¢d 91 cost and are subsequently measured at cost net ot'3mortisalion and anv pro1$1 for impairjnenl. Amortlsation 1$ provided on the followirtg b$.. WEbsil¢ d¢v¢lopm¢ni 25 0/0 Straight lille 2.6 TMgibk rued tI5 #ttd dtpretltioD Tangible fjxed ass¢is aT¢ WTied at wst orvaluation. netof depre¢iaiiot) and aDy provision for impaumenl. A r¢vi¢w for impairment of a fixed assei is earried out if ¢¢nts or clwJ8e$ itt C]UMstanceS indica thai th¢ rrying value of any fLKed assel may nol be recovtrable. Shortfalls between the carrying valut of fix¢d ass¢is and ih¢ir recorable amounts art Tecognis¢d ?5 impaiTments. Itnpaineni lo$s are rOgniSed in the Slatemelll of fjnantial aeiivities. Depreciation is ¢har8ed so as to allocat¢ th¢ cost of tangible fixed assets kss their r¢sidua] value QV¢Tth¢ir¢5timad useful live4 using the strgight_line mhod. Deprtalln i$ pMkvid¢d on th¢ following bas." Long-teTtn leasehold PrOrry Motor vehicles rixtures and fjttings o- 12.5/•oncost 20Q/o on v)sl IO% on cost The a55et5' residual valucs. useful liv¢s and d¢preciation nthods att review¢& and adiuM¢d pro5P¢Ctiv¢Sy if appTOPTiai¢. or if there is aD ittdi¢aiion of a si8hificanl change since the lasl repDrting date. Long-iem) l¢a5¢hold PTOP¢rty includes Cobtree Matx)r Pw* Golf Cour5¢, Kent Life Museum artd Cobiree M3noT PaTk Visitor rentT¢. As dis¢losed IJJ note 13 these are held undeT a 999 year l¢as¢. NLI d¢pr¢ci&tion i$ chged on th¢se Sets on the basis thai they are revalued annually. L¢as¢hold property also uJclude& at ¢osi, improv¢m¢nis at the Cobtree Play Area and 10 iht ¢aT park at Coblree Manor PaTk. Thes¢ assets are d¢pT¢¢iat¢il ov¢r their deemed useful lives. Pa8e 12
Coblrtt MgDor Estitt Notts to th¢ Fin•n¢iil StsttThents For tht Year Ended 31 Mar£b 21123 A¢roullting politi¢$ ItoDtiRv¢dl 2.7 lTrve¥tments Fixed asset ittvestments arc a fortD of fjnancioj instrurnent and are initi4]ly r¢¢ognised at their trausl9Th ¢05t and subsequently trLea5ured st th¢ir fair V81u¢ at th¢ Balgnc¢ sh¢a da for itiv¢sMeni pN)rtIeS and ¢losing quoted market price for other listed investm¢rtts. All gains and losses are tsken to the Ststemettt of finan¢ia] 4ctivitj¢5 a5 th¢y aris¢. Realised gains aDd IosKs on inytsimenis calculated os the difference belween sales proceeds and their op¢ning canying value or th¢ir pur¢has¢ value if acquired Subsequent to tli¢ fJTSt day. of the fjnaneial y¢aT. Unrealised gains and losses ar¢ ¢al¢vlai¢d as th¢ difference belM'¢en ih¢ fgir vlu¢ ai th¢ y¢ar ¢nJ and Ihtir ranying valut. Invcslmenl gains and lossek whether Tealised or unr¢alise¢ are combined and shown in the headiti8'Gainslllosses} on investmtnts. the Stgt¢m¢nt of fllwi¢ial actiTrities. Investhjeni properties #Te tneasured al fair value al each rep(>rting date with changes in fair value recognised in 'gains on revaluation of fJx¢d ass¢ts' gnd add¢d to th¢ ¢ndown¢nt fund io 1¢h ih¢y relate. 2.8 FI¢1 1thrnM¢t5 The eharity only h& rItnci&l a55ets and fitwiciaj liabilities of a kind that quslify as basic fit1 illstrJm¢nts. Ba81¢ f8¢1[ in5trumentS gre initially r¢cognised al transaction valu¢ and subs¢qucntly measwed at their 5ettl¢m¢ni valut wth the exception of bank IoAns whi¢h w¢ subs¢qu¢nily m¢4svred ai amortis¢d ¢osi using the effective int¢r¢st meihod. 2.9 Fwnd attounting GeneTal are u]Jrestricted funds which are availabl¢ for us¢ ai the dis¢r¢tion of the Trustee in tiNtheran¢e of the g¢n¢rdl obj¢ctiv¢s of th¢ ¢haTiry and which have n(Tri k¢n d¢si8nal¢d foT oiheT purwscs. R¢slri¢i¢d funds aye fund$ which are 10 bc used in aC¢UTdance wryth specific teslrictions impos¢d by dontsTS or wthich have been raised by Ihe ehaTifv for particular pUSe5. The costs of raising and administeTing such funds are charged against the $pE¢ific fund. The &itll and u5¢ of ¢a¢h r¢stri¢t¢d fvnd i5 5¢10ut in th¢ noi¢$ io th¢ tinancial ststsmetts. Investment incorneb gains and loss¢s are allo¢at¢d io th¢ appropriat¢ fund. In¢omt from doiatitrtti and It8Cits Rt5tricted fumds TotAI funds 2023 Toli71 fvmds 2022 2023 Will TTUSt in¢ome 30.000 30.000 34,596 AnalyKis of2022 Éotol byfund 34.590 54,596 Pag¢ 13
Cobtrtt Mxnor Estite Notes to the FiDAD¢ii stsiemtnts For tbt Ytar End¢d 31 March 2023 Intomt from charit&ble ctivititA IIDrtttricttd fuDd¥ 2023 Total nds 2023 Trtal fvfvds 2022 fjolf club reven 135.249 135.249 131.309 33.140 155.371 73.600 Cal¢ inwme 20,999 108,832 70.804 20,999 108.832 Lar park incom¢ Kent Life in¢om¢ 70.804 335.884 335.884 373.420 Ath7ly&ss of2022 iotslbvfund 373.42U 373.420 IDrom¢ from othtr tradillt ttivitieJ In¢ome from tharitblt trdikng atilvities {Innstricted rllnds Tot1 funds 2023 Tot41 nds 2023 2022 Rental irt¢ome 63.763 63.763 43.331 Aiwlysis of2022 iolul by fvnd 45.531 43.33] Invutmtnt illcome IIDrutricttd funds -Totil funds 2023 Toial 2023 2022 Inve5tsnent income 46.808 46.808 42.236 AnlS11f2o22 10ts¥l tyfyKd 42,230 42.236 Page 14
Coblrtt MIDorE$tAte NotÈ5 ¢0 th¢ Finn¢il Ststements For tht Year Ended 31 Marth 2023 Allalysis oltxpeDditutt on thritblt ttivitits Surnmiry by fyDd lyp¢ UnreStri¢d fvnds 2023 Rtstriettd fuid5 Endowmtnt hnd$ 2023 Totxl 2023 ToliTI 2023 2023 Chtirii#ble a¢livities 300,195 80,771 76.547 457,513 484,385 Anal)Jsi$ 012022 toiol 330.382 77,456 76.547 484.355 Summary byexptnditurt typt Dtprttition OthETcoJts Totsl 2023 Tot41 2022 2023 2023 Ciwitsble activitics 122.722 334.791 457.513 484.355 Analysis 012022 loiul 122. 722 361.663 484,385 AD4ty5is of expeNditurn by attivitiej Total fuDd$ Toral fvvds 2022 Dlttet tosts 2Q23 202J Charitabl¢ tIVitieS 457.513 457.513 484,585 Analysss 0/2022 101ts1 484.385 484,385 Po8¢ 15
Cobtrtt MIDor Estate Notu to the Fimantial Stalem¢Dts For the Year EDdtd 31 Marth 2023 Allly$i$ of ¢IP¢Dditure by actiyitiey Itotttinuedl An•lysis of dirttt C¢FSt$ Tot41 Toial 2023 2022 tkprttiaiion Staff tos 122.722 J22.722 5. 189 65.013 37.5PS 5.238 J5.943 J2, 758 7,520 9.684 8.047 J5,627 4,486 18,665 5.969 Repairs 3nd mainl¢nan¢ Grounds maiRtcnan¢e Rent and rates -360 Heal and light InsuratKe 14,213 13.431 8.976 Cleaning Legal and professional ftt5 (ther fees and s¢rvi¢¢s 13,600 10.991 4.107 12,736 Equiprnent hirt and main*nat)c¢ Bad debi write otl Loan int¢r¢st 4.202 72,875 121,372 Staff re¢harge8 Patks asid open spae¢s Irrecovcrable VAT 74.615 121,370 18,099 457.513 484,385 A¥ditors' reJBuDerAtiD 1023 2022 Fees payabl¢ lo th¢ rh8rity'S audiior forthe audit of th¢ charty's a[MU accounts 6.365 5.585 TThsltt'y mUnertIon •nd txptwt$ During ih¢ ar, th¢ Trustee did not receive any Temuncration OT other benefits (2022- £NILJ. During the year ended 31 March 24)23. no Trustee expenses have been illCUTred (2022- £NILI. Page 16
Cobtrte M•or Estate r4otts to the FIAn¢11 StAttments For Iht Year Ended 31 M*rtb 2023 IDtaTrgible assets Il'ebiitt d¢v¢lopment Cost At l April 2022 50,1)00 Ai 31 March 2023 50.(K)O Amortigstio At l April 2022 50,000 At 31 Mgrch 2023 50.000 Ntt bookYAlue At 31 March 2023 At 31 A4ttrth 2022 Page 17
Cobttt¢ Mnor Estite Notts to the FinAthtil Sttem¢nts For Ihe Year Ended 31 March 2023 12. Tngiblt fiy¢d •$$ets LoDg-l¢rn? lesthold property Motor wehi¢1¢s Fiiturts d rjttillgs Tothl Co$t or valuxtio At l April 2022 Revaluations 2,762.511 1139.9991 8,323 58,523 2.829,357 1139,9991 At 31 March 2023 2.622.512 8,323 58,523 2,689,358 Dtprecihtioo AI I April 2022 Char8¢ for y¢ar 345,615 115.205 3.328 1.664 40.971 5.853 389.914 122.722 At 31 fvlarch 2023 460,820 4,992 46,824 512,636 N¢t bookvAlue Ai 31 Mah 2023 2,161.692 11.699 2.176.722 Ai 31 Mar¢h 2n22 2,4J6.J96 4,995 17.552 2.439,445 The estate is held under a 999 year l¢a5e which is due kn expire in 2970. Th¢ long leasehold land and buildings ar¢ us¢d solely for dir¢¢i ¢haritabl¢ PuTr}se5 and fomi pan of the min¢t endowmertt of the Charity. All properties are revalued annually by 8 prof¢ssional ofLhaner¢d surv¢yors periodically. u5in8 a'marktt appma¢h'. Th¢ lsi valugtion took pl¢ in Mar¢h 2022. The c8rrying amounl undtr ih¢ cost mod¢l of th¢ assets which have ken r¢valu¢d would hav& ken £1,673,1.'7 {?0££ - £1.673.127}. Page 18
Cobtret Ejtate Notts to the Fiugncil Ststemtnts For Ibe Yegr Tr-nded 31 Mr¢h 2023 Inves¢¢ prnperty Lo$ tenn Itasthold vt¥tm¢Dt property Valuation Ai l April 2022 Surplu4ldeficit) on revaluation ,102,500 1135,0001 At 31 M%r¢h 2023 967,500 The ittvestment Properties are held to geneTFite a Tenlal income strcam forthe ChArity. All investrn¢nt properties Ore revBlued by professional finn of chart¢red 5urv¢yors on an annual cy¢l¢ lsubjecl to exisiing i¢nan¢ies where approprigt¢l. A valuaiion iook pia¢¢ in March 2022. On¢ ex¢tption 10 this is the Tyland Fartn propety Ththich is carried at £Nil value on an EUV basis. This prortY is Currently l¢L with a pepp¢rcorn y¢n¢ on 9 125 y¢ar l¢a8¢ ending in 2117. No readily available market value was Bvailgbl¢ for ihis protrtY ai 31 Mar¢h 2022 and TrKn¢¢ the EUV basis is d¢¢med lo k the mosi appropTi31e basi5 available without uhdu¢ Cosi w Ihe Charity. 14. Filed i5set iDve$tm¢nt$ Lilted iDV¢5tmtAIs Coat or valuation Al l Apiil 2022 R¢valuation5 885,543 At 31 March 2023 831.426 Net bookvlMe Al 31 Mgrch 2023 831.426 Ai 31 Mar¢h 2022 885,543 M#terll The above li%ted thvestsnents are fully invested in the M&G ChuifiLnd, which qualif$ a5 an alttrnative itivestmellt fimd. Risk profilt The fund inv¢sts Mn[Y in th¢ sharts of UK lisied divid¢nd paying Compani and a wrtion of the fi]nd is gjw invesd in the shar¢s of dividend payiti8 MpanIeS listed oveneas. It 14 therefo, subje¢1 to the pri¢e volEtilitv of th¢ UK and overseas o¢kmarkets and the r[oMianCe of individual Companies. Th¢ fund may also be subject lo fluctua110 in currency exchange tas. The fulld's f(KUS is good qu81sty ¢omp&ni¢5 with &ttrHctiv¢ divideDd pr95ts. Dividend distribution5 from ihe fund's holdings howTver are wt gu3r&nl¢ed and may vary. Diversifscation across industries and maTkcl capilalisation is key in mallaging liquidity risk and r¢ducing marki risk. Th¢ fund's risks are measurtd and managed by M&G an ingra1 p*n of the inv¢snneni pro¢ess. P28¢ 19
Cobtrte Manor Estt¢ NottJ to the Fiknitial SIAttments For tht Ytr EDd¢d 31 fvlarch 2023 15. Debion 2023 2022 Trade debtOTS 189.234 1,678 62,346 45.467 22,524 239.851 Other debtor5 PJEpayments and incojne 253.258 5fj7,842 16. Cftdlt•rs.' Amoun1$ fallinz due within owt ytar 2023 2022 Trade cr¢ditors Amount owed to Maidslone Borough Coub¢il Other cjtditors 1.434 00.505 72.233 196.239 5.7130 140.17 21Jl.939 A fornial r¢paym¢nt TeeMent established with MgiOsron¢ Borough Coun¢il for the ¢harity to repay t]K tnoney loan¢d by the Ihe COU1] in r¢swi ofcapilal expendilure in respccl of Ih¢ impwv¢rn¢ni lo CobtTee ManDT Patk ¢ar park. R¢pAYrnenls began from l April 2019 onc¢ the Work was complete. inietest is payable ai a rnt¢ of 3% (Public Works LogtL Board 2°A plus 1%). The ioial ba]nc¢ owing io the Council in respect of Ihe car pa loan at 31 March 2023 wa5 £135,032 (2022- £202.213}. In addition to the ¢ar paTk lean tht iotsl balanc¢ ow¢d to the Courteil alx) in¢lwJes oth¢r aniount5 of £Nil (2022- £69.058). The ¢ombined iolal ot'£135,032 f2022- £331,271) has b¢¢n splii between amouLt$ fallittg due wthin one yew {05 aFA)vel ond aller more than on¢ yegr15e¢ note 181. Page 20
Cobtree Manor Eststt r4otes to the FiThntiil Statemtnts Forlht Ytar Ended 31 March 2023 17. Creditors.. Anllnts fAlling dme fttr more thn ont yeAr 2023 2022 AmountoYd to Miidllolle Borou8h Coutttii 68,527 135,032 S¢¢ narrativ¢ atth¢ ¢nd of tt¢ 17 ¢xplainingth¢ bala[¢ ow¢d to th¢ CouDCiI. 18. Fitt•eial In$trument$ 2023 2022 FiDID¢il aJgtts Financial assets ineasured ai falr value through income and expenditure 831.426 885.543 FinanGig] a5s¢ts m¢asuT¢d at fair value through inu)me aJKI cxpenditure comprise listed Y¢Sh¢ts. Page 21
Coblrte Minor FJt•t¢ Nol¢$ to tht Financial Sttemtrtts For the Ve#r Endtd 31 March 21123 19. Stattmtwt of Ststem¢Nt of fvnds- currtnt yer AJ rtst&ttd Baln¢t il I Aprll 2021 Trinsfrrs Inlout GaiDsI BAlnct at 31 {Los¥sl March 202J Intom¢ Eipenditurt IlJrtstri¢ttd fund$ GetKrg1 fund8 438.410 446,455 1300.1951 {139.294) 445.376 Elldowmtnt finds Enthwment capital runds 4,?11.650 176.5471 1329,2 161 3,805,987 Restricted fuThd$ Will Tryst 30.(h)O 130.0001 Cobtree Manor Park car wark MBC ¢ar park loan 193.289 138.6581 154,631 {l35.0321 1262.2131 139.294 168.9241 30,000 180.7711 139.294 19,599 Tot1 offuttd$ 4.581.136 476,455 1457.5131 1329.1161 4,270,962 UnrtJtri¢ted Funds These ¢omprix funds that th¢ Trustee is free to Use in accordaÈLtt with th¢ ¢har¢tablt Trbjects. R¢striettd Funds Th¢ Will Tnjsl Fund, the inctsme frtsm which is used to maintain the rllral pth. The as5els of this fund are held by cOre¢ Charity Limiied a sep8rai¢ ¢ntity. Cobtree Manor Park tar Potk attd associar¢d loan from MBC. this JEpresertts (he t•ok value ofih¢ car pgzk and th¢ gmount of the outstandiDg gssociated loan. PermaDtDt EMdowmet CAPltal Fund The perm3n<nl endowTnent Capital fund ujmprixs the long-t¢rn? fJx¢d os5et5 of the thatity, Ing th¢ long-leasehold land and buildings, inv¢5Dnent ptopErtie5 and the portfolio of lisied inv¢stsnents as detailed in notes 13. 14 and 15. Pag¢ 22
Cobtrtt Manor Estite Notej to the Fiian¢iJ Slattmemts For tht Ytr Ended 31 Mr¢b 2023 19. ststem¢nt of (¢ODtinuedl SittItlEllf of prior year As resiaied Gains/ B&l&rtce at (Losses) 31 Ali71'ch 2Q22 J Apri12020 Jnconte Expenditure Tn7Rrfers Uttmtritttd funds G¢n¢Tal fvnds 395,J97 458.987 (330.352) (85,392) 438,410 Elldowmtnt tgpit*l funds EndoMrntcapitsl funds 4. 115.547 (76,547) 3P.358 133,292 4,211.650 Restri¢t¢d funds Will Trust 34.5PO (34.590) Cobtyee M3rtor Park 231.947 (304.045) (38.658) (4,202) 193.289 Q62,2J3) MBC car park loun 46,034 (72,098) 34.596 (77.456) 46,034 (65.924) Ttrtsl offuhds 4.438.640 493.585 (454.385) 133.292 4,58J.136 Page 23
Cobtrtt Manor Estte Notu lo tbe FiMllii#l StleMents For the I'e¥r Ended 31 Mah 2023 20. ADalvsi5 of net $stts betwteD fllndi Anaty$is of net is$¢ts between fDnds- turttni ytAr IlnreJlriot¢d furLd$ RestTi£led fuDd5 2023 Ehdowment rundy 2023 Tfytil (und$ 2023 2023 Taniib]e fixed a88*ts Fixed gssei invesimenis 15,030 154.631 2.(Y)7,061 831,426 967.500 2.176.722 831,426 967,500 504.013 1140.172) 168.5271 Inv¢stm¢nt propErty Curr¢ni asse1$ Creditors du¢ within on¢ y¢ar Creditor5 irt more than one y¢ar 504.013 {73,667) 166.5051 168,5271 Total 445.376 19.599 3.805.987 4.270.962 The rcsth¢ted ¢rediioT balances r¢lat¢ to balances owed to the eorwrat¢ trus. Maidstone Borough Council. in resped of funds provided during 2018-19 to fund new ear paTk works that have pItaliSed as tsngibl¢ fixed assel additions. It is a requirement of the Tepaymenl agreemeni forih¢se amounts to be treated as and distlostd as a restricted balance in the annual a¢¢ouni$. ADalyiis of net a5Stts betwrt# fu#d$- prior year Urtresiri¢ied fiihfls R¢sipi¢iedfvpAds Endowmeni fvnds 2022 Torol (unds 2022 2022 2022 Tangible fixed assets Fixed asset investtnents 22.547 193,289 2,223,607 885,543 1. 102.5(10 2.439,443 885.543 1. 102.5011 490.621 (201.939) (135,b32) InV¢ment Property Curreni a8S¢ts 490.621 (74. 758) CrediloTS due within ytar CT¢ditors due in mOTe thin one year (127.151) (135.032) 438.4111 Cfj8.924} 4,2Jl.650 4,581.136 Page 24
Cobtr¢¢ M*nor E$iit¢ Notes to ib¢ FiDan¢iil Statements For the Year Endtd 31 Marth 2023 21. R¢lat¢d party tr4n$•dioD¥ Maidsione Btrrouxh Countil IMBCI L$ the Cotyorate Trustee of the Charity. MBC owJ5 pth of dK18nd up)n whirh th¢ golf i5 built. Th¢ awounting 8rr8ngem¢t)ts bett¥ten MBC and the chatity are that MBC is resp)nsible for all reeeipts 2nd payments for boih the golf course and ihe Manor Park. Ai the end of eBch finan¢i41 y¢ar ih¢ th¢ income and exptndiwre r¢lating 10 Cobiree Manor Estsie is shown in the ChaTit) s account5. For the golf Course 719ths of the totol revettue is trAnsferred to the a¢¢ounts. reflecting th¢ sp]ii of land ownetship. Th¢ retnaining 219ths are sh0Th in the accounts of the Council. Th¢ Siatem¢nt of Finan¢ial Activities in¢lud¢s incom¢ of £236.90] Q022- £209.236) in relation to operating th¢ ¢stat¢ in a¢¢ordan¢e wirh this aseMenT, a$ broken down low. 2023 2022 Golf tlub revenue Will tW8t in¢om¢ Rental in¢om¢ l35,249 30.000 63.763 131.309 34,596 43,331 229,012 209.236 Expendilure T¢fl¢ctrd through ih¢ Stat¢ment of Finan¢ial A¢iiviti¢$ includes 0ting costs in Telaiion to incotn£ slr¢ams above. Duting the year MBC provided various other servi¢£s to the Charity, which have been included 7th1n direti charitsblt exp¢ndiiure. Total TechaT8C5 of £206,267 (2022- £207, 122) wcrc madc for the5c scTrices. 'I'his total ¢ompris¢$.' Parks & O]Kn Space- £121,370,. staff rechHrges- £74,615: legal aDd professiollal fee5- £8,065 and equipment hllE and M#tell1Ce- £2.217. Al 31 Mzrch 2023, th¢ Charity ow¢d £135,032 Q021- £220.159) to Maidston¢ Borough Coullcil. 22. CoD¢TtklknHg party The ChaTity under the control of the Corportte Trllstte, Maidstone Borough CowJGil. 23. TaIation Cobiree Manor Esta¢t is a T¢81Stued charity and is therefort p)lentia]ly exempt from tax10 on its in¢om¢ and gains as the ¢harity fa115 Within the definition of a charitable trust a5 defjned in Part I, Schedule 6 of the Finance Aci 2010. No tax charge h arisen during th¢ y¢ar. Page 25