Ch*rity Dumber: 283617 Coblree Manor Estate Trustee'5 Report and Financial Stalements For the Yegr Ended 31 March 2024
Cobtree MIDor Estate Contents Page RefeTen¢¢ and gdmini5tr&tiie details of tht charity.. its TrsteeS ad*igMS TTU5tee's rewrt Independeni audiknrs, on the fujancial statements Siai¢menl orru]an¢ial a¢iiviiies Balan¢¢ sheei 10 Notc5 to ik fiDan¢i81 ststement5
Cobttte Mnor Estte Referenee and Administrtivt Detsib oltbe Ch•rit}', its Trnmees #nd Athisers FOT the Year Ended JI Marth 2024 Maidstslne Borough CouKil There e indiiidual tnLStee5. All ekcied memr$ of the Maidsione Borough Loun¢il Tri)MI duties 0[thtees bui w¢ ThN tyuatts in Ihcir right. A full lisi of mernb¢rs is availablv on request. Charih. rtRi4ttrtd immbtr 283617 Maid0n¢ BOT0 Council Malth0 110e king SEftti Maidsto Kcnl MEI5 6JQ IndeptndeDI lldilors UHY Ilxker Youn Chan¢r¢d A¢countsthts St¥luloti Audilors Thames IIou5e, Rom&n Squ81¢ Sittingknun K¢nt MIIO 41U Bnker5 All funds are man38cd . maids Borough CO¢11 .. LJo)ds Bank plc. Citi Balk)" Dri%t GilliJ)gham Keril ME5 OLS Soli¢iton Ikad of Ixgal PartllCF5hip Mid-k¢ni Legal Sen'ices maidstiv Borough Cou11 Maidslone House Maidsts)n¢ K¢ni ME156JQ Page I
Cobtree Manor Estate Trustee's Report For the Year EDded 31 M•rch 2024 The Maidsion¢ Borou8h Council a¢18 CorTaIr Truslt¢ 10 th¢ r¢gistered Clwity. as Tobuet Mr E81¢' present5 its annual Twft in reknTk)n ¢he fina1 y¢ar etKlinK 31 MrLh 2024. Tstee5 Ihe t[Ust who ser¥wJ dwing th¢ y¢aT is 51mTr on the infornwion pag OwEIl,Es AND AcrtVlTIES Goyernlng Object The govcrning obj¢ct of the Charity remaitts thai defintxl in th¢ ]e of the Cobtree Eswe daknj 13 July 1971 b¢tw'&rn the Cobtree Charity Tru Limii¢d lih¢ l¢ssorl atMI the Maid¢one >T[gh Council lthe 1¢55¢¢1. The gove¥nin8obiI is Stat as.. "'To hold Lobtree Manor and Cobtret MaN)r FAai¢ for bcncfrt ofthe ithhabitsnts of maid[ and other tnembers of ihe getheral publii in on¢ orother or all of the folk>withg ways.. By maintsinin8 the Cobtree MarK>r Esute as an OF spY as defined by the Il>th Spaces Act and sf the lessees ihink fil providing there rlI1&7¢S for OTganised and other srtS-. With th¢ Con1 of ...lthe Colrttee Charity Trug Litnid the Kerti County Coun¢ill... in 5ch oth¢r w?y for lh¢ b¢n¢fJi of the inhabiian15 of MaWjskn aNJ oth¢r ryKmb¢r5 of the ptsblic as the Covncil shall from lime io iimt Ihink appn)priate. Oble¢t ofthe Cb•rlty The late Sir GaTrdrd Tyrwhitt-Drak¢ bqueatw hi5 former c51ate kn th¢ C(kn Crity Trust Limital aTrJ set dowm in the ¢(MJi¢iLs 10 his Will rwuireTnent5 foT its fulurt iise. In Seeking to inteTpfL% these. wmaimes LX)fLtli¢ting. codicils rhe Maidstone Borvugh CouNIl aNJ CoFAr¢¢ Clty T51 LiThiied aj ihal th¢ Estht¢ in its ¢ntirw. and thc snietthj ¢haritsbl¢ obj should b¢ l¢as to and 8o%emed by. th¢ maidstie Botough Courtcil. Th¢ Maitslone Borough CoUlI. as CoTW¢ Trustre to the Charity. h$ dl4enn1 a1 r¢gulaAy reviews a Series of txklicie5 to guide ihe actions of its M¢mber5 aTKi anpknyees ith fulfilling the gov¢rning obitof theChaTity. Mcmbers of the Cth Manor Charity CoJntnite mJage all of the Ch3rity on lhalf of the Cout)cil. lttforn)al llaison continues wilh the Truets kn th¢ Cthr¢e Clwity Li11J. pdfti¢ulaTly with r¢gard io considering PDtential devil(41mmis. M¢rnb£rs of the Cobtree Charity Tn Limiial invitai to attthj th meaingsofth¢ C(kntre¢ Manor Estate Charity Committee. ACHIEN'EMENTS AND PERFORMANCE OrganisAtion of ihe Charity" Th¢ TStee to the Charily krn)wn the CoEthe N4aTh)r Eswe Temains the Cortx)rdte BLKIY of the maid5}ne Borough Coun¥sl. the functions of the Cotwrafr Trusk¢ ar¢ implemenEal IS TeiteratL¥J in lh¢ s)ft a)1¢. All it]YU#l ¢]¢0 Memb¢rs to the malne Borough Coth¢il arc to any dutbts aTrJ ressx)t)sibiliiio4 ha in Telaiion to the charity as though they w¢r¢ acting as individu thtstees: al11 they are Dot itmlividual tru¢¢5 in Charity Law. All ¢l¢¢t¢d MembErs and oJfLcer5 of thr Coun¢¢l mInded of the CoutLciI'$ obl110n$ Charity and hom these nEed 10 be ¢onsidered quite separaleh trom the nomial dwits of the Council acling as the Auiknrity. An A io z-.aid mernoiT' is rnade available lo all Memkrs ond Offic¢rs ila the Council'5 inleTnal st. Under lh¢ i¢nns Df the lease whi¢h the Chartty Ix)Ids the Cobtrye Matfft Estat< ¥J in th¢ ycifial c1rcwllstat, the CouJ¢il continues liaise with knth Ihe freehokj ownerof th¢ E>tst¢. the Cobtree ChaTity Tn Lim11¢4J. aNI ih¢ K¢nt County Council. Advl¢t to Tru$te Thc Jvi¢¢ for truStS published by the Chamy Commiss¥)n is gtyen to new memkns of thc charity committee XTJd new 8uidan¢e is notifia and ma(k aailabl¢ lo thetD as it 15 fr4)m th¢ CommissM)n. Comtnittee memkn have fr¢¢ ac¢¢ss to all memrS of siaff lo ensure lh Ihcy ¢4n be fully awaT¢ of the 5pccial considerdtions. athiviii¢s and iJnpliL*ions of. for. the eharity. Pa¥e 2
Cobiree Manor Estate Trustee'5 Report For the Yur Ended 31 Marth 2024 AelivititS Th¢ follDwin8 para8nphs" arr incIJ lo (kinon5trate knw rkne Ch3nty is m¢eting its obli100 t4) PToYide a public bo)¢fii. The primary a¢iiviiies of Ihecharity ate lo manageaTrJ tnaintsin thrce faciliiies to whKh [k8¢Tl public haTre access.. lh¢ Cobtree Manor Park- which is a rthlaThl thvironmthi ith w(KwJlaTrJ th ]neknv5 wntsming a wide variety of trees and thrubs and 'hICh Is fr¢xly Kcc55iblc to the general thI]c, aml the Cobtrtt Ma[ Park Golf Cour5e- which is a p8y aNI play rllity ¥$S1ble all. 8tsJ Kent Life-a farni Itffltsg¢ attr¥tH) ID¥lwJin8 • Ik£1K)n of hIOne ortefacts, Mhich is OF6n w the publ eitheron a PAY OD en or thri>ygh an m¢mFrsh fee. Cobtree Colf Course The Thutttherof routmls played at theC(kntr¢¢ C¥>lf wurs¢ overtherAsi iaj years h&$ folbw I'ur 201412015 201512016 201612017 201712018 201812019 201912020 Round$ Pl#ied 37.482 39,927 40.593 35,972 31808 26.IMI6 27.281 202012021 202112022 2022n023 201312024 JO,4JO 23Jl5" * dats for August 2023 aTrJ SqJlctnlKT 2023 15 missing. Ciyying this thta 2022 8iv¢s an annual knlal for 202312024 of 30.757. which 1$ Slightly higher than 202W2023. Despite sound day-¢daY mana8em¢ni of th¢ vu)u¢. op¢¥aior ai CIlTee Golf Course was unabl¢ 117 mew ils long-ierni commiim¢nts wilh ¢api¢al investhieni aNI proF¢itrJ ren& The Charity Kmik uep5 tenninate th¢ conkn¢t with ihis (wtor atyj ¢W OFmloT t1k pv¢r (wation of the golf couThe in (ktotr£r 2023. Tr n¢w opwawr has a 8(KwJ trcord and has broughi cefiainty and 5USEainable operdtM>n5 to the golf cours¢ In the fiTSi 12 months ofthe new s itnwe tt) a¢hieied 41.099 ttyJnd$ which is higher than ani of ihe annual lotsls Shown In Ib¢ tsbl¢ oboi¢. The n¢M OWYdloT S Ini'csM¢ni aj focus will thi5 tretwj cominue and th¢ in¢rt¥scd cu51orner numb¢ts will Irat>51iL Illli> lumcivly renl reEuJn5 to the ChaTity. Cobtrte Mnor Park Th¢ part wa5 awaTrloJ a Green F8 Awa for 202312024. Park WiSili)r numkys have tducLYl for the ihird year In a row folloIng ih¢ p¢ak Iisiior numkrs that Were seen In 202(V2021 dvrirhg the heighi of the Covid-19 p¢)c. Despite this theFArk wntirLu¢s to ¥'¢ry mlar ¥ilh residents atMI famili¢s. Car pArk incom¢ totyll¢d 194,652 for 202312024 Ful111 Ye4r which w&$ 13% on 21)2Y2023. 17)niinuin8 the (hwnwards Ir¢nd 5¢en sin¢¢ ?020.21. Tr pa. ¢afe building has en refthished and the new cafe s off¢r iq improled cornpared to whai brftrrr. This M"ill hclp Cll51ITf 515itor numb2TS (k> noi fall further. as %4ill iniesttnent into th¢ children s pla) area. Outdnpr iheatsy rernrnal in the summer of 2023. (kliv¢r¢d by rwwrtrs ai th¢ Hay.lJll lltahr. After a successful laCh ai Cobtree ManLbr Park. the Hazlitt team th¢ outth)OT shows a¢ft)s5 ma]dor ai 10 diff¢t¢nl Venry. all prieal Tewnably 50 that local families ¢an a¢¢% live theatre Ln their JM)me ttiwn. In 2023 was a key venu¢ in th¢ wmm¢r tourof Treasur¢ lsiand. Kent Llfe Keni Life coniinues to delier its annLL4] cal¢rnlar of days oui atyj 8tMI is tK)w ath all-year-rnwmi ¥'¢nue. If h85 insrallcd an ¢v¢nis marqu¢e on sil¢ which kn he1j i*)cre4St patrvnaBC at 115 In-1K5¢ events ar ha5 ldj io th¢ '¢&jIng eApetience uf t]M)S¢ gu¢sis WIK> lh¢ sil¢ for th¢iT own ¢veN&
Cobtree Mattor Esle Trn$tee's R¢port For the Ye¥4r Ended 31 M•rfh 2014 Addldonal VolDnteer Htlp Alld IDiwSble Income Cty¢e Manor Patk has tre volunteering days for kK81 wmpanie5 volunttw day$ 0[glS¢d by our partn¢rs th¢ Medway Valley Countsysith Pam¢r5hip. Rth4ew of Publ5¢ Benefit Th¢ Trustee Corbtinues to wmi ¢nsure that the Charity mee¢s its r¢quiranenl to comply with th¢ ia of public benefil. The Cobire¢ Manor Park retnains fre¢ly a¢¥wiTrJl¢ to the general public arwj Ik pay play golf cour5C is x¢tssibl¢ kn all iho$¢ w wish to iakL &jange of lis facilitie5 at Teax)nable eosi. whilg Kent Life provits a ¥'ariAI family day oul foT a reawnable fe¢. RtlAttd Prt) Dlselosure The ma]dsne Boroygh Coull¢Èl is the CoTFrtTrTa Tntr¢ of the Charity. kn Jth"iion * C¢Mmcil itself own5 Part of the tand upjn which Ihc Ci)bir¢¢ MatK>r Park Golf Cowse Is buili. Th¢ a¢u>unting aallents ¢'¢¢n th¢ Council a[ the Charity thai the ouncil IS T4K)ttsible for all Thxelr and pytnthis for )th th¢ golf course arnl the Cobtrec MawT Park. At the end of each financial year th¢ iotal net orffilin8 surplus OT d¢fi¢it of the Manor PaJk 15 tr8nsferniJ to the Charity aceLiunts. For th¢ golf ¢ourse 7nWs of the iotsl n¢1 opernting surplus OT defiLIi IS transl¢rr¢d to the Charity accoun ¢18 th¢ split of land ownetshLP. Th¢ r¢mainLng 21(hh5 are shown in lh¢ arcounts of the Council. Thc Council also etnploys * Maw intlY maTJa8¢s Mole Park aj th¢ mar>T Park A ran8eremploy¢d by the UnCIl is alsed 10 ihe Manor Pth alm). Thts¢ $ ¢xisi part of a sers'ice level 88rLnl fDr parks and spaces managon¢nl of Cobtr Manor the totrl cust of which is slKTrwn in the Clwity a¢¢(wnis Under 3rrdn8erneJt15 StKYifJcd atK)v¢. Wh requird, a(klilional lalxyjr forwvwng rn8 knIMlay sxxn¢ wed[¢[ in the 5umw s)n is alw pAid for by the Clwity. Oth¢r 01¢¢$ of the Council arr engag from tim¢ to time in duties 4xYifically rdated to the Lyetatitin and manag¢m¢nt of th¢ Esthte. Th¢y or¢ not p3tl of the aforemtTsIM)n¢d s4Yvice level agrgtmcnt. and th¢ir tim¢ and a5xKiatal costs are arwnsonLyJ acrdinglY to ihe Cobwee aunts. FINANCIAL REVIEW Flnancial Re #ttd Investment Polir) Total income for lh¢ to £478L a slight Tryluctioll on kntal income of £483k in the PTevious ye4T. Wiihin the total. income from charithble KknN"itse5 fell U9k companal to 2023. w'ith a thline sn car park llKotne a[ golf club r¢v¢nue. In paTr Ihe golf Club rty'uu¢ has Taiuced folknwin8 Iht ¢haD8¢ of (r Othd)er 2023.. thc differajt nature of the ew L7)t)tNI m¢an$ income from l Octotrr2023 is reco8nistil $ invtskneni inwme, aDd is $ ]utal incom¢ uj t1¢ 6. Charitable costs rose 10 £508k from £464k in the pior%ear. Before gains r¢txirted on invLbtments ihis mwi tk resuli for the year was a l¢it of£30k 12023.. sulp18 of £19kl. Ibe £15k loss on invc5tm¢nts 12023.. loss of £54kl brings net ex11¢ for the lear per the &)FA kn £45k12023.' tK¥ expthditure of £35kl. The ioss otL investmen¢s repT¢s¢nts the moi'emenl in the yur on th¢ charity. listed i¢$1M¢DI [111¢& as sknwL in note 15. The final mov¢meni llj fu]NJs for Ih¢yc4r r¢lts to fixal rvvaluatKths. Th¢ ¢arying value of the fixtyj assets has b¢¢n dwr¢y5 by £43k 10 refi the lai¢y ValUl0TjS. Theovera]I nwv¢rn¢M in was th&Y(or¢ a r¢ductit>n of £88k12023.. £310kl. The net Surplus generdTwJ pv the StatLThL*t ofFinancial A¢¢ounts contin1 to be ustsj kn wmpld¢ the rqxyThent of debi due 10 Ihc maltne Borough COU11. Interest due to thr Charity. in r¢sFct of thE rlartl ttkn h¢ldon the Cbtiil)'s behalf . BornuBh Coutscil is in¢lutsJ as part of the unre5tricled IOme. The Balam¢¢ sh¢¢t sknws ]Jet &55et5 al 31 March 2024 of £4.18m. Much of Ihis va]u¢ is r¢latai to the charit)" s tsn8ibl¢ fi¥¢d a55¢ts and other inveshnents held in en(hwTneni fwJdL Mhich wmpris¢ U.67m of the tal. Th¢ T¢tDainiD8 filljds 5lt unrestncied free Tts¢r¥es of £465k aThJ t¢51ri¢1td funds of£46k.
Cobtr¢e Mnor E$tst¢ Trnstet'$ Report For the YeAr Ended 31 M•r¢b 21124 Reserves Polkv Re5trict¢d rcs¢rvessr¢ maiThthin¢d uj r¢Sp of the F4Ym8neM ethwmenl lur R5sk Mana¥ement The Trustee continues io review the business •Jd ormiK)nal risks which th¢ Charity fx¢& at¥J KleniifKs WIre 3ppn)priaie steps to minimise the irnpact of any idcoiified risks. All lmNrt WOTkitig M the Ests are alw tty4uiral to WKknth risk asse55tncnts 8ppnipriaie li) Ihelr aLY¢VIII¢ PLANS FOR FifTURE PEIUODS Th¢ T¢ustLX has now implemenitrj the m&4et pian for the Cobtree Ma]M Park atMJ used res¢rv¢ futmts for ilb i]npIeMentatn. wilh il pemjission of the Charity Commi55M>n, which will glUallY k re-paid. fumre a mast¢r plan foT thc c5tale a5 a whol¢ will need lo be deviscd. TRUSTEE'S RESPOYSIBILITIES The Trustee is respinsible for preparing the fjnwial ID with aN)licable law aThl the UTrti¢d Kingdom fj¢n¢rally A¢¢¢pte4 Ac¢ounii)8 Prnciic¢. Law applicable 10 charities ith Engl a]¥J we$ rquire5 the truee wepare fina1&1 5tatcm¢n¢s for exh financial year whi¢h BIVQ a Irue and fair ofthe Charih s financial actlVLtics durin8 the yezr and of its fina] p)siiion ai the end ofib¢ y¢aT. In prq)aring these staiements the Truste¢ is Wulr to: select suithble ln¥ 11C[c5 arml aEry>ly the co%15t. make judg¢ment5 and esiitnales Ihai are rewtd>le and Fxthi.. slate whLher applicable aca)untiThg stsThJards hai'¢ tt¢n 1olJoW. wbi¢¢i to any material departures dis¢k75J and ¢Xpl3jJ in th¢ finaniial s¢ai¢meni5.' ik ftnan¢Jal tnlts on the Boing (xMKern unless i¥ is inarfjKDwte to pre5um¢ thai Ihe Tharity 111 Ix)ntinue in The Truse hLs ov1 tespirstThility for ¢nswirLg th¢Cbarity Iw atpr¢ww¢ sy¢ms ofwnttol& financi atKI otknwise. It is also Teswnsibl¢ for kwin8 prosxy ac¢oimiin8 rt¢ords whKh dixklse "rth Te8xmabk accuracy any time ik financial position of Ihe Chariiy and li> Lthlr thL> to ensu that the fiTwKial statemakts c(Mnply with Ehe Charities Aa 2011. li ts alw tewn51Th1e for safeguarding ihe *sset5 of the Chanty a1 for tsking reA)nable stCP5 for th¢ prn'ajiion and tlIon of fraud oiher irregularilie5. This r¢p)n was by The Trustte atyj Sig$j thj its trxhalf by Coundllor Slmon Choimio oftbt Cobtrte MxDor Eslxte Charit) Dai¢.. Page 5
Cobtree Manor E$¢4t¢ Independeni Auditors. Report to the Memben ol Cobtree hlnor Estste Opinir W¢ haie audit¢d ihe financtal stateTheDt5 orc0¢ Mgmr Estsle (the'chaTih"'I for lh¢ year en(kd 31 Match 2024 thieh comprise ihe Siaietneni of Financial A¢iii'itie& the BalatKe Sheei. Iht S¢attmerLi of Cd atHi Ihc rrlatrd nThies. including a summar} or Significant accounting lIcI¢S. Th¢ finan¢ial r¢F1¥ fratnewDTk" Ihai has been applied in the preparalion is pplicabl¢ law and lJnitrd Kin¥dTrm ACConI18 standar( in¢ludin8 F1¢wl3] RetK>rtittg Siandard 102 Tr FJnorKial Repjrting %larwJard applirablc in Ihe IIK and Republic of I1•nd, Illrlited Kin8¢knm lty Att¢N¢d Accounling Prtlicel. The financial $iaitments been prewed in actordantt 7th Accouniing and Rewiing b). Chariii¢s W¢PBrillE their accounts in accordance 7th the FiJhan¢ial R¢FM)rtin8 Standards applicabk i)) ¢k ITK and Kepublic of Ireland IFRS 1021 In Prefer¢n io th¢ AtcountlAg and Rew>rting by C haritirs." Stsi¢m¢nt o[Recomtned Pr¥¢ii¢e issued ¢)n l April 2(KJ5 is ter¢ed iht extsni regulaiions has been withdrawn. Thi5 hHs bE¢th dort in ot(kT for the accounts 10 proi.ide a and fair i'iew tD Otto[d with th¢ G¢n¢rally Accepted Accowjling Practice etTeclive for rtwrtithg Ftr)ds kginning on or afier l Januao 2015. Irl our opinion the fujancial stsmen giv£ a true and fail view of the sMt¢ of the clwitv's affairs 8$ * 31 Mar¢h 2024 atml of tts inconL18 a] appli¢at¢on or resources for the wear thes) ¢n&d.. have bttn prorKTI)' prtPT¢d in xwrdance with Ilniled King¢J(th G¢T8]h. Accepted AcLx>unlittg Pr8Cti¢e: and have been PTepaJed in a¢COTdan¢¢ thc requiRYnents ofthe Ch•riti¢s Act 2011. B#sis for opinion We condu¢i¢d our audit in accordance with Internlonl StsThdards on Audiiing IUKI IISAS IUKII and applicable law. Our responsibilities utyJ¢r Ihos¢ stsndards aTe further dEs¢rikd in * Audilors. rcsp)n5ibililies for ihr audii of tinancial staiements se£lion ofThur Tep)rt. We are Indendent of ih¢ ¢h8rit)' in accoTdance Mith th¢ ¢thi¢•l r£queMents thai are tYlew¥thi 10 our audii of th¢ fin¢14] Stsltments in the Untled Kingthm. including th¢ FiDancial Re[ing Council'5 Fthi¢41 StsndJrf and haie fulfilled OUT oihtr eihi¢al respon5ibililits in accord&nce these WUiTemtnts. W¢ lie¥e thlli the audil elide¢ ha obtsujed is surficient and app]vpriate io PToiidE a basss foriiur opinioD. CDDcIusioDi rekntlD8 to gOlll8 eoAttr In auditing the fjnancial stale¢t& w¢ hi'¢ COlU(ka thHi the TnLte's us¢ orth¢ nCern b85is of arcounling in the pparatN of finaNial stsi¢m¢nts is aPPTopriate. Based on Ihc haie raornied. haye TM)t idettisfitd ani. material uncertainties relatittg io events OT conditions thaL individuolly r colleclii"eli. Tna) (1 signifi¢ant th)ubt on the charil>'5 ability w ¢oniinue as a going corbrern foT a p¢riod of ai lea¥ Nrlve rnonth tinm h¢n the fJJwKial slateTnentsart authoTis¢d lor issue. OUT re491b1]IIl¢S and the te4x)nsibilitie5 Of Tn¢ with res to goi ¢onctm awt (ksrrib¢d in the levAnt sections of this report. Other infoTmitio The oih¢T iDforn)ation cotnpriscs the infonnwion inclu(kd u] the Annual R¢w other than the fJn3ncial staiem¢ni$ and OUT Audiiors. Rewrt Ih¢rton. The TnLStee are re5Wll5ibk lor ik oth¢T infornjation coniald Mithin th¢ Annual Rew>rt. Our opu]ion on ih¢ financial stattmenis drts noi ¢oi'¢r the other infoTmalion ansj. ¢xc¢w th the e¥trrLI othen4iS¢ txpli¢iil% Aatrd irl our retMIrt. (k) nol CXPTeS5 Uy rorni ol. assurance conclusion th¢rn)n. 0r rcwn5ibilits is w ttad th¢ other inforn]atiDn doing so. Col¢kr iiheth£r the other inforniation is materially itL¢onsisieni 14.ith the fitwKial 5Ea*mEnts ot our kno.]edge obtsined in ihr C4>UTSC of audii. OT Oth¢n¥¢s¢ appcaTS 10 mai¢rialli mJ5sMed. If idtniify swh materigj uJcoDsisten¢ies OT gPP8T¢ni mat£ria] Jnissralefflenis. are reqUId i dekrn]ine t4thih¢r this gil'es rise lo a material mis$10iement in the financial statrments thtmxlv¢s. If. based on the WOTk hair p¢rfonlle(L we conclude thai ihtre is a material mi55ratemeni of thi$other infornjalion. aTe Te4uired io r¢pJrt thai fact. W¢ hav¢ tLoihing ts) rew>rt in Ihis rtgard. Page 6
Cobtree Mnor Egtste ljbdependtnt Aditors. Report to the Members of Cobtree Eststt (¢ontithutdl I¥IAtters we Aro ryqyired to rnpon bw txttpi)• We hai'¢ wihing w T¢Wrt ID res¢1 of fOlk)u1 mallets wheJE (l (Tharilies {Accounts Rewrtsl Regulatn5 21108 requirts us to rtSM)rt 10 )'ou if. in trur opinion.- infomiaiion Biv¢n ith thc Truet'S Re[rt is iK0LS1ent inzny material resrw V4ith tht finattcial 5taternents' or su7¢)¢ acrouniin8 Tr(QTds haie TKn been k"ept: or the financial ststements noi a8reettLent with Ik aCcOting records and remrns.. OT we hv¢ noi re¢eived the inf0mlM)n and explanat VIE Tequire forour audiL Rt$pohsibilitits of the trust¢t As expigined Ire tulli in ihE Tru51ee's Reswnsibilitits Siatrm¢nL ihe TA¢¢ is Te4X>t15ibie for th¢ p¥¢parniio of the t1[nCial 51aienienls wlLich gile a In and fair vie%4'. and for such Initm•l ¢4)ftiml a5 thc TsItt detrTmines is ne¢¢ssar)' w enabje the preparaiion orrinancial stat¢m¢nL% thai ar¢ fr¢¢ from maitttal mi&%tsiemenL lo fraud or error. In preparing Ihe finan¢ial siaiemethts. Trustee 15 reybk for aSsIng the chariti $ abilii). lo contiJJue as a goi)g ¢(>nc¢m. di5L105ing. a5 applicable. tnatter5 rrlaled io goin8 concern and usi8 ihe gotng CoeM basis of accounling un]¢$s th¢ TTusiee eithei iniends kn liquidaEC the Chari or cease Operatio or bav¢ w r¢alii¢ alTrrn•iiie its th so. -4udit•r5' rtsponsibilitits for tbt lldit of the fin•ti•l sltweDts We haie b¢en apwint¢d •uditor un¢kr sedion 144 of th Chatilits A¢1 201 I and uj ae¢ordan¢t wilh the Act T¢l¢%ani 8u2aiioMs ma& £)T ha18 r17rcl th¢rrundei. Our obj¢¢iivts are i(> omain assuy¥t aknut the fillancial 5tsments 3s a Mthol¢ are fTee fTOTn niaterial missthiemtni. .heiher due lo fraud or eTTOT. and Io i55ue A1]lorS. Rep>rt thai opinion. Rcasonablc assuran¢e ig a high level or a5%urance. bul is noi a guarantre ihat an audit conducted in acco3¢¢ wilh ISAts IIIKI "111 alwa}s delect a m•krial mi5siaTenieni Hhe it exists. Misstat¢m¢nts c8n &rif¢ from or emil and are ¢onsithRd material if. it1VidUall or in the aggregate. Ih¢! could T¢asonably k eX¢1rd to in1]tt¢¢ th¢ cromic dECi5ion5 ofu5ers taken on the bASiS ofthese fIn¢1• stsiements. Irregulorities. in¢ludiD8 fraud ar¢ instances of wTrcompliance wjih and regulations. We design pnxedures in linc uiih tstsT rebwnsibililies. ouilined aiMTre. lo delect material rnissutemcnts in resCl of irr¢gulariiie including fraud. Th¢ ¢xi¢ni lo which our procedures are capable of deiectinB irregulariiies. includin8 fraud is thtsikd b¢loM": th¢ ¥ydil V5 ¢on$idtrtd t•pblt of dttteii#g irrry•lxriiits iwrlrydiwg fraryd OUT apprDach to idetLlifj"ing and esSI thc risks of mai¢risl mis4ai¢m¢ni in wtSFa of iryu13ri1ie4 irL£l11¥ fraud and non- ¢ottLpliance law5 and regUlatjL a5 follows.. identilied lai¥s artd 813t10n$ ppli¢¥bk lo thr cknili thtOU8h discussmS with m2na8¢m¢nL and ftom our comm¢r¢ial knowlidge and of1 charib aTHI ]Jot-for-PTofrt sector focu5¢d on spccifir lam5 and re8ulaiions h]ch consi(kred may h4v¢ a dirw marial eJTecl (m the accounts or Ihe operaiion5 01.the charity. including the Charities Act 2011.. identitied and ycgulations MfTe wmmunic4d ?thl the aw]ii itam and Ik l¢am reMaid Al¢rt 10 Iiw¥ie5 of compliance throu8hDth the awlii_ We ass¢ssed ihE SUSCePtibilili of thE clwity's accounts lo Makri mi&statemenL including obtsitiirtg an utKkrswdin8 of how frBud mighi OC¢UT. by". making enqirieS ofm8nagenwJi as the) Ihete suwibility to fraud their kledge of actual. SUsr¢rted and aliegtd fraud: and ¢onsid¢riJ)g Iht illltrnal eonirols in pla¢e to mili8th risks offraud aThl MrKompliance with aT gUlationS. To address the risk of frdud Ihrough manaBemenl bias a1 oietride oCcootrol& wr: pertormed analviical pmceduTes w id¢niif)' aD) wjusual ot TElioti$hips: iestedi)urnl eJJiri¢s 10 idernifi Ujbusual transaclions". as%¢ssed whcihcT judgcmcnL4 and assumption5 ttwk in &ternkining the accouniin8 ¢siimatrs sei oul in the aCCon11n8 tsx)li¢ies indirali%e ofw>knlial bias." and investigat¢d the behd signi18M or tyansart)ns. PaEe 7
Cobtree M4nor EstAte Independtni Auditors. Report to the Members ol Cobtrtt Mxnor E5t#tt l¢•Dtinued) In t¢SPOllse to the risk ofirre8ulriis and rA)nllcompliance with la and regullorL& 74r designtd woc¢dur¢s wthich i1(([ bjl wrre I limited .. agreeuJ8 finan¢ia] ststrmeni disck>suR5 to wthwl)iro wrv)ning (k)cumEntalion: r¢ading minute5 of Tllttlings of ihos¢ ¢harEed with goi"emn¢t'. aNI tnquiring of man38emenl as 10 a¢iual aod rAJttntial liii8ati(m rlauns. There aTe inherent limitations in our audil procethJrr5 dts¢ritd atA)Ye. A5 a Tfsuli ththr ts a ihat Mill Th)1 detect all irregurille$. in¢ludillg those kading to a maierial Mial£Men1 in the finan¢ial swements or non-complian¢¢ '1th r¢gulaiion This risk increases the tnvre Ihai ¢ompli2nce M'iih a law OT rcgulaiitsn 1$ ffmoi'ed fTOtn thc eirnts ond tyansactions retlected in ihe financial ststrmtnts. as will be ks$ likel% io b¢rome awate of i[ate$ of r[mPliarKe. The is •1$0 8reaier regarding irregularitie5 O[ruIng du¢ 10 traud rather Ihb trror. as fr•ud invohr5 Intemi0aI coth¢tslm¢DL CorgeTh". Coll0 omission or misTepTesentstM)n. A lurther descriptio of our rtsp)nsibiliiies for the audit of the firwl1] siatcrnents 15 IIKakd on Finavial Rerting Council's i'b5i ai.. wi47¥.Crc.o .uWaudilOT$ie . This descrip¢ion fonns part of ourAudilors' ReFM)tL Ilst of ttporl This rewrl 15 madt solel). io the charih"'s Trustee in accordan uith Part 4 Ch¥riii¢s (Accounts and Retx>rtsl ReBulion$ 2008. Our audir work has ten UDd¢naken so that miBht 5ts1t ITr the charits"'s Tn&ee lknse malkty .¢ aT¢ r¢quired lo state lo theTn in 3n Audiiors, R¢wrt and for other PUT[. To the fullest exleni wJniu¢d b! lw. ac¢eFX or assumt T¢spJnsiTrilih' lo an)one other than iht ¢harit% and its Tree, for vur audil Corthis rer( or fortht opinion5 haie fonned. ITH). HAcker l-oHDt Chartrrtd A¢wun¢attts Starulory AudilOIS Thames IIou5e, Roman Sqwart Sillingknurne Kent ME104W 23 January 2025 INHY Hacker YuunB are ¢li8ibl¢ to a¢1 as auditOT5 in ternts of sett)n 1212 of thc Cwies Ath 2(6. Page 8
Cobtrtt Manor EstAle Statement of finaneixl artitieS For the Ye8r EDded 31 lIrth 2024 .4$ remuied I'nreslrltttd fumds Restri¢¢¢O f•d5 Total fyDd$ fund5 2024 2024 2024 2024 2ts23 from". Donations and legackes Charitsbl¢ li.111¢S 32.754 s0.0) 335.1114 63.703 53.681 296.585 296.585 Otrr trading a¢iiviii¢s lniL.McIs 87.010 87.010 62,144 62.144 I'olal And 445.739 32.754 478.493 483,328 EipenditVTt OD: ChariLqbl¢ ad¢viii¢$ 357.381 74.554 76.547 508.482 464.JI6 T•il tAptthdiluTt 3$7._181 74.554 76.547 508.482 464.380 ei i•¢omtlltxpttydSt•rel befort net losStS 011 ini'eslmtnt5 88.358 141,81KII 176,547 115.1861 129.9891 18.942 (54.117} N¢t lo$s¢$ (m inTr¢4m¢n Nei ine(tmtll¢xpendiiuttl I'ran5fLTN fursd5 88.358 {41.8¥1 68.528 {91.7iil (35, 175) {68.5251 tt mm'tmtnt in before other reco%Bis¢d 19.830 26,728 {91.7331 145.1751 (35.175) (hhtr rttO8DIS ainsllloJ5e51'. Losses on rei"aiuation of rix¢d g5srf$ 142,5001 142,51Kbl (274.9991 Nti moiemtni ID funds 19.830 26.728 187.6751 Rcconciliwlion (+f fuidJ= Toial funds brou8hi foN?rd Net movement in timth 445.376 19.599 3.805.987 1134,2JJl 4,270.962 187.6751 4.581.130 19.830 26.728 TolAI funds tarried ftsThird 465.2 46.327 i.671.754 4,1¥1.287 4.270.962 Th¢ Sts*m¢ni trfFinancial Acliiities includes all gains 3nd IDSSCS reco8nis¢d in )¢ar. The noles on page5 1110 25 forni pBrt of tkne sw¢m¢nts. P¥8¢ 9
Cobtree MaDor EstAte Balance Sheet A5 at 31 Mrfh 2024 ZQ24 2023 Trixtd 15ets Ihngible assets lrtiesim¢nts 13 1.054.(NXI 816.240 2.176.722 831.426 907.5 Inwtstmeni prop¢rty 14 925.( 3.795.240 J.975.648 Cwrrent SStts Demors 16 238.488 339.298 253.2J8 Cash al bank and in hand 250.755 577.786 5Q4.013 Cditors.. amounts falling duc on¢ year 17 1189.7391 (140.172) tt turrtknt ssets 388.047 363.841 Total ajstts le55 rurrtmt liabililits 4.183.287 4.J39,489 CrKdiwrb.' ¥mounts (ajling duc aftermore than on¢ vear 18 (t.527) Totsl uet IS5tts 4.183.287 4,2-,Q.962 Charit) funds Endowncnt funds Restricltd funds 20 3.671.754 3.805.987 19.599 445.J76 zo 46.327 465.21)6 Untestricled fijmds 20 lot1 finds 4.1Si.287 4,2-,n 902 The finan¢ial statemenis w¢r apwoved artd atstkniised for issue the Tr£ atMI $i8d thtirkhalf b).: JL) Countillor Simon Walts Chairm#D of tbe Cobtrte Manor E514te Cb•rity Comrnittee The on pages 1 25 fortn part ofthese fmKial Page 10
Cobtree Manor Eslte Note5 to tbe Finaneial Statements For the Yvdr Ended 31 Mrth 2024 Gttrl iMftmtio C"obtree Manor Estate is an unincOrrkd charity wryth the chariii" nwnb¢r 283617. AcroulltlD% policies 2.1 Basil of pttprntio• of fin•nci•l Jtsttmemts ThE financial 5ts1emenrs ha%e been prepattd in accorda¢wt wtth th¢ Chariists SORP IFRS 1021 Is¢coDd ¢dilionl Accounting and R¢wrting bi chwi1$.. Swemtni of Rrtommtrthd PTr¢iice applicable to chariiits PTcpaFing their o¢counts in a¢¢ordaJJ¢¢ with IJK Finanrlal R¢wrting Stsndard applicable in the LIK and Republic of ITeland IFKS 1021 lefft¢iivt l JanuaJ) 2019). the Financial ReIrting Stsndard applicabk thc ITK and R¢public of ITeland ITrRS 1021 and the LI11C3 Act 2011. The titvancial stsiements haie been gil'¢ a and fai¢ 'tA atyj haie dep3ned from Charilies (Accollnls and ReA$) Rtgulaiions 2(M)8 onl)" w th¢ eK¢eni required M pro¥ide a 'twue and fairf i'iew.. This &partUTC ha5 iniolTred ftsllowing lh¢ Charilic5 SORP IFRS 1021 publi.thed in Oclober 2019 rather than Ihe Accouniin8 aJ)d Rewning by Ch3riiiets.' Siaiemeoi PCtICe effcctii"e from l April 21K>5 wthtch ha5 suJc¢ beeth Miihth¥wTr. Cobtree Manor Esthte meets thc definition of a wblic tri1 eniity FRS 102. Assets and 2iabiliii¢s &r¢ initially Tecognised ai histori¢al •is¢ or vansoditiD unless oihtniisc stsied in the relean1 accountin8 wlicy. The Iru5tee a55esse5 wheiher the of going ron¢¢rn is wropri¢ i.¢. thihci there are an) material unerrtainlics relaled EO evenis or condiiions ihai Ca signifi¢oni (kni on ihe abiliiy of ihe charitsbje compan) 10 ¢oJ>iinue &$ a going ¢ov¢rn. I7ee makes this &45eyAmelli ill respeth of a of at kast or& i'¢ar from the date ofauthrisation for i$su¢ ofihe financial stalernents. PNLkni Tel ised foTec&sls ha"e TwAred for tk corning )'agr. tsking the akni'e inio at¢ounl. and using ih¢ ossumwion that the charit> will be able ro continue proliiding servic<sei'en in the o'cni of ¥rL%" fuiute kKk.doMiJ periods. TakÈng th¢ Ill x¢outht Ik Trnsc has tlxre aTf material uncertainii¢s ab)ui ihE chariN' 5 Hbiliii, lo continu¢ as a goin8 corK¢rn atrj lh li remains lo conlinw to * the EOIDg Ttr b&5 of accounting in PTeparing Iht financial 5tamenl5. 2J IDrome All income is recognised ¢harity has ¢niii1tDnI 10 tht income. il is wobable the in¢ome 711 receii'ed and th¢ amouni of inc4)mt ve¢eiiable MeIEd Rliabj).. Lease incentives grdnled. such rent-free riots, are for ¥$ an int¢eTal ofthe ka5e 8ry4ng¢meni. Thr knlal lease knc(mJe 15 Otk a strWght-li basis oi¢r * k8$¢ mL iKlwl¢n8 the rrni.ft¢c Friod. Income recoierxblt t¢110th io donal1% rttei%¢d urvjer Gill Aid hen the chariry has established ¢niiilemeni to th¢ dOtion. li 1$ pn)bablt thai Ihc ill¢Lbme w Ill Ix teceji"e(L and the amount can be reliabh measuTcd. Thi5 tipicalli occurs Mh¢n a ialid Gtft Aid dectaTalion has Eeen oained. Ifthe Gill Aid claitn is submittrt OT iht income Teceii'ed aft¢r the rtin8 date. bui thE enknilemenr existed ai the Tep)rting dak, inc4Nn¢ is •c¢nxd in the fin3nciBI siai¢m¢nis of Ihc per in M'hich the ¢kmation tccei%ed. Page 11
Cobtret ]r E$ite Notes to the Fineial Stl¢mtnts For the I'txr Ended 31 i¥l•r¢h 2024 AtcountlD% poli¢itJ It•thiiwd) 2.4 EKpeDditu ExrKndititse is Y¢¢ognixd on¢¢ thcTE 15 a kgal or c(th5mlI1"¢ obligation tra[fer e¢otK)mit knefii io a ihird party. it is probable thai a Irathsfer of ¢¢0[MiC benefrts 11] be requirtd irl xllkment and the omounl of Ihc trbli8ation can m¢Lsured reliabty. EX[Kndite is ¢lassifJed b!" actiiit)". The Lsts of ea¢h ¢ii%'ity are matk up of the iotaj ofdir£cl costs and shared cost& inclwjing suptx>rt Costs ini"oli¢d in undertaking exh aclii"itb.. DiTe¢t ¢osts atlTibutsble to a %ingl¢ %iii"i are allrtaie¢J dirertty io that actiiity. Shatrd ¢osts Mhich ¢ontribu kn Ire than Xliwilt and sup costs %4hs¢h a not allTibulablc lo a sin8k a¢tibitY are apw>rtioned betwten Ihose a¢ElI'lties on a ba515 COtiSiStenl M11h the use tsf resources. C¢ntraJ sta(fcosts are alio¢ad on the basis ofriJJJe spenL atwj depre¢iaiion ¢harg¢s allocated on the wrtson of ihe asset's use. EXpertdiIU on charitsbk xtiiitics is incurrEd Im dirI]Y ¢llking th¢ lldivilie5 V4lLich further the ¢harity s obivclii'e& wrll an)" &8SOCiated Exp¢nd1iU is inclusiie of any irrt¢ovtr8bk VAT. An). VAT irt¢oktnble as a T¢suIt of pgrtial ¢K¢mptiQD ¢alttsliions is showTL in I[e 8. 2.5 IDterut Ttc¢ii"bk InttTeg on fill5 held on dep>sit is tn¢luded the r¢ceii'abk and the ean be measw¢d reliabh. b). the chariD': this 1$ rtormall). urrt)n r¢otifJcgtion of the interv or paibl¢ bl the ltu1K>n with whom Ihc fund% art d¢sited. Mario1 iniangibk a&sets are raptt&lised and rt¢ognised futu tMie benefits are probabl¢ and the c051 or va]u¢ of the assei Can b¢ measured rcliabli. Intangible asscts are ujiiialli recognised at C05t and arr subs¢qutnilJ measud ai cost m ot'amorti5ation and an% for itDpairtlleDt. Amonisation is pro%ided on tk folloMin8 t4sis'. Wtbsitt de%¢lopment 25 % stsxi8bi lir 2.7 Tllgiblt tstd tsstts •d dtpreriatio Tan8ibk fix¢d •ss¢ts ate carried at eost or i'alwiw)n n¢t of dePCIln atyj An). pro%'i$w)n for impgirn)ent. A vieW for imtrdirnKm ora red asset i5 raTrird out if ti"tntsor ¢h8ng¢$ in circwnslance5 indicait ihai the tawing valtst of an). rued ass my Mi b¢ re¢o%erabie. Sjmfftfglls iht ¢arr%in8 I'a]ue of ted a55els and Iheii tecoi'erdble amounts are recogni5ed impaimbents. Impirnient losses are Tecowbised in Ik Sts¢enI of financiBJ activiries. DeKxe¢iiL)n ¢haTg¢d as ro zjkjcate ¢oA of thngibk fJx¢d zssets kss their re5bdual valu¢ oi.tf Iheir ¢Stimad uxful liie4 using thE 5trai8hi.line medmwj. D¢pr¢¢iatiDn is providedon the folknvihg t¢$.. Long-ltnn kjsehold proFrty Motor vehieles Fixtutes and fitti O- 12.5"Aon co . 210¢0 IA on cost The I1$. ttsidul yahS. LLfeful livL% atyj &Frt¢iiDn nethoth are atyj adjustrd pro$ClI%.¢1Y if appropriat¢, or if there i5 an indi¢aiion ola sigDifJcanl changc since Iht la TewEting da. LoDg-rni kasehold ]Kopert) Ilu&S CDbtse¢ htsnor Park Golf CtyJts¢, K¢ni Lif¢ Mu%wn and Cobtree Manor Park Visiior ¢¢ntr¢. As al105ed in note 13 these art undEr a 999 veat least. No thprttiation is charged on these assets on the ba515 Ihal th¢) w¢ rvalued annual.. Ixas¢hold yotth.. a150 inclth at imFfftbl"¢nnts at thr thMTee Pla% Area gnd to tk car park at Cobtree Manor Park.. Thes¢ 3sg¢ts are (kprecia*d o%tr th¢ir &¢m¢d useful live5. Page l2
Cobtree Manor Estate No¢es to the Finncial StaterneDts For the l'ear Ended 31 Marth 2024 Accountiig poli¢iu leoDiiDued 2.8 JJ%¢simt#ts Fixed assel investtllents are a fonD of iDSthU)KN aDd ar¢ iftitiall) at th¢ir trAn54fflion ¢ost and sub5equenil)" measured at thcir fair Val w th¢ Balan¢t $htei d¢ for investsnenl PToperties aThJ ¢b)sing quoted mthel price for oiher lisied investh)¢ttts. All gaths arwj 1055es arr laien io the Stsmeni or il.111¢S as iky atise. Realised gains and losses on invesi]nen15 aTe calculated as diffeTence betmren e5 pr{K¢¢ and ih¢irowiin8 carry'ing i'alue or I11 purchasc I'alue if acquired SubSeqnI io th¢ fiTSi d¥) of th flnwkial )"¢aT. lInall5¢d and h)sses are <al¢ulaitd a5 Ihe dinerence bett4Een fair i'¥lut ai tht iethr end ¥nd (heir I"alue. Iniesknenl gaujs and losses. M'h¢iheT Tealised or unr¢glis¢d. ¢ombiMd and slN)WlL in tIK IKading'(ial1IoS5eSl on iniestrnents. in th¢ St8lrmcni of filncial aciiiilies Inesm)enl propenics are measured ai fair ai rewning d1¢ 1¢h t18¢5 in fair Val rttfjgnised in Bain5 or rcialuaEion ol-fjxed ass¢ts' anil ¥hkd io th tn&)wm¢ni futyj itr M"hirh Ihe) telaie. 2.9 FiDaD¢iil inSirnbt#ts The Charity Otd)" bas fmaKiaJ finBKial liabiliLies of a kind qualify. as basic fina1•1 inslrumenis. Basic ri]JarKial insirumenls are iniiiall) recognised ai tpansatti(TrJ) la1 ond sUbLll1]} ered at th¢ir %ttl¢menl i'alue with the e¥ception olbank loans M'hi¢h are Subseq11) measurrd ai amDrtised c05t using thc eff¢¢iiie inlerESt mcthod. 2.10 Fumd •¢¢ouniig Gcncral fund5 are unrestrided funds which are availabk for us< the di5¢tIOn Ikfthe Tree in furth¢rOD¢¢ of general objectiies of charits and which ha%e Th)t b¢¢n de$i8nd foroiher putwses. R¢styio¢d funds funds 7Athi¢h •Te to be ustd in accoTkn wilh 5pecilic restFiCiio ImF¢d bv dorK>f5 or which hav¢ ¢n p&is¢d b) Ik rharih foi pwt¥cular purw>ses. The cosls ofrdising and administrrin8 btsch funds are chaTg¢d againsi ihe s¢111C fund. The aitn and use ofeach resrrictcd fi]nd s¢t oui in io the financial stam¢nts. Ini"estment im¢. gains and hiss¢s •w¢ •lb)¢ai¢d 10 Ik Ippowiak f. riti¢•l •t¢oiAiinR estimlies d I5 of jrydgmtmt Esiimatcs a]]d jwjgtnents are continualfy" evalwd and •r¢ t•s¢d on hiaoiical cxrKrienre and fartors, includÈnB cxperlaiions ol-lulure ei'ents that are belieied io k teay)nabie under the ¢ir¢ums&n¢es. The chari7S' mak-es estimat¢$ S$umln$ ¢orK£rnin8 th¢ fulurt. The rY5ulling accountlf•E ¢%timo1¢% aTrd a55UmPtions will. b). definititsn. selth)m ¢qul th¢ rtlaied aclul Jr5uIIs. The eMimare5 and assumptions rhai haie a signifi¢ani risk" ofcausing # mierial adjusthi¢ni 10 the ¢art)ill8 amounts ofa55ets aDd lbI]ilieS w.ith the nexs fioarKi&I art di5CU55ed below. C'ritical aTeas ofjudgment.. Proptrh. i'il¥tiODS Ing-1¢1M le¥sehold prortIc5 and inir51menl properrKs arr subFd annual rei'aluaith)s. Thr ialuaiions used for this >eaes rinanci¥l ststrmenis are babtd on professional iajuatN)% cotMlu¢ted b) a fjrni oCchan¢r¢d suTheiors ll) Mah 2024. Cobirte %laior Park Goifc'o¥rse iaeome The chariti retlect£ 7,9ths Dl"th¢ iti OKtiaiing surplus Te¢eii"cd fvom LobtrEe Pllrk c1( Couts¢, with thE remainin8 21hs recorded b) Maid>'b)J Bvrvugh CvwKbl. Ihe 5plil OrknT Oi%TKfshjp. A 0ratOr tIK)k over the of Goifc'ourse fmm l Ocrober 2023, thi5 nEW arrangem¢ni the ¢harii> and Coun¢il will share the gr055 renthl incotne USiDg the 719ths.' 2rnhs splii. An inilial rent-free rnod 8rgnitd as part oftht new lease anathgemenl. This has be¢n aJlo¢attd OTJ a strni8hi-lin¢ basis over the wl kase io fIed the skn of the arIaDgmnI and to ¢n$U in¢omt i5 rrcognised ¢i'¢nly over the riod ol'b¢nrfil ID the lettanl. Page 13
Cobtree lIOr Esite Notes to the Financial SitemeDts For tbe Tr'ear Ended 31 lirth 2024 The lease aAsemenT also ¢ontains proilsio8 th1¢h mean fvwte rem will iaTr 3cwrding iumoi"eT 8¢neraged at ihe Golf Course. and consequenllj Mar8¢M¢1 h$t to exercise judgcmtlkl in hom. 10 ¢8l¢ulate the minitnum lease Men45 that Hill fall dut. Since the eletnent linked 10 rUre ¢r is contingeni in¢om¢ this has not been llJcludEd in thE inilial 5trai8hi-Itn¢ ¢altulaiiQ5. laeome from dolltio •d Itptles Regtrirled rMDds Tot1 funds 2024 Tolol 2024 2023 Will Tn i)[tIC i2.754 32.754 50,000 Anal)ryis of2n23 ialb¥fv 3Q.O Intomt from rhxritable a¢lii"ititS I'•restricttd funds Tot1 funds 2424 Total 2024 2023 Goifclub revenue 89.554 89.554 14.364 135.249 20.999 108.832 70.734 Cafe in¢om¢ 14.364 Car payk in¢om¢ Kent l.ifc in¢om¢ 94,652 73.133 24.882 94.652 73.133 Oth¢T jticottie 24.882 70 296.585 296.585 355.¥84 AMihsisof2023 io¢alth.fythl 355.884 335.884 P•8¢ 14
Cobtree Manor EstAte Note5 to tbt FiDJIDcial StatemeDts For tbe l'ear Ended Jl Mr¢h 2024 Intomt fT•m ekrilable tradiDi •ftiviii¢s l.artsiriti fDd5 2024 Tot•1 Total iiPk 2024 2Q25 income 87.010 87.010 03.703 AM&sisof2023 ioiolh.fwkl 03. 76J 03. 705 .45r¢01ed Tolql fifftds l llrestritttd f¥nd$ Total funds 2024 2024 2023 Bk interest 13.935 48.209 13.935 48,209 0.&73 40.8( In%'¢stm¢ni iD¢ome 62.144 62.144 5.1,6¥J An&lJ'sis tsJ2023 ivialbvfv 53.05J The prior)eaT has beeD testhd io in¢lud¢ F•nk that Mxs i]tell} sei 4aitLs1 L¥r¢ndtlUTe. PA8e 15
Cobtree Manor Esite
Notes to the Finn¢ial St¢¢m¢nts
For tbe I'er Ended 31 Nlirch 2024
-4nAliJii of expt•diture OD
Cobtree Manor Estate Note5 lo the Finanrial Statements For the l'ear Ended 31 Marfh 2024 ADlv$ii of ¢ip¢DdiiuYt by tiiYiiits l¢ovJ¢i*tdl AilvJii of direet costs .45 resffjre(I Tolxl tunds 2024 2023 PayLq & open spaces Depr¥ciali(bn Repairs and nintenanCe Stsft"recharEes Grounds m8intrnarK¢ 123.393 22.722 61.198 121.370 122,-,22 18.665 74.615 76.610 4.95 5.969 Rtni amd rairs 307 1.36ti 14,213 13,431 8.976 13.61JQ Heai and lighi ItLsufdnce 7.761 9.569 Clegning L¢8al 2nd professional ftts Oth¢r fcrg and 5rn i(¢5 8.560 42.579 23,076 18,622 5,993 3,142 22.3511 4.167 12, 736 12.113 18.099 Eqtsipmejii hiTr and Bad debi te ori PaTks and open spac¢s Irr¢rov¢rabl¢ VAT 508.482 404.386 The prior year bas lo mDI"e bank interest teceiiable w'as iw>rrtthli sei against expendiTure. 1(hin oiheT fL'e5 and seTh"ice5. in this io inv¢5tyn¢ni in¢om¢ in 6. Some further trtlassifi¢aliorLS haie been mad¢ b¢¢ttn expettdilure rows in this no¢¢. Auditors, rejiliDeTrl 2024 202J F¢¢$ pa%abk w the charirfs ali1¢r for I I•11 ofthe dwits S anDuaJ xcouDts 6.620 6.365 Pa8e 17
Cobtret laor E$itt Note5 to the FI#¢1#1 Statements For the l'ear Eded 31 i%lrth 2024 Tryst¢e's remMntratio• #thd txpt•ses Dtirittg the beaT. the Tn]stee did not TECetve an) femira110n OT other benefrt5 12023_ £.N7L). t)urinE the vear endrd 31 Manh 2024. w Tnw¢¢ ¢x5 bave incwred 12023- IA."ILI. 12. Il'¢b51te dv4tlopmenl C'ost At I April 2023 50.000 A¢ 31 M8rch 2024 50.000 Amortis*tio At l April 2023 50.0(Y) Ai 31 Ma 2024 50,000 Net botsk Yxl•t At )1 2024 Ai 31 M¢wh 2023 Pyls
Cobtree lIOr E5tte Notes to the Fitsntil Stsiements For the l'ear Ended 31 March 2024 ij. T•n8ibk fJx¢d •wts teTm ebOld proptrti Fixiurt5 and rittillgs loior i'tki¢k5 Tot1 Al l April 2023 2.622.512 5.323 58.523 2.689.358 Al 31 MaTch 2024 1.622.512 8.323 58.523 2.689.358 Dtpretiatio Ai l April 2023 Char8t for ihe year 4(1.820 115.205 4.993 46.823 5.853 512.636 122.722 At 31 MaTch 2024 576.025 6.657 52,676 635.358 Net boDIL ialut Ai il fvlar<h 2024 2.(H6.487 5.847 2.054.(I)o Ai 31 Nlarch 2025 2, 161.692 3.330 51.7nt 2,176,722 The e5tale is held urthr a 999 sear 4Jich is due to expire in 2970. The n8 leaseknld land and buildings are used sokly ror diTecl Ch1¢able PUTpises and forn) w ofthe pernjaneni endo12[ of the Charits.. All prop¢rti¢S or¢ r¢1'¥ld onn¥allJ b). a kyofessional firni of Chartered survelots 0dICalty. using 8 inarkei approach,. The lasi valualion Imk pla¢¢ irb March 2024. The cats)'ing amounl under the cost ttLo&I of assets thIch have bcen revalued wuld hai'e t £1.673.127 (.?0?3 £1.073.J27). 14. EThveJtmtnt proptrty LODI ttrn It45tbohl iDVtstmenl prr•ptrty' ValMAtion Ai l April 2023 SUTrluOl¢klilj on T¢vlu*ion 967.51JO 142.5001 Al 31 March 2024 925.1 The inie5tmenl PTOFerties are held to generdte a rcntsl income stream for the Chariti" All mvtsimenl prDperties are revalued by a professional fjrrn of chartered survelors OD an annual c)"ck (subicci io ¢XkStu¥ trrwrties here appTopriaLel. A [uatIOn look plac¢ ill M?h 2024. Page 19
Cobtrte Manor Estate Notes to the FinADciI StatemeDts For ihe I'¢r Ended 31 l¥lrrh 2024 14. Invtjtmttsi propem ltolltinllod) Ont ¢x¢¢piion to this is the T!.]ar Farm prom hi¢h is ¢WTKd £Nil valuE on an EIIV b1$. This PTOP¢rtv is ¢urr¢rbtl) let th a pr¢0M nl on a 125 legr lease ending in 2117. No adItI 2iai]able nwkel i'31ue aioilabk ftrT Ihis pron> ai 31 M3rch 2024 azLd hcntt thr EIIV basis is d¢¢m¢d ro be ihe appropriatr basis gi8iiabl¢ lthOU1 cost lo Charih.. 15. Fivd •wt initttmtnts Ll$ttd inveJtmtnt5 C'o$t or %#luatio At l April 2023 Rcvaluations 831.426 Ai 31 March 2024 816.240 Net book VAl#e AL 31 March 2024 816.240 Al 31 March 202J 831,426 Malerial iThvt51mrJts The aboN"e listed iniestsnthts ¢ tull%' inirmed in fv M&G Ch•rifutyl lLieh qw]ifies •$ an altrrnative inveslment fund. Ri4k PToIIit The lund iniest5 r[Ill in the shaTe$ of IIK list¢4 diii&nd pa}tll8 tLbmpanies. and a of the fund L5 ujvested irt the shar£s of di1] paying tomp$ listrd Ii i& thereforr. subit¢i th¢ prict 01&1)]7ry of ihe UK and oi'erxas sto¢kmark¢is gnd perf0rrnae of indii"idu81 ¢ompani¢& The fund mai. a150 subieci 10 nu¢Naiions in ¢urr¢ncy ¢xch8nge The fund's focus is good quali1% ¢omp•ns with atiractiie di%iderKI BrvM1h D¢vid¢nd di5rribulions from the hJn&s holdings h)wrv¢r arc tK)I guaranked and ma) b¥r). Dii"ersificaiion across industri¢s ¥Dd mark¢i ¢apitalisaiion is k'ey in managing liquidii) risk and red18 rnaTket risk. The fuwj's risks are m¢asured and TfLEnaged M&G $ iniegral of th¢ itLvesttnent process. 16. Dtbiors 2024 2023 Trade (kblors 143.888 24.098 1&9.234 1.078 OthcT dcbttrrs PpaI"ents And tn¢om¢ 70.502 02.346 238.488 253.258 PBe 20
Cobtree Mnor E5tgtt Notes to the Financial StatemeDts For the Year Ended JI Mrth 2024 17. Crtdiiors: AAJ•¥xts flliig dut Tbithin vur 2014 2023 Trad¢ cr¢diwrs 14.170 1.434 Amouni Owtd 10 maStone Botwh Lounril Other credilots 68,527 107.042 06.5115 72.233 189,739 140,172 A fornlal r¢pa%'meDI a8r¢¢m¢nl 75 C5Labli5hed 1¢h Maid01 Borough Cowi¢il f thc charili lo rep21 the m4)ttey loaned by tht CouJ)cil in te5¢1 of capital eipendiiure in respeci of the imÈ¥o%¢m¢ni 10 COTte Manor Park car park. Rcpllwments begaTh Irom l April 2019 or¢ the WOTk 8$ ¢omplete. and inrere is pai'able 41 a rate ot. 3D/• IPubli¢ Wiizks L(wn Board rate 2Vo pl8 l /D}. The balan¢t oiling lo thc Courbcil in respcci ofihe car prt loan * 31 March 2024 £68.527 {2023- 135.Q3?. vJwhi¢h£08.52¥ disclosedof lalling ilkvj 18. CTeditorJ=.4]nOUDls falling dBt ft¢r th• Mt yer 2024 2023 Amouni owed 10 Maidstone Borough COU11 68.527 Stt tLaTratiie at the end of wt¢ 17 ¢xplainin8 the baLqthce oTd to the Council. l9. FiD•Dei•J 2024 202J FinHnciai m¢2sur¢d w fair valw Ihrwgh intome and eXnd]Ire 816.240 831.426 frujancial ass¢ts m¢asur¢d w raif v4]u¢ throu8h income and eXnditUTe comprj listrd invtsiÈnents. P*gt 21
Cobtrtt Mnor Est#te otts to the Financial SttemeDts For the I'eir Ended 31 lITt 2024 20. Staitmt•i of fu•d$ Stattment of fuDd$- ¢urvt•t year Transfers Gii51 B#lntt #131 ILossts} Ilarch 2024 ..ipril 202J l•eome Exptiditu [ipreitritttd fDDds Geneyal fvnds 445.376 445.739 1357.3811 168.528 465.2(>6 EDdowm¢Dt funds EndoMThthi tapitsl 3.805.987 176.547) 157.6861 3.671.754 Reatrirttd fuwd5 Will Tru 32.754 132.7541 Cobty¢¢ Manor P ar paTk MBC car pHrk loan 154.631 138.658) 13,1421 115.973 11?S.Oi2} 68.528 169.6461 19.599 32.754 174.5541 68.528 46.327 Tot•1 of fonds 4270,962 478.493 1508,4821 157,6861 4,183.287 I'Drtslri¢ied Fulldj These ¢ompri8e that the Tr ts ftte in ¥cord3nce With the charlb]e objects. Restricted Funds Th¢ Will Tr1 Furf thE iELcome fmm knich is to njatnlain the njrnl Fth. Ih¢ a5th of this fimd ale held b!, cob1¢ ChariTh Trusi LIMI a parate entity. Cobtree Matr PaTk car payk and gsyKigtrd kmn fTOm MBC. this r¢pr¢sents the net IX Yalut of tht ur park and & amount of th¢ ow#anding aKiated loan. Ptrmanent Endomeni Cpital Fund The permaneni endoiNTn¢nl capitdl fund comwises the Ion$4trni fix¢d 8wts of the charit).. king jong-le]d land and buildin ini'¢stsncnt ptDrrt*s th the nfO1 of lisd iuiE#mtnts as d¢tsiied in nDles 13, 14. and 15. Pw22
Cobtree M•nor Estte Notes to the FingD¢tAI Stteatttllt$ For the I't¥r Ended 31 %lir¢h 2024 20. Ststtmtnt offuidj IcontiDuedl stst¢meD¢ of fuDd$" prityr)¢•r Balance ai J.4pri12022 AsTe5trd As resiaied Inco Ewendiimre Tr¢Lryffers (Losses) 31 Alurrh 2025 l •re$tritted Ger&I fun¢Js 438.410 453.3?8 13fj7.0081 IlJ9.2941 445.376 Endowm¢oi ¢•piil funds Enduwmeni tapitsl tunds 4.211.650 f76.547 1329.1161 3,80_f 987 Rulrirted funds 'ill Trust Jo.(MMJ {30.(W} Cobtrt¢ M4Thor Pork ¢ar park. MBC. carwk I 193.289 (262.213} 38.658) <12.113J 154.03] 1135.1132) 139.294 168.924} 30.1 8fl.77lJ 159.294 19,599 T•tl of fyods 4.J81.JJ6 483.328 1464.3861 13?9.lJ61 4.270.962 21. AnAlvsis of Arf ets btthttth fu5 ADalvsi4 of lltt sJets between fuxdi- cmrrtmt ptriDd l Dmiri¢itd f¥tyds 2024 Rtsiri¢ltd ftsthds 2024 Endowmtnt funds Tofl funds 2014 2024 TarLgible fixed assets Tr'ixed asse¢ iThi'esth 7.513 115.973 1.9311.514 816,240 925.(XK> 2.054.000 816.240 925.(K>O Inv¢stm¢nt pr0m. CuTr¢ni oss¢ts 577.786 577.756 Crediiors due within ont)'tsr 1120.0931 169.6461 1189.7391 Tot1 465.206 46.i27 3.671.754 4.183.287 The restricted creditor balances relatr to balances 0Ed to thc ciwrnte trustee. MaIdsto Bon)tsgh unCl1. in Tespeci of fund$ proi'ided during 2018-19 10 fund the new car PaTk wrkS hait b¢¢n iapitalis¢41 as tangible fixed assei &ddilions. li is a uiremeni of ih¢ r¢pvm¢ni ogr¢¢m¢ni f(br ts amouDts iatrI as 8j dis¢k)5ed $ a re5tr1Ct¢d balan¢% in ihe artnual a¢counts. 23
Cobtrtt Manor Estte Noies ¢0 the FiDncig1 St%letlleDts For the I'e•r Ended 31 March 2024 21. .4Dalvsis of Dtt >sets b¢tw¢t• fvDds l¢oJti•ryedl AolY$i% ofnet uetJ btfvttD htyds- prior ptriod Exdtswmenl Tot471 ReslriciedfioK& ?1193 2023 21)23 21J23 Tangible fLxed assets Fixed asset UJTrEsbiienis 15.030 154.631 2.(P07.061 2.176.722 831.420 31.426 907.5nii 504.013 1540. 172} (68.527} Invtsthi¢ni pmperty Current as5¢1S 967.5 504.013 173.0071 Creditor5 due within orK )'¢ Cr¢ditors due ID ttKpre Ihan one Y¢ar (60.5051 (08.527} 415.376 19.599 3.805,987 4.2"0,962 Totsl 22. R¢lAted pmrty trt#Jttloos Midsior Bon)ugh Council IMBCI isthe CoTP)r¥t¢ Trustee of the Cknity. MBC. oiYn5 part of the la))d un wthich the golf ¢outse is lIt. The ac£ounting arrangements kNr¢n MBC and the charity are thai MBC is reswnsibk for all re¢¢tpts and pa!men15 for Ix>ih th¢ golf ¢ourse and ihe MatK>r Park. Ai ihe tnd of ¢a¢h fittancial year the InM¢ 8nd expenditUTe trlaiing io Cobtree MaT Eal¢ ts sknwn in th¢ Charit)'s accoun For the golf cOut 719th5 of the totsj rei'enue is tsansfery¢d kn the In ttt1tdIr splii Df isnd oMryJeT5hip. The r¢maining 119ths arE showsm in Ik counts of the Council. The Stsirmrnt of Fin•rKi•l Acti%itiE5 incluths irome of £209.i18 (2023 - £229.0121 in T¢lation to operating estale in accordance Mith this arrangenrt as broken b¢knA'. 2024 2023 (iolf club T¢venu¢ ill Intsi ih¢om¢ Rentsj illCQNLe 89.554 32.754 87.010 135.249 30.(X)O 63.763 209,318 229,012 Expenditure retle¢ied thmugh ¢he Ststemenl ofFinllcial A¢iiYiii¢s includes 0ratIng c05ts in relion io Inn str¢am4 abfrv¢. During ih¢ y¢or NIBC proTri(kd iatious oih¢r s¢r¥ices io the Charth. Mthich ha%r F¢n included M"ithin direct £harilable expendimrE. 'fotl yt¢haTg¢s o1£206.768 (202J - £21)6.26JJ foi these stn i¢ts. Thi5 1[ comprises.. Parks & Ope Space- £123.393". stsff recha¢S- £76.610.. kgal atyj wfession8] ftts- £4.788 and equipmeni hir¢ anil maint¢nance- £1.977. Ai 31 Maf¢b 2024. the Charih omrd £68.527 (2023- £J35.OJ21 to Maidstone BOT01 C¢)uncil. P•gt 24
Cob¢re¢ Mnor Est4 Notes to the Finaneiil State For the I'e&r Ettded 31 l¥l•rfh 2024 C oMlinttTht aJSet A legal claim has been inttiated against the fornKr ol'U golf Clu sttking compejjsaiion for losses in¢uTr¢d in respect of unpaid di18piditons du¢ ai ihe ctkviion of conttacl. The clitm reTnains in pnigre5s as at the d•ie of5igning these finAnci&l stsi¢meni%. WJil¢ chariti is confidenl in tk 5trenBth ofrts case. the ouicome and amowjt of an> FKbi¢nlial TecoveTh eaDnot Teliabli eslimaled al this sk8e. c{SeqUentIN.. amount IS b¢¢n T¢rognis¢d in ihex •c¢trunt5 in respect ihiq claim, bul I TTU5tee W11 Contin to monitor its progress and ¢onsthranv ¢t$s &ljustnKnts in lUtu Terthing periods. 24. C'Dlltroifini prb The ChiTr is thE CUDttDI of the co1 Tn&ee, maid Borough Council. 25. TixlioD Cobtr¢¢ Nl8nor E#aie is a regisled ¢harit% and is Irefore lelia]IN e¥empt from tsxation on ils income and gains as ih¢ chaTili lalLs within the detinitiDn ora charitable InL4 as defined in Part I, Schedule 6 0l-lh¢ fiNn¢e Aci 2010. No ¢harg¢ has aristn durinB the Jear. Pa8¢ 25