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 Tr￿steeS ￿ 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 M*nor Est*te Referenee and Administr*tivt Detsib oltbe Ch•rit}', its Trnmees #nd Athisers FOT the Year Ended JI Marth 2024 Maidstslne Borough CouKil There *e indiiidual tnLStee5. All ekcied mem￿r$ of the Maidsione Borough Loun¢il ￿Tri)MI duties 0[th￿tees bui w¢ ThN tyuatts in Ihcir right. A full lisi of mernb¢rs is availablv on request. Charih. rtRi4ttrtd immbtr 283617 Maid￿0n¢ BOT0￿ Council Malth0￿ 110￿￿e 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 B*nker5 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 Cou￿11 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¢1￿8 Cor￿TaIr Truslt¢ 10 th¢ r¢gistered Clwity. as Tobuet M￿r E*81¢' present5 its annual Twft in reknTk)n ￿ ¢he fina￿1￿ y¢ar etKlinK 31 M*rLh 2024. T￿stee5 Ihe t[Ust￿ who ser¥wJ dwing th¢ y¢aT is 51m￿Tr on the infornwion pag OwE￿Il,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¥nin8obi￿I 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￿ sp*Y as defined by the Il>th Spaces Act and sf the lessees ihink fil providing there￿ r￿lI1&7¢S for OTganised and other s￿rtS-. With th¢ Con￿￿1 of ...lthe Colrttee Charity Trug Litni*d the Kerti County Coun¢ill... in 5￿ch 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 C￿rity 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¢¢ Cl￿ty T￿51 LiThiied a￿j ihal th¢ Estht¢ in its ¢ntirw. and thc snietthj ¢haritsbl¢ obj￿￿ should b¢ l¢as to and 8o%emed by. th¢ maidsti￿e Botough Courtcil. Th¢ Maitslone Borough CoU￿lI. as CoTW¢ Trustre to the Charity. h*$ dl4enn1￿￿ a￿1 r¢gulaAy reviews a Series of txklicie5 to guide ihe actions of its M¢mber5 aTKi anpknyees ith fulfilling the gov¢rning obi￿tof theChaTity. Mcmbers of the Cth Manor Charity CoJntnit*e m*Jage all of the Ch3rity on l*half of the Cout)cil. lttforn)al llaison continues wilh the Tru￿ets kn th¢ Cthr¢e Clwity Li￿11￿J. 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¢ T￿Stee 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￿]Y￿U#l ¢]￿¢0 Memb¢rs to the mal￿ne 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: al￿11 they are Dot itmlividual tru￿¢¢5 in Charity Law. All ¢l¢¢t¢d MembErs and oJfLcer5 of thr Coun¢¢l ￿mInded of the CoutLciI'$ obl1￿10n$ 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$te Thc *Jvi¢¢ for truSt￿S published by the Chamy Commiss¥)n is gtyen to new memkns of thc charity committee XTJd new 8uidan¢e is notifia and ma(k a￿ailabl¢ lo thetD as it 15 fr4)m th¢ CommissM)n. Comtnittee memkn have fr¢¢ ac¢¢ss to all mem￿￿rS of siaff lo ensure lh￿ Ihcy ¢4n be fully awaT¢ of the 5pccial considerdtions. athiviii¢s and iJnpliL*ions of. for. the eharity. Pa¥e 2 Cobiree Manor Estate Trustee'5 Report For the Yur Ended 31 Marth 2024 AelivititS Th¢ follDwin8 para8nphs" arr incI￿J￿ lo (kinon5trate knw rkne Ch3nty is m¢eting its obli￿100 t4) PToYide a public bo)¢fii. The primary a¢iiviiies of Ihecharity ate lo manageaTrJ tnaintsin thrce faciliiies to whKh [k8￿¢T￿l public haTre access.. lh¢ Cobtree Manor Park- which is a rthlaThl thvironmthi *ith w(KwJlaTrJ *￿th ]ne*knv5 wntsming a wide variety of trees and thrubs and ￿'hICh Is fr¢xly Kcc55iblc to the general ￿thI]c, aml the Cobtrtt Ma￿[ Park Golf Cour5e- which is a p8y aNI play r￿llity ¥￿$S1ble ￿ all. 8tsJ Kent Life-a farni Itffltsg¢ attr¥tH)￿ ID¥lwJin8 • ￿Ik£1K)n of hI￿One ortefacts, Mhich is OF6n w the publ￿ eitheron a PAY OD en￿ or thri>ygh an m¢mF*rsh￿ 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 CIl*Tee 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 t1￿k 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 a￿j focus will thi5 tretwj cominue and th¢ in¢rt¥scd cu51orner numb¢ts will Irat>51*iL Illli> lumcivly renl reEuJn5 to the ChaTity. Cobtrte M*nor Park Th¢ part wa5 awaTrloJ a Green F￿8 Awa￿ for 202312024. Park WiSili)r numkys have tducLYl for the ihird year In a row follo￿Ing 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 Ful￿111 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 ll*tahr. After a successful la￿Ch ai Cobtree ManLbr Park. the Hazlitt team th¢ outth)OT shows a¢ft)s5 ma]d￿or* ai 10 diff¢t¢nl Ven￿ry. 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 deli￿er 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 he1￿j i*)cre4St patrvnaBC at 115 In-1K￿5¢ events ar￿ ha5 ￿ld￿j io th¢ ￿'¢&jIng eApetience uf t]M)S¢ gu¢sis WIK> lh¢ sil¢ for th¢iT own ¢veN& Cobtree Mattor Es￿le Trn$tee's R¢port For the Ye¥4r Ended 31 M•rfh 2014 Addldonal VolDnteer Htlp Alld IDiwSble Income C￿ty¢e Manor Patk has ￿tr￿e volunteering days for kK81 wmpanie5 volunttw day$ 0[g￿lS¢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$¢ w wish to iakL &j￿an￿ge of lis facilitie5 at Teax)nable eosi. whilg Kent Life provits a ¥'ariAI family day oul foT a reawnable fe¢. RtlAttd P*rt) Dlselosure The ma]ds￿ne Boroygh Coull¢Èl is the CoTFrtTrTa* Tntr¢ of the Charity. kn *Jth"iion * C¢Mmcil itself own5 Part of the tand upjn which Ihc Ci)bir¢¢ MatK>r Park Golf Cowse Is buili. Th¢ a¢u>unting a￿all￿￿ents ￿¢￿'¢¢n th¢ Council a[￿ the Charity thai the ouncil IS T4K)ttsible for all Thxelr￿ and pytnthis for ￿)th th¢ golf course arnl the Cobtrec MawT Park. At the end of each financial year th¢ iotal net orffilin8 surplus OT d¢fi¢it of the Manor PaJk 15 tr8nsferniJ to the Charity aceLiunts. For th¢ golf ¢ourse 7nWs of the iotsl n¢1 opernting surplus OT defiLIi IS transl¢rr¢d to the Charity accoun￿ ￿¢￿1￿8 th¢ split of land ownetshLP. Th¢ r¢mainLng 21(hh5 are shown in lh¢ arcounts of the Council. Thc Council also etnploys * Maw ￿￿￿intlY maTJa8¢s Mole Park a￿j th¢ mar￿>T Park A ran8eremploy¢d by the ￿UnCIl is a￿ls￿ed 10 ihe Manor Pth alm). Thts¢ ￿$ ¢xisi ￿ part of a sers'ice level 88rL￿n￿l 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 r￿n8￿ knIMlay sxxn¢ wed[¢[￿ in the 5umw s￿￿)n is alw pAid for by the Clwity. Oth¢r 0￿1¢¢￿$ 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 ac￿rdinglY to ihe Cobwee a￿unts. 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 20￿23. w'ith a th*line 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 Octotr*r2023 is reco8nistil *$ invtskneni inwme, aDd is *$ ]utal incom¢ uj t￿1¢ 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.. sulp1￿8 of £19kl. Ibe £15k loss on invc5tm¢nts 12023.. loss of £54kl brings net ex￿*11￿¢ 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￿￿¢$1M¢DI ￿[1￿11¢& as sknwL in note 15. The final mov¢meni llj fu]NJs for Ih¢yc4r r¢l*ts to fixal rvvaluatKths. Th¢ ¢arying value of the fixtyj assets has b¢¢n dwr¢y5 by £43k 10 refi￿ the lai¢y ValU￿l0TjS. Theovera]I nwv¢rn¢M in was th&Y(or¢ a r¢ductit>n of £88k12023.. £310kl. The net Surplus generdTwJ pv the StatLThL*t ofFinancial A¢¢ounts contin￿1 to be ustsj kn wmpld¢ the rqxyThent of debi due 10 Ihc mal￿t￿ne Borough COU￿11. Interest due to thr Charity. in r¢sFct of thE r￿l￿art￿l ttkn h¢ldon the Cbtiil)'s behalf ￿. BornuBh Coutscil is in¢lutsJ as part of the unre5tricled I￿Ome. The Balam¢¢ sh¢¢t sknws ]Jet &55et5 al 31 March 2024 of £4.18m. Much of Ihis va]u¢ is r¢latai to the charit)" s tsn8ibl¢ fi¥¢d a55¢ts and other inveshnents held in en(hwTneni fwJdL Mhich wmpris¢ U.67m of the t￿al. Th¢ T¢tDainiD8 filljds 5lt unrestncied free Tts¢r¥es of £465k aThJ t¢51ri¢1td funds of£46k. Cobtr¢e M*nor E$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 WI￿re 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]npIeMentat￿n. wilh il* pemjission of the Charity Commi55M>n, which will g￿lUallY 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 w￿e$ rquire5 the tru￿ee ￿ wepare fina￿1&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 ￿￿l￿n¥ ￿￿11C[c5 arml aEry>ly the￿ co￿%15￿t￿. make judg¢ment5 and esiitnales Ihai are rewtd>le and Fxthi.. slate whL*her applicable aca)untiThg stsThJards hai'¢ tt¢n 1olJoW￿. wbi¢¢i to any material departures dis¢k75*J and ¢Xpl3jJ￿ in th¢ finaniial s¢ai¢meni5.' ik ftnan¢Jal ￿*t￿n￿lts on the Boing (xMKern unless i¥ is inarfjKDw￿te to pre5um¢ thai Ihe Tharity ￿111 Ix)ntinue in The Trus*e hLs ov￿￿1 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> L*thlr 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 a￿1 for tsking re￿A)nable stCP5 for th¢ prn'ajiion and ￿t￿lIon 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 hl*nor 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¢F￿1￿¥ fratnewDTk" Ihai has been applied in the￿ preparalion is *pplicabl¢ law and lJnitrd Kin¥dTrm ACCo￿nI￿18 standar(￿ in¢ludin8 F1¢w￿l3] RetK>rtittg Siandard 102 Tr FJnorKial Repjrting %larwJard applirablc in Ihe IIK and Republic of I￿1•nd, Illrlited Kin8¢knm ￿lty Att¢N¢d Accounling Prtlicel. The financial $iaitments been prewed in actordantt ￿7th Accouniing and Rewiing b). Chariii¢s W¢PBrillE their accounts in accordance ￿7th the FiJhan¢ial R¢FM)rtin8 Standards applicabk i)) ¢k ITK and Kepublic of Ireland IFRS 1021 In Prefer¢n￿ io th¢ AtcountlAg and Rew>rting by C haritirs." Stsi¢m¢nt o[Recomtne￿d Pr¥¢ii¢e issued ¢)n l April 2(KJ5 is ter¢￿ed iht extsni regulaiions has been withdrawn. Thi5 hHs bE¢th dort in ot(kT for the accounts 10 proi.ide a and fair i'iew tD Otto[d￿ with th¢ G¢n¢rally Accepted Accowjling Practice etTeclive for rtwrtithg Ftr*)ds kginning on or afier l Januao 2015. Irl our opinion the fujancial sts*men giv£ a true and fail view of the sMt¢ of the clwitv's affairs 8$ * 31 Mar¢h 2024 atml of tts inconL1￿8 a￿] appli¢at¢on or resources for the wear thes) ¢n&d.. have bttn prorKTI)' prtP*T¢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 Intern￿lon￿l 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 Inde￿ndent of ih¢ ¢h8rit)' in accoTdance Mith th¢ ¢thi¢•l r£qu￿eMents 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¢ h*i'¢ CO￿lU(ka thHi the TnL￿te's us¢ orth¢ ￿nCern b85is of arcounling in the p￿parat￿N 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 re4￿￿91b1]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 conial￿d 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. 0￿r rcwn5ibilits is w ttad th¢ other inforn]atiDn doing so. Co￿l¢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 reqUI￿d 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 M*nor Egtste ljbdependtnt A￿ditors. 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 Regulat￿n5 21108 requirts us to rtSM)rt 10 )'ou if. in trur opinion.- infomiaiion Biv¢n ith thc Tru￿et'S Re[￿rt is iK0￿￿LS1ent inzny material resrw V4ith tht finattcial 5taternents' or su￿7¢)￿¢ acrouniin8 Tr(QTds haie TKn been k"ept: or the financial ststements noi a8reettLent with Ik aCcO￿ting records and remrns.. OT we h*v¢ noi re¢eived the inf0m￿lM)n and explanat￿ VIE Tequire forour audiL Rt$pohsibilitits of the trust¢t As expigined I￿re 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 T￿sItt 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 rey￿bk for aS￿sIng the chariti $ abilii). lo contiJJue as a goi*)g ¢(>nc¢m. di5L105ing. a5 applicable. tnatter5 rrlaled io goin8 concern and usi￿8 ihe gotng Co￿eM basis of accounling un]¢$s th¢ TTusiee eithei iniends kn liquidaEC the Chari￿ or ￿ cease Operatio￿ or bav¢ w r¢ali*i¢ alTrrn•iiie its th so. -4udit•r5' rtsponsibilitits for tbt *lldit of the fin*•ti•l sl*tweDts We haie b¢en apwint¢d •uditor un¢kr sedion 144 of th Chatilits A¢1 201 I and uj ae¢ordan¢t wilh the Act T¢l¢%ani 8u2aiioMs ma& £)T ha￿1￿8 r17rcl th¢rrundei. Our obj¢¢iivts are i(> omain assuy¥￿t aknut the fillancial 5ts*ments 3s a Mthol¢ are fTee fTOTn niaterial missthiemtni. .heiher due lo fraud or eTTOT. and Io i55ue A￿1]lorS. Rep>rt thai opinion. Rcasonablc assuran¢e ig a high level or a5%urance. bul is noi a guarantre ihat an audit conducted in acco￿3￿¢¢ wilh ISAts IIIKI ￿"111 alwa}s delect a m•krial mi5siaTenieni Hhe it exists. Misstat¢m¢nts c8n &rif¢ from or emil and are ¢onsithRd material if. it￿1VidUall￿ or in the aggregate. Ih¢! could T¢asonably k eX￿¢1rd to in1]￿tt¢¢ th¢ cromic dECi5ion5 ofu5ers taken on the bASiS ofthese fIn￿¢1•￿ stsiements. Irregulorities. in¢ludiD8 fraud ar¢ instances of wTrcompliance wjih and regulations. We design pnxedures in linc uiih tstsT rebwnsibililies. ouilined aiMTr*e. lo delect material rnissutemcnts in res￿Cl of irr¢gulariiie* including fraud. Th¢ ¢xi¢ni lo which our procedures are capable of deiectinB irregulariiies. includin8 fraud is thtsikd b¢loM": th¢ ¥ydil V**5 ¢on$idtrtd t•p*blt of dttteii#g irrry•lxriiits iwrlrydiwg fraryd OUT apprDach to idetLlifj"ing and ￿esSI￿ thc risks of mai¢risl mis4ai¢m¢ni in wtSF*a of iryu13ri1ie4 irL£l￿11￿¥ fraud and non- ¢ottLpliance law5 and regUlat￿jL￿ a5 follows.. identilied ￿ lai¥s artd ￿8￿13t10n$ *ppli¢¥bk lo thr cknili thtOU8h discussm￿S 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 ma*rial eJTecl (m the accounts or Ihe operaiion5 01.the charity. including the Charities Act 2011.. identitied and ycgulations MfTe wmmunic4*d ￿?th￿l the aw]ii itam and Ik l¢am reMai￿d Al¢rt 10 Iiw¥i*e5 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 enq￿irieS ofm8nagenwJi as the) Ihete suwibility to fraud their k￿￿ledge 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 a￿1 oietride oCcootrol& wr: pertormed analviical pmceduTes w id¢niif)' aD) wjusual ot TEl*ioti$hips: iestedi)urn*l eJJiri¢s 10 idernifi Ujbusual transaclions". as%¢ssed whcihcT judgcmcnL4 and assumption5 ttwk in &ternkining the accouniin8 ¢siimatrs sei oul in the aCCo￿n11n8 tsx)li¢ies indirali%e ofw>knlial bias." and investigat¢d the beh￿d signi1￿8M or tyansart*)ns. PaEe 7 Cobtree M4nor EstAte Independtni Auditors. Report to the Members ol Cobtrtt Mxnor E5t#tt l¢•Dtinued) In t¢SPOllse to the risk ofirre8ul*rii*s and rA)nllcompliance with la￿ and regul￿lorL& 74r designtd woc¢dur¢s wthich i￿1￿(￿([ bjl wrre I limited ￿.. agreeuJ8 finan¢ia] ststrmeni disck>suR5 to wthwl)iro wrv)ning (k)cumEntalion: r¢ading minute5 of Tllttlings of ihos¢ ¢harEed with goi"em*n¢t'. aNI tnquiring of man38emenl as 10 a¢iual aod rAJttntial liii8ati(m rlauns. There aTe inherent limitations in our audil procethJrr5 dts¢rit*d atA)Ye. A5 a Tfsuli ththr ts a ihat Mill Th)1 detect all irregu￿rille$. in¢ludillg those kading to a maierial Mi*￿al£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[￿a￿te$ of r￿￿[￿mPliarKe. The is •1$0 8reaier regarding irregularitie5 O[ru￿Ing du¢ 10 traud rather Ih*b trror. as fr•ud invohr5 Intemi0￿aI coth¢tslm¢DL CorgeTh". Coll￿0￿ omission or misTepTesentstM)n. A lurther descriptio￿ of our rtsp)nsibiliiies for the audit of the firw￿l1] siatcrnents 15 IIKakd on Finavial Re￿￿rting Council's i'b5i* ai.. wi47¥.Crc.o .uWaudilOT$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 ReBul*ion$ 2008. Our audir work has t*en 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! l*w. ac¢eFX or assumt T¢spJnsiTr*ilih' lo an)one other than iht ¢harit% and its Tr￿￿ee, for vur audil Corthis re￿r( 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 arti￿tieS 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.￿Mc￿Is 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•i*l 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 M*rfh 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 C￿ditors.. 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 lot*1 finds 4.1Si.287 4,2-,n 902 The finan¢ial statemenis w¢r apwoved artd atstkniised for issue ￿ the Tr￿￿£ atMI $i8￿d thtirkhalf b).: JL) Countillor Simon Walts Chairm#D of tbe Cobtrte Manor E514te Cb•rity Comrnittee The on pages 1 25 fortn part ofthese fm*Kial Page 10 Cobtree Manor Esl*te Note5 to tbe Finaneial Statements For the Yvdr Ended 31 M*rth 2024 Gt*tr*l iMft*m*tio C"obtree Manor Estate is an unincOrr￿kd charity wryth the chariii" nwnb¢r 283617. AcroulltlD% policies 2.1 Basil of pttp*rntio• of fin•nci•l Jtsttmemts ThE financial 5ts1emenrs ha%e been prepattd in accorda¢wt wtth th¢ Chariists SORP IFRS 1021 Is¢coDd ¢dilionl Accounting and R¢wrting bi chwi1￿$.. 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 Re￿Irting Stsndard applicabk thc ITK and R¢public of ITeland ITrRS 1021 and the LI￿￿11C3 Act 2011. The titvancial stsiements haie been gil'¢ a and fai¢ ￿'￿tA atyj haie dep3ned from Charilies (Accollnls and Re￿A$) Rtgulaiions 2(M)8 onl)" w th¢ eK¢eni required M pro¥ide a 'twue and fairf i'iew.. This &partUTC ha5 iniolTred ftsllowing lh¢ Charilic5 SORP IFRS 1021 publi.thed in Oclober 2019 rather than Ihe Accouniin8 aJ)d Rewning by Ch3riiiets.' Siaiemeoi P￿CtICe effcctii"e from l April 21K>5 wthtch ha5 suJc¢ beeth Miihth¥wTr. Cobtree Manor Esthte meets thc definition of a wblic t*￿ri1 eniity FRS 102. Assets and 2iabiliii¢s &r¢ initially Tecognised ai histori¢al •is¢ or vansoditiD unless oihtniisc stsied in the rele￿an1 accountin8 wlicy. The Iru5tee a55esse5 wheiher the ￿ of going ron¢¢rn is wropri*¢ i.¢. thihci there are an) material unerrtainlics relaled EO evenis or condiiions ihai Ca￿ signifi¢oni (kni￿ on ihe abiliiy of ihe charitsbje compan) 10 ¢oJ>iinue &$ a going ¢ov¢rn. I￿￿7ee makes this &45eyAmelli ill respeth of a of at kast or& i'¢ar from the date ofauthrisation for i$su¢ ofihe financial stalernents. PNLkni Tel ised foTec&sls ha*"e TwAred for tk corning )'agr. tsking the akni'e inio at¢ounl. and using ih¢ ossumwion that the charit> will be able ro continue proliiding servicrt Costs ini"oli¢d in undertaking exh aclii"itb.. DiTe¢t ¢osts atlTibutsble to a %ingl¢ %iii"i are allrtaie¢J dirertty io that actiiity. Shatrd ¢osts Mhich ¢ontribu* kn I￿re than Xliwilt and sup￿￿ costs %4hs¢h a not allTibulablc lo a sin8k a¢tibitY are apw>rtioned betwten Ihose a¢ElI'lties on a ba515 COtiSiStenl M11h the use tsf resources. C¢ntraJ sta(fcosts are alio¢a*d on the basis ofriJJJe spenL atwj depre¢iaiion ¢harg¢s allocated on the wrtson of ihe asset's use. EXpertdiIU￿ on charitsbk xtiiitics is incurrEd Im di￿rI]Y ￿¢￿ll*king th¢ lldivilie5 V4lLich further the ¢harity s obivclii'e& wrll an)" &8SOCiated Exp¢nd1iU￿ is inclusiie of any irrt¢ovtr8bk VAT. An). VAT irt¢oktnble as a T¢suIt of pgrtial ¢K¢mptiQD ¢alttsl*iions is showTL in I￿[e 8. 2.5 IDterut Ttc¢ii"*bk InttTeg on fill￿5 held on dep>sit is tn¢luded ￿the￿ r¢ceii'abk and the ean be measw¢d reliabh. b). the chariD': this 1$ rtormall). urrt)n r¢otifJcgtion of the interv￿ or pai*bl¢ bl the ￿￿ltu1K>n with whom Ihc fund% art d¢￿sited. Ma*rio1 iniangibk a&sets are raptt&lised and rt¢ognised futu￿ t￿￿Mie 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 measu￿d 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 T*llgiblt tstd tsstts *•d dtpreriatio Tan8ibk fix¢d •ss¢ts ate carried at eost or i'alwiw)n n¢t of deP￿CI￿l￿n atyj An). pro%'i$w)n for impgirn)ent. A ￿vieW for imtrdirnKm ora r￿ed asset i5 raTrird out if ti"tntsor ¢h8ng¢$ 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 t￿ed a55els and Iheii tecoi'erdble amounts are recogni5ed impaimbents. Impirnient losses are Tecowbised in Ik Sts¢e￿nI of financiBJ activiries. DeKxe¢i*iL)n ￿ ¢haTg¢d as ro zjkjcate ¢oA of thngibk fJx¢d zssets kss their re5bdual valu¢ oi.tf Iheir ¢Stima*d uxful liie4 using thE 5trai8hi.line medmwj. D¢pr¢¢iatiDn is providedon the folknvihg t￿¢$.. Long-ltnn kjsehold proFrty Motor vehieles Fixtutes and fitti O- 12.5"Aon co . 2￿10￿¢0 I￿A on cost The I￿1$. ttsidu*l yah￿S. LLfeful livL% atyj &Frt¢i*iDn 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) I￿lu&S CDbtse¢ htsnor Park Golf CtyJts¢, K¢ni Lif¢ Mu%wn and Cobtree Manor Park Visiior ¢¢ntr¢. As al￿105ed 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"¢n*nts 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 Fin*ncial 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 $htei d￿¢ for investsnenl PToperties aThJ ¢b)sing quoted mthel price for oiher lisied investh)¢ttts. All gaths arwj 1055es arr laien io the Sts*meni or ￿il.111¢S as iky atise. Realised gains and losses on invesi]nen15 aTe calculated as diffeTence betmren ￿e5 pr{K¢¢￿ and ih¢irowiin8 carry'ing i'alue or I￿11 purchasc I'alue if acquired SubSeq￿nI io th¢ fiTSi d¥) of th flnwkial )"¢aT. lIn￿all5¢d and h)sses are f5 or which hav¢ ¢n p&is¢d b) Ik rharih foi pwt¥cular purw>ses. The cosls ofrdising and administrrin8 btsch funds are chaTg¢d againsi ihe s￿¢111C fund. The aitn and use ofeach resrrictcd fi]nd s¢t oui in io the financial sta*m¢nts. Ini"estment i￿￿m¢. gains and hiss¢s •w¢ •lb)¢ai¢d 10 Ik Ippowiak f￿￿. riti¢•l •t¢oiAiinR estimlies **d I￿*5 of jrydgmtmt Esiimatcs a]]d jwjgtnents are continualfy" evalw*d and •r¢ t•s¢d on hiaoiical cxrKrienre and fartors, includÈnB cxperlaiions ol-lulure ei'ents that are belieied io k teay)nabie under the ¢ir¢ums&n¢es. The chari7S' mak-es estimat¢$ ￿ *S$um￿l￿n$ ¢orK£rnin8 th¢ fulurt. The rY5ulling accountlf•E ¢%timo1¢% aTrd a55UmPtions will. b). definititsn. selth)m ¢qu*l th¢ rtlaied aclu*l Jr5uIIs. The eMimare5 and assumptions rhai haie a signifi¢ani risk" ofcausing # m*ierial adjusthi¢ni 10 the ¢art)ill8 amounts ofa55ets aDd l￿bI]ilieS w.ith￿ the nexs fioarKi&I art di5CU55ed below. C'ritical aTeas ofjudgment.. Proptrh. i'il¥*tiODS I￿ng-1¢1M le¥sehold pro￿rtIc5 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) Ma￿h 2024. Cobirte %laior Park Goifc'o¥rse iaeome The chariti retlect£ 7,9ths Dl"th¢ iti OKtiaiing surplus Te¢eii"cd fvom LobtrEe Pllrk c￿1( Couts¢, with thE remainin8 21*hs recorded b) Maid>'b)J* Bvrvugh CvwKbl. Ihe 5plil OrknT￿ Oi%TKfshjp. A 0￿ratOr 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 r*nod 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 arIaDgm￿nI and to ¢n$U￿ in¢omt i5 rrcognised ¢i'¢nly over the riod ol'b¢nrfil ID the lettanl. Page 13 Cobtree ￿lI￿Or Esi*te Notes to the Financial Si*temeDts For tbe Tr'ear Ended 31 ￿lirth 2024 The lease a￿A￿semenT also ¢ontains proilsio￿8 ￿th1¢h mean fvwte rem will iaTr 3cwrding ￿ iumoi"eT 8¢neraged at ihe Golf Course. and consequenllj Mar￿8¢M¢￿1 h$￿t to exercise judgcmtlkl in hom. 10 ¢8l¢ulate the minitnum lease ￿￿Men45 that Hill fall dut. Since the eletnent linked 10 r￿Ure ￿¢r is contingeni in¢om¢ this has not been llJcludEd in thE inilial 5trai8hi-Itn¢ ¢altulaiiQ￿5. laeome from doll*tio￿ *•d Itptles Regtrirled rMDds Tot*1 funds 2024 Tolol 2024 2023 Will Tn￿ i￿)[tIC i2.754 32.754 50,000 Anal)ryis of2n23 i￿alb¥fv 3Q.O Intomt from rhxritable a¢lii"ititS I'•restricttd funds Tot*1 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 M*r¢h 2024 Intomt fT•m ek*rilable tradiDi •ftiviii¢s l.artsiriti f*Dd5 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 B￿k 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 testh*d io in¢lud¢ F•nk that Mxs i]￿￿tell} sei 4aitLs1 L¥r¢ndtlUTe. PA8e 15 Cobtree Manor Esi*te Notes to the Fin*n¢ial St*¢¢m¢nts For tbe I'e*r Ended 31 Nlirch 2024 -4nAliJii of expt•diture OD ear h&8 res¢attd w moi'¢ bank in*rest rttti12blt th* *¥s sel aga1￿￿ expEndilutr in this rtote invrshn¢ni WKomc in 6. Analvsis of txptiditott bw artiyiiies As resiÉJied Tot*1 fuDdy 2024 DI￿¢1 costs rwJd¥ 2023 2024 cI￿lt￿b]e Odiviiies 508.482 508.482 464.386 Anolv$i$ ol2023 ioftal 464.386 464.380 PwT6 Cobtree Manor Estate Note5 lo the Finanrial Statements For the l'ear Ended 31 Marfh 2024 AD*lv$ii of ¢ip¢DdiiuYt by *tiiYiiits l¢ovJ¢i**tdl Ai*lvJii of direet costs .45 resffjre(I Tolxl tunds 2024 2023 PayLq & open spaces Depr¥ciali(bn Repairs and n￿intenanCe Stsft"recharEes Grounds m8intrnarK¢ 123.393 22.722 61.198 121.370 122,-,22 18.665 74.615 76.610 4.95 5.969 Rtni amd rairs 307 1.36ti 14,213 13,431 8.976 13.61JQ Heai and lighi ItLsufdnce 7.761 9.569 Clegning L¢8al 2nd professional ftts Oth¢r fcrg and 5rn i(¢5 8.560 42.579 23,076 18,622 5,993 3,142 22.3511 4.167 12, 736 12.113 18.099 Eqtsipmejii hiTr and Bad debi ￿te ori PaTks and open spac¢s Irr¢rov¢rabl¢ VAT 508.482 404.386 The prior year bas lo mDI"e bank interest teceiiable w'as iw>rrtthli sei against expendiTure. ￿1(hin oiheT fL'e5 and seTh"ice5. in this io inv¢5tyn¢ni in¢om¢ in 6. Some further trtlassifi¢aliorLS haie been mad¢ b¢¢￿ttn expettdilure rows in this no¢¢. Auditors, rejiliDeTrl￿ 2024 202J F¢¢$ pa%abk w the charirfs a￿li1¢r for I￿ I￿•11 ofthe dwits S anDuaJ xcouDts 6.620 6.365 Pa8e 17 Cobtret ￿la￿or E$i*tt Note5 to the FI￿#￿¢1#1 Statements For the l'ear E￿ded 31 i%l*rth 2024 Tryst¢e's remMntratio• #thd txpt•ses Dtirittg the beaT. the Tn]stee did not TECetve an) femi￿ra110n OT other benefrt5 12023_ £.N7L). t)urinE the vear endrd 31 Manh 2024. w Tnw¢¢ ¢x￿￿￿5 bave incwred 12023- IA."ILI. 12. Il'¢b51te dv4tlopmenl C'ost At I April 2023 50.000 A¢ 31 M8rch 2024 50.000 Amortis*tio At l April 2023 50.0(Y) Ai 31 Ma￿￿ 2024 50,000 Net botsk Yxl•t At )1 2024 Ai 31 M¢wh 2023 Pyls Cobtree ￿lI￿Or E5t*te Notes to the Fits*nti*l Stsiements For the l'ear Ended 31 March 2024 ij. T•n8ibk fJx¢d •wts teTm ￿￿ebOld proptrti Fixiurt5 and rittillgs loior i'tki¢k5 Tot*1 Al l April 2023 2.622.512 5.323 58.523 2.689.358 Al 31 MaTch 2024 1.622.512 8.323 58.523 2.689.358 Dtpretiatio Ai l April 2023 Char8t for ihe year 4(￿1.820 115.205 4.993 46.823 5.853 512.636 122.722 At 31 MaTch 2024 576.025 6.657 52,676 635.358 Net boDIL ialut Ai il fvlar ai 31 M3rch 2024 azLd hcntt thr EIIV basis is d¢¢m¢d ro be ihe appropriatr basis gi8iiabl¢ ￿lthOU1 cost lo Charih.. 15. Fivd •wt initttmtnts Ll$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 di￿1￿￿] paying tomp*￿$ listrd Ii i& thereforr. subit¢i ￿ th¢ prict ￿01&1)]7ry of ihe UK and oi'erxas sto¢kmark¢is gnd perf0rrna￿e of indii"idu81 ¢ompani¢& The fund mai. a150 ￿ subieci 10 nu¢Naiions in ¢urr¢ncy ¢xch8nge The fund's focus is good quali1% ¢omp•n*s 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 red￿1￿8 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 P￿paI"￿ents And tn¢om¢ 70.502 02.346 238.488 253.258 P*Be 20 Cobtree M*nor E5tgtt Notes to the Financial StatemeDts For the Year Ended JI M*rth 2024 17. Crtdiiors: AAJ•¥xts f*lliig dut Tbithin vur 2014 2023 Trad¢ cr¢diwrs 14.170 1.434 Amouni Owtd 10 ma￿Stone 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 Maid￿01￿ 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 CO￿Tte 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 pl￿8 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 ye*r 2024 2023 Amouni owed 10 Maidstone Borough COU￿11 68.527 Stt tLaTratiie at the end of wt¢ 17 ¢xplainin8 the baLqthce o*Td to the Council. l9. FiD•Dei•J 2024 202J FinHnciai m¢2sur¢d w fair valw Ihrwgh intome and eX￿nd]I￿re 816.240 831.426 frujancial ass¢ts m¢asur¢d w raif v4]u¢ throu8h income and eX￿nditUTe comprj￿ listrd invtsiÈnents. P*gt 21 Cobtrtt M*nor Est#te otts to the Financial St*temeDts For the I'eir Ended 31 ￿lITt￿ 2024 20. Staitmt•i of fu•d$ Stattment of fuDd$- ¢urvt•t year Transfers G*ii51 B#l*ntt #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 charl￿b]e objects. Restricted Funds Th¢ Will Tr￿1 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 Mat￿r 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 a￿￿Kiated loan. Ptrmanent Endo*meni C*pital Fund The permaneni endoiNTn¢nl capitdl fund comwises the Ion$4trni fix¢d 8wts of the charit).. king jong-le￿￿]d land and buildin￿ ini'¢stsncnt ptDr*rt*s th the ￿nfO1￿ of lis￿d iuiE#mtnts as d¢tsiied in nDles 13, 14. and 15. Pw22 Cobtree M•nor Est*te Notes to the FingD¢tAI St*teatttllt$ For the I't¥r Ended 31 %lir¢h 2024 20. Ststtmtnt offuidj IcontiDuedl stst¢meD¢ of fuDd$" prityr)¢•r Balance ai J.4pri12022 AsTe5￿trd As resiaied Inco￿ Ewendiimre Tr¢Lryffers (Losses) 31 Alurrh 2025 l •re$tritted Ge￿r&I fun¢Js 438.410 453.3?8 13fj7.0081 IlJ9.2941 445.376 Endowm¢oi ¢•pii*l 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•t*l of fyods 4.J81.JJ6 483.328 1464.3861 13?9.lJ61 4.270.962 21. AnAlvsis of Arf ￿ets btthttth fu￿5 ADalvsi4 of lltt *sJets between fuxdi- cmrrtmt ptriDd l Dmiri¢itd f¥tyds 2024 Rtsiri¢ltd ftsthds 2024 Endowmtnt funds Tof*l 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 pr0￿m. CuTr¢ni oss¢ts 577.786 577.756 Crediiors due within ont)'tsr 1120.0931 169.6461 1189.7391 Tot*1 465.206 46.i27 3.671.754 4.183.287 The restricted creditor balances relatr to balances 0￿Ed to thc ciwrnte trustee. MaIdsto￿ Bon)tsgh ￿unCl1. in Tespeci of fund$ proi'ided during 2018-19 10 fund the new car PaTk w￿rkS 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 i￿atrI as 8￿j dis¢k)5ed *$ a re5tr1Ct¢d balan¢% in ihe artnual a¢counts. 23 Cobtrtt Manor Est*te Noies ¢0 the FiD*ncig1 St%letlleDts For the I'e•r Ended 31 March 2024 21. .4Dalvsis of Dtt *>sets b¢tw¢t• fvDds l¢oJti•ryedl Ao*lY$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#J*ttloos M*idsior* Bon)ugh Council IMBCI isthe CoTP)r¥t¢ Trustee of the Cknity. MBC. oiYn5 part of the la))d u￿n 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 In￿M¢ 8nd expenditUTe trlaiing io Cobtree Ma￿T E￿al¢ ts sknwn in th¢ Charit)'s accoun For the golf cOu￿t 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 ir￿ome 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 ofFin*llcial A¢iiYiii¢s includes 0￿ratIng c05ts in rel*ion io In￿n￿ 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. 'fot*l 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 BOT0￿1 C¢)uncil. P•gt 24 Cob¢re¢ M*nor 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 di18pid*itons 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 I￿S b¢¢n T¢rognis¢d in ihex •c¢trunt5 in respect ihiq claim, bul I TTU5tee W￿11 Contin￿ to monitor its progress and ¢onsthranv ￿¢t$s￿ &ljustnKnts in lUtu￿ Terthing periods. 24. C'Dlltroifini p*rb The Ch*iTr is thE CUDttDI of the co1￿* Tn&ee, maid￿ Borough Council. 25. Tix*lioD Cobtr¢¢ Nl8nor E#aie is a regisle￿d ¢harit% and is I￿refore ￿le￿lia]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