Charity number: 283617
Cobtree Manor Estate
Trustee's Report and Financial Statements
For the Year Ended 31 March 2025
Cobtree Manor Estate
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustee's report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 28 |
Cobtree Manor Estate
Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2025
| Trustee | Maidstone Borough Council There are no individual trustees. All elected members of the Maidstone Borough Council perform duties of trustees but are not trustees in their own right. A full list of members is available on request. |
|---|---|
| Charity registered number 283617 Principal office Maidstone Borough Council Maidstone House King Street Maidstone Kent ME15 6JQ Independent auditors UHY Hacker Young Chartered Accountants Statutory Auditors Thames House, Roman Square Sittingbourne Kent ME10 4BJ Bankers All funds are managed by Maidstone Borough Council at: Lloyds Bank plc, City Office Bailey Drive Gillingham Kent ME5 0LS Solicitors Head of Legal Partnership Mid-Kent Legal Services Maidstone Borough Council Maidstone House Maidstone Kent ME15 6JQ |
Page 1
Cobtree Manor Estate
Trustee’s Report
For the Year Ended 31 March 2025
The Maidstone Borough Council acting as Corporate Trustee to the registered Charity known as “Cobtree Manor Estate” presents its annual report in relation to the financial year ending 31 March 2025
Trustees
The trustee who served during the year is shown on the information page.
OBJECTIVES AND ACTIVITIES
Governing Object
The governing object of the Charity remains that defined in the lease of the Cobtree Estate dated 13 July 1971 between the Cobtree Charity Trust Limited (the lessor) and the Maidstone Borough Council (the lessee). The governing object is stated as:
“To hold Cobtree Manor and Cobtree Manor Estate for the benefit of the inhabitants of Maidstone and other members of the general public in one or other or all of the following ways:
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i) By maintaining the Cobtree Manor Estate as an open space as defined by the Open Spaces Act 1906 and if the lessees think fit providing thereat facilities for organised games and other sports”.
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ii) With the consent of …[the Cobtree Charity Trust Limited and the Kent County Council]… in such other way for the benefit of the inhabitants of Maidstone and other members of the general public as the Council shall from time to time think appropriate.”
Object of the Charity
The late Sir Garrard Tyrwhitt-Drake bequeathed his former estate to the Cobtree Charity Trust Limited and set down in the codicils to his Will requirements for its future use. In seeking to interpret these, sometimes conflicting, codicils the Maidstone Borough Council and Cobtree Charity Trust Limited agreed that the Estate in its entirety, and the intended charitable objects, should be leased to and governed by, the Maidstone Borough Council.
The Maidstone Borough Council, as Corporate Trustee to the Charity, has determined and regularly reviews a series of policies to guide the actions of its Members and employees in fulfilling the governing object of the Charity.
Members of the Cobtree Manor Estate Charity Committee manage all aspects of the Charity on behalf of the Council. Informal liaison continues with the Trustees to the Cobtree Charity Trust Limited, particularly with regard to considering potential developments. Members of the Cobtree Charity Trust Limited are invited to attend the meetings of the Cobtree Manor Estate Charity Committee.
ACHIEVEMENTS AND PERFORMANCE
Organisation of the Charity
The Trustee to the Registered Charity known as the Cobtree Manor Estate remains the Corporate Body of the Maidstone Borough Council. How the functions of the Corporate Trustee are implemented is reiterated in the section above.
All individual elected Members to the Maidstone Borough Council are instructed to perform any duties and responsibilities they have in relation to the charity as though they were acting as individual trustees; albeit that they are not individual trustees in Charity Law. All elected Members and Officers of the Council are reminded of the Council’s obligations to the Charity and how these need to be considered quite separately from the normal duties of the Council acting as the Local Authority. An A to Z “aid memoir” is made available to all Members and Officers via the Council’s internal intranet site.
Under the terms of the lease upon which the Charity holds the Cobtree Manor Estate, and in the specified circumstances, the Council continues to liaise with both the freehold owner of the Estate, the Cobtree Charity Trust Limited, and the Kent County Council.
Advice to Trustees
The advice for trustees published by the Charity Commission is given to new members of the charity committee and new guidance is notified and made available to them as it is received from the Commission. Committee members have free access to all members of staff to ensure that they can be fully aware of the special considerations, activities and implications of, and for, the charity.
Page 2
Cobtree Manor Estate
Trustee’s Report
For the Year Ended 31 March 2025
Activities
The following paragraphs are included to demonstrate how the Charity is meeting its obligation to provide a public benefit. The primary activities of the Charity are to manage and maintain three facilities to which the general public have access:
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the Cobtree Manor Park – which is a parkland environment with woodland and meadows containing a wide variety of trees and shrubs and which is freely accessible to the general public, and
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the Cobtree Manor Park Golf Course - which is a pay and play facility accessible to all, and
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Kent Life – a farm heritage attraction, including a collection of historic artefacts, which is open to the public either on a pay on entry or through an annual membership fee.
Cobtree Golf Course
In the last Financial Year there were 46,520 rounds of golf played at Cobtree Golf Course; this is made up of 33% of rounds played by Members and 67% by visitors, a typical split for previous years. The annual round number is the highest recorded over the last 12 years and significantly higher than the previous operator achieved in their tenure.
The number of rounds played at the Cobtree Golf course over the past ten years has been as follows:
| Year | Rounds Played |
|---|---|
| 2015/2016 | 39,927 |
| 2016/2017 | 40,593 |
| 2017/2018 | 35,972 |
| 2018/2019 | 36,808 |
| 2019/2020 | 26,006 |
| 2020/2021 | 27,281 |
| 2021/2022 | 38,500 |
| 2022/2023 | 30,430 |
| 2023/2024 | 23,315* |
| 2024/2025 | 46,520 |
*data for August 2023 and September 2023 is missing. Copying this data from 2022 gives an annual total for 2023/2024 of 30,757, which is slightly higher than 2022/2023.
The new operator’s investment and focus has seen this upward trend in roundage continue and the increased customer numbers will translate into turnover rent returns to the Charity. The operator has started to redecorate and superficially improve the clubhouse whilst the full programme of improvement is still awaiting the outcome of dilapidations discussions with the previous tenant.
Cobtree Manor Park
The park was awarded a Green Flag Award for 2024/2025.
In 2024/25 there were 47,645 car park visits that generated £95,300 of gross income. This compares favourably with the 47,336 visits made in 2023/24 and is holding steady following the previous two years of reducing visit numbers (21/22 = 66,106; 22/23 = 54,118)
Kent Life
Kent Life continues to deliver its annual calendar of days out and events and is now an all-year-round venue. It has installed an events marquee on site which has helped increase patronage at its in-house events and has added to the wedding experience of those guests who book the site for their own events.
This year Kent Life attracted 157,583 visitors for its family orientated fun days out. In the previous financial year there were 169,148 (adjusted down from the last annual report) visitors so 24/25 saw a reduction of 7% from last year; after a post-Covid high of 178,000 visitors there has been a steady downward trend in the past 2 years but the business is holding firm.
Page 3
Cobtree Manor Estate
Trustee’s Report
For the Year Ended 31 March 2025
Additional Volunteer Help and Intangible Income
Cobtree Manor Park has hosted some corporate volunteering days for local companies and some volunteer days organised by our partners the Medway Valley Countryside Partnership.
Review of Public Benefit
The Trustee continues to consider and ensure that the Charity meets its requirement to comply with the test of public benefit. The Cobtree Manor Park remains freely accessible to the general public and the pay and play golf course is accessible to all those who wish to take advantage of its facilities at reasonable cost, whilst Kent Life provides a varied family day out for a reasonable fee.
Related Party Disclosure
The Maidstone Borough Council is the Corporate Trustee of the Charity. In addition the Council itself owns part of the land upon which the Cobtree Manor Park Golf Course is built. The accounting arrangements between the Council and the Charity are that the Council is responsible for all receipts and payments for both the golf course and the Cobtree Manor Park. At the end of each financial year the total net operating surplus or deficit of the Manor Park is transferred to the Charity accounts. For the golf course 7/9ths of the total net operating surplus or deficit is transferred to the Charity accounts, reflecting the split of land ownership. The remaining 2/9ths are shown in the accounts of the Council.
The Council also employs a Manager who jointly manages Mote Park and the Manor Park. A park ranger employed by the council is assigned to the Manor Park also. These posts exist as part of a service level agreement for parks and open spaces management of Cobtree Manor Park, the total cost of which is shown in the Charity accounts under the arrangements specified above. When required, additional labour for covering ranger holiday and some weekends in the summer season is also paid for by the Charity.
Other officers of the Council are engaged from time to time in duties specifically related to the operation and management of the Estate. They are not part of the aforementioned service level agreement, and their time and associated costs are apportioned accordingly to the Cobtree accounts.
FINANCIAL REVIEW
Financial Review and Investment Policy
Total income for the year amounted to £528k compared to £456k in the previous year.
Within total income there were the following notable movements:
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Income from charitable activities decreased by £120k compared to 2023/24, primarily reflecting a full year without golf club or café income. As noted in last year’s Trustee’s Report, following the change in golf club operator in October 2023, income arising under this arrangement has, for the second half of 2023/24 and throughout 2024/25, been recognised as rental income within note 6 rather than charitable activities. Similarly, the café is now outsourced to a third-party operator, with all income generated by Cobtree likewise reflected as rental income.
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Donations and legacies rose significantly to £201k (2024: £33k) due to gift aid claims the charity was able to make in respect of admissions to the Kent Life attraction. The claims covered historical admissions in addition to the current year.
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Rental income increased to £110k (2024: £87k), primarily due to a full year of rent in respect of the golf club for the first time.
Charitable costs rose slightly to £488k (2024: £486k) with the main costs once again running cost in relation to the estate (£134k - parks and open spaces) and depreciation (£126k)
Before gains reported on investments this meant the result for the year was a surplus of £39k (2024: deficit of £30k). The £35k gain on investments (2024: loss of £15k) brings net expenditure for the year per the SoFA to £74k (2024: net expenditure of £45k). The gain on investments represents the movement in the year on the charity’ listed investment securities, as shown in note 16.
The final movement in funds for the year relates to fixed asset revaluations as detailed in note 12, a gain of £347k (2024: loss of £43k). This year the carrying value of the investment properties has increased by £294k to reflect the latest valuations and tangible fixed asset leasehold properties have been revalued upwards by £53k.
Page 4
Cobtree Manor Estate
Trustee’s Report
For the Year Ended 31 March 2025
The overall movement in funds was therefore an increase of £421k (2024: decrease of £88k).
The net surplus generated as per the Statement of Financial Accounts continued to be used to complete the repayment of debt due to the Maidstone Borough Council.
Interest due to the Charity in respect of the permanent endowment held on the Charity’s behalf by the Borough Council is included as part of the unrestricted income.
The Balance sheet shows net assets at 31 March 2025 of £4.60m, up from £4.18m at the end of the prior year. Much of this value is related to the charity’s tangible fixed assets and other investments held in endowment funds, which comprise £4.01m of the total. The remaining funds sit as unrestricted free reserves of £484k and restricted funds of £107k.
Reserves Policy
Restricted reserves are maintained in respect of the permanent endowment funds.
Risk Management
The Trustee continues to review the business and operational risks which the Charity faces, and identifies where appropriate steps to minimise the impact of any identified risks. All contractors working on the Estate are also required to undertake risk assessments appropriate to their activities.
PLANS FOR FUTURE PERIODS
Plans are being developed to replace the existing play area and carry out other improvements in the Manor Park over the next few years.
TRUSTEE’S RESPONSIBILITIES
The Trustee is responsible for preparing the financial statements in accordance with applicable law and the United Kingdom Generally Accepted Accounting Practice.
Law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing these statements the Trustee is required to:
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern unless it is inappropriate to presume that the Charity will continue in business.
The Trustee has overall responsibility for ensuring that the Charity has appropriate systems of controls, financial and otherwise. It is also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Trustee and signed on its behalf by
Councillor Simon Wales Chairman of the Cobtree Manor Estate Charity Committee
Date:
Page 5
Cobtree Manor Estate
Independent Auditors' Report to the Members of Cobtree Manor Estate
Opinion
We have audited the financial statements of Cobtree Manor Estate (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustee are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 6
Cobtree Manor Estate
Independent Auditors' Report to the Members of Cobtree Manor Estate (continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustee's Report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of the trustee
As explained more fully in the Trustee's Responsibilities Statement, the Trustee is responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustee are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:
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we identified the laws and regulations applicable to the charity through discussions with management, and from our commercial knowledge and experience of the charity and not-for-profit sector;
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we focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the operations of the charity, including the Charities Act 2011;
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identified laws and regulations were communicated within the audit team and the team remained alert to instances of non compliance throughout the audit.
We assessed the susceptibility of the charity’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
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Cobtree Manor Estate
Independent Auditors' Report to the Members of Cobtree Manor Estate (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading minutes of meetings of those charged with governance; and
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enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. As a result there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charity's Trustee in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's Trustee those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustee, for our audit work, for this report, or for the opinions we have formed.
UHY Hacker Young
Chartered Accountants Statutory Auditors Thames House, Roman Square Sittingbourne Kent ME10 4BJ
Date: 29 January 2026
UHY Hacker Young are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 8
Cobtree Manor Estate
Statement of financial activities For the Year Ended 31 March 2025
| Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income and endowments Expenditure on: Charitable activities 8 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments 16 Net income/(expenditure) Transfers between funds 20 Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains/(losses) on revaluation of fixed assets 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 20 |
Unrestricted funds 2025 £ 168,412 154,289 110,414 60,972 494,087 336,463 336,463 157,624 - 157,624 (138,865) 18,759 - 18,759 465,206 18,759 483,965 |
Restricted funds 2025 £ 33,211 - - - 33,211 75,149 75,149 (41,938) - (41,938) 102,442 60,504 - 60,504 46,327 60,504 106,831 |
Endowment funds 2025 £ - - - - - 76,547 76,547 (76,547) 34,879 (41,668) 36,423 (5,245) 347,077 341,832 3,671,754 341,832 4,013,586 |
Total funds 2025 £ 201,623 154,289 110,414 60,972 527,298 488,159 488,159 39,139 34,879 74,018 - 74,018 347,077 421,095 4,183,287 421,095 4,604,382 |
As restated Total funds 2024 £ 32,754 274,310 87,010 62,144 456,218 |
|---|---|---|---|---|---|
| 486,207 486,207 |
|||||
| (29,989) (15,186) (45,175) - (45,175) (42,500) (87,675) |
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| 4,270,962 (87,675) 4,183,287 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 12 to 28 form part of these financial statements.
Page 9
Cobtree Manor Estate
Balance Sheet As at 31 March 2025
| Note Fixed assets Tangible assets 14 Investments 16 Investment property 15 Current assets Debtors 17 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 18 Net current assets Total net assets Charity funds Endowment funds 20 Restricted funds 20 Unrestricted funds 20 Total funds |
206,694 584,255 790,949 (306,984) |
2025 £ 2,049,898 851,119 1,219,400 4,120,417 483,965 4,604,382 4,013,586 106,831 483,965 4,604,382 |
238,488 339,298 577,786 (189,739) |
2024 £ 2,054,000 816,240 925,000 |
|---|---|---|---|---|
| 3,795,240 388,047 |
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| 4,183,287 | ||||
| 3,671,754 46,327 465,206 |
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| 4,183,287 |
The financial statements were approved and authorised for issue by the Trustee and signed on their behalf by:
Councillor Simon Wales
Chairman of the Cobtree Manor Estate Charity Committee
Date:
The notes on pages 12 to 28 form part of these financial statements.
Page 10
Cobtree Manor Estate
Statement of Cash Flows For the Year Ended 31 March 2025
| Note Cash flows from operating activities Net cash used in operating activities 22 Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash provided by investing activities Repayments of borrowing Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 23 |
2025 £ 142,790 171,386 (69,219) 102,167 - 244,957 339,298 584,255 |
2024 £ 7,916 149,154 - 149,154 (68,527) 88,543 250,755 |
|---|---|---|
| 339,298 |
The notes on pages 12 to 28 form part of these financial statements
Page 11
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
1. General information
Cobtree Manor Estate is an unincorporated charity with the charity number 283617.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) (second edition) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Cobtree Manor Estate meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
The Trustee assesses whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern.
The trustee makes this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.
Conclusion
Prudent revised forecasts have been prepared for the coming year, taking the above into account, and using the assumption that the charity will be able to continue providing services even in the event of any future lockdown periods.
Taking the above into account the Trustee has concluded there are no material uncertainties about the charity’s ability to continue as a going concern and that it remains appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Lease incentives granted, such as rent-free periods, are accounted for as an integral part of the lease arrangement. The total lease income is on a straight-line basis over the lease term, including the rent-free period.
Income tax recoverable in relation to donations received under Gift Aid when the charity has established entitlement to the donation, it is probable that the income will be received, and the amount can be reliably measured. This typically occurs when a valid Gift Aid declaration has been obtained. If the Gift Aid claim is submitted, or the income received after the reporting date, but the entitlement existed at the reporting date, the income is accrued in the financial statements of the period in which the donation was received.
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Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Expenditure is shown inclusive of any irrecoverable VAT. Any VAT irrecoverable as a result of partial exemption calculations is shown in note 8.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.6 Intangible assets and amortisation
Material intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.
Amortisation is provided on the following basis:
Website development - 25 % straight line
2.7 Tangible fixed assets and depreciation
Tangible fixed assets are carried at cost or valuation, net of depreciation and any provision for impairment.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
| Long-term leasehold property | - 0 - 12.5% on cost |
|---|---|
| Motor vehicles | - 20% on cost |
| Fixtures and fittings | - 10% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Long-term leasehold property includes Cobtree Manor Park Golf Course, Kent Life Museum and Cobtree Manor Park Visitor centre. As disclosed in note 13 these are held under a 999 year lease. No depreciation is charged on these assets on the basis that they are revalued annually.
Leasehold property also includes, at cost, improvements at the Cobtree Play Area and to the car park at Cobtree Manor Park. These assets are depreciated over their deemed useful lives.
Page 13
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
2. Accounting policies (continued)
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at their fair value at the Balance sheet date for investment properties and closing quoted market price for other listed investments.
All gains and losses are taken to the Statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in 'gains on revaluation of fixed assets' and added to the endowment fund to which they relate.
2.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgment:
Property valuations
Long-term leasehold properties and investment properties are subject to annual revaluations. The valuations used for this year's financial statements are based on professional valuations conducted by a firm of chartered surveyors in March 2024.
Cobtree Manor Park Golf Course income
The charity reflects 7/9ths of the net operating surplus received from Cobtree Manor Park Golf Course, with the remaining 2/9ths recorded by Maidstone Borough Council, reflecting the split of land ownership.
A new operator took over the running of the Golf Course from 1 October 2023, and under this new arrangement the charity and Council will share the gross rental income using the same 7/9ths : 2/9ths split.
An initial rent-free period was granted as part of the new lease arrangement. This has been allocated on a straight-line basis over the total lease term to reflect the substance of the lease arrangement and to ensure income is recognised evenly over the period of benefit to the tenant.
Page 14
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
3. Critical accounting estimates and areas of judgment (continued)
The lease arrangement also contains provisions which mean future rent will vary according to turnover generated at the Golf Course, and consequently management have had to exercise judgement in how to calculate the minimum lease payments that will fall due. Since the element linked to future turnover is contingent on unknown future income this has not been included in the initial straight-line calculations.
4. Income from donations and legacies
| Will Trust income Donations (including gift aid) Analysis of 2024 total by fund |
Unrestricted funds 2025 £ - 168,412 168,412 - |
Restricted funds 2025 £ 33,211 - 33,211 32,754 |
Total funds 2025 £ 33,211 168,412 201,623 32,754 |
Total funds 2024 £ 32,754 - |
|---|---|---|---|---|
| 32,754 | ||||
5. Income from charitable activities
| Golf club revenue Cafe income Car park income Kent Life income Other income Analysis of 2024 total by fund |
Unrestricted funds 2025 £ - - 83,410 76,133 (5,254) 154,289 274,310 |
Total funds 2025 £ - - 83,410 76,133 (5,254) 154,289 274,310 |
As restated Total funds 2024 £ 67,279 14,364 94,652 73,133 24,882 |
|---|---|---|---|
| 274,310 | |||
The prior year has been restated following a reclassification adjustment between income and expenditure to reduce both golf club income and expenditure by £22,275 to the 7/9ths due to the charity.
Page 15
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
6. Income from other trading activities
Income from non charitable trading activities
| Rental income Analysis of 2024 total by fund |
Unrestricted funds 2025 £ 110,414 87,010 |
Total funds 2025 £ 110,414 87,010 |
Total funds 2024 £ 87,010 |
|---|---|---|---|
7. Investment income
| Bank interest Investment income Analysis of 2024 total by fund |
Unrestricted funds 2025 £ 10,240 50,732 60,972 62,144 |
Total funds 2025 £ 10,240 50,732 60,972 62,144 |
Total funds 2024 £ 13,935 48,209 |
|---|---|---|---|
| 62,144 | |||
Page 16
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
8. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Analysis of 2024 total Summary by expenditure type Charitable activities Analysis of 2024 total |
Unrestricted funds 2025 £ 336,463 335,106 |
Restricted funds 2025 £ 75,149 74,554 Depreciation 2025 £ 125,997 122,722 |
Endowment funds 2025 £ 76,547 76,547 Other costs 2025 £ 362,162 363,485 |
Total 2025 £ 488,159 486,207 Total 2025 £ 488,159 486,207 |
As restated Total 2024 £ 486,207 |
|---|---|---|---|---|---|
| As restated Total 2024 £ 486,207 |
|||||
The prior year has been restated following a reclassification adjustment between income and expenditure to reduce both golf club income and expenditure by £22,275 to the 7/9ths due to the charity.
9. Analysis of expenditure by activities
| Charitable activities Analysis of 2024 total |
Direct costs 2025 £ 488,159 486,207 |
Total funds 2025 £ 488,159 486,207 |
As restated Total funds 2024 £ 486,207 |
|---|---|---|---|
Page 17
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
9. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Parks & open spaces Depreciation Repairs and maintenance Staff recharges Staff costs Grounds maintenance Rent and rates Heat and light Insurance Cleaning Legal and professional fees Other fees and services Equipment hire and maintenance Bad debt write off Loan interest |
Total funds 2025 £ 133,810 125,997 25,930 80,440 2,439 6,986 538 6,316 10,050 15,465 29,012 21,866 (2,256) 31,566 - 488,159 |
Total funds 2024 £ 123,393 122,722 59,982 75,759 - 4,950 307 7,761 9,360 8,560 42,579 19,147 2,552 5,993 3,142 |
|---|---|---|
| 486,207 |
The prior year has been restated following a reclassification adjustment between income and expenditure to reduce both golf club income and expenditure by £22,275 to the 7/9ths due to the charity.
10. Auditors' remuneration
Fees payable to the charity's auditor for the audit of the charity's annual accounts
| 2025 | 2024 |
|---|---|
| £ | £ |
| 6,850 | 6,620 |
Page 18
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
11. Trustee's remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .
12. Gains/(losses) on revaluation of fixed assets
| Revaluation of tangible fixed assets (note 14) Surplus/(deficit) on revaluation of investment properties (note 15) |
52,677 294,400 347,077 2025 £ |
- (42,500) (42,500) 2024 £ |
|---|---|---|
13. Intangible assets
| Cost At 1 April 2024 At 31 March 2025 Amortisation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Website development £ 50,000 |
|---|---|
| 50,000 | |
| 50,000 | |
| 50,000 | |
| - | |
| - |
Page 19
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
14. Tangible fixed assets
| Cost or valuation At 1 April 2024 Additions Revaluations At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Long-term leasehold property £ 2,622,512 69,219 52,677 2,744,408 576,025 118,485 694,510 2,049,898 2,046,487 |
Motor vehicles £ 8,323 - - 8,323 6,657 1,666 8,323 - 1,666 |
Fixtures and fittings £ 58,522 - - 58,522 52,676 5,846 58,522 - 5,846 |
Total £ 2,689,357 69,219 52,677 |
|---|---|---|---|---|
| 2,811,253 | ||||
| 635,358 125,997 |
||||
| 761,355 | ||||
| 2,049,898 | ||||
| 2,053,999 |
The estate is held under a 999 year lease which is due to expire in 2970. The long leasehold land and buildings are used solely for direct charitable purposes and form part of the permanent endowment of the Charity.
All properties are revalued annually by a professional firm of chartered surveyors periodically, using a 'market approach'. The last valuation took place in March 2025.
The carrying amount under the cost model of the assets which have been revalued would have been £1,673,127 (2024 - £1,673,127) .
Page 20
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
15. Investment property
| Valuation At 1 April 2024 Surplus/(deficit) on revaluation At 31 March 2025 |
Long term leasehold investment property £ 925,000 294,400 |
|---|---|
| 1,219,400 |
The investment properties are held to generate a rental income stream for the Charity. All investment properties are revalued by a professional firm of chartered surveyors on an annual cycle (subject to existing tenancies where appropriate). A valuation took place in March 2025.
One exception to this is the Tyland Farm property which is carried at £Nil value on an EUV basis. This property is currently let, with a peppercorn rent, on a 125 year lease ending in 2117. No readily available market value was available for this property at 31 March 2024 and hence the EUV basis is deemed to be the most appropriate basis available without undue cost to the Charity.
Page 21
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
16. Fixed asset investments
| Cost or valuation At 1 April 2024 Revaluations At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Listed investments £ 816,240 34,879 |
|---|---|
| 851,119 | |
| 851,119 | |
| 816,240 |
Material investments
The above listed investments are fully invested in the M&G Charifund, which qualifies as an alternative investment fund.
Risk profile
The fund invests mainly in the shares of UK listed dividend paying companies, and a portion of the fund is also invested in the shares of dividend paying companies listed overseas. It is, therefore, subject to the price volatility of the UK and overseas stock markets and the performance of individual companies. The fund may also be subject to fluctuations in currency exchange rates.
The fund's focus is on good quality companies with attractive dividend growth prospects. Dividend distributions from the fund's holdings however are not guaranteed and may vary. Diversification across industries and market capitalisation is key in managing liquidity risk and reducing market risk. The fund's risks are measured and managed by M&G as an integral part of the investment process.
17. Debtors
| Trade debtors Other debtors Prepayments and accrued income |
2025 £ 66,320 25,715 114,659 206,694 |
2024 £ 143,888 24,098 70,502 238,488 |
|---|---|---|
Page 22
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
18. Creditors: Amounts falling due within one year
| Trade creditors Amount owed to Maidstone Borough Council Other creditors |
2025 £ 183,629 - 123,355 306,984 |
2024 £ 14,170 68,527 107,042 |
|---|---|---|
| 189,739 |
A formal repayment agreement was established with Maidstone Borough Council for the charity to repay the money loaned by the Council in respect of capital expenditure in respect of the improvement to Cobtree Manor Park car park.
Repayments began from 1 April 2019 once the work was complete, and interest is payable at a rate of 3% (Public Works Loan Board rate 2% plus 1%). The balance owing to the Council in respect of the car park loan at 31 March 2025 was £0 (2024 - £68,527) .
19. Financial instruments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 851,119 | 816,240 |
Financial assets measured at fair value through income and expenditure comprise listed investments.
Page 23
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
20. Statement of funds
| Statement of funds - current year Balance at 1 April 2024 £ Unrestricted funds General funds 465,206 Endowment funds Endowment capital funds 3,671,754 Restricted funds Will Trust - Cobtree Manor Park car park 115,973 MBC car park loan (69,646) Container/office - 46,327 Total of funds 4,183,287 |
Income £ 494,087 - 33,211 - - - 33,211 527,298 |
Expenditure £ (336,463) (76,547) (33,211) (38,658) - (3,280) (75,149) (488,159) |
Transfers in/out £ (138,865) 36,423 - - 69,646 32,796 102,442 - |
Gains/ (Losses) £ - 381,956 - - - - - 381,956 |
Balance at 31 March 2025 £ 483,965 |
|---|---|---|---|---|---|
| Unrestricted funds General funds Endowment funds Endowment capital funds Restricted funds Will Trust Cobtree Manor Park car park MBC car park loan Container/office Total of funds |
|||||
| 4,013,586 | |||||
| - 77,315 - 29,516 |
|||||
| 106,831 | |||||
| 4,604,382 |
Unrestricted Funds
These comprise funds that the Trustee is free to use in accordance with the charitable objects.
Restricted Funds
The Will Trust Fund, the income from which is used to maintain the rural park. The assets of this fund are held by Cobtree Charity Trust Limited, a separate entity.
Cobtree Manor Park car park and associated loan from MBC - this represents the net book value of the car park and the amount of the outstanding associated loan.
Permanent Endowment Capital Fund
The permanent endowment capital fund comprises the long-term fixed assets of the charity, being the long-leasehold land and buildings, investment properties and the portfolio of listed investments as detailed in notes 14, 15, and 16.
Page 24
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
20. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General funds Endowment capital funds Endowment capital funds Restricted funds Will Trust Cobtree Manor Park car park MBC car park loan Total of funds |
Balance at 1 April 2023 £ 445,376 3,805,987 - 154,631 (135,032) 19,599 4,270,962 |
As restated Income £ 423,464 - 32,754 - - 32,754 456,218 |
As restated Expenditure £ (335,106) (76,547) (32,754) (38,658) (3,142) (74,554) (486,207) |
Transfers in/out £ (68,528) - - - 68,528 68,528 - |
Gains/ (Losses) £ - (57,686) - - - - (57,686) |
Balance at 31 March 2024 £ 465,206 |
|---|---|---|---|---|---|---|
| 3,671,754 | ||||||
| - 115,973 (69,646) 46,327 4,183,287 |
21. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ - - - 790,949 (306,984) 483,965 |
Restricted funds 2025 £ 106,831 - - - - 106,831 |
Endowment funds 2025 £ 1,943,067 851,119 1,219,400 - - 4,013,586 |
Total funds 2025 £ 2,049,898 851,119 1,219,400 790,949 (306,984) 4,604,382 |
|---|---|---|---|---|
Page 25
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 7,513 - - 577,786 (120,093) 465,206 |
Restricted funds 2024 £ 115,973 - - - (69,646) 46,327 |
Endowment funds 2024 £ 1,930,514 816,240 925,000 - - 3,671,754 |
Total funds 2024 £ 2,054,000 816,240 925,000 577,786 (189,739) 4,183,287 |
|---|---|---|---|---|
22. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains/(losses) on investments Dividends, interests and rents from investments Decrease in debtors Increase in creditors Net cash provided by operating activities |
2025 £ 74,018 125,997 (34,879) (171,386) 31,794 117,246 142,790 |
2024 £ (45,175) |
|---|---|---|
| 122,722 15,186 (149,154) 14,770 49,567 |
||
| 7,916 |
23. Analysis of cash and cash equivalents
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash in hand | 584,255 | 339,298 |
Page 26
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
24. Analysis of changes in net debt
| At 1 April | At 31 March | ||
|---|---|---|---|
| 2024 | Cash flows | 2025 | |
| £ | £ | ||
| £ | |||
| Cash at bank and in hand | 339,298 | 244,957 | 584,255 |
25. Related party transactions
Maidstone Borough Council (MBC) is the Corporate Trustee of the Charity.
MBC owns part of the land upon which the golf course is built. The accounting arrangements between MBC and the charity are that MBC is responsible for all receipts and payments for both the golf course and the Manor Park. At the end of each financial year the income and expenditure relating to Cobtree Manor Estate is shown in the Charity's accounts.
For the golf course 7/9ths of the total revenue is transferred to the Charity's accounts, reflecting the split of land ownership. The remaining 2/9ths are shown in the accounts of the Council.
The Statement of Financial Activities includes income of £110,414 (2024 - £187,043) in relation to operating the estate in accordance with this arrangement, as broken down below.
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Golf club revenue | - | 67,279 |
| Will trust income | 33,211 | 32,754 |
| Rental income | 110,414 | 87,010 |
| ----------- | ----------- | |
| 143,625 | 187,043 |
Expenditure reflected through the Statement of Financial Activities includes operating costs in relation to income streams above.
During the year MBC provided various other services to the Charity, which have been included within direct charitable expenditure. Total recharges of £225,874 (2024 - £205,917) were made for these services. This total comprises: Parks & Open Space - £133,810; staff recharges - £80,440; legal and professional fees - £9,534 and equipment hire and maintenance - £2,090.
At 31 March 2025, the Charity owed £179,740 (2024 - £165,244) to Maidstone Borough Council.
26. Contingent asset
The legal claim initiated last year against the former operator of the golf club, seeking compensation for losses incurred in respect of unpaid dilapidations due at the cessation of the contract, continues. The claim remains in progress as at the date of signing these financial statements. While the charity is confident in the strength of its case, the outcome and amount of any potential recovery cannot be reliably estimated at this stage. Consequently, no amount has been recognised in these accounts in respect of this claim, but the Trustee will continue to monitor its progress and consider any necessary adjustments in future reporting periods.
27. Controlling party
The Charity is under the control of the Corporate Trustee, Maidstone Borough Council.
Page 27
Cobtree Manor Estate
Notes to the Financial Statements For the Year Ended 31 March 2025
28. Taxation
Cobtree Manor Estate is a registered charity and is therefore potentially exempt from taxation on its income and gains as the charity falls within the definition of a charitable trust as defined in Part 1, Schedule 6 of the Finance Act 2010. No tax charge has arisen during the year.
Page 28