Issue - meetings

Accounts 2016/17

Meeting: 25/01/2018 - Cobtree Manor Estate Charity Committee (Item 49)

49 Accounts 2016/17 pdf icon PDF 58 KB

Additional documents:

Minutes:

Mr Paul Holland, the Senior Finance Manager presented the Annual Report and Financial Statement which included the independent auditor’s report.

 

The Committee noted:-

 

·  The balance sheet as at 31 March 2017 showed net assets of £4.3m which had reduced from £4.5m previously and was a result of a number of movements, the most significant being the downward revaluation of the value of the golf course.  The golf course had since been re-let and as a result of that the valuation was expected to increase.

·  The current cash position of £100k was expected to rise to £215k.

Members were minded that they had previously undertook to start to repay some of monies back.  Mr Holland stated that it would seem prudent to wait until the final trading figures were available at year end and then assess the situation.

Mr Holland highlighted a couple of changes that would be made to Page 6 of the accounts, which were as follows:-

  Under Financial Review

 

·  Under Financial Review and Investment Policy  – the balance sheet shows net assets at 31 March 2016 – this should read 2017

·  The words ‘Golf Course’ should be inserted after Cobtree Manor Park in the last sentence of that section.

·  Under Plans for Future Periods – in the last sentence it referred to a master plan, this should be ‘capital programme’.

There had been an assumption made by the auditors that a disputed sum incurred by the contractor would be paid but it had not been entered into the debtors section.  Mr Holland was requested to ask for an explanation from the auditors as to why it had been handled in that way.

RESOLVED:  That the report and financial statement for 2016/17 be approved and submitted to the Charity Commission subject to the Chairman being satisfied that the Committee’s comments and alterations have been incorporated.

 

Voting:  Unanimous