Annual Members Meeting 2023 and fantastic three in a row CAMRA Award
24 shareholders attended the recent AMM but for those not able to make it, here’s a quick round-up and you can also check out the presentation.
Following on from the previous year's main issues of dealing with Covid and completion of the upper beer garden, the last year has seen the completion of the adjacent housing development and car park. Although the housing development was completely independent of the pub purchase, as a reminder, it was a condition that the adjacent land would be simultaneously made available for development with a land swap to facilitate both the development and provide a replacement car park.
We have spent around £175,000 so far on renovations. One issue we did identify in the original business plan was the flat roof which covers the restaurant and quite a bit of the bar area and kitchen. This was not in the original scheme of funding but we knew it would have to be done at some point. An assessment was made in 2022 and it was felt the best approach was to tackle the roof sooner rather than later as any substantial deterioration would lead to further costs down the line. The decision was taken to go ahead and works have recently been completed with a £45,000 loan. The works also included significant insulation which will help with comfort levels and energy costs. The decision to go with a loan was taken based on the fact that the original loan of £50,000 to help with the pub purchase would be repaid in 2024 and taking a view about our medium-term budget outlook, which indicated a new loan was affordable. With the new loan substantively covering the cost of the roof our overall capital position has remained about the same as reported in the previous year with a balance of £13,860 and a contingency of £15,800.
The lease for operating the pub has been renewed with Tom and Becci for a further 5 years. The combined rent for the pub and shop has been flat lined at £32,500 pa. This gives Tom and Becci financial certainty to operate and invest and the company knowledge of its future income.
Altogether our medium-term budget outlook sees the Community Benefit Society financially sound with funds accruing for future repairs and renewals as well as funds to help with cash flow should any shareholder decide to relinquish any shares. There has been a small amount of movement in shareholdings and shares bought back have been resold to people on the waiting list. That list has now been exhausted so if you are thinking about buying further shares, please let us know in response and you will go on a new waiting list. We will be looking at the potential options for future share sales soon.
Interest on shares for 2022 has been paid at 3% (the same as 2021). It is hoped that this can be improved on in future years by 0.5% each year up to 5% by 2027.
The accounts for 2022 have been signed off by our accountants with all the statutory formalities met. That is an opportune point to say thank you again to Gerry who has done a sterling job with the accounts since we set off. Gerry has now decided it is time to step away from the treasurer role and the management committee and once again a huge thank you is due for all his work. Linda Graham will be stepping into the treasurer's job from here.
That does leave us with a Director post to fill. If anyone thinks they might like to be involved in this way, please let us know and we would be happy to have a chat about the position and what is involved.
We will be looking at the restaurant area over the coming year with Tom and Becci to see if the space can be improved both as a restaurant and a usable community space. If anyone has any views at this stage that they wish to be taken account of in our deliberations, please let us know. Tom and Becci are also looking at the shop area to create a Pizzeria.
We have come a long way since we set out to purchase the pub and cottage and renovate them. We are not taking our foot off the pedal, but it is certainly time to enjoy the pub and have a pint! As always if there are ideas for community events that anyone wishes to think about and organise there is a willing village to join in and we hold a small amount of money to offer a grant to pump prime activities of this nature.
Your Management Committee continues to meet regularly. We will also continue to issue newsletters when there is 'something to say' and up-to-date information is available on this website.
As always if anyone has any questions or a point of view, please let us know.
The meeting finished with Tom being presented with a certificate for third place in the regional CAMRA pub of the year awards which compliments the pub's entry in the 2023 Good Beer Guide and is a timely advert for the beer festival over the August bank holiday weekend.
That's all for now and see you in the pub soon.
Peter
Chairman and on behalf of the Directors