LATCHMERE RECREATION CIC

Company limited by guarantee

Company Registration Number:
13216011 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

LATCHMERE RECREATION CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Community Interest Report

LATCHMERE RECREATION CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Principal activities of the company

Latchmere Recreation CIC (LARC CIC) was initially established to allow the voluntary constituted group Friends of Latchmere Recreation Ground to legally be able to enter into a formal contract for a cafe on Latchmere Recreation Ground. The Royal Borough of Kingston Council granted a 5-year head lease to LARC CIC for the kitchen & toilet block, and LARC CIC has a (mirror) sub-lease in place with a cafe operator.As part of the sub-lease, the cafe operator is required to pay a monthly contribution to LARC CIC, which LARC CIC uses to reinvest back into Latchmere Recreation Ground, for the benefit of the community.



Directors

The directors shown below have held office during the whole of the period from
1 March 2022 to 28 February 2023

Saphina Crocker
Peter Taunton
Susan Matthews


The directors shown below have held office during the period of
1 March 2022 to 31 January 2023

Linda Eve
Debra Levy
Chris Ridout


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 November 2023

And signed on behalf of the board by:
Name: Saphina Crocker
Status: Director

LATCHMERE RECREATION CIC

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 3,212 860
Gross profit(or loss): 3,212 860
Administrative expenses: ( 3,264 ) ( 3,707 )
Operating profit(or loss): (52) (2,847)
Profit(or loss) before tax: (52) (2,847)
Profit(or loss) for the financial year: (52) (2,847)

LATCHMERE RECREATION CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Current assets
Cash at bank and in hand: 3,021 860
Total current assets: 3,021 860
Net current assets (liabilities): 3,021 860
Total assets less current liabilities: 3,021 860
Provision for liabilities: ( 5,919 ) ( 3,707 )
Total net assets (liabilities): (2,898) (2,847)
Members' funds
Profit and loss account: (2,898) ( 2,847)
Total members' funds: ( 2,898) (2,847)

The notes form part of these financial statements

LATCHMERE RECREATION CIC

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 November 2023
and signed on behalf of the board by:

Name: Saphina Crocker
Status: Director

The notes form part of these financial statements

LATCHMERE RECREATION CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates, Value Added Tax.

    Other accounting policies

    Provision for Liabilities:Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

LATCHMERE RECREATION CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

COMMUNITY INTEREST ANNUAL REPORT

LATCHMERE RECREATION CIC

Company Number: 13216011 (England and Wales)

Year Ending: 28 February 2023

Company activities and impact

Latchmere Recreation CIC (LARC CIC) was initially established to allow the voluntary constituted group Friends of Latchmere Recreation Ground to legally be able to enter into a formal contract for a cafe on Latchmere Recreation Ground. The Royal Borough of Kingston Council granted a 5-year head lease to LARC CIC for the kitchen & toilet block, and LARC CIC has a (mirror) sub-lease in place with a cafe operator.As part of the sub-lease, the cafe operator is required to pay a monthly contribution to LARC CIC, which LARC CIC uses to reinvest back into Latchmere Recreation Ground, for the benefit of the community.The cafe commenced trading on 6th November 2021.In this financial year, the incumbent cafe operator requested to terminate the lease early due to personal reasons, so a new cafe operator was appointed.LARC CIC’s principal activities during the reporting period (01/03/22 to 28/02/23) were:Regular engagement with the incumbent cafe operator, including progress meetings, to review cafe performance and agree actions and future initiatives;Developing and running a robust tender process to select a suitable replacement cafe operator;Negotiating terms of the sub-lease with the new cafe operator, including reviewing the payment schedule to LARC CIC, for investment back into Latchmere Rec;Liaising the with the Council’s property and legal teams to revisit the head lease and sub-lease terms, ensuring that the community’s best interests are represented;Managing the LARC CIC bank account and approving expenditure;Preparing end of year reports and accounts as required by Companies House CIC Regulator and HMRC;Working closely with FoLaR as part of LARC CIC’s community activities.

Consultation with stakeholders

LARC CIC’s community engagement is through the Friends of Latchmere Rec (FoLaR), who are a well-established community group, working to improve Latchmere Rec for all to enjoy. FoLaR regularly engages with the local community through its newsletters, open meetings, noticeboards, events, and consultations – the idea for the cafe arose from community feedback on what people wanted to see on Latchmere Rec.LARC CIC’s principal stakeholders are:FoLaR: LARC CIC activities are discussed at the monthly FoLaR committee meetings – and in between – to keep FoLaR updated on the cafe progress.RBK Council: LARC CIC has fully engaged with the Council to realise the cafe project.Cafe Operator: following the tender process and appointment of a cafe operator, LARC CIC has monthly progress meetings with the operator, with FoLaR represented also.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
26 November 2023

And signed on behalf of the board by:
Name: Saphina Crocker
Status: Director