FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Company limited by guarantee

Company Registration Number:
10754552 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Contents of the Financial Statements

for the Period Ended 31 July 2024

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

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Directors

The directors shown below have held office during the period of
1 August 2023 to 15 April 2024

Clifford Boot
Ian Flenner
Anna Mumford


The director shown below has held office during the period of
1 August 2023 to 21 January 2024

Sarah Bourne


The directors shown below have held office during the period of
15 April 2024 to 31 July 2024

Juliet Whitmore
Stephen Churches
Mark Claydon
Michael Frost
Christopher O'Byrne
Daryl Setterfield


The director shown below has held office during the period of
15 October 2023 to 21 January 2024

Charlotte Griswood


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
12 October 2024

And signed on behalf of the board by:
Name: Juliet Whitmore
Status: Director

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 429,727 393,493
Cost of sales: ( 175,013 ) ( 161,972 )
Gross profit(or loss): 254,714 231,521
Administrative expenses: ( 203,603 ) ( 172,929 )
Operating profit(or loss): 51,111 58,592
Interest payable and similar charges: ( 3 )
Profit(or loss) before tax: 51,108 58,592
Tax: ( 9,347 ) ( 12,058 )
Profit(or loss) for the financial year: 41,761 46,534

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 19,347 17,629
Total fixed assets: 19,347 17,629
Current assets
Stocks: 4 7,793 7,793
Debtors: 5 83,795 9,791
Cash at bank and in hand: 74,935 112,742
Total current assets: 166,523 130,326
Creditors: amounts falling due within one year: 6 ( 22,220 ) ( 26,066 )
Net current assets (liabilities): 144,303 104,260
Total assets less current liabilities: 163,650 121,889
Total net assets (liabilities): 163,650 121,889
Members' funds
Profit and loss account: 163,650 121,889
Total members' funds: 163,650 121,889

The notes form part of these financial statements

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Balance sheet statements

For the year ending 31 July 2024 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 12 October 2024
and signed on behalf of the board by:

Name: Juliet Whitmore
Status: Director

The notes form part of these financial statements

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 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 and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: 33.33% Straight Line for Plant & Machinery, Fixtures & Fittings and Computer Equipment

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 8 7

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 15,830 27,313 1,337 1,562 46,042
Additions 1,383 2,741 139 4,263
Disposals
Revaluations
Transfers
At 31 July 2024 15,830 28,696 4,078 1,701 50,305
Depreciation
At 1 August 2023 26,384 467 1,562 28,413
Charge for year 1,140 1,359 46 2,545
On disposals
Other adjustments
At 31 July 2024 27,524 1,826 1,608 30,958
Net book value
At 31 July 2024 15,830 1,172 2,252 93 19,347
At 31 July 2023 15,830 929 870 0 17,629

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Stocks

2024 2023
£ £
Stocks 7,793 7,793
Total 7,793 7,793

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Debtors

2024 2023
£ £
Prepayments and accrued income 3,825 4,981
Other debtors 79,970 4,810
Total 83,795 9,791

Other Debtors includes: Octopus energy deposit £2689.45 TWM Solicitors Deposit £72470.24 Rent deposit £4810.00

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Notes to the Financial Statements

for the Period Ended 31 July 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 4,222 2,456
Taxation and social security 17,938 23,544
Other creditors 60 66
Total 22,220 26,066

COMMUNITY INTEREST ANNUAL REPORT

FRIENDS OF THE GARIBALDI COMMUNITY INTEREST COMPANY

Company Number: 10754552 (England and Wales)

Year Ending: 31 July 2024

Company activities and impact

Another strong year can be reported for the company, as remnants of the pandemic period faded into the past and a semblance of ‘business as usual’ returned more fully. That is not to say that we, like all pubs, did not face considerable wider challenges in the sector generally, and wider market for on-trade venues in particular, in a 12 months characterised by persistently high inflation and a slowing of trade associated not just with tighter financial prudence, but consistently wet weather conditions that dominated the back nine months of it. In the latter three, we also had to grapple unexpectedly with the decision of our landlord to sell the premises. Nevertheless, I’m pleased to report that all these challenges were met head-on, not least regarding the successful negotiation of the sale in our favour, by a mostly brand-new team of enthusiastic and energetic local people who eagerly took up various key company roles more aligned to personal experience following the departure of some older hands. I would like to make particular mention this year of the following individuals/groups: Our ever-resilient and creative general manager, Shiv Lewis, who continued to use her strong business skills to keep the pub trading as well as it could in trying times, horizon-scanning for issues ahead, and being a key player in the handling of the pub buy-out project; The company’s set of seven directors elected in early April (six new and one returning) who successfully met the sudden announcement of the sale with the experience and pace it demanded, while still getting to grips with running the BAU aspects of our business; The bar team, who continued to roll with these punches and support the company and our customers as capably and carefully as possible; Our current landlord Chris Soden for his willingness to give the company first refusal in buying the property and his alacrity to see us carry on as a strong community pub-cum-hub, rather than allow it to be availed by a potentially insensitive and inappropriate pub-owning company, or otherwise private buyer with uncertain and likely unfavourable intentions for the premises’ future; Our community who make regular use of (and therefore actively support) the pub, whether that be through assisting with pub events or maintenance (including of course our garden), being regular customers, groups who have booked functions with us, those enjoying our regular activities/clubs, or otherwise ‘just’ occasional casual visitors – we say this every year, but it’s important to make a clear acknowledgement that without you all, this company and the business it supports simply wouldn’t be where it is; Last but not least, I’d like to give special thanks to the outgoing company members who felt it was time to move on around the time the sale was announced – those within the company and longstanding customers who’ve been around since inception in 2016 fully recognise the positive things they did to save the pub, get it trading successfully, and to manage the behind-the-scenes administration of the company thereafter, while dealing with day jobs; their contributions should not be overlooked. As to specific events held during this 12-month period, these intensified during the last half of 2023, relying on the previously-tried-and-tested formulae which had served the business and community so well in the preceding year. For example, the GM turned our popular ‘Garioke’ nights – previously a once-a-quarter occasion – into a monthly fixture during the summer of ’23, which delivered considerable additional takings while being put on at a minimal cost, with savings on hiring an external curator of the music made through our young regulars putting it on themselves using YouTube and our large TV screen. Singalongs are not everyone’s cup of tea, but they’ve proved successful enough to justify the return of monthly events during Spring/Summer ’24, and for those not participating, there was plenty of other activities to get involved with! Brewery visits also continued in 2023, including a very enjoyable outing to Titsey Brewery near Warlingham in August. A team of responsible drinkers from the Gari hit the road – courtesy once again of driver Annie Clark and one of the Reigate School buses – to check out the brand-new brewery site, which was very impressive, and sample some of their wares in situ. We’ve always supported them on-and-off over the years, but after trying the improved beers at the brewery, we resolved to redouble our efforts to ensure Titsey are a regular feature on our cask pumps. This is just one example of how direct ‘outreach’ with local producers really does develop and improve business relations to the mutual benefit of both parties Turning once again to our exterior, the pub proudly entered the ‘Best Surrey Gardens’ competition in August 2023, and only missed the top spot by a narrow margin of votes! Still, there is no shame about coming in second place, and this really did reflect the ongoing care and love our garden receives from our dedicated team of local volunteers. In further garden developments, one of our former directors met with a representative from Govia (the local train provider) who advised they were creating a new community project around Earlswood Station, known as ‘Station Roots’. This is a people-led community gardening and food growing project that aims to improve the social and physical fabric of the community by weaving together different and diverse projects, co-produced by local people and groups, while being inclusive of specific needs. Happily, one of five sub-projects linked to this included development of our garden, as the local community pub, and this led to a grant of £2,000, which was all spent without further ado on an array of garden infrastructural and maintenance equipment – another great organic link-up with our local area for its greater good. As always, 17th August saw us celebrate our birthday – six years of solid trading having begun with very little really is an achievement, and local people turned out in recognition of this. Although in some respects the FOTG couldn’t quite believe it’d been six years since we opened our front doors as a community pub, there were reflections on just how many events and changes there’d been in the wider world during that time, and that most had presented more difficulty and challenge to the pub industry rather than less. Once again there was considerable thankfulness for the careful steerage of those on the CIC and front-of-house who weathered these storms and managed to steer a steady ship throughout. On the maintenance/property side of things, September 2023 saw a timely installation of new sustainable, durable furniture at the front of the pub, only made possible through donations both from national financial advice company St James Place, and our main drinks supplier, Molson Coors, who have been consistently supportive of our efforts since we began (the large television they installed at the bottom of our garden for the World Cup in ’22 continued to reap rewards – at least when the weather was clement enough to enable it!). We pride ourselves on always majoring on good beer at the Gari, and sure enough, a exciting rolling roster of cask ales were featured throughout the period, with four pumps regularly occupied, often rising to a fifth. Local, regional and national brands have featured. Two festivals to showcase this crucial element of our operation were held during the year – ‘Ale 4 Aid’ in October (a partnership with local charity which raised much-needed funds) and our own ‘Winter’ festival held in November (all organised by our GM and 14 different beers on offer). Additionally, the GM installed additional keg lines, allowing provision of more ‘craft’ beer options alongside the regular mainstream brands. These have proven very popular and custom for our keg offerings now rivals that for our cask. We are still able to offer all beers at competitive price points, with most cask still being under £5 a pint, and under £6 for keg. On the subject of fundraising, we continued to organise and host events that supported many local and national causes. December 2023 saw a review of donations made that calendar year, and it amounted to several thousand pounds, which was spread across the following: Age Concern Redhill Food Bank Smile I Choose Freedom St Catherine’s Hospice Surrey Choices Christmas ’23 saw us re-run our successful markets in our wooden huts adjacent to the pub. More local crafters got a much-needed opportunity to physically demonstrate their various wares, and raise both awareness of their business and some extra revenue from sales. Another way in which we support others, and they in return support us. The first highlight of the new year 2024 was the annual Burns Night supper in January, which featured some sumptuous Scottish savouries and the inimitable address to the haggis from our local Scot, George Henderson. A great way to punctuate what was a very wet winter, sadly not eased by the arrival of spring. March saw our ‘house band’ 3 Times 7 launch a new single and they made what must by now be their tenth performance at our pub to mark this occasion. Live music continued to be a thriving source of revenue and entertainment at The Gari throughout, and we’re now comfortably established as a go-to mainstay of live performances locally. As indicated in the last report, there are also a set of regular events which continue to be run throughout the year which help to draw more custom and drive up trade, especially in the more challenging market seen since the start of ’24. These expanded in late ’23 to include two new clubs, as detailed below: Quiz night – every alternate Thursday (run jointly by two local quizmaster customers). ‘Music bingo’ night – every alternate Thursday (again run courtesy of one of our longstanding locals using their own software and equipment). ‘Forces fry-up’ – every third Saturday in the month (a GM initiative that honours and serves local people with a Forces connection past or present by serving up a full fried breakfast along with tea or coffee – still as well-attended and one of our genuinely original offers to our community which as yet hasn’t been matched anywhere else). Live music night – a range of local acts, including our ‘house’ band 3Times7, performed either inside or out depending on the season. ‘Gari-oke’ night – monthly, self-curated using YouTube and our big screen facilities. Book club – every four Wednesdays (very successfully spearheaded and run by local customer Sarah Burgess). Golf society – every few months on a Saturday (organised by local customer Tabitha Knight, for whom the pub is close to her heart as she grew up there in the 2000s/’10s while her mother and stepfather ran it). Last but far from least, an update should be given here as to the position with our buy-out of the pub, following the decision taken by our landlord Chris to sell the freehold in early April. The CIC reacted swiftly and determinedly to this news, which coincided with a number of resignations from the company, creating a timely opportunity for new blood to be brought in that could not only bring new energy and ideas to help get us through the purchase process, but also a stronger, wider group who could readily grip the everyday running of the company/business, alongside the GM and her team, who have remained staffed as they were at the time of the last annual report. Happily, some seven local people stood up to take vital directorship roles on the CIC committee, which were quickly divided up according to relevant past experience and present enthusiasm. These seven are also keenly supported by a wider number of committee members, who meet regularly not only to oversee the pub’s purchase but to decide any other executive matters needing attention. In just six weeks, directors were able to negotiate a suitable package from a variety of sources that will enable the CIC to buy the freehold – we are grateful to our landlord for giving us sufficient opportunity to make these arrangements at short notice – and we’re confident that this will allow us to secure the pub’s future as a community hub for years to come, and prevent the premises from falling into uncertain or unfavourable ownership which may ultimately mean the usage of the property is altered to the detriment of the local community. As of June 2024, the process was being somewhat delayed as the portion of funding to be derived from a government grant was placed on hold pending the General Election held on 4th July. While there was a change in administration, there’s no expectation that such funding will cease to be made available, and so we await further updates as and when the new incumbents get around to considering the scheme. Besides purchase funds, directors and the GM were also keen to begin planning for future investment back into the business following a buy-out. To this end, an online crowdfunder was started in May, with an open-ended target that is intended to assist us in future. Our community responded positively to this initiative, and as of the close of this reporting period, around £8,000 had been pledged by around 60 supporters in just over 40 days of opening. We hope this will steadily increase over time and stand us in better stead following completion of the purchase to develop and grow the business. Finally, in addition to the main focus since April which has necessarily been the buy-out, directors have already begun making much-needed improvements to existing features and functionality – a prime example is the expansion, updating and general revamp of our website, now a more reliable means through which people can access pub information, even down to exactly which beers are presently being poured! We hope this is just to start of a real renaissance in our offer, and that more enhancements will come on board in the coming year. We look forward to reporting on these in 12 months’ time.

Consultation with stakeholders

The company's stakeholders are the residents and visitors to the local area, local community groups suppliers and the pub's patrons. The directors have all lived in the area for at least 20 years, and have strong ties to the pub and local area. We have sought to run the business based on the views of existing and new customers, our members, and the wider community. We chose to become a CIC with a large membership to allow more individuals to join the company, ensuring the community could be involved as much as possible. Our members are all from the local community and we have sought to increase our numbers to ensure that a diverse range of views, experiences and needs are represented. We hold quarterly members meetings which allow us to seek input into decision making and listen to views on how the business is running, as well as the services it should provide. Together, we agree the company's current priorities and longer-term aspirations. We also update on the work that has been done and how the business is progressing; new people are always welcome to attend, and all views are welcomed. We continue to have a mixture of meeting formats, as outlined in last year's report, so our meetings appeal to a wider variety of people. We still hold formal meetings, but alternate them with social mixers in the evenings to try and include all individuals that would like to get involved. This still allows us to share information and seek community views, but in a more informal setting. It also helps attract interest from other customers, and sign-up sheets allow people to volunteer to get involved. We also have a suggestion box to give us access to our wider stakeholders, allowing patrons to provide their views on all aspects of the business and what they would like from it. We have also continued to increase our online and social media presence, with our website, WhatsApp group, Twitter and Facebook pages. This allows us to reach more of our stakeholders and to keep them updated with our plans. We have listened to feedback and striven to support all members of our community. We have also continued to engage with other community groups to understand how we can best support them. This also allows us to improve our knowledge of how to run a successful community venture, the opportunities that are available to us, and how we can best support our community.

Directors' remuneration

One Director has been paid £405.00 gross in respect of payroll and accounts payable/receivable work only

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
7 October 2024

And signed on behalf of the board by:
Name: Juliet Whitmore
Status: Director