Present – Keith Ardron, Dennis Barnsley, Julie Berry, Stephen Berry, Beryl Berry, David Charman, Joan Charman, Anna Cheeseman, Nigel Cooper, Mark Crowther, Philippa Crowther, Mark Donaldson, Michael Drake, Alan Faulkner, Linda Faulkner, Martin Grainger, Robert Hannis, Mark Harwood, Gill Hopkins, Jacqueline John, Gary John, Norma Kay, Richard Overs, Hugh Padgham, Matt Prentice, Rosemary Preston, Carrie Rodgers, Brian Regan, Jane Shepherd, Dave Tibbles, Carol Tringham, Richard Tyson, Mark Whittaker.
Apologies – Chris Collier, Cath Kidston, Louis Samuel, David Garratt, Robert Dixon, Hazel Roberts, Graham Poolton, Mel Poolton, Phil Stick, Rupert Chesmore, Liza Darroch, Simon Cooper, Thomas Cooper, Martin Kay, Peter Elliott, Zandra Prentice.
- Mark Donaldson opened the meeting and introduced the committee.
- Carrie Rodgers summarised the shareholder survey feedback (slides reissued with these minutes to all shareholders).
- Mark Donaldson read his Chair’s report:
We are all here today for the Annual Member Meeting, differs from and AGM in that it’s less formal a broader meeting to update you, the membership, on the previous year’s progress and challenges and allow engagement and feedback. That last point is very important; we represent you the shareholder members and we can only improve if we are aware of our strengths and challenges that we face.
So, what have we been up to in the last year? Two years ago, Mark Harwood stood here and told us a how a key element of the tenant relationship that Plunkett have strongly underlined to us is that tenanted community pubs tend to work better where the Management Committee is relatively hands off. Give support without micromanaging. And that’s exactly what we have done in the last 12 months, eyes on but hands off. We meet with TWP quarterly and each meeting has a theme. We talk about how items such how the building is performing, what might need work or attention in the future, we receive a set of management accounts from their side so we can build up a picture of the pub performs throughout the seasons and years. We also discuss the community aspect and one of our aims which is to ensure the Black Horse is more than just a pub.
We know some you feel more could be done to engage the immediate community. In preparing for today I looked back at the minutes of all the previous committee meetings, and every set of minutes includes discussion points around what more can be done. That balance — between a vibrant community pub and a sustainable business — has been at the heart of our work. We’ve listened, shared feedback, and championed ideas, while ensuring TWP have the freedom to make the pub their own.
Highlights of the Year
A typical Sunday lunch at the Black Horse will serve well over 100 meals – back the levels David and Julie worked at. The car park is often full on a Sunday with people willing to drive past other renowned local pubs such as the Woolpack or Green Dragon and even the Toby Carvery to enjoy the food. There is absolutely nothing wrong with the Toby Carvery at that price point, but the point is every pub must find its niche if it is to survive. Being average doesn’t work.
Another surprise to TWP is the wet sales – drink – Cranham has proven once again to be a thirsty village, and Sunday’s evenings are often busier than a Saturday night with locals which is great to see. The pop-up bakeries are a great success. I don’t know of any to her pub that freshly bakes on site such a wide variety of items in this way. The level of variety on offer may have come to an end with Jack the chef moving on recently, but I have been assured by TWP that there is strong desire to continue with a similar offering. Earlier this year we launched our website theblackhorsecranham.co.uk. We realised that whilst TWP have their own website for menus and opening times, but we needed one to represents The Friends of the Black Horse, it contains a section on the history of the pub, the process when went through in obtaining the pub and will be somewhere where minutes from our meetings can be made available.
What about the future
I spoke last year about building up the cash reserves for works such as roofs repairs and Anna will demonstrate that we intend to retain a portion of the income for this. We have a few minor items that need our attention around the pub but long term we need to have a clear vision for the application of profits. Our vision and purpose as a Community Benefit Society is bigger than just keeping the doors open. That can be material improvements to the pub but can also be social impact. How can we use our position to improve the community in Cranham? Whether it’s enhancing the building, expanding community events, or supporting local initiatives, this is your chance to help shape the next chapter. We are open to suggestions, and this is something we are going to be discussing at our next committee meeting so please speak with one of us if you have any ideas of suggestions.
A final point, committee members serve a three year term and in September 2026, 6 of the current committee position will be up for election. Of course the current committee can stand again If you feel you could add something, please consider putting yourself forward.
Thank you to other committee members for their time given over the last year and finally to the you members for your commitment and support. Thank you.
- Matt Prentice read the report from the tenants:
We’d like to begin with a huge thank you for your support over the past year. It’s been a whirlwind (in the best way!), and we’ve grown so much since those first few weeks. Some of the highlights have really meant a lot — raising funds for the Feast and Cranham School, celebrating our first anniversary with many of you back in May, and sharing special moments together at our community nights and bakery mornings. Seeing the pub not just busy, but a place where the community truly comes together, has been incredibly rewarding for all of us.
We’re always growing and learning, and hearing such positive feedback from the survey has been hugely encouraging. It means a lot to us to know that, in addition to how busy we are, you — the community — feel happy with your pub.
Of course, we saw in the survey there are a few areas that can be improved. Some of your suggestions are things we’re already thinking on, and some we hadn’t fully considered before. Together with the committee, we’re keen to make improvements — especially around the outside seating and making the upstairs dining area more welcoming and warmer which we look forward to working on throughout the winter.
We remain committed to making our pub a warm, welcoming, and financially sustainable place that serves the community well.
- Anna presented the Finance Report
Overview:
When we met this time last year we presented a high level overview of the cash position from inception of Friends of the Black Horse Cranham Limited to the AMM date. At that time the financial accounts for the year ended 31 March 2024 were being independently reviewed. They were subsequently filed with the FCA in October 2024 in line with reporting deadlines.
Whilst the accounts are publicly available on the FCA website, in line with our reporting obligations to our members, we present the following information:
1) Financial Accounts for the year ended 31 March 2024
2) Income and expenditure summary for the year ended 31 March 2025
3) Cash position as at 31 August 2025
Although the accounts are available publicly, the information is limited. Some of the information I am sharing with you today is commercially sensitive but necessary to give you a good overview of the performance of the society. Please treat this information as confidential.
1) FINANCIAL ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024:
The accounts that are submitted to the FCA are the accounts of the Friends of the Black Horse Cranham Limited, which incorporates the members investment, the grant funding received and shows how this money has been invested. It also reflects the commercial agreement with the Waypoint in respect of the lease of the Black Horse.
Statement of Comprehensive Income (slide 2)
Turnover for the year to 31/3/24 is negligible. Rental income from the lease agreement with the Waypoint was not charged until April 2025 when the Black Horse officially started trading and the lease became effective.
Administrative costs of £9,091 relate to legal fees, heat, light and power and insurance costs incurred during the renovation period.
Other income of £57,204 represents the COF grant income. The original grant received was £300,000 of which £250,000 was a capital grant (to be used for buying, building and improving the asset) and £50,000 revenue grant (used for operating and running the renovation project). The accounting treatment of the two elements is different. The revenue element is recognised as income as it is spent: in this particular year the majority of that revenue funding was spent and this therefore represents approx. £44,000 of the £57,204. The remaining income recognised here relates to the capital element. As a management committee we have an obligation to comply with the fund rules; failure to comply could result in the government recalling that money. The grant is therefore recognised as a liability and released to income over the 7 year potential recall period. This makes up the majority of the other income in the year.
Overall the accounts show an operating profit for the year ended 31 March 2024 of £48,109.
From a tax perspective we have a tax loss which means there is no tax to pay in this financial year. We will also carry forward tax losses into future years which can then be used to offset against future taxable profits. We should therefore not have tax to pay on profits for the immediate future.
Statement of Financial Position (Slide 3)
Intangible assets of £23,855 represent goodwill on acquisition of The Black Horse
Tangible Assets of £465,643 represent the cost of acquiring the building plus any capital expenditure involved in renovating the pub (funded by shareholders investments and grant funding).
Debtors primarily represents recoverable VAT (received April 2025). The Society is vat registered which means we have been able to recover any VAT incurred on the renovation project.
Cash at bank at 31 March 2024 was £47,112. The evolution of this cash position is shown in later slides.
In terms of liabilities, creditors of £246,187 largely comprise the COF grant. This liability will reduce over the next 7 years (potential recall period) as it is recognised in income.
Capital and reserves represent the members investment plus the profit for the first year. Given early stages of trading, our recommendation is to retain profit in the business and build cash reserves for potential reinvestment in the building, repairs and maintenance commitments etc.
2) INCOME AND EXPENDITURE SUMMARY FOR THE YEAR ENDED 31 MARCH 2025 (Slide 4)
Accounts for the y/e 31/3/25 are being prepared and will be published with the FCA by the end of October 2025. A summary of the cash position for the year is shown in slide 4:
Opening bank balance of £47,112
Cash receipts during the year totalled £34,406, of which £26,329 related to VAT recovered mainly on the improvement works. We issued further member shares of £550 and grant income and donations amounted to £1,950.
Rental income was effective from end of April 2025 when the pub started official trading and during the year we received cash of £5,577 relating to rent invoices. Further amounts relating to the year ended 31 March 2025 were received in the following financial year (see slide 5)
Expenditure for the year ended 31 March 2025 totalled £68,512. A breakdown of the spend is shown in the attached slides. The majority of this spend related to further building refurbishment costs.
The closing cash position at 31 March 2025 was £13,006
3) CASH POSITION AS AT 31 AUGUST 2025
The cash position from 31 March 2025 is shown in slide 5 as follows:
Post year end we received £18,612 (inclusive of VAT) relating to the turnover rent clause within the lease. In addition to the quarterly rent, the lease allows us to recover a proportion of the tenant’s turnover from pub sales and letting rent above a certain bar. The amount we can recover is capped but increases with inflation each year. For the first year of pub trading we recovered the maximum amount of £15,510 plus VAT.
In addition we received £3,685 from rent invoices and £1,088 insurance recharge.
Cash out to date is £4,497 of which the majority is VAT due on rent and turnover income
The current bank position at 31 August 2025 is £31,894. We have annual commitments of approx. £2300 relating to professional fees, licence etc. A small proportion of this money has been ringfenced for some maintenance work but our ability to do anything significant in the short to medium term is dependent on further investment through shares and potential grants and through building up cash reserves from rental income.
Questions on the Financial Statement;
A shareholder asked about the rent that The Waypoint are paying. AC confirmed that the maximum we can take in rental income is £21K plus inflation which comprises £6K base rent plus £15K linked to turnover.
There was a reflection that the rental income seems very low and how long the lease will run to. MD confirmed that it ran to 4 December 2028 with break clause which can be initiated by The Waypoint on XX/XXXX. MD confirmed that when the lease agreement was established the committee took advice from Plunkett on ensuring a balance between being fair to us as a community but attractive to the tenant.
AC confirmed that annual compliance fees totalled £2300 – accountancy fees, licence fees, H&S fees.
Question on the performance of the AirBNB. MD confirmed that anecdotally going well.
- The shareholders unanimously voted on both resolutions:
- To reappoint David Cadwallader and Co. Ltd as the Society’s Independent Reviewer of accounts
- 2 To disapply Section 83 of the Co-operative and Community Benefit Societies Act 2014 (default requirement to conduct a full audit) and commission an independent accountant’s report.
- Open Discussion
A shareholder highlighted that they had seen rats under the wheely bins in the car park. The committee committed to feeding this back to TWP for better management but confirmed that a new bin requested by the Waypoint from Smiths.
A shareholder raised that the statement from the tenant was somewhat bland and not specific. Communications re. Community night noted as an opportunity for improvement which should be fed back to TWP specifically as recognise it’s in their interests to advertise more specifically. MD agreed. Tania has left as manager who previously did the pub’s social media and Joey and Karina will take this on board. Suggestion from a shareholder that this should be advertised in the magazine/noticeboard which the Committee will feed back to TWP.
A shareholder requested more communication on staff changes – welcoming new starters etc. MD agreed to feedback.
A shareholder enquired if there were any specifics in the tenancy agreement re. community engagement. No specifics in the agreement with them and we can’t dictate to them to how to do.
A shareholder highlighted that the shareholders survey only solicited a 28% response rate. Lots of praise. Minority feedback to be taken into account and balance to be struck between community aspects of the pub. Reflect that we may not have had a pub and we’ve come a long way and the tenants have done a lot.
A shareholder highlighted that in the food is pretty expensive and whether there’s an opportunity for more of a pub grub menu? MD confirmed that this has been fed back to TWP for consideration.
A shareholder raised that they felt that The Waypoint should be here – to demonstrate that they are interested in the Community’s opinions? MD accepts that and will feedback but the tenants should be given space to reflect on their satisfaction with the tenancy as well.
A shareholder fed back their reflections on the pricing and felt it’s reflective of the pricing in the area.
A shareholder suggested bringing in outside caterers to give the kitchen a break e.g. for community evenings. MD confirmed that this would be passed on.
A shareholder reflected that given the preferential rental rate should indicate that they could do more for the community. Tenancy model is unique so some adjustment at some point might be helpful. MD reflected that a tighter menu is probably necessary.
A shareholder reflected that the Black Horse is the only pub without Gordon’s gin. CR confirmed that this is due to there being no space on the shelf and a locally sourced strategy. MD confirmed that if shareholders asked the tenants directly for what they wanted they would likely provide it.
A shareholder suggested that there should be more pricing visibility. MD confirmed that this would be fed back to the tenant as well as staff training to ensure consistency of charging.
MD confirmed to the shareholders that the Community Ownership fund has been fully abolished and that the FOTBH were extremely lucky to get that over the line.
A shareholder asked whether a disabled car parking space closer to the pub? MD confirmed that this would have to be considered in the round re. access to the pub and the car park issues. Drop off outside the only real solution at this point.
A shareholder asked how many community owned pubs closed last year? MD confiemd that we will find out.
A shareholder reflected that shareholders shouldn’t be made to feel guilty to providing the feedback to the Waypoint. MD encouraged shareholders to do this whenever they had feedback and the tenant would welcome any comments. A shareholder suggested that name badges for staff might be useful so shareholders know who to feed back to. MD confirmed that the committee will feedback.
MD confirmed that the share offer is still open and that the committee will communicate this more widely. The committee are also looking at grants to address specific issues.
A shareholder asked what capital projects the committee were considering. MD confirmed that we were keeping an eye on the roof. Enclosure above the back stairs to be recladded and weatherproofed. Repointing outside the building – need to get on with this probably in phases.
A shareholder raised the driving of the staff through the village. MD confirmed this would to be fed back.
A shareholder asked about reinstatement of bar stools. MD has confirmed that this has been fed back.
A shareholder confirmed that in their overall opinion TWP were doing a good job and all the shareholders want them to succeed but these are small tweaks.
MD confirmed that community nights will continue.
- AOB
A shareholder said thank you to the committee for all their hard work.
Meeting concluded 12.20pm