Purpose

Background Information
 
The LLP’s
principal activity is that of property development through the
regeneration of the Cambridge Road Estate in Kingston upon
Thames.
 
The LLP is a joint
venture between Countryside Properties (UK) Limited and The Mayor
and Burgesses of the Royal Borough of
Kingston-upon-Thames.
 
The annual accounts
for the LLP require approval from the Place Committee as per the
delegations agreed in February 2022. These state that in respect of
CRE LLP, Place Committee is responsible for approval of statutory
accounts and appointment of auditors.
 
The accounts show
that the LLP’s loss for the financial year was £174k
(2022: £387k), which has been deducted from reserves. The net
liabilities attributable to members as at 30 September 2023 was
£939k (2022: £765k).
 
The accounts have
been reviewed both by the relevant RBK finance officers and the
LLP’s external auditors, PWC, who have confirmed
that:
‘In our opinion, Cambridge Road (RBK)
LLP’s financial statements give a true and fair view of the
state of the LLP’s affairs as at 30 September 2023 and of its
loss for the year then ended.’
 
Reason for Urgency
 
Authority to approve
the Joint Venture (JV) accounts is currently assigned to the Place
Committee, but the accounts have to be filed with Companies House
no later than 30 June 2024 and Committee dates and call in
period mean that achieving this timeline would be put at risk.
Missing that deadline could incur penalties. 
 
It will be proposed
to the next meeting of the Place Committee that this approval is
delegated to the Council's S151 officer in the future, but an
urgent decision will be needed for this year. 
 

Content

Cambridge Road (RBK)
LLP audited annual accounts for the year ended 30 September
2023 be approved.