At the half yearly meeting on 25th September 2009, the directors submitted a report to the members for the 26 weeks ending 11 July 2009.  This page is a summary of this report; for the full directors report, please contact the Secretary.

In brief, the meeting:

• Approved the Summary Report and Cash Statement
• Agreed a dividend rate of 1%
• Approved appointments to the board made under Rule 63

The meeting noted that John Tompkins (Chief Executive Officer) was no longer with the society.

Dividends will be paid on Monday 28th September 2009 and Tuesday 29th September 2009.

Turnover

Cash sales, excluding VAT, for the period to 11 July 2009 were £7,019,881.19, an increase of £550,594 (ie 8.5%) over the corresponding period a year ago.

Membership

During the period, 285 Members joined the Society and current membership stands at 24,704.

Members' Benefits and Share Capital

The share capital currently standing to the credit of members as at July 11th 2009 was £775,291. During the half-year there were 12 claims for death benefit amounting to £1446.44.

Internal Controls

In the opinion of the directors, the Society's system of internal control is adequate to enable the directors to discharge their responsibilities with regard to the stewardship of the Society's assets and control of its activities.