At the AGM on 24 April 2009, the directors submitted a report with financial statements of the company for the 52 weeks ending 10 January 2009.  This page is a summary of this report; for a Summary Report and Financial Statements and Full Report and Financial Statements, please contact the Secretary.

In brief, the AGM:

• Approved the Summary Annual Report
• Agreed a dividend rate of 1%
• Agreed to receive nominations for the 2009 election of Directors until 18/5/2009.

The summary report starts with a reminder of our Co-operative values, ethics, principles and employee involvement.

The year has seen great changes within our Stores, with the Penrith store refurbishment largely complete.  Our Branch stores continue to perform well with increases in trade seen in most places, particularly Keswick, Shap, Lazonby and Stanhope.

Turnover

The total gross turnover for the period under review from all retail outlets amounted to £14,539,905.  This represents an overall increase amounting to £1,265,646.

Membership

During the year there has been a net increase of 277 members.  The number of members at the end of the year was 24,419.

Trading Results

The trading surplus after providing for depreciation and other expenses amounted to £39,442, an increase of £261,146.  Dividends of £46,815 have been distributed during the year.  This leaves a net defecit of £38,911 after dividends, other distributions and taxation.

Members' Benefits and Share Capital

The share capital of the Society stands at £808,734 (2008: £802,811).  The interest paid on share capital during the year amounted to £21,229.  The death benefit scheme provided free by the Society paid claims during the year amounting to £2,917, bring the total claims paid to £131,730.

Charitable Contributions

Donations totalling £458 have been made during the year.  A further three £100 donations were agreed, but only paid after the year end.

A total of £1,578 has been received to enable us to make donations to good causes.  Any surplus will be carried over to next year for futher distribution.

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.  Ongoing training for both staff and directors is playing an important part in ensuring the future stability and economic security of the Society's affairs and will continue.

Management and Staff

Once again, the Board would like to thank management and staff for their continued hard work during the year, in particular those involved in completing the store ready for customers and Members in Penrith to continue shopping with us.