At the AGM on 15 April 2011, the directors submitted a report with financial statements of the company for the 52 weeks ending 8 January 2011.  This page is a summary of this report; here is the full Report of the Directors and Financial Statements for the year ended 08 January 2011.

In brief, the AGM and subsequent SGM:

• Approved the Summary Annual Report
• Agreed a dividend rate of 1.5% for the second half of 2010
• Approved the draft new rules for the Society

Completed nomination forms for appointments to the board of directors must be received by 1st July 2011.

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

"We report that the Society has fared well considering the financial turmoil that has beset the world economy and which did not leave the UK untouched."

"We recognise the challenges that will be forthcoming this year with economic climate and the restrictions on members disposable income and would like to assure members that the society will endeavour to maintain the value and quality of products on offer at all times."

Mr John Mills stated the Society expected to have funds available to refurbish the Keswick Co-op Supermarket during early 2012.

The board would like to recognise the contribution made by Mr Ivan Jones who retired as a director in the current period after many years of loyal service both to the Society and the wider Co-operative members.

Christine McDonald was thanked and it was noted that she had retired from the board of directors.

Turnover

The total gross turnover for the period under review from all retail outlets amounted to £16,792,343.  This represents an overall increase amounting to £1,172,707 (7.5%).

Membership

During the year there has been a net increase of 329 members.  The number of members at the end of the year was 25,135.

Trading Results

The trading surplus after providing for depreciation and other expenses amounted to £299,562, an increase of £18,182 compared to the 2010 results. Dividends of £80,010 have been distributed during the year. This leaves a net profit of £1 after dividends, other distributions and taxation.  It should be noted that during the year, several one off charges have had a detrimental effect on the results.  There was a charge of £207,632 which was the society's share of the integration costs for the Somerfield group into the CRTG buying group, which is hoped will be offset in future by better trading terms.

Members' Benefits and Share Capital

The share capital of the Society stands at £836,110. The interest paid on share capital during the year amounted to £6,696. The death benefit scheme provided free by the Society paid claims during the year amounting to £1,381, bringing the total claims paid to date to £135,838.

Charitable Contributions

Several donations have been made during the year.  A total of £1,000 was received from CRTG to enable us to make donations to good causes.

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 commitment and hard work during the year.

Special General Meeting

At the Special General Meeting, the members present voted unanimously in favour of adopting the new Society Rules. These need to be ratified by the Financial Services Authority before they are adopted.