At the AGM on 23 April 2010, the directors submitted a report with financial statements of the company for the 52 weeks ending 9 January 2010.  This page is a summary of this report; here is the full Report of the Directors and Financial Statements for the year ended 09 January 2010.

In brief, the AGM:

• Approved the Summary Annual Report
• Agreed an increased dividend rate of 1.5%

New appointments have strengthened the senior management team.

The directors also announced that the whole 19 Burrowgate Penrith department store will now be open on Sundays from 9th May 2010.

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

"We are delighted to be able to report that the Society has fared extremely well considering the financial turmoil that has beset the world economy and which did not leave the UK untouched.

"Furthermore our stores, particularly those located in the country, have battled against the elements as well as the competition. We wish to place on record especial thanks to our Home Delivery colleagues who went to extreme lengths, working long hours and walking through deep drifts, to ensure that during the snow and floods our customers received their goods: this when some competitors withdrew delivery services for up to three days at a time! "

Turnover

The total gross turnover for the period under review from all retail outlets amounted to £15,619,636.  This represents an overall increase amounting to £1,079,731.

Membership

During the year there has been a net increase of 387 members.  The number of members at the end of the year was 24,806.

Trading Results

The trading surplus after providing for depreciation and other expenses amounted to £291,857, an increase of £305,332 compared to the restated 2009 results. Dividends of £47,278 have been distributed during the year. This leaves a net surplus of £826,928 after dividends, other distributions and taxation.

Members' Benefits and Share Capital

The share capital of the Society stands at £819,024. The interest paid on share capital during the year amounted to £9,060 The death benefit scheme provided free by the Society paid claims during the year amounting to £2,727, bringing the total claims paid to date to £134,457.

Charitable Contributions

Donations totalling £1,501 have been made during the year.  A total of £1,000 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 commitment and hard work during the year. Special thanks go to the staff at Hall Bank Gate for winning through to the finals of the best village store and Post office competition for the second time.