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Annual Report 2020 Download Annual Report & Financial Accounts for year ended 25 January 2020 Turnover Trading profit Net assets up £7m to up £0.3m to up £2m to £385m £5.6m £105m 1,154 good cause Celebrated our £325k raised for our groups benefitted 160th Anniversary, charity of the year from Scotmid culminating in a partners 2018-19 Community Grants Guinness World Record CONTENTS Board Directors & Management Executive 2 Directors’ Report 3-17 Group Five Year Summary 18-19 Statement of Directors’ Responsibilities 20 Governance Report 21-25 Corporate Social Responsibility 26-28 Independent Auditor's Report 29-30 Statement of Accounting Policies 31-33 Group Profit and Loss Account 34 Group Statement of Comprehensive Income 35 Group Balance Sheet 36 Group Statement of Changes in Shareholders Funds 37 Group Cash Flow Statement 38 Notes to the Group Accounts 39-53 Board & Regional Committee Members 54-55 Advisors and Registered Office Independent Auditor KPMG LLP Bankers HSBC UK Bank plc Solicitors Anderson Strathern WS Registered Office Hillwood House, 2 Harvest Drive, Newbridge, EH28 8QJ Society Registration Number SP2059RS Annual Report 2020 Scottish Midland Co-operative Society Limited 1 Board Directors & Management Executive Board of Directors Harry Cairney Sheila Downie Iain Gilchrist Kaye Harmon Richard McCready President Jim Watson John Miller David Paterson Michael Ross Andy Simm Vice President Grace Smallman Eddie Thorn Alexandra Williamson For Board and Committee attendance see pages 54-55. Management Executive John Brodie John Dalley Stewart Dobbie Maurissa Fergusson Steve McDonald Chief Executive Officer Chief Financial Officer Head of Innovation Head of Property & Head of People & & Secretary & Change Facilities Performance Annual Report 2020 2 Scottish Midland Co-operative Society Limited Directors’ Report OVERVIEW The Society were delighted to achieve the Guinness World Record for largest ever Burns Supper The Directors are pleased to present their report for community groups, and a further £150,000 was the financial year ended 25 January 2020. awarded to 18 groups via our Community Connect In a year dominated by Brexit uncertainty, Scotmid scheme. The Society also supported a range of larger delivered positive growth with a trading profit of £5.6m projects including the Upstream Battle campaign by compared to £5.3m last year. This performance was Keep Scotland Beautiful. We finished the celebration underpinned by strong sales growth with turnover of year with our world record breaking Burns Supper. This £385m, an increase of £7m on the last year. It very is was a fitting way to celebrate 160 years of co-operation pleasing that the Society can celebrate these positive with our Members, colleagues, suppliers, advisers and results in our 160th anniversary year given the very friends, who are now all world record breakers! unfavourable market background especially for our Last year-end we highlighted the cumulative burden of retail businesses. The Society strengthened its financial costs and the need to focus on innovation, effective position further with net assets at a record level of investment and tight control of costs to continue to £105m. make progress in the unforgiving and uncertain retail Food convenience faced significant cost increases market. Once again the Society has delivered despite but delivered consistently strong like-for-like sales the Brexit saga and another challenging year for underpinned by range improvements and innovation. retailers generally. We innovate and lead the way in The background market conditions for Semichem food-to-go convenience retailing and our co-operative continued to be poor, particularly in Northern Ireland, buying group has provided positive support and range but actions taken helped to deliver an underlying development in the year. We continued to drive an result ahead of last year. The funeral business had a effective investment strategy with strong cost control challenging first half but recovered to finish strongly. underpinning the overall Society result. Scotmid can Scotmid Property delivered good growth in rental therefore reflect on a positive 160th anniversary year income together with a positive asset valuation, but be mindful of the ever-growing cost challenge reflecting the strength of the Edinburgh residential and the uncertainty around global events, particularly property market. the COVID-19 pandemic. In the short-term, we must manage the significant issues arising from the Our co-operative and community development activity virus outbreak but it is the continuous improvement in the year was focused on celebrating 160 years philosophy and our core purpose (to serve our as a successful and thriving co-operative business. communities and improve people's everyday lives) that We invested a record £160,000 in our Member led will continue to be our guide for the future. Community Grant Scheme, which supports local Annual Report 2020 Scottish Midland Co-operative Society Limited 3 Directors’ Report FOOD RETAIL Scotmid's food convenience stores had a strong sales The programme of store investment continued with a performance in the year with like-for-like sales growth number of refurbishments completed, including sites in well ahead of the Scottish market. This was achieved Uddingston, Inverness and Inverkeithing. The store refit in a year dominated by Brexit uncertainty and without programme featured new improved environmentally the benefit of the exceptional summer that boosted friendly fridges, food-to-go equipment and the new our sales in 2018. The sales growth was driven by an Scotmid Coop branding. We also acquired and refitted ongoing programme of range improvements including a new store in Coatbridge. Food-to-go infrastructure the further development of our market leading food-to- spend included “food on the move” units, digital screens, go convenience offer. We also benefitted from positive high volume ovens and upgraded coffee machines. improvements in the co-operative buying group’s Two joint food store and property investment projects range supplemented by local products for the benefit commenced at Leven Street (Edinburgh) and Bo'ness. of our communities. The costs of trading continued to Temporary arrangements have been made at both sites rise including employment costs, distribution charges to help minimise the impact on our customers during and increased waste packaging levies. construction. Annual Report 2020 4 Scottish Midland Co-operative Society Limited Above left: The Our 160th anniversary was another year of packaging use. In addition, a trial of the new food store at innovation and continuous improvement “Snappy Shopper” home delivery service Coatbridge. to drive the food convenience business was launched in two areas in West Lothian, Top right forward. Product development of the food- with plans to extend the trial further in 2020. and below right: to-go range in the year included "Wing & The implementation of central ordering for The refurbished Rib" bars, pizzas, burgers and self-serve all grocery and non-food lines was also food store at Glenurquhart, ice cream. Local range development completed, providing an improvement Inverness. continued with our existing suppliers and by in availability and consistency across our the introduction of new supplier products stores. (e.g. Social Bite sandwiches and Growers Overall, in Scotmid’s 160th anniversary Garden’s broccoli crisps), promoted year our food convenience business through our support of Scottish Food & delivered a very positive result to overcome Drink Fortnight. Working in partnership with the significant cost pressures and Brexit Greencity Wholefoods, Scotmid became uncertainty in a highly competitive market. the first sizeable retailer in Scotland to introduce self-service dispensers to reduce Annual Report 2020 Scottish Midland Co-operative Society Limited 5 The opening of the new trial store in Wishaw, which includedAnnual a new food-on- Report 2020 the-go section 6 Scottish Midland Co-operative Society Limited Directors’ Report SEMICHEM In the context of a brutal market for non- new flooring, improved lighting and new food retailers on the high street, Semichem fragrance counters. The Semichem central delivered an improved performance on last warehouse footprint was reduced to year and a substantially better performance improve productivity with space created than the market trend. The business worked for sublet. The frequency of store deliveries hard to manage the fine balance between was also rebased in-line with local demand driving sales and margin during the year, in and store stock room constraints. particular over the Christmas period with Range and promotional continuous sales coming very late this year. Semichem’s improvement activity also moved forward Scottish store sales were well ahead of the in the year. This included product Scottish Retail Consortium non-food like- innovation and successful first-to-market for-like performance but 2019 was another launches, working with new suppliers. New difficult year for our stores in Northern bundle deals were launched and the JML Ireland. The impact of Brexit uncertainty range extended to all stores. We continued appeared to have a magnified effect in to work with influencers with promotional Northern Ireland. Tight management of activity focused on the featured products the cost base and re-basing of the supply and matching this with new storage and chain were essential in the delivery of our lifestyle items. The appointment of a new year-end result. marketing agency has also helped to Work continued to develop and trial new develop new content and we re-balanced formats for the long-term sustainable marketing spend with more focus on future of the business with two more trial social and digital media to engage with our stores at Larkhall and Wishaw. These trials existing followers, attract new customers included the introduction of coffee & and drive footfall to our stores. snacking on the go and an increased range of food products. Some store upgrade works were also completed, including Annual Report 2020 Scottish Midland Co-operative Society Limited 7 Directors’ Report FUNERAL Scotmid Funeral Plans From £1,295 Pop in anytime to find out more.
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