ANNUAL REPORT AND ACCOUNTS 2019 devastating fire. The store which had been closed for several months reopened in September with help from pupils of the Fosseway School who were presented with a cheque for their PRESIDENT’S STATEMENT school for £250. Membership of the Society continues to expand as we open new stores in a wider trading area and attract new members through our existing stores. Total membership now stands at 16,493 Jeremy Fricker, President - at the year-end, an increase of 2,064 or 14% over the prior year. As a successful co-operative On behalf of the Board business, dividend paid out to our members amounted to £79,452 for the financial year. ...in February, the Society and Somerset Coalfield Life at Radstock Museum were delighted to welcome Her Royal Highness the Countess of Wessex on a visit With almost weekly reports in the media of store closures, business to celebrate the 150th anniversary of the Radstock Co-operative Society failures, job losses and the worst Christmas for 10 years, 2018 was a tough year for retail businesses. Radstock Co-operative Society, however, will record 2018, the Society’s 150th, as a momentous year. Our colleagues have again participated in Jo Kelly received the Gold Award for the various activities and events to raise money business & leisure category of the South In a year of many highlights three events Victorian former Market Hall. Her Royal for charities and good causes. Among the West In-Bloom competition for their particularly stand out. In May 2018 the Highness toured the Museum and met many events the Dorothy House collection at displays at RADCO. Timsbury & Fosseway stores raised £1,227 Society launched its 150th Year Anniversary children from local primary schools as they On behalf of your Board of Directors I would and Wear it Pink raised over £400. The Book “A short History of the Radstock settled down to lessons in the Victorian like to thank our members and customers for Society also made a number of donations Co-operative Society” written on behalf of classroom adorned in period dress. There was their continued support and our colleagues with £18,500 from carrier bag donations the business by the author Nigel Watson. also a trip to the blacksmith’s forge and a for all their efforts and hard work during distributed to 15 health and medical The hardback, glossy book charts the Society miner’s cottage before continuing to the the year. through the decades telling the Society’s authentic Radstock Co-op shop which was practices in our trading locations. story from humble beginnings through staffed by a museum volunteer and co-op We have continued to maintain our close scandal and adversity to the flourishing store colleagues. It was a great honour and association with In-Bloom and were co-operative of the current day. privilege to be able to share with the delighted when colleague Pam Young and Countess our Society’s history and the Jeremy FrickerPresident Again in May, at the Pavilion in Bath, the integral part it has played in supporting the Society held its 150th Celebration Gala local community. We were also delighted to evening. The event attended by colleagues, BOARD MEMBERS CLOCKWISE FROM TOP LEFT: be able to share our plans to redevelop the local dignitaries, suppliers and guests from RADCO superstore site with the Countess GRAHAM JEFFERY (VICE PRESIDENT), SUZANNE BURGESS, SUE BARNARD, CRAIG DOUGHTY, JONATHAN RICH, across the co-operative movement was a great DEREK ROBERTS, LYNDA ROBERTSON, CHRIS WARREN during her visit. success which celebrated our colleagues achievements and most importantly raised The improvement in the Society’s Gross over £1,300 for good causes. Our members Takings during the trading year has been chosen charities, Midsomer Norton & significant and it is pleasing to note the Radstock Silver Band and Mendip YMCA were improvements in the businesses operating both presented with donation cheques of surplus. In a planned capital strategy, the £1,000 each. Society realised one of its investment properties and sold its Paulton site. Fifteen- Finally, in February, the Society and Somerset year leases have been taken on both the Coalfield Life at Radstock Museum were Co-operative food store and Travel units so it’s delighted to welcome Her Royal Highness the business as usual for the Society in Paulton. Countess of Wessex on a visit to celebrate the 150th anniversary of the Radstock Co-operative Two new stores were opened during the year Society and the 20th anniversary of the and a significant investment was required to Museum becoming established in the be made in our Westfield store following a properties, due to the revaluation of farm units, residential houses & apartments and residential properties, the Surplus before office space in a mixed-use development. distributions is significantly up and stands The design intention is to protect and REVIEW OF THE BUSINESS at £1.042m (2017/18: £282,411). improve the riverscape and improve the public realm whilst protecting and AND FUTURE DEVELOPMENTS In addition to marking our 150th year the enhancing employment and the local Society had a busy year with the opening of economy. We are working closely with two new stores. In March, Bridgwater community groups and the planning The Society marked 2018, its 150th year, in style became our nineteenth store and in October, authority and hope to receive positive news Haywood Village became a landmark about our investment proposals in 2019. with celebrations across the trading estate, we twentieth store. The stores have been fitted produced a 150th Anniversary History Book, out to a high specification with energy- In other exciting news the Society has submitted a planning application to re-develop efficient chillers, freezers and lighting and embarked on a £2.5m investment in its dairy farm operation which will see RADCO in the heart of Radstock town and in early low-level fixtures with wide aisles to ease navigation and plenty of natural light improved and expanded housing for the 2019 welcomed a Royal Visitor to Radstock. providing for an enjoyable shopping dairy herd, a brand new and extended The Society also continued to expand the retail experience. The new store in Bridgwater rotary milking parlour along with new silage trading estate investing in existing stores and expands our geographical trading area clamps and environmental improvements. whilst Haywood Village consolidates our This investment will ensure we have a opening new ones. position in Weston Super Mare and will modern and efficient dairy farm operation become strong additions to the retail estate. and allow for the continued expansion of the dairy herd. The farm produced a steady result in 2018 in a year of extreme weather patterns for the South West and the UK as a whole. The Don Morris price of milk at the farm gate remained Chief Executive fairly consistent when compared with Gross takings previous years although input costs including electricity and fuel rose during the financial significantly. The surplus of £78,201 year topped £48m growing by (2017/18: £110,921) has made an important £5,796,703 or 13.7% and now contribution to the Society’s profitability. Our Farm Director and Farm Manager from stand at £48.2m The farm, a significant asset to the Society, produced a credible result in a Velcourt have been working closely with the (2017/18: £42.4m) changeable year and has made a welcome contribution to the revenue account. Society not only to deliver a successful year The pressures on the business in 2018 we foresaw were proven to be accurate but working on plans to make appropriate infrastructure investments especially to aid with demand on margins and increasing operating costs materialising. There is efficiencies in the dairy operation in nothing to suggest that these pressures are likely to change in 2019 or beyond. preparation for our continued expansion of the dairy herd. 2018 was a fantastic landmark year for the Society and a proud moment for all those Gross takings during the financial year topped £48m growing by £5,796,703 or 13.7% and now Turning now to future developments, in associated with our business without whom stand at £48.2m (2017/18: £42.4m). On a like-for-like basis the Society’s stores achieved December, following a full public it would not be possible. It therefore again increased sales of £ 1,529,045 or 4.6%. The Society made a small trading loss for the year of consultation exercise, the Society submitted gives me great pleasure to thank all £63k (2017/18: loss £147k) partly as a result of known costs relating to start-up costs of our ambitious plans to redevelop the RADCO colleagues for their hard work and to thank new stores and a deterioration in the profitability of our superstore in Radstock. This position is superstore site. The proposals include a our members and customers for their reversed when the contribution from the Farm and Property income are applied leading to an brand-new purpose-built supermarket fit for continued trading support. Our attention operating surplus of £230k (2017/18: £174k). After finance costs, profit on the sale of our members and customers in the 21st now turns to our 151st year and progressing investment property relating to the Paulton site and revaluation gains on investment century along with complimentary retail all of our exciting plans. OUR WORK IN THE COMMUNITY FUND-RAISING AND FINANCIAL SUPPORT To celebrate 150 years of the Radstock Co-operative Society, Fromefield Co-op decided to get into World Cup fever earlier this year by decorating the shop in a football theme and hosting multiple games and competitions for customers to get involved in.