Your Society hold virtual Annual Meeting of Members for the first time in 100-year history
For the first time in its 100-year history, The Channel Islands Co-operative Society held a virtual Annual Meeting of Members.
Members logged in to watch the virtual AMM across both islands, where it was announced the Society has seen a trading profit of £9.036 million during the last financial year.
Speaking to the members via an online portal, chief financial officer Louise Read said the Society ‘enjoyed a very strong performance’ with turnover increasing by £3.3 million year on year despite uncertainty surrounding Brexit.
Food and fuel were said to have been the ‘stand out’ performers in the last year, with exceptionally strong performances showing an increase in sales of more than 3% on the previous period.
It was also announced that a new board member, Michael McNally, was appointed in Jersey. Mr McNally has been a volunteer crew member for the RNLI for 20 years and is part of the charity’s operations management team in Jersey. The St Martin’s parishioner is also an honorary director of the Jersey Cancer Trust. Mr McNally works in international logistics, supply chain and warehouse management.
Charitable giving continued to be a priority for the community retailer, donating almost £190,000 to community and charity related projects across the Channel Islands last year, as well as new funds being launched to mark the Society’s centenary.
A further £45,000 was donated to a number of good causes through the annual Helping Hands and Eco fund, as well as £900 each being donated to eight local charities chosen by the board of directors. More than 250 charities, schools and organisations were given the opportunity to raise money through bag packing and other fundraising activities in stores and 300 local charities were given prizes or supported with sponsorship.
Over £100,000 of discounts were given to the elderly community as part of the Society’s support of the David Kirch voucher initiative. Members, Society colleagues and members of the local community also helped plant 100 trees in both islands, partnering with Guernsey Water and Jersey Trees for Life, to celebrate the Co-op’s centenary.
The retailer also continued to support local producers, spending a total of £11 million on goods supplied by 45 local producers.
Mark Cox, acting CEO for the Society, said: ‘I am delighted that we have been able to report a very strong trading performance which is reflected in the growth of our trading profit.
Financially the Society remains in a positive position with a strong balance sheet, loyal member base and growing market share.
‘It is also fantastic that once again we have been able to give so much back to community groups, charities and good causes across the Channel Islands during the past year. Last year also saw the Society celebrate our centenary and we did this by awarding even more money to local causes and making a real difference to our local environment by planting 100 trees in both islands.’
It was announced that the amount returned to members in share interest, dividend and double dividend was £8.4 million.
Society members will be able to collect their dividend payout from Thursday 4 June but to adhere to physical distancing guidelines in both islands, the Society is asking islanders to collect their payout in a different way to previous years. The Society are asking members to request their dividend by cheque, or leave it in their accounts until a later date, to avoid large queues at their post office counters. Cash dividend will only be facilitated from the Don Street Post Office in Jersey and Market Street Post Office in Guernsey. More information can be found at: www.channelislands.coop/amm2020