The accounts presented at the first ever AGM held on 18 May 2008 show that the shop made a surplus of just over £2,500 on sales of £120,000 in the first seven months of trading to 31 December 2007. According to the treasurer, the combined efforts of the volunteers saved staff costs of over £15,000. Despite investing in items such as a bigger freezer and more chiller units, the bank balance remained healthy. Since then turnover has continued to improve with sales now regularly around £5,000 per week. Those members present at the second AGM on 16 May 2009 heard that the shop had made a surplus of just under £4,500 on sales of over £230,000 in 2008.
Under the constitution, members vote each year on the use of any surpluses. These can either be re-invested into the shop's future or applied to other village projects. At the AGMs held in May 2008 and May 2009, members voted to use the surpluses for 2007 and 2008 to further reduce the loan taken out to fund start-up costs. The aim is to pay off the loan early before the shop needs to start paying rent in 2010. At present the premises are provided rent-free to the shop by the owner of the lease. |