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annual report & financial statements

for the year ended 21st January 2017

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vision/mission statement

directors and officials

notice of meetings

four year comparative statement

illustrated four year period

directors’ report

co-operative, environmental and social performance indicators

11 statement under the modern slavery act 2015

11 directors statement of coporate governance

16 accounting policies

statement of the directors’ responsibilities

independent auditor’s report

consolidated income statement

consolidated statement of comprehensive income

consolidated statement of financial position

consolidated statement of changes in equity

consolidated statement of cash flows

notes to the financial statements

community support and member relations

trading area and operations

contents

Heart of England Co-operative Society Limited

is registered under the Co-operative and Community

Benefit Societies Act 2014. Registered No. 2399R

Registered Office:-

22 Abbey Street, Nuneaton, Warwickshire, CV11 5BU.

Telephone: 024 7638 2331.

VAT Registration No. 328 0789 38.

Solicitors

Bankers

Independent auditors

advisers

Front cover: our new co-operative food store at Alfall Road, Coventry

1HEART OF ENGLAND CO-OPERATIVE SOCIETY

we are…an independent, regional co-operativesociety, known as the Heart of EnglandCo-operative Society Limited. Ourorigins go back to 1832, when theLockhurst Lane Industrial Co-operativeSociety was founded, near Coventry.Our current name came into being inJanuary 2000, after more than 160years during which more than twentylocal, independent co-operativesocieties joined together to pool theirresources.

our vision…is to be an innovative regionalbusiness, always seeking opportunitiesfor profitable growth, whilst

demonstrating that a retail co-operativesociety can bring genuine benefits tolocal customers, members andcommunities.

our mission...as a consumer co-operative is toprovide good value for money througha range of shopping facilities andservices. Our trading practices arebased on a combination of sound co-operative business ethics and theneed to trade profitably. We willalways seek ways to share our successwith our members and the localcommunities in which we trade.

Opening of our new Alfall Road, Coventry co-operative food store

vision/mission statement

welcome to the heart of england

ANNUAL REPORT AND FINANCIAL STATEMENTS2

Main Board Audit Committee Occupation Attendance Attendance Elected Term 2016 Possible Actual Possible Actual Expires RemunerationCLIVE MILES Retired 16 16 2 2 1996 2018 £2,459President PAUL ELVERSON Manager 16 15 2 2 1997 2018 £2,170Vice PresidentCOLIN BROWN* Facilities Supervisor 16 16 2 2 2011 2017 £1,725GARY HAIGH* Self Employed 16 15 2 2 2011 2017 £1,725HANNE HOECK+ Accountant 6 6 1 1 1996 2016 £910NICK MATTHEWS* Lecturer 16 15 2 2 2007 2017 £1,725CHRIS NEWMAN Retired 16 15 2 2 1998 2019 £1,725MARK RUMSEY+ Employee 6 6 1 1 2010 2016 £564ROGER STAIN+ Retired 6 6 1 1 2013 2016 £564PAT SUNNER= Retired 6 5 1 1 1991 2016 £564ANDREW TAMPION* Legal Advisor 16 16 2 2 2013 2017 £1,725

* Retires May 2017, eligible for re-election+ Retired May 2016, ineligible for re-election= Retired May 2016, did not seek re-election

directors and officials

COLIN BROWN NICK MATTHEWS ANDREW TAMPIONCHRIS NEWMANGARY HAIGH

board of directors

ALI KURJIChief Executive

CLIVE MILESPresident

PAUL ELVERSONVice President

management executive

ALI KURJIChief ExecutiveIAN BAIN Financial Controller & Secretary(Appointed 12th September 2016)

PETER FLETCHERGeneral Manager, FoodDARRYL SMITH General Manager, FuneralMAUREEN EMMSPersonnel Manager


3. To adopt the Accounts for the yearmiended 21st January 2017 togethermiwith the Independent Auditor’smiReport therein (pages 15 to 36).

4. To approve the followingmirecommendation of the Board ofmiDirectors that the fees for the Boardmiof Directors shall be as follows:-miPresident: £ 2,855 per annummiVice President: £ 2,428 per annummiDirectors: £ 1,769 per annum

5. To appoint Auditors:-miNominated: Grant Thornton UK LLP

6. To receive the Report of themiEducation and Member RelationsmiCommittees.

7. Declaration of the result of votingmifor Board of Directors and MembermiRelations Committees.

By order of the BoardI. BainFinancial Controller & Secretary28th March 2017.

to obtain admission to the meetingsIn order to gain admission to meetingsa member must produce their ownpersonal Member Share Pass Book ora receipt in lieu of the Pass Book.

Members shall be entitled to attendonly one divisional meeting.

Each member shall have only one voteand must have been accepted as amember for a period of not less thansix months prior to the date of themeeting and must hold at least one £1share.

notice of meetings

Dedication service at our new Royal Leamington Spa funeralcare

annual meetings of members,may 2017will be held at:-

Mary Forryan CentreSt Peter’s Catholic Church, Leicester Road, Hinckley LE10 1LW on Monday, 8th May 2017.

Coventry Central HallWarwick Lane, Coventry, CV1 2HAon Tuesday, 9th May 2017.

The Benn HallNewbold Road, Rugby, CV21 2LNon Wednesday, 10th May 2017.

Central Hall22 Abbey Street, Nuneaton CV11 5BUon Thursday, 11th May 2017.

Meetings to commence at 6.30 p.m.Refreshments will be available prior tothe meetings.

agenda1. To confirm the minutes of themiAnnual General Meetings and Special Meeting held in May 2016.

2. To receive the Board of Directors’miReport (pages 6 to 9).

January January January January 2014 2015 2016 2017

53 weeks 52 weeks 52 weeks 52 weeks (as restated) (as restated) (as restated)

£ 000 £ 000 £ 000 £ 000CONSOLIDATED INCOME STATEMENTGross value of sales 95 439 94 551 92 225 75 678Depreciation 1 999 2 161 2 160 1 677Other expenses 23 728 24 535 24 991 20 550Exceptional items - 1 559 (2 280) 2 010Fair value adjustments - funeral prepayment plans - 1 218 (1 016) 1 399Operating profit/(loss) 5 201 (1 326) 4 584 1 658Investment income 236 114 93 71Retained profit/(loss) 1 765 (1 634) 3 097 1 347

CONSOLIDATED STATEMENT OF FINANCIAL POSITON

Fixed AssetsIntangible assets 308 277 246 215Property, plant and equipment 23 946 25 141 25 105 28 860Investment properties 14 959 13 513 15 073 9 794Other investments 12 533 15 108 17 403 19 861

Current AssetsOther investments 458 572 646 703Inventories 5 340 5 538 4 148 2 799Trade and other receivables 1 305 1 857 1 807 1 102Cash at bank and in hand 10 066 8 929 6 191 10 443

Current LiabilitiesCreditors 6 437 7 089 6 542 5 472Long Term LiabilitiesCreditors 12 545 16 204 17 534 21 414Pension deficit 7 987 10 979 7 026 9 303Deferred tax 2 024 1 826 1 903 1 540Net Assets 39 922 34 837 37 614 36 048Net Assets excluding Pension Deficit 47 909 45 816 44 640 45 351

Share capital 2 758 2 757 2 235 2 101Revaluation reserve 5 449 5 337 5 225 5 295Revenue reserve 31 715 26 743 30 154 28 652 39 922 34 837 37 614 36 048Profit/(loss) after interest 5 017 (1 679) 4 176 1 366Capital expenditure 5 109 3 621 4 413 1 693Net cash 9 914 8 861 6 191 10 443


four year comparative statement


Jan 201453 weeks

Jan 201552 weeks

Jan 201652 weeks

Jan 201752 weeks

m£ tseretni retfa profitm£ selas fo eulav ssorg operating profit/(loss) £m(after exceptional items) (as restated)

m£ htrow tenm£ hsac ten

94.6

-1.3

capital expenditure £m

-1.7

8.9

34.8

These bar charts represent figures extracted from the four year comparative statement on page 4The Society's 'net worth' is based upon the 'net assets' figure.

3.6

1.7

illustrated four year period

Jan 201453 weeks

Jan 201552 weeks

Jan 201453 weeks

Jan 201552 weeks

Jan 201453 weeks

Jan 201552 weeks

Jan 201453 weeks

Jan 201552 weeks

Jan 201752 weeks

Jan 201453 weeks

Jan 201552 weeks

Jan 201752 weeks

95.4

5.25.0

9.9 10.4

39.9

5.1

92.2

75.7

Jan 201652 weeks

Jan 201752 weeks

4.6

1.7

Jan 201652 weeks

Jan 201752 weeks

4.2

1.4

Jan 201652 weeks

Jan 201752 weeks

6.2

Jan 201652 weeks

37.6 36.0

Jan 201652 weeks

4.4

(as restated)

ANNUAL REPORT AND FINANCIAL STATEMENTSANNUAL REPORT AND FINANCIAL STATEMENTS6

to the membersWe are pleased to present the AnnualReport of the Heart of England Co-operative Society Limited for the52 weeks ended 21st January 2017.generalThe year 2016 turned out to be one ofthe most challenging and difficult yearsin recent times which witnessed verytough trading conditions and anunprecedented level of competitionfrom the major multiples in generaland the discount stores in particular.Retailing continued to remain volatilethroughout the year as a result ofcontinued price reductions by themultiples in order to compete with thediscounters who saw an increase intheir market share.

Consumer confidence continues toremain low in spite of the Bank ofEngland reducing the base rate to arecord low of 0.25 per cent in August2016. There still remains a great dealof uncertainty about the economyfollowing the Brexit vote, although ithas just been announced that thegovernment will trigger article 50 andstart the Brexit negotiations soon butthe process will take fairly long. Weare currently getting mixed signals onthe wider economy and the weakeningpound has created uncertainties as itwill inevitably impact on retail pricesas inflation currently stands at 2.3percent.

We face an extremely challenging andvery uncertain 2017 and all theeconomic indicators are pointingtowards a slowdown in growth acrossthe economy which appears to belosing momentum amid Brexitconcerns.

A number of leading retailers haveannounced profit warnings andsignificant job cuts.

financial reviewOur operating profit was £1.7m aftercharging exceptional items and fairvalue adjustment for funeralprepayment plans and after surplus onsale of assets and revaluation oninvestment properties.

Group turnover for the year was£70.0m which is a decrease of 15.4%on previous year. This decrease wasmainly affected by the closure of thenon-food division which was down by86.6%.

The policies now in place are beingsuccessfully implemented and will helpto create a strong regional co-operativebusiness which will withstand theeconomic challenges ahead.

We are delighted to have continued tooperate with no borrowings, indeed weare very well placed to continue withour re-development programmewithout having to rely on externalfunding. The Society continues toinvest in its renewal programme, witha further £1.7 million having beenutilised on new projects during 2016. Anumber of further projects in food andfunerals which will involve significantcapital expenditure, will be looked atin the coming years.

During the year, we disposed of theredundant premises at Hinckley andRoyal Leamington Spa.

In line with most final salary pensionschemes which are running in deficit,our pension liability calculated inaccordance with FRS 102 foraccounting purposes only, now standsat £9.3m compared to £7.0m last year,an increase of 32.4%. The final salaryscheme was closed to all new entrantsin October 2012. All new employeesnow join a defined contribution schemeoperated by NOW Pensions.

The Society is currently working with

our Actuary and independent Lawyerswith a view to merge the two pensionfunds which will be finalised shortly.

trading review food divisionThere can be no doubt there has been asignificant shift in food retailing whichcontinues to be extremely competitivewith changing customer shoppinghabits. It is a fiercely contested sectornot only by the multinationals but evenmore so by the discounters who havecollectively seen their market sharegrow significantly. This has beenfurther compounded by the growth inonline shopping

During the year all our food storesunderwent a complete product re-rangeto meet our customers changing needs. New pricing structure was alsointroduced to realign with the marketplace

On a like-for-like basis, our fooddivision recorded a modest increase insales of 0.15% for the 52 week period.The increase mainly came from theconvenience stores which achieved anincrease of 1.48% whereas the larger

directors’ report

operating profit/(loss) £m(after exceptional items) (as restated)

m

-1.3

Jan 201453 weeks

Jan 201552 weeks

J

5.2

Jan 201652 weeks

Jan 201752 weeks

4.6

1.7


Our refurbished Stoney Stanton co-operative food store

stores suffered, particularly theWellesbourne and Balsall Commonstores which were significantlyimpacted by local competition. The margins too came undertremendous pressure during the yeardue to price realignment andcompetition.

We opened a brand new food store inAlfall Road, Coventry by convertingan old derelict pub. The store isperforming ahead of budget.

Our brand new food store on theexisting site in Long Lawford has justbeen built during which time we hadcontinued to trade from the old store.

We carried out mini refits at WarwickGates and Stoney Stanton food storeswhere we have seen double digitincrease in sales.

We also have plans to further extendour penetration in the food businessand are currently progressing with twopotential new sites.

In June, we closed our food presencein our Nuneaton department store.

We have continued to review andimprove our product ranges payingparticular attention to our fresh foodrange which has seen an increase in

sales. This is in direct response to thechanges in the convenience market.We have also continued to support andextend our Fairtrade product range.

non-food divisionWe closed the two remaining lossmaking stores in Rugby and Nuneatonduring the year.

Following the Members SpecialMeeting held on the 10th of March2016, the Board had commissioned anindependent review by Crowe ClarkWhitehill on the process the Boardundertook in coming to the decision toclose the Non-Food Division and onthe viability of the Nuneaton store. The report was presented to themembers at the Members Special

Meeting on the 12th of May 2016.It concluded that the processundertaken was thorough and basedupon accurate relevant financialinformation. It further concluded thatthe Nuneaton Non-Food store is likelyonly to be a continuing drain on theSociety’s resources.

funeral divisionWe are pleased to report an increase insales of 5.2% on a like-for-like basisdespite the drop in national andregional death rate.

At the beginning of the year, werelocated our Royal Leamington Spa funeral home to a more prominentlocation at the top of Parade. Weimproved the facilities to a very highstandard for the benefit of our clientfamilies.

Our new funeral homes in Kenilworthand Kenpas Highway in Coventrycontinue to perform satisfactorily.

We also introduced a low cost directservice offering to further assist ourclient families where funeralaffordability is a concern. This hasbeen well received by the clientfamilies and the local communities weserve.

Our newly refurbished A. J. Murray, Hinckley funeralcare

8

directors’ report

ANNUAL REPORT AND FINANCIAL STATEMENTS

We continue to take steps to developour standards to the highest possiblelevel, whilst maintaining a verycompetitive pricing policy in ourregion for our client families.

We are proud to have been of serviceto more than two thousand threehundred bereaved families which hadbeen our busiest year since 1999.Our client surveys continue to show avery positive experience from ourclient families with a high percentagestating they would use or recommendour services again when the needarises.

Once again, Christmas 2016 saw thememorial Christmas tree initiativerolled out in all our funeral homes,which was very well received by ourclient families.

membershipTotal Society membership now standsat 260,926 showing an increase of 633new members with 676 membershaving left during the year.

supplier payments policyIt is the Society’s policy to agree andclearly communicate the supplierpayment terms we operate as part of thecommercial arrangements negotiatedwith suppliers, and then pay accordingto those terms based upon the timelyreceipt of accurate invoices.

Trade creditor days of the Group for theyear ended 21st January 2017 were21days (2016:22 days). This representsthe ratio, expressed in days, between theamounts invoiced to the Society by itssuppliers in the year and the amountsdue at the year end, to trade creditorswithin one year.our employeesWe have placed great emphasis ontraining and development of ouremployees at all levels throughout theSociety. This is supported by ourtraining department headed byCatherine Evans.

We remain committed to realising thepotential of every member of staffwithin our Society.

appreciationWe would like to take this opportunityto thank all our staff for their personalefforts during the year which has trulybeen a very difficult trading year.

sale of carrier bagsThe Society raised in excess of£50,000 from the sale of carrier bagsas a result of which a number ofcharities have benefited.

society charityThe Society raised in excess of£12,000 on behalf of the Guide Dogsduring the year. This amount wastopped up from the sale of carrier bagsmaking a grand donation of £25,000.

We wish to thank all the employeeswho played an active part in variousfundraising activities during the year.

We will continue to support the GuideDogs for a second year and we hope toraise more money for this noble charitywhich provides mobility and freedomto blind and partially sighted people.

Guide Dogs is our corporate charity for 2017


retired colleagues/longservice awardsIn December, many of our retired colleagues were able to join us at theBenn Hall in Rugby as our guests fortheir annual Society luncheon.

During the event, a number of longservice awards were given out toemployees in recognition of theirservice with the Society ranging from25 to 40 years. We are always pleasedto celebrate our longer-servingcolleagues’ loyalty to the Society.

We would also like to offer our bestwishes for a long, healthy and happyretirement to all our retired formercolleagues.

obituariesSadly, we must record the deaths, overthe past year, of a number of peopleassociated with the Society.

To the families involved, we wouldlike to extend our deepest sympathy intheir sad loss. Those who knew themwill remember them with affection andgratitude.

the heart of england co-operative differenceThe Society believes that thisinformation demonstrates how itconsolidates the principles of co-operation into its everyday activity,both locally and nationally, and how itfurther shows in a tangible way whatis meant by the Heart of England Co-operative difference. Given thatother types of organisations existprimarily to maximise their profits inorder to create wealth for shareholders,with little genuine concern for thelocal community from which theseprofits originate, the Heart of EnglandCo-operative Society believes itsapproach provides tangible evidence ofan alternative and successful model ofbusiness practice.

The profits we make produce directbenefit for our primary stakeholders,i.e. our customers, our members, ouremployees and our local communities.

for our customers We intend to continue to plough backa major proportion of our profits intoimproving our shops and otherfacilities, whilst also seeking newsuitable trading opportunities, toexpand our business throughout theheart of England.

for our employees Despite being a difficult year for thetwenty-first successive year we havemaintained our unique staff bonusscheme which has been implemented.This is in keeping with our aim ofmaking the Heart of England Co-operative Society an excellent place towork, by providing employees withcompetitive remuneration packages andgood career opportunities.

for our local communities Our commitment to giving apercentage of our profits to local goodcauses has resulted in more than£901,000 being made available for thispurpose within the first 17 years sincethe introduction of this initiative in2000.

Our locally elected Education/MemberRelations Committees have alreadybeen able to provide much appreciatedassistance to more than 4,500 localgood causes since the inception of thescheme.

Our local communities have alsobenefited from several millions ofpounds worth of local investment inrecent years as we continue to ploughthe greatest part of our profits backinto creating new and modern storesand services for local people followingthe principles of co-operation set outmany generations ago.

to the future Increasing sales levels, whilst carefullycontrolling costs, remains the best wayto achieve a consistent growth inprofits and in the long-term maintainour Society’s outstanding level ofsuccess.

We intend to continue with ourstrategy of renewing and expandingour businesses and the cash reserveswe have built up will enable us tocontinue to do this without the needfor any external financial assistance inthe short-term.

In spite of these pressures, we intendto maintain our unique position in theheart of England by building on ourreputation as one of the UK’s leadingretail co-operatives by continuing to:-

• Develop profitable trading activities.• Maintain community friendly miinitiatives and policies.

In spite of the uncertain economicoutlook ahead, we remain optimisticabout our Society’s future prospects asone of the leading independentregional co-operative societies.

C. E. Miles - President

A. Kurji – Chief Executive

I. Bain - Financial Controller & Secretary

28th March 2017


As a co-operative your Society seeks tooperate its business in accordance withco-operative values and principles. Toassist in monitoring our performance,we adopt a standard set of key co-operative and social performanceindicators, which have been producedby Co-operativesuk.

member economicinvolvementThis is a measure of the amount oftrade which is conducted with ourmembers as a proportion of ourturnover. One of the key benefits ofmembership of the Heart of EnglandCo-operative Society is to share in thesuccess of the Society. It is not feasibleto identify a meaningful percentage oftrade that distinguished betweenmembers and non-members.

member democraticparticipationAs a co-operative it is important ourmembers are engaged with us at ademocratic level, so we measure theproportion of our members who vote inthe elections for the board. There wasno requirement for any voting forDirector appointments in the financialyear.

participation of employeesin training and educationEach year we calculate how much timeon average each employee has spent ontraining. During the year the Societyprovided 3,487 hours of training to ouremployees (2016:6,015 hours), whichequates to an average of 7.12 hours perfull-time equivalent employee(2016:9.68 hours).

staff injury and absenteeratesWe measure and record the totalnumber of accidents and reportableaccidents which occur each year.During the year the Society hasrecorded a total of 3 reportableaccidents (2016:6) and 49 minor

accidents (2016:102). The averagenumber of absence days was 2.53.

staff profile – gender andethnicityThe Society records the gender andethnicity of its employees. This year60% of our employees are female(2016:70%) and 40% male (2016:30%). We also monitor thediversity of our staff and currently 6%have an ethnic minority background(2016:4%).

customer satisfactionCustomer satisfaction is fundamental tothe success of our business. Weregularly seek feedback from ourcustomers to try and gauge levels ofsatisfaction, through the media ofsurveys and feedback questionnaires.We actively encourage our customersto feedback their comments direct tothe Chief Executive, both positive andnegative, in order that we can continueto develop and improve in the area ofcustomer service.

In the funeral division we regularlysend out customer feedbackquestionnaires to our clients, and in thefood division we provide point of salecomment cards for customers to fill inthere and then or to take away withthem. We monitor all responses. Thenature of the customer feedback weseek in the food and funeral divisionsdoes not provide a percentagesatisfaction rating.

consideration of ethicalissues and procurement andinvestment decisionsThe Heart of England Co-operativeSociety is a member of the FederalRetail & Trading Services (FRTS). Weactively support the ethical buyingpolicies of FRTS including promotingof Fairtrade merchandise. The Societyalso sources products from

and maintains links with, whereverpracticable, a number of other UK co-operative businesses andorganisations that are committed to theapplication of the same co-operativevalues.

investment in communityand co-operative initiativesWe report on the percentage of ourpre-tax profits which are invested incommunity or co-operative initiatives.Since its inception of its HelpingHearts scheme the society has donated£901,000 and a further £50,000 hasbeen committed in the period. Theannual commitment this yearrepresents 3.7% of our pre-tax profits.

net CO2 emissions arisingfrom operationsWe record the net tonnes of CO2 whichare emitted from energy used by all ouron-site operations. During the year theSociety generated 5,172 tonnes of CO2(2016:6,369 tonnes), which isequivalent to 10.56 tonnes per full-timeequivalent employee (2016: 10.26 tonnes), or alternatively68.34 tonnes per £1m of turnover(2016:69.06 tonnes).

waste recycledWe measure and report on thepercentage of our waste which isdiverted from landfill as a percentageof our total waste. During the year theSociety generated 2,281 tonnes ofwaste (2016:2,524 tonnes) of which37.0% was recycled (2016: 41.1%).The Society is always exploring newways to generate less waste and toincrease the level of recycling weachieve.

co-operative, environmental and social performance indicators


directors’ statementon corporate governancestatement under themodern slavery act 2015We have reported on our ethicalapproach to procurement for a numberof years. However this year we arerequired by law to publish a statementoutlining the steps we have takenduring the financial year ended 21stJanuary 2017 to ensure that slaveryand human trafficking are not takingplace in our business or supply chain.

We are a complex business with avariety of different supply chains. Wehave initiated a review of the supplierarrangements with all of our trading,non-trade and administrative divisionsso we can report morecomprehensively in the future.

We have tracked procurement in ourfood division for many years and canconfirm that 100% of our foodprocurement is done throughmembership of Federal Retail TradingServices Limited which is managed bythe Co-operative Group in accordancewith their ethical buying policieswhich we support. The Co-operativeGroup has stated that it’s committed todeveloping fair and sustainablerelationships with suppliers across itssupply chain.

In respect of all other procurement weoperate a zero tolerance policytowards slavery and humantrafficking. We expect all those in oursupply chain and contractors tocomply with our values. The seniormanagers in all divisions areresponsible for compliance with theAct in their respective divisions andfor their supplier relationships.

This statement is made pursuant tosection 54(1) of the Modern SlaveryAct 2015 and was approved by theboard of directors on 28th March 2017.

C. E. Miles – President

directors’ statement ofcorporate governanceAs a Registered Society under the Co-operative and Community BenefitsSocieties Act 2014, the Society is notsubject to the provisions of the UKCorporate Governance Code. However,in November 2013, Co-operativesuk(which is the representative body for co-operatives in the UK) published arevised Code of Best Practice – TheCorporate Governance Code forConsumer Co-operative Societies (the ‘Code’).

The board has responsibility to outlinehow the Society has complied with theprinciples of the Code and to explain anyinstances of non-compliance. This reportcovers the period from 24th January2016 to 21st January 2017.

society structureCo-operatives are member owneddemocratic organisations and theBoard has sought to encouragemembers to play their part in thegovernance of the business andimprove membership participation.The Society continues to activelypromote new membership andencourages existing members to re-register.

The Board of Directors currentlyconsists of seven members, directlyelected by the membership, whoappoint the President and VicePresident annually from within theirnumber.

A programme of continuing

development and training is in placefor the board. The Board of Directorsbelieve that the experience gainedthrough their working career with theSociety and the common senseapproach used when making Boarddecisions is adequate. In addition noperformance evaluation of the Boardor its individual Directors isundertaken.

the board It is the responsibility of the Board ofDirectors to determine the vision and thestrategy of the Society.

The Board of Directors is charged withensuring that the business of the Societyis conducted in accordance with the co-operative principles, and with theinterests of the Society and its membersuppermost at all times.

The Board of Directors also has theresponsibility for supervising the workof the Chief Executive and theManagement Executive.

The Board of Directors meet every fourweeks. They also meet twice a year asthe Audit Committee and would alsomeet as a Search Committee andRemuneration Committee as required.

board balance andindependenceNo Director or member of theManagement Executive holds anyother significant directorships.

president of the societyThe President of the Society is electedannually by all the Directors and theterm of office is for a period of twelvemonths. Whilst the rules of the Societydo not preclude an employee orrecently retired superannuatedemployee from being the President,the Directors believe that it is bestpractice not to elect the President fromthe employee Directors.


audit committeeThe full Board of Directors meet twicea year as the Audit Committee. ThisCommittee is responsible forreviewing the effectiveness of theSociety’s systems of internal control.

The Committee meets to:-• Consider reports from the Management Executive, internal audit and external audit on the systems of internal control and any material control weaknesses.• Discuss with the Internal Auditor the actions taken on problem areas identified in these reports or by the Board.• Review the effectiveness of the risk management process and ensure significant risk issues are referred to the Board for consideration so that appropriate steps can be taken to minimise such risks to the Society.• Consider the effectiveness of the operation of the internal audit function.• Consider the appointment of external auditors and in conjunction with management agree the nature and scope of the external audit review.• Review the external audit findings report and the management response to the report.• Recommend reviews of other areas of the business where a more intense audit procedure is

necessary.

The Audit Committee also has a dutyto discuss problems and reservationsarising from the Society’s audit andany matter the Auditor may wish todiscuss, if necessary, in the absence ofthe Chief Executive.

internal control frameworkThe Society has adopted an internalcontrol framework which the directorsconsider appropriate to its size anddiversity.

risk managementThe board and management executivehave the primary responsibility for theidentifying key business risks facingthe Society and the development ofappropriate policies to manage theserisks.

control environmentThe Society has an appropriateorganisational structure for planning,executing, controlling and monitoringbusiness operations in order to achieveSociety objectives. Lines ofresponsibility and delegations ofauthority are documented. Also in placeare supporting Society policies andemployee procedures for the reportingand resolution of suspected fraudulentactivities.

control activities The Society and its operating units haveimplemented control proceduresdesigned to ensure complete andaccurate accounting for financialtransactions and to limit the potentialexposure to loss of assets or fraud.Measures taken include physicalcontrols, segregation of duties, reviewsby management and internal audit andexternal audit to the extent necessary toarrive at their audit opinions.

whistleblowingA documented whistle-blowingprocedure is in place to enable staff toraise concerns in confidence, in mattersof financial reporting, financial controlor any other issues. These procedures aremade available to staff at their time ofcommencing employment.

information andcommunicationSociety divisions participate in periodicstrategic reviews, which includeconsideration of long-term financialprojections and the evaluation ofbusiness alternatives. Operating unitsprepare annual budgets and performanceagainst budget is actively monitored atthe Board and divisional level supportedby regular forecasts. Forecasts and

results are consolidated and presented tothe Board on a regular basis.

Through the above mechanisms, Societyperformance is continually monitored,risks identified in a timely manner, theirfinancial implications assessed, controlprocedures re-evaluated and correctiveactions agreed and implemented.

compliance statementThe Code recognizes that Co-operativessocieties differ in scale, size, tradingprofile and resources, it is inevitablethat levels of implementation will differ.Elements of the code that the Societydoes not comply with include:

• the chair The Code states that the term of office of the Chair will be no longer than three years and may be renewed up to a total maximum service as Chair of six years. He or she will not be eligible for the office of Chair again.

The Board of Directors believe that this annual election of the President, coupled with the rules allowing for the removal of any Director under given circumstances, means that there is no further need for a mechanism to remove a poorly performing incumbent. The Board of Directors believe that the individual elected annually should be judged on merit and should not be restricted to a pre-set maximum term.

• chair appraisal The Code states that an appraisal of the Chair should be carried out at least annually in his or her absence to evaluate his or her performance, and on other such occasions as are deemed appropriate. The Board of Directors believe that the Chair is fully accountable to the membership and that the ultimate test of their performance is at election time.

directors’ statementon corporate governance


• the chief executive The Code states that there should be a chief executive succession plan in place which should be reviewed annually.

The Board does not maintain a standing Search Committee; as such a Committee would comprise the full Board. A Search Committee is formed of the full Board of Directors when the existing Chief Executive announces their resignation or retirement.

The corporate governance compliance statement set out above is hereby signed on behalf of the Board of Directors pursuant to paragraph 165 of the Code.



I. Bain - Financial Controller & Secretary

28th March 2017

remuneration report

underlying principlesThe principle which the Society and theBoard adopt in relation to remunerationis that no-one should be involved inconsideration or determination of theirown remuneration package.

directorsThe Directors do not have servicecontracts. The years of their electionare shown on page 2 together with theexpiry of their current term of office.

Each Director is subject to re-electionevery three years. Directors’ fees areapproved by the Society’s members.The current fee levels wererecommended to the membership andapproved by them in May 2016.

The total fees received by eachDirector are set out on page 2.

management executive

elements of remunerationManagement Executive remunerationconsists of salary, pension and theprovision of a Society car.

salaryManagement Executive salaries arereviewed annually with any increasesnormally payable with effect from 1stJuly each year. Salaries paid to theManagement Executive in the financialyear ended 21st January 2017 are set outin Note 4 in the notes to the accounts.

The Board of Directors is of the opinionthat there is no value to be gained bydisclosing the individual ManagementExecutive remuneration packages.

service contractsNo member of the ManagementExecutive has a notice period of greaterthan 12 months.

pensionThe Management Executive are allmembers of the Society’s DefinedBenefit pension scheme, as at 21stJanuary 2017. These schemes arefunded, HMRC approved, definedbenefit final salary occupationalpension schemes.

Members of the fund contributebetween 6.5% and 8.5%, dependant onage, of their pensionable salary up tothe HMRC maximum. Basic salary isthe only element of remuneration thatis pensionable.


statement of the directors’responsibilities The Board are required by the Co-operative and Community BenefitSocieties Act 2014 to prepare financialstatements, which give a true and fairview of the state of affairs of theGroup at the end of each financial yearand of the income and expenditure ofthe Group for the year to that date.The financial statements must beprepared in compliance with therequired format and disclosures of theCo-operative and Community BenefitSocieties Act 2014.

The Board confirm that:-Suitable accounting policies,consistently applied and supported byreasonable and prudent judgementsand estimates, have been used in thepreparation of the Group’s financialstatements and applicable accountingstandards have been followed.

The Board are responsible for keepingproper accounting records, whichdisclose with reasonable accuracy atany time the financial position of theGroup.

The Board have general responsibilityfor taking such steps as are reasonablyopen to them to safeguard the assets ofthe Group and to prevent and detectfraud and any other irregularities.

In so far as the Board are aware:-

There is no relevant audit informationof which the Group’s auditors areunaware; and

The Board have taken all steps thatthey ought to have taken to makethemselves aware of any relevant auditinformation and to establish that theauditors are aware of that information.

going concernAfter making all appropriate enquiriesthe Board have a reasonable expectation that the Group hasadequate resources to continue inoperational existence for theforeseeable future. For this reason,they continue to adopt the goingconcern basis in preparing the Group’saccounts.

Board certification:-

The accounts and notes on pages 16 to36 are hereby signed on behalf of theBoard pursuant to Co-operative andCommunity Benefit Societies Act2014.


P. Elverson - Vice President


28th March 2017

directors’ statementon corporate governance


independent auditor’s report

independent auditor'sreport to the members ofthe heart of england co-operative society limitedWe have audited the financialstatements of the Heart of England Co-operative Society Limited (theSociety) for the year ended 21 January2017 which comprise the consolidatedincome statement, the consolidatedstatement of comprehensive income,the consolidated statement of financialposition, the consolidated statement ofchanges in equity, the consolidatedstatement of cash flows and the relatednotes. The financial reportingframework that has been applied intheir preparation is applicable law andUnited Kingdom Accounting Standards(United Kingdom Generally AcceptedAccounting Practice), including FRS102 The Financial Reporting Standardapplicable in the UK and Republic ofIreland.

This report is made solely to theSociety, as a body, in accordance withsections 87(2) and 98(7) of the Co-operative and Community BenefitSocieties Act 2014. Our audit workhas been undertaken so that we mightstate to the Society those matters weare required to state to it in an auditor’sreport and for no other purpose. To thefullest extent permitted by law, we donot accept or assume responsibility toanyone other than the Society as abody, for our audit work, for thisreport, or for the opinions we haveformed.

Respective responsibilitiesof directors and auditorAs explained more fully in theStatement of Directors’ Responsibilitiesset out on page 14, the directors areresponsible for the preparation offinancial statements which give a trueand fair view. Our responsibility is toaudit and express an opinion on thefinancial statements in accordance withapplicable law and InternationalStandards on Auditing (UK and Ireland).

Those standards require us to complywith the Auditing Practices Board’sEthical Standards for Auditors.

scope of the audit of thefinancial statementsA description of the scope of an auditof financial statements is provided onthe Financial Reporting Council’swebsite atwww.frc.org.uk/auditscopeukprivate.

opinion on financialstatementsIn our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent society's affairs as at 21 January 2017 and of the group's and the parent society's income and expenditure for the year then ended; • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and• comply with the requirements of the Co-operative and Community Benefit Societies Act 2014.

matters on which we arerequired to report byexceptionWe have nothing to report in respectof the following matters where the Co-operative and Community BenefitSocieties Act 2014 requires us toreport to you if, in our opinion:

• the parent society has not kept proper books of account, or a satisfactory system of control over its transactions has not been maintained; or• the parent society financial statements are not in agreement with the books of account; or• we have not received all the information and explanations we need for our audit.

William DevittSenior Statutory Auditorfor and on behalf of Grant Thornton UK LLPStatutory Auditor, Chartered AccountantsBirmingham28th March 2017


accounting policies1. STATUTORY INFORMATIONHeart of England Co-operative Society Limited is a co-operative society domiciled in England and Wales, registration number2399R. The Society is registered under the Co-operative and Community Benefits Societies Act 2014. The registered office is 22Abbey Street, Nuneaton, Warwickshire, CV11 5BU.

2. BASIS OF PREPARATIONStatement of complianceThe financial statements have been prepared in accordance with Financial Reporting Standard 102 – ‘The Financial ReportingStandard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’). There were no material departures from thatstandard.

Basis of preparation of financial statementsThe principal accounting policies adopted in the preparation of the financial statements are set out below and have remainedunchanged from the previous year and also have been consistently applied within the same accounts.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixedassets. The presentation currency is £ sterling.

Use of estimates and judgementsThe preparation of the financial statements requires management to make significant judgements and estimates. The items in thefinancial statements where these judgements and estimates have been made include:

NoteValuation of trading properties 8Valuation of investment properties 9Valuation of assets held for sale 8Measurement of pension obligations 15Valuation of insurance contracts 10

Property valuations – the valuation and potential impairment of property assets is an area of estimation. Management control thisrisk through the use of qualified property professionals to support their decision making.Insurance contracts – the assumptions used in the valuation of funeral plan liabilities represent a key area of estimation in thefinancial statements. Management have commissioned a qualified actuary to assist their decision making in this area.Pension scheme – the variables used in the valuation of the pension scheme are inherently uncertain. Management utilise aqualified actuary to support their calculations in this area.Management make other judgements in the course of their preparation of the financial statements including stock provisions,supplier rebates, debtor impairments, accruals for costs and so on. These are considered of low estimation uncertainty or are oflower value and hence have a lower impact on the financial statements.


-

-

-

-


accounting policiesBasis of consolidationThe consolidated financial statements include the Society and its subsidiary undertaking, Chartridge Properties Limited, a companyregistered in England and Wales. Chartridge Property Limited is now dormant.

Exceptional itemsExceptional items are material items of income and expenditure which by virtue of their size and nature are separately disclosed toassist in the better understanding of the Society’s performance. The following item is considered to be exceptional in these financialstatements, all costs related to the closure of the Non Food division.

Discontinued activitiesThe Society recognises as discontinued activities components which have been closed or disposed of and which represented aseparate major line of business or geographical area of operation. The Society closed its Non-Food division this year and the resultsof this division have therefore been presented as discontinued in the consolidated income statement.

Going concernAfter reviewing the group’s forecasts and projections, the directors have a reasonable expectation that the group has adequateresources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concernbasis for preparing its consolidated financial statements.

3. ACCOUNTING REFERENCE DATESThe financial statements of the Society are for the 52 weeks ended 21st January 2017 and are compared with a 52 week period to23rd January 2016.

4. ACCOUNTING POLICIESGoodwill and intangiblesIntangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Goodwill, being the excess of the consideration paid for a business over the fair value of its net assets, capitalised and amortisedevenly over its useful economic life.

The intangible assets are amortised over the following useful economic lives:

Goodwill 10 years

Property, plant and equipmentAfter initial recognition, classes of asset valued under the cost model are carried at cost less any accumulated depreciation and anyaccumulated impairment losses. Classes of asset valued under the revaluation model are carried at a revalued amount, being theirfair value at the date of the revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairmentlosses.

Depreciation is calculated to write off the cost or valuation, less estimated residual value, in the income statement on a straight linebasis over the estimated useful lives of each part of an item of property, plant and equipment. Land is not depreciated. Depreciationmethods, useful lives and residual values are reviewed at each reporting date.

Depreciation rates used are as follows:

Freehold buildings Leasehold buildings Plant, fixtures and fittings Vehicles

Impairment of assetsAt each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairmentloss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared withits carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount,and an impairment loss is recognised immediately in the income statement.


2% per annumOver the unexpired term of the lease10% to 20% per annum14.3% to 20% per annum


accounting policiesIf an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverableamount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset inprior years. A reversal of an impairment loss is recognised immediately in the income statement.

Investment propertyInvestment property is carried at fair value. Revaluation surpluses are recognised in the income statement. Deferred taxation isprovided on these gains at the rate expected to apply when the property is sold.

Other investmentsInvestments in unquoted shares are carried at cost with any impairment recognised immediately in the income statement.

Funeral prepayment plans under which the Society accepts risk from another party (the policyholder) by agreeing to compensatethe policyholder in respect of an uncertain future event are classified as insurance contracts under FRS 103. A contract thatqualifies as an insurance contract remains an insurance contract until all the risks and obligations are extinguished or expire. Theyare carried at fair value, which is based on the ‘at need’ price discounted over the average life of a plan at the risk free rate over acomparable period. Any movements in the fair value are recognised in the income statement as they arise.

InventoriesInventories are stated at the lower of cost and estimated selling price less costs to sell, less provision for any obsolete or slowmoving items.

Trade and other receivablesShort term receivables are measured at transaction price.

CreditorsShort term payables are measured at transaction price.

LeasesLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownershipof the leased assets to the group. All other leases are classified as operating leases.

Assets held under finance lease are recognised initially at cost, with the corresponding liability to the lessor being included in thestatement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges andreduction of the lease obligation using the straight line method. Finance charges are deducted in measuring profit or loss. Assetsheld under finance leases are included in property, plant and equipment, and depreciated and assessed for impairment losses in thesame way as owned assets.

Rental payments under operating leases are charged to the income statement on a straight line basis over the lease term, unlessrental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rentexpense equal to the amount owed to the lessor.

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straightline basis.

Pension costsThe Society operates defined contribution schemes for certain employees. All costs relating to the defined contribution schemesare charged to the income statement as incurred.

The Society also operates two defined benefit final salary pension schemes covering a large number of employees. The Society’snet obligation in respect of its defined benefit pension plan is calculated by estimating the amount of future benefit that employeeshave earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value.Any unrecognised past service costs and the fair value of any plan assets are deducted. The discount rate is the yield at thereporting date on a high quality corporate bond that has a maturity date approximating to the terms of the Society’s obligations.The calculation is performed annually by a qualified actuary using the projected unit credit method. The Society recognises allactuarial gains and losses arising from the defined benefit plans directly in other comprehensive income immediately.



accounting policiesTaxationCurrent tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reportingperiods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferredtax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed fortax in a future period, except where:- the group is able to control the reversal of the timing difference; and- it is probable that the timing difference will not reverse in the foreseeable future.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilitiesthat are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred taxrecognised.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting datethat are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presentedeither in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense(income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets anddeferred tax liabilities are offset only if:- the group has a legally enforceable right to set off current tax assets against current tax liabilities, and - the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either thesame taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or torealise the assets and settle the liabilities simultaneously.

Gross salesGross sales is a memorandum disclosure and represents the total transaction value of all the Society’s services. The gross value ofsales includes amounts recognised in respect of sales made on an agency basis, principally relating to travel agency services.

TurnoverTurnover includes cash sales, goods sold on credit, commissions and property rental income. It is stated net of VAT, discounts andincentives. Sales of goods and services are recognised in the financial statements at the point of sale. Travel commissions arerecognised at point of sale, with appropriate provision for anticipated cancellations. Rental income is recognised on an accrualsbasis.

Supplier rebatesThe Society receives supplier rebate income from the buying group, Federal Retail Trading Services (FRTS) it operates within. Atyear end, the Society is required to estimate supplier income due from annual agreements for marketing costs and volume rebateswhich span across the year end date.

Estimates are required due to the fact that final confirmation of some amounts due are often only received after the year end date.All rebate income is received from third parties via the supplier agreements with FRTS. The estimates for this income are preparedfollowing discussions with FRTS throughout the year and are regularly reviewed by senior management.

Share interestThe Society’s members’ share capital maintains a fixed nominal value and attracts interest. Share interest is disclosed as amovement in equity and within the statement of changes in equity.



2017 2016Continuing Discontinued Continuing Discontinued operations operations Total operations operations Total

(as restated) (as restated) (as restated)

Note £ 000 £ 000 £ 000 £ 000 £ 000 £ 000 GROSS VALUE OF SALES (INCLUDING VAT) 73,568 2,110 75 678 74 427 17 798 92 225Less gross value of agency sales - - - - (1,723) (1,723)

GROSS VALUE OF SALES 73,568 2,110 75 678 74 427 16 075 90 502(EXCLUDING AGENCY SALES)Value added tax (5 337) (308) (5 645) (5 388) (2 376) (7 764)

TURNOVER 1 68 231 1 802 70 033 69 039 13 699 82 738

Cost of sales (43 843) (1 474) (45 317) (43 334) (11 896) (55 230)

Gross profit 24 388 328 24 716 25 705 1 803 27 508

Administrative expenses (21 173) (1 055) (22 228) (21 242) (5 909) (27 151)

Trading profit 2 3 215 (727) 2 488 4 463 (4 106) 357

Surplus on sale of fixed assets 2 056 - 2 056 217 - 217

Surplus on revaluation of investment properties 523 - 523 714 - 714

Exceptional items 3 (564) (1 446) (2 010) 4 310 (2 030) 2 280

Fair value adjustment - funeral prepayment plans 2 /10 (1 399) - (1 399) 1 016 - 1 016

Operating profit 3 831 (2 173) 1 658 10 720 (6 136) 4 584

Interest receivable and similar income 71 - 71 93 - 93

Interest payable and similar charges 5 (363) - (363) (501) - (501)

Profit on ordinary activities before taxation 3 539 (2 173) 1 366 10 312 (6 136) 4 176

Tax on profit on ordinary activites 6 (454) 435 (19) (2 317) 1 238 (1 079)

Profit for the financial year 3 085 (1 738) 1 347 7 995 (4 898) 3 097


consolidated income statement


consolidated statement of comprehensive income

2017 2016 Total Total £ 000 £ 000 (as restated) PROFIT FOR THE FINANCIAL YEAR 1 347 3 097 Actuarial (loss)/gain on defined benefit pension plans (3 026) 260

Deferred tax movement relating to actuarial (losses)/gains 251 (52)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR (1 428) 3 305



consolidated statement of financial position Note 2017 2016 £ 000 £ 000 (as restated) FIXED ASSETS Intangible assets 7 215 246Property, plant and equipment 8 28 860 25 105 Investment property 9 9 794 15 073 Other investments 10 19 861 17 403

58 730 57 827

CURRENT ASSETS Other investments 10 703 646Inventories 11 2 799 4 148Trade and other receivables 12 1 102 1 807Cash at bank and in hand 10 443 6 191

15 047 12 792CURRENT LIABILITIES

Creditors: amounts falling due within one year 13 (5 472) (6 542)

NET CURRENT ASSETS 9 575 6 250

TOTAL ASSETS LESS CURRENT LIABILITIES 68 305 64 077

LONG TERM LIABILITIES

Creditors: amount falling due after one year 14 (21 414) (17 534)

Pension obligations 15 (9 303) (7 026)

Provision for liabilities 16 (1 540) (1 903)

NET ASSETS 36 048 37 614

CAPITAL AND RESERVES Share capital 18 2 101 2 235Revaluation reserves 19 5 295 5 225Revenue reserves 19 28 652 30 154

MEMBERS’ FUNDS 36 048 37 614

as at 21st January 2017


Balance at 24th January 2015 2 757 5 337 26 743 34 837

Profit for the financial year - - 2 383 2 383

Other comprehensive income:Revaluation of investment properties - 714 - 714 Realised on disposal of investment properties - (112) 112 -Actuarial gain on defined benefit pension plans - - 260 260Deferred tax movement relating to actuarial gains - - (52) (52) Total other comprehensive income - 602 320 922 2 757 5 939 29 446 38 142

Movement in share capital (522) - - (522)

Share interest less related taxation deduction - - (6) (6)

Balance at 23rd January 2016 2 235 5 939 29 440 37 614

Prior Year Adjustment - (714) 714 -

Balance at 23rd January 2016 (as restated) 2 235 5 225 30 154 37 614

Profit for the financial year - - 1 347 1 347

Other comprehensive income: Realised on disposal of investment properties - 70 (70) -Actuarial loss on defined benefit pension plans - - (3 026) (3 026)Deferred tax movement relating to actuarial losses - - 251 251Total other comprehensive income - 70 (2 845) (2 775)

2 235 5 295 28 656 36 186

Movement in share capital (134) - - (134)

Share interest less related taxation deduction - - (4) (4)

Balance at 21st January 2017 2 101 5 295 28 652 36 048

A prior year adjustment of £714,000 has been made to reclassify a surplus on revaluation of investment property, previously included within other comprehensive income, to be disclosed above operating profit in the consolidated income statement.

consolidated statement of changes in equity

Sharecapital£ 000

Revaluationreserve£ 000

Revenuereserves£ 000

Total

£ 000




consolidated statement of cash flows

2017 2016 £ 000 £ 000 (as restated)CASH FLOWS FROM OPERATING ACTIVITIES Profit for the financial year 1 658 4 584Adjustments for : Amortisation of intangible assets 31 31Depreciation of tangible assets 2 619 3 389Surplus on sale of fixed assets (2 056) (217)Surplus on revaluation of investment properties (523) (714)Fair value adjustment 1 399 (1 016) Decrease in trade and other receivables 437 381Decrease in stocks 1 349 1 390Decrease in trade payables (1 215) (181)

Cash from operations 3 699 7 647

Taxation received/(paid) 102 (394)

NET CASH GENERATED FROM OPERATING ACTIVITIES 3 801 7 253

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of tangible assets 3,176 420Purchase of tangible assets (1 693) (4 413)Pension scheme special contributions (965) (935) Exceptional pension credit - (4 560)Interest received 71 93

NET CASH FROM INVESTING ACTIVITIES 589 (9 395)

CASH FLOWS FROM FINANCING ACTIVITIES Movement in share capital (134) (522)Repayment of finance lease obligations - (68) Share interest paid (4) (6)

NET CASH USED IN FINANCING ACTIVITIES (138) (596)

NET CASH INCREASE/(DECREASE) IN CASH 4 252 (2 738)AND CASH EQUIVALENTS

Cash and cash equivalents at the beginning of the year 6 191 8 929

CASH AND CASH EQUIVALENTS AT THE 10 443 6 191END OF THE YEAR

COMPONENTS OF CASH AND CASH EQUIVALENTSCash 10 443 6 191Cash equivalents - -

10 443 6 191



1. TURNOVER

£ 000 £ 000 £ 000 £ 000

Food 64 192 58 952 65 739 60 453Non-food 2 102 1 795 15 739 13 396Travel Commission - - 1 924 168Funeral 8 397 8,299 7 812 7 710Post office 7 7 136 136Property 980 980 875 875

75 678 70 033 92 225 82 738

2. PROFIT BEFORE TAXThe profit on ordinary activities before taxation is stated after charging/(crediting):

2017 2016 £ 000 £ 000Auditor’s remuneration:Fees payable in respect of audit services 29 29Fees payable in respect of tax services 4 14Operating lease rentals: In respect of property 38 38In respect of plant and machinery 311 206Changes in fair value of funeral prepayment plans 1 399 (1 016)Payments to and on behalf on stakeholders:Member privilege scheme 253 1 793Staff dividend 376 380Grants and donations 132 154

3. EXCEPTIONAL ITEMS

2017 2016 £ 000 £ 000

Impairment of fixed assets 943 1 229Redundancy costs relating to closures 973 894Other closure costs 94 157Past service costs pension credit - (4 560)

2,010 (2 280)

During the year the Society closed all of its remaining Non Food and Post Office businesses. The costs above are those incurred inall store closures that occurred prior to the year end.

Grosssales

Turnover


Grosssales

Turnover2017 2016



4. DIRECTORS AND EMPLOYEESDirectors’ remuneration

2017 2016 £ 000 £ 000 The total remuneration of the directors for their board duties was as follows:

Fees 23 38

The number of directors whose remuneration fell in each £5,000 bracket was as follows: Number Number£0 - £ 5 000 13 16

Staff costs during the year were as follows: 2017 2016 £ 000 £ 000

Wages and salaries 9 565 12 119Social security costs 633 796Other pension costs 797 1 228

10 995 14 143 The average number of employees of the Society during the year was:

2017 2016 Number Number

Full-time 211 303Part-time 557 636

768 939

Management executive remuneration 2017 2016 £ 000 £ 000

The total remuneration of the management executive was as follows:

Salaries 527 552Taxable benefits 37 42Pension contributions 21 39

585 633




£ 25 001 - £ 30 000 £ 45 001 - £ 50 000£ 60 001 - £ 65 000£ 70 001 - £ 75 000£ 75 001 - £ 80 000£ 80 001 - £ 85 000£ 110 001 - £ 115 000£ 185 001 - £ 190 000£ 190 001 - £ 195 000

4. DIRECTORS AND EMPLOYEES (CONTINUED)Chief executive remuneration 2017 2016 £ 000 £ 000

The remuneration of the Chief executive (who is also the highest paid employee) included above was as follows:

Salary 184 180Taxable benefits 8 9

192 189

The following number of management executive employees received remuneration including taxable benefits (excluding pension contributions) falling within the following ranges:

2017 2016 Number Number

1 - 1 - 1 1 - 1 - 1 1 1 1 1 - 1 1 -

5. INTEREST PAYABLE AND SIMILAR CHARGES 2017 2016 £ 000 £ 000

Bank charges 51 60Finance lease interest - 11Net interest costs on pension scheme 312 430

363 501



notes to the financial statementsfor the year ended 21st January 2017

6. TAX ON PROFIT ON ORDINARY ACTIVITIES The tax charge/(credit) is based on the profit for the year and represents: 2017 2016 £ 000 £ 000

a) Analysis of charge in the yearUK Corporation tax 267 (247)Adjustment in respect of prior periods 7 (27)

Total current tax 274 (274)

Deferred taxation: origination and reversal of timing differences (362) 1 353Adjustment in respect of prior periods 107 -

Tax on results on ordinary activities 19 1 079

b) The tax assessed for the year is higher than the standard rate of corporation tax in the United Kingdom at 20.00% (2016: 20.18%). The difference are explained as follows:

Profit on ordinary activities before tax 1,366 4 176

Profit on ordinary activities multiplied by the standard rate of 273 843corporation tax in the United Kingdom of 20.00% (2016: 20.18%)Expenses not deductible for tax purposes (368) 304Losses carried back - (247)Effect of change in accounting policies - 368Prior year adjustments 114 (189)

Tax on result on ordinary activities 19 1 079

The aggregate current and deferred tax relating to items that are recognised as items of other comprehensive income is a charge of £ 251,420(2016: a credit of £52,000).

7. INTANGIBLE FIXED ASSETS Goodwill

£ 000

Cost as 21st January 2017 and 23rd January 2016 417

AMORTISATION

At 23rd January 2016 171Provided in the year 31

At 21st January 2017 202

NET BOOK VALUE 2017 2152016 246


T 2 £ £

(

1

1

3 3

1

G

3

2

2 2

2


8. PROPERTY PLANT AND EQUIPMENT

£ 000 £ 000 £ 000 £ 000 £ 000CostAt 23rd January 2016 18 821 2 045 24 314 865 46 045Additions 668 55 652 2 1 377Disposals (3) (1 139) - (76) (1 218)Write Off - - (4 818) - (4 818)Transfers (3 468) 9 356 - - 5 888 At 21st January 2017 16 018 10 317 20 148 791 47 274

Depreciation and impairmentAt 23rd January 2016 2 359 694 17 517 370 20 940Provided in the year 214 14 1 324 125 1 677Impairment - 564 379 - 943Disposals - (268) - (60) (328)Write Off - - (4 818) - (4 818)Transfers (931) 931 - - -

At 21st January 2017 1 642 1 935 14 402 435 18 414

NET BOOK VALUE

2017 14 376 8 382 5 746 356 28 860

2016 16 462 1 351 6 797 495 25 105

All trading properties held by the Society were valued by Bruton Knowles, as at 21st January 2017 on the basis of open marketvalue for existing use. This valuation shows an excess over book value of some £5m before taxation, which is not reflected in thefinancial statements.Trade properties with a carrying value of £8,490,560 (2016: £8,533,196) are pledged as security against the Society’s definedbenefit pension schemes.

Tradeproperties

Assets held for resale

Fixtures, fittings & plant

Transport Total



9. INVESTMENT PROPERTY Total £ 000

Fair value at 23rd January 2016 15 073

Additions 316Disposals (230)Transfers to property, plant and equipment (5 888)Revaluations 523

Fair value at 21st January 2017 9 794

Investment properties were revalued by Bruton Knowles, as at 21st January 2017.

10. OTHER INVESTMENTS

2017 2016 £ 000 £ 000Non-current investmentsFinancial assets 481 481Financial assets designated at fair value through the income statement 19 380 16 922

19 861 17 403Are held as follows:Co-operative Group shares 476 476Other I & P Societies shares 5 5

Total financial assests 481 481

Funeral prepayment plans 19 380 16 922

19 861 17 403

2017 2016 Current investments: £ 000 £ 000

Financial assets designated at fair value through the income statement 703 646

703 646

2017 2016Income Statement: £ 000 £ 000

Fair value adjustment for funeral prepayment plan (1 399) 1 016

Moneys received in respect of funeral prepayment plans are invested in individual whole of life insured arrangements with RoyalLondon Mutual Insurance Society Limited. Interest earned on such investments is reinvested. An appropriate proportion of theinvestments is withdrawn when each funeral plan is received by the client representative. Financial assets are held at cost.The Society’s exposure to credit risk and interest rate risks related to other investments is disclosed in Note 22.

notes to the financial statementsfor the year ended 21st January 2017



11. INVENTORIES

2017 2016 £ 000 £ 000

Finished goods 2 799 4 148

Finished goods recognised as a cost of sale amounted to £ 45,317,689 (2016: £ 52,475,078).

12. TRADE AND OTHER RECEIVABLES

2017 2016 £ 000 £ 000

Trade debtors 164 382Corporation tax 365 746VAT 67 -

Other debtors 99 192Prepayments and accrued income 407 487 1 102 1 807

The Society’s exposure to credit risk and impairment losses related to trade and other receivables is disclosed in Note 22.

13. CREDITORS – AMOUNTS FALLING DUE WITHIN ONE YEAR 2017 2016 £ 000 £ 000

Trade payables 2 617 3 306Holiday pay 276 354VAT - 102Funeral prepayment plans 777 743Other taxes and social security 159 219Share interest 4 8Accruals and deferred income 1 639 1 810

5 472 6 542

14. CREDITORS – AMOUNTS FALLING DUE AFTER ONE YEAR 2017 2016 £ 000 £ 000

Funeral prepayment plans 21 414 17 534

21 414 17 534




SAPS based onyear of birth

with anallowance forCMI 2013

improvementsand 1% longterm trend

85% takemaximum

allowable cashon retirement

15. PENSION OBLIGATIONS

The Society operates two defined benefit final salary pension schemes, covering a large number of employees, which are fundedby payment of contributions to separately administered funds.

The Society will merge its two pension schemes into a single scheme in 2017.

The contributions to the funds are determined with the advice of an independent qualified Actuary on the basis of triennialvaluations using the aggregate and projected unit methods of funding as appropriate.

The Coventry & District Co-operative Society Limited Employees’ Superannuation Fund was closed to new entrants following thetransfer of engagements to East Mercia Co-operative Society Limited in September 1991. The Heart of England Co-operativeSociety Limited Employees’ Superannuation Fund was closed to new entrants in October 2012. The assets continue to beadministered by Trustees and the investments are managed by Schroder Investment Management.

Costs and liabilities of the scheme are based on actuarial valuations. The latest full actuarial valuation was carried out at 5th April2015 and updated to 21st January 2017 by a qualified independent Actuary employed by KPMG LLP (UK). The followingdisclosure shows the position of the combined funds. The Actuary has used the same assumptions for each fund.

The main assumptions used by the Actuary were: 2017 2016 % %

Rate of increase in salaries 3.30 3.05Rate of increase in pensions in payment 3.30 3.05Discount rate 2.80 3.75Future pension increases – post 97 pension 3.15 3.05Future pension increases – pre 97 pension 1.55 1.55Mortality – actuarial tables used

Male life expectancy at age 65 for current 65 year old 22.0 22.2Male life expectancy at age 65 for current 45 year old 23.3 23.6Female life expectancy at age 65 for current 65 year old 24.0 24.4Female life expectancy at age 65 for current 45 year old 25.5 25.9Cash commutation

SAPS2 basedon year of birth

with anallowance for

CMI 2015improvementsand 1% longterm trend

85% takemaximumallowablecash on

retirement




15. PENSION OBLIGATIONS (CONTINUED)

Where investments are held in bonds and cash, the expected long term rate of return is taken to be the yields generally prevailingon such assets at the consolidated statement of financial position date. A higher rate of return is expected on equity investments,which is based more on realistic future expectations than on the returns that have been available historically.

The amounts recognised in the statement 2017 2016of financial position are as follows:- £ 000 £ 000

Present value of funded obligations (61 465) (53 826)Fair value of scheme asset 50 256 45 044

Deficit (11 209) (8 782)

Related deferred tax asset 1 906 1 756

Net liability (9 303) (7 026)

The amounts charged in the income statement are as follows:-

Current service cost 616 1 043Net interest costs 312 430Past service costs - (4 560)

928 (3 087)

Changes in the fair value of the scheme assets are as follows: 2017 2016 £ 000 £ 000

Opening fair value of scheme assets 45 044 47 880Interest income 1 675 1 526 Actuarial gains/(losses) 4 322 (3 940)Contributions by employer 1 527 1 594Contributions by scheme participants 269 385Benefits paid (2 581) (2 401)

Closing fair value of scheme assets 50 256 45 044

The Society expects to contribute £1,500,000 to its pension scheme in 2017.

The main categories of scheme assets as a percentage of 2017 2016total scheme assets are as follows: % % Schroder Life Diversified Growth Fund 57.9 58.9Schroder Life Indexed Linked Bond Fund 31.0 29.6Schroder All Maturities Corporate Bond Fund 11.1 11.5




15. PENSION OBLIGATIONS (CONTINUED)

The pension scheme assets include no assets from the Society’s own financial instruments. The pension scheme assets include no property occupied by, or other assets used by, the Society. The Society has pledged various properties to the pension scheme.

The actual return on scheme assets were as follows: 2017 2016£ 000 £ 000

Actual return on scheme assets 5 997 (2 414)

Changes in the present value of defined 2016 2016benefit obligations are as follows: £ 000 £ 000

Opening scheme liabilities (53 826) (61 603)Service cost (616) (1 043) Past service cost (credit) - 4 560Interest cost (1 987) (1 956)Actuarial (losses)/gains on assumptions (8 889) 4 338Actuarial gains/(losses) on experiences 1 541 (138)Contributions by employees (269) (385)Benefits paid 2 581 2 401

Closing scheme liabilities (61 465) (53 826)

16. PROVISION FOR LIABILITIESDeferred

taxation £ 000

At 23rd January 2016 1 903Origination and reversal of timing differences (363)

At 21st January 2017 1 540

17. DEFERRED TAXATION

Deferred taxation provided for at 17% (2016:20%)in the financial statements is set out below:

2017 2016£ 000 £ 000

Accelerated capital allowances 815 912Other timing differences (18) (17)Revaluation adjustments 743 1 035 Losses carried forward - (27) 1 540 1 903



notes to the financial statements18. SHARE CAPITAL

2017 2016 £ 000 £ 000

At 23rd January 2016 2 235 2 757Contributions 114 309Interest 4 8

2 353 3 074

Withdrawals (252) (839)

Balance at 21st January 2017 2 101 2 235

The whole of the share capital comprises of non-equity shares of £1 each attracting interest between 0% & 1% per annumdepending on the amounts. Shares are withdrawable by giving one week’s notice to the Society. However, this requirement may bewaived by the Directors in accordance with rule 28(b), and therefore the share capital has been classified as equity in accordancewith FRS 102. Every member who maybe a member of the Society for not less than six months and holds a minimum of one £1share is entitled to one vote.

19. RESERVES

Share capital – represents the nominal value of shares that have been fully paid.

Revaluation reserve – represents the difference between the revalued amount and the cost value of certain financial assets.

Revenue reserves – includes all current, prior period retained profits and losses.

20. CAPITAL COMMITMENTSThe Society had capital commitments relating to property, plant and equipment of £5,516,294 (2016:£6,732,311).

21. LEASING COMMITMENTS

The Society had total commitments under non-cancellable operating leases as detailed below:

2017 2016 £ 000 £ 000

Within one year 27 13Within two to five years 654 917After more than five years 188 226

869 1 156



notes to the financial statements22. FINANCIAL RISK MANAGEMENT

The Society has exposure to two main areas of risk – customer credit exposure and funeral plan risk. To a lesser extent the Societyis exposed to interest rate risk.

Customer credit exposure

The Society may offer credit terms to its customers which allow the payment of the debt after delivery of the goods or services.The Society is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigatedby the strong on going customer relationships.

Funeral plan risk

The Society operates prepaid funeral plan arrangements. There is a risk that inflationary pressures may increase the cost ofdelivery of funerals resulting in contracts becoming loss making in the long term. There are also actuarial risks surrounding thelife expectancies of policy holders. The Society manages these risks by regularly reviewing the policies and the cost of delivery offunerals to ensure that the portfolio is managed in a sustainable and profitable way.

23. FINANCIAL ASSETS AND LIABILITIES 2017 2016 £ 000 £ 000

Financial assets measured at fair value through the income statement 29 877 32 641

Financial assets measured at amortised cost 32 330 30 308

Financial liabilities measured at fair value through the income statement 31 494 25 303

Financial liabilities measured at amortised cost 3 056 3 887

24 RELATED PARTY TRANSACTIONS

There were no related party transactions to report.



community support and member relations

community supportThe Society continues to support the localcommunity helping over 4,500 groupsand having pledged in excess of £901,000since the scheme commenced in the year2000.

Last year we donated in the region of£52,250 to around 230 charities andgroups all with different needs whichincluded festivals, caring support,rehabilitation services, sporting activitiesand homeless charities.

Nuneaton & North WarwickshireEquestrian Centre benefited from anAward which provides lessons to adultsand children with a wide range ofdisabilities and which helps their co-ordination and balance.

The Society contributed to the MarketBosworth Festival which is a two weekfestival celebrating the Arts in a variety offorms including film, theatre, literature,arts and crafts.

Wolston Leisure & Community Centrereceived a donation to help towards theirweekly rehabilitation sessions for peoplewith heart related illness.

Coundon Care Centre were delighted toreceive a donation to continue their vitalservices to the elderly offering them alunch club and activities on a weeklybasis.

members’ charity giveawayMembers were invited to vote for a£5,000 giveaway, by nominating one ofthree local charities, which were; MarieCurie Cancer Care, Mary Ann EvansHospice and the Royal National Instituteof Blind People.

Our members chose the Royal NationalInstitute of Blind People to receive£3,000. This enabled the Society to helpthe local RNIB Pears Centre, whichprovides individually-tailored education,care, healthcare and therapies to childrenand young people with multipledisabilities and complex health needsand who are blind or partially sighted.

The other two charities each received£1,000.

christmas card competitionThe Society invited Primary Schoolchildren from across the trading regionto design our corporate Christmas cardincorporating the theme “WhatChristmas means to you”. The winnerfor 2016 was Ibrahim Mirza fromMilverton House School in Nuneatonwho produced a captivating image of asnowman with a heart-warmingmessage. Ibrahim was presented with aprize and a cheque for £500 to helptowards school equipment.

Chloe Dixon receiving a cheque for £1,000 on behalf of Birmingham Children's Hospital

Visit to the RNIB Pears Centre, Exhall following our donation of £3,000.


pride of coventry &warwickshire awardsThe Society was delighted to jointlysponsor the ‘Child of Courage’ Award atthe Pride of Coventry & WarwickshireAwards, which recognises the specialcontribution people have made in thelocal community.

The 2016 Award winner was ChloeDixon, who was born withmyelomeningocele, the most seriousform of spina bifida. Chloe’s mum wastold she would never walk, but followingnumerous operations Chloe has defiedthe odds and does not let her illness holdher back. Chloe attends mainstreamschool and has helped raise funds for theBirmingham Children’s Hospital.

The Society was so overwhelmed by herefforts that we were delighted to donate£1,000 to Birmingham Children’sHospital.

heart of england community foundationThe Society would like to thank theHeart of England CommunityFoundation, who administers ourHelping Hearts Award scheme.

pamper with a hamperThe Society teamed up with the

Coventry Telegraph, Hinckley Times,Nuneaton News and TNT Express forour ‘Pamper with a Hamper’ campaign.Newspaper readers were asked tonominate a special person over the ageof 65 to receive a Christmas hamper.250 hampers were distributed duringthe festive season, which were packedby volunteering employees, containingChristmas treats and fairtrade items.

carrier bag fundsDue to change in legislation effectivefrom October 2015, the Society’s foodstores are required to charge 5p for allsingle-use plastic carrier bags to helpreduce their use in order to combat litterand encourage shoppers to re-use thebags.

From the sales of single use carrier bagswhich was over £50,000, £30,800 wasequally distributed to the local branchesof eight charities; including Zoe’s PlaceBaby Hospice, Mary Ann EvansHospice, British Heart Foundation, DogsTrust, Diabetes UK, Alzheimer’sSociety, Sands and Macmillan CancerSupport.

member relationsThe three regional Member RelationsCommittees, consisting of members andemployees, continue to support ourauxiliary groups, consider Helping

Hearts applications and review activitiesfor members.

co-operative women’s guildThe National Co-operative Women’sGuild sadly decided to close in June2016 with our Guild membersorganising a farewell lunch. All regionalCo-operative Women’s Guild bannerswere donated to their local museum andthe Society has agreed to contribute£2,484 towards the full restoration costof the Nuneaton Co-operative Women’sGuild banner for display in the localmuseum.

heart of england co-operative orchestraThe Orchestra continues to receiverequests to perform at various venuesaround the region including Kenilworth,Balsall Common and Allesley inCoventry all of which have raised vitalfunds for local charities. They alsoperformed a concert on behalf of theSociety in October which raised fundsfor the Society’s corporate charity GuideDogs. The Orchestra are now lookingforward to their 2017 centenary concerts.

co-operative ladies choirThe Ladies Choir continued to enjoyweekly rehearsals and entertained manyaudiences during the year at differentvenues including the Poppy Launch inWest Orchards in Coventry.

woodcraft folkThe Woodcraft Folk is a voluntaryco-operative organisation for childrenand young people. The West CoventryWoodcraft Folk enjoyed many activitiesincluding den making and obstaclecourses. In the summer months, thegroup visited the Lockerbrook OutdoorCentre in the Peak District enjoying lotsof activities including caving,orienteering and hiking. In December thegroup made ‘Carriers of Hope’ to helplocal people in need at Christmas.

Wolston Leisure and Community Centre receiving a donation towards their weeklyrehabilitation sessions.


trading area and operations

Balsall Common - Kenilworth Road ....................................01676 535006

Barwell - Malt Mill Bank......................................................01455 846200

Bishops Itchington - Chapel Street ....................................01926 612180

Coventry - Alfall Road, Wyken ..........................................024 7644 5916

Coventry - Allesley Old Road, Allesley ................................024 7667 2783

Coventry - Ansty Road, Wyken ..........................................024 7644 5616

Coventry - Earlsdon Street, Earlsdon ..................................024 7671 3377

Coventry - Norman Place Road, Coundon..........................024 7633 2548

Coventry - Remembrance Road, Willenhall ........................024 7630 3034

Coventry - Tile Hill Lane, Tile Hill........................................024 7646 6170

Crick - High Street ...............................................................01788 822277

Fenny Compton - High Street.............................................01295 770246

Harbury - High Street..........................................................01926 612252

Long Itchington - Church Road..........................................01926 812411

Market Bosworth - Main Street .........................................01455 290231

Meriden - The Green ..........................................................01676 522378

New Arley - Gun Hill ..........................................................01676 540480

Nuneaton - Coniston Way, St Nicolas Park ........................024 7632 9974

Nuneaton - Copper Beech Road, Camp Hill .......................024 7639 2438

Nuneaton - Chesterton Drive, Galley Common .................024 7639 3962

Nuneaton - Kem Street, Attleborough ................................024 7634 4938

Nuneaton - School Road, Bulkington .................................024 7631 2146

Royal Leamington Spa - Warwick Gates, Cressida Close ........01926 426506

Rugby - High Street, Hillmorton ..........................................01788 543567

Rugby - Lawford Road, New Bilton ................................... 01788 536248

Rugby - The Green, Old Bilton ............................................01788 811774

Rugby - Townsend Lane, Long Lawford ..............................01788 565066

Ryton-On-Dunsmore - High Street....................................024 7630 2691

Sapcote - Church Street ......................................................01455 272257

Southam - Coventry Street..................................................01926 812308

Stoney Stanton - Long Street.............................................01455 273813

Warwick - Woodloes Avenue South....................................01926 493281

Wellesbourne - Loxley Close ..............................................01789 840861

Barlestone - ‘Gilliver’s’, Church Road ................................01455 290356

Bedworth - High Street ....................................................024 7631 4823

Coventry - Ansty Road, Wyken.........................................024 7665 0619

Coventry - Foleshill Road, Foleshill ....................................024 7666 5676

Coventry - Kenpas Highway .............................................024 7641 1806

Coventry - Lower Holyhead Road .....................................024 7622 5826

Daventry - High Street ......................................................01327 707905

Earl Shilton - Kings Walk...................................................01455 844400

Hinckley - ‘A J Murray’ Lower Bond Street.........................01455 233974

Kenilworth - Warwick Road ..............................................01926 856699

Nuneaton - Park House, Riversley Road ............................024 7638 2535

Royal Leamington Spa - Parade .......................................01926 428665

Rugby - Bilton Road...........................................................01788 576099

Customer ServicesNuneaton - Abbey Street..................................................024 7638 2331

Coventry - Co-operative food - Ansty Road......................024 7644 5616

Rugby - Co-operative food - The Green, Old Bilton............01788 811774

Barwell - Co-operative food - Malt Mill Bank.....................01455 846200

Head OfficeNuneaton - Abbey Street..................................................024 7638 2331

ANNUAL REPORT AND FINANCIAL STATEMENTS40 ANNUAL REPORT AND FINANCIAL STATEMENTS

Co-operative Food Stores

Co-operative Funeralcare Branches

BARLESTONE

HEART OF ENGLAND CO-OPERATIVE SOCIETY

notes


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