Annual Members’ Meeting for year ending 30th September 2019
56 members of the HRCS Ltd attended the 8th Annual Members Meeting in St. George’s Hall on 14th February 2020. The Chairman of the Management Committee, David Clements, was able to report another satisfactory year, with profit before tax of £7,189 well ahead of the budget figure of £5,307, although slightly down from last year’s figure of £8,027. Shareholders’ funds increased from £254,836 to £260,574. Shop sales rose significantly from £220,417 to £233,671 but the operating profit was eroded by lower gross margin and also higher salary costs which reflect the increase in the National Living Wage. Total turnover of the business exceeded a quarter of a million pounds for the first time.
Looking to the year ahead, it has started well with sales and gross margin significantly up on last year but the main challenge we face is to find a replacement for our much-loved Jillian, who will start a well-earned retirement later this year. Nonetheless, we face the future with confidence.