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directors’ report corporate governance As custodians of the Society, the Directors are committed and intend to continue to work towards meeting the highest possible standards of corporate governance. The Co-operatives uk Limited issued the Code of Best Practice in July 1995 followed by subsequent amendments and updates. In May 2005 the Co-operative Congress approved the adoption of the updated and revised version of the Corporate Governance Code of Best Practice for Consumer Co-operative Societies, issued by Co-operatives uk Limited. This succeeded the earlier version of the Code following extensive consultation with member societies. The new Code presents societies with a significant task in reviewing current practices and to decide whether change is necessary to comply or to provide valid explanations for noncompliance. Accordingly the Society provides explanation in regards to those areas of the Code where it is non-compliant in the Statement of the Directors on Corporate Governance. corporate social responsibility The Heart of England Co-operative Society’s origins are based upon the fundamental principles of co-operation and the Society continues to operate with these principles in mind. The Society genuinely strives to put co-operative values into practice in every aspect of its business. Wherever practicable, this co-operation extends to other co-operative organisations, as it is our belief that the most successful co-operative businesses are focused on meeting genuine local community requirements, whilst working together with other co-operative organisations for mutual benefit. Those principles of co-operation are fundamental to the Society’s objectives of demonstrating how it differs from other retailers, and having completed 13 years operating as the Heart of England Co-operative Society, along with a heritage of 180 years of continuous co-operative trading, we take great pride in being able to demonstrate that difference. In order to more clearly measure and monitor our performance in achieving this aim, the Society has adopted a series of Key Social and Co-operative Indicators building on the Code of Business Conduct. As these develop over the coming years they will enable us to measure progress on a range of social and co-operative issues, by monitoring trends and identifying opportunities for continuous improvement. In that way, the co-operative principles and values will remain at the forefront of all that we do. These are shown in the tables on pages 10, 11 and 12. key social & co-operative performance indicators Description Measure Performance in 2012/2013 1 Member economic Trade conducted with members One of the key benefits of membership of the Heart of England Co-operative Society is to share in the success that it generates through involvement. as a proportion our Members’ privilege scheme that enables members to take advantage of turnover. of our exclusive members’ events and discounts throughout all of our trading divisions. It is not feasible to identify a meaningful percentage of trade that distinguished between members and non-members. 2 Member democratic Number of members voting An election of Directors took place at Coventry and Nuneaton during the period, and the total number of votes cast was 86, which equates to participation. in elections and 0.07% of members. as a percentage of total membership. 3 Participation of employees and Hours of training undertaken. During the period the Society provided 12,197 hours of training to our employees (2012:11,179 hours), which equates to an average of 18.70 members in hours per full-time equivalent employee (2012:17.28 hours). training and There were 206 hours of training for members. education. 10 ANNUAL REPORT AND FINANCIAL STATEMENTS
key social & co-operative performance indicators - (continued) Description Measure Performance in 2012/2013 4 Staff injury and absentee rates. Total number of accidents and reportable accidents. Staff absentee rates. During the year the Society has recorded a total of 10 reportable accidents (2012:10) and 165 minor accidents (2012:197). The average number of absence days was 2.37. 5 Staff profile – gender and ethnicity. Gender split and % employees from different ethnic groups. 67% of our employees are female (2012:66%) and 33% male (2012: 34%). We also monitor the diversity of our staff and currently 5% have an ethnic minority background (2012: 5%). Further details are listed on page 12. 6 Customer satisfaction. % of customers being satisfied with service. Customer satisfaction is fundamental to the success of our business. We regularly seek feedback from our customers to try and gauge levels of satisfaction, through the media of surveys, feedback questionnaires and random sampling. We actively encourage our customers to feedback their comments direct to the Chief Executive, both positive and negative, in order that we can continue to develop and improve in the area of customer service. In the funeral division we regularly send out customer feedback questionnaires to our clients, and in the food and non-food divisions we provide point of sale comment cards for customers to fill in there and then or to take away with them. We monitor all responses. The nature of the customer feedback we seek in the food and non-food divisions does not provide a percentage satisfaction rating. 7 Consideration of ethical issues and procurement and investment decisions. Evidence of ethical issues in decision making. The Heart of England Co-operative Society is a member of the Co-operative Retail Trading Group (CRTG), which in turn is a member of the Ethical Trading Initiative (ETI) and is working to ETI and International Labour Organisation (ILO) principles and standards. The Society also sources products from and maintains links with, wherever practicable, a number of other UK co-operative businesses and organisations that are committed to the application of the same co-operative values. Further details are listed on page 12. 8 Investment in community and co-operative initiatives. Annual proportion of investment in community/ co-operative initiatives as a % of pre-tax profits. The Society donates all of the profits from its tobacco sales to local charitable causes. As such since its inception the society has donated £686,000 and a further £50,172 has been committed in the period. The annual commitment represents 1.6 % of our pre-tax profits. continued overleaf HEART OF ENGLAND CO-OPERATIVE SOCIETY 11
Page 1 and 2: annual report & financial statement
Page 3 and 4: vision/mission statement welcome to
Page 5 and 6: notice of meetings The Coffee Stop,
Page 7 and 8: illustrated five year period gross
Page 9 and 10: trading review food division There
Page 11: Society Charity of the Year appreci
Page 15 and 16: the heart of england co-operative d
Page 17 and 18: All new Directors are offered the o
Page 19 and 20: Director under given circumstances,
Page 21 and 22: independent auditor’s report inde
Page 23 and 24: stocks Stocks are valued at the low
Page 25 and 26: group balance sheet as at 19th Janu
Page 27 and 28: other primary statements for the pe
Page 29 and 30: notes to the accounts for the perio
Page 41 and 42: newspaper readers were asked to nom
Page 43: HEART OF ENGLAND CO-OPERATIVE SOCIE

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