Treasurer’s Report for AGM 2021

Abbotts Ann Village Shop Association

Treasurer’s Report

For Year Ending 31st December 2020

It is an ill wind that blows nobody any good, and certainly 2020 was not a good year for many businesses. The “lockdown” restrictions that curtailed many people’s activities and enforced stay at home has had a beneficial effect on the shop. Local residents have appreciated the convenience of having a retail facility nearby and the Association has seen a 24% rise in turnover for 2020. For the first time in several years, the shop has made a trading surplus and this on top of a Government subsidy of £10,000 resulted in a profit of some £17,000, a favourable end of year position of which the village may feel justly proud.

With profit comes also taxation and there is a liability to pay Corporation Tax of some £2,000 and that too will eat into our bank balance. However nobody ever went bankrupt making a profit so we cannot begrudge that too much.

The shop is always grateful for the generous donation and support from local authorities, the Parish Council and of course the “Friends of Abbotts Ann Shop”.

The successful year has enabled the committee to take advantage of the healthy financial position and embark upon a number of infrastructure projects during the first half of 2021. The replacement of the old refrigeration equipment with modern energy efficient units should bring long term benefits,  new flooring in the shop has improved the aesthetic look and further plans for improvements of the till area and display shelving are well under way.

There is no guarantee that these trading levels will be maintained once full “lockdown” restrictions are lifted and already in 2021 there is a noticeable decrease on last year’s “month on month” figures. No doubt 2021 will bring its own challenges but all praise to the staff, volunteers and residents for making 2020 such a successful year.

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