ANNUAL REVIEW 2017 - COOP BOOKSHOP BUYS BANK! - THE LENDER FOR SOCIAL PURPOSE
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supportive lending since 1973
ANNUAL REPORT 2018
ANNUAL REVIEW 2017
THE LENDER FOR SOCIAL PURPOSE
COOP BOOKSHOP BUYS BANK!
Providing supportive lending
Co-operative & Community Finance provides supportive lending to help people take control of
their economic lives and create social benefit.
We exclusively serve the co-operative and community sector, and for over 40 years we have
supported many hundreds of businesses ranging from small community-run enterprises to large
award-winning organisations.
We offer flexible terms and never require personal guarantees. Our profits are reinvested to enable us
to continue our work.
We currently have over £4m of our own capital to lend, available to those that practise or support
the principles of co-operation, social ownership, and sustainable development. We also manage a
number of other loan funds on behalf of other lenders.
When finance is needed to set up a new venture, expand an existing one, save a community asset,
turn a conventional business into a social one or a private business into an employee-owned firm, we
can help turn dreams into reality. We can also replace existing finance packages. All our borrowers
have the assurance that comes from receiving support from an organisation that is democratically
owned and controlled.
As well as providing finance, we offer free business support to our borrowers throughout the term of
their loans.
Our structure Membership of Community Capital is open to individuals or
organisations that have bought shares in the society. The
Co-operative & Community Finance is the trading name of
minimum investment is currently £250.
the ICOF family of businesses. The first company, Industrial
Common Ownership Finance Ltd, was set up in 1973 and we Our staff
have since created a number of related funds, all of which are Alain Demontoux, Operations and FCA Compliance Manager
democratically owned and controlled. Anne Wilks, Accounting and Administration Manager
ICOF Ltd has two subsidiary companies: ICOF Guarantee Ian Rothwell, Investment Manager
Company Ltd and Industrial Common Ownership Fund plc (ICO
Fund plc). Tim Coomer, Business Development Manager
ICOF Community Capital Ltd (Community Capital) is a free
standing community benefit society. ICOF acts as fund
manager for this society.
Membership of ICOF Ltd is open to any individual or
organisation that supports our aims and who pays a
one-off membership fee (currently £30). All our borrowers
automatically become members.
MEMBERS MEMBERS
(SHAREHOLDERS)
ICOF Ltd
ICOF Community Capital Ltd
ICO Fund plc ICOF
management Guarantee
contract Company Ltd
INVESTORS
2 CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017
Welcome by Jo White,
Providing
Chair of ICOF
Providing supportive
Group
supportive lending
and ICOF
lending Community Capital
Co-operative & Community Finance provides supportive lending to help people
Co-operative & Community Finance provides supportive lending to help people take
take control
control of theirofeconomic
theirI am
economic
pleased lives
to present
lives and createand
the create
social social
ICOF
benefit. benefit. Capital Ltd
Community
We exclusively serve the45thco-operative and community
ICOF Annual Report which sector,
ICOF and forCapital
Community almostLtd
50 (ICC)
yearsiswe
an have
investment
supported many hundreds of businessescommunity
ranging from small
andcommunity-run
society offering individualsenterprises
and to large
organisations
is directed at the members
We exclusively serve theofco-operative
ICOF and theand sector, for almost 50 years we have supported
award-winning
co-operative withdrawable membership shares and its capital is used
many hundreds organisations.
of businesses ranging from small community-run enterprises to large award-winning
shareholders of ICO Fund plc. I to provide loan finance to a wide range of community
We offer flexible termsam
organisations. and never
also require
pleased personal
to present the guarantees. Our profits are reinvested to enable
businesses, social enterprises and co-operatives.
us to continue our work. 24th Annual Report to
In 2017 ICC continued to support a growing
We offer flexible terms and never require
members personal guarantees.
of ICOF Community Our profits are reinvested to enable us to number of
We currently
continue have overCapital
our work. £4m of Ltd.our own capital to lend, available to those that practice or support
communities in the UK seeking to deliver solutions to
the principles of co-operation, social ownership and sustainable development. We also manage areal
local needs. These communities are establishing
number
We of other
currently loan£4m
have over ICOF
funds Group
on
of our behalf of other
own capital lenders,
to lend, businesses
available that
co-opertatives
to those run
that as efficient
and local
practice and effective
authorities.
or support the enterprises
principles of co-operation, the Group and sustainable development. We also manage a number of based.
2017ownership
Insocial that serve the communities in which they are
When finance is needed to set
continued uptoasupport
new venture, expand an existing one, save a community asset,
other loan funds on behalf of other lenders. In terms of the accounts, much like the Group, this years
turn a conventional business into a social
businesses across various one or a private business into an employee-owned
performance was subject to provisions against lending
firm,
Whenwe can help
finance turn to
is needed dreams
set up into
co-operativea new reality.
sectors Weexpand
venture, can also replace
anlosses existing
of £75,000.
existing one, finance
saveThis
a packages.
produced
community All
on our
a lossturn
asset, ordinary
a
borrowers have the assurance
including that
PR, comes
communityfrom receiving
conventional business into a social one or a private businessactivities support from an organisation
of £51,938. Consequently
into an employee-owned firm, we can that
thehelp isturn
Board is
democratically
dreams owned
into reality. We can and
alsocontrolled.
pubs, organic
replacefood andfinance packages.
existing regrettably unable
All our to recommend
borrowers have the any interest
assurance payment
that
manufacturing. on shares for 2017.
As well as providing finance, we offer free business support to our borrowers throughout the term
comes from receiving support from an organisation that is democratically owned and controlled.
of their loans. Borrowers included Retrofit Despite this the balance sheet remains strong with net
As well as providing finance,Workswe who
offer design and supportassets
free business to ourof borrowers
£677,818 throughout
and a loanthe term ofof
portfolio their
£458,881.
loans. manage projects that deliver
In 2017 ICC produced an Offer Document in order to
energy saving and refurbishment works to community
Our organisations.
structure They aim to deliver reductions in raise further
Membership funds for
of Community the Society.
Capital is open toThis will beorpromoted
individuals
based
Our structure
CO2 emissions
Co-operative and energy
& Community bills whilst
Finance stimulating
is the trading name ofthe
the
Membership of ICC is open
bought to
more widely in the coming year.
organisations that have individuals
shares in the or organisations
society. The
that have
minimum bought shares
investment in the£250.
is currently society. The minimum
Co-operative & Community Finance is the
local economy and improving the health and wellbeing
ICOF family of businesses. The first company, trading
Industrialname of
investment is currently £250.
the ICOF
Common family
Ownership
of residents. of businesses.
Finance Ltd,The
was first
set company,
up in 1973 Industrial
and we Our staff
And finally ...
Common
have Ownership
since created Finance
a number Ltd, was
of related set up
funds, all in
of 1973
whichand
are we I would
Our
Alain
staff like toOperations
Demontoux, take thisand
opportunity to express
FCA Compliance Managermy
We have
alsosince created
helped
democratically a and
number
support
owned of related
Sevenoaks
controlled. funds, Ltd,
Leisure all ofawhich are
Annethanks
Wilks, for the work
Accounting andover the past year
Administration of both the staff
Manager
democratically
Community owned
Benefit and controlled.
Society whose membership is made Alain Demontoux, Operations and FCA Compliance Manager
ICOF Ltd has two subsidiary companies: ICOF Guarantee
upCompany
of staff, community and Local Authority members
Ian team andInvestment
Rothwell, my fellowManager
Trustees and Directors.
Anne Wilks, Accounting and Administration Manager
ICOF Ltd Ltd
hasand
twoIndustrial
subsidiary companies:
Common ICOF Guarantee
Ownership Fund pie (ICO Ian Rothwell, Investment Manager
providing health and well being services in Kent. Tim Coomer,
From
Business
the Board
Development Manager
we Development
saw John Atherton,
Company
Fund pie). Ltd and Industrial Common Ownership Fund plc Tim Coomer, Business ManagerTim Blanc,
(ICOCommunity
ICOF Fund plc).
Underpinning growth
Capitalthis year was the
Ltd (Community demand
Capital) being
is a free OurVictoria Knott and Sion Wellens step down. Thank you
partnerships
stimulated by the More
standing community benefitThan A Pub
society. ICOFprogramme
acts as fund which all been
Our
We’ve for your input and
partnerships
successfully your funds
managing stamina!
and making loans in a
wasICOF
setCommunity
upforinthis
2016 Capital Ltd (ICC)
to support is a free standing
community ownership of
manager society.
community benefit society. ICOF Ltd acts as fund manager We’ve been
specialist marketsuccessfully managing
for almost 50 years. funds and making loans
pubs in England. This two-year programme is funded by We look forward to a busy 2018 continuing to provide
in a specialist market for almost 50 years.
for this society.
Membership of ICOF Ltd is open to any individual or We supportive
are the oldestfinance to the
community co-operative
development and
finance community
institution
the Department for Communities and Local Government
organisation that supports our aims and who pays a
and Power to Change, and is delivered by sectors.
(CDFI) in
are the oldest Community Development Finance and
the UK and, we believe, one of the most successful
Membership
one-off of ICOF
membership feeLtd is open
(currently our the
to anyAllindividual
£30). Plunkett
or
borrowers We
Foundation. Co-operative
organisationbecome
that supports & Community Finance
our aims and who pays a one- InstitutionWe
sustainable. (CDFI) in the
are also oneUK
of and, we believe,
the very few CDFIsone
thatofisthe
automatically members.
arranges loan finance
off membership for groups
fee (currently £30).that have
All our successfully
borrowers most successful
authorised and sustainable.
and regulated We are
by the Financial also one
Conduct of the in
Authority
automatically
attracted become members.
local investment, usually in the form of very few CDFIs that is authorised and regulated by the
the conduct of investment business which
Financial Conduct Authority in the conduct
community shares. In 2017 we supported 6 community
ofmeans we canbusiness
investment mange other
whichorgnaisations
means we can
pubs under the scheme including the Chequers in mange other orgnaisations loan funds.
loan funds.
featured on the front page of this review
When it comes to managing funds, assessing
When it comes to managing funds, assessing
We continued to manage The Co-operative Loan Fund risksand
andminimising
minimising losses
losses while
while maximising
and The Community Shares Fund, provide back office risks maximising
social
socialimpact... we know
impact …we knowwhat
what we’re doing.
we’re doing.
services for Big Issue Invest and Radical Routes and
work closely with the Coop Foundation and the Reach WeWewant
wanttotoshare
shareour
our expertise
expertise and
and
Fund. experience
experiencewith organisations ––large
with organisations largeororsmall,
small,
With regard to the Group performance, turnover local
localororregional,
regional, national or international
national or international––
that
thatshare
shareour
ourvalues.
values.
increased by 10% compared with the previous year and
expenses were on budget although provisions against WeWeoffer
offeraaflexible
flexibleportfolio
portfolio of services
servicesto
toloan
loan losses of £105,413 were required in ICO Fund plc loan funds,
funds, micro-finance
micro-finance institutions
institutions and and
other
effecting the Group performance. Sevenoaks Community Leisure
other lenders.
lenders. TheseThese can range
can range from discreet
from discreet back
back office services to comprehensive
office services to comprehensive management
Under FRS 102 other comprehensive income included a management and investment services.
and investment services.
capital contribution from the issue of redeemable
preference shares of £530,353 that gave total
comprehensive income for 2017 of £606,953 (2016:
£127,339). CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
CO-OPERATIVE&&COMMUNITY
CO-OPERATIVE COMMUNITY FINANCE
FINANCE ANNUAL
ANNUAL 20182017
REVIEW
REVIEW 3
Welcome
ICOF Group by Jon Nott,
Chair of ICOF Summary
Consolidated Group and ICOF Community
Financial StatementsCapital
I am pleased to present my ICOF Community Capital Ltd
first Annual Report as Chair ICOF Community Capital Ltd (ICC) is an investment society
and the 46th ICOF Group offering individuals and organisations withdrawable
Annual Report which is membership shares and its capital is used to provide loan
directed at the members of finance to a wide range of community businesses, social
ICOF Limited and the enterprises and co-operatives.
co-operative shareholders
Consolidated statement of comprehensive income for the year ended 31 December 2017 2016
of ICO Fund plc. I am also Loans in the year included October Books, a co-operative
pleased to present the 25th bookshop (see cover),established in 1977 and£ named after £
Turnover Annual Report to members of the Russian Revolution, who used the 296,709
funds to buy the 275,617
former
ICOF Community Capital Ltd. NatWest Bank building after raising(448,387)
nearly £0.5m through a
Administrative expenses (354,792)
combination of loan stock, crowd funding, personal loans,
Operating profit/(loss) ICOF Group gifts and of course, a loan from ICOF Community Capital.
(151,678) (79,175)
On
During the year ICOF Group moving day over 250 people formed a human
226,750 chain to help
Other operating income 197,500
continued to meet its stated move its stock to its new premises. After an appeal to the local
constitutional objectives of 4,094 5,670
Income from investments community some 20,000 books were transferred by volunteers
Interest receivable lending to cooperatives, 150 metres from the old shop. 794 3,036
employee owned and
(5,000) (5,034)
community businesses, social firms and development trusts,
Interest payable
thereby
Financeenabling
income people to take more control of their own 1,640 5,402
economic lives.
Profit/(loss) on ordinary activities before taxation 76,600 127,034
Other comprehensive
Lending for the Group income (capitalincontribution
grew strongly redeemable preference shares
2018, totalling 530,353 365
£457,000.
Total comprehensive income 606,953 127,399
Underpinning this growth was the demand being stimulated
by the More Than A Pub programme, which was set up in 2016
to support community ownership of pubs across England. This
two-year programme
Consolidated is funded
Balance Sheet by
as the Ministry
at 31 of Housing,
December 2017 2016
Communities and Local Government and Power to Change
and is delivered by the Plunkett Foundation. Co-operative & £ £
Moving shop!
Community
Fixed assetsFinance arranges loan finance for groups that
have successfully attracted local investment, usually in the
Tangible assets Financial performance in 2018 produced 6,477 7,587
a profit on ordinary
form of community shares. In 2018 we supported a further 6
activities after tax of £3,837, (2017 (£51,938))
169,060 and the balance
168,699
community
Investmentspubs under the scheme that has levered £750,000
sheet improved, with net assets of £890,425 (2017 £677,818)
of capital into the organisation. 175,537 175,556
and a loan portfolio of £531,630 (2017 £458,881).
Current
Other assets
lending included to Organised Kaos Youth Circus.
2018 saw the soft launch of our new280,088
share offer document
239,444
Operating from one
Debtors under the old
yearchurch hall in Gwaun Cae Gurwen, a
which boosted investment in the society by over £200k which
former pit village in South Wales, that was disused and derelict, 1,870,614
Debtors over one year significantly strengthened the balance sheet. 1,670,198
Organised Kaos has helped to revive the local community by
teaching circus
Cash at bank skills
and to children and young adults. Over the
in hand 2,734,271 1,793,006
In line with the business plan, we will be promoting the share
last 10 years the company has built a national reputation for 4,884,973 3,702,648
offer more extensively toward the end of 2019 in order to fund
excellence and has staged high profile performances at major
Creditors: amounts due within one year the society’s future plans. (1,678,824) (1,804,983)
venues including the O2 Arena in London and the Millennium
Stadium in Cardiff.
Net current assets 3,206,149 1,897,665
The Directors are delighted to be able to propose an interest
Total assets less current liabilities 3,381,686 2,074,221
payment on investments of 0.25%. This will be taken to the
In 2018 we also provided support to the Co-op Foundation to
Creditors: amounts due after one year AGM for approval by the shareholders. (422,592)
develop their own fund and continued to support investment (1,123,104)
readiness grants through the Reach Fund.
Net assets 2,258,582 1,651,629
And finally ...
Looking at the Group performance, turnover increased on I would like to take this opportunity to express my thanks to
the previous
Capital year and expenses were on budget, although
and reserves my predecessor, Jo White, for her tireless work as both Chair,
provisions
Other fundsagainst loan losses of £136,027 were required in Director and Trustee over the last 15811,191
years! I would also623,691
like to
ICOF Ltd hampering the Group performance. Other operating thank both the staff team and my fellow Trustees and Directors
520,308 15,566
Capital reserve
income included £202,500, representing the 3rd capital for all their hard work over the past year.
tranche in relation
Profit and to The More Than A Pub Fund.
loss account 927,083 1,012,372
May I also welcome Dan Holden from Unicorn Grocery to our
Shareholders’ funds 2,258,582 1,651,629
Further to its activities the Group made a profit on ordinary Board who was elected in June.
activities after taxation of £47,205 (2017:£76,600).
We look forward to a busy 2019 continuing to provide
supportive finance to the co-operative and community
business sectors.
The financial information presented in this report has been taken from the audited financial statements for the year ended 31 December 2017. It does not constitute the group’s statutory
accounts for the year ended 31 December 2017, or 31 December 2016. If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December 2017
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
they are available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
4 CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017
ICOF Community
ICOF Group Capital Ltd
Consolidated
Summary Summary
Financial Financial Statements
Statements
Consolidated statement of comprehensive income for the year ended 31 December 2018 2017
£ £
Profit and Loss Account for the year ended 31 December 2017 2016
Turnover 301,722 296,709
Administrative expenses (487,530)
£ (448,387)
£
Operating profit/(loss)
Turnover (185,808)
29,512 (151,678)
27,726
Other operatingexpenses
Administrative income 217,500 226,750
(34,813)
(108,693)
Income from investments 5,631 4,094
Operating profit/(loss) (79,181) 7,087
Interest receivable 4,427 794
Interest payable
Income from investments (5,000)
860 860
(5,000)
Finance income
Interest receivable 10,455
36 1,640
355
Profit/(loss) on ordinary activities before taxation 47,205 76,600
5,254
Finance income 26,650
Other comprehensive income (capital contribution redeemable preference shares) - 530,353
Interest payable (303) (384)
Total comprehensive income 47,205 606,953
Profit/(loss) on ordinary activities before taxation (51,938) (1,002)
Tax on profit/(loss) on ordinary activities nil nil
Consolidated
Profit/(loss) on Balance
ordinary Sheet as at
activities 31 taxation
after December 2018
(51,938) 2017
(1,002)
£ £
Fixed assets
Tangible Sheet
Balance assets as at 31 December 6,302
2017 6,477
2016
Investments 176,888 169,060
£ £
183,190 175,537
Current
Fixed assets
assets
Debtors under one year
Investments 117,000
265,580 112,823
280,088
Debtors assets
Current over one year 1,999,839 1,870,614
Cash at bank and in hand 2,480,725
49,618
2,734,271
61,189
Debtors under one year
4,746,144 4,884,973
Debtors over one year 409,263 555,141
Creditors: amounts due within one year (1,436,639) (1,678,824)
Net
Cashcurrent
at bankassets
and in hand 178,444
3,309,505 50,911
3,206,149
Total assets less current liabilities 3,492,695
637,325 3,381,686
667,241
Creditors: amounts due after one year (1,186,908) (1,123,104)
Creditors: amounts due within one year (1,980) (97,280)
Net assets 2,305,787 2,258,582
Net current assets 635,345 569,961
Capital and reserves
Total assets less current liabilities 752,345 682,784
Other funds
Creditors: amounts due after one year 1,013,691
74,527 811,191
nil
CapitaI reserve 478,600 520,308
Net assets 677,818 682,784
Profit and loss account 813,496 927,083
Shareholders’ funds 2,305,787 2,258,582
Funding and reserves
Funding 736,991 690,019
Profit and loss account (59,173) (7,235)
The financial information
Shareholders’ funds presented in this report has been taken from the audited financial statements677,818
for the year ended682,784
31
December 2018. It does not constitute the group’s statutory accounts for the year ended 31 December 2018, or 31 December 2017.
If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December 2018 they are
available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
The financial information presented in this report has been taken from the audited financial statements for the year ended 31 December 2017. It does not constitute the society’s statutory
accounts for the year ended 31 December 2017, or 31 December 2016. If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
2017 they are available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017 5
ICOF Group
ICOF Community Capital Ltd
Summary Financial
Consolidated Statements
Summary Financial Statements
Profit and Loss Account for the year ended 31 December 2018 2017
£ £
Consolidated statement of comprehensive income for the year ended 31 December 2017 2016
Turnover 25,858 29,512
£ £
Administrative expenses (25,483) (108,693)
296,709 275,617
Operating
Turnover profit/(loss) 375 (79,181)
Income from investments
Administrative expenses 760
(448,387) 860
(354,792)
Interest receivable
Operating profit/(loss) 1,480
(151,678) (79,175)
36
Finance income income
Other operating 226,750
2,260 197,500
26,650
Interest
Incomepayable
from investments 4,094
(606) 5,670
(303)
Profit/(loss) on ordinary activities before taxation
Interest receivable 794
3,837 (51,938)
3,036
Tax on profit/(loss)
Interest payable on ordinary activities nil
(5,000) nil
(5,034)
Profit/(loss) on ordinary activities after taxation 3,837
1,640 (51,938)
5,402
Finance income
Profit/(loss) on ordinary activities before taxation 76,600 127,034
Other comprehensive income (capital contribution redeemable preference shares 530,353 365
Total comprehensive income 606,953 127,399
Balance Sheet as at 31 December 2018 2017
£ £
Fixed assets
Consolidated Balance Sheet as at 31 December 2017 2016
Investments 117,000 117,000
£ £
Fixed assets
Current assets
6,477 7,587
Debtors
Tangibleunder
assetsone year 51,775 49,618
Debtors over one year
Investments 169,060
479,855 168,699
409,263
Cash at bank and in hand 175,537
322,317 175,556
178,444
Current assets 853,947 637,325
Creditors: amounts
Debtors under due within one year
one year 280,088
(2,040) 239,444
(1,980)
Net current
Debtors assets
over one year 1,870,614
851,907 635,345
1,670,198
Total
Cash assets
at bankless
andcurrent
in handliabilities 2,734,271
968,907 1,793,006
752,345
Creditors: amounts due after one year (78,482)
4,884,973 (74,527)
3,702,648
Net assets amounts due within one year
Creditors: 890,425
(1,678,824) 677,818
(1,804,983)
Net current assets 3,206,149 1,897,665
Funding and less
Total assets reserves
current liabilities 3,381,686 2,074,221
Funding
Creditors: amounts due after one year 945,761 736,991
(422,592)
(1,123,104)
Profit and loss account (55,3363)
2,258,582 (59,173)
1,651,629
Net assets
Shareholders’ funds 890,425 677,818
Capital and reserves
Other funds 811,191 623,691
Capital reserve 520,308 15,566
Profit and loss account 927,083 1,012,372
Shareholders’ funds 2,258,582 1,651,629
The financial information presented in this report has been taken from the audited financial statements for the year ended 31
December 2018. It does not constitute the group’s statutory accounts for the year ended 31 December 2018, or 31 December 2017.
If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December 2018 they are
available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
The financial information presented in this report has been taken from the audited financial statements for the year ended 31 December 2017. It does not constitute the group’s statutory
accounts for the year ended 31 December 2017, or 31 December 2016. If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December 2017
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
they are available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
6
4 CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017
ICO Fund
ICOF plc
Community Capital Ltd
Report byFinancial
Summary shareholders’ representative Andy Love
Statements
The ICO Fund plc was want it to be a lasting asset to the community.”
launched in 1987 as a
subsidiary of ICOF Limited Ian Rothwell, Investment Manager at Co-operative
with the specific purpose & Community Finance, said “When I visited
Profit and Loss Account for of
theraising capital31
year ended byDecember
public Bishopwearmouth I was struck by how 2017passionate 2016
share issue. There was a clear everyone was about their work and also £
about being £
identifiable need for a fund part of a co-op. It is a great example of the positive effect
Turnover to help support and develop of giving workers of all abilities an29,512
equal say.” 27,726
Administrative expenses
worker cooperatives and (34,813)
(108,693)
employee buyouts across In terms of the accounts the company made a loss for
Operating profit/(loss) the UK. This was a successful the financial year of (£21,430) (2017: (£143,054)). 7,087
(79,181)
Income from investments and pioneering approach 860 860
to ethical investment which On the balance sheet the loan book stood at £907,002
Interest receivable enabled those who were and cash at £855,994. The lower year 36 355
on year cash total
Finance income concerned about their local reflects the transfer of shares to ICOF Community Capital
26,650 5,254
communities to get involved. Limited from ICO Fund Plc and achieving the lending
Interest payable budgets for 2018. The retained profit (303)
and loss account(384)
2017 was the
Profit/(loss) on10 year anniversary
ordinary of the
activities before last issue, and as
taxation now stands at (£110,355), (2017: (£130,633)).
(51,938) (1,002)
such, that ten year tranche of shares became available
for
Taxredemption.
on profit/(loss) on ordinary activities Net worth on the balance sheet is now
nilat £368,345. nil
Profit/(loss) on ordinary activities after taxation (51,938) (1,002)
Whilst we did not invite investment for a further 10 years Regrettably the Board are unable to recommend a
we did raise further investment outside of the existing dividend for 2018.
shareholder base that has facilitated redemptions as
and when they have been requested. Whilst all three On behalf of ICO Fund plc, I would like to thank all the
issues,
Balance1987, 1997
Sheet as atand
31 2007, can now be redeemed,
December shareholders, both past and present, for their invaluable
2017 2016
the majority of shareholders have maintained their support. £ £
investment or transferred their shareholding to ICOF
Community
Fixed assets
Capital.
Investments 117,000 112,823
Notable loans in the period included Bishopwearmouth
Current assets
Nursery in Sunderland, a horticultural nursery employing
11 staff and
Debtors 15one
under people
year with disabilities. Our funds were 49,618 61,189
used to help
Debtors expand
over one year the operations with the purchase 409,263 555,141
of a Victorian lodge house to convert to a tea room for
178,444 50,911
the
Cashgarden
at bankcentre. Other services they provide include
and in hand
landscaping, wholesale nursery and horticultural 637,325 667,241
training.
Creditors: amounts due within one year (1,980) (97,280)
This was theassets
Net current perfect end to a very successful year when 635,345 569,961
the relatively new business won the Social Enterprise
752,345 682,784
Award at the
Total assets Sunderland
less Echo Portfolio 2018 business
current liabilities
awards.
Creditors: amounts due after one year Bishopwearmouth Nursery 74,527 nil
677,818 682,784
The project has the full support of Sunderland City
Net assets
Council which has been nurturing Bishopwearmouth Shareholders’ Representative
for many years. It had been operating ‘at arms length’
from the local authority since 2009, but in March 2016 it
Funding and reserves Andy Love was re-elected as the plc
took the important step of registering as a co-operative
Funding representative by shareholders
736,991 on 26 June
690,019
community interest company. 2018. In accordance with the Articles of
(59,173) (7,235)
Association, he retires under article 32b
Profit and loss account
“We want everyone
Shareholders’ funds to feel that they have ownership and ICO Fund plc Article 6677,818
(3). He offers682,784
of the venture and have a say in what happens,” said
managing director Shaun Donnelly. “We want to have
himself for re-election in 2019.
a good cross section of the staff on the board. Also we
The financial information presented in this report has been taken from the audited financial statements for the year ended 31 December 2017. It does not constitute the society’s statutory
accounts for the year ended 31 December 2017, or 31 December 2016. If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
2017 they are available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017 7
5
ICO Fund
ICO Fund plc
plc
Summary
Report Financial Statements
by shareholders’ representative Andy Love
Statement of comprehensive income for the year ended 31 December 2018 2017
£ £
The ICO Fund plc was
Turnover launched in 1987 as a 57,884 67,805
Administrative expenses subsidiary of ICOF Ltd with (82,783) (211,960)
Operating profit/(loss) the specific purpose of (24,899) (144,155)
Income from investments raising capital by public 760 860
Interest receivable
share issue. There was a 2,709 241
clear identifiable need for a
Other income nil 530,352
fund to help support and
Profit/(loss) on ordinary activities before
develop taxation
worker co- (21,430)the businesses
• enabled people to own and control 387,298
in
Tax on profit/(loss) on ordinaryoperatives
activities and employee which they work; nil nil
Total comprehensive income for buyouts across the UK. This
the year • created, supported and saved(21,430)
jobs; 387,298
was a successful and
pioneering approach • boosted local economies;
to ethical investment. • helped convert environmental concern into action.
It enabled those who were
concerned for their local
Balance Sheet as at 31 December communities to get 2018
The Craufurd Arms Community Society Limited 2017
involved.
2017 was the ten year anniversary of the last issue and In September 2017 Great Oakley Community
£ Hub Ltd £
as such
Fixed that ten year tranche of shares became available
assets completed the purchase of the property known as the Red
for redemption. House which stands next to the Maybush Inn which it
Investments 20,781 20,758
bought. Loans from ICO Fund plc have supplemented the
Whilst we did not invite investment for a further 10 investment raised by a second community share issue.
years weassets
Current did raise further investment outside of the
existing shareholder base that has facilitated In terms of the accounts turnover was a on a par with last
Debtors under one year 62,344 96,623
redemptions as they have been requested. Whilst all year. However, expenses were exacerbated by provisions for
Debtors over one year 850,200
loan losses of £105,413 and finance 746,393
costs of £33,802 being
three issues, 1987, 1997 and 2007, can now be
Cash at bankthe
redeemed, and in hand of shareholders have maintained
majority 855,994
the amortisation of the existing shareholdings 1,233,666
under FRS
their investment or transferred their shareholding to 102. 1,768,538 2,076,682
ICOF Community
Creditors: amountsCapital.
due within one year Consequently the company made(699,574) (1,027,973)
a loss after taxation of
Net current
Notable assets
loans in the period included helping Craufurd (£143,054) (2016: (£74,732). 1,068,964 1,048,709
Total assets
Arms Society, lessa current liabilities
rare example of an ungentrified local in Regrettably the Board is unable1,089,745
to recommend a1,069,467
dividend
the affluent
Creditors: Royal Borough
amounts of Windsor,
due after one year to become the for 2017. (721,400) (679,692)
50th co-operative pub in the UK. The Craufurd Arms in
Net assets 368,345 389,775
Maidenhead, a pub known for its good beer, darts Following further investment during the year, other
teams, and sports TV, was bought by a community comprehensive income included a capital contribution from
Capital and reserves
benefit society of 226 members. The residents of this the issue of these redeemable preference shares of
Called uppopulated
densely share capital
part of Theresa Mayʼs constituency £530,352. This meant that total comprehensive
100 income
100for
Capital reserve
had become alarmed in recent years by the closure and the year was £387,298 (2016: (£74,367)).
478,600 520,308
redevelopment of local pubs. In 2015 they succeeded in
Profit and loss account Net assets on the balance sheet(110,355)
were £389,775.(130,633)
having the Craufurd
Shareholders’ funds Arms listed as an Asset of 368,345 389,775 for
On behalf of ICO Fund plc I would like to thank everyone
Community Value and the group received specialist
their continued support.
advice and finance from the More Than A Pub
programme.
Once again we supported Great Oakley Community Hub,
a community benefit society that saved the pub in an Shareholders’ Representative
Essex village last year and with more help form the Andy Love was re-elected as the representative by
The financial
Fund information
has bought presented
a second in this
property thatreport hasconvert
it will been taken from the audited financial statements for the year ended 31
shareholders on 30 June 2017. In accordance with
December
into 2018. It and
a restaurant doesaffordable
not constitute the group’s
rented statutory accounts for the year ended 31 December 2018, or 31 December 2017.
accommodation.
If you would like a copy of the audited Directors’ Report and Financial Statements
the Articlesfor the year ended
of Association, 31 December
he retires 2018 they
under article 32b are
available from Co-operative & Community Finance, Brunswick Court, Brunswick Square,
and ICO Fund plcBristol
ArticleBS2 8PE.
6 (3). He offers himself for
re-election in 2018.
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
8
Co-operative
ICO Fund plc & Community Finance Trustees
Summary Financial Statements
Trustees Co-opted Trustees
James Alcock, Plunkett Foundation None currently.
Andrew Harrison, Co-ownership Solutions
Daniel Holden, Unicorn Grocery Trustees’ responsibilities
Statement of comprehensive income for the year ended 31 December
David Hollings, CMS Co-operative
2017 2016
The Trustees are responsible for preparing the Annual
Zena King, Co-operatives UK Report and the Financial Statements in£accordance £
Andy Love, ICO Fund PLC Shareholders’ with applicable law and the United Kingdom Generally
67,805 67,828
Turnover
Elected Representative Accepted Accounting Practice.
JonAdministrative
Nott, Campaign Against Arms Trade
expenses (211,960) (144,870)
Carl Pitchford, Capricorn Consulting Trustees are required by company law to prepare financial
(77,042)
Operating profit/(loss) (144,155)
Jenny Smith, Co-operative Solutions statements which give a true and fair view of the state
Brian Titley,
Income Co-operative
from investments Assistance Network 860
of affairs of the company and group at the end of the
1,274
Bruce Wood, Co-operative
Interest receivable
Consultant financial year and of the profit or loss 241
of the company1,036
and
group for the period ending on that date. In preparing
Principal activities
Other income 530,352 365
those financial statements, the Trustees are required to:
TheProfit/(loss)
group’s principal activity
on ordinary during
activities the year
before continued to
taxation 387,298 74,367)
be providing loans to common ownership companies and
Tax on profit/(loss) on ordinary activities • select suitable accounting policiesniland then apply nil
cooperatives, and also to be a vehicle for channeling loans
them consistently;
from public
Total funds to such
comprehensive enterprises.
income for the year 387,298 (74,367)
• make judgments and estimates that are reasonable
Trustees and prudent;
None of the Trustees had any significant interest in the • state whether applicable accounting standards have
share capital
Balance of the
Sheet as group during the year.
at 31 December been followed, subject to any material
2017 departures
2016
disclosed and explained in the financial
£
statements; £
Elected Trustees
Fixed assets • prepare the accounts on the going concern basis
James Alcock, (elected 30.06.17) unless it is inappropriate to presume
Investments 20,758 that the company
20,758
Andrew Harrison, (elected 26.06.18) will continue in business.
Daniel Holden,
Current assets(elected 26.06,18)
Dave Hollings, (elected 26.06.18) The Trustees are responsible for maintaining
96,623 proper73,237
Debtors under one year
Jon Nott, (elected 30.06.17) accounting records which disclose with reasonable
Carl Pitchford,
Debtors (elected
over one year 30.06.17) accuracy at any time the financial746,393 888,430
position of the company
Jenny Smith, (elected 30.06.17)
Cash at bank and in hand and group and to enable them 1,233,666
to ensure that the financial
311,207
Brian Titley, (elected 17.06.16) statements accounts comply with the Companies Act
Bruce Wood, (elected 17.06.16) 2,076,682
2006. They have general responsibility for taking 1,272,874
such steps
Creditors: amounts due within one year that are reasonably open to them to safeguard assets
(1,027,973) of
(1,291,155)
In accordance with the Articles of Association: Brian the company and group and to detect fraud and other
1,048,709 (18,281)
Titley
Netand Bruce
current Wood retire by rotation under Article
assets
irregularities.
34.Total
Underassets less32a
Article as revised
current by adopted resolution at
liabilities 1,069,467 2,477
the 2003 AGM the Board ofTrustees should be: not more Each Trustee has taken steps that679,692
they ought to have nil
than nine persons elected by and from the membership
Creditors: amounts due after one year
taken as a Trustee in order to make themselves aware of
at the
Net Annual
assets General Meeting, at least three of whom any relevant audit information and to establish that 2,477
389,775 the
must be members of common ownership or co-operative company’s auditors are aware of that information. The
enterprises which are members of the company; therefore Trustees confirm that there is no relevant information
there are six
Capital andelected
reservesvacancies. that they know of and which they know the auditors are
Called up share capital unaware of. 100 100
Trustees from nominated bodies
Capital reserve 520,308 23,758
Zena King, Co-operatives UK (nominated 26.06.18)
Profit and loss account (130,633) (21,381)
In accordance with
Shareholders’ the Articles of Association: the above
funds 389,775 2,477
retires under Article 35. The nominated body will be asked
to provide support for a further year.
The financial information presented in this report has been taken from the audited financial statements for the year ended 31 December 2017. It does not constitute the company’s statutory
accounts for the year ended 31 December 2017, or 31 December 2016. If you would like a copy of the audited Directors’ Report and Financial Statements for the year ended 31 December
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
2017 they are available from Co-operative & Community Finance, Brunswick Court, Brunswick Square, Bristol BS2 8PE.
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017 9
ICOF Community
Co-operative Capital Ltd
& Community Directors
Finance Trustees
Directors Directors appointed by ICOF Ltd
James Alcock, Plunkett Foundation Zena King, Co-operatives UK (nominated 26.06.18)
Andrew Harrison, Co-ownership Solutions Andy Love, ICO Fund plc Shareholders’
Daniel Holden, Unicorn Grocery Elected Representative (nominated 26.06.18)
Trustees
David Hollings, CMS Co-operative Co-opted Trustees
Zena King,
James Co-operatives
Alcock, UK
Plunkett Foundation Staff
None currently.
Andy Love, ICO Fund PLC Shareholders’
Andrew Harrison, Co-ownership Solutions The society has no staff. Loan fund management is
Elected Representative
Trustees’ responsibilities
, CMS Co-operative undertaken by contractual agreement with ICOF Ltd.
Jon Nott,Hollings
David Campaign Against Arms Trade The Trustees are responsible for preparing the Annual Report
Zena King,
Carl Pitchford, Capricorn Consulting
Co-operatives UK and the financial statements in accordance with applicable
Jenny Love, ICO
AndySmith, Fund plc Shareholdersʼ
Co-operative Solutions
Directors’ responsibilities
law and the United Kingdom Generally Accepted Accounting
Elected Representative
Brian Titley, Co-operative Assistance Network The Co-operative and Community Benefit Societies Act
Practice.
Jon Nott
Bruce Wood,, Woodcraft Folk Consultant
Co-operative 2014 requires the Directors to prepare financial statements
Carl Pitchford, Capricorn Consulting for each are
Trustees financial year
required bywhich
companygive
lawa true and fair
to prepare view of the
financial
Jenny Smith, state of affairs of the
givesociety andfair
ofview
the surplus or deficit of
Principal activity
Co-operative Solutions statements which a true and of the state of
Brian Titley, Co-operative Assistance Network the society
affairs of thefor that period.
company and group at the end of the financial
The principal activity of ICOF Community Capital Ltd is to
Jo White, Co-operative Futures year and of the profit or loss of the company and group for
provide loans to co-operative and community enterprises. The society’s financial statements are required
Bruce Wood, Co-operative Consultant the period ending on that date. In preparing thoseby law to
financial
present fairly
statements, the
the financial
Trustees are position and the performance
required to:
Elected Directors
Principal activities of the society. In preparing those financial statements, the
James Alcock,
The group‘s (elected
principal 30.06.17)
activity during the year continued to be Directors are required to:
• select suitable accounting policies and then apply them
Andrew
providingHarrison,
loans to (elected
common 26.06.18)
ownership companies and co-
consistently;
Daniel Holden,
operatives, and (elected
also to be26.06.18)
a vehicle for channeling loans from
Dave Hollings, •• make
select suitable accounting
and estimatespolicies
that areand apply them
public funds to(elected 26.06.18)
such enterprises. judgments reasonable and
Jon Nott, (elected 30.06.17) consistently;
prudent;
Carl Pitchford, (elected 30.06.17)
Trustees •• state
make judgements
whether andaccounting
applicable estimatesstandards
that are reasonable
have been
Jenny
NoneSmith, (electedhad
of the Trustees 30.06.17)
any significant interest in the share and prudent;
followed, subject to any material departures disclosed and
Brian Titley,
of the(elected 17.06.16) explained in the financial statements;
capital group during
Bruce Wood, (elected 17.06.16)
the year.
• prepare the financial statements on a going concern
Elected Trustees basis unless
• prepare it is inappropriate
the accounts on the goingto presume
concern basisthat theit is
unless
InJames
accordance with the Rules of ICOF Community Capital society will continue in business.
inappropriate to presume that the company will continue in
Alcock, (elected 30.0617) business.
Ltd it is necessary for one
Andrew Harrison (elected 26.06.15)third of the elected Directors, or if
their number is not divisible by three, the number nearest The Directors are responsible for keeping proper
Dave Hollings (elected 26.06.15)
one third, to retire from office. Therefore Brian Titley and accounting
The Trusteesrecords that disclose
are responsible with reasonable
for maintaining proper accuracy
Jon Nott
Bruce Wood (elected
retire 30.06.17)
by rotation, which leaves up to six at any time the financial position of the society and
accounting records which disclose with reasonable to
accuracy
Carl Pitchford
vacancies. (elected 30.06.17) enable it to ensure that the financial statements comply
at any time the financial position of the company and group
Jenny Smith (elected 30.06.17) with the
and to Co-operative
enable and Community
them to ensure Benefit
that the financial Societies
statements
Under
Brianthe Rules
Titley adopted
(elected at the 2003 AGM Rule 53 states:
17.06.16) Act 2014. It has general responsibility for taking
accounts comply with the Companies Act 2006. Theyreasonable
have
Jo White (elected 17.06.15) steps to safeguard the assets of the society and to prevent
general responsibility for taking such steps that are reasonably
1.Bruce
The composition
Wood (elected of 17.06.16)
the board of Directors shall be as and
opendetect
to themfraud and other
to safeguard irregularities.
assets of the company and group
and to detect fraud and other irregularities.
follows:
In accordance with the Articles of Association: Andrew
(a)Dave
up toHollings
11 persons Each Director has taken steps that they ought to have
Harrison, and Joelected by and
White retire from theunder
by rotation
membership; and taken as directors
Each Trustee in order
has taken stepsto make
that theythemselves
ought to haveaware
taken as
Article 34. Under Article 32a as revised by adopted resolution
(b) up to the
fourBoard
persons appointed bybe:
Industrial of any relevant audit information and to establish that
a Trustee in order to make themselves aware of any relevant
at the 2003 AGM of Trustees should not more
Common the society’s
audit auditors
information are
and to aware of
establish that
that theinformation. The
company’s auditors
than nine persons Ownership
elected by andFinance Ltdmembership
from the (or such body as
at the
members confirm that there is no relevant
are aware of that information. The Trustees information
confirm that
that there
Annualmay succeed
General Meeting,to its functions)
at least three ofprovided
whom must thatbeat no
time shall the ownership
number oforappointed Directors they
is no are aware
relevant of and which
information theyknow
that they knowofthe
andauditors
which theyare
members of common co-operative enterprises
exceed the number of elected Directors. unaware
know the of. auditors are unaware of.
which are members of the company; therefore there are six
elected vacancies.
Trustees from nominated bodies
Zena King, Co-operatives UK (nominated 30.06.17)
In accordance with the Articles of Association: the above
retires under Article 35. The nominated body will be asked to
provide support for a further year.
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2018
10ICOF Community Capital Ltd Directors
Directors Directors appointed by ICOF Ltd
James Alcock, Plunkett Foundation Zena King, Co-operatives UK (nominated 30.06.17)
Andrew Harrison, Co-ownership Solutions Andy Love, ICO Fund plc Shareholdersʼ
David Hollings, CMS Co-operative Elected Representative (nominated 30.06.17)
Zena King, Co-operatives UK
Andy Love, ICO Fund plc Shareholdersʼ
Staff
Elected Representative The society has no staff. Loan fund management is
Jon Nott, Woodcraft Folk undertaken by contractual agreement with ICOF Ltd.
Carl Pitchford, Capricorn Consulting
Directors’ responsibilities
Jenny Smith, Co-operative Solutions
The Co-operative and Community Benefit Societies Act 2014
Brian Titley, Co-operative Assistance Network
requires the Directors to prepare financial statements for each
Jo White, Co-operative Futures
financial year which give a true and fair view of the state of
Bruce Wood, Co-operative Consultant
affairs of the society and of the surplus or deficit of the society
for that period.
Principal activity
The principal activity of ICOF Community Capital Ltd is to The society’s financial statements are required by law to
provide loans to co-opertive and community enterprises. present fairly the financial position and the performance of the
society. In preparing those financial statements, the Directors
Elected Directors are required to:
James Alcock, (elected 30.0617) • select suitable accounting policies and apply them
Andrew Harrison, (elected 26.06.15) consistently;
Dave Hollings, (elected 26.06.15)
Jon Nott, (elected 30.06.17) • make judgements and estimates that are reasonable and
Carl Pitchford, (elected 30.06.17) prudent;
Jenny Smith (elected 30.06.17) • prepare the financial statements on a going concern basis
Brian Titley, (elected 17.06.16) unless it is inappropriate to presume that the society will
Jo White, (elected 17.06.15) continue in business.
Bruce Wood, (elected 17.06.16)
The Directors are responsible for keeping proper accounting
In accordance with the Rules of ICOF Community Capital Ltd it records that disclose with reasonable accuracy at any time
is necessary for one third of the elected Directors, or if their the financial position of the society and to enable it to ensure
number is not divisible by three, the number nearest one third, that the financial statements comply with the Co-operative
to retire from office. Therefore Andrew Harrison, Dave and Community Benefit Societies Act 2014. It has general
Hollings and Jo White retire by rotation, which leaves up to six responsibility for taking reasonable steps to safeguard the
vacancies. assets of the society and to prevent and detect fraud and other
irregularities.
Under the Rules adopted at the 2003 AGM Rule 53 states:
Each Director has taken steps that they ought to have taken as
1. The composition of the board of Directors shall be as directors in order to make themselves aware of any relevant
follows: audit information and to establish that the society’s auditors
(a) up to 11 persons elected by and from the membership; are aware of that information. The members confirm that there
and is no relevant information that they are aware of and which
(b) up to four persons appointed by Industrial Common they know the auditors are unaware of.
Ownership Finance Ltd (or such body as may succeed to
its functions) provided that at no time shall the number
of appointed Directors exceed the number of elected
Directors.
3
CO-OPERATIVE & COMMUNITY FINANCE ANNUAL REVIEW 2017 11trading name of Industrial Common Ownership
regulated by the FCA in the conduct of investment
supportive lending since 1973
mited,
Co-operative &
Co-operative & Community
Community Finance
Finance is
is the
the trading
trading name
name of
of Industrial
Industrial Common
Common Ownership
Ownership
Finance Limited,
Finance Limited, which
which is
is authorised
authorised and
and regulated
regulated by
by the
the FCA
FCA in
in the
the conduct
conduct of
of investment
investment
business.
business.
Industrial Common
Industrial Common Ownership
Ownership Finance
Finance Limited,
Limited,
Company No.
Company No. 1109141
01109141
Industrial Common
Industrial Common Ownership
Ownership Fund
Fund plc,
plc,
Company No.
Company No. 2137647
02137647
ICOF Guarantee
ICOF Guarantee Company
Company Limited,
Limited,
Company No.
Company No. 2904326
02904326
ICOF Community
ICOF Community Capital
Capital Limited,
Limited,
Society No.
Society No. 27915R
27915R
Community Shares
Community Shares ICOF
ICOF Limited,
Limited,
Society No.
Society No. 031524
031524
For more information or to make an online loan application,
please visit our website Registered Office
www.coopfinance.coop Brunswick Court
Brunswick Square
Bristol
BS2 8PE
an application,
@coopcommfinance tel 0117 916 6750
@coop_finance
Registered Office fax 0117 916 6751
email: info@coopfinance.coop
Brunswick Court
/company/coopfinance Brunswick Square
Bristol
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