Thank you Laura!
there must be a lot of members who just dissapear. Stop buying wine and are never heard of again. Does the WS keep a record of members long after they are dead or is there a cut off point. What happens to the monetary value shares does it just merge into the income.
That is why I asked for clarity on this subject.
We can put the blame fairly and squarely at the doorstep of @AWomanwithaCellar
This is an issue that has deserved an airing for a very long time.
And it is only with the instigation of “The Community,” we have an open forum where members like @AWomanwithaCellar can track down details of her Dad’s share and it can be rehoused with a very happy grandson.
I expect that at the 2020 AGM there will be a plethora of questions tabled.
Given the fact that it will be online, I for one delighted as I would not normally attend given the cost for me would be around £400 and 2 days.
This and the Community are 21st Century examples of how technology might be harnessed to the advantage of all members. I am hopeful that we have a system in place that will be able to accommodate many thousands of Members “attending” as they log-in.
Yesterday, in response to my enquiry of the current value of my WS share:
(In the spirit of full disclosure)
Original cost £20.00
Accumulated profit £55.06
Accumulated sales dividend £73.64
Total Value £148.70
Looking at my order history I have an order from 1998 but can’t remember exactly how or when I joined. I wasn’t very active as my next order was 2012
Currently making up for lost time at a rapid rate
I was chatting to a former pupil of mine who was due to get married this month about her interest in wine (shared by her intended) and suggested that I buy them membership as a wedding present (rather more fun than getting kitchen equipment/linen etc). Have done so, even though their wedding has been postponed until next year because of you know what. I thought they may as well get the benefit asap! Their first order was made a few weeks ago.
I’ve got an answer about the Sales Discount Account which I hope you’ll find interesting!
Under the Rules (Rule 73) the Committee can decide to declare a sales discount dividend, which is calculated as a percentage of the value of a Member’s transactions. Any sales discount declared is credited to the Sales Discount Account attaching to the member’s share and is not available for distribution until the share is extinguished. The Sales discount account is not defunct, it may appear to be that way as we have not declared a dividend for some time. However if we do declare a dividend, then this would be attributed to the sales discount account and lodged against the members shares accordingly.
Hope this helps! Thanks for asking such an interesting question - every day’s a school day for me…
Thanks @laura, much appreciated.
Given the level of proposed expenditure:
Upgrading Society IT systems
It would seem that it may be a very long time before a dividend is declared.
Any funds that had a “dividend” status, would be “dead money” in that it could not be accessed until the receiving share was redeemed.
Better, spend any current profits on much needed capital projects and when those major expenditure’s are complete and we have built up a healthy cash reserve; have a pricing structure that is more member centric!!
I will take my hat off to @SteveF, he has been handed a poisoned chalice by the inaction of previous incumbents. Given the current economic environment, from what I can see; appears to be making a more than decent fist regarding the Society within the 21st century.
I occasionally email Steven Finlan, I imagine that his spirits sink and blood pressure rises when he sees my name as the sender. I, as all of us have issues regarding the Society’s operation and rules, these are understood and where possible - being actively worked on.
We all know that everything in the garden, is NOT rosey; but I for one see a positive, long term vision for a Co-operative, about to celebrate 150 years of history. I will not commit to sending fewer epistles to Steve, but I am absolutely certain that the Society could not be in better hands! You may say, how can I make that assertion? Well, in late August, Steve replied to an email that I sent to him at 18:30 one Wednesday evening.
His reply was fulsome to say the least, (well over one A4 page) taking every point that I made and answering it in a considered fashion.
The time this reply was sent was 06:37 on Thursday morning.
Need I say more??