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0 Annual
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Cultivating community since 2008.

BOARD
PRESIDENT’S
REPORT
Dear Fiddleheads Community,
As we review another year, I am compelled to
reflect on the journey we traveled together in
2023. Just as in years past, our beloved co-op
weathered its share of ups and downs, each of
which has underscored the profound value of
our community and our commitment to its
well-being.
Throughout 2023, Fiddleheads remained
steadfast in its mission to serve as a
cornerstone of New London and Southeastern
CT. Our commitment to providing access to
fresh, healthy food, advancing food justice,
supporting local businesses, and fostering
meaningful connections within our community
remained unwavering. Guided by the
dedication and resilience of our staff, store
leadership, board members, and, of course,
our loyal owners and shoppers, we came out
of 2023 stronger than ever.
In the realm of leadership, I am so pleased to
share that Stanley Bellamy seamlessly stepped
into the role of General Manager at the end of
August 2023, bringing with him a wealth of
experience, insight, and passion for our
co-op's mission. His leadership and fresh take
on what Fiddleheads is and can be is and will
be instrumental in guiding us into a more
equitable future. I am so excited for how he
will continue to inspire and guide us as we
embark on the path forward.
In terms of finances, our
co-op experienced a less
than 1% annual net loss in
2023, largely due to
expenses associated with
the transition of our store
leadership, as well as the
costs of onboarding new
staff members. While
these circumstances have
undoubtedly posed
financial challenges, I am
confident that the
investments made in
securing capable leadership and fostering a dedicated
workforce will yield long-term benefits for our co-op
and the community it serves.
Speaking of our community, I must once again express
my profound appreciation for the remarkable
individuals who comprise our staff. Day in and day
out, they exemplify the core values of our co-op,
working tirelessly to ensure that our shelves are
stocked, our customers are served with warmth and
care, and our mission is advanced. Their diversity,
dedication, and unwavering commitment to
excellence are the core of what Fiddleheads is, and
for that, I am deeply thankful.
To our dedicated owners, I extend my deepest
gratitude for your unwavering support and
commitment. Your steadfast belief in the mission and
vision of Fiddleheads is the driving force behind
everything we do, and for that, we are truly grateful.
In closing, I am filled with a profound sense of
gratitude for the privilege of serving as President of
the Board of Directors for our extraordinary,
welcoming and unique co-op. Together, we have
weathered storms, celebrated victories, and learned
lessons that will endure for years to come. As we
continue on the journey that lies ahead, let us do so
with courage, compassion, and cooperation.
With warmest regards,
Brenda De Los Santos
President, Board of Directors
 Hello Fellow Now that I’m in a position to genuinely affect
Cooperators, change, my focus has been on solidifying
Fiddleheads position as a pillar organization
within New London County. The word
My name is Stanley Bellamy,
community can have various meanings from
and I took over as General
“neighborhood” or “geographical location” to
Manager of Fiddleheads in
“those we choose to surround ourselves with”.
August of 2023. In the
My goal is to bring those different aspects of our
subsequent seven months,
I’ve learned so much, and community into closer alignment.
I’ve grown to love the
co-op and the people We have a brand-new management team that is
within it even more than I hungry for the opportunity to innovate and
already did. make improvements. We share a vision for
Fiddleheads that includes continuing to serve the
owners that have made this organization what it
The first time I stepped foot inside the co-op was in
is today while fulfilling our sacred duty to the
October of 2021 when I showed up for an interview
seventh cooperative principle: concern for
for the Assistant Front End Manager position.
community. As a co-op, our owners are the
Although I had grocery experience much earlier in my
foundation of that community. You are what
life, at the time I was working as a manager in a much
pushes us as an institution to do and be better.
more corporate environment. However, I was ready
I’m truly excited to take this journey with you as
to move on from that and many of my friends
we broaden the scope of our impact and
suggested that the co-op would be a perfect fit for me.
continue to expose as many folks as possible to
They were right. The position was offered to me, but
it came with a pay cut. I accepted it anyway. Being a the benefits of the cooperative model.
single father with two children, it was not an easy
decision, but it turned out to be one of the best of my In Cooperation,
life.
Stanley Bellamy
Once I started, I realized something almost General Manager
immediately. I have never worked for an organization
that cares so much about this planet and everything
living on it. While the co-op isn’t perfect, there is an
ever-present desire to do and be better. There is a
distinct combination of aspirational empathy and
willingness to do the work that is sewn into the fabric
of co-op. Every day was a revelation. I was always
finding something new and surprising about the way an
organization could and should be run. It was so
different than anything else I had previously
experienced in my professional life.

Eventually, that shift in perspective really began to take

root in my mind. I would often think about what my
GENERAL
life would have been like if I had been exposed to the
co-op earlier. Now my thoughts turn to those around
us in a similar situation and how their lives could be
MANAGER’S
improved by the co-op. Could they benefit from
access to healthy food, education about food systems,
living sustainably, supporting a robust local economy,
REPORT
engaging in personal wellness? Undoubtedly, yes!
 Thriving Local
Economy
Fiddleheads exists so that
Southeastern Connecticut
is a thriving, locally-based
economy.
Food
Justice
Fiddleheads exists so
that Southeastern
Connecticut is a model
for achieving food
justice for all.

Growing Co-op
Model Use
Fiddleheads exists so that
Southeastern Connecticut
has a growing use if the
co-op model.
Sense of
Community
Fiddleheads exists so
that shoppers and
members have a strong
sense of community.

Workplace
Fiddleheads exists so
that Southeastern
Connecticut has
meaningful work
opportunities in a
Food & Health supportive
Knowledge environment.
Fiddleheads exists so that
Southeastern Connecticut
is knowledgeable about
food systems, and
personal and
environmental
health.

GLOBAL ENDS
Fiddleheads Food Cooperative exists so that
Southeastern Connecticut is a healthy, robust,
just and inclusive community.
SEVEN
COOPERATIVE 4 AUTONOMY &
INDEPENDENCE
Cooperatives are autonomous, self-help
PRINCIPLES organizations controlled by their members. If they
enter into agreements with other organizations,
including governments, or raise capital from

1
external sources, they do so on terms that ensure
VOLUNTARY AND democratic control by their members and maintain
OPEN MEMBERSHIP their cooperative autonomy.
Cooperatives are voluntary organizations,
open to all persons able to use their services
and willing to accept the responsibilities of
membership without gender, social, racial,
political or religious discrimination.
5 EDUCATION, TRAINING
& INFORMATION
Cooperatives provide education and training for
their members, elected representatives, managers,

2
and employees so they can contribute effectively to
DEMOCRATIC MEMBER the development of their co-operatives. They
CONTROL inform the general public - particularly young
people and opinion leaders - about the nature and
Cooperatives are democratic organizations benefits of co-operation.

controlled by their members, who actively
participate in setting their policies and making
decisions. Men and women serving as elected
representatives are accountable to the mem-
bership. In primary cooperatives members
have equal voting rights (one member, one
vote) and cooperatives at other levels are also
organized in a democratic manner.
6
COOPERATION AMONG
COOPERATIVES
Cooperatives serve their members most effectively
and strengthen the cooperative movement by
working together through local, national, regional
and international structures.

3 MEMBER ECONOMIC
PARTICIPATION
Members contribute equitably to, and
7 CONCERN FOR
COMMUNITY
Cooperatives work for the sustainable development
democratically control, the capital of their of their communities through policies approved by
cooperative. At least part of that capital is their members.
usually the common property of the
cooperative. Members usually receive limited
compensation, if any, on capital subscribed as
a condition of membership. Members allocate
surpluses for any or all of the following
purposes: developing their cooperative,
possibly by setting up reserves, part of which
at least would be indivisible; benefiting
members in proportion to their transactions
with the cooperative; and supporting other
Rachna Tewari of Swasthyam Wellness presenting in The Café
activities approved by the membership.
Sales & Co-op Growth

$ 6, 249, 841
2023 GROSS ANNUAL SALES
(NET MEMBER DISCOUNTS)

5.4%
GROWTH OVER 2022
57.5%
SALES TO OWNERS
$47.16
AVERAGE PURCHASE
 Local Product Sales
In 2023 : You purchased over 1000 different
local products grown or produced within 100 miles
of the co-op, representing over $850k in sales and
supporting 75 regional businesses.
We define “local” as grown or produced within 100 miles of our Co-op, but more than
50% of our local products come from within 50 miles.

Hunts Brook Farm Provider Farm

6 mi. from the Co-op 15 mi. from the Co-op

Tiny Acre Farm Sterling Organic Farm

53 mi. from the Co-op 35 mi. from the Co-op

NaturalAnnie Essentials Treefort Naturals Shundahai Farm Cato Corner Farm

62 mi. from the Co-op 27 mi. from the Co-op 36 mi. from the Co-op 25 mi. from the Co-op

Drew’s Honeybees Nana’s Bakery & Pizza Mystic Cheese Co. Outer Light Brewing Co.
15 mi. from the Co-op 10 mi. from the Co-op 6 mi. from the Co-op 2 mi. from the Co-op
 Organic Sales
USDA CERTIFIED
ORGANIC ITEMS:

32%
OF PRODUCTS ON
OUR SHELVES
& COMPRISING

48%
OF 2023 TOTAL SALES
In addition to offering these USDA certified organic
products, we support our local farmers, many of
whom are members of CT NOFA. Connecticut
Northeast Organic Farming Association is a growing
community of farmers, gardeners, land care
professionals and consumers that encourages a
healthy relationship to the natural world. The
Farmer’s Pledge, a NOFA program, commits to
farming, marketing and farm management in
accordance with sound ecological and economic
principles.
2023 NEIGHBORLY Charitable
NICKEL RECIPIENTS
NL Homeless Hospitality Center
Community Level Up
Mashantucket Pequot Museum
Anti-Defamation League
CT Humane Society
Eastern CT Community Gardens Assoc
CT Farmland Trust
OutCT
SECT Community Center of the Blind
Safe Futures
Guinea Pig Sanctuary
United Way Gemma Moran Center

OTHER COMMUNITY Register Round-Up

CONTRIBUTIONS Contributions
(pass through)

$ 1142
Donations at checkout for the Liberty Bank
Rotary Club Thanksgiving Food Drive

IN-KIND DONATIONS
Gift Bags & Gift Cards
to regional non-profits
SURPLUS FOOD
CONTRIBUTIONS
Product donations to
DINE Community Meal Ctr
and Gemma Moran
 Ownership & Equity
IN 2023 WE WELCOMED

307
OWNER
BENEFITS

QUARTERLY COUPON
NEW OWNERS! Four times a year (once per
quarter), receive a 10% discount on
the transaction of your choice.

AS OF YEAR END 2023

FIDDLEHEADS HAD OWNER EXTRAS

4783
Enjoy exclusive savings, available
only to owners, on an array of
products.

VOTING RIGHTS
You’re invited to attend monthly
board meetings, vote for our Board
of Directors or run for the Board
TOTAL OWNERS yourself!

FISCAL TOTAL EQUITY GROWTH YEAR HEALTHIER COMMUNITY

YEAR END OVER YEAR
Your investment helps us support
2021 $423,023 9.80% the local community with our
Neighborly Nickel program, in-kind
2022 $465,509 7.75% donations, educational programs and
investments in our local farms.
2023 $502,189 7.88%
 Financial Statements
BALANCE SHEET DEC 31, 2023
Inventory $ 293,965

Other Current Assets $ 556,888

Equipment & Leasehold Improvements, net $ 368,764
Other Assets $ 75,613
TOTAL ASSETS $ 1,295,230
Current Liabilities $ 299,133
Long Term Debt & Deferred Income Taxes $ 220,814
TOTAL LIABILITIES $ 519,947
Owner Equity, Common Stock, Class A $ 119,575
Owner Equity, Additional Paid In Capital $ 406,916
Retained Earnings (projected) $ 248,792
TOTAL EQUITY $ 775,283
TOTAL LIABILITIES & EQUITY $ 1,295,230

INCOME STATEMENT (P&L) FISCAL YEAR 2023

Annual Sales $ 6,317,596
Cost of Goods Sold $ 3,895,274
Gross Profit before discounts $ 2,422,322

Margin % 38.34%

Personnel Expenses $ 1,645,076

Occupancy Expenses $ 245,934
Operating & Admin Expenses $ 419,374
Owner Discounts $ 67,755
Other Expenses $ 135,962
TOTAL OPERATING EXPENSES $ 2,514,121
NET OTHER INCOME (EXPENSE) & Provision for taxes $ 30,904
NET INCOME (LOSS) before Taxes $ (60,895)

For additional information regarding the Co-op’s financial performance or to receive a copy of the 2023
Annual Financial Statements, please contact Stanley Bellamy at gm@fiddleheadsfood.coop.
 YOU
are the
Co-operative Difference!

Fiddleheads is more than a store,

we are a community!

13 Broad Street New London, CT 06320

(860) 701-9123 | info@fiddleheadsfood.coop
www.fiddleheadsfood.coop