Belper Community Energy reached a major early milestone in late March, when we officially became a Community Benefit Society.
A Community Benefit Society (or BenCom for short) is a form of co-operative; but, while a Co-operative Society exists to serve the interests of its members, a BenCom exists to serve the interests of a particular community, in our case Belper and the surrounding areas.
BenComs serve their community by carrying out a trade or business. Our business is renewable electricity generation, but other examples of BenComs include pubs, housing schemes and even a group that saved a historic pier.
For a new organisation like us, becoming registered as a BenCom is an important step. Being a BenCom means that we are incorporated, enabling us to raise funds from the community or apply for grants. This money will allow us to invest in community energy projects.
A BenCom is a not-for-profit organisation and operates on a one-member-one-vote process, which means that members have a real stake in the organisation, and an equal say in how it functions. Any member of the community can become a member of the BenCom.
To become a BenCom, we had to register with the Financial Conduct Authority. As members of Co-operatives UK, we received plenty of guidance and advice from them to get our application right. And we expect to continue to tap into their wisdom as we begin to understand our new obligations as a BenCom.
