The Cherry Hinton Community Benefit Society
After much discussion the HUB team decided that the best management structure to run the new Community Centre is a Community Benefit Society which has charity status. This has been set up not only for the running of the Community Centre but for the benefit of the entire community of Cherry Hinton.
It is registered as a charitable community benefit society under the Co-operative and Community Benefit Societies Act 2014. It is regulated by the FCA and not by the Charity Commission. It therefore does not have a seven digit “charity number”. However it has the same favourable tax status and, for example, donors can opt for “gift aid”.
Cherry Hinton Community Benefit Society (CHCBS) is a member of both Co-operatives UK and Co-operatives East. Not everyone realizes that the British co-operative movement is not just supermarkets but many thousands of diverse enterprises with around 17 million members. Examples are housing providers, health and social care cooperatives , cooperative schools, retail co-operatives, co-operatively run community energy projects, football supporters’ trusts, credit unions and worker-owned businesses. Many of these (including our CHCBS) are run not for profit but for the sole benefit of their local community. CHCBS must adhere to Co-operative Values and Principles. Please see link below.
The purpose of our Cherry Hinton community benefit society is to serve the broader interests of the community, in contrast to co-operative societies that serve the interests of members. There are four key characteristics of a community benefit society:
The conduct of a community benefit society’s business must be entirely for the benefit of the community. There can be no alternative or secondary purposes, including any that may preferentially benefit the members.
Membership: In common with all societies, community benefit societies normally have members who hold shares and are accorded democratic rights on the basis on one-member-one-vote. Membership is open to organisations as well as individuals so the RBL, for example, can be a member.
Application of profits: Any profit made by a community benefit society must be used for the benefit of the community. Unlike a co-operative society, profits cannot be distributed to members.
Community benefit societies must only use their assets for the benefit of the community. If a community benefit society is sold, converted, or amalgamated with another legal entity, its assets must continue to be used for the benefit of the community and must not be distributed to members.
Rules of the Society :
Full rules of the Cherry Hinton Community Benefit Society
Co-operatives UK certificate of membership
Other Links :-
Cherry Hinton Community Benefit Society Mission and Vision
External link :