What does it mean to be a Community Benefit Society?
In March 2013 Future Wolverton registered as a Community Benefit Society making the change from being an “informal” organisation to a legal structured and accountable organisation with powers to raise money and deliver projects in the longer-term.
As many of you will know, Future Wolverton has been in existence since the development of the Future Wolverton vision in 2002/3, and the delivery of the vision has been supported by Wolverton Unlimited (a company which was dissolved in 2010), and Wolverton Steering Group, a neighbourhood forum made up of representative organisations from across the Wolverton area.
The decision to turn the organisation into an Community Benefit Society was made because of the democratic nature of this type of legal structure, which is owned and controlled by its members.
Aynone over 16 who has an interest in the work of the Society and pays a £1 share can become a member of Future Wolverton. We currently have 119 members, most of whom live or work in Wolverton. Becoming a Member of the Society is easy – just complete the online form from our Home page and someone will be in touch to arrange for collection of your £1 share. Your details will then be added to our database of members and you will receive a monthly newsletter and other information about other opportunities to get involved.
We are actively looking for people to get involved in the running of the organisation, so if you have some spare time and are passionate about all things Wolverton get in touch with email@example.com
How the society works
As a Community Benefit Society Future Wolverton is governed by a document called our “Rules”. This document is similar to the Memorandum and Articles of Association of a Charitable Company, in that it sets out who can be a member of the Society, how the Board are elected and how we should operate the organisation on a day-to-day basis.
A copy of our Rules are available to download here
The object or purpose of the society is to:
“carry on any business which will help to establish Wolverton (and its environs) as a thriving and sustainable town within the city of Milton Keynes; a town with an active and involved community which celebrates its past and seeks to protect and enhance the unique heritage whilst developing new business, housing and community facilities to ensure future prosperity.”
These objects were deliberately kept as broad as possible to ensure that we could be involved in a whole range of projects to benefit the local area.
The Board of Future Wolverton is elected annually by the Members at the Annual General Meeting, and is responsible for the strategic direction of the organisation.
A number of organisations in the Town have a right to nominate a representative to sit on the Board. These organisations include the Town Council, Churches Together in Wolverton and The Radcliffe Community of Schools.
Legally the Board become Directors of the Society and are responsible for ensuring proper governance and financial stability.
The Board must ensure that accounts are prepared each year, and the necessary returns made to the Financial Conduct Authority. As a Company we also have to make a Corporation Tax Return to HMRC. The latest accounts for the last financial year are available here.
Accounts for the previous years are also availalbe:
Year ending March 2014 here
Year ending March 2015 here
Minutes of Board meetings are available on request to members of Future Wolverton.