New Galloway Community Enterprises Ltd (NGCE) is a community benefit company regulated by the Financial Conduct Authority, FCA registration number 7143.
Community Benefit companies, or BenComs, are a modern form of Industrial and Provident Societies. They are community owned and community run and can trade solely for the benefit of the community. All profits must be re-invested in the community.
NGCE’s ‘model rules’ (constitution) include the following:
1.4: The Society [NGCE] is committed to trading for the benefit of the community; and not for anyone’s private benefit.
2.2 Membership is the means by which the Society is owned by the community.
Membership provides Members with access to information, a voice in the Society and the opportunity to be elected to a representative role in its Governance.
3.3 Membership is open to any person who completes an application form and is over 16, supports the Society’s purpose (of trading for the benefit of the community) and who pays for at least one share.
4.1 Every year, the Society shall hold an Annual Members’ Meeting.
5.1 The Management Committee shall comprise no fewer than 4 and not more than 9 persons, who shall mainly be elected by and from the Members.
6.9 The Society must send to the Financial Conduct Authority an annual return, relating to its affairs during that period.
7.9 [This section refers to securing the company assets in the event of dissolution]….Assets shall be transferred to one or more community organisations that support the objects of the Society chosen by the Members at a Members’ Meeting.
8.1 The Society has shares of £10 each.
NGCE Ltd currently has 268 members, most of whom joined during our Share Offer in April 2017. As of May 2017, 180 of those members, or 67%, live in New Galloway.
We are open to new members at any time, please See the Buying Shares page for more information.
The inaugural AGM of NGCE was held on the 3rd November 2016.
The current committee members as elected at that meeting are:
- Mike Brown, Chair
- Sarah Parry, Vice-chair
- Dawn Spernagel, Treasurer
- Margaret Watson, Secretary
- David Briggs
- Emma Harnett
- Mary Smith
- Jean Marsden
Since then, Sarah Parrry has retired from the committee due to moving out of the village. Jean Marsden has taken the role of Vice-Chair.
Sarah Lane and Craig Millar were co-opted onto the Management committee in February 2017.
Our full Model Rules (constitution) and FCA certification are available to download here: 150619 NGCE Model rules FCA cert