We are delighted to announce that the FCA (Financial Conduct Authority) has approved our application to set up a charitable BenCom. Bencom registration confirmation
BenCom is short for Community Benefit Society – a fairly new type of legal structure instituted under the Co-operative and Community Benefit Societies Act 2014.
Rooms London is a charitable BenCom which means that we can be recognised as a charity for tax purposes with HMRC.
The huge attraction for us of having a BenCom is that we can issue community shares. Community shares are not like ordinary shares in that they cannot be bought and sold for profit (or loss!) They can only be sold back to the BenCom and then only when the organisation is in a position to buy them back.
Once the BenCom is in profit, then it is possible for shareholders to receive dividends, but the main incentive is to feel that you own part of something worthwhile and that the asset will be secure and sustainable into the future.
We will be working on the share offer over the next few months. We will probably be offering shares at £250 each, but possibly at £100 also. It would be useful to hear from you how much you might be willing to invest! Do email us at email@example.com with your thoughts