Rumbling Bridge Community Hydro Society is a Society for the benefit of the community registered with the FCA (Registered Number 7147) under the Co-operative and Community Benefit Societies Act 2014. It is managed for the benefit of the community and owned by its Members, who are protected by limited liability status. Energy4All a non-profit social enterprise that supports communities to own and operate renewable energy projects is helping to deliver this scheme. Its constitution is in the form of Rules approved by and registered with the FCA. The founders of Rumbling Bridge are driven by high ethical standards as defined by the international co-operative movement and intend to operate the Society in line with the values of co-operation and democracy as well as a sound commercial ethos.
The key characteristics of Rumbling Bridge are:
- the Society operates for the benefit of the community;
- a Member must have the minimum number of shares each with a nominal value of £1;
- all Members have one vote regardless of how many Shares they hold;
- no Member, except another registered Society, may hold more than 100,000 Shares;
- the Board is elected by the Members and only Members are eligible to serve on the Board.
Rumbling Bridge Hydro has built a community owned 500kW hydro scheme on the River Devon in the village of Rumbling Bridge. They will also seek to play an additional role in the community by contributing to a Community Benefit Fund.