Background to the change
Why are changes being made to the Share of the Profits programme
We continually listen to our members, who tell us that they are seeking more value for themselves and to provide more support for communities through their spend with us. As a result, we are making some changes to the Share of the Profits programme to deliver what members are asking for.
When & how was the decision made to change the Share of the Profits programme?
In December of 2022 our Board of elected members asked us to develop a strategy to enhance membership. Their request was based on feedback from members and industry research. After a lot of work, and robust discussions they wholeheartedly approved the strategy on 3rd July and challenged us to deliver the first phase of the enhancement by September 2023.
What’s changed and how you can benefit
What are the main changes for members?
There are three main changes…
- Members will save more. There will be bigger, better offers available to members in all of our businesses. This means that members will save as soon as they spend with us rather than having to wait for their Share of the Profits vouchers.
- Doing good together. The first 1,000 points a member earns in the financial year will be allocated to the Share of the Profits Community Fund. We want members to have a say in where that fund is spent and will be able to tell you more early in 2024. Any additional points will be paid out to the member in personal Share of the Profits.
- Changes to how points are earned. We have made some changes to the way members earn points. Members now earn extra points on Co-op own branded products, own branded Fairtrade and Co-op Holidays but no longer earn points on fuel and every unit of gas or electricity used. See the table on this page headed ‘How they are calculated’ for more details.
When does the change start to affect my points?
The change affects your points earned from the start of the financial year beginning 29th January 2023. The first 1,000 points you have earned during this period will be allocated to the Share of the Profits Community Fund. All points earned above the 1,000-point threshold will be converted into your personal Share of the Profits.
How do these changes benefit members?
Share of the Profits vouchers are distributed several months after members earn points. The distribution needs to be agreed at the AGM in May following the financial year end in January. The new membership programme means that members will make more savings at the time they spend with us rather than having to wait. The new member offers are a significant improvement and members could save £150 a year in Your Co-op Food alone.
Will members be worse or better off as a result of these changes?
On average members have been getting under £6 in Share of the Profits vouchers. Under the new programme they will get less in Share of the Profits vouchers – but the range of new offers available means that members will have the opportunity to save more money and be better off every time they shop. For example, members could save £150 a year on their Food bill and can also save on holidays, broadband, phones and headphones and childcare.
Where can I get some more information on the member-only deals?
You can find the member-only deals on the Your Co-op membership app. Just visit the app store on your smartphone and download the Your Co-op membership app and log in with your membership card number or the email you have registered. If you don’t have a smartphone there is a website version at https://membership.yourcoop.coop/
Why are there changes to the way points are earned?
We have reviewed the way points are earned to better reflect our ethical values and the profits we make. Members now have the opportunity to earn more points and so make more impact on their community and earn more Share of the Profits for themselves.
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We will give more points for our own branded and ethical purchases – own branded food and own branded Fairtrade food and our own Co-op Holidays.
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We will no longer give points for every unit of gas or electricity used or every litre of fuel. This is consistent with our focus on sustainability.
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However, we will reward the loyalty of members using our utilities business – when they join us or decide to renew a contract.
The Share of the Profits Community Fund
How do these changes benefit communities?
The first 1,000 points every member earns will be donated to the Share of the Profits Community Fund. When the value of points is agreed at the AGM in May these points will be converted into funding for good causes in your local community. This is additional to the community grants and activity that are already available. You can find the list of charity partners we already work with at here.
Why are you taking 1,000 of my points for the Share of the Profits Community Fund?
When we carry out research with members, they tell us that they tell us that supporting local communities is what makes The Midcounties Co-operative different from other businesses. And they have told us that they would like their spend with us to create more funds for causes they care about. Allocating the first 1,000 points from each member to the Share of the Profits Community Fund means that members can see a direct link between their spend and the community impact they have created.
Can I opt out of having my points used for the Share of the Profits Community Fund?
No, every member will play the same part in supporting communities. The first 1,000 points earned will be donated to the Share of the Profits Community Fund. All additional points will be converted into personal Share of the Profits and sent to members each year.
As a member, will I get to choose where the Share of the Profits Community Fund money is spent?
We’re working on this over the next few months. We want members to have a say in where the Share of the Profits Community Fund money is spent. We will be able to tell you more early in 2024 and ask members to approve the size of the fund at the AGM in May 2024.
Who are the good causes that are benefitting from the Share of the Profits Community Fund?
That hasn’t been decided yet. We want members to have a say in which community causes benefit. We are working on that and will be able to tell you more in May 2024. However, we have been working with local communities for over 100 years. You can find the list of charity partners we already work with at here.
How much will the Share of the Profits Community Fund be worth?
That depends on how many points members earn for the Share of the Profits Community Fund – and on the value of each point agreed at the AGM in May. We estimate that it will be worth about £1m.
More about points
How will I keep track of how many points I have collected?
Your points balance is shown on the Your Co-op membership app – split out into points for communities and points for you. Your total points balance is shown on your till receipt if you use a food store. Alternatively, you can contact us to request your points balance.
How much is each point worth?
If our Board agrees that we have made enough profit to distribute Share of the Profits they recommend a points value. The decision to accept this is taken by members attending our AGM in May each year. In recent years, each point has been worth half a penny.
What happens to points left over at the end of the year?
At the end of each financial year, your first 1,000 points will be paid out to the Share of the Profits Community Fund. Any additional points will be paid to you in vouchers with whole £ value – minimum payout £2. Any odd pence will be paid into your members share account. So you will start each financial year with a zero balance.
Will the way I receive my vouchers change?
No, there will be no change to the way you receive your vouchers. Any choices you have already made will continue going forward and you won’t need to tell us again.
What is the financial year mentioned in the communication I had?
Our financial year runs from the end of January. The exact dates vary from year to year. Financial year 2023/24 runs from 29th January 2023 to 27th January 2024.
What do I do next?
Do I have to do anything to join this programme?
You don’t need to do anything. The changes will apply automatically.
Will I have to download another app?
No, you won’t need to download another app. If you already have the Your Co-op membership app it will automatically lead you to update to the latest version. The new version has a fresh new look and makes it much easier for you to find your exclusive member offers.
I don’t have the Your Co-op membership app. How do I get it?
Just visit the app store on your smartphone and download the Your Co-op membership app and log in with your membership card number or the email you have registered. If you don’t have a smartphone there is a website version at https://membership.yourcoop.coop/
I can’t find my membership card. How do I get a new one?
The Your Co-op membership app includes your membership card, so it’s always with you, making life a little bit easier and saving plastic too. If you prefer a plastic card you can order one here Order a Replacement Membership Card | Your Co-op (midcounties.coop)
My query isn’t listed here. How can I contact you?
You can contact us about membership by post, email or phone using the details below.
The Midcounties Co-operative
Co-operative House
Warwick Technology Park
Gallows Hill
Warwick
CV34 6DA
Telephone (freephone): 0800 435 902 FREE
Email: member.communications@midcounties.coop