Share of the Profits – 2023/24 onwards
Your Co-op Membership Update
We continually listen to our members, who tell us that they are seeking more value for themselves and more support for communities through their spend with us. As a result, we are making some changes to Your Co-op Membership to make it more meaningful for our members.
What’s new: More savings for members and more support for communities
Members save more: Introducing the new member only offers programme
In September 2023, we will launch a new member only offers programme. From everyday food cupboard essentials to holidays in the sun, from meals for tonight to two-year broadband contracts, all members will have the opportunity to save more.
Doing good together: Introducing the new Members Community programme
In May 2024, we will launch a new members community support scheme designed to give back more to the communities we serve. We will work closely with member representatives to design a programme that provides more funds and more support to communities.
What’s changing: Introducing the Share of the Profits Community Fund
To support these changes, we are changing how the Share of the Profits programme works. From the beginning of this financial year, we have created a new Share of the Profits Community Fund to create more funds to help communities who need it most.
How it works:
Every time you use your membership card, you will earn points as usual.
The first 1000 points you earn will be donated to the new Share of the Profits Community Fund which will provide more support to communities.
All points earned over 1000 will go into your Share of the Profits dividend as it does now.
What’s changing: Introducing the new Share of the Profits points programme
We are also changing the way you earn points so that you are rewarded more when you make Co-op own label and ethical choices. The points per £ will vary depending on where you are spending your money. Check the table below to see how it affects you.
We are excited to be able to offer our members more of what they have been asking for – more member savings and more support for their communities. As a result, members will be doing good together with every shop, every holiday, every playtime and every phone call.
We will be in touch with more information on these changes in the coming months. But if you have any questions, please refer to the FAQs on this page.
The Membership Team - The Midcounties Co-operative
Your Share of the Profits for 2022/23 – Your Questions Answered
What is Share of the Profits?
When you spend with a Midcounties Co-operative business you earn Share of the Profits points. At the end of each financial year, we share some of our profits with our members by turning those points into your Share of the Profits dividend. The actual amount shared is voted on by our members at either our Annual or Half Year member meetings.
How did you calculate my Share of the Profits?
We have used the points earned on your transactions during our 2022/2023 financial year - 23 January 2022 to 28 January 2023. At our Annual General Meeting in May, members approved a distribution value of half a penny per point, allowing us to calculate your Share of the Profits. If this is the first time you have earned a dividend then your initial £1 membership share has been deducted from that value.
If you’ve earned points through Central England Co-operative and Chelmsford Star Co-operative during their 2022 financial year, you’ll see them in your statement in the ‘Additions and deductions’ section, recorded as ‘PLUS the amount earned with other co-operative societies’. In 2022, The Co-operative Group did not make a Share of the Profits payment to any members, including any Midcounties members, who traded with its businesses for that year.
What about the points on my spend after 28 January 2023?
Points earned after 28 January 2023 will remain on your balance and will not be included in this payment. They will count towards future dividend payments. You can view your points balances at any time, split by financial year, by logging into your online member dashboard.
How do I change my payment option for next year?
You can change the way you receive your Share of the Profits next year by logging into your your online member dashboard. You can choose to have your payment in e-vouchers; as a credit on your phone or energy bill; donate it to charity; or just ask us to hold it on account for you.
What is the Your Co-op members app?
Our app brings you all the latest member exclusive deals and offers across Your Co-op and shows you how your spend makes a difference. You can also access your Share of the Profits e-vouchers directly in the app.
How do I access the app?
Downloading the app is easy, just search for 'Your Co-op membership' in your app store or click here. Once you have downloaded the app you need to click on 'Register'. You'll need your membership number - which you can find on your statement included in this letter - and your postcode.
What if I don't want to download the app?
We have sent you codes in your communication which can be used with our Childcare and Travel businesses.
Where can I spend my e-vouchers?
You'll be able to redeem your e-vouchers towards your spending at the following businesses operated by The Midcounties Co-operative:
Your Co-op Food - redeem in store
Your Co-op Travel - redeem in branch, over the phone or with your personal travel agent
Your Co-op Childcare - redeem in nursery
You can only spend your e-vouchers with The Midcounties Co-operative. Other Co-operative societies will not accept them.
If your letter or email says you have opted to be paid in e-vouchers, you won't now be able to pay these into your utilities account - Co-op Energy or The Phone Co-op.
What are the terms and conditions of the e-vouchers?
The e-vouchers can be used in Your Co-op Food stores, Your Co-op Travel branches, Co-op Childcare nurseries and Little Pioneers nurseries.
These e-vouchers cannot be used on purchases with any other Co-operative.
Each e-voucher can only be used once.
E-vouchers must be used in a single transaction. However, if your purchase value is lower than the voucher value, you won't lose the remaining value of the voucher, if you are shopping in a branch you will get the balance in cash. If you are shopping online the remainder will be held on account for when you request it.
You can use more than one voucher in a single transaction.
The e-vouchers can be used up to 16 March 2024. However, if you don't use your e-vouchers, you won't miss out - we will hold the money for you within your member Share Account for when you request it.
For our full membership terms and conditions, including Share of the Profits, click here.
Issuing Society Address: The Midcounties Co-operative Limited, Co-operative House, Warwick Technology Park, Warwick CV34 60A
What if I don't want to use my e-vouchers?
If you don't want to use your e-vouchers, you can request an alternative payment method.
You can click here to request that we pay your dividend directly into your bank account or donate it to charity. Alternatively, you can call the membership team on 0800 435 902 if you would like your e-vouchers issued in a paper voucher format. If you don't use your e-vouchers or request a different payment choice, you won't miss out - we will hold the money for you within your members' Share Account for when you request it.
If your statement indicates that we have made a credit towards your Co-op Energy or Co-op Phone and Broadband account
If you have previously chosen to have your Share of the Profits paid as a credit towards your utilities account, this will automatically happen each year unless you advise us otherwise. Alternatively, we may have identified you as a member who uses one of our utilities businesses and therefore we may have chosen to pay it back into your utilities account to make it easier and more meaningful for you.
The good news is that you don't need to do anything. Your bill will be automatically credited in November with your Share of the Profits dividend. Unfortunately, you cannot change your payment option for this year. However, you can change your payment choice for next time by clicking here.
If your statement indicates that we have made a payment to your chosen charity
If you have previously chosen to have your Share of the Profits donated towards a chosen charity, this will automatically happen each year unless you advise us otherwise.
We will now pass this donation to your chosen charity on your behalf anonymously.
You cannot change your payment option for this year. However, you can change your payment choice for next time by clicking here.
You haven't answered my question
If you have any other questions, our membership team is on hand to help. You can contact us on 0800 435 902 or email us at firstname.lastname@example.org. Thank you in advance for being patient at this busy time and we will answer your query as soon as we can.
Changes to Share of the Profits - FAQs
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.
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.
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.
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 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 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.
How are they calculated?
The points you earn per pound varies depending on where you’re spending your money. Take a look at the table below:
|Your Co-op Business||What you buy||Points allocated|
Your Co-op Food
Co-op own label products
2 points per £1 spent*
Co-op own label Fairtrade products
3 points per £1 spent*
All other purchases
1 point per £1 spent*
Fuel from our forecourts
Your Co-op Travel
Book with Co-op Holidays
1 point per £1 spent
Other holidays booked through our branches and personal travel agents
1 point per £2 spent
Your Co-op Childcare
All childcare spend
1 point per £1 spent
Your Co-op Energy
Sign up to a new tariff, renew your fixed tariff
500 points for single fuel
Your Co-op Broadband & Mobile
Sign up to a new tariff or renew an existing tariff
500 points for each contract term
Buy a Fairphone or Fairbuds
How can I check my balance?
To view your statement, click here. You’ll need your email address or membership number and password to sign in. You can find your membership number on your membership card.
How are they distributed?
Points can be earned with all Your Co-op shops and services (as well as all other affiliated co-operative societies). All you need to do is take your membership card with you when you shop, and present it when you pay. You can also earn points by getting more involved as a member – whether that’s attending events, voting or taking part in our surveys.