The Community Benefit Fund has been created to transparently manage the annual surplus of the Community Hydro Scheme (Lochbroom Community Renewables). The amount available for distribution will therefore vary annually. There may also be potential for new projects to contribute to the fund in the future. From time to time it is anticipated that the Fund may also receive donations from other organisations or beneficiaries. The exact amount of money available will be advertised at the time of invitation for applications. It is hoped that the fund will also establish new social enterprises which could pay back into the fund for future generations.
The community benefit fund will be operational early in 2019 although funding amounts being paid into the pot in the first few years may be variable. The hope is that the surplus generated from the hydro scheme will pay into the fund for at least 20 years. This pot will be directly re-invested in our communities via a transparent and democratic process. For more specific information about the project visit: http://www.broompower.org/
The Fund is administered by a registered Charity, Ullapool Community Trust (UCT), who must report to the Scottish Charity Regulator (OSCR) on the use of all its funds. UCT will produce authorised annual accounts and has entered into a Memorandum of Agreement with Lochbroom Community Renewables for the distribution of funds back into the community.
The overall purpose of the Community Benefit Fund is to support positive change by investing in a wide range of community led activities in the UCT area. The aim of these activities should be to help to create a legacy of lasting impact. The fund will be used to progress the UCT vision which is committed to enhancing community well-being by supporting cultural, economic and environmental sustainability by: Creating and developing local enterprise and projects, Caring for our environment, Promoting the use of local resources, Working with and for the community, involving local people, groups and businesses.