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 General Meeting or at a Half-Yearly Meeting.
How did you calculate my Share of the Profits?
We have used the points earned on your transactions during our 2019/20 financial year – 27 January 2019 to 25 January 2020. At our Half Yearly Meetings, last October 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 first.
If you’ve earned points through Central England Co-operative, Southern Co-operative and Chelmsford Star Co-operative during their 2019 financial year, you’ll see them in your statement in the ‘Additions and deductions’ section, recorded as ‘Amount earned with affinity partners.’ In 2019, The Co-operative Group, our other affinity partner, did not make a Share of the Profits payment, so is not making Share of the Profits payments to The Midcounties Co-operative members who have traded with its businesses for this year.
Why was the 2019/20 financial year Share of the Profits payment deferred?
As agreed by members at the Half-Yearly Meetings last October, your Share of the Profits payment was rescheduled from November 2020 to spring 2021 to coincide with the roll-out of e-vouchers through our new Your Co-op Rewards app. With our ongoing commitment to reduce the use of paper across the Society, we will not be sending traditional paper vouchers this year or in the future.
What about the points on my spend after 25 January 2020?
Points earned after 25 January 2020 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 by clicking here.
How do I get my e-vouchers?
You can get your e-vouchers through our new Your Co-op Rewards app on a smartphone – instructions below. You will find e-vouchers for use in any of our businesses.
How do I download the app?
You’ll need to download the new Your Co-op Rewards app on a smartphone.
Downloading and signing in is easy:
Visit your smartphone’s app store, search for and download ‘Your Co-op Rewards’, which looks like this:
Alternatively, you can scan the relevant QR code…
For Apple devices scan:
For Android devices please scan:
To sign in, all you need is your membership number or your email address and password. If you are using an email address, it must be the one registered to your membership account. If you are unsure of your login details or have never set up a password, just click on ‘Unsure of your login details’ on the app. All you need is your membership number – found on your membership card – and your postcode. You’ll also see a link to helpful tips on the app homepage.
You’ll find the e-vouchers in the ‘Your Vouchers’ section under the ‘Rewards’ tab. When you click on an e-voucher you will see a barcode which you can use just like a paper voucher.
Where can I spend the e-vouchers?
You’ll be able to redeem your e-vouchers towards your spending at the following businesses operated by The Midcounties Co-operative:
- Co-op Food – scan in store
- Co-op Travel – redeem in branch (due to reopen on 12 April 2021), over the phone or with your personal travel agent
- Co-op Childcare – redeem in nursery
- Co-op Funeralcare – redeem in branch
- Co-op Pharmacy online
You can only spend your e-vouchers with businesses owned by The Midcounties Co-operative. Other co-operative societies will not accept them. You can find you nearest store/branch/nursery by clicking here.
Just click on the e-voucher when you’re next in one of our stores or branches and you will see a barcode which you can use in food stores and a voucher code which you can use in our other businesses.
If your letter or email says you have opted to be paid in vouchers, you won’t now be able to pay the e-vouchers into your utilities account – Co-op Energy or The Phone Co-op.
Is there an expiry date?
Yes, the e-vouchers can be used up until 31 October 2021. The expiry date is shown on each e-voucher and once you use them, they will be marked ‘redeemed’. If you don’t use your vouchers, you won’t miss out – we will hold the money for you on account for when you request it. To see your options click here.
What if I don’t have a smartphone?
Moving to e-vouchers is much more convenient for many of our members but we know it doesn’t suit everyone. If you don’t have a smartphone, don’t worry, you won’t miss out. We will hold your Share of the Profits on account for you for when you request it. To see your options click here.
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 online member dashboard by clicking here. You can choose to have your payment in e-vouchers; as a credit on your phone or energy bill; you can donate it to charity; or just ask us to hold it on account for you.
If we haven’t answered your question contact the Membership Team
Your enquiry is important to us. Please bear with us at this busy time and we will answer your query as soon as we can.
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