Torrs Hydro New Mills Limited was founded in 2007 and is incorprated as an Industrial and Provident Society (IPS). The Financial Services Authority (FSA - the regulator for UK IPSs) defines this special form of company incorporation as:

“An organisation conducting an industry, business or trade, either as a co-operative or for the benefit of the community, and is registered under the Industrial and Provident Societies Act 1965. Societies run for the benefit of the community provide services for people other than their members.”

Torrs Hydro was registered in this way specifically so that the community could own the hydro electric scheme and operates for the benefit of the comunity. To do this, Torrs Hydro has a set of rules that set out our corporate objectives:

  • Help regenerate the community and environmental sustainability of the New Mills area
  • Advance education, particularly concerning asset based community development and enterprises with a community or environmental focus
  • Provide an opportunity for public-spirited people and organisations to contribute financially to the community, with the expectation of a social dividend, rather than personal financial reward.

Examples of the ways in which we may carry out our aims include:

  • Developing and operating a grant system out of the revenues from the Scheme
  • Developing an educational programme on environmental issues
  • Developing new or existing services to the local community that contribute to the local economy

2017 AGM Report

The AGM saw a report of the financial year to 30th September 2016. It had been a year when we were unable to run for 9 months of it because a failed bottom bearing. Thankfully we are insured and so recorded a profit of £11,501.

TThis led the directors to recommend that an interest payment of 1% per share be paid. The motion was approved unanimously by the members. To keep administration to a minimum, we will not pay out the interest unless it reaches £25, or is asked for by the shareholder. In addition, individual shareholders can nominate to have their interest paid into the THCF. Two Directors, Mary Cohen and Sean Whewell, were up for re-election. In addition, this year we have two further director nominations. The four were duly elected and the board look forward to work with our new members.

TAfter the business, we enjoyed a presentation by Ben Aylott from the Carbon Coop entitled ‘Changes to electricity markets, and community energy schemes post-subsidy’.

Richard Body MBE, Director