The Fourth Sector
The Alanbrookes Group supports a wide variety of Fourth Sector organisations from more traditional co-operatives through to community interest companies, societies and benefit corporations.
We have been members of Co-Operatives UK since 2014 and have a team dedicated to providing bespoke advice to this rapidly growing sector of our economy.
What are For-Benefit Organisations?
For-benefits are a rapidly growing class of organisation that are giving rise to a new, fourth sector of the economy. Like nonprofits and governmental agencies, for-benefits pursue a wide range of social and environmental objectives as their primary purpose.
Like for-profits, for-benefits primarily earn their revenues by selling a broad range of products and services that improve quality of life for consumers, create jobs, and contribute to the economy.
For-benefits are all around us, but difficult to see until you know how to look for them.
Unlike traditional for-profits and nonprofits, which are legally distinct and recognised entities, for-benefits lack formal recognition and common definition because the sector has been emerging in a highly distributed and fragmented way all around the world. This has led to varied and often confusing nomenclature and definitions, which obscures the magnitude and breadth of for-benefit activity.
For-benefits are referred to by many different names, such as public benefit corporations, social enterprises, community interest companies, social businesses, hybrid organisations, benefit corporations, co-operatives, and sustainable enterprises, to name a few.
To scale the fourth sector and unleash the power of business to solve pressing social and environmental challenges at scale, there needs to be a massive effort to develop strong and cohesive supportive ecosystems that make it easier for for-benefit enterprises to thrive everywhere in the world.
Calls for major reform are being heard from all corners. The need to fundamentally upgrade our economic systems to meet today’s challenges is becoming increasingly apparent. This new mindset is shaping the way we look at enterprise.
More and more, organisations and entrepreneurs are seeking ways to do good and make money at the same time.
THE FOURTH SECTOR GROUP
Guidance & Advice
We have been working in the fourth sector arena for a number of years and, although the current legal and tax structures have been primarily designed for the traditional three sectors (for-profit, nonprofit, and public), we are adept at navigating the existing framework to suit all shapes and sizes of for-benefit organisations.
We can provide:
Auditors Reports under the Cooperative and Community Benefit Societies Act 2014 (CCBSA)
Reporting Accountants Reports for Societies registered under the same act,
Accounts for Community Interest Companies under the Companies Act 2006
Accounts for Community Benefit Societies under the CCBSA
Accounts for traditional Limited Companies with interests in sustainable land management, resource management or sustainable energy management
Accounts for traditional co-operatives (such as architects, therapy centres and village community shops) under the CCBSA
Tax planning for group structures, especially where capital expenditure may be high
Annual reports for the Financial Conduct Authority (FCA)
