We are working with the Plunkett Foundation to register as a Community Benefit Societies. Our application has been submitted and we are awaiting registration.
We are being advised by Dave Hollings. Dave has advised 36 completed community share issues over the last 15 years raising £6 million of shares often topped up with other forms of finance. He has specialised in pubs, shops and renewable energy. He has advised clients from the Home Counties to the Western Isles. He has also seen a community share issue from the community side, raising the community shares needed to rescue his local pub, The Dog & Gun, Beltham.
Key features of a CBS
Benefits wider community as well as members
Elected committee manage the enterprise on behalf of members
One member, one vote
Member liability limited to share value which cannot increase
Statutory asset lock using Plunkett Foundation’s model rules
Shares can be withdrawable at the discretion of management committee
Can pay interest to shareholders at a rate to retain sufficient capital
FCA approved and registered with Companies House
Annual return AR30 to be submitted to FCA
Is not regulated by Company Law but should always act in accordance with the law
Trade profits can be reinvested or distributed for social or charitable purposes
Depending on the type of enterprise, can qualify for tax relief on investment
Costs £310 for Plunkett members using FCA approved rules