Below is the summary from our Share Prospectus. Below the text you will find links to the full Prospectus, the Business Plan and the Application form should you wish to print it and send it to the shop with your cheque. This link will take you to the online version of the form.
The Offer Summary
Almondsbury Community Services Association Ltd (ACSA) want to encourage investment from the community in order to purchase the freehold premises at 14, Church Road, Almondsbury from which the Almondsbury Community Shop operates.
We need to raise a minimum of £370,000 from this share issue to pay for the property and purchasing expenses, up to a maximum of £400,000 to include renovation.
If share applications exceed £400,000 then larger share awards may be scaled back.
Share certificates will be issued for the scaled back share award and a refund made for the difference between the actual award and the original application payment.
Minimum investment per investor is £20 with a maximum of £50,000.
We aim to submit a Social Investment Tax Relief (SITR) compliance statement to
HMRC which, if approved, enables tax relief certificates to be issued up to the
344,000 euro limit allowed under EU State Aid rules. Depending on the exchange rate
and number of investors electing not to receive tax relief certificates, up to a third of
an investor’s total shares may not qualify for tax relief.
This offer opens on Saturday 21st October 2017 and will close on Saturday 18th November 2017.
The Management Committee reserves the right to extend the offer period beyond the
closing date if it believes doing so would benefit the share issue.
This offer is being administered by Almondsbury Community Services Association Ltd
(ACSA), a Community Benefit Society registered with the Financial Conduct Authority
(FCA), registration number 29956R.
The share offer is open to existing members and individuals over the age of 18, living
or working in, or having a close personal connection with, Almondsbury. Applications
will go through a prioritisation process based on these criteria. Non-members will
need to join the society for a one-off subscription of £2 prior to investing.
Shares in ACSA will be eligible for interest at the discretion of the Management
Committee. The aim is to pay a rate of interest of up to 2.5% per annum from 5th April
2018 but this interest rate and the start date for accrual of interest may vary.
Investors either will be paid annually or can choose to forego their interest altogether
so that the funds benefit the shop.
HMRC have confirmed our eligibility to apply for Social Investment Tax Relief (SITR) status. If successful, this could provide investors with tax relief of 30% on a proportion of their
IMPORTANT - PLEASE NOTE: HMRC only consider applications for SITR status after funds have been raised which in our case also means that the property would have been purchased. There is no guarantee that our application would be approved.
This offer is not covered by the Financial Services Compensation Scheme and investors have no recourse to an Ombudsman. Please be aware investors could lose some or all of their investment and should take independent financial advice.
Our AGM was held on friday, 13th October.
The presentations can be viewed using the links below.
The latest plans for our Community Share issue were fully discussed and the Plan is..
The Shares will now be submitted to HMRC under their Social Investment Tax Relief scheme and investors will be asked to indicate if they wish to enter the scheme on the application form which is included in the prospectus. The total number of shares we submit is limited by EU goverment support funding limits of 344,000€, so we will aim to share out that allowance across all investors fairly. The result will be that between 20% and 30% of each investment could be claimed back against income tax paid; the exact percentage dependent on the take-up of the allowance. Details are in the prospectus!
Please consider investing in this great, village asset and be ready to send your money from the 21st October - the earlier the better to give us a better idea of the likely funds available!!!
Many thanks to the 50 members who attended and the 35 who sent in their apologies. We had a positive discussion in the meeting and are all looking forward to a bright future for our shop.
Our first outline of the project - will be superceded by the Prospectus soon!!
Introduction to the Shop Purchase project
PLEASE HELP US TO SECURE OUR SHOP'S LONG TERM FUTURE
As you may be aware we rent the Old School House from the Church. Every year this beautiful old building's declining state of repair results in lots of hassle for everyone involved. From our perspective we would much prefer to buy the property rather than rent but this would require substantial funds. However owning the property would enable us to maintain and improve this great community building and shop facility for posterity. Recent discussions with the Parochial Church Council have indicated that they are interested in our proposal, with obvious caveats regarding the purchase price.
But how could we raise several hundred thousand pounds to both purchase the property and undertake urgent repairs? Some grants and loans may be available but since 2009 many community businesses have issued Community Shares to raise funds from members of their own community. To date over 120,000 people have raised more than £100m to support 400+ community businesses throughout the UK so we have determined to try to do the same. What are Community Shares and what's so special about them?
They can only be issued by registered Community Benefit Societies such as ours.
They pay a competitive interest rate, are withdrawable from the Society at the original purchase price and cannot be traded or transferred between other parties.
To encourage people to invest in their community, the shares qualify as an Enterprise Investment Scheme (EIS) with UK tax authorities. This provides significant personal tax benefits including:
To raise over £300,000 towards
the purchase and renovation of the premises of
Almondsbury Community Shop
To secure the future of a community facility
To make a return on your savings
To receive substantial tax reliefs
To own shares backed by a property asset
Community Shares are a great opportunity for you to invest in your community and get a return on your savings!!
To help explain, we have produced a pamphlet describing the Community Share offer which is available below (online) and in the shop in paper form.
Below you will find the questions addressed in the pamphlet and a link to register your interest in the shares online. A paper form is also available in the shop if you prefer.
Links are also provided to some external sources of information about Community Shares for your examination.
Our Pamphlet answers these questions ; click them to read the pamphlet for the answers (UPDATED 16 May) or click the link to register your interest...
Photos of our 6th Birthday Party by Louis Harvey.