Latest position: September 5th
We have a delay in issuing our prospectus as we eventually heard back from HMRC about our ability to offer an EIS tax incentive to buyers - after three months of asking we learn that we are not necessarily able to offer that as we have been trading for over 7 years.
We are exploring additional options including another scheme called SITR. Of course we are not completely altruistic in our search for tax assistance, we are hopeful that if any buyer is offered a tax refund on shares purchased they will be tempted to buy more shares!!
If there are any tax experts out there please give us a call!!
Our search for grant assistance has run out of options too, but given the level of support shown so far we are still confident of buying the property and securing the shop's future for our community.
Reminder: The shop AGM will be held at 7:30pm on friday, October 13th in the Old School Hall.
We are also looking for new Committee members as we increased the possible size of the Committee at the last AGM; contact us if you are interested before the AGM by completing an application available in the shop.
an Extraordinary General Meeting was held in the Old School Hall at 7:30pm on monday, June 5th.
92 members attended to discuss our project to buy the shop property and issue Community Shares to help cover the cost. That's 40% of our membership!
Thanks to everyone for their attendance and support.
We have agreed a price (subject to contract) for the shop with the PCC and your pledges are almost there!
To support a wider involvement across all of our community, we have decided to lower the minimum purchase to £20 and reduce the maximum. Please see the updated Pamphlet and form below - if you have registered already, you do not need to do it again!
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.