progress report – 20 th november 2013
DESCRIPTION
Progress Report – 20 th November 2013. OBJECTIVE To complete the fund raising for a community hydro scheme at Harlaw Reservoir and ‘make it happen’. Agenda. What‘s happened since June Our Finances Your Finances Provisional Schedule Questions Wine, juice and nibbles. - PowerPoint PPT PresentationTRANSCRIPT
Progress Report – 20th November 2013
OBJECTIVE
To complete the fund raising for
a community hydro scheme at
Harlaw Reservoir and
‘make it happen’.
AgendaWhat‘s happened since JuneOur FinancesYour FinancesProvisional ScheduleQuestionsWine, juice and nibbles
What‘s happened since JuneExpanded team
5 members with substantial engineering and project experienceTechnical team meeting fortnightly
Meetings with CEC Flood Prevention / Panel Engineer Grid Connection offered and acceptedHydrology re-analysedVAT RegistrationDesign Contract AwardedPipe Liner Repaired
Design Contract Awarded5 Designers Approached3 Quotations ReceivedPotential Designers Met the committeeUnanimous selection of Adrian Laycock Limited
Extensive experience with micro-hydro schemes, dams, canals, irrigation . . Both in Scotland and across the World
http://www.adrianlaycock.com/index.htm
Another idyllic country scene
– or – potential for
another hydro scheme?
The FinancesIncome
Capital (5 July 2013) £334,750Interest to date £271
£335,021Expenditure
SPN - Grid Connection £18,835Mark Sproule (Website) £600Launch Expenses (BVT) £1,375FCA Annual Fee £55
£20,865
Balance £314,156
Commitments
Adrian Laycock Limited £19,200 50% on appointment of contractor, 50% when turbine is operational
Seed Enterprise Investment Scheme (SEIS)Harlaw Hydro Limited
SEIS is administered by the Small Companies Enterprise Centre (SCEC) in HM Revenue & Customs (HMRC)
The company must submit form SEIS1 to the SCEC The company cannot submit an SEIS1 until either:
it has been trading for at least four months orit has spent at least 70 per cent of the monies raised by the
relevant issue of sharesIf the SCEC accepts that the company, its activities, and the
shares all meet the requirements of the scheme, it will issue the company with a certificate to that effect, and will supply claim forms (SEIS3s) for the company to send to the investors so they can claim tax relief
The company issues SEIS3s to qualifying Investors.
Seed Enterprise Investment Scheme (SEIS)The Investor
Using the SEIS3 supplied by the company the investor claims on their Self Assessment tax return for the tax year in which the shares were issued (i.e. 2013/2014)
Investors can claim relief up to five years after the 31 January following the tax year in which the investment was made.
Enterprise Investment Scheme (EIS)Harlaw Hydro Limited
EIS is administered by the Small Companies Enterprise Centre (SCEC) in HM Revenue & Customs (HMRC)
The company must submit form EIS1 to the SCEC The company cannot submit an EIS1 until it has been
trading for at least four months (confirmed using form EIS2).
The company then has 2 years to submit the formIf the SCEC accepts that the company, its activities, and
the shares all meet the requirements of the scheme, it will issue the company with a certificate to that effect, and will supply claim forms (EIS3s)
The company issues EIS3s to qualifying Investors.
Enterprise Investment Scheme (EIS)The Investor
Using the EIS3 supplied by the company the investor claims on their Self Assessment tax return for the tax year in which the shares were issued (i.e. 2013/2014)
Investors can claim relief up to five years after the 31 January following the tax year in which the investment was made.
Who are our investors?241 investors in total:Average size of investment - £1,588Investments range from £250 to £10,000Most Common - £500 or £1000 Just over half from immediate Balerno area17% from surrounding area17% from wider Edinburgh Area14% anywhere else
Where we LiveShareholders / Society Members
52%
13%
4%
13%
17%
BalernoCurrieJuniper GreenEdinburghOther
What next?Apply to pre-accredit FiT (Feed in Tariff) for 67kw Design accepted by CECs Panel EngineerOrder Turbine / generator – December 2013Lease FormalisedSelect contractor January 2014Submit SEIS1 Spring 2014Start Build – Spring 20141st AGM – May/June 2014 Generate Electricity – Autumn 2014
QuestionsWine and ‘nibbles’