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Share InvitationBrighton Energy Coop 2 – more solar for the South

www.brightonenergy.org.uk

Overview

Chairman’s Introduction

Community-owned renewable energy is now a proven

model. More than 150 energy coops have been

registered in the last few years, with about a third

launching share issues. So not only are these community

projects generating renewables on the ground, but there

are plenty more in the pipeline too.

The value of locally-owned energy schemes is also

something that's increasingly recognised in government.

That's the reason DECC minister Greg Barker came to

visit our solar roof at St George's Church this year, and

the reason that more and more policy work is being done

to support co-operative energy.

With more and more projects being realised, and

increasing government support, this exciting movement

can only get bigger.

Brighton Energy Co-op is part this dynamic upsurge of

grass roots action. As such it's with great pleasure that

we present here our second scheme, a huge new PV

project for the South Coast.

Renewable energy matters, and with our society set to

treble in size, I hope you find what is set out here of

interest - and that you join our growing movement.

Will Cottrell

Chairman, Brighton Energy Co-op

(L-R) DECC minister Greg Barker, Kemptown MP Simon Kirbyand BEC Chairman Will Cottrell on a visit to a BEC solar roof atSt George's Church in Kemptown, September 2013

By purchasing shares you will:

•Gain an equal vote with every other member in

how the Society is managed and how your local

energy resources are used

• Ensure that you participate in the ownership of

local renewable energy resources and benefit from

the Government incentives

• Be eligible for any interest paid to members. As set

out below, we are aiming to pay members an annual

return on their shares

• Contribute to developing a local energy supply,

which aims to offer protection against fluctuations in

energy supply and costs

•Help support further renewable energy and

community energy efficiency programmes via our

surplus income thus creating a ‘double carbon

dividend’.

• Contribute to the provision of renewable energy

supplies for our area that, in turn, aims to retain

benefits locally and strengthen the local economy

• Support a scaleable model that can be replicated in

other communities

• Help fight climate change and fossil fuel depletion

– over the course of our PV system's lifetime they'll

save more than 450 tonnes of CO2

To join visit www.brightonenergy.org.uk/join.

Summary

By purchasing shares you will:•Gain an equal vote with every other member in how

the Society is managed and how your local energy

resources are used

• Ensure that you participate in the ownership of local

renewable energy resources and benefit from the

Government incentives

• Be eligible for any interest paid to members. As set

out below, we are aiming to pay members an annual

return on their shares

• Contribute to developing a local energy supply, which

aims to offer protection against fluctuations in energy

supply and costs

•Help support further renewable energy and

community energy efficiency programmes via our

surplus income thus creating a ‘double carbon

dividend’.

• Contribute to the provision of renewable energy

supplies for our area that, in turn, aims to retain

benefits locally and strengthen the local economy

• Support a scaleable model that can be replicated in

other communities

Help fight climate change and fossil fuel depletion –

over the course of our PV system's lifetime they'll save

more than 450 tonnes of CO2

The projectBrighton Energy Co-op 2 (BEC2) aims to capitalise on the

success of our first solar project which raised £230,000 in

July of 2012 and installed 132 kWp of Solar Photovoltaic

(PV) in and around Brighton. With BEC2 we want to

generate more low-carbon renewable electricity, enable

more people to invest in clean energy and enjoy the

financial benefits of the project. As well as enabling the

community to work together in reducing its carbon

emissions, investment in BEC2 allows you to take control

of our energy production.

This document details the opportunity to buy shares in

Brighton Energy Co-op, the trading name of Brighton

Energy Limited (BEL). We are a Community Benefit

Society with the express purpose of developing more

community-owned renewables for our area.

BEC2 aims to install a minimum of 200 kWp of solar PV

on several buildings around the area which will require a

minimum capital investment of £232,800.

This share invitation, therefore, invites you to purchase a

new class of ordinary share in Brighton Energy Ltd and

thus help us raise the money to finance the

development, marketing and capital costs of BEC2.

You may purchase up to 20,000 shares, the minimum

being 300. Each share is worth £1.

RisksAll investments and commercial activities carry risk. By

buying shares members should weigh up financial risk

and reward as they would with any other investment

opportunity.

Those considering an investment should do so only after

reading this document in full (including the section on

risks below), should regard this Invite as a long-term

investment and should consult a financial advisor before

investing.

Important informationThe BEL directors have prepared this document and

are responsible for its contents. This summary

should be read only as an introduction and any

decision to invest made on the basis of the

document as a whole.

This document contains ‘forward-looking

statements’ relating to the BEL's prospects,

development and business strategies. Statements

containing words such as ‘believe’, ‘could’, ‘expect’,

‘envisage’, ‘estimate’, ‘may’, ‘plan’, ‘will’ or the

negative forms of those words will be forward-

looking statements.

Similarly, any explicit reference to assumptions or

other terms that imply a point is not yet established

in fact will be a forward-looking statement. Forward-

looking statements are based on current

expectations and so are subject to risks and

uncertainties. Certain risks are defined in this Offer

Document, but there will be other risks. Actual

results may differ materially from those expressed or

implied by the forward-looking statements so

potential members should not place any reliance on

forward-looking statements. The forward-looking

statements were current at the date this Offer

Document was produced and will not be updated

during the offer period.

The Project

Our Solar PV systemsWe have agreed to install Solar PV at Shed 10 at

Shoreham Port. To this end we have secured a letter of

intent from the Port, giving us the right to install 200kWp

of rooftop solar PV .

Shed 10 at Shoreham Port

Minimum fund-raising target: £232,800.If this sum is not acheived through selling share we may

apply for a loan to cover the balance. Note that we have

not secured this loan and as such this provision is subject

to future negotiations. If we apply for a loan this is likely

to reduce or remove shareholder dividends for 5 years or

more.

If the minimum fundraising target is not acheived by a

combination of shares and loans then we will then

refund the entire BEC2 shareholder capital.

See www.brightonenergy.org.uk/doruments our Profit

and Loss projections for BEC2.

Maximum fund-raising target: £616,050We are in discussion with several other sites and

estimate up to a further 365kWp will become available

for our development in the next six months. This would

require additional capital in excess of £383,250

We may, therefore, extend this share offer to raise this

extra capital, conditional on being able to pay all

shareholders in BEC2 a 5% interest rate.

Based on figures from DECC, we expect this will save

around 450 tonnes of CO2 a year, typically the amount

consumed by 300 domestic homes.

The offer period is for four weeks and ends at 5pm on

the 25th November 2013, but may be extended at the

discretion of the board.

Financial projections

We expect that shareholdings in BEC2 will receive a

projected return of 5% interest plus a tax break of 30% of

the amount invested (see Enterprise Investment Scheme

below). The first interest payment will be made on the

1st August 2015.

Please note that our figures are provisional. There remain

several key risks around our assumptions, so it's

important to read the risk factors below.

We have an offer to install the systems outlined above

costing £1050 per kWp of solar PV installed. In addition to

this cost we have also added provision for the

development of the further projects outlined in our

Maximum fund-raising scenario above.

You can see our Profit and Loss projections for the

Minimum fund-raising target here –

brightonenergy.org.uk/documents

IncomeBEL will generate and sell electricity that will be produced

by solar PV renewable technology, so qualifying for the

Feed-in Tariff (FiT).

This means there will be two income streams: one based

on FiT (index-linked to the Retail Price Index) and one

based on income through electricity sales to our host

sites.

OutgoingsThe greatest costs will be interest payments and capital

repayment. The projections underlying this share offer

are based on the assumption that capital is returned to

members as the assets are gradually written off.

Other costs include maintenance, insurance, inverter

replacement fund and BEL running expenses.

AssumptionsIn our projections we have made the following

assumptions:

• Performance degradation 0.8% pa. This is a normal

degradation rate. Panel manufacturers have different

ways of expressing guaranteed performance levels, but

these are normally based on degradation in the panels at

about this rate

• Retail Price Index (RPI) 2.5%. This is based on recent

experience, but may during the life of the project be

much higher if medium–to long-term historic trends are

followed

• Interest payments to Members start at 5%. This is

based on a projection of profit and reserves in hand when

the Board first considers the matter

• Insurance figures are based on the quotes from our

existing insurer

• Administration costs and running costs are estimates,

again based on BEL's experience but with an increase to

approximately 200 members

• Projections are based on the project securing Feed in

Tariffs appropriate to the different sizes of systems.

• Projections are also based on the production of our

existing systems - 950 kWh per kWp.

Enterprise Investment SchemeInvestors in BEL may qualify for the Enterprise

Investment Scheme (EIS) which provides tax payers

with tax incentives when they invest in EIS Qualifying

Companies:

Income Tax ReliefAn individual can invest up to £500,000 per tax year in

EIS Qualifying Companies and benefit from 30%

income tax relief. The individual can only claim this

relief if he holds less than 30% of the shares, is not an

employee and holds the shares for at least 3 years.

The minimum investment is £500.

Inheritance Tax ReliefShares would generally be expected to attract

Business Property Relief at rates of up to 100% for IHT

purposes, provided the shares have been held for at

least 2 years

Loss ReliefIf the value of shares were to be written down, this

loss could be offset against the income tax or capital

gains tax of the Investor. Tax treatment depends on

the individual circumstances of each member and may

change in the future.This latest share issue by BEL has

been given provisional acceptance of EIS Qualifying

Company status. BEL also received EIS Qualifying

Company Status for its two previous share issues. Full

details of the EIS can be found at:

http://www.hmrc.gov.uk/eis/

Project Background

Coops and renewable energyCo-operatives and Community Benefit Societies are

democratic structures with the legal ability to raise

money directly from the public. With a one-member one-

vote system and a board elected from the membership,

they offer a fair and transparent way to operate a

community-owned renewable energy business. They also

have the power to give priority to investment from the

local area, ensuring that, as much as possible, local

people enjoy the financial benefits of renewable energy.

Co-operative ownership of renewable energy is not new.

In 1997, Baywind in Cumbria became the first

community-owned renewable installation in the UK. It

has been paying out annual interest to its members ever

since. As a result, Baywind was inundated with questions

from other community groups wanting to do the same

thing and this led to the creation of Energy4All in 2002.

Since then Energy4All has helped to set up seven wind

energy co-operatives in the UK with over 6,000 members.

This has led to communities across the UK starting to set

up wind, hydropower and solar co-operatives along

similar lines to the original wind co-ops. The highest

profile solar-based co-operative, Westmill Solar Co-

operative (www.westmillsolar.coop), raised £16.5 million

through a share issue and bond finance in summer 2012.

In Germany and Denmark renewable energy cooperatives

have been instrumental in driving both renewable energy

and government policy; in both countries individuals and

civil society groups own more than 30% of the renewable

energy infrastructure.

Our HistoryBrighton Energy Limited was formed in June 2010 when

three locals met in a central Brighton cafe to discuss ways

in which renewable energy might benefit the Brighton

and Hove community.

In January 2011 BEL launched a start-up fund and raised

£18K from eight Brightonians committed to BEL's

development.

A month later BEL created its Advisory Committee and

invited Jeremy Leggett to join. Talks began with various

sites about hosting panels. Over the course of its

gestation BEL has talked to more than fifty such building

owners..Negotiations continued with potential site

partners, leading to an exclusivity agreement being

signed by Shoreham Port Authority in mid 2011.

Our first share offer launched in June 2012, ultimately

raising more than £230,000. We are now the proud

owners of 132kwp of solar PV which has been generating

for over a year.

A copy of our latest accounts is available here:

www.brightonenergy.org.uk/documents

Community Benefits

An ambition within this share offer is to provide a

community fund to support relevant schemes in our

area. This will be contingent on acheiving the target

interest payments for members, however, and at the

directors' discretion.

Since its inception Brighton Energy Limited has

worked on various projects that help promote

energy efficiency and renewable energy in our city.

In January 2012 BEL oversaw and delivered a survey

of the energy efficiency of more than 50 homes; we

are also actively supporting local schools to

implement and fund raise for renewable power on

their roofs.

Recently we received a ￡5,000 grant to investigate

the feasibility of anaerobic digestion in Brighton and

Hove, and we continually push for community

involvement in other renewable schemes, such as

the Rampion offshore wind farm.

As a high-profile community energy group, we have

also been active in consultations on community

energy policy; 6 DECC officials visited BEC in June

2013, to discuss how best to promote community

energy throughout the country, and DECC Minister

Greg Barker visited our St George’s Church array in

September 2013. We are also a founding member of

Community Energy South, a group formed to

promote a community-based response to energy

issues and climate change.

About Us

Will Cottrell, ChairmanWill began his business career in Barcelona, publishing a

monthly, 20,000-copy English magazine. Later he

established Yoga Travel, a holiday company operating in

Egypt, Thailand and Morocco. In 2009 he bought a

website traffic provider, Yogaholidays.net; that same

year he established Brighton Energy Co-op after

participating in the Copenhagen COP15 Climate

Conference. In 2012 he steered Brighton Energy Limited

through a successful fund-raising to raise more than

£200,000 for PV in the Brighton area.

Damian Tow, DirectorHaving originally read Business Studies at Hull University,

Damian completed a Masters in Leadership for

Sustainable Development at Forum for the Future in

2009. Prior to that he had 14 years experience as a

project and programme manager at Cable & Wireless

and BT and was a Director of a small software company.

He has Prince 2, MSP and APMP project management

qualifications and has been working with BEL since

August 2010. In 2012 Damian oversaw the project

development and installation of 132Kw of PV at BEL's

Brighton sites.

Ross  Gilbert, DirectorRoss, who has a Masters in Sustainability of the Built

Environment from the University of Brighton, is a

Director of QED Capital Assets, a Sussex-based property

development and investment company. Ross, who

joined the BEL team in May 2012 has completed a

number of renewable energy projects in the UK and

Germany and brings knowledge of property and

renewable energy development to the BEC team.

John Smith, DirectorJohn is the Director of Cityzen which specialises in

Architectural Technology, Low Carbon Consultancy and

Sustainability. As a CIBSE-accredited Consultant he

advises on the design of renewables and carbon

modelling.

Danni Craker, Advisory CommitteeDanni is a chartered accountant who spent nearly 8

years working with PricewaterhouseCoopers in their

London and Tokyo offices. In late 2009 Danni set up

Craker Business Solutions, a Hove-based

environmentally- conscious accountancy practice. She

started working with Brighton Energy Limited in August

2010.

DisclosureNone of the Directors of Brighton Energy Ltd have, for at

least the past five years, received any convictions (for

any fraudulent offence or otherwise), or been involved

in any bankruptcies or receiverships, or received any

public recrimination or sanction by a statutory or

regulatory authority or designated professional body, or

been disqualified from any function by any court.

Conflicts of interestThe directors are not aware of any other potential

conflicts of interest. The rules of BEL include provisions

relating to potential conflicts of interest; related party

activities are disclosed and dealt with according to the

rules.

RemunerationBEL pays remuneration to its Directors to develop new

projects. We cost these payments at a market rate and

what has been spent by comparable organisations,

either via paid directors or our independent

consultancies. DECC also recently recognised that £20K is

required to start energy co-ops with the Rural

Community Energy fund, which awards a grant of £20k

to start rural energy co-ops. The directors are elected

each year at our AGM. See our Management Accounts

summary at www.brightonenergy.org.uk/documents for

details of directors' pay.

When the project is generating electricity each Director

will be entitled to claim expenses. BEC2 also provisions a

fund of £6,292 each year to pay for the running of the

coop. Directors’ share applications will be met in full, but

there are no pension schemes or share option schemes.

About Brighton Energy Limited

About Brighton Energy LimitedBrighton Energy Limited has been trading for just over a

year and has three PV systems in operation. See

www.brightonenergy.org.uk/documents for our latest

accounts and current financial position.

Brighton Energy Limited StructureBrighton Energy Co-op is the trading name of Brighton

Energy Limited a Community Benefit Society (CBS)

formed in 2010. As a CBS, Brighton Energy Co-op is

democratically owned. Each member has one vote,

regardless of the number of shares they hold. Unlike a

limited company, which is designed to benefit

shareholders, a CBS is designed to benefit the

community whether they are members or not.

For our BEC2 share offering we are offering a new class

of share. As part of BEC2 we aim to increase returns to

our BEC1 shareholders, so that all shareholders receive

the same returns and payback schedule.

BEL is bound by its Rules, and the powers of members

and Directors are set out within those Rules. The

Directors run BEL in line with the Objects set out in the

rules on behalf of the members. The members have the

right to elect and remove Directors. A copy of our rules

is available for download via our website.

Board practicesDirectors serve in accordance with the rules of Brighton

Energy Ltd. There are no service contracts for them or

the Secretary. BEL will manage the day-to-day

operations under the supervision of the Board. The

Board will bear ultimate responsibility towards the

members. As an Industrial and Provident Society,

Brighton Energy Ltd complies with statutory

requirements and the regulation of the Financial

Conduct Authority. As its shares will not be listed on any

exchange, the BEL is not obliged to comply with the

Combined Code on Corporate Governance

Our existing systems from space: City Coast Church...

Hove Enterprise Centre...

And St George's Church

Risks

Not securing sitesThe Maximum fund-raising Target (above) depends upon

obtaining contracts with several further sites. Without

contracts we are obviously unable to proceed further. It

is therefore a risk that the money we spend on

developing these projects may be spent without a result.

Mitigation: The Minimum fund-raising target is able to offer

investors a 5% return, including a fund for developing

these future sites. Any future installation will not

proceed unless they are able to deliver 5%

Not raising the moneyIt is possible that, once the main BEC2 share launch is

under way, not all the required capital can be raised.

Mitigation: Should subscription be incomplete, we may apply for a

bridging loan pending the issue of a future share offer or

share offers. If that happens, the loan provider is likely to

charge a 5% annual interest rate. This would effectively

neutralise any effect on members’ returns.

The Board is confident that all subscription targets set

are realistic and achievable, however, and considers it

unlikely that there will be any significant deficit 12

months after commissioning.

If the required Minimum fund-raising target is not met

by this date we will refund the entire shareholder capital

invested in BEC2.

Feed in Tariff ReductionsPreviously changes in government policy have provided

an insecure foothold for start up solar schemes.

Mitigation:DECC have since introduced the opportunity for

Community Energy Projects to lock in a feed in tariff rate

for up to 12 months to allow project delivery based on a

given tariff. BEL has already locked in tariffs on 2 of our

sites prior to reductions. Community lock in of tariffs is

available up to the change of tariff date, announcements

of tariff changes generally come 2 months prior to the

change date. With rates currently fixed until 1 Jan 2014

and the next announcement due on or around

November 1 2013 we have time to lock in our projects at

present FiT rates.

General investment risksThe value of shares can fluctuate according to the value

of the underlying business. The Offer shares will never

rise in value but may fall.

Offer shares will not be transferable or traded on a

recognised stock exchange, but only buyable back by

BEL.

Risks associated with the assumptionsThe RPI and cost increase rates are variable and

unpredictable. FiT is linked to the RPI but so directly and

indirectly are some of the costs, therefore variance

within recent RPI ranges will not have a major impact on

profit.

Energy cost inflation may prove to be more volatile; it is

expected to rise ahead of inflation on average but will

probably do so in an irregular fashion. Revenue may

surge ahead of projections in the short term but fall back

to trend later, or vice versa; alternative energy sources

might in the long run reduce energy cost in real terms

and so reverse recent inflationary trends and erode

profit. The Board will need to review actual revenue and

developing trends before making interest payments or

allocating funds to the grant fund.

Risks specific to Brighton Energy LtdWarranties and insurance will be in place in the event of

mechanical breakdown of the equipment. Complete

failure and loss of revenue through mechanical

breakdown is reduced through the use of multiple

inverters and the system will be monitored and managed

to minimise interruptions to supply. Accidental and

malicious damage will also be covered under insurance

and public liability insurance of up to £2m. BEL’s

equipment is presently insured.

Risks (cont)

Renewable energy industry risksGovernment policy towards renewable energy may

change, although long-term commitments relating to

the FiT make this unlikely, since FiTs are part of primary

legislation and thus difficult to change. Throughout the

operation of the FiT the Government has maintained the

commitment to the process of ‘grandfathering’ which

ensures that whatever tariff a project is registered for at

the commencement of operation, the tariff will remain

the same for the duration of the FiT period, (20 years in

the case of this project). This payment is also linked to

the Retail Price Index.

Projections are based on an average FIT rate of 13.3

p/kWh on the assumption that we are able to comply

with preliminary registration through Ofgem ROO-FIT

regulations. The Board is unable to guarantee that this

will be possible so a lower FiT rate may apply.

Any changes to the FiT that occur before the end of the

share issue, should they change the terms on which this

Offer is made, could result in the Co-operative returning

funds received from prospective members at the end of

the Share Offer Period.

Long-term equipment degradation should not vary

greatly in practice, and insolation (solar radiation

reaching the sites) ought to be relatively reliable as a

long-term average over the life of the project. The long-

term trend of sunshine hours in SE UK is for a gradual

increase in number of hours. Generation rates should

therefore be predictable within reasonable tolerances. A

significant shift in insolation either favouring or

disfavouring solar PV over the life of the project is

possible but unlikely.

Short-term weather conditions could affect expected

levels of generation, although overall patterns outside

anticipated parameters are unlikely.

Membership and Shareholding

Share WithdrawalsShares are withdrawable up to a maximum of 5% per

annum of issued share capital in issue at the start of the

financial year. The Board may resolve to require any

proportion of its share capital to be withdrawn, in which

case it shall treat as agreed to be withdrawn on behalf of

every member (and not some only) that proportion of

the shares held by them (with such rounding to the

nearest whole number of that Proportion which is a

fraction as the Board may determine). All members are

deemed to give any consents required to the withdrawal

of their shares in this manner.

The withdrawal of shares is currently suspended for 3

years. The scope for being able to withdraw shares in the

future will be dependent upon the Society developing a

successful business and hence cash flows to pay out

share withdrawals or contingent on the Society raising

additional capital for the purpose of paying out share

withdrawals.

In the case of joint investments, all investors concerned

must agree to a withdrawal. Shares will be repaid at the

original price (subject to comments hereafter).

The Directors of the Society have the right to change the

withdrawal facility, or to suspend withdrawals. Similarly

the Directors have the right to write down the value of

shares, if the liabilities of the Society (and its share

capital) should exceed the value of its assets. Members

who then withdraw their shares will only receive the

written down value of their shares.

The value of your shares may fall and their value will not

exceed the £1 per share. Although shares are

withdrawable, you may not be able to withdraw the full

price you pay for them if the Society does not have funds

available at the time you want to withdraw your shares.

In some circumstances, the Directors may be compelled

to write down the value of your shares. Should you then

wish to withdraw your shares, you should expect to

receive only their written down value.

Returns to MembersThe Society will pay only a sufficient rate of interest on

money paid for its shares and may pay no interest at all.

A sufficient rate is determined by the Directors as the

rate necessary to obtain and retain the capital required

to carry out the Objects of the Society as set out within

its Rules.

VotingEach member has one vote regardless of the size and

value of their shareholding. Members will be kept

informed of the Society’s services and developments

through the Brighton Energy Co-op website, by e-mails

where the member so wishes, by occasional newsletters,

annual reports and Annual General Meetings.

Membership and Shareholding (cont)

Legal InformationThis document is issued by Brighton Energy Limited,

registered number 31107 R, as a Community Benefit

Society incorporated in England and Wales on the 10

November 2010 under the Industrial and Provident

Societies Act 1965.

This offer of shares is not regulated by the Financial

Services and Markets Act 2000 or subsidiary regulations.

The money you pay for your shares is not safeguarded by

any depositor protection scheme or dispute resolution

scheme. The Society, unlike banks and building societies,

is not subject to prudential supervision by the Financial

Conduct Authority, nor has it been approved by an

‘approved person’ under section 21 of the above act.

This document does not constitute a prospectus within

the meaning of the Prospectus Regulations 2005. These

regulations do not apply because there is a specific

exemption for community benefit societies that conduct

their business for the benefit of the community.

As a member and shareholder of the Society you own the

Society. If the Society is unable to meet its debts and

other liabilities, you will lose the whole amount held in

shares. This may make it inappropriate as a place to

invest savings.

Your investment in your share account receives interest

but does not enjoy any capital growth. It is primarily for

the purpose of supporting the society rather than making

an investment. As a Society, the maximum return offered

to investors will always be limited.

Nomination optionIn the event of the death of a member, the repaid value

of the shares will normally be added to the estate for

probate purposes. You may elect to nominate a recipient

for the value of the shares (but only up to the amount set

out in law) and thus (under current legislation) remove

the value of the shares (up to the amount set out in law)

from your estate for probate purposes i.e. the shares may

pass to the nominee outside the Will of the deceased).

The nominated property will nevertheless form part of

the deceased’s estate for Inheritance Tax Purposes,

unless the estate is an excepted estate.

DocumentsThe Rules of Brighton Energy Limited, application form,

latest financial statements and financial projections are

available on our website: see

www.brightonenergy.org.uk/documents.

How to become a memberTo become a member online visit

www.brightonenergy.org.uk/join. To join offline,

complete our Share Application Form (also available

on our website) and post to Brighton Energy Co-op,

Flat 7, 47 Montpelier Rd, Brighton, East Sussex, BN1

3BA. Payment can be made online, via bank transfer

or cheque. Our bank details are: Brighton Energy Ltd,

Co-operative Bank, Account: 65446120, Sort:

089299. We recommend you add a reference to your

payment, comprising of your initials and year of

birth. Cheques, made out to ‘Brighton Energy Ltd’.

Note that you need to purchase at least 300 shares.

Each share has a value of £1 and the maximum

shareholding is £20,000. Applications and payments

must be received at our office before 5PM on 25th

November 2013. Membership is open to individuals

aged over 16, corporate bodies, voluntary

organisations and public sector investors.

Brighton Energy Cooperative is the trading name of

Brighton Energy, registered number 31107 R, as a

Community Benefit Society incorporated in England

and Wales on the 10 November 2010 under the

Industrial and Provident Societies Act 1965.

Appendix 1: Current performance of Brighton Energy

Limited

Brighton Energy Limited has been operating for more than a year. Below is the current performance of BEL over the

Period 1st

September 2012 to 31st

August 2013.

Income

Feed in Tariffs £ 18,802

Site Electricity Sales £ 3,925

Total Income £ 22,727

Expenditure

Administration £ 1,420

Membership £ 169

Maintenance £ 1,050

Accounts £ 1,000

Total Expenditure £ 3,639

Debt Repayments

Interest £ 1,832

Capital £ 9,218

Total Debt repayment £ 11,050

Sinking Fund

Inverter sinking fund £ 1,000

Total Sinking Funds £ 1,000

Net Available Cashflow £ 7,037

Debt

We have paid back a portion of the loan issued to us by PURE/BRE at the time of our first installations; we are on

schedule to pay back the debt in full by 2017.

Ongoing Projects Fund

Our initial share launch provided for a ￡20,000 fund to launch our next project. So far we have spent or allocated

￡19,458 of this to implement the Minimum Fund-raising Target above.

Money Spent to date

Will Cottrell Salary £ 3,607.50

Damian Tow Salary £ 2,080.00

Expenses £ 894.69

Payroll, HMRC, Misc £ 2,597.27

Marketing £ 618.86

Total £ 9,798.32

Money Allocated

Additional Salaries, HMRC Etc £ 4,750.00

Share Launch Marketing £ 5,000.00

Total £ 9,750.00