Community Shares

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Share offer A4 poster

 Important document – Gym Plan Final[5101]

Community Share  Offer

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img008Shares Leaflet

Wem Swimming and Lifestyle Centre

Community Benefit Society No. IP32388

Registered Office: The Swimming Pool, Bowensfield, Wem, SY4 5AP

Over the past two years the popularity of the gym and an increase in the numbers has created a demand for additional equipment and more gym stations.

The proposed extension of the gym to the rear and side of the swimming pool will provide the opportunity to offer a gym that appeals to a wider section of the community.

The conservatory area will revert back to the viewing area for the swimming pool, with basic catering facilities such as drinks and snacks.

We aim to provide a well equipped gym and swimming pool that is easily accessible for the residents of Wem and the surrounding area. To raise the capital required for this project we are now issuing community shares to ensure a wider community ownership.

Launch Date: 2nd September 2017  –  Closing Date: 30th November 2017

Amount Sought: £40,000

What is a Share?

A share is a financial investment into Wem Swimming and Lifestyle Centre (WSLC). Everybody who purchases a share will become a member of the Community Benefit Society under the terms of the Co-operative and Community Benefit Societies Act 2014. Members can vote at the AGM and stand for election as a Board member. The minimum age for membership is 16. Each shareholder will have one vote irrespective of the value of their investment. The initial share offer will be open until the 30th November 2017. If for some reason the project does not proceed you will be offered your money back in full no later than 28th February 2018. The initial share capital needs to be raised for the project to proceed.

Investment shares can be purchased from a value of £50 upwards in multiples of £10 up to a maximum of £5,000.

Can I get my money back?

This is not a donation. You will hold shares in WSLC. You will be able to withdraw your investment subject to the rules of WSLC, but you are not allowed to sell your shares to anyone else. Withdrawals will not be allowed for at least 3 years from 30th November 2017. WSLC have the right to suspend the withdrawal of shares indefinitely.

Is the project viable?

During its first two years of trading, the company has produced surpluses which can be used to both invest in the facility and create a sustainable business model going forward. As a result, we have been able to ring fence £50,000 from our reserves to support the gym extension project.

We anticipate that as a result of the new gym membership will rise by 100 persons.              In addition we predict a rise in swimming lessons because of the reinstatement of the    viewing area and a rise in sales from refreshments.

We expect the 100 extra people attracted by the gym will result in £20,550 extra income.

In addition we expect a £6,800 increase from swimming lessons and a further £5,000 from refreshments.

A detailed business plan and cash-flow forecast is available from our website

www. Swimmingandlifestylecentre.org.uk 

The projected cost for the gym is £100,000 with a further £15,000 for equipment. We propose to fund this as follows:

Funding from reserves

During its first two years of trading, the company has produced surpluses which can be used to both invest in the facility and create a sustainable business model going        forward. As a result, we have been able to ring fence £50,000 from our reserves to support the gym extension project.

Loan

A loan from the Town Council will be repaid over a five year period by a reduction in the grant that they currently give us.

Community Shares and Donations

We are actively seeking donations towards this project and will make up the rest through a share issue. The total amount needed is £40,000.  For this we need your support.

 How does the share issue work?

Investing in a community share offer is not the same as a more familiar investment in a profit driven enterprise where the investor seeks to share in the profits. The value of a share in WSLC cannot increase above the nominal value of £1 and could decrease if liabilities exceeded assets. The share value could fall to Zero but no lower as WSLC members have limited liability.

Shares cannot be sold or transferred. Withdrawals when allowable after 3 years will be at the discretion of the Board who will assess business performance and          adequate cash-flow. The Board have the right to set a cap on how many shares can be withdrawn annually.                                             In the event of the death of a member, we would aim to make an early repayment ,if required, subject to funds being available.

Future profits will be used to develop the business further. If the business ceases to trade any surplus after paying creditors and repaying share capital must be used for the benefit of the community.

Interest payable on the shares is determined by the Board and communicated to the members. Currently it is not intended to pay interest on share capital for at least the next 5 years.

Your capital is at risk. You may lose some or all of it. You have no right to complain.

Data Protection

By completing the application for membership you consent to the society and our contractors and agents holding personal data about you in accordance with the Data Protection Act 1998. We do not sell or exchange mailing lists.

Important notice: money laundering                                 

It is a term of this offer that, to ensure compliance with the Money Laundering Regulations 2003, and the Proceeds of Crime Act 2002 and such similar legislation, that WSLC will require verification of identity from any applicant. We will contact you about this following receipt of your application.

SEED Enterprise Investment Scheme (SEIS) 

Once the share offer is complete we intend to apply to the Seed Enterprise Investment Scheme which provides 50% tax relief to investors. Details can be obtained from www.gov.uk/business-tax/investment-schemes

Business Risks  Like all businesses WSLC faces several risks that will need to be managed. These include Failure to reach predicted turnover         Failure to attract new members            Building costs escalate

Membership of the society and the purchase of shares should be seen as a social investment to support the aims of the WSLC and not an investment for personal gain or profit as your money is fully at risk. Membership is not suitable for anyone who needs income from investments or immediate access to their capital. Although the Board of Directors will implement prudent management policies, there is always the risk that you could lose some or all of your share capital. Do not invest money that you cannot afford to lose.

Who is on the Wem Swimming and Lifestyle Centre Board?

We are a group of volunteers with a range of expertise and skills that includes accountancy, law, communications, management and community engagement. We all believe passionately that our community needs a fitness centre to encourage good health & well–being.

 Cadi Price: Chairperson   Community Development Officer for Severn Gorge Countryside Trust and an advocate for access to all. She is a Trustee for Fordhall Community Land Initiative (FCLI).

Malcolm Adkins: Company Secretary    A retired University lecturer set up and successfully ran a traditional boat building  Co– operative. He project-managed the restoration of the Coventry Canal basin warehouses & medieval buildings in Spon End.

Chris Mellings: Treasurer  He Shropshire County Councillor for Wem & Whixhall & a County Councillor for over 30 years. He is a Trustee of Wem Millenium Green Sports & Social Club.

Edward Towers:  Mayor of Wem 2017-18. Town Councillor for the East ward of Wem & the Local Joint Committee.

 Ian Jamieson:   A local architect who has drawn up the plans and costings for the proposed gym extension

Mike Price:     Youth Project Officer at Fordhall Farm, Market Drayton, of which 8,000 landowners are shareholders

Phil Moyse:   A local community activist and is on the committees of several local community groups

Caz Naylor:   A long term ‘Friend’ of the Pool and keen swimmer

 WE really need your support to make this project happen. If you would like to see a local swimming pool and gym facility in WEM then please consider subscribing to this share offer.

Thank you for reading this letter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                                     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

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