Latest News
NEWSFLASH!
Ø BUSINESS PLAN IS COMPLETE!
Ø COMMUNITY INTEREST COMPANY IS REGISTERED!
Ø PUBLIC MEETING HELD TO SHARE OUR PROGRESS AND PLANS!
Ø FUNDRAISING HAS BEGUN - SHARES FOR SALE!
Ø REVIEW OF SHOP PREMISES CONTINUES!
First of all, a massive thank you to everyone that attended the 2nd public meeting on Thursday 18th January in the Meadow Rooms. We had another great turnout despite the cold weather.
The feedback we had from those that attended the meeting has been very encouraging and a number of people have already signed up to become shareholders.
At the meeting we covered a range of topics. For those unable to attend, a summary is outlined below:
· We gave an update of the work that had been carried out since the first public meeting in September 2011. Tasks completed by the shop group to date:
o Formed a core group and sub-groups to work on different aspects of the project
o Elected officers to enable set up of a legal company
o Set up the legal company and drafted the Articles of Association
o Submitted forms to set up a bank account for the company
o Explored the options for where to locate a community shop and cost up these options
o Confirmed that the most cost effective option was to locate in the existing Cobham Shop premises on The Street
o Surveyed the village to find out what people wanted from the shop, get a better idea of demographics, where people were shopping now, and the impact the shop closure was having on the community
o Began discussions with the owner of the shop premises in Cobham which are currently vacant
o Drafted a full business plan including assessment of the start up and ongoing costs
o Spoke to Kent Action for Rural Retailers, other community shops, other retail experts and previous tenants of Cobham Shop to discuss our business plan and numbers to assess viability
o Pulled together a list of volunteers and offers for help from the survey and public meeting questionnaire
o Explored the various funding options and started the process of applying for grants
o Visited the shop premises to cost up the shop fit, measure up and draw up layout plans
o Drafted pledge documents and forms for the community to buy shares in the company (these are attached to this page and available to download)
· We announced the news that a legal company had been created by the shop group: Cobham Community Stores Community Interest Company
· The officers of the company introduced themselves along with the wider shop group
· The structure of the company (being a Community Interest Company) is designed with projects such as community shops in mind. The structure means that all profits are re-invested into the shop or spent on community projects. The structure allows residents to buy shares in the community shop to have ownership of it and vote at AGMs
· We explained the rationale for setting an affordable share price of £10 per share. We want everyone in the community to be able to be a part of this project. People that are able to pledge figures in excess of £10 are encouraged to buy multiple shares.
· We explained how the start up figure of £33,000 was constructed and explained that this figure assumed paying full price for all items, labour and materials, many of which we hope to source for free or at a discount. See the fundraising page of the website to see how we expect to raise the money - you will see that half of this figure is expected to be raised from grant applications. Approximately £7,000 will need to be raised from the sale of shares to individuals and local businesses.
· A number of people at the public meeting filled out pledge forms and we are already well on the way to achieving this target. Please find the pledge form attached to this page so that you can become a shareholder which will give you a say in how the shop is run.
· We explained that we will be writing to various local businesses and also going door to door within the village to distribute more pledge forms. We ran out of pledge forms at the public meeting but these can be printed from the website or photocopied. Please feel free to distribute these forms to your friends, family and neighbours.
· We gave an approximate time line for when we expected grant funding to materialise and a rough target time line for opening the shop.
· We answered various questions from the public and also distributed a Question & Answer document which covered a number of key questions which we thought would be asked. This document is also attached to this page.
· We gave details of the first Shop fundraiser which will be a FUN QUIZ NIGHT held at the Meadow Rooms, Cobham on Saturday 18th February 2012, starting at 7:30pm. Tables (max 8) need to be booked in advance by calling Steve 01474 815606 or Delia 01474 814216 or emailing us: cobhamshopgroup@yahoo.com. Tables are £60 and include a ploughman's and a glass of wine or beer. Teams of 4 (or less) are £30 and can be put with another smaller team on request.
ü Regularly check our website: www.cobhamshopgroup.co.uk
NEWSFLASH!
Ø BUSINESS PLAN IS COMPLETE!
Ø COMMUNITY INTEREST COMPANY IS REGISTERED!
Ø PUBLIC MEETING HELD TO SHARE OUR PROGRESS AND PLANS!
Ø FUNDRAISING HAS BEGUN - SHARES FOR SALE!
Ø REVIEW OF SHOP PREMISES CONTINUES!
First of all, a massive thank you to everyone that attended the 2nd public meeting on Thursday 18th January in the Meadow Rooms. We had another great turnout despite the cold weather.
The feedback we had from those that attended the meeting has been very encouraging and a number of people have already signed up to become shareholders.
At the meeting we covered a range of topics. For those unable to attend, a summary is outlined below:
· We gave an update of the work that had been carried out since the first public meeting in September 2011. Tasks completed by the shop group to date:
o Formed a core group and sub-groups to work on different aspects of the project
o Elected officers to enable set up of a legal company
o Set up the legal company and drafted the Articles of Association
o Submitted forms to set up a bank account for the company
o Explored the options for where to locate a community shop and cost up these options
o Confirmed that the most cost effective option was to locate in the existing Cobham Shop premises on The Street
o Surveyed the village to find out what people wanted from the shop, get a better idea of demographics, where people were shopping now, and the impact the shop closure was having on the community
o Began discussions with the owner of the shop premises in Cobham which are currently vacant
o Drafted a full business plan including assessment of the start up and ongoing costs
o Spoke to Kent Action for Rural Retailers, other community shops, other retail experts and previous tenants of Cobham Shop to discuss our business plan and numbers to assess viability
o Pulled together a list of volunteers and offers for help from the survey and public meeting questionnaire
o Explored the various funding options and started the process of applying for grants
o Visited the shop premises to cost up the shop fit, measure up and draw up layout plans
o Drafted pledge documents and forms for the community to buy shares in the company (these are attached to this page and available to download)
· We announced the news that a legal company had been created by the shop group: Cobham Community Stores Community Interest Company
· The officers of the company introduced themselves along with the wider shop group
· The structure of the company (being a Community Interest Company) is designed with projects such as community shops in mind. The structure means that all profits are re-invested into the shop or spent on community projects. The structure allows residents to buy shares in the community shop to have ownership of it and vote at AGMs
· We explained the rationale for setting an affordable share price of £10 per share. We want everyone in the community to be able to be a part of this project. People that are able to pledge figures in excess of £10 are encouraged to buy multiple shares.
· We explained how the start up figure of £33,000 was constructed and explained that this figure assumed paying full price for all items, labour and materials, many of which we hope to source for free or at a discount. See the fundraising page of the website to see how we expect to raise the money - you will see that half of this figure is expected to be raised from grant applications. Approximately £7,000 will need to be raised from the sale of shares to individuals and local businesses.
· A number of people at the public meeting filled out pledge forms and we are already well on the way to achieving this target. Please find the pledge form attached to this page so that you can become a shareholder which will give you a say in how the shop is run.
· We explained that we will be writing to various local businesses and also going door to door within the village to distribute more pledge forms. We ran out of pledge forms at the public meeting but these can be printed from the website or photocopied. Please feel free to distribute these forms to your friends, family and neighbours.
· We gave an approximate time line for when we expected grant funding to materialise and a rough target time line for opening the shop.
· We answered various questions from the public and also distributed a Question & Answer document which covered a number of key questions which we thought would be asked. This document is also attached to this page.
· We gave details of the first Shop fundraiser which will be a FUN QUIZ NIGHT held at the Meadow Rooms, Cobham on Saturday 18th February 2012, starting at 7:30pm. Tables (max 8) need to be booked in advance by calling Steve 01474 815606 or Delia 01474 814216 or emailing us: cobhamshopgroup@yahoo.com. Tables are £60 and include a ploughman's and a glass of wine or beer. Teams of 4 (or less) are £30 and can be put with another smaller team on request.
ü Regularly check our website: www.cobhamshopgroup.co.uk
QUESTION AND
ANSWER
· Why might a community shop be successful?
A CIC is able to raise money from grants as well as the local community, significantly reducing the start up costs required. On an ongoing basis, staff wages are the most significant cost. With the help of volunteers in the community, this staff cost can be significantly reduced. The success of a community shop is in the hands of the community with profits reinvested into it and potentially other community projects. We hope that community ownership will encourage people to support the shop.
· How can I be satisfied that the money I donate to the shop (through share ownership, donations, fund raising activity), and money that is made through profits, is invested in the shop?
A legal company is being set up with a particular legal structure which means that all money invested in the shop and made through profits of the shop's activities, must be re-invested in the shop or spent on other community projects. The main priority is to make the shop viable, so any profits will be re-invested. A bank account is being set up in the CIC's name and this will be operated by the directors of the CIC. As with other Company's in the UK, the CIC will post its accounts on an annual basis.
· Who are the directors of the CIC?
At the first public meeting, the community was asked to volunteer to become part of the Shop Group to take forward the idea of exploring the possibility of setting up a Community Store. Once the Community Store was deemed a viable project, members were asked to volunteer to become directors of a legal CIC. Three members of the group volunteered to become directors: Gillian Burgess (Co-chairperson), Julie Wilder (Co-chairperson) and Steve Garner (Treasurer).
· £33,000 is a significant amount to raise, why is it so high?
The £33,000 total includes renovation work, shop fit-out including shelving, opening stock, legal fees, rental deposit, chiller shelves and a number of other smaller items required to run a shop. We hope to be able to reduce this figure by sourcing a number of items for free or second hand. Local volunteers will also reduce the renovation costs.
· How will this money be raised?
We are hoping to raise approximately half the total from grant applications. We hope that a significant proportion of the other half will be funded through donated materials, labour/time and other donated items. The rest must be raised from share sales and donations from local businesses and local people.
· What happens to the money raised if is not enough to make the project viable? Or what happens to the assets of the CIC if the Shop has to close for good at some point in the future?
If the project does not raise enough funds at the outset, the shop will remain closed (unless a commercial tenant is found). Funds raised will likely be spent as the project progresses but where possible, items will not be bought until they need to be. If the project becomes unviable before the shop is opened for business, then the assets of the CIC will be sold and any cash remaining will be given back to shareholders on a pro-rata basis with the balance to be paid back to donors. If the shop does raise enough funds to open, but has to close to business in the future then all assets will be sold and the remaining cash will be spent on community projects (to be decided by the shareholders at a shareholder meeting).
· Are the directors of the CIC remunerated in any way?
No, directors of the CIC are not paid a salary and cannot profit in any way from the shop. The directors have volunteered their time and skills to the community with the aim of making this project a success.
· I want to become a director of the CIC, how do I go about this?
At the AGM, the directors will need the vote of the Shareholders to remain in office. Other members of the community are welcome to put their names forward for a position. Shareholders will ultimately decide who is on the board.
· Will anyone take a salary?
It is the intention to advertise for the position of Shop Manager. This job will be key to the success of the shop and we expect it will be a part-time paid position. The Shop Manager will not be a director of the CIC.
· Do multiple shares give me multiple votes?
No, if you are a shareholder, you will get a vote on each resolution at the AGM. However, buying multiple shares will not give you multiple votes.
· So why buy multiple shares?
The project will not be viable without funding from the local community and through grant applications. We encourage everyone to buy as many shares as they can afford. If you are not able to support the project financially, there are many other ways that you can help. This will be a shop owned by the community for the community and will only be successful with your support.
· How old do you need to be to buy a share?
There is no minimum age to buy a share but you must be over 16 years of age at the time of a meeting to cast a vote.
· Can I buy shares for a group or household?
There is nothing to stop you buying shares on behalf of your household, however, we need to register each share to a single name for our records and for voting purposes. Therefore, one name will go on each share and only one person will be able to vote. There is nothing to stop one person paying for a share (or shares) for another person. Whichever name you give us will be registered as the shareholder. Remember, you can buy shares for your children but they must be over 16 years of age at a meeting to vote.
· Will the share pay a dividend?
The share scheme is a way to secure investment for the project and allows the community to make key decisions over how the shop is managed and run. The CIC structure does not allow profits to be distributed to the directors or any shareholder. The profits must be re-invested in the shop or spent on community projects (as decided by the shareholders).
· Can I organise a fund-raising event?
Yes, we really need people to take the initiative and organise events so we can reach our target as quickly as possible. Just let us know so that we can avoid any clashes. The first event is a Quiz night on the 18th of February. Please come along and have fun while helping to get the Community Shop underway.
· Can I join the committee?
Yes - let us know how you would like to help and you can join the appropriate sub-group.
· How will I find out about the progress with the fundraising?
We aim to keep everyone updated via various sources including the internet and the Parish magazine.
Find our web site at: www.cobhamshopgroup.co.uk
"Like" our facebook page: Cobham Shop Group
"Follow" our twitter page: @CobhamShopGroup
If you want to get in touch with us, you can do so via the "contact us" page of our website or alternatively, send an email to: cobhamshopgroup@yahoo.co.uk
· Why might a community shop be successful?
A CIC is able to raise money from grants as well as the local community, significantly reducing the start up costs required. On an ongoing basis, staff wages are the most significant cost. With the help of volunteers in the community, this staff cost can be significantly reduced. The success of a community shop is in the hands of the community with profits reinvested into it and potentially other community projects. We hope that community ownership will encourage people to support the shop.
· How can I be satisfied that the money I donate to the shop (through share ownership, donations, fund raising activity), and money that is made through profits, is invested in the shop?
A legal company is being set up with a particular legal structure which means that all money invested in the shop and made through profits of the shop's activities, must be re-invested in the shop or spent on other community projects. The main priority is to make the shop viable, so any profits will be re-invested. A bank account is being set up in the CIC's name and this will be operated by the directors of the CIC. As with other Company's in the UK, the CIC will post its accounts on an annual basis.
· Who are the directors of the CIC?
At the first public meeting, the community was asked to volunteer to become part of the Shop Group to take forward the idea of exploring the possibility of setting up a Community Store. Once the Community Store was deemed a viable project, members were asked to volunteer to become directors of a legal CIC. Three members of the group volunteered to become directors: Gillian Burgess (Co-chairperson), Julie Wilder (Co-chairperson) and Steve Garner (Treasurer).
· £33,000 is a significant amount to raise, why is it so high?
The £33,000 total includes renovation work, shop fit-out including shelving, opening stock, legal fees, rental deposit, chiller shelves and a number of other smaller items required to run a shop. We hope to be able to reduce this figure by sourcing a number of items for free or second hand. Local volunteers will also reduce the renovation costs.
· How will this money be raised?
We are hoping to raise approximately half the total from grant applications. We hope that a significant proportion of the other half will be funded through donated materials, labour/time and other donated items. The rest must be raised from share sales and donations from local businesses and local people.
· What happens to the money raised if is not enough to make the project viable? Or what happens to the assets of the CIC if the Shop has to close for good at some point in the future?
If the project does not raise enough funds at the outset, the shop will remain closed (unless a commercial tenant is found). Funds raised will likely be spent as the project progresses but where possible, items will not be bought until they need to be. If the project becomes unviable before the shop is opened for business, then the assets of the CIC will be sold and any cash remaining will be given back to shareholders on a pro-rata basis with the balance to be paid back to donors. If the shop does raise enough funds to open, but has to close to business in the future then all assets will be sold and the remaining cash will be spent on community projects (to be decided by the shareholders at a shareholder meeting).
· Are the directors of the CIC remunerated in any way?
No, directors of the CIC are not paid a salary and cannot profit in any way from the shop. The directors have volunteered their time and skills to the community with the aim of making this project a success.
· I want to become a director of the CIC, how do I go about this?
At the AGM, the directors will need the vote of the Shareholders to remain in office. Other members of the community are welcome to put their names forward for a position. Shareholders will ultimately decide who is on the board.
· Will anyone take a salary?
It is the intention to advertise for the position of Shop Manager. This job will be key to the success of the shop and we expect it will be a part-time paid position. The Shop Manager will not be a director of the CIC.
· Do multiple shares give me multiple votes?
No, if you are a shareholder, you will get a vote on each resolution at the AGM. However, buying multiple shares will not give you multiple votes.
· So why buy multiple shares?
The project will not be viable without funding from the local community and through grant applications. We encourage everyone to buy as many shares as they can afford. If you are not able to support the project financially, there are many other ways that you can help. This will be a shop owned by the community for the community and will only be successful with your support.
· How old do you need to be to buy a share?
There is no minimum age to buy a share but you must be over 16 years of age at the time of a meeting to cast a vote.
· Can I buy shares for a group or household?
There is nothing to stop you buying shares on behalf of your household, however, we need to register each share to a single name for our records and for voting purposes. Therefore, one name will go on each share and only one person will be able to vote. There is nothing to stop one person paying for a share (or shares) for another person. Whichever name you give us will be registered as the shareholder. Remember, you can buy shares for your children but they must be over 16 years of age at a meeting to vote.
· Will the share pay a dividend?
The share scheme is a way to secure investment for the project and allows the community to make key decisions over how the shop is managed and run. The CIC structure does not allow profits to be distributed to the directors or any shareholder. The profits must be re-invested in the shop or spent on community projects (as decided by the shareholders).
· Can I organise a fund-raising event?
Yes, we really need people to take the initiative and organise events so we can reach our target as quickly as possible. Just let us know so that we can avoid any clashes. The first event is a Quiz night on the 18th of February. Please come along and have fun while helping to get the Community Shop underway.
· Can I join the committee?
Yes - let us know how you would like to help and you can join the appropriate sub-group.
· How will I find out about the progress with the fundraising?
We aim to keep everyone updated via various sources including the internet and the Parish magazine.
Find our web site at: www.cobhamshopgroup.co.uk
"Like" our facebook page: Cobham Shop Group
"Follow" our twitter page: @CobhamShopGroup
If you want to get in touch with us, you can do so via the "contact us" page of our website or alternatively, send an email to: cobhamshopgroup@yahoo.co.uk
To down load a shares application form please click on file below
| project_contribution_form.doc |
