The full details for our planned Share Issue is below: Note this web page contains a great deal of detail so is quite long...
BRIDGEND FARMHOUSE SHARE ISSUE
Summary:
Our aim is to raise funds for the Bridgend Farmhouse project and to allow people to take ownership of their local community centre. We will be running a training kitchen and café, workshops for DIY, wood and metal work, bike repair and arts and crafts, and a programme of activities ranging from healthy living to heritage.
We are forming a Co-operative Community Benefit Society (CCBS) for this purpose, which will be registered as a Scottish charity and with the Financial Conduct Authority. Each shareholder can purchase a share for anything between £25 and £5,000 and all shareholders will have one vote at the AGM.
We will continue to be called Bridgend Inspiring Growth (BIG).
Objectives:
Business description:
As a Co-operative Community Benefit Society, a fairly new form of social enterprise, we will be registered both with OSCR (Office of the Scottish Charities Regulator) and with the Financial Conduct Authority.
Our “market” is the local community in Craigmillar, The Inch, Moredun and Gilmerton. Parts of these estates are among the most deprived places in Scotland. But we also want to cater for people from across the city who have learning difficulties, or are disabled, or who suffer from depression or other mental health problems and for those who are simply lonely or lost and need somewhere to volunteer and feel involved.
We are based at Bridgend Farmhouse, at 41 Old Dalkeith Road on the south side of Edinburgh EH16 4TE on the western edge of Craigmillar Castle Park.
We began in 2010 as a small group of local people, keen to restore the derelict 19th century farmhouse and open it as a community centre and have been in existence as a local charity since 2011. We were awarded a number of small grants to develop the idea and begin running a weekly drop-in session and a series of short courses in cookery, natural cosmetics, foraging, backwoods skills etc.
Finally, in 2015, we were awarded a £1m grant from the Big Lottery and Edinburgh City Council transferred ownership of the farmhouse and garden to us, an early example of “urban asset transfer” now possible under the Community Empowerment Act. This, along with other grants from the Robertson Trust and Historic Environment Scotland, has allowed us to restore the farmhouse and begin our programme of activities, including taking on two full time members of staff and three part-timers.
Management structure:
Once set up as a Co-operative we will be able to distribute any profits back to our members/shareholders in the form of dividends or annual interest. However, the Board of Management can decide to retain some of the profits for investment in the Co-operative and determine whether any dividend or interest is distributed in any one year. Shareholders will be able to cash in their shares for the same amount as they invested but not for the first five years and at the discretion of the Board.
The Board of the CCBS, of up to 12 members, will be elected each year at the AGM – one shareholder, one vote. The members of the current Board are:
Will Golding (chair), Anna Danby (secretary), John Knox (treasurer), Claire Stevens, Tania Stuart, Lynne Colombo, Neil Hansen and Jennifer Davis.
We currently have three sub-groups, each chaired by a board member, covering the building and garden, activities/projects and business/finance.
We also have a regular “members forum” when everyone can make suggestions, ask questions and add their voice in decision-making.
We currently employ four staff: a development manager and an admin/finance officer, both full-time, plus a Community Development Officer and a Community History Project Officer, both part-time. (We are a Living Wage employer).
In addition we use sessional and freelance workers for some specific or project work.
Marketing strategy:
To “sell” our services, or at least advertise them, we have the following plans:
Financial commentary:
Until now we have been largely grant-funded by the following bodies:
The Big Lottery, Robertson Trust, Historic Environment Scotland, Edinburgh Council, Seedbed Trust, Santander, Foundation Scotland, People’s Health Trust and the Heritage Lottery.
We will continue to apply for grants from these and other sources, and also expect to continue receiving private donations and donations in kind from individuals and companies.
We are also going to be charging rent for others use of our meeting room, workshops and hot-desking facilities.
We anticipate some profits from our kitchen/café.
We will be making a charge for some courses and programmes we run ourselves. We hope to be able to attract people who are covered by the government’s “direct payments” system.
Based on the above our financial projections for the next five years are:
Summary:
Our aim is to raise funds for the Bridgend Farmhouse project and to allow people to take ownership of their local community centre. We will be running a training kitchen and café, workshops for DIY, wood and metal work, bike repair and arts and crafts, and a programme of activities ranging from healthy living to heritage.
We are forming a Co-operative Community Benefit Society (CCBS) for this purpose, which will be registered as a Scottish charity and with the Financial Conduct Authority. Each shareholder can purchase a share for anything between £25 and £5,000 and all shareholders will have one vote at the AGM.
We will continue to be called Bridgend Inspiring Growth (BIG).
Objectives:
- To open a successful community café and training kitchen.
- To rent out our workshops for DIY, wood and metal work, bike maintenance, and arts and crafts, either to individuals or to tutors who will run their own classes.
- To run a series of programmes specialising in “learning, eating and exercise” the original aims of BIG.
- To explore the heritage of Bridgend Farmhouse, it’s living memories as a city farm and it’s wider context in the Inch Estate and Craigmillar Castle Park.
- To act as a gateway to Craigmillar Castle Park and encourage people to discover and enjoy their local woodland, its plants and animals.
- To provide a place where people can come and volunteer …in maintaining the farmhouse, caring for the garden, helping to run our social programmes, having a say over the farmhouse’s projects and developments.
- To act as an interesting venue for meetings, away-days, conferences, birthday parties, weddings etc.
Business description:
As a Co-operative Community Benefit Society, a fairly new form of social enterprise, we will be registered both with OSCR (Office of the Scottish Charities Regulator) and with the Financial Conduct Authority.
Our “market” is the local community in Craigmillar, The Inch, Moredun and Gilmerton. Parts of these estates are among the most deprived places in Scotland. But we also want to cater for people from across the city who have learning difficulties, or are disabled, or who suffer from depression or other mental health problems and for those who are simply lonely or lost and need somewhere to volunteer and feel involved.
We are based at Bridgend Farmhouse, at 41 Old Dalkeith Road on the south side of Edinburgh EH16 4TE on the western edge of Craigmillar Castle Park.
We began in 2010 as a small group of local people, keen to restore the derelict 19th century farmhouse and open it as a community centre and have been in existence as a local charity since 2011. We were awarded a number of small grants to develop the idea and begin running a weekly drop-in session and a series of short courses in cookery, natural cosmetics, foraging, backwoods skills etc.
Finally, in 2015, we were awarded a £1m grant from the Big Lottery and Edinburgh City Council transferred ownership of the farmhouse and garden to us, an early example of “urban asset transfer” now possible under the Community Empowerment Act. This, along with other grants from the Robertson Trust and Historic Environment Scotland, has allowed us to restore the farmhouse and begin our programme of activities, including taking on two full time members of staff and three part-timers.
Management structure:
Once set up as a Co-operative we will be able to distribute any profits back to our members/shareholders in the form of dividends or annual interest. However, the Board of Management can decide to retain some of the profits for investment in the Co-operative and determine whether any dividend or interest is distributed in any one year. Shareholders will be able to cash in their shares for the same amount as they invested but not for the first five years and at the discretion of the Board.
The Board of the CCBS, of up to 12 members, will be elected each year at the AGM – one shareholder, one vote. The members of the current Board are:
Will Golding (chair), Anna Danby (secretary), John Knox (treasurer), Claire Stevens, Tania Stuart, Lynne Colombo, Neil Hansen and Jennifer Davis.
We currently have three sub-groups, each chaired by a board member, covering the building and garden, activities/projects and business/finance.
We also have a regular “members forum” when everyone can make suggestions, ask questions and add their voice in decision-making.
We currently employ four staff: a development manager and an admin/finance officer, both full-time, plus a Community Development Officer and a Community History Project Officer, both part-time. (We are a Living Wage employer).
In addition we use sessional and freelance workers for some specific or project work.
Marketing strategy:
To “sell” our services, or at least advertise them, we have the following plans:
- Use our weekly drop-in sessions to spread the word about our activities.
- Hold open-days and fair-days.
- Distribute flyers and leaflets around the houses in our neighbouring areas.
- Use our extensive e-mail list.
- Contact local council departments, schools, old folks homes.
- Continue applying for grants from public bodies and private trusts.
Financial commentary:
Until now we have been largely grant-funded by the following bodies:
The Big Lottery, Robertson Trust, Historic Environment Scotland, Edinburgh Council, Seedbed Trust, Santander, Foundation Scotland, People’s Health Trust and the Heritage Lottery.
We will continue to apply for grants from these and other sources, and also expect to continue receiving private donations and donations in kind from individuals and companies.
We are also going to be charging rent for others use of our meeting room, workshops and hot-desking facilities.
We anticipate some profits from our kitchen/café.
We will be making a charge for some courses and programmes we run ourselves. We hope to be able to attract people who are covered by the government’s “direct payments” system.
Based on the above our financial projections for the next five years are:
Risk analysis:
As with any share issue, the risk of losing your investment is ever present. However, we have taken care to ensure that the risk is minimised and that it will be balanced by the beneficial outcomes for the community, the people using the farmhouse and the sense of satisfaction in owning and running our own community centre.
We are being advised in this share-issue by experts from Community Shares and we are under-writing the issue with a loan option from Social Investment Scotland. Our business plan has won the confidence of The Big Lottery and other funders over the last four years.
Elsewhere in Scotland, Co-operative Community Benefit Societies have proved successful, not only in raising funds but also in running their projects, e.g. Portpatrick Harbour, Applecross Community Hydro and Bala Sports in Glasgow.
Supporters of Bridgend Inspiring Growth:
The Big Lottery, The Heritage Lottery, The People’s Health Trust, Historic Environment Scotland, Edinburgh City Council, The Robertson Trust, Foundation Scotland, Royal Institute of Architects, Bridgend Growing Communities, The Tool Library, Crew 2000, Active Schools, Inch House Association, Inch Park Community Sports Centre.
How to buy a share
You can register your interest in buying a share by clicking on: www.surveymonkey.co.uk/r/GB6SXZZ We will shortly be opening an account on Crowdfunder.co.uk and you can make your payment with either a debit or credit card. You can also send a cheque to:
Bridgend Farmhouse
41 Old Dalkeith Road
Edinburgh EH16 4TE
As with any share issue, the risk of losing your investment is ever present. However, we have taken care to ensure that the risk is minimised and that it will be balanced by the beneficial outcomes for the community, the people using the farmhouse and the sense of satisfaction in owning and running our own community centre.
We are being advised in this share-issue by experts from Community Shares and we are under-writing the issue with a loan option from Social Investment Scotland. Our business plan has won the confidence of The Big Lottery and other funders over the last four years.
Elsewhere in Scotland, Co-operative Community Benefit Societies have proved successful, not only in raising funds but also in running their projects, e.g. Portpatrick Harbour, Applecross Community Hydro and Bala Sports in Glasgow.
Supporters of Bridgend Inspiring Growth:
The Big Lottery, The Heritage Lottery, The People’s Health Trust, Historic Environment Scotland, Edinburgh City Council, The Robertson Trust, Foundation Scotland, Royal Institute of Architects, Bridgend Growing Communities, The Tool Library, Crew 2000, Active Schools, Inch House Association, Inch Park Community Sports Centre.
How to buy a share
You can register your interest in buying a share by clicking on: www.surveymonkey.co.uk/r/GB6SXZZ We will shortly be opening an account on Crowdfunder.co.uk and you can make your payment with either a debit or credit card. You can also send a cheque to:
Bridgend Farmhouse
41 Old Dalkeith Road
Edinburgh EH16 4TE
