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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.
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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
What‘s happened since June • Expanded team • 5 members with substantial engineering and project experience • Technical team meeting fortnightly • Meetings with CEC Flood Prevention / Panel Engineer • Grid Connection offered and accepted • Hydrology re-analysed • VAT Registration • Design Contract Awarded • Pipe Liner Repaired
Design Contract Awarded • 5 Designers Approached • 3 Quotations Received • Potential Designers Met the committee • Unanimous 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?
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 or • it has spent at least 70 per cent of the monies raised by the relevant issue of shares • If 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 form • If 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 - £1,588 • Investments range from £250 to £10,000 • Most Common - £500 or £1000 • Just over half from immediate Balerno area • 17% from surrounding area • 17% from wider Edinburgh Area • 14% anywhere else
What next? • Apply to pre-accredit FiT (Feed in Tariff) for 67kw • Design accepted by CECs Panel Engineer • Order Turbine / generator – December 2013 • Lease Formalised • Select contractor January 2014 • Submit SEIS1 Spring 2014 • Start Build – Spring 2014 • 1st AGM – May/June 2014 • Generate Electricity – Autumn 2014
Questions • Wine and ‘nibbles’