The Lion is Going to Roar! Progress and Plans 1 February 2018

1. White Lion Ash Community Pub Limited The Lion is Going to Roar! Progress and Plans 1 February 2018

2. Tonight • Recap – why we are doing this? • Progress to date – what has been achieved? • Share Offer • Social Investment Tax Relief – SITR • Reaching our minimum target of £320,000 • Operating Plan • Next Steps • Future Plans • How you can help/be involved?

3. Why we are doing this? • closure of the White Lion • community consultation • community support • creating ‘more than a pub’ Because we must keep the White Lion roaring!

4. What have we achieved so far? • set up a Community Benefit Society and Management Committee • applied to HMRC for Social Investment Tax Relief • undertaken valuation, a structural survey and arranged an electrical survey • received a grant and loan of £100,000 from the Plunkett Foundation • met with our loan provider (Key Fund) and provided all supporting information • issued the share offer • applied to HMRC for SITR • Established a website and social media and received good publicity • opened a bank account

5. …..and more • we have now made a formal offer to purchase the White Lion • this offer has been accepted • we have viewed the accounts and discussed how the pub should operate • this has informed our proposed operating plan and financial model • we have invited quotes and appointed a firm of solicitors • we have received expressions of interest from people who may want to work for us (through the website and word of mouth) • we have produced job descriptions

6. Share offer • launched 1 December 2017 • £200,000 raised to date • £20,000 short of our minimum share target • small number of donations • there are currently 174 individual shareholders • number of shares bought for under 18’s • great response to buying shares as Christmas presents • significant number of people who did not pledge have bought shares • significant number of shareholders have increased their investment in recent weeks

7. Social Investment Tax Relief - SITR • Advance Assurance from HMRC expected imminently – you will be the first to know! • Income tax relief – your personal tax bill can be reduced by 30% of your investment • Capital gains tax deferral • Capital gains tax exemption • Income tax relief if you loan money to the White Lion Ash Community Pub limited – 30% of the value of the loan could be deducted from your personal tax bill • https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investors

8. Reaching our minimum target • we are just £20,000 short of our target of £320,000 • we want to close that gap by next Friday at the latest • we are asking our current investors if they can increase their investment by one or more shares – forms available! • we continue to seek donations – any amount • please tell and encourage as many people as possible! • if all our efforts fall short, we could close the gap through a loan

9. Operating Plan • keep the White Lion as a traditional village pub that offers a warm, welcoming and friendly atmosphere • essential refurbishment only in year one or until further funds raised • extend opening hours to include lunch times including Sundays • serve home cooked seasonal locally sourced food that focuses on value and quality • ‘More than a Pub’ community groups/café/shop/newspapers etc • develop the pub garden • new till and ordering system • volunteer input essential and welcomed

10. Operating Plan - Cash flow assumptions • we have revised and undertaken detailed work on the business plan • we plan to maintain and build on current turnover • we will increase opening hours • we will appoint a Chef Manager and a Deputy Manager • minimal essential expenditure year one, whilst we raise additional funds – e.g. grants for future improvement and development

11. Next Steps • finalise job descriptions and advertise/appoint Chef and Deputy Manager • instruct solicitors • cash cheques received from share investors– Friday 9 February 2018 • prepare for undertaking essential improvements – e.g. commercial kitchen • prepare for taking on responsibility for the White Lion - insurance, utilities, transfer of licence, stock supply etc., etc. • set up a shareholder register and issue share certificates (at point of purchase) • publicise and market the White Lion Community Pub

12. Future Plans • will be developed through full consultation with Shareholders and the wider community • plans will be drawn up for future refurbishment and development • effort will continue to be put into raising funds to meet original maximum target i.e. at least an additional £50,000 – grants/’just giving’/further sale of shares/donations, etc. • put in place groups and ideas identified through the community consultation – lunch clubs/café/quiz nights etc. • co-opt members with specific skills to the Management Committee

13. How can you help? We need volunteers to:- • help with initial cleaning and decoration • help with initial improvements – kitchen, minor building, joinery and electrical work • get involved in front of house and behind the bar – are you able to do an occasional shift to cover for the leave of staff? • help to run the café and/or one of the planned groups- ideas welcome • help with the garden • help with fundraising • share your expertise – on any of the above

14. A BIG THANK YOU TO ALL OUR SUPPORTERS Please keep up your support and make the White Lion Community Pub a ROARING SUCCESS