We have launched our first Community Share Offer to raise £30,100 to install 19kW of solar PV at St. Anne’s Church, Highgate.
To invest, please read the below share offer prospectus fully, then head to www.crowdfunder.co.uk/PUNL or return the application form at the back of the prospectus.
Power Up North London share offer August 2016
Power Up North London Business Plan August 2016
If you have any questions about the share offer please do get in touch at powerupnorthlondon@gmail.com
The project
The installation of solar panels will benefit the church through reduced energy bills. It will help us as a local community to contribute to the effort against climate change. It will also generate a small surplus to go towards a community fund, for other projects in the area. It will create a community asset that can be used to educate school children and others in the community and to start a wider discussion about where our energy comes from, and who it benefits.
What are the benefits of becoming a shareholder?
Buying shares in PUNL means you will automatically become a member of the Community Benefit Society.
Your investment plus a small amount of interest will be repaid in annual installments from Year 2.
The interest rate will be between 0.6% and 5% per year for 20 years, currently predicted to average at 2%.
Members are entitled to receive the Society’s annual accounts, vote at the Society’s Annual General Meetings, and stand for election to the Board of Directors. Members will democratically decide on future projects and how PUNL’s Community Energy Fund is to be administered.
We hope you will view investment as an opportunity to support a project with environmental and social benefit; the rate of return is modest in keeping with our rules as a Community Benefit Society, which state that the primary reason for membership should be for Community benefit not financial gain.
The shares
Shares are in Power Up North London, a registered Community Benefit Society.
The Shares are Ordinary shares of £1 each. For each member, the minimum investment is £250 and the maximum is £3,000. Parishioners of the Church may invest £100 as a minimum, as we would like to encourage those who use the Church to have a stake in the project. Each member will have one vote irrespective of the amount invested.
The shares are in PUNL as a whole, and not the St. Anne’s installation specifically. This means interest rates may be affected by future share offers, however all future projects will be subject to the approval of members and will only be recommended for approval if they maintain or increase upon the current projected interest rate.
Risks
Community shares are fully at risk, and you could lose some or all of the money you invest. You have no right to compensation from the Financial Services Compensation Scheme, nor any right of complaint to the Financial Ombudsman Service.
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