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Share InvitationBrighton Energy Coop 2 – more solar for the South
www.brightonenergy.org.uk
Overview
Chairman’s Introduction
Community-owned renewable energy is now a proven
model. More than 150 energy coops have been
registered in the last few years, with about a third
launching share issues. So not only are these community
projects generating renewables on the ground, but there
are plenty more in the pipeline too.
The value of locally-owned energy schemes is also
something that's increasingly recognised in government.
That's the reason DECC minister Greg Barker came to
visit our solar roof at St George's Church this year, and
the reason that more and more policy work is being done
to support co-operative energy.
With more and more projects being realised, and
increasing government support, this exciting movement
can only get bigger.
Brighton Energy Co-op is part this dynamic upsurge of
grass roots action. As such it's with great pleasure that
we present here our second scheme, a huge new PV
project for the South Coast.
Renewable energy matters, and with our society set to
treble in size, I hope you find what is set out here of
interest - and that you join our growing movement.
Will Cottrell
Chairman, Brighton Energy Co-op
(L-R) DECC minister Greg Barker, Kemptown MP Simon Kirbyand BEC Chairman Will Cottrell on a visit to a BEC solar roof atSt George's Church in Kemptown, September 2013
By purchasing shares you will:
•Gain an equal vote with every other member in
how the Society is managed and how your local
energy resources are used
• Ensure that you participate in the ownership of
local renewable energy resources and benefit from
the Government incentives
• Be eligible for any interest paid to members. As set
out below, we are aiming to pay members an annual
return on their shares
• Contribute to developing a local energy supply,
which aims to offer protection against fluctuations in
energy supply and costs
•Help support further renewable energy and
community energy efficiency programmes via our
surplus income thus creating a ‘double carbon
dividend’.
• Contribute to the provision of renewable energy
supplies for our area that, in turn, aims to retain
benefits locally and strengthen the local economy
• Support a scaleable model that can be replicated in
other communities
• Help fight climate change and fossil fuel depletion
– over the course of our PV system's lifetime they'll
save more than 450 tonnes of CO2
To join visit www.brightonenergy.org.uk/join.
Summary
By purchasing shares you will:•Gain an equal vote with every other member in how
the Society is managed and how your local energy
resources are used
• Ensure that you participate in the ownership of local
renewable energy resources and benefit from the
Government incentives
• Be eligible for any interest paid to members. As set
out below, we are aiming to pay members an annual
return on their shares
• Contribute to developing a local energy supply, which
aims to offer protection against fluctuations in energy
supply and costs
•Help support further renewable energy and
community energy efficiency programmes via our
surplus income thus creating a ‘double carbon
dividend’.
• Contribute to the provision of renewable energy
supplies for our area that, in turn, aims to retain
benefits locally and strengthen the local economy
• Support a scaleable model that can be replicated in
other communities
Help fight climate change and fossil fuel depletion –
over the course of our PV system's lifetime they'll save
more than 450 tonnes of CO2
The projectBrighton Energy Co-op 2 (BEC2) aims to capitalise on the
success of our first solar project which raised £230,000 in
July of 2012 and installed 132 kWp of Solar Photovoltaic
(PV) in and around Brighton. With BEC2 we want to
generate more low-carbon renewable electricity, enable
more people to invest in clean energy and enjoy the
financial benefits of the project. As well as enabling the
community to work together in reducing its carbon
emissions, investment in BEC2 allows you to take control
of our energy production.
This document details the opportunity to buy shares in
Brighton Energy Co-op, the trading name of Brighton
Energy Limited (BEL). We are a Community Benefit
Society with the express purpose of developing more
community-owned renewables for our area.
BEC2 aims to install a minimum of 200 kWp of solar PV
on several buildings around the area which will require a
minimum capital investment of £232,800.
This share invitation, therefore, invites you to purchase a
new class of ordinary share in Brighton Energy Ltd and
thus help us raise the money to finance the
development, marketing and capital costs of BEC2.
You may purchase up to 20,000 shares, the minimum
being 300. Each share is worth £1.
RisksAll investments and commercial activities carry risk. By
buying shares members should weigh up financial risk
and reward as they would with any other investment
opportunity.
Those considering an investment should do so only after
reading this document in full (including the section on
risks below), should regard this Invite as a long-term
investment and should consult a financial advisor before
investing.
Important informationThe BEL directors have prepared this document and
are responsible for its contents. This summary
should be read only as an introduction and any
decision to invest made on the basis of the
document as a whole.
This document contains ‘forward-looking
statements’ relating to the BEL's prospects,
development and business strategies. Statements
containing words such as ‘believe’, ‘could’, ‘expect’,
‘envisage’, ‘estimate’, ‘may’, ‘plan’, ‘will’ or the
negative forms of those words will be forward-
looking statements.
Similarly, any explicit reference to assumptions or
other terms that imply a point is not yet established
in fact will be a forward-looking statement. Forward-
looking statements are based on current
expectations and so are subject to risks and
uncertainties. Certain risks are defined in this Offer
Document, but there will be other risks. Actual
results may differ materially from those expressed or
implied by the forward-looking statements so
potential members should not place any reliance on
forward-looking statements. The forward-looking
statements were current at the date this Offer
Document was produced and will not be updated
during the offer period.
The Project
Our Solar PV systemsWe have agreed to install Solar PV at Shed 10 at
Shoreham Port. To this end we have secured a letter of
intent from the Port, giving us the right to install 200kWp
of rooftop solar PV .
Shed 10 at Shoreham Port
Minimum fund-raising target: £232,800.If this sum is not acheived through selling share we may
apply for a loan to cover the balance. Note that we have
not secured this loan and as such this provision is subject
to future negotiations. If we apply for a loan this is likely
to reduce or remove shareholder dividends for 5 years or
more.
If the minimum fundraising target is not acheived by a
combination of shares and loans then we will then
refund the entire BEC2 shareholder capital.
See www.brightonenergy.org.uk/doruments our Profit
and Loss projections for BEC2.
Maximum fund-raising target: £616,050We are in discussion with several other sites and
estimate up to a further 365kWp will become available
for our development in the next six months. This would
require additional capital in excess of £383,250
We may, therefore, extend this share offer to raise this
extra capital, conditional on being able to pay all
shareholders in BEC2 a 5% interest rate.
Based on figures from DECC, we expect this will save
around 450 tonnes of CO2 a year, typically the amount
consumed by 300 domestic homes.
The offer period is for four weeks and ends at 5pm on
the 25th November 2013, but may be extended at the
discretion of the board.
Financial projections
We expect that shareholdings in BEC2 will receive a
projected return of 5% interest plus a tax break of 30% of
the amount invested (see Enterprise Investment Scheme
below). The first interest payment will be made on the
1st August 2015.
Please note that our figures are provisional. There remain
several key risks around our assumptions, so it's
important to read the risk factors below.
We have an offer to install the systems outlined above
costing £1050 per kWp of solar PV installed. In addition to
this cost we have also added provision for the
development of the further projects outlined in our
Maximum fund-raising scenario above.
You can see our Profit and Loss projections for the
Minimum fund-raising target here –
brightonenergy.org.uk/documents
IncomeBEL will generate and sell electricity that will be produced
by solar PV renewable technology, so qualifying for the
Feed-in Tariff (FiT).
This means there will be two income streams: one based
on FiT (index-linked to the Retail Price Index) and one
based on income through electricity sales to our host
sites.
OutgoingsThe greatest costs will be interest payments and capital
repayment. The projections underlying this share offer
are based on the assumption that capital is returned to
members as the assets are gradually written off.
Other costs include maintenance, insurance, inverter
replacement fund and BEL running expenses.
AssumptionsIn our projections we have made the following
assumptions:
• Performance degradation 0.8% pa. This is a normal
degradation rate. Panel manufacturers have different
ways of expressing guaranteed performance levels, but
these are normally based on degradation in the panels at
about this rate
• Retail Price Index (RPI) 2.5%. This is based on recent
experience, but may during the life of the project be
much higher if medium–to long-term historic trends are
followed
• Interest payments to Members start at 5%. This is
based on a projection of profit and reserves in hand when
the Board first considers the matter
• Insurance figures are based on the quotes from our
existing insurer
• Administration costs and running costs are estimates,
again based on BEL's experience but with an increase to
approximately 200 members
• Projections are based on the project securing Feed in
Tariffs appropriate to the different sizes of systems.
• Projections are also based on the production of our
existing systems - 950 kWh per kWp.
Enterprise Investment SchemeInvestors in BEL may qualify for the Enterprise
Investment Scheme (EIS) which provides tax payers
with tax incentives when they invest in EIS Qualifying
Companies:
Income Tax ReliefAn individual can invest up to £500,000 per tax year in
EIS Qualifying Companies and benefit from 30%
income tax relief. The individual can only claim this
relief if he holds less than 30% of the shares, is not an
employee and holds the shares for at least 3 years.
The minimum investment is £500.
Inheritance Tax ReliefShares would generally be expected to attract
Business Property Relief at rates of up to 100% for IHT
purposes, provided the shares have been held for at
least 2 years
Loss ReliefIf the value of shares were to be written down, this
loss could be offset against the income tax or capital
gains tax of the Investor. Tax treatment depends on
the individual circumstances of each member and may
change in the future.This latest share issue by BEL has
been given provisional acceptance of EIS Qualifying
Company status. BEL also received EIS Qualifying
Company Status for its two previous share issues. Full
details of the EIS can be found at:
http://www.hmrc.gov.uk/eis/
Project Background
Coops and renewable energyCo-operatives and Community Benefit Societies are
democratic structures with the legal ability to raise
money directly from the public. With a one-member one-
vote system and a board elected from the membership,
they offer a fair and transparent way to operate a
community-owned renewable energy business. They also
have the power to give priority to investment from the
local area, ensuring that, as much as possible, local
people enjoy the financial benefits of renewable energy.
Co-operative ownership of renewable energy is not new.
In 1997, Baywind in Cumbria became the first
community-owned renewable installation in the UK. It
has been paying out annual interest to its members ever
since. As a result, Baywind was inundated with questions
from other community groups wanting to do the same
thing and this led to the creation of Energy4All in 2002.
Since then Energy4All has helped to set up seven wind
energy co-operatives in the UK with over 6,000 members.
This has led to communities across the UK starting to set
up wind, hydropower and solar co-operatives along
similar lines to the original wind co-ops. The highest
profile solar-based co-operative, Westmill Solar Co-
operative (www.westmillsolar.coop), raised £16.5 million
through a share issue and bond finance in summer 2012.
In Germany and Denmark renewable energy cooperatives
have been instrumental in driving both renewable energy
and government policy; in both countries individuals and
civil society groups own more than 30% of the renewable
energy infrastructure.
Our HistoryBrighton Energy Limited was formed in June 2010 when
three locals met in a central Brighton cafe to discuss ways
in which renewable energy might benefit the Brighton
and Hove community.
In January 2011 BEL launched a start-up fund and raised
£18K from eight Brightonians committed to BEL's
development.
A month later BEL created its Advisory Committee and
invited Jeremy Leggett to join. Talks began with various
sites about hosting panels. Over the course of its
gestation BEL has talked to more than fifty such building
owners..Negotiations continued with potential site
partners, leading to an exclusivity agreement being
signed by Shoreham Port Authority in mid 2011.
Our first share offer launched in June 2012, ultimately
raising more than £230,000. We are now the proud
owners of 132kwp of solar PV which has been generating
for over a year.
A copy of our latest accounts is available here:
www.brightonenergy.org.uk/documents
Community Benefits
An ambition within this share offer is to provide a
community fund to support relevant schemes in our
area. This will be contingent on acheiving the target
interest payments for members, however, and at the
directors' discretion.
Since its inception Brighton Energy Limited has
worked on various projects that help promote
energy efficiency and renewable energy in our city.
In January 2012 BEL oversaw and delivered a survey
of the energy efficiency of more than 50 homes; we
are also actively supporting local schools to
implement and fund raise for renewable power on
their roofs.
Recently we received a £5,000 grant to investigate
the feasibility of anaerobic digestion in Brighton and
Hove, and we continually push for community
involvement in other renewable schemes, such as
the Rampion offshore wind farm.
As a high-profile community energy group, we have
also been active in consultations on community
energy policy; 6 DECC officials visited BEC in June
2013, to discuss how best to promote community
energy throughout the country, and DECC Minister
Greg Barker visited our St George’s Church array in
September 2013. We are also a founding member of
Community Energy South, a group formed to
promote a community-based response to energy
issues and climate change.
About Us
Will Cottrell, ChairmanWill began his business career in Barcelona, publishing a
monthly, 20,000-copy English magazine. Later he
established Yoga Travel, a holiday company operating in
Egypt, Thailand and Morocco. In 2009 he bought a
website traffic provider, Yogaholidays.net; that same
year he established Brighton Energy Co-op after
participating in the Copenhagen COP15 Climate
Conference. In 2012 he steered Brighton Energy Limited
through a successful fund-raising to raise more than
£200,000 for PV in the Brighton area.
Damian Tow, DirectorHaving originally read Business Studies at Hull University,
Damian completed a Masters in Leadership for
Sustainable Development at Forum for the Future in
2009. Prior to that he had 14 years experience as a
project and programme manager at Cable & Wireless
and BT and was a Director of a small software company.
He has Prince 2, MSP and APMP project management
qualifications and has been working with BEL since
August 2010. In 2012 Damian oversaw the project
development and installation of 132Kw of PV at BEL's
Brighton sites.
Ross Gilbert, DirectorRoss, who has a Masters in Sustainability of the Built
Environment from the University of Brighton, is a
Director of QED Capital Assets, a Sussex-based property
development and investment company. Ross, who
joined the BEL team in May 2012 has completed a
number of renewable energy projects in the UK and
Germany and brings knowledge of property and
renewable energy development to the BEC team.
John Smith, DirectorJohn is the Director of Cityzen which specialises in
Architectural Technology, Low Carbon Consultancy and
Sustainability. As a CIBSE-accredited Consultant he
advises on the design of renewables and carbon
modelling.
Danni Craker, Advisory CommitteeDanni is a chartered accountant who spent nearly 8
years working with PricewaterhouseCoopers in their
London and Tokyo offices. In late 2009 Danni set up
Craker Business Solutions, a Hove-based
environmentally- conscious accountancy practice. She
started working with Brighton Energy Limited in August
2010.
DisclosureNone of the Directors of Brighton Energy Ltd have, for at
least the past five years, received any convictions (for
any fraudulent offence or otherwise), or been involved
in any bankruptcies or receiverships, or received any
public recrimination or sanction by a statutory or
regulatory authority or designated professional body, or
been disqualified from any function by any court.
Conflicts of interestThe directors are not aware of any other potential
conflicts of interest. The rules of BEL include provisions
relating to potential conflicts of interest; related party
activities are disclosed and dealt with according to the
rules.
RemunerationBEL pays remuneration to its Directors to develop new
projects. We cost these payments at a market rate and
what has been spent by comparable organisations,
either via paid directors or our independent
consultancies. DECC also recently recognised that £20K is
required to start energy co-ops with the Rural
Community Energy fund, which awards a grant of £20k
to start rural energy co-ops. The directors are elected
each year at our AGM. See our Management Accounts
summary at www.brightonenergy.org.uk/documents for
details of directors' pay.
When the project is generating electricity each Director
will be entitled to claim expenses. BEC2 also provisions a
fund of £6,292 each year to pay for the running of the
coop. Directors’ share applications will be met in full, but
there are no pension schemes or share option schemes.
About Brighton Energy Limited
About Brighton Energy LimitedBrighton Energy Limited has been trading for just over a
year and has three PV systems in operation. See
www.brightonenergy.org.uk/documents for our latest
accounts and current financial position.
Brighton Energy Limited StructureBrighton Energy Co-op is the trading name of Brighton
Energy Limited a Community Benefit Society (CBS)
formed in 2010. As a CBS, Brighton Energy Co-op is
democratically owned. Each member has one vote,
regardless of the number of shares they hold. Unlike a
limited company, which is designed to benefit
shareholders, a CBS is designed to benefit the
community whether they are members or not.
For our BEC2 share offering we are offering a new class
of share. As part of BEC2 we aim to increase returns to
our BEC1 shareholders, so that all shareholders receive
the same returns and payback schedule.
BEL is bound by its Rules, and the powers of members
and Directors are set out within those Rules. The
Directors run BEL in line with the Objects set out in the
rules on behalf of the members. The members have the
right to elect and remove Directors. A copy of our rules
is available for download via our website.
Board practicesDirectors serve in accordance with the rules of Brighton
Energy Ltd. There are no service contracts for them or
the Secretary. BEL will manage the day-to-day
operations under the supervision of the Board. The
Board will bear ultimate responsibility towards the
members. As an Industrial and Provident Society,
Brighton Energy Ltd complies with statutory
requirements and the regulation of the Financial
Conduct Authority. As its shares will not be listed on any
exchange, the BEL is not obliged to comply with the
Combined Code on Corporate Governance
Our existing systems from space: City Coast Church...
Hove Enterprise Centre...
And St George's Church
Risks
Not securing sitesThe Maximum fund-raising Target (above) depends upon
obtaining contracts with several further sites. Without
contracts we are obviously unable to proceed further. It
is therefore a risk that the money we spend on
developing these projects may be spent without a result.
Mitigation: The Minimum fund-raising target is able to offer
investors a 5% return, including a fund for developing
these future sites. Any future installation will not
proceed unless they are able to deliver 5%
Not raising the moneyIt is possible that, once the main BEC2 share launch is
under way, not all the required capital can be raised.
Mitigation: Should subscription be incomplete, we may apply for a
bridging loan pending the issue of a future share offer or
share offers. If that happens, the loan provider is likely to
charge a 5% annual interest rate. This would effectively
neutralise any effect on members’ returns.
The Board is confident that all subscription targets set
are realistic and achievable, however, and considers it
unlikely that there will be any significant deficit 12
months after commissioning.
If the required Minimum fund-raising target is not met
by this date we will refund the entire shareholder capital
invested in BEC2.
Feed in Tariff ReductionsPreviously changes in government policy have provided
an insecure foothold for start up solar schemes.
Mitigation:DECC have since introduced the opportunity for
Community Energy Projects to lock in a feed in tariff rate
for up to 12 months to allow project delivery based on a
given tariff. BEL has already locked in tariffs on 2 of our
sites prior to reductions. Community lock in of tariffs is
available up to the change of tariff date, announcements
of tariff changes generally come 2 months prior to the
change date. With rates currently fixed until 1 Jan 2014
and the next announcement due on or around
November 1 2013 we have time to lock in our projects at
present FiT rates.
General investment risksThe value of shares can fluctuate according to the value
of the underlying business. The Offer shares will never
rise in value but may fall.
Offer shares will not be transferable or traded on a
recognised stock exchange, but only buyable back by
BEL.
Risks associated with the assumptionsThe RPI and cost increase rates are variable and
unpredictable. FiT is linked to the RPI but so directly and
indirectly are some of the costs, therefore variance
within recent RPI ranges will not have a major impact on
profit.
Energy cost inflation may prove to be more volatile; it is
expected to rise ahead of inflation on average but will
probably do so in an irregular fashion. Revenue may
surge ahead of projections in the short term but fall back
to trend later, or vice versa; alternative energy sources
might in the long run reduce energy cost in real terms
and so reverse recent inflationary trends and erode
profit. The Board will need to review actual revenue and
developing trends before making interest payments or
allocating funds to the grant fund.
Risks specific to Brighton Energy LtdWarranties and insurance will be in place in the event of
mechanical breakdown of the equipment. Complete
failure and loss of revenue through mechanical
breakdown is reduced through the use of multiple
inverters and the system will be monitored and managed
to minimise interruptions to supply. Accidental and
malicious damage will also be covered under insurance
and public liability insurance of up to £2m. BEL’s
equipment is presently insured.
Risks (cont)
Renewable energy industry risksGovernment policy towards renewable energy may
change, although long-term commitments relating to
the FiT make this unlikely, since FiTs are part of primary
legislation and thus difficult to change. Throughout the
operation of the FiT the Government has maintained the
commitment to the process of ‘grandfathering’ which
ensures that whatever tariff a project is registered for at
the commencement of operation, the tariff will remain
the same for the duration of the FiT period, (20 years in
the case of this project). This payment is also linked to
the Retail Price Index.
Projections are based on an average FIT rate of 13.3
p/kWh on the assumption that we are able to comply
with preliminary registration through Ofgem ROO-FIT
regulations. The Board is unable to guarantee that this
will be possible so a lower FiT rate may apply.
Any changes to the FiT that occur before the end of the
share issue, should they change the terms on which this
Offer is made, could result in the Co-operative returning
funds received from prospective members at the end of
the Share Offer Period.
Long-term equipment degradation should not vary
greatly in practice, and insolation (solar radiation
reaching the sites) ought to be relatively reliable as a
long-term average over the life of the project. The long-
term trend of sunshine hours in SE UK is for a gradual
increase in number of hours. Generation rates should
therefore be predictable within reasonable tolerances. A
significant shift in insolation either favouring or
disfavouring solar PV over the life of the project is
possible but unlikely.
Short-term weather conditions could affect expected
levels of generation, although overall patterns outside
anticipated parameters are unlikely.
Membership and Shareholding
Share WithdrawalsShares are withdrawable up to a maximum of 5% per
annum of issued share capital in issue at the start of the
financial year. The Board may resolve to require any
proportion of its share capital to be withdrawn, in which
case it shall treat as agreed to be withdrawn on behalf of
every member (and not some only) that proportion of
the shares held by them (with such rounding to the
nearest whole number of that Proportion which is a
fraction as the Board may determine). All members are
deemed to give any consents required to the withdrawal
of their shares in this manner.
The withdrawal of shares is currently suspended for 3
years. The scope for being able to withdraw shares in the
future will be dependent upon the Society developing a
successful business and hence cash flows to pay out
share withdrawals or contingent on the Society raising
additional capital for the purpose of paying out share
withdrawals.
In the case of joint investments, all investors concerned
must agree to a withdrawal. Shares will be repaid at the
original price (subject to comments hereafter).
The Directors of the Society have the right to change the
withdrawal facility, or to suspend withdrawals. Similarly
the Directors have the right to write down the value of
shares, if the liabilities of the Society (and its share
capital) should exceed the value of its assets. Members
who then withdraw their shares will only receive the
written down value of their shares.
The value of your shares may fall and their value will not
exceed the £1 per share. Although shares are
withdrawable, you may not be able to withdraw the full
price you pay for them if the Society does not have funds
available at the time you want to withdraw your shares.
In some circumstances, the Directors may be compelled
to write down the value of your shares. Should you then
wish to withdraw your shares, you should expect to
receive only their written down value.
Returns to MembersThe Society will pay only a sufficient rate of interest on
money paid for its shares and may pay no interest at all.
A sufficient rate is determined by the Directors as the
rate necessary to obtain and retain the capital required
to carry out the Objects of the Society as set out within
its Rules.
VotingEach member has one vote regardless of the size and
value of their shareholding. Members will be kept
informed of the Society’s services and developments
through the Brighton Energy Co-op website, by e-mails
where the member so wishes, by occasional newsletters,
annual reports and Annual General Meetings.
Membership and Shareholding (cont)
Legal InformationThis document is issued by Brighton Energy Limited,
registered number 31107 R, as a Community Benefit
Society incorporated in England and Wales on the 10
November 2010 under the Industrial and Provident
Societies Act 1965.
This offer of shares is not regulated by the Financial
Services and Markets Act 2000 or subsidiary regulations.
The money you pay for your shares is not safeguarded by
any depositor protection scheme or dispute resolution
scheme. The Society, unlike banks and building societies,
is not subject to prudential supervision by the Financial
Conduct Authority, nor has it been approved by an
‘approved person’ under section 21 of the above act.
This document does not constitute a prospectus within
the meaning of the Prospectus Regulations 2005. These
regulations do not apply because there is a specific
exemption for community benefit societies that conduct
their business for the benefit of the community.
As a member and shareholder of the Society you own the
Society. If the Society is unable to meet its debts and
other liabilities, you will lose the whole amount held in
shares. This may make it inappropriate as a place to
invest savings.
Your investment in your share account receives interest
but does not enjoy any capital growth. It is primarily for
the purpose of supporting the society rather than making
an investment. As a Society, the maximum return offered
to investors will always be limited.
Nomination optionIn the event of the death of a member, the repaid value
of the shares will normally be added to the estate for
probate purposes. You may elect to nominate a recipient
for the value of the shares (but only up to the amount set
out in law) and thus (under current legislation) remove
the value of the shares (up to the amount set out in law)
from your estate for probate purposes i.e. the shares may
pass to the nominee outside the Will of the deceased).
The nominated property will nevertheless form part of
the deceased’s estate for Inheritance Tax Purposes,
unless the estate is an excepted estate.
DocumentsThe Rules of Brighton Energy Limited, application form,
latest financial statements and financial projections are
available on our website: see
www.brightonenergy.org.uk/documents.
How to become a memberTo become a member online visit
www.brightonenergy.org.uk/join. To join offline,
complete our Share Application Form (also available
on our website) and post to Brighton Energy Co-op,
Flat 7, 47 Montpelier Rd, Brighton, East Sussex, BN1
3BA. Payment can be made online, via bank transfer
or cheque. Our bank details are: Brighton Energy Ltd,
Co-operative Bank, Account: 65446120, Sort:
089299. We recommend you add a reference to your
payment, comprising of your initials and year of
birth. Cheques, made out to ‘Brighton Energy Ltd’.
Note that you need to purchase at least 300 shares.
Each share has a value of £1 and the maximum
shareholding is £20,000. Applications and payments
must be received at our office before 5PM on 25th
November 2013. Membership is open to individuals
aged over 16, corporate bodies, voluntary
organisations and public sector investors.
Brighton Energy Cooperative is the trading name of
Brighton Energy, registered number 31107 R, as a
Community Benefit Society incorporated in England
and Wales on the 10 November 2010 under the
Industrial and Provident Societies Act 1965.
Appendix 1: Current performance of Brighton Energy
Limited
Brighton Energy Limited has been operating for more than a year. Below is the current performance of BEL over the
Period 1st
September 2012 to 31st
August 2013.
Income
Feed in Tariffs £ 18,802
Site Electricity Sales £ 3,925
Total Income £ 22,727
Expenditure
Administration £ 1,420
Membership £ 169
Maintenance £ 1,050
Accounts £ 1,000
Total Expenditure £ 3,639
Debt Repayments
Interest £ 1,832
Capital £ 9,218
Total Debt repayment £ 11,050
Sinking Fund
Inverter sinking fund £ 1,000
Total Sinking Funds £ 1,000
Net Available Cashflow £ 7,037
Debt
We have paid back a portion of the loan issued to us by PURE/BRE at the time of our first installations; we are on
schedule to pay back the debt in full by 2017.
Ongoing Projects Fund
Our initial share launch provided for a £20,000 fund to launch our next project. So far we have spent or allocated
£19,458 of this to implement the Minimum Fund-raising Target above.
Money Spent to date
Will Cottrell Salary £ 3,607.50
Damian Tow Salary £ 2,080.00
Expenses £ 894.69
Payroll, HMRC, Misc £ 2,597.27
Marketing £ 618.86
Total £ 9,798.32
Money Allocated
Additional Salaries, HMRC Etc £ 4,750.00
Share Launch Marketing £ 5,000.00
Total £ 9,750.00