Brendon Energy launched our first share offer on 9th July 2011. We received a total of 50 applications amounting to £23,981. In addition, we were offered a long term loan of £50,000 on favourable terms from a local supporter.
Together this funding meant we were able to proceed with our first solar installation on the roof of the Children’s Centre in Wiveliscombe.
Shares in Brendon Energy from our first share offer give:
• Membership of Brendon Energy and part-ownership of our renewable energy projects.
• A say in how Brendon Energy is run and in how our surplus is spent in the community, with each member having one vote at meetings, irrespective of the number of shares they hold.
• A social dividend rather than personal financial reward.
• Interest on the investment, which it is planned will be 4% per annum from 2012/13, paid in the autumn of each year.
• Tax relief to tax payers investing over £500 as described below.
A long term investment
Shares in Brendon Energy need to be regarded as a long-term commitment, as provision to allow shares to be withdrawn and repaid can only be made from income over the lifetime of our projects.
A social dividend
Under Brendon Energy rules as an Industrial and Provident Society for community benefit, any surplus from our projects can only be used to promote our objects, which will include funding new renewable energy projects as well as other schemes that benefit the local community.
Tax relief benefits
The Enterprise Investment Scheme (EIS) allows qualifying investors of over £500 to reduce their income tax liability by 30% of the amount invested, which alone gives an equivalent return of 9% for the first three years’ trading. See Enterprise Investment Scheme.pdf for an outline of EIS tax benefits and see downloads and links below for further information.
Brendon Energy share offer documents – July 2011 (first share offer now closed)
Share offer document with application form: Brendon Energy Share Offer Document.pdf
Financial illustrations information sheet: BE Financial Illustration.pdf
Enterprise Investment Scheme information sheet: Enterprise Investment Scheme.pdf
Rules of Brendon Energy Limited: RULES OF BRENDON ENERGY updated Sept 2013.pdf
Guidance on Enterprise Investment Scheme (EIS) tax relief
Benefits of EIS to investors: www.eisa.org.uk/eis-benefits/investors/
EIS tax reliefs and working examples: bit.ly/EIStaxreliefandexamples
EIS to be retained for renewable energy: bit.ly/EISforrenewableenergy
HM Revenue & Customs guidance on EIS: www.hmrc.gov.uk/eis/index.htm