FAQs

About ERCL FAQ's

What is ERCL?
The Eden-Rose Community (ERCL) is set up as a CBS (Community Benefit Society or Bencom). Our key aims are to support the local community whilst helping to sustain the charity: The Eden-Rose Coppice Trust. Our mission is to secure a safe and sustainable future for urban green spaces, whilst providing services, activities and events to the local community in a highly beneficial natural outdoor environment. ERCL is registered at the Financial Conduct Authority, under the Cooperative and Community Benefit Societies Act 2014. Its registration number is: 7710. It uses the Plunkett Foundation model rules as its governing document, which can be found here: https://ercommunity.co.uk/wp/wpcontent/uploads/2019/02/Model-rules-ACTUAL.pdf
How will ERCL be managed day to day?
ERCL will employ staff to run the day-to-day activities of the business, under the supervision of a Managing Director.
How will ERCL be managed overall?
Overall, the formal setting of strategy and oversight of the Society will be overseen by a Management Committee, elected by members at the Annual General Meeting. In line with the Rules of the Society, the Management Committee will comprise of minimum of 3 and a maximum of 12 members.

Management Committee FAQ's

Who are the people behind ERCL?
The Management Committee consists of a group of committed people with local links. They care keenly about the future of the Eden-Rose Community. They have invested in this share issue, and have contributed a large amount of time to the project so far at no cost.
What does the Management Committee do?
Subject to the rules, the Management Committee manages the affairs of the Society and may exercise all of its powers. It is collectively responsible for everything done by, or in the name of the society, but on the basis it may: • Employ a manager and other staff • Delegate to any employee responsibility for day to day management of some or all of the Societies business. • Authorise members of the Management Committee to deal with specific matters.
Is it a paid role?
No, they volunteer their time and are not paid for their time acting as a member of the Management Committee. However, they may be entitled to get money to cover expenses, usually limited to food, drink or travel.
Are you looking for new members of the Management Committee and how can I become part of it?
We are currently seeking new members of our management committee to fill various roles. Members may stand for election to the Management Committee. Please contact us for more information.
What roles are needed in the Management Committee?
We are currently looking to fill the following exciting roles: Company Secretary, ecology & conservation professional, finance & accounting professional, educational professional, mental health professional, Marketing and communications professional, Community engagement professional, Business professional. Role profiles will be added to the website soon. Please contact us for more information on these roles.

Members FAQ's

What voice do Members have?
Members have a voice in the society’s affairs by: Attending, meeting and submitting motions to be considered at Members’ meetings, voting at Members’ meetings, and electing representatives to the Management Committee.

Financial FAQ's

What happens if ERCL does not succeed?
Should the business fail, all assets would be sold and the proceeds of the sale (after paying any creditors) divided between the shareholders up to the value of their shares. You might receive the full value of your shares back or you might lose part or all of your investment.
What redress do I have if the business fails and I lose the value of my shares?
This share offer is first and foremost an investment in the community. The investment is unregulated and not covered by the Financial Services and Markets Act 2000. Furthermore, there is no right of access to the Financial Services Compensation Scheme nor to the Financial Ombudsman.
Will I receive interest from my shares?
We aim to pay a reasonable interest rate to our members. However, you can opt in to forsake your interest to create further surplus profit for charity. Our business plan assumes we will pay interest on share- holdings at a rate of 1.5% after three years, subject to the business generating sufficient surpluses. Interest will be paid gross and each member has a responsibility to declare such earnings to HMRC if appropriate.
Will my investment be eligible for tax relief?
We have advanced assurance that investments will potentially be eligible for tax relief under the Seed Enterprise Investment Scheme (SEIS) administered by HMRC. This would mean that eligible income tax payers, who purchase shares, could apply for income tax relief equal to 50% of the amount invested.
What is the Seed Enterprise Investment Scheme (SEIS)?
SEIS is a tax relief scheme created by the UK Government to encourage investment in seed-stage startups and businesses. SEIS provides tax reliefs for investors, by allowing up to 50% of your investment to be claimed back in income tax relief. Please see these sites for more details: https://www.whatinvestment.co.uk/eis-and-seis-tax-breaks-explained-2381293 https://www.seedrs.com/learn/guides/seis-tax-relief
How do I apply for the SEIS tax relief?
After ERCL has been trading for four months or spent 70% of the total investment, we will submit form SEIS1 to HMRC. Once our application has been reviewed and if the strict requirements are met, HMRC will issue a copy of form SEIS3 for every investor. These will be sent to us to pass on to each active Member, who has stated they wish to take advantage of the scheme, for you to complete and submit as part of their tax return. Please note: You will have been sent a short questionnaire regarding your membership options to the email address used on your application, which will have informed us if you wish to take advantage of the SEIS.