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Green E nergy Mull General Meeting Friday 22 nd August

Green E nergy Mull General Meeting Friday 22 nd August. 15:00 Registration and Refreshments Wander round, meet fellow investors, check out the information boards and read the Director Nominations 15:45 Meeting Opens – Welcome – Richard Thorne

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Green E nergy Mull General Meeting Friday 22 nd August

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  1. Green Energy Mull General Meeting Friday 22nd August 15:00 Registration and Refreshments Wander round, meet fellow investors, check out the information boards and read the Director Nominations 15:45 Meeting Opens – Welcome – Richard Thorne Plan for the meeting, Numbers for site visit, Housekeeping etc. 16:00 Garmony Hydro – The Story So Far – Richard Thorne The journey so far and plans ahead of us 16:30 Approval of Accounts and Balance Sheet – Richard Thorne Legal requirement and has to be done 16:50 The Waterfall Fund – Moray Finch The way the net profits will be spent 17:10 Questions and Answers Break 17:30 Election of the Board of Directors We need a minimum of 5 and maximum of 9 17:45 Meeting End/Trip to Hydro Site You will be back in time for the ferry

  2. Garmony Hydro A Green Energy Mull Project Welcome to your company Inaugural General Meeting Friday 22nd August 2014

  3. Garmony Hydro • A brief history? • Initiated by the members of Sustainable Mull and Iona (SMI) and Mull and Iona Community Trust (MICT) back in 2010 • Funding for a feasibility study into most suitable site • Forestry Commission Scotland (FCS) land • lease dependant on community support • The result of this ballot was an overwhelming “Yes”. • By the end of 2012, • planning permission had been granted by Argyll and Bute Council, • water extraction licence had been granted by SEPA • April 2013 Scottish and Southern Electricity (SSE) granted an export licence for 400kW

  4. Then Came… • Finance • How do you finance the scheme? • Issue of who was going to own and operate the scheme. • Designer • Turbine manufacturer • Civil Engineer Tender

  5. 2014, A really big year • January – • Share sales hit £165,000 – half way! • First detailed designs are issued • February • Shares hit £330,000 and keep going • Decision made on turbine manufacturer • New planning application made • March • Civil Engineer selected

  6. 2014 Continued • April • Turbine ordered • Finance applications continue • May • SEIS forms submitted • Lease completed • Diggers move in • REIF loan approved • Planning Approved

  7. 2014 – Still going • June • Charity Bank technical due diligence in progress • 1st Waterfall fund meeting • Diggers move out • July • Planning conditions discharged • Charity Bank loan approved • General Meeting announced • August • Diggers move back in • General Meeting

  8. The next 5 months • Commission by end of the year • Civil engineering on schedule • Grid connection • Turbine installation and commissioning • GEM Board Meeting • Waterfall Fund • Any Questions?

  9. Rules State … • At the AGM you must… • Receipt of accounts and balance sheet • Appointment of an Auditor • Reports of the Board and Auditor • Election of the Board • Application of Profits • Any Other Business

  10. Accounts and Balance Sheet

  11. Current Cost Estimates

  12. Budget Tracker to date

  13. But What Does This Mean? • Share sale raised over £450,000 (still open by the way) • Balance of CARES Loan £42,000 • REIF Funds of up to £340,000 available • Charity Bank loan of £500,000 • Costs should be £1,300,000 • Finance available £1,332,000 • Spent so far £225,362.41

  14. The Waterfall Fund • Moray Finch

  15. Friday 22nd August 2014 Moray Finch, General Manager of MICT The Waterfall Fund

  16. Background • Garmony Hydro will generate income from selling electricity to the national grid and from the Feed in Tariff scheme – a UK government incentive • Garmony Hydro will generate profits which will be “gifted” to the Waterfall Fund, free of corporation tax

  17. Objectives of the Waterfall Fund • To be independent and impartial • To be focussed on the residents of Mull and Iona • To distribute funds to island groups and projects

  18. Format and composition • The Waterfall Fund will be registered as a Scottish Charitable Incorporated Organisation (SCIO)

  19. Format and composition • It will be a single tier charity – i.e. with a board of trustees but no members • The board of trustees will be appointees drawn from the community as well as two nominees from the Mull diaspora

  20. Format and composition The founding Trustees recruited so far are: • Convenor of Mull Community Council – Mike Shilson • Convenor of Iona Community Council – John MacLean • Head Teacher of Tobermory high School – Craig Biddick • Church of Scotland Minister – Johnny Paton • Local Councillor – Mary-Jean Devon • Bank manager – Larraine Davidson • John MacFarlane • Dr Andrew Noble

  21. Current status of the Waterfall Fund The Trustees are currently working to: • confirm eligibility criteria for applicants, and to • confirm priorities for projects that can be supported

  22. Current status of the Waterfall Fund • Best practice suggests that a Community Development Plan should be referenced when setting priorities and considering applications. • Ulva Ferry and the Ross of Mull and Iona already have their own Community Development Plans • MICT and Mull Community Council will work to produce a CDP for the rest of Mull

  23. Thank you for listening! Any Questions?

  24. Director Elections • GEM Rules State • “Minimum of 5 Directors • Maximum of 9” • Directors carry out the wishes of the membership (you) • Any major decision has to agreed by 75% majority of members • Directors are voluntary except for expenses • Go browse the board and put voting papers in the box

  25. Commitments of a Director The Society shall have a Board of Directors comprising not less than five Directors. Only persons of the Society who are aged 18 years or more may serve on the Board of Directors. Board Composition • Following the first Annual General Meeting, the composition of the Board of Directors shall be as follows:- • Not more than three people appointed by Mull and Iona Community Trust (SC 172897 and Charity Number SC025995) or its successors in name and title; and • Not more than nine people elected from among the members of the Society. Retirement Cycle • At the first annual general meeting all elected Directors shall stand down. At every subsequent annual general meeting one-third of the elected Directors, or if their number is not a multiple of three then the number nearest to one-third, shall retire from office.

  26. Powers and Duties of the Board of Directors • The business of the Society shall be managed by the Board . • All cheques, and all receipts for monies paid to the Society shall be signed, drawn, accepted, endorsed, in such manner as the Board shall from time to time direct. • The Board may exercise all the powers of the Society to borrow money and to mortgage or charge its undertaking and property or any part of it and to issue debentures and other securities as security for any debt, liability or obligation of the Society or of any third party. PROCEEDINGS OF THE BOARD OF DIRECTORS Proceedings of a Meeting of the Board of Directors • The Board of Directors may meet together for the despatch of business, adjourn and otherwise regulate their meetings as they think fit. • A Director may speak at a meeting of the Board of Directors and is deemed to be in attendance when that person can communicate to all those attending the meeting. The Directors may exercise their rights to speak or vote by Electronic Means if appropriate. In determining attendance at a meeting of the Board of Directors, it is immaterial whether any two or more Directors attending are in the same place as each other.

  27. Quorum • The quorum necessary for the transaction of business at a meeting of the Board of Directors shall be 50% of the Directors or 3 Directors, whichever is the greater and shall include those • Directors not present in person. Chairing Board Meetings • The chairperson shall facilitate meetings of the Board of Directors. If s/he is absent at the time any meeting proceeds to business then the Directors present shall choose one of their number to be the chairperson for that meeting. Declaration of Interest • A Director shall declare an interest in any contract or matter in which s/he has a personal, material or financial interest, whether directly or indirectly, and shall not vote in respect of such contract or matter.

  28. Trip to Site • Should be a coach outside • 10 minute drive to site • See the scheme • Questions • Back on the bus • Back here in time for the ferry

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