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Progress Report – 20 th November 2013. OBJECTIVE To complete the fund raising for a community hydro scheme at Harlaw Reservoir and ‘make it happen’. Agenda. What‘s happened since June Our Finances Your Finances Provisional Schedule Questions Wine, juice and nibbles.

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Presentation Transcript
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OBJECTIVE

To complete the fund raising for a community hydro scheme at Harlaw Reservoir and ‘make it happen’.

agenda
Agenda
  • What‘s happened since June
  • Our Finances
  • Your Finances
  • Provisional Schedule
  • Questions
  • Wine, juice and nibbles
what s happened since june
What‘s happened since June
  • Expanded team
    • 5 members with substantial engineering and project experience
    • Technical team meeting fortnightly
  • Meetings with CEC Flood Prevention / Panel Engineer
  • Grid Connection offered and accepted
  • Hydrology re-analysed
  • VAT Registration
  • Design Contract Awarded
  • Pipe Liner Repaired
design contract awarded
Design Contract Awarded
  • 5 Designers Approached
  • 3 Quotations Received
  • Potential Designers Met the committee
  • Unanimous selection of Adrian Laycock Limited
    • Extensive experience with micro-hydro schemes, dams, canals, irrigation . . Both in Scotland and across the World
    • http://www.adrianlaycock.com/index.htm
seed enterprise investment scheme seis harlaw hydro limited
Seed Enterprise Investment Scheme (SEIS)Harlaw Hydro Limited
  • SEIS is administered by the Small Companies Enterprise Centre (SCEC) in HM Revenue & Customs (HMRC)
  • The company must submit form SEIS1 to the SCEC
  • The company cannot submit an SEIS1 until either:
    • it has been trading for at least four months or
    • it has spent at least 70 per cent of the monies raised by the relevant issue of shares
  • If the SCEC accepts that the company, its activities, and the shares all meet the requirements of the scheme, it will issue the company with a certificate to that effect, and will supply claim forms (SEIS3s) for the company to send to the investors so they can claim tax relief
  • The company issues SEIS3s to qualifying Investors.
seed enterprise investment scheme seis the investor
Seed Enterprise Investment Scheme (SEIS)The Investor
  • Using the SEIS3 supplied by the company the investor claims on their Self Assessment tax return for the tax year in which the shares were issued (i.e. 2013/2014)
  • Investors can claim relief up to five years after the 31 January following the tax year in which the investment was made.
enterprise investment scheme eis harlaw hydro limited
Enterprise Investment Scheme (EIS)Harlaw Hydro Limited
  • EIS is administered by the Small Companies Enterprise Centre (SCEC) in HM Revenue & Customs (HMRC)
  • The company must submit form EIS1 to the SCEC
    • The company cannot submit an EIS1 until it has been trading for at least four months (confirmed using form EIS2).
    • The company then has 2 years to submit the form
  • If the SCEC accepts that the company, its activities, and the shares all meet the requirements of the scheme, it will issue the company with a certificate to that effect, and will supply claim forms (EIS3s)
  • The company issues EIS3s to qualifying Investors.
enterprise investment scheme eis t he investor
Enterprise Investment Scheme (EIS)The Investor
  • Using the EIS3 supplied by the company the investor claims on their Self Assessment tax return for the tax year in which the shares were issued (i.e. 2013/2014)
  • Investors can claim relief up to five years after the 31 January following the tax year in which the investment was made.
who are our investors
Who are our investors?

241 investors in total:

  • Average size of investment - £1,588
  • Investments range from £250 to £10,000
  • Most Common - £500 or £1000
  • Just over half from immediate Balerno area
  • 17% from surrounding area
  • 17% from wider Edinburgh Area
  • 14% anywhere else
what next
What next?
  • Apply to pre-accredit FiT (Feed in Tariff) for 67kw
  • Design accepted by CECs Panel Engineer
  • Order Turbine / generator – December 2013
  • Lease Formalised
  • Select contractor January 2014
  • Submit SEIS1 Spring 2014
  • Start Build – Spring 2014
  • 1st AGM – May/June 2014
  • Generate Electricity – Autumn 2014
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Questions

  • Wine and ‘nibbles’
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