Chinley Community Benefit Society Limited (Registration number 8820) trading as Chinley Co-op.
In addition to the £10 membership shares we are also able to offer further £10 shares to members who are willing and able to invest further funds to help us launch and develop the shop. We require a minimum of £10,000 to be able set up and stock the shop in the first year. Additional funding would allow us to expand our product range, respond to suggestions from the community, improve the shop environment and give some degree of financial security.
Members should purchase additional shares primarily to support a community venture and not with the expectation of making a financial return. The shares do not increase in value but could decrease if the Society ceases to be viable. The shares are withdrawable after 3 years but this is dependent on the Society having sufficient funds to meet these withdrawals. After 3 years we also intend to pay interest on shareholdings over £250, but again this is dependent on the Society having sufficient funds. The target rate of interest payable each year will be 2% or the Bank of England base rate (whichever is higher). Our initial financial projections show the shop breaking even in year two. However our intention is to keep margins low to hopefully make environmentally friendly products affordable to as many people as possible. As a result we do not expect to make significant profits.
If you would like to purchase additional shares in the Society please complete the application form below. Our secretary will contact you to discuss payment options and then a share certificate will be emailed to you once your application for additional shares has been processed.
If you would like further information on purchasing shares in the Society, would like information on possible tax relief under the Social Investment Tax Relief Scheme, would like to see a copy of the most recent financial projections or would like to make a donation please contact a member of the Management Committee at admin@chinleycoop.org.uk. If you would like us to contact you by phone please give a contact phone number in the email. If you would like to see our financial projections, you can download them via this link. If you’d like to read the Chinley Community Benefit Society rules, you can download them via this link.
Membership. The purchase of additional shares does not increase your number of votes or other membership rights. Votes at the AGM are based on one member one vote regardless of the number of shares held. Shares cannot be transferred and are only repayable after 3 years subject to the Society having sufficient available funds and the member giving 3 months’ notice (see Society rules). Members must notify the secretary of any change in contact details and membership will cease if a member fails to respond to 3 separate attempts to contact them.
Data protection. Legislation requires that we maintain a register of shareholders, including names and contact details. We are compliant with data protection legislation. Email addresses will only be used to communicate with you on Chinley Co-op business and will not be supplied to any third parties without your consent unless we are legally required to do so. Your submission of this form indicates your consent to us retaining this information. A copy of our data protection policy is available on request.
In case of any queries relating to this form or your intended purchase of additional shares, please contact the Society Secretary at secretary@chinleycoop.org.uk.