In this issue of the newsletter, the Westruther Community Project Steering Group explains why a Community Benefit Society is the best option to secure the future of The Old Thistle Inn.
COMMUNITY BENEFIT SOCIETY
The Steering Group has been investigating the best vehicle to take the Westruther Community Project forward to secure the purchase of the pub and coach house.
The Scottish Land Fund strongly recommends setting up a Community Benefit Society as the vehicle to purchase the pub and coach house as a community asset and manage it thereafter.
The purpose of a Community Benefit Society is to serve the interests of the community. In this instance, it is to save the Old Thistle Inn for the benefit of the Westruther community to enjoy for years to come.
With a thriving pub, restaurant and community space, property prices are more likely to be sustained and Westruther will continue to be an attractive village for people looking to live in a beautiful rural setting, with easy access to Scottish Border towns and Edinburgh.
A Community Benefit Society can only be successful in meeting its aim if the Westruther Community gets behind it and raises sufficient funds, through investment and other fundraising activities.
Why a Community Benefit Society?
There are two excellent reasons why a Community Benefit Society is the best vehicle for the Westruther Community Project.
- The Scottish Land Fund will provide up to a maximum of 95% of the valuation. It requires the difference to be raised from the community. We must demonstrate to the SLF a genuine commitment from the community to save the pub and take an interest in its survival.
- A Community Benefit Society is the fairest structure as it is designed to be accessible to all with 1 contribution = 1 share = 1 vote.
The minimum contribution for one share is £25 , there is no maximum. Your generosity will directly impact the success (or otherwise) of the Society!
As a member of the Society, you will have a say in the future of the pub and how it is managed and operated.
You will have a vote at the general meetings and be able to elect the management committee.
Before we apply for the monies to purchase the pub and coach house, we must have a commitment from the community that it is willing to contribute towards the purchase, immediate repairs and refurbishment.
The Steering Group will be at the Westruther Christmas fete on 7 December at the village hall. Please do drop by and ask us questions.
We will be asking for your commitment in January 2019. Please start thinking now about how much you are able to invest in the future prosperity of your community.
If you have any questions, please either leave a comment below or email the steering group at: firstname.lastname@example.org
P.S. You can download a version of this newsletter in pdf format here (November newsletter final). Please feel free to share this with anyone you think might be interested. Look out for a copy dropping through your letterbox soon.