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35011 General Steam Navigation

Discussion in 'Steam Traction' started by GSN, May 15, 2015.

  1. siquelme

    siquelme Active Member

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    At the end of the day I'm not an accountant so I try not to talk about it if i possibly can. We took professional legal help in setting up the project and this approach was recommended to us. I will ask them to answer your questions.



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  2. 35B

    35B Part of the furniture

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    You may want to check what you asked your advisors, and how they answered. This is a technical area, and worth getting right so you don't cut yourselves out of opportunities.

    In the same vein, have you considered registration as a charity? For charities, Gift Aid can be a very handy boost, while the Gift Aid Small Donations Scheme is a further handy top up if you have collecting tins.


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  3. siquelme

    siquelme Active Member

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    We are talking to the charity commission but I'm sure you're aware there is around a 4 month delay between communications.

    I'll asked the projects accountant to form a reply to your questions, like I said I'm just doing the PR sign of stuff I'd rather wait and get an expert opinion then give an uninformed on something that not my expertise.


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  4. AlanG

    AlanG New Member

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  5. huochemi

    huochemi Active Member Friend

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    I don't think a CIC can be a charity.
     
  6. AlanG

    AlanG New Member

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    It is good to see so many people paying attention to the Governance issues.

    In order to maximise a number of advantages two bodies have been created. General Steam Navigation CIC (the Company) is the legal owner of the locomotive which is supported by General Steam Navigation Locomotive Society (the Society)

    It is the intention to register the Society as a Charity. This will give access to gift aid reclaims on membership fees and donations. An application was submitted to the Charity Commissioners in December 2016 and the response is awaited.

    The Company is a CIC limited by shares. A CIC was used as effectively it 'asset locks' the assets of the Company to be only used for community purposes. Thus the locomotive can never in the future be sold to an organisation whose sole aims is to make a profit. Shares are available in the CIC in blocks of 250 by £1 shares. As a result of issuing shares, it gives an element of 'ownership' to those who have invested in the project.

    There are very strict rules within Company Law as to how a CIC can pay dividends, effectively based on the profit generated on an annual basis. The Company will never show a profit as the issuance of shares is not a trading activity and all proceeds from the sale of the shares will be directly invested in the locomotive itself. The payment of dividends is further restricted within the Articles of Association of the Company which have been filed at Companies House.

    Membership of the Society is £10 per year. Having the society enables those people who can not afford shares to pay a smaller amount and still participate in the project. Affordability to participate is one of the areas that is reviewed by the Charity Commissioners when considering applications to be come a charity.

    Once the outcome of the application of the Society to become a charity is known, it is intended to look at claiming VAT relief for the Company (whilst the locomotive being restored and no trading activity is taking place) as well as the Society.

    There are a number of organisations that will make grants to such projects. Having two different bodies gives flexibility as to which body submits applications for such grants.
     
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  7. 35B

    35B Part of the furniture

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    Thank you for an interesting, clear and concise answer.
     
  8. huochemi

    huochemi Active Member Friend

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    Thank you. It would certainly be a high class problem if the loco ultimately operates profitability.:)
     
  9. AlanG

    AlanG New Member

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    In our dreams, however the Locomotive will never operate profitability as all revenue from future running contracts will be invested in to a reserve fund to pay for the next 10 year overhaul, (might cause the tax man a problem!!)
     
  10. siquelme

    siquelme Active Member

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    Today was day 1 of our working week on the locomotive at Sellindge. Lots planned just hope the weather plays ball. [​IMG]


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  11. siquelme

    siquelme Active Member

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  12. siquelme

    siquelme Active Member

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    ‪Our wheelset has safely arrived at the South Devon Railways engineering workshop. You can help support the work at www.35011GSN.co.uk‬

    [​IMG]


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  13. philw2

    philw2 Member

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    Let's hope the local yobs don't roll them down the hill.. lol..


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  14. Kinghambranch

    Kinghambranch Well-Known Member

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    I couldn't comment about the locals rolling things but I get the feeling that this restoration/rebuild project is starting to roll. So much so in fact that I've joined the GSN Society. (I know it's not a GWR design!). Things are starting to pick up with this project.
     
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  15. siquelme

    siquelme Active Member

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    That's great news, we have been blown away by the amount of supporters who have joined up. :)


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  16. siquelme

    siquelme Active Member

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    AlanG, GSN, S.A.C. Martin and 4 others like this.
  17. siquelme

    siquelme Active Member

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    [​IMG]

    There is a 4 page feature on 35011 in the latest issue of Steam Railway magazine out today.


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  18. siquelme

    siquelme Active Member

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    [​IMG]

    Some of our team hard at work this weekend working on removing her boiler tubes. In this weekends sun it was no easy task.


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  19. siquelme

    siquelme Active Member

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    Been a bit rubbish recently and not had chance to update this particular forum with the 35011 updates so here's the latest one.

    Latest News: August 2017

    The latest news from the General Steam Navigation project featuring work on the locomotive, our 200th member, a sneak peek at our new range of clothing and EasyFundraising.

    http://www.35011gsn.co.uk/news/august-2017-update

    [​IMG]


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  20. aron33

    aron33 Member

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    Nice. Glad 35011 has new buffers. Can't wait for the day she moves to a new location.
     

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