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FUNDRAISING

Now that our offer to buy the Methodist Church has been accepted, we need to raise the money to cover the purchase cost, some basic refurbishment, and the initial costs of running the building as we start to generate income. ​

We are aiming to raise £871,700 to cover these costs and complete the purchase by 1st September 2024.

 

We have already secured £300,000 through the Community Ownership fund and another £35,000 from local donations. We now need your support and generosity to make our vision a reality by investing in the community share offer.

 

Our aim is to re-open as Otley Common on 1 September 2024 as a not-for-profit community benefit society run by people from Otley for the people of Otley. ​We want this project to be owned by the community and run in the interest of the community, so we will launching a community share offer soon. 

Target Return: 6.25% per annum (available from four years after the close of the share offer)

Minimum Raise: £360,500

Optimal Raise: £571,700

Maximum Raise: £763,713

Minimum Individual Investment: £200 (contact us if this is unaffordable)

Maximum Individual Investment: £50,000 (or 10% of total shares issued)

Opens: 7th June 2024

Closes: 1st September 2024​

The board of directors of may choose to extend the period of the share offer, if we have not reached any of our fundraising targets by this date. Further information about this can be found in the "Your Investment" section of our business plan on page 30.

What are community shares?
Community shares are a form of social investment. They offer communities a chance to own shares in a local organisation. Community shares are withdrawable shares that cannot be sold, traded or transferred between members, unlike shares in a typical company. Members can be paid interest on their shares, and also withdraw their shareholding, along with any interest they receive. This is subject to the approval of the board. All members are entitled to one vote regardless of how many shares they hold.


Community Shares Standard Mark
The Community Shares Standard Mark is awarded by the Community Shares Unit to offers that meet national standards of good practice.


These standards ensure that:
• The offer document and application form are easy to understand
• You are provided with all the facts you need to make an informed decision
• The facts are supported by the annual accounts and/or business plan for the society
• Nothing in the documents is purposefully incorrect, confusing or misleading

 

Societies are asked to sign a Code of Practice requiring them, among other things, to give the public a right of complaint to the Community Shares Unit. For more information about community shares, the Community Shares Standard Mark and the Community Shares Unit go to: www.communityshares.org.uk

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Risk Statement!
Community shares are a risk. You could lose some, or all, of the money you invest in this share offer, without recourse to the Financial Services Compensation Scheme or the Financial Ombudsman Service.

Share Offer Documentation

Click here to view the full business plan for Otley COMMON

Click here to view the share offer document and learn how you can invest in Otley Common

Click here to view the constitution and rules of Friends of the Wesley Otley Limited

If you want to by shares on behalf of an organisation, please complete this form first

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