Frequently Asked Questions
The Southwold and Waveney Regeneration Society (SouthGen) is a charitable Community Benefit Society that is democratically run by its members on a one member – one vote basis. All profits are reinvested in the community. We have an asset lock, which means that the community hub can never be sold into private hands.
There are many different types of community businesses – from shops and pubs to football clubs and whiskey distilleries. Our community businesses will be the nursery, the co-working space, and the farm to fork café. The common thread for all community businesses is that they are accountable to their community through their members, they respond to community needs, and the profits they generate deliver positive local impact.
If you’re one of the first 150 investors and your application for shares is approved, SouthGen will contact you once the share offer has closed.
If the Management Committee declines your application or you’re not eligible to buy shares, your money will be refunded to you in full as soon as possible.
No. We work on a democratic one member – one vote structure.This means that no matter how much people invest, everyone has the same influence on the project.
The only restriction on share ownership is that you need to be at least 16 years old. (If you are under 16, shares can be bought on your behalf, but you will not own these shares yourself until your 16th birthday).
Otherwise, membership is open to everyone: local residents, people working in the area, second homeowners, visitors, businesses, clubs, and other charities
We want everyone to be able to become a member, so we’ve made it easy for you to club together with friends or family to pool your resources. When you fill out the shares application, fill out Section 3 and nominate an individual to represent the group. If you are one of the first 150 investors, the group will get one six pack of Old Hospital Hop.
We’ve already raised 66% of the funds needed to redevelop the Old Hospital through grants, awards and fundraising events. By buying community shares, your money will help us to achieve 100% of the money needed. Read more about how your investment will help to complete our funding package in our Share Offer document.
Our business plan calls for an annual interest rate of 4%, beginning in June 2022.
The first 150 people to invest will receive a limited edition IPA ‘Old Hospital Hop’ brewed specially by Adnams to celebrate the share launch.
If you invest more than £1,000, your name will be commemorated for posterity on a plaque in the Old Hospital.
If you invest £25,000, one of the Old Hospital Hub’s four rooms or the garden will be named in your honour or after a person special to you.
The government provides generous tax relief to high-rate taxpayers who invest in community shares.
If you invest in the first £150,000 of shares, then you may be able to obtain 50% tax relief. After that, you may be able to obtain 30% tax relief.
Your personal tax circumstances will affect the amount of tax relief in each case. See our share offer for more details.
For more information on tax relief on community shares, see gov.uk.
The money you invested will be returned to you in full as soon as possible.
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