What is happening at Zion?
Jess, who has owned and run Zion as a Social Enterprise for over 10 years, is leaving. For Zion to realise its full potential for the community in the future, it needs to be run by the community for the community.
What are Community Shares?
Community Share schemes are a great way of funding projects that benefit the community. They enable communities to invest in projects that matter to them and can be used to save local shops, sports clubs and pubs, and to transform community facilities.
How can we save Zion?
We believe a Zion Community Share scheme will safeguard our amazing community space for the future. And it will also enable us to create a bigger and better community hub for all in Bedminster Down, Bishopsworth and beyond.
That’s why we are going to launch a Zion Community Share offer on 25th April. Anyone can buy shares, become a member and enjoy a vote on important issues that involve Zion at twice yearly meetings. It’s one member, one vote, so you will have a say, no matter the size of your investment.
But you don’t have to invest your money forever. Investment withdrawals are allowable at a capped rate from year 4 (based on our financial projections) – or keep your shares invested in Zion for a longer period. A comprehensive set of terms and conditions will be detailed in the Community Share brochure.
What’s the building’s future?
Zion is a lot bigger than you think. At the back of the current community space is a residential part, which could be used for new and exciting community activities – and to generate income. By purchasing the building, community members will have more space, more flexibility and more say about the things they want to see happening at Zion. The options for the area are endless.
If the Community Share offer is successful, Zion will be owned by the community and remain so for future generations. It will be run day-to-day by staff but will be guided by the Trustees and all members who invest and get involved.
How will the community pay for it?
It’s easier to apply for funding if Zion is owned by the community. Therefore, it can be done with a combination of grants, community shares and a bank loan. If successful, Zion will become a Community Benefit Society, owned by all the shareholders.
In the event that we do not reach our minimum target, we will not proceed with our Community Share offer. No shares will be allocated and any money committed by our investors will be returned.
How much can I invest?
We want to make the shares accessible to as many people as possible, while still making it achievable to reach our target. We need to raise between £249,300 and £299,300 in community shares.
The Community Share offer will launch on 25th April and close on 10th June 2022.
*Only available for residents of BS13, who are in receipt of certain benefits.
What are the risks?
Like any investment, any money you invest in community shares is fully at risk. You could lose some or all of your money if the society gets into financial difficulties.
Community Shares offers are exempt from, or outside the scope of, statutory regulations that apply to the public offer of shares and other financial promotions. Applicants have no recourse to the Financial Services Compensation Scheme or the Financial Ombudsman Service.