After a full year of operation of our solar PV system, MORE Renewables will shortly be paying share interest of 2% to members, as outlined in the share offer documentation.
Our AGM was held on June 4th. Our accounts for the year ending 31st December 2012 are now available to view, together with the Chair's report here.
MORE Renewables has moved office to: c/o LESS, Room C9, St. Leonards House, St. Leonards Gate, Lancaster, LA1 1NN. Phone 01524 66100.
Lancaster Cohousing, Halton
Meter readings at the Lancaster Cohousing site show that generation is 14.9% higher than predictions, despite the wet Summer.
In the four months August-November 2012, the PV installation generated 13,644KWh of electricity. These four months on average contribute 29.6% of annual output. Extrapolated to a full year, this suggests an output of 46,106KWh. However, our budget was based on a predicted output of 40,117 KWh. a year. So, the system is performing nearly 15% better than predicted.
An application has now been made to HMRC for tax relief. MORE Renewables could not apply for EIS until four months after commencing trading i.e. when we started exporting electricity at the end of July. This took us to the end of November. Simon Gershon applied to HMRC for the EIS relief in early December and it will probably be a few weeks before they respond. Investors with 'B' shares can't claim EIS relief before they receive the appropriate certificate from us (form EIS3). HMRC issue these against a list of investors Simon has provided.
Although your investment in MORE Renewables was made in the tax year 2012/13, it is allowable to claim relief for the preceding tax year (see http://www.hmrc.gov.uk/eis/part1/1-2.htm)
There is a 'carry back' facility which allows the all or part of the cost of shares acquired in one tax year, to be treated as though those shares had been acquired in the preceding tax year. Relief is then given against the Income Tax liability of that preceding year rather than against the tax year in which those shares were acquired. This is subject to the overriding limit for relief for each year.
So, although tax relief is theoretically claimable for 2011/12, the timing of the investment means that the necessary forms will not be received in time for investors to be able to claim tax relief in their 2011/12 personal return. We will send the form to enable investors to claim tax relief in due course, assuming that HMRC have no issues with our application.
Our first AGM was held at the Gregson Centre today, well attended by 17 members and 3 non-members. Full minutes below.
The connection to the local grid has been made and all the panels are working fine. Well done!
Some 10 days into the share offer, we have received nearly £25,000 in share applications. The directors expect significantly more people to send in their application form during the next ten days, once they have had a chance to read the offer in full.
MORE directors visited the Cohousing site today to see installation work in progress on the PV panels. About a third of the panels are now installed.
We are pleased to announce the launch of our share offer for the Lancaster Cohousing Solar PV system. Everything you need to know about the exciting local investment opportunity is contained in the Share Prospectus document, available to download from the homepage.
Everyone at MORE Renewables is excited about the Lancaster Cohousing project and we hope you will read the prospectus and consider investing in local, renewable energy.