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Information for Members

This page contains information for our Members – the people who invested in shares in our Community Benefit Society. For information about Friends of Farfield Mill click here.

As a charitable Community Benefit Society, Farfield Mill is owned by the Members and run for the benefit of the community.  Each Member has an equal say in running Farfield Mill, regardless of the number of shares they hold.  All Members can attend and vote at General Meetings of the Society and can stand for election to become a Director.
The Rules of the Society can be viewed using the button below.

Rules of Farfield Mill LimitedAnnual Report & Accounts to March 2021Annual Report & Accounts to 31 March 2020Governance ManualSociety Financial Regulations

Annual General Meeting of Farfield Mill Limited September 2022

The Society’s Annual General Meeting will take place on 17 September 2022 and by 3 September 2022 you will receive formal notice of the meeting. Information on what arrangements are in place for the meeting and voting and how to access the papers will follow shortly after.

At this year’s AGM, three of our current Directors, Vincent Egan, Mary Frankland and Eve Simpson will be seeking re-election.  However we have three other vacancies and we do hope that Members will step forward and apply to join the Board of Directors.

Please do consider becoming a Director, we need enthusiastic, independent-minded people to join the Board to bring fresh perspectives and to help ensure that our progress continues and the Society can be sustained throughout the next year and in the future.

You will find useful information in the links below about what being a Director of a Community Benefit Society involves.  There is a link to a nomination form below and if you would like to stand for election, all you need to do is complete the nomination form with a 200 word personal statement.  Your nominations should be received by 12 noon on Tuesday 6 September 2022. If you experience a problem downloading the nomination form, then please email me at SocietySecretary@farfieldmill.org and I will send one out to you.

Members can submit resolutions to the AGM if they want to.  The text of any resolutions, together with a short (one side of A4) statement in support of the resolution must also be received by 12 noon on Tuesday 6 September 2022.

If you have any questions you would like the Board to address, it helps if you can provide these in advance so that the Board can give them proper consideration and provide a full written answer.  Please let me have your questions in advance by 12 noon on Tuesday 6 September 2022

Code of Conduct for DirectorsThe Essential DirectorDirector Nomination Form PDFDirector Nomination Form MSWord

 

Nominating a Beneficiary

Special rules apply to shares in a Community Benefit Society.

You are allowed to nominate a beneficiary who will receive your shares after you die.  We will then put the shares in their name automatically when we are told of your death.

You can nominate a person to receive your shares when you die by filling in a nomination form and send it back to manager, Farfield Mill, Garsdale Road, Sedbergh LA10 5LW

If you change your mind about who you want to be the beneficiary of your shares, make sure you send a new nomination form to the Society.

There is a tax  advantage to nominating a beneficiary.  If you nominate someone to receive your shares when you die, they do not form part of your estate, and your estate will not have to pay inheritance tax on those shares.

However, you can only nominate someone to receive the first £5,000 of your shares in this way.   Any shares above £5,000 will form part of your estate, and pass either under your will or according to the laws of intestacy.  They may be subject to inheritance tax.

If you want to inform us of the death of a member then email manager@farfieldmill.org

If you would like to nominate a beneficiary to receive up to £5000 of your shares upon your death, please fill in the form below and send it back to us at …  Manager, Farfield Mill, Garsdale Road, Sedbergh, LA10 5LW

Nominating a Beneficiary

Social Investment Tax Relief (SITR)

We are pleased to announce that Members will now be eligible for 30% tax relief on their shareholdings.

At the time of the Share offer (end of 2018) we did not apply to HM Revenues and Customs for Social Investment Tax Relief (SITR) as we were advised by our Accountants at the time that we would not qualify because a significant part of our income came through letting out studios to artists.

We appointed Third Sector Accountancy in 2019 and they took a different view and completed the application to HMRC on our behalf and in due course, HMRC approved the application.

Members are therefore entitled to claim tax relief on their investment in Farfield Mill Limited and may request a Compliance Certificate by emailing marketing@farfieldmill.org. Please note that the deadline for claiming the relief with HMRC is 31 January 2025 therefore please request your certificate well in advance.

Please note that unfortunately those Members who received shares by way of payment for loans made to Farfield Mill are not eligible for SITR

Your questions answered.

When will I get interest on my shares?

Because Farfield Mill is a charitable Community Benefit Society, we cannot pay dividends on shares like companies on the stock exchange do when they make a profit.

However the Society is allowed to pay modest interest (up to 3 per cent) on shares provided we can afford to do so.

Currently we are not paying interest on shares.  Under our business plan we aim to start paying interest in the financial year 2024/25 at a rate of 2 per cent, increasing to 3 per cent the following year.

Can I sell my shares?

No.  You cannot sell or transfer your shares in Farfield Mill to anyone else.

How can I get my investment back?

Members can get back the money you invested in the Society by withdrawing your shares.

However, we only allow withdrawals when the Society can afford it.  At the moment withdrawals are suspended so no one can withdraw their shares.  When we are in a position to allow withdrawals we will let our Members know.

When withdrawals are allowed, Members can withdraw all or some of their shares.  The Society will place a limit the value of shares which can be withdrawn each year, which may mean you can’t withdraw all the shares you want to immediately.  These rules are to make sure that the Society remains financially sound.

What happens to my shares when I die?

Special rules apply to shares in a Community Benefit Society.

You are allowed to nominate a beneficiary who will receive your shares after you die.  We will then put the shares in their name automatically when we are told of your death.

You can nominate a person to receive your shares when you die by filling in a nomination form here and send it back to manager, Farfield Mill, Garsdale Road, Sedbergh LA10 5LW

If you change your mind about who you want to be the beneficiary of your shares, make sure you send a new nomination form to the Society.

There is a tax  advantage to nominating a beneficiary.  If you nominate someone to receive your shares when you die, they do not form part of your estate, and your estate will not have to pay inheritance tax on those shares.

However, you can only nominate someone to receive the first £5,000 of your shares in this way.   Any shares above £5,000 will form part of your estate, and pass either under your will or according to the laws of intestacy.  They may be subject to inheritance tax.

If you want to inform us of the death of a member then email manager@farfieldmill.org

What if I don’t want to be a Member any more?

You can resign from the Society by withdrawing all your shares.  When you have no shares, you cease to be a member.  At the moment you cannot withdraw your shares until such time as we are in a position to pay back your investment.

If you don’t want to wait until you can withdraw your investment, you can surrender your shares to the Society instead.   Surrendering your shares means in effect that you will have given the money you investment to Farfield Mill outright.  We will cancel your shares and will no longer be a Member.  If you want to surrender your shares then please fill in this form here

How do I let you know my details have changed?

If your details have changed please email us at manager@farfieldmill.org

We are currently advertising a Director vacancy and hope to attract professional candidates with experience in creative programmes and/or Heritage organisationsal. The successful candidate will be appointed by the Board from outside the membership.
Read more …

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