Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Linlithgow heritage in transition

733 views

Published on

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

Linlithgow heritage in transition

  1. 1. Linlithgow – Heritage in Transition Simply does it Chris Cook Linlithgow 28th May 2012
  2. 2. Community Partnership Enterprise ModelStructure - Stakeholders - Custodian - User - Manager - InvestorLegal framework – NondominiumInvestment instrument - Stock
  3. 3. User Paymen t Custodian % %Investor Manager
  4. 4. Legal Framework – NondominiumTwo complementary agreementsCollective agreement between stakeholders jointlyAssociative agreement between stakeholders individually or severally
  5. 5. Collective AgreementCustody – governs creation, issue and exchange of Stock, holds bank accounts and Stock registerStewardship – stakeholders have negative veto rightsCorporate – company limited by guarantee, possibly community interest company (CIC) for asset lock
  6. 6. Associative AgreementUser – pays for the use of productive asset (land, energy, IP)Manager – receives a proportional share in the flow of use valueInvestor – acquires Stock consisting of unitised use value sold forward at a discountComplementary to the collective agreement – akin to a for profit limited companys shareholder agreement
  7. 7. Nondominium - OutcomesA consensual non-statutory development corporationNeutral – removes ego and politicsCollaborative - stakeholder interests aligned – no principal/agent problemSocial Business – shared surplus/ not for loss - relationship-based not transaction-basedSustainable - everyone has an interest in minimising cost of use over time
  8. 8. Investment Instrument - Stock 1.0
  9. 9. Stock 2.0 – Back to the FutureStock - an undated credit returnable in payment for use value of productive assetSold at a discount – eg £1.00 of Rental Stock sold for 80p gives an absolute return of 25%Rate of Return is literally the rate at which Stock may be returned to the issuerRate is not fixed, but depends on whether there is a flow and what it is
  10. 10. Stock - OutcomesCompetitive - no compound interestSecure – no default risk, and the more affordable the rental, the more secure the returnLiquid – single asset class, not fragmented by date or interest rateLiquid – Manager will always buy Stock on behalf of Users for redemption at best offer < or = to £1.00
  11. 11. Financing and FundingFinancing – development of new assets; short term; high risk – Stock issued at high discountFunding – operation of completed assets; long term; low risk; Stock at low discountExit - community Financiers sell Stock to community Funders and Users who Pay it Forward
  12. 12. Linlithgow Principles?Gothenburg Principles - Edwardian social enterprise - 5% fixed £ return; keeping workers (relatively) soberLinlithgow Principles - Sustainability - Equity - Open Access - Return in energy
  13. 13. My 2020 Vision – Heritage Town
  14. 14. Getting There from Here - TransitionPrototyping- Property - Star & Garter & Clarendon- Energy – Avon hydro; anaerobic digestion; meso level CHPRoad Map- what are the issues?- what is the Critical Path?- over to Jim Mather !

×