CBS INFORMATION & UPDATES
The December 30th update provided information about what the move to a Community Benefit Society (CBS) means for Dorchester Town Football Club and set out some of the steps needed to complete as we move forward.
So where are we now?
Satisfying the FA
The requirements of the FA require certain assurances from the CBS, for example with reference to taking on the club’s existing assets and liabilities. The first members of the CBS have already committed to this and the appropriate documentation has already been signed.
Club Secretary David Martin is currently working on a Business Plan and Budget for next year. This is a big piece of work and will take a few more weeks to complete. Once completed, a copy of the plan will be sent to the FA.
Satisfying the Duchy of Cornwall
David Martin has written to the Duchy seeking agreement for a transfer of the Stadium lease to the CBS. The Duchy have in principle agreed to this subject to certain conditions.
Satisfying the Financial Conduct Authority (FCA)
The model rules for the CBS have been drafted and agreed at the 36th AGM. Registration of the rules with the FCA is the very last act and can only happen after all the other obligations have been satisfied. The rules can be downloaded and viewed by clicking here.
In the first year only, the new Board will be appointed by the first members of the CBS in consultation with the Steering Group and current club board. In the interests of continuity, the first board will be made up from directors the original club board and those members of the steering group who wish to be directors. The general members of the CBS will elect others onto the new board via an election process in accordance with the rules of the society once registered.
For the first year only, the general membership will be made up from the club’s existing shareholders existing Trust members and others who wish to become new members. New membership forms and an on-line registration process will be available in due course.
Requirements of the FA
Dorchester Town’s CBS Conversion set to get a Green Light from the FA.
The requirements of the FA for conversion to a Community Benefit Society (CBS) has now been satisfied. In an email recently received the FA said: We will be recommending to the Membership Committee on 23 April that the club’s conversion to a CBS is approved.
Requirements of the Duchy of Cornwall.
1. Letter to transfer lease to Newco; – COMPLETE (Provisionally agreed)
Requirements of the Financial Conduct Authority (FCA)
1. Register New Model Rules; – IN PROGRESS
The original members of the steering group have been invited to join the current club board either as directors or as observers of the club’s board meetings.This is to avoid duplicate meetings.
UPDATE: 25/03/2015 – Registration of the Rules of Society with the Financial Conduct Authority (FCA) and the process of Club Membership will now begin.
Dorchester Town Community Football Club Limited.
Registered with the FCA under the Co-operative and Community Benefit Societies act 2014 as a Community Benefit Society.
Company Registration Number: 7128