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What is a Community Interest Company?
What are the objects of the company?
What benefits are to be had by becoming an EA shareholder?
Is there a minimum number shares I must buy in order to become an EA shareholder?
Is Exmoor Associates a charity – and may I claim Gift Aid on any donations?
May Exmoor Associates offer its shares to the public?
Where on the website is there a share application form?
Does EA pay a dividend on shares held?
Do the directors of EA draw any sort of salary or payment?
I thought EA was just about land purchase? Where has the money to restore Snapper and buy Bratton Station come from?
What will happen to EA, and the shares issued, once the L&B is fully open?
Has EA paid above market value for land or trackbed?
Does EA derive an income from the land it owns?
How much trackbed does EA own?
Why do we bother buying land in the Yeo Valley when it is so far from Woody Bay?
It is highly unlikely we will see this stretch being used in our lifetime – why buy it?
Why does EA focus on buying trackbed in the south half of the route?
Why have EA when the L&B can later just compulsory purchase all the land it needs?
Surely money being put into EA is taking money away from extending the L&B?
Do you have elections of directors?
But I am not happy that EA’s directors are effectively self appointed?
Are the directors answerable to anyone?
Why does EA not respond to questions on forums?
Is the land completely secure?
Who owns Chelfham Viaduct?
How can I become a shareholder or buy more shares?
What is a Community Interest Company?
A community interest company (CIC) is a type of company introduced by the United Kingdom government in 2005 under the Companies Act 2004, designed for social enterprises that want to use their profits and assets for the public good. CICs have all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community. They are overseen by the Regulator of Community Interest Companies.
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What benefits are to be had by becoming an EA shareholder?
You will have the satisfaction of knowing that you own a small part of actual Lynton & Barnstaple Railway trackbed. You will get sent the latest issues of the company’s newsletter, Trackbed Trails, and be entitled to attend and vote at company meetings.
Above all else, you can know that you are helping contribute to the long term plan and the big picture, in helping establish the railway’s full reinstatement for future generations. Exmoor Associates is about that big picture thinking.
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What are the objects of the company?
The objects of the Company are to carry out activities which benefit the community and in particular to acquire the trackbed of the former Lynton & Barnstaple Railway. To advance the education of the public in the subject of the former Lynton & Barnstaple Railway and in the conservation of the physical and natural environment. Furthermore to buy or lease any land or buildings which can provide permissive access to the local footpath network and that will enhance the railway, make it easier to access and which will add to the experience of travelling on the railway.
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Is there a minimum number shares I must buy in order to become an EA shareholder?
The minimum number of shares one must hold before a share certificate is issued, is one hundred £1 shares; it is of course quite in order to buy in excess of a hundred shares, but for simplicity’s sake they should be in multiples of a hundred. You may add to your holding at any time, again in multiples of a hundred shares or by an incremental standing order a new share certificate will be issued for any new shares bought when £100 is reached.
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Is Exmoor Associates a charity – and may I claim Gift Aid on any donations?
No, but our friends, the Trustees of of The Yeo Valley Trust can. They can then make grants to Exmoor Associates for specific projects.
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May Exmoor Associates offer its shares to the public?
No; legislation prevents this. We may only offer them privately.
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Where on the website is there a share application form?
This could be deemed as to be offering shares to the public, so we are prohibited from including one on the company website; if you contact us, either by post or by email, requesting a share application form, one will be sent to you.
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Does EA pay a dividend on shares held?
No. Any money we make on our land held is reinvested in the company to cover running costs, further land purchases, etc.
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Do the directors of EA draw any sort of salary or payment?
No.
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I thought EA was just about land purchase? Where has the money to restore Snapper and buy Bratton Station come from?
A few EA supporters have decided that they would like to see improvements made to land owned by the company, which is fantastic. They have paid for these works either out of their own pockets, of from collections held at various meetings around the country, specifically for these ‘fringe’ projects. We held a specific appeal for the purchase of Bratton Fleming station which went out to the wider railway community and evoked a magnificent response.
Projects such as this, do not take money away from future trackbed acquisitions, and share capital is as far as possible only ever used to acquire new assets in the form of land and trackbed.
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What will happen to EA, and the shares issued, once the L&B is fully open?
In this happy scenario, the raison d’etre for EA as it stands will have potentially ceased. This is probably not going to happen for quite some years, and this project is likely to outlive quite a few of us. EA is very much about investing for the long term, and future generations, to be able to enjoy the L&B once again. In the event that the railway is fully rebuilt, there may still be a need to acquire or build more volunteer accommodation, and to maintain and operate it, as well as contributing in other ways. So it could be that the company’s role shifts and evolves, or alternatively the shareholders and directors together may elect to come to other arrangements with the railway and wind up the company. These decisions will ultimately lie in the future with the shareholders and directors at that time.
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Has EA paid above market value for land or trackbed?
Much of the land we have purchased or acquired was at, or significantly below, market value. We do not pay above market value for land or trackbed, but “market value” of a particular section needs careful consideration of factors over and above the obvious one of acreage. In some cases fencing of the trackbed will divide working farms in half. This will mean access to the remote half of the farm will have to be via a gated occupation crossing or necessitate an extended journey for farm vehicles via public roads. Where this has happened we have agreed with the farmers concerned that we will not fence these sections until necessary. Once fenced, the farmers will have the access inconvenience in perpetuity – and therefore the purchase price (market value) has had to reflect this.
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Does EA derive an income from the land it owns?
We have derived some income from land at Collard Bridge and Snapper, however some of the other land we have has continued to be farmed by the previous owner as part of the purchase agreement, the previous question (above) explains why this is the case. The potential income generated from our land is always likely to be fairly limited, particularly where most of it is just a linear strip. It should be remembered that EA is not out to make a profit – it is trying to secure trackbed and associated land for the future and the bigger picture. All shareholders are aware of this when contributing, we are however keen to generate income from assets where we can, to help meet the costs of maintaining the land and our long term sustainability.
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How much trackbed does EA own?
As at March 2023, Exmoor Associates owns 13 sections of trackbed, totalling just over 3 miles in length. Earlier in 2018, a mile of EA acquired trackbed having been transferred to the L&B ready for the next phase of reinstatement works. The L&B Trust now owns a further 11 sections (including that in operation, and those transferred from EA), totalling 4.33 miles. The L&B was originally 19.29miles in length, so this means that between us we collectively own an impressive 38% of the entire route. A map outlining which bits are owned by whom can be found on the trackbed page.
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Why do we bother buying land in the Yeo Valley when it is so far from Woody Bay?
All the trackbed is important and Exmoor Associates is about the bigger picture and the long term vision. Buying trackbed piecemeal, as seen elsewhere with other heritage projects, is a very slow process. With this in mind, we need to pick up land whenever it becomes available, not wait to buy it when we need it. Buying sections at market value further away from the current railhead is also good for the operating railway and the main project, as it helps further raise the profile of the project and make the ‘impossible dream’ seem ever more feasible.
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It is highly unlikely we will see this stretch being used in our lifetime – why buy it?
You may be forgetting the younger volunteers and visitors at Woody Bay – they may still get to see it. In actual fact, the timescales outlined in the Exmoor Enterprise project would suggest that most if not all of the route is achievable within a great many people’s current lifetime. Above all else, EA is not here to decide which bits deserve securing and which don’t – the L&B Trust is the body to concentrate on immediate operational needs, we on the other hand are here to try to secure whatever comes up for sale or whatever we can successfully negotiate.
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Why does EA focus on buying trackbed in the south half of the route?
Since we formed EA we have approached and spoken with most landowners between Barnstaple and Lynton, and we continue to build relations with them. Since 2009, the L&B Trust have asked us to focus more on land for Phase 3 while they focus on the more immediate negotiations required in the north for Phase 2; this does not mean that we will never buy trackbed in the northern half. At present, we are therefore concentrating our efforts south of Wistlandpound, however we would look to help the L&B to acquire more trackbed in the north as well if they needed our assistance. Our purpose remains to secure land and trackbed along the whole route from Lynton to Barnstaple, in order to secure the long term future of the project, and this remains unchanged.
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Why have EA when the L&B can later just compulsory purchase all the land it needs?
Yes it is theoretically possible for the L&B to apply for compulsory purchase (CPO) powers as part of its application for a Transport & Works Act Order (T&WAO). Purchasing land by this method alone will understandably cause unrest amongst landowners and neighbours along the route, and will likely result in local opposition for the project, it is also unlikely that a CPO would be granted unless considerable efforts at negotiation had already been made and a substantial portion of the trackbed already owned.
It is far preferable to take a friendly and personal approach as we are doing with EA. CPOs are not automatically granted as part of the T&WAO, they have to be applied for and specified for where they would apply. For every mile of additional CPOs required, the cost will increase. The inclusion of CPO powers will also be significantly more likely to force the T&WAO application to a public enquiry – the more people the CPOs affect, the longer that enquiry is likely to take. The cost of such enquiries is significant – think in terms of a seven figure sum. With all this in mind, it is very much in the interests of the L&B project, to buy land before applying for the T&WAO.
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Surely money being put into EA is taking money away from extending the L&B?
No. People put money into EA because they want to help secure the future of the trackbed for the ultimate reinstatement of the L&B and because, as the land is owned by our shareholders, they feel they have a stake in the future rebuilding of the railway. With EA you can put your money and know it will absolutely only get spent on securing more trackbed – we do ‘what we say on the tin’. It has been proven many times that people often only want their money to go to a specific cause, and those people would not put the same money into a different appeal at Woody Bay.
Exactly the same arguments have been applied with the 762 Project. It has equally been argued there that the project is not taking any money away from other “more important” projects in the L&B, because those who invest in the loco want to see the loco built and would not put their money into the project elsewhere.
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Do you have elections of directors?
No, this is laid out in our Articles of Association available to all shareholders. The directors can co-opt other directors if they feel it appropriate, however the existing setup was designed so that EA is able to quickly react to opportunities where they arise, and also so that there is stability in the management. If the directors changed on a regular basis, it would make the ongoing building of relations with landowners significantly more difficult.
We regularly seek the consensus of shareholders’ opinions on decisions affecting the future of EA, which can help steer decision making. To make certain changes, such as changes to the Articles of Association, we would be legally required to have a formal vote.
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But I am not happy that EA’s directors are effectively self-appointed?
That is fine, you do not have to be a shareholder. The directors formed EA, all as very active members of the L&B, in response to a need that could not be met by the existing organisations and hold office as unpaid volunteers at a not insignificant personal cost. By becoming a shareholder, you are accepting the way the company is set up and you are buying into it as it is. We hope that you will have confidence in us as directors; if you have any questions we will always be happy to do what we can to help you with them. You can of course support EA without putting in money, as you may also come along and help hands-on when we have working parties to carry out land management or restoration work. If you are interested in this, please get in touch with us. We see ourselves as a large group of friends and as a team, and we welcome new people who would like to be a part of it.
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Are the directors answerable to anyone?
We answer to our shareholders and we listen to all the feedback we are given. Where we are given requests that affect the future of EA, we look to see what the majority want to do – and we go with the majority decision.
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Why does EA not respond to questions on forums?
We will not get involved in discussion on any online forum and, where anyone does post, they do so only in a personal capacity. Any questions should always be put to EA directly using our contact page and we will always be happy to correspond directly with you.
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Is the land completely secure?
Yes, it is as secure as we can make it. We do not over stretch ourselves and we only consider spending money we have or know we can raise. As directors, we never do anything to put the company at any kind of risk; we have no debts or overdrafts, and all our land is insured. There is no conceivable situation where the company would suddenly become insecure and, having sought detailed legal advice on this, there is no perceived risk to the land at all. The underlying aim of the company is to secure the land and trackbed for both the immediate and long term future.
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Who owns Chelfham Viaduct?
It continued to be owned by British Railways Board (Residuary) Ltd until 2013, along with nearby Goodleigh Road bridge and the formation between. Ownership transferred to The Highways Agency when BRB was was wound up. The viaduct was restored to operational condition in 2000 by BRB with substantial support form the Railway Heritage Trust. The viaduct remains property of The Highways Agency today. It can be viewed from the public road, but is not accessible to the public. The Grade 2 listed viaduct can only be sold to another statutory body who is in possession of a T&WAO (to include the structure). Until such time as a railway is ready to be built across the viaduct, it will remain in the hands of The Highways Agency, who will continue to be responsible for its maintenance.
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How can I become a shareholder or buy more shares?
Please get in contact with us to discuss being a supporter of Exmoor Associates.