In its second year of trading, a primary focus was the repair and maintenance of our building 17-25 Jamaica Street. We’ve had considerable success with fundraising for this:
- PRSC Building roof: We secured a £25,000 grant from ASDA Foundation to fix the leaking roof, rendering, and gutters, with some SCLT funds contributed. The work is now complete.
- Solar PV system: We had a solar PV system installed, funded by a £4,000 grant from Megawatt Fund. We carefully combined the roofing works to reduce costs (scaffolding, etc.). The panels are now operational, generating significant free energy for PRSC, reducing their costs. Surplus power generated is exported to the Grid for payment, producing a small future source of revenue for SCLT.
Turbo Island auction
Turbo Island unexpectedly went up for auction in August 2024, which led to a period of intense activity for the SCLT Board, as we assessed the opportunity and risks of bidding for it. We engaged closely with community members and groups on the role of the Land Trust in a potential bid, and we put forward a bid of £100,000, which was rejected. Meanwhile we coordinated press releases to call for the auction to be suspended to give us time to raise funds from the community and create a plan for the site.
The property was sold to an anonymous bidder before the auction began, now understood to be Out of Hand, a local advertising company, for £100,000.
Nonetheless, the crowdfunding effort successfully raised £1,983 for the bid for Turbo Island, with £1,069 of that now going to a local charity supporting homeless people in the Croft.
Progress & supporting PRSC
During this last completed trading period, the board met regularly to monitor progress and develop new projects. Our work included a review of the previous year and arrangements for gathering lessons learned and adjusting our processes. The board also agreed to support our tenants PRSC through periods of difficult trading conditions, and in September last year was able to assist with PRSC cashflow issues at a quiet trading time.
Income & member interest payments
In its previous full final year – April 2023 to March 2024 – SCLT completed its first half year trading with PRSC as anchor tenants. Over that period, the Trust established a regular income from tenants that allowed the board to agree an interest payment at 3%, on shares held during the initial trading period of October 2022 to March 2023. The payments were made subsequently in October 2024,. About 20% of member investors who were entitled to those payments agreed to have their interest donated to PRSC.
Current trading year 2025-26
Looking forward to the activity now underway in this financial year, Board members met trustees of the Music Venues Trust and discussed its successful model for community-based property acquisition, including their purchase and reopening of The Croft as a venue in Stokes Croft.
With the benefit of their experience and advice, the SCLT board is now exploring the feasibility and viability of a second site. It has received valuable support for its due diligence activities from UWE Architecture School Projects Office, which provided feasibility analysis, initial concept design drawings and detailed assessments of planning constraints. With thanks to SCLT Director and architecture academic Fidel Meraz for this connection.
The Board has also been active with wider outreach to stakeholders including local businesses, and councillors and officers of Bristol City Council, who have expressed support for what the Land Trust is doing. We have also heard encouraging responses from initial meetings funders, which we are following up on.
We recently supported PRSC with a bid for major works to the Jamaica Street building using funding from the Arts Council’s Creative Foundations Fund. Unfortunately, the bid was not successful, but the exercise has thrown up a number of possible improvements to the building which could be pursued in future if alternative sources of investment can be identified.
The outstanding payments to PRSC from the 2023 share offer capital that were agreed as part of the building purchase, have been used to discount PRSC’s rental payments over the last 18 months. These payments have now fully discharged what was owed to PRSC under the purchase and re-leasing arrangements.
The board agreed a further payment of interest at a rate of 3% on shares held for the year from April 2024 to March 2025. The payments were made in in October 2025.
Founding Director stepping down
Keith Cowling, a Founding Director of SCLT, and a big figure in the UK’s land trust movement, is stepping down as he approaches his 80th birthday. There would likely be no Stokes Croft land Trust without him. We all owe him a huge debt of gratitude. He will be sorely missed from the Board, and we want to recognise his formidable contribution. Thank you, Keith.
To 2026 and beyond
After the initial achievement of securing the PRSC building, we have made considerable progress over the last year, despite an uncertain economic and political environment. The Board feels confident and ambitious, working well together, refining our processes, and making strong connections.
With the growing success of the Community Land Trust movement, such as Music Venue Trusts and Margate CLT, there will be greater understanding, support and faster progress. With Jamaica Street Studios, Crofters Rights, and SCLT, Stokes Croft is an important centre of this movement. Here’s to another successful year ahead!