FREQUENTLY ASKED QUESTIONS ....... alias ....... FAQs Page 4
8 How safe is my money?
The approach we are taking is designed to ensure that there is no risk to anyone within the village from contributing to the project. Equally we want to ensure that there is no risk to the supplier i.e. if we start but cannot pay the final installment then that would be unethical on our part.
A couple of key points need to be made that we hope will re-assure everyone:
1) Hyde Community Projects Ltd has been set up as a limited company for a number of reasons:
a. it is a condition of the contract with BT; they don’t want to be dealing with a wide group of individuals
and so always insist on a community organisation to contract with;
b. a Ltd company requires certain governance rules and processes to be in place so that any funds are
managed responsibly and effectively;
c. the Ltd company also has a number of responsibilities regarding managing any personal data. This
means that your personal details eg email addresses or pledges will be and must be kept confidential
2) The fund raising process also has two key “gates” or checkpoints that will ensure that the Hyde Community
Broadband project cannot progress unless it can “pay its way”.
a. The first “gate” is that we need the pledged amount to total the sum required for the full BT contract. If
the sum of pledges does not meet or exceed the £177,126 required then the project will not go ahead and
all pledge documents will be destroyed.
b. The second gate is that we have to have collected and paid £88,563 (rounded to £89k) to BT before they
will commence work, as they require 50% upfront. If we do not have £89k in the bank, then again, the
project will not progress. All funds will be returned in full.
3) The Hyde Community Projects Ltd management committee are all upstanding members of our community
and are known to us all. They are Peter Dowling, Dai Morgan, Catherine Avery-Jones, Andrew Hignett,
David Fletcher, Lucy Nicholls and Lyndsey Whitehead.
4) Of course, BT Openreach is a very sound company and part of the BT Group listed on the London
Stock Exchange. BT is promoting this Community Project strongly at the moment and we are at the front
of the queue for the project. They will want us to be a success!
5) The approach by BT Openreach is not new and has now been delivered in a number of communities. The
“fibre to the cabinet” (FTTC) solution using copper wires for overhead distribution to the house is proven
and BT is one of the leading companies worldwide in delivering high-speed Broadband this way. They
continue to invest in delivering even faster speeds – see the attached link.