Membership

The Pantry is run by a Community Benefit Society, which means that all profits must be invested in the shop or in the local community. This society is ultimately owned and run by its members. By buying shares — priced at £10 each — you will become a member, which means you have a say at the AGM and you get to vote in the management committee. You also get a great feeling from having contributed to your community!

How do I buy shares?

Simply download this form, fill it in with the number of shares you would like, and hand it in to the Pantry with payment, or preferably pay by BACS bank transfer (bank information is on the form.) Alternatively you can email the application to stbvcommunityshares@gmail.com.

Below you will find much more information about Community Benefit Societies and shareholdings.

Why a membership scheme?

A membership scheme means you can contribute to the shop, both financially and by having voting rights at the AGM. If you buy shares, you will help to ensure we have a financial buffer, as well as allowing improvements to the shop.

If local people invest in their shop, it is more likely to be used and shaped to be what locals wish and need it to be. This in turn ensures a more sustainable future for the shop in our village.

How much do shares cost?

Shares are priced at £10 each, which we hope enables everyone to become a member if they wish. If you can afford it, please consider buying more than one share.

What is a social investment?

The meaning of this will vary, but will include things like:

  • Having the convenience of a shop you can access without a car, or that is a short journey away

  • Providing employment and volunteering opportunities

  • Promoting local produce to help local businesses

  • A social meeting place, enabling regular contact for those who may not otherwise see anyone

  • Service from people who know you personally — think how valuable the shop was during Covid19 restrictions

  • A local shop that children can pop to safely

  • Forging links to other local enterprises, enhancing the village community.

Will I get a return from membership shares?

We do not intend to pay interest on shares. Any profits will be put back into the shop or used to fund other community ventures.

The shares do not offer financial reward but are a social investment into your community.

Withdrawal rights

No withdrawals will normally be possible within the first 3 years of the share purchase. Thereafter shares can only be withdrawn in special circumstances, and at the discretion of the Management Committee.

What is a Community Benefit Society?

St Briavels Community Shop Limited is a Community Benefit Society (CBS). A CBS trades for the benefit of the community. It is registered under the Co-operative and Community Benefit Societies Act 2014, authorised by the FCA and registered as a Limited Company at Companies House. Pre-tax trading profit can be reinvested into the project, used to pay interest to shareholders, or distributed for charitable purposes such as funding other community ventures. We do not intend to pay interest to our shareholders but we will reinvest in the project and, should we be successful enough to have additional profits, into wider community ventures.

The Committee

A CBS is a democratic structure which empowers communities by giving members a direct say in the management of the shop through the elected Committee. In addition, a CBS has an asset lock which means that assets cannot be distributed to members but only transferred to another organisation supporting the same aims as the Community Shop. Shares give you a vote at the AGM where members vote in the Shop Management Committee (each member has one vote, irrespective of the size of their financial investment).

Conditions and Restrictions

Minimum share purchase will be one share. There is a statutory maximum individual investment in a Community Benefit Society of £100,000, which at a cost of £10 per share means a maximum investment allowed of 10,000 shares. There is a minimum age of 16 to purchase a share and become a member.

Unlike shares in a private Company, shares in a CBS do not increase in value. There will be no interest payable on the shares. Shares cannot be traded or transferred. In the case of death, shares can be returned to the member’s estate.

Risks

Our share offer is exempt from the Financial Services and Markets Act 2000 or subsidiary regulations; this means you have no recourse via an Ombudsman. A Community Benefit Society is registered with, but not authorised by, the Financial Conduct Authority and therefore the investment is not safeguarded by any depositor protection scheme or dispute resolution scheme. The investment is a social investment, and you should not invest more than you can afford to lose. The society confers Limited Liability so there is no liability on the shareholders of any debts beyond that of your share value.

Tax relief

Some community benefit investments qualify for tax relief. You will need to check with HMRC if your investment qualifies: it is not the responsibility of the CBS.

Share Certificates

We will send out share certificates as quickly as possible. This should be within two weeks of receipt of your funds.

Shareholders’ Register

We are required to hold certain details of shareholders and make them available to other members on request to the Society’s Secretary. These details are: shareholders’ names, addresses and date of registration and names, addresses and date of appointment of the Shop Management Committee.