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Initial
Membership Share Offer
Initial
Membership Share Offer
Availability:
To February 28th 2021
Availability:
To February 28th 2021
Latest News: Our target has been met! But there is still time to contribute to your community shop and become a member.
An invitation to invest in your Community Shop
A group of volunteers has been working hard to bring The Pantry into community ownership and keep it running into 2021 and beyond. We have done this with a grant from the Parish Council and money we have raised amongst ourselves. Now is your chance to play a part!
The Pantry is now run by a Community Benefit Society (CBS), 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!
With your help we are confident that we can make this project a success, and that The Pantry - St Briavels Community Shop has a great future.
What is a Membership Scheme?
Please see below for more details. If you have any questions please do not hesitate to contact us.
How to Apply
We are currently delivering information and forms through doors of all residents. Please complete and return to us, or complete the online form here . You can also download and print the form here.
Payment is preferred via online BACS bank transfer. Or you can pay by cash, card or cheque in the shop.
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 the initial set-up costs are met — these include buying shop equipment and stock, paying rent deposit, insurance, phone and internet, all marketing costs and costs for training volunteers etc, as well as continued improvements to the shop.
We have been fortunate to receive a small grant from the Parish Council, but we need more funds. If we have local support, we will also be eligible for further funding from other sources.
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 will shares cost?
Shares are priced at £10 each, which we hope enables everyone to become a member if they wish. We need to raise several thousand pounds to meet our start-up costs, so if you are able, we would encourage you to please consider buying multiple shares.
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.
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, especially during Covid19 restrictions
• A local shop that children can 'pop to'
• Forging links to other local enterprises, enhancing the village community.
Will I get a return from Memberships 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.
More about the 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 objects (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).
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 are planning to 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.
Any Questions?
Please do be in touch if you have any questions or queries about becoming a member or how to apply.
Drop us an email:
stbvcommunityshop@gmail.com
send us a letter:
The Shop, High Street, St Briavels, GL15 6TA
or contact one of the Volunteer Steering Committee Members:
Mike Smith, Patrick Crossley, Fiona Roskilly-Pond, Mark Walton, Chris McFarling, Jonathan Barry, Piers Cardiff, Tessa Charley, John Hunter, Neil Denison and Helen Newman.
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