We are incorporated as a Community Benefit Society (CBS).
We are registered with the Financial Conduct Authority (FCA) and this is a legal structure designed for organisations that exist to serve their community, not private shareholders.
Becoming a CBS allows us to put community ownership, long-term stewardship and democratic control at the heart of how Saxonvale is regenerated.
This page explains what a CBS is, why we chose this model, how Mayday is governed, how membership works, and how our community share offer enables local people to get involved.
What is a Community Benefit Society (CBS)?
A Community Benefit Society (CBS) is a type of registered society created specifically for organisations that operate for the benefit of the wider community.
Unlike private companies, a CBS:
- Exists to deliver public or community benefit rather than maximise profit
- Is democratically governed by its members
- Can include an asset lock to protect land and buildings for community use
- Reinvests surplus back into its purpose rather than distributing profit to shareholders
We are registered with the Financial Conduct Authority as registered societies are under UK law.
Why we became a Community Benefit Society
Saxonvale is one of the most important regeneration sites in Frome. Decisions made now will shape the town for generations.
The Community Benefit Society (CBS) Model:
– Puts community benefit first
A CBS legally exists to benefit the community. This aligns with Mayday’s purpose of creating long-term social, economic and environmental value for Frome rather than extracting profit. Any surplus generated must be reinvested for community benefit.
– Protects land and buildings for the long-term
Our rules include an asset lock. This means land and buildings cannot be sold for private gain and must remain protected for community benefit or transferred to another asset-locked organisation. This safeguards Saxonvale as a long-term community asset rather than a short-term commercial opportunity.
– Enables democratic local control
Members of the CBS have voting rights and elect the board. Each member has one vote, regardless of how much they invest. This ensures that strategic decisions remain accountable to the community rather than external shareholders.
– Unlocks community investment and grant funding
The CBS structure enables us to raise capital through a community share offer and access grant funding that is only available to community-owned organisations. This allows local people to directly support and co-own the future of Saxonvale.
This structure is widely used for community-owned pubs, energy schemes, housing projects, and regeneration initiatives across the UK.
Governance
Mayday Saxonvale Community Benefit Society is governed by:
– Our Members
Members collectively own the society and have democratic voting rights. Members elect the board, approve key decisions, and hold the organisation accountable to its purpose.
Each member has one vote, regardless of investment size.
– Our Board of Directors
The Mayday Saxonvale Board is responsible for strategy, governance, financial oversight and safeguarding the society’s community benefit purpose.
Directors have legal duties to act in the best interests of the society and its members.
– Our rules and asset lock
The society operates under formal rules approved by the Financial Conduct Authority. These rules define our purpose, governance structure, democratic rights, and asset lock protections.
– External regulation and accountability
As a registered society, we submit annual returns and accounts to the Financial Conduct Authority and operate within UK cooperative and community benefit law.
We also maintain transparency with our members and investors through regular reporting.
Membership
Becoming a member means joining the community that collectively shapes the future of Saxonvale. Members:
- Have one vote in society decisions
- Can stand for election to the board
- Receive updates on progress and performance
- Help guide long-term priorities and values
- Support community ownership and stewardship
Membership is open to individuals and organisations who support our purpose.
How to become a member
You become a member by purchasing at least one community share in our community share offer. Once you invest:
- You automatically become a member of the society
- Your membership continues even if you later withdraw your shares (subject to the society’s rules)
- You gain voting rights and participation opportunities
How community ownership protects long-term value
Community ownership helps ensure that:
- Decisions prioritise long-term benefit rather than short-term return
- Land and buildings remain protected through the asset lock
- Value created by regeneration is retained locally
- The community has a meaningful voice in how the site evolves
- Future generations benefit from today’s decisions
This model creates resilience, stability and accountability that conventional development models struggle to deliver.
Be part of what happens next
Fill out below form to access our share offer documents straight into your inbox as soon as they are available. You will also receive access to our private investment period, with no obligation.
Please allow a few minutes for the email and documents to arrive. If you do not receive anything, please check your spam or junk folder. If you experience any problems accessing the Share Offer or Business Plan, please email info@maydaysaxonvale.co.uk and we’ll be happy to help.
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Community shares are a high-risk investment.
You could lose some or all of your money.
Please read all the documents before investing.
Community Benefit Society (CBS)
What is a Community Benefit Society (CBS)?
Why we became a Community Benefit Society
Our investment partner Resonance