[57north-discuss] Becoming a CIC, any thoughts?
ag at ssofb.co.uk
Thu Jul 4 09:30:23 BST 2019
I was looking at some funding stuff, grants etc, and feel that our status
"Private company limited by guarantee without share capital"
...rules us out of quite a few funding things that might be useful. So I
was wondering if it might be technically feasable to become a "community
interest company", which is a status that might make more funding possible.
A "community interest company" explained quite well on
https://en.wikipedia.org/wiki/Community_interest_company and I think we'd
not really have to change anything about how we currently function, on a
day to day basis. So it would, I think, change nothing, except make more
funding options available. That said, I've got a fair bit more reading to
do on it all.
There is really good info about becoming or converting to being a CIC on...
Pasted in from there...
4. Convert an existing company to a CIC
4.1 Please note: The Companies Act does not legislate for companies limited
by shares to re-register as companies limited by guarantee (or vice versa).
4.2 Complete form CIC37: application to convert a company to a CIC -
CICs that work with children or vulnerable adults
The Regulator reminds community interest companies that work with children
or vulnerable adults that it is their responsibility to ensure that they
have appropriate measures and safeguards in place to ensure protection of
these individuals. This includes ensuring DBS checks are made on all staff
and volunteers that work with children.
4.3 Complete the model special resolution to convert a company to a CIC:
- stating that the company should become a community interest company;
- to make such alterations of the articles of association as it considers
necessary to comply with the requirements imposed by and by virtue of
section 32 or otherwise appropriate in connection with becoming a community
interest company; and
- to change the company’s name to include one of the following designates
‘community interest company’, ‘c.i.c.’ or the Welsh equivalent. There is no
need to invent a new name unless you want to; a simple change from “Ltd” to
“c.i.c.” will be enough.
4.4 Amend your existing articles of association
Please ensure that all of the mandatory clauses that apply to CICs are
included. These clauses are highlighted in red in our models and can’t be
removed or altered.
See our constitutions guidance for information and templates (‘model
4.5 Complete form NM01: notice of change of name by resolution
4.6 Send the documents and fee
Post the documents to the Registrar of Companies, with a cheque for £25
made payable to Companies House.
Please note the fee of £25 includes the £10 fee for the change of name.
I'd be happy to investigate further and, if folk are keen, to do the form
filling leg work.
Also, I'll have a chat with Martin from https://digital-maker.co.uk/ as
they're a CIC, and will maybe have some pointers.
Our current status...
What do folk thing? Ideas / feedback / thoughts?
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