Charity Company CIC
What is Charity Company CIC?
Last Update 4 months ago
Charity Company CIC (Community Interest Company) is an organization that is set to help others, preventing or ease poverty as well as supporting culture and communities. Charity is a non-profit organization and all the generated profit goes towards charity's aims.
Charities, instead of having directors and shareholders, have Trustees. You need at least 2 trustees to set up a Charity.
You must register your charity with Companies House, have a Registered Office Address, and have details of all your trustees on the registrar.
When you submit your application to CH, it needs to be accompanied with a form CIC36, which will state how your CIC will benefit the community, and then both applications will be automatically forwarded to the Community Interest Company regulator.
CIC regulator can disapprove your application if it decides that the proposed company is not being set up to aid the community and its articles don't include all the provisions required of a community interest company.
It's a legal requirement to submit annual detailed accounts, CIC report, which will state all CIC's activities during the year, and a confirmation statement. If fail to meet the deadline, CIC may be dissolved.
Also, you will need to sign a Memorandum and Articles of Association. These should include the signatures of all the trustees, state how the charity will be run and operated, and clause with charitable objects, which are basically explaining the purpose of setting up your CIC.