We always meant to establish ourselves as a CIC – Community Interest Company.
It is important that a project like ours, involving money, are a properly established and efficiently run entity. Converting a few thousand into Kingston Pounds is one thing that can be managed as an experiment, but dealing with hundreds of thousands of pounds is another kettle of fish.
Having a new legal status means we will be subject to the rules governing Companies but as a Community Interest Company we can benefit from donations of time and of course money.
The CIC title provides
- Reassurance to stakeholders, as the asset lock and community purpose are regulated. The asset lock ensures that the company assets are not distributed to anyone other than another CIC or registered charity.
- A higher profile for our social enterprise
- Potential for more links with other social enterprises.
Kingston Pound CIC will:
Provide an annual CIC report placed on the public record. This report will describe how our activities provide benefit to the community; remuneration paid to directors; assets transferred other than for full consideration; dividends paid; performance related interest paid; what consultation has taken place with stakeholders and any outcome
Overall, the CIC structure will enable us retain credibility and build trust within our community.