Launching NFGS as a Community Interest Company - Your Feedback Please
Dear forest garden enthusiasts all :slight_smile: :
Following the AGM last September the shadow board has now put place a number of key documents which bring us to the brink of incorporation. We had been thinking we would become a charity (a so-called Charitable Incorporated Organisation).
In fact 18 months ago when we asked the question (a year before the AGM), out of 55 people then registered here, 8 voted for creating a CIO. We are now almost 100 members.
However, now that we are ready, we understand it could take up to another year to formally become a Charity. The shadow board would very much like to keep up the momentum, to become an official organisation and begin to raise money to further our mission.
We are therefore recommending to our fellow NFGS network members that we become a Community Interest Company (CIC). CICs are limited companies which operate to provide a benefit to the community they serve. A CIC can be set up in a number of weeks. While a CIC will make more of its income through trading than Charity, an asset lock protects its assets for community benefit. And should we so choose we can convert the CIC to a Charity at a later stage.
Please complete the poll! And add any comments below please. Many thanks, Paul
Poll Created Sun 10 Feb 2019 5:51PM
Launching NFGS as a Community Interest Company Closed Fri 15 Feb 2019 5:02PM
Results
Results | Option | % of points | Voters | |||
---|---|---|---|---|---|---|
|
I support us becoming a CIC | 55.6% | 10 | |||
|
I support us becoming a CIC as an interim step | 38.9% | 7 | |||
|
I have strong reasons for suggesting we wait and become a Charity | 5.6% | 1 | |||
Undecided | 0% | 100 |
19 of 119 people have participated (15%)
Deleted User Sun 10 Feb 2019 8:18PM
There are some limitations of the funding that a CIC can receive compared to a charity, however there have been a number of ideas about the NFGS being able to pay key people who could also be directors also some appetite for being a vehicle for members selling services. I think it is worth going for this now accepting that the NFGS could grow in all sorts of ways and different structures may be needed in the future. It would be possible also to have shareholders and pay out limited dividends.
Tomas Remiarz Tue 12 Feb 2019 5:48PM
this at least gets us started, and it does not exclude us moving to a different form later.
Keith Fri 15 Feb 2019 2:06AM
Challenging question. Our project is incorporating as a Charitable Incorporated Organisation as we can reasonably translate our intention into the limiting nature of the CIO wording - or at least we hope so! There are lots of benefits to being a CIO including only one set of reporting. CICs have had a bumpy start but you can always change to a CIO or similar at a later date.
We waited 6 months for the Charity Commission to get back to us about our application, so expect serious delays!
Richard Luff Wed 13 Feb 2019 9:01AM
Hello everybody. I would like to vote for becoming a CIC, as an interim step to becoming a CIO, if and when we are ready. I would keep this second step open, if and when. If I understand Loomio correctly I have already cast a vote - for none of the choices!! So am doing so now out of the poll.
Deleted account · Sun 10 Feb 2019 5:57PM
Btw here are some ideas about projects we would seek funding for: