Why a Community Interest Company?

Simple really – we wanted to have a company structure that was nimble enough for us to work effectively yet was clearly not-for profit.  thePeoplesPower will only work if you will promote the site to your acquaintances – we think you will be more prepared to do this knowing we are not-for profit.

What is a CIC?

A CIC is a new type of company that is simpler to run than a charity, but still has to have a social purpose.  To become a CIC we have to pass a “Community Interest Test” – where a regulator decides whether we are fulfilling a social purpose.

A CIC:

  • must provide benefits to the community
  • must keep its community in touch with its activities
  • only use its assets and surpluses for the community specified
  • undertakes to complete similar administration as a Limited Company
  • must not have any political aims

 

What does this mean for ?

 

  • we are committed to running the business ethically
  • we will be transparent with you and clearly show any fees we may receive from suppliers in offers we make to you
  • we will give you the best offers irrespective of fees or commission offered to us
  • we will give you advice on how to find the best deal for you so that if there is a better offer from someone else you will be able to find it
  • the assets the company might make  are “asset locked” – this means that they belong to the not-for-profit sector and cannot be withdrawn by us for our personal gain.
  • investors in the company can only take a small proportion of any profits as dividends … so any investment with us is a social rather than financial investment
  • We will consult you on how we should spend any surpluses
  • we have committed ourselves to spending surpluses in the areas of energy saving and conservation and renewable energy
  • examples might include community schemes for improving insulation, draughtproofing, energy efficiency or community renewable energy schemes
  • Find out how we will get the cheapest electricity and gas for you
Want cheaper energy?

  • its free
  • no obligation
  • no risk
  • not-for-profit

Sign up NOW

Official definition of a CIC

“A Community Interest Company (CIC) is a limited company, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage.” (Source http://www.bis.gov.uk/cicregulator)

Find out more about CICs

The CIC Association has information and support for Community Interest Companies and is a great place to go to find out more and get advice from other members.  thePeoplesPower is a CIC Association member.  Visit the CIC Association for more informationCIC Association Logo

Offical information from the CIC regulator

A good concise summary  CICs from Voluntary Action Luton