About Community Interest Companies
A Community Interest Company (CIC) is a new legal form of company designed for social enterprises that want to use their profits and assets for the public good.
"CICs give an opportunity to people in the community to trade for the community's benefit. The asset lock gives public reassurance that all money generated, or donated will be used for community benefit, and the reporting requirements show the public at large just what has been achieved by the money generated during the year."
John Hanlon, The Regulator of Community Interest Companies, 27 January 2006
Community interest test
To be eligible to be incorporated as a CIC a company must, in the judgement of the Regulator, satisfy the community interest test. The test is whether a reasonable person might consider that the company's activities are being (or its proposed activities will be) carried on for the benefit of the community. A company must continue to satisfy the test so long as it remains a CIC.
Community interest is the heart of the CIC and the community interest test is what differentiates CICs from other not-for-profit organisations.
Community interest statement
The Community Interest Statement is required to confirm that the company will serve the community rather than operate for private profit motives. It must also describe the intended activities of the company.
Food and Mood CIC Community Interest Statement (PDF file, 136KB)
Community interest report
CICs are required to file with its accounts an annual community interest report which is placed on the public record at Companies House and copied to the CIC Regulator. The report needs to include details of the remuneration of the directors, the dividends paid on shares and the interest paid on capped loans (where applicable). It also needs to explain what the CIC has done to benefit the community and how it has involved its stakeholders in its activities.
Memorandum & Articles of Association
The Memorandum must contain a statement that the company is a Community Interest Company. For a company to be eligible to be a CIC, the Mem & Arts must comply with the detailed requirements of the CICs Regulations. These are concerned with the preservation of the asset lock and other essential CICs features.
Food and Mood CIC Memorandum & Articles of Association (PDF file, 222KB)
Incorporation details
The Food and Mood Community Interest Company (formerly a social enterprise known as the Food and Mood Project) was incorporated by the Registrar of Companies for England and Wales under the Companies Act 1985 on 21 November 2006 as a private company limited by guarantee (Company no. 6004243).