Charity Nest is a Community Interest Company
Policy
Legal Requirements: As a Community Interest Company (CIC) limited by guarantee, we will comply with all legal requirements for CICs as set out by the UK government. This includes submitting annual reports to Companies House, ensuring that 100% of profits are reinvested into the community.
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Public Communications: We will clearly communicate our status as a CIC limited by guarantee in all public communications, including our website, social media, and any marketing materials. This will include a statement that we are a Community Interest Company limited by guarantee, along with a brief explanation of what this means. We will also use language that clearly demonstrates our status as a social enterprise, including words such as “donate” and “give back.”
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Community Benefit: The decisions we make as a company will be based on what is best for the community, rather than what will generate the most profit. We will reinvest 100% of profits back into the community, and we will seek to make a positive impact through our activities and initiatives.
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Difference between a Community Interest Company limited by guarantee and a Charity in the UK:
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A Community Interest Company (CIC) limited by guarantee is a type of social enterprise that is designed to benefit the community. CICs limited by guarantee are regulated by the government CIC regulator and must meet certain legal requirements, such as reinvesting 100% of profits back into the community. CICs can generate income through the sale of goods or services, but any profits must be used to benefit the community, rather than personal gain.
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In contrast, a charity is a Charitable Incorporated Organisation that is set up to benefit a specific group of people or cause. Charities are regulated by the Charity Commission and must meet specific legal requirements, such as registering with the commission and having a charitable purpose. Charities rely on donations and grants to fund their activities, and any profits they generate must be used to further their charitable purposes.