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Llangattock Green Valleys gains CIC status
This month’s big news is that Llangattock Green Valleys is now a registered Community Interest Company (CIC) – our registered number is 7255186.
CICS are created specifically for people who want to conduct a business or other activity for community benefit, not private advantage. They work like limited companies, but have special additional features benefits, including:
1. a ‘community interest test’, whereby applicants have to prove that the CIC is being established for community purposes, rather than private gain;
2. an ‘asset lock’. This ensure that any assets and profits are dedicated to these purposes.
Registration of a company as a CIC has to be approved by the Regulator who also has a continuing monitoring and enforcement role.
So basically, we’re official – vital now that so much money is coming into the community via Green Streets and other sources.
By becoming a CIC we open the door to more possibilities – but it also means more responsibilities too, so right now we’re looking for more people to get involved, especially now we’ve got so many big projects under way.
In particular we’re looking for qualified solicitors and accountants. To find out more, email
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• To find out more about CICs and how they work, visit www.cicregulator.gov.uk
Llangattock Green Valley's CIC Minutes - hopefully not boring!!
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