CIC Association

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Geoff Holt
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Genny Jones commented on Geoff Holt's blog post Reserves Policy
"From experience  reserves policy can start of  by setting reserves to cover at least 3 - 6 months running costs. Here is a link about developing your policy  which i hope…"
Aug 14
Geoff Holt posted blog posts
Jul 29

Profile Information

What is your postcode?
PO16 8SE
Name of organisation (if any) you are associated with?
Wetwheels Solent
Is that organisation a CIC?
Yes
If you have a website, what is your web address?
http://wetwheels.co.uk
Are you interested in representing a CIC at the CIC Association AGM?
No
Are you interested in working in partnership with the CIC Association?
Yes

Geoff Holt's Blog

Reserves Policy

Does anyone have any knowledge regarding a reserves policy?

I appreciate 'reserves' is a charitable term and CIC's would use the term 'surplus' but we are a CIC Limited by Guarantee (not shares).  We classify ourselves as 'not for profit', any 'surplus' being used to deliver more activity for our disabled participants.  No Director takes payment.

We are wondering what would be considered appropriate reserves (surplus) bearing in mind charities might expect 3 - 6…

Continue

Posted on July 29, 2020 at 18:34

Reserves Policy

Does anyone have any knowledge regarding a reserves policy?

I appreciate 'reserves' is a charitable term and CIC's would use the term 'surplus' but we are a CIC Limited by Guarantee (not shares).  We classify ourselves as 'not for profit', any 'surplus' being used to deliver more activity for our disabled participants.  No Director takes payment.

We are wondering what would be considered appropriate reserves (surplus) bearing in mind charities might expect 3 - 6…

Continue

Posted on July 29, 2020 at 18:34 — 1 Comment

CIC Regulator: freedom of Information request

I recently asked the CIC regulator a few questions about their powers and enforcement of those powers under a FOI request. I'm not sure how to upload their response (can I post it anywhere?). Most notably, over past 5 years, 310 CICs investigated. 0 CIC's had enforcement action against them.

Posted on January 18, 2018 at 9:12

More help and awareness needed

More help for CIC's.

1  HSBC refuse to give us a business credit card because they insist we are a not-for-profit and MUST have a constitution whereas we are a CIC limited by guarantee with Articles of Association.

2 HMRC state CIC's show profits and must pay Corporation Tax but as a CIC has a "surplus" that is ploughed back into our business not a "profit" for directors.

3 99% of grant making trusts do not recognise CIC as having "charitable" objects whereas the Nat…

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Posted on May 12, 2016 at 14:51 — 7 Comments

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