UPDATE: GreeninBrum CIC has been wound up.
GreeninBrum CIC was registered in England and Wales as a not-for-profit Community Interest Company limited by guarantee, Company No. 6509787. It was an initiative of Chris Duggan (the founder of Balsall Heath Jungle) and John Christophers, an award-winning green architect (see www.associated-architects.co.uk/). Chris Duggan acts as the co-ordinator (a paid position), and edits this website. John Christophers receives no remuneration from GreeninBrum.
A company limited by guarantee has no shareholders and pays no dividends. Any surplus or profit usually goes straight back into the company – the directors have no right to it. Any surplus not used to build up the company is subject to the “asset lock” (see below).
A Community Interest Company (CIC) has an “asset lock”: even if the company is wound up, the assets can only go to another entity with an asset lock, usually either a charity or another CIC. In our case, the same applies to any surpluses (profits) wich are not re-invested in the company. (Some CICs have shareholders and can pay limited dividends.)
As well as the annual report to Companies House, a CIC has to provide an annual report to the CIC regulator to show that it is providing a benefit to the community it was set up to serve, including the results of a consultation with that community. Our governing document states that:
“The Company’s object is to carry on activities which benefit the community and in particular (without limitation) to provide practical goods and services to help reduce the greenhouse gas emissions and other environmental impact of human activity, especially in Birmingham.”
More information about community interest companies can be had from their Regulator at www.cicregulator.gov.uk.
Declaration of interests: John Christophers is employed by Associated Architects. Both John and Chris Duggan are members of Birmingham Friends of the Earth. John Christophers is (and Chris Duggan was) a member of St Paul’s Church Balsall Heath.
Publication of details of other organisations by GreeninBrum does not imply our endorsement of their products, services, or policies.Find other pages relating to: General