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Charitable Incorporated Organisation
Trustees must be eligible - Registration is with the Charity Commission (CC) Need 3 trustee board members Report to the CC only there is no minimum income threshold to register a CIO C.I.O Charitable Incorporated Organisation All trustees are volunteers Hire staff & recruit volunteers Can take up to 40 working days to register Your charity must have ‘charitable purposes’ the public benefit and charitable objects An individual should never be an employee and trustee of a charity Can apply for funding – receive increased support from funders You need a bank or building society account The CIO is a separate legal entity and so it can enter contracts, hold property and employ staff in its own name. The governing document is a constitution Eligible for business rates relief and other tax benefits Assets are locked and if wound up assets/funds would be transferred to a charity with similar purpose Blue – Key Information Green – Information that should be considered
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Can convert to a charity
From sept 2018 a C.I.C will be able to convert directly to a C.I.O The governing documents are; Memorandum of Association & Articles of Association Asset Locked – can only transferred assets to other asset-locked bodies Can convert to a charity Register with Companies House Can open with one director C.I.C Community Interest Company £35 fee to set up & £15 fee per annum to submit report – Mandatory the only “ways out” of a C.I.C is dissolving or becoming a charity The C.I.C will either be a C.I.C limited by guarantee or limited by shares Being a CIC will not give you an automatic right to grants or other funding although the nature of your activities or location may do so. The directors can be paid or unpaid and have the same rights and duties as any other directors May be eligible to get small business rates relief Grant funders are less likely to fund C.I.C by shares To open a C.I.C you will need; IN01 – application to register a company CIC36 - application to form a CIC Memorandum of Association Articles of Association Report to the CIC Regulator which is part of Companies House Most grant funders prefer to engage with C.I.C’s who have at least 3 unrelated directors There are no other tax benefits Blue – Key Information Green – Information that should be considered
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