The programme of work envisaged by the Master Plan can only be viable if it is managed as one programme covering all infrastructure, both new and upgraded, and new residential accommodation, commercial and leisure facilities.
The Special Purpose Vehicle best suited to deliver this programme on behalf of the community is a Community Interest Company (CIC).
Benefiting the community is what CICs are all about…Office of the Regulator of Community Interest Companies: Information and guidance notes
CICs are limited companies which operate to provide a benefit to the community they serve. The CIC sector is regulated by the Office of the Regulator of Community Interest Companies. The CIC legal structure supports a wide range of activities which range from very small local projects to multi-million pound health services. They apply to all industry sectors and are located in every area of the UK.
CICs are not strictly ‘not for profit’. They can deliver returns to investors, to encourage investment in the social enterprise sector, though these must be balanced and reasonable . The purpose of the CIC is primarily one of community benefit rather than private profit.
The Asset Lock is a fundamental feature of CICs. It is designed to ensure that the assets of the CIC, including any profits or other surpluses generated by its activities, are used for the benefit of the community, even after the CIC ceases to exist.
An interim board for a CIC in Chesham has been formed. It will be chaired by Tony Molesworth, with Directors Ray Payne, Andy Garnett, Andrew Ketteringham and Roger Smith. All are residents of Chesham. An application will be made to the CIC Regulator and Companies House to form a CIC to deliver the Master Plan vision.