3rd Way

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Why?

As A CIC

The Name

History



As a CIC 3rd Way must comply with the normal company ruls (set out by companies house), as well as other additional rules. In short the directors/owners cannot make any money from the business and the company must aim to benifit the community.

3rd Way benifits the community by providing accomodation and funds to Parbold Youth Group. The youth group use the accomodation to meet on youth group nights and the funds are used to go on trips out or buy new equipment.

In addition to the standard Company Requirements, it must also:

  • Satisfy and continue to satisfy a Community Interest Test.
  • Adopt certain statutory clauses within its constitution (this includes a clause to lock-in the assets to provide benefit to the community)
  • Deliver a Community Interest Report with its Annual Accounts

 So... Third Way Community Interest Company:
  • Is Not For Profit
  • Is Limited by Guarantee (Not having a Share Capital)
  • Has Board of Directors, Responsible to Companies House and the CiC Regulator
  • Has Charitable Aims and Objectives
  • Passes Community Interest Test
  • Has an “Asset Lock”
  • Raises Finance through Trading, Investments, Grants, Gifts, Bequests
  • Donates Profits to Charity
©Coffee Etc. and 3rd Way No reproduction of this web page the 3rd Way logo or the Coffee Etc. logo without written permission.
(Coffee Etc. is the trading name of 3rd-way CIC)
Webmaster Mr. C Morris