CIC Update

MadLab-CICThanks to everyone who came down last week for our first Community Interest Company (CIC) meeting.

We talked about the benefits that being a CIC would bring – including formalising our existing informal structure, how being a CIC would make it easier for community groups and members to further develop their careers and access grants and funds as well as putting in place an ‘assets lock’ meaning that assets and profits are dedicated to the community.


We are finalising the Community Interest Statement (CIS) and amending our current Articles of Association to prepare for the change over. The draft CIS will be circulated next week, and we’ll be putting it up on the site so that you can let us know what you think.

This short statement will reflect the broad range of communities and interests that MadLab represents.

We’ve had a lot of interest from people who would like to be part of the new Management Committee. If you are interested, please drop us a line (office@madlab.org.uk) or better still, come down to the next meeting, where we’ll be putting the Committee together. We hope that we can accommodate everyone who wants to be on the panel but if we have more interest than we have places, we’ll be holding elections next year so you can still get involved!
The next meeting will be held Thursday, May 9th at 7pm.
If you’d like to find out more about what a CIC is – and our plans/ timetable, please check out the info below.
MadLab

Timeframe
We will follow guidance as laid out from the Department for Business Innovation and Skills policy document “Office of Community Interest Companies: Introduction and Guidance Notes Chapter 4: Creating a Community Interest Company” – point 4.2 “Converting an existing company to a CIC”

We will consult with the community to create the Community Interest Document (form C137).

A Special Resolution has been passed by all current directors to amend MadLab’s Articles and other company documents as is required under this process (75% of directors need to be in agreement – MadLab has had 100% agreement).

Early April – announce decision to form CIC and invite all user groups, local partner organisations and current advisors (the group includes CEOs and CTOs of local businesses, BBC and University staff, IT freelancers and prominent members of the digital community – such as Mike Little, founder of WordPress).

Mid April – meeting to discuss contents of Community Interest Document (form C137) and new wording of MadLab’s Articles. This will be drafted and distributed to attendees and all groups for further input.

End April – Community Interest Document final draft issued. Final comments invited. Invite to May meeting to all parties.

Early May – meeting to deliver final draft. Submit this document as well as altered Articles to state MadLab is to be a CIC, change name of company from Ltd to one of the CIC designations and all other requirements necessary. MadLab’s Articles will be changed under the community’s consultation and guidance to reflect its aims and objectives.

Mid May – submit all documentation including amended Articles and Community Interest Document.

Management Committee – structure

In order to ensure that the new management structure is truly able to represent the community, the make-up of the Committee will be shaped as follows:

  • Where possible, there should always be at least four female and at least four male members of the Management Committee. We endeavour also to include people who do not identify in the gender binary
  • There should always be least one member from a group with expertise in
    representing or working with the following groups in the community:

    1. People with a disability
    2. Older people
    3. Young people
    4. Black and minority ethnic people

Members of the Management Committee will elect a chair from amongst themselves.

 

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