CIC, the official beginning
On the 6th of October Adaptive Martial Arts was successfully incorporated as a Community Interest Company (CIC) by Companies House.
This marks the end of the work put in by our administrators to authenticate Adaptive Martial Arts (AMA) and marks the beginning of the next phase for AMA.
What is a Community Interest Company (CIC)?
CIC's are limited companies which operate to provide a benefit to the community they serve.
They are not strictly 'not for profit', and CICs can, and do, deliver returns to investors.
However, the purpose of CIC is primarily one of community benefit rather than private profit. Whilst returns to investors are permitted, these must be balanced
and reasonable, to encourage investment in the social enterprise sector whilst ensuring true community benefit is always at the heart of any CIC.
For some CICs this is delivered through the provision of a service to a specific community, for example a welfare service to vulnerable people, in others it will be an activity that generates profits which are used to support a specific purpose such as a running a cafe where all profits generated are used to benefit the community.
Each CIC is required to submit on a yearly basis a report detailing the activities undertaken and how these have benefitted the community. This is an important document as it sets out publicly exactly how the CIC has met its obligations to deliver community benefits.
Further information on Community Interest Companies can be found here.
Why have we set up as a CIC?
At AMA we are operating as a non-profit organisation with the goal of helping people who are disabled, injured or in ill health. With this purpose in mind a CIC was the perfect avenue for us to set up as.
A CIC also allows us to be fully transparent about our operations and accounts as these will be reported back, checked by the regulator and uploaded to our record on companies house, whist being able to pay our highly trained and experienced staff. We did not want to make our events ‘one-offs’ which relied on highly skilled coached donating their time, but consistent opportunities with the best coaches, this meant the Charity status was too restricting to be able to maintain standards.
Next steps for AMA?
The next step of the journey for us is to raise some funds to up-skill our coaches and purchase the necessary insurance.
We will then be conducting some soft launches of our 10 week programme, instructor training programme and seminars to ensure we get this perfect for our full launch towards the end of 2016, early 2017.