Warm Wales is proud to have been a Community Interest Company since the start and will continue to fly the CIC flag as we work in communities across Wales and the West Country.
Why is Warm Wales a CIC?
A Community Interest Company (CIC) is a fairly new type of company formation. It was introduced by the UK government in 2005 under the Companies Act 2004. They were designed for social enterprises that wanted to use their profits and assets for the public good. Warm Wales became a Community Interest Company in 2005, becoming the first energy efficiency CIC in the UK and the first CIC of any kind in Wales.
A Community Interest Company (or CIC) is a special form of non-charitable limited company, which exists to benefit a community, or with a view to pursuing a social purpose, rather than to make a profit for shareholders. This provides a good fit with the aims and objectives of Warm Wales; we work in communities to alleviate fuel poverty, whilst increasing awareness, and use, of energy efficiency measures.
A Community Interest Company must be set up and run for the benefit of the community and can only be registered with the consent of the Community Interest Companies Regulator. The regulator ensures that; all applications comply with CIC legislation, the usual rules for setting up a company are followed, and be satisfied that the proposed company is being set up to benefit the community. Each year, all CIC’s must submit a return stating what its activities have been, and how they have been of community benefit.