Publication of Community Interest Reports
All the directors of a CIC have an additional obligation to prepare an annual community interest company report to be delivered to the Registrar of Companies with their accounts. The purpose is to show that the CIC is still satisfying the Community Interest Test, and that it is engaging appropriately with those individuals affected by its activities.
The detailed form of the report will be a matter for the company but, as with the annual accounts, the Regulator considers that a CIC should aspire to provide the fullest possible information rather than simply comply with the minimum requirements. As a matter of good practice the CIC should, for example, outline how it has ensured that the assets have been solely used for the benefit of the community the CIC serves [see chapter 8 of our guidance].
Although the report is a separate document from the company accounts there is no reason why it should not be sent to shareholders and other stakeholders with the directors' report and annual accounts.
The Registrar of Companies will file the report and accounts on the public record and pass a copy to the Regulator. Consideration of the community interest company report is an important element in the Regulator's monitoring role in showing that the CIC continues to satisfy the Community Interest Test [see Chapter 4.4].
A community interest company (CIC) is not required to conduct a social audit. It is required to prepare and deliver annually (in addition to the normal company annual return to the Registrar of Companies):
- Accounts;
- A community interest company report; and
- £15 filing fee [see Chapter 4.6].
We have received a number of enquiries about the publication of community interest company annual reports. Please click on the annual community interest reports link to see some of the first reports delivered to the Registrar of Companies, for guidance.
We have also provided a link to the Companies House for access to documents and information.
If you as an individual require sight of a community interest company report and have experienced difficulty obtaining a copy please contact us on the following number 02920 346228 providing some background information and we will ensure you receive the paper copy. We will monitor this service over the next six month and will liaise with Companies House, as appropriate.