4 Cheeky Monkeys: We’re a non-profit company helping to build the imagination, social skills and play time for children and their carer’s.
Community Interest Companies
4 Cheeky Monkeys is a Community Interest Companies (CIC), I think it’s helpful for our users and local community to understand what that means. Below is a brief explanation and information.
A community interest company is a type of social enterprise introduced by the UK government in 2005 under the Companies Act 2004, designed for social enterprises that want to use their profits and assets for the public good. CICs have the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community.
Being a social enterprise means that 4 Cheeky Monkeys works, as a charity does, for a greater good rather than simply making profits whch is the aim of most private sector companies. As a social enterprise, 4 Cheeky Monkeys is part of what is known as the third sector along with charities, community groups and voluntary organisations. There are many social enterprises around such as John Lewis, The Big Issue, Jamie Oliver’s Fifteen restaurant and, of course, thousands of smaller organisations.
Any organisation can be a social enterprise – there is no registration required or any special rules, which is why 4 Cheeky Monkeys has decided to also register as a community interest company. This means that we are a social enterprise but we can offer our users, the general public, the security and peace of mind knowing that we are a properly structured, registered and transparent company.
What is the difference between the 4 Cheeky Monkeys CIC and private sector companies?
Being a Community Interest Company means that we have registered with Companies House as all private sector companies do. However, there are two key differences between the 4 Cheeky Monkeys, as a community interest company, and other private sector companies.
- The first is that we have a social aim. Instead of putting all our focus into making profits for directors or share-holders, we work to fulfil our social aims – working for families and children. Any ‘profits’ we make are put back into 4 Cheeky Monkeys to further our work. No-one walks away with profits from 4 Cheeky Monkeys.
- The second difference is that, should 4 Cheeky Monkeys ever have to close down, any assets that still exist in the company have to be given to another similar organisation – a charity or another community interest company with similar aims. This is called our asset lock and it ensures that no individual or private sector company can make off with our assets.
We’re extremely proud to be self-funded now, this means the money we make covers our day to day costs. When we first started out we were heavily grant reliant, we’ve come a long way.
When 4 Cheeky Monkeys is closed for Christmas or holidays, we still have bills to pay which is why we often fundraise prior to closures.
We really appreciate all the help and support our users and local community give to us.
4 Cheeky Monkeys CIC is on the Register of Companies held by Companies House. Through their Web check service, you can find out all our details – including account and returns we submit each year.www.companieshouse.gov.uk
If you would like more information about community interest companies, please visit their website www.cicregulator.gov.uk