What should be included in a Community Interest Company (CIC) Report?
The CIC Regulations prescribe minimum requirements for each report. These include:
- General description of the company’s activities and what the CIC has done to benefit the community.
- Details of its consultations with stakeholders.
- Details of directors' remuneration.
- Information on the transfer of assets other than for full consideration (to another asset-locked body or otherwise at less than market value for the benefit of the community).
If the CIC is a limited by shares company, the CIC Report must include:
- either details of dividends declared (or proposed) on shares or a statement that there were no dividends declared in the reporting year and the four financial years immediately preceding the reporting year, and
- information about debts or debentures on which interest at a performance-related rate is payable. The compliance with the capping rules must be shown.
If the CIC is a limited by guarantee company, the CIC Report must include the interest paid at a performance-related rate section only if the company paid any such interest.
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