What is a Community Interest Company?
A community interest company (CIC) is a type of company designed for social enterprises that want to use their profits and assets for the public good.
A CIC has primarily social objectives whose surpluses are principally reinvested for that purpose in the business or the community, rather than being driven by the need to maximise profit for shareholders and owners.
Worcester Norton Sports Club Ltd (WNSCL) has owned the site since 1985 so why was a CIC formed?
As a private company WNSCL is free to use and dispose of its assets as decided by its members.
Some of the assets of WNSCL (excluding Worcester Norton Shooting Club, the Stewards’ Houses and the lower sports field) were transferred to WNCIC on a 40 year lease and those assets and profits must then be permanently retained within the CIC and used solely for community benefit (this is called an asset lock). Should the CIC cease to exist then the assets can only transferred to another organisation which itself has an asset lock, such as a charity, or another CIC. This “asset lock” is a compulsory feature of the CIC structure and is overseen by the CIC Regulator.
Importantly, a CIC can access public funding and grants that are not available to a private limited company as the asset lock offers security that any public investment will be for the benefit of the community and not for individuals.
What are the objectives of Worcester Norton CIC?
The Company will provide venues to facilitate and enable sport, leisure and recreational activities, accommodate all ages, genders and abilities and to encourage wider use of the venue.
Who are the directors of WNCIC?
The directors have been appointed from the sports currently played on the site, the local parish council and from the local community. All are unpaid volunteers who are dedicated to building and operating a vibrant and successful community hub. They will seek to co-opt other directors to bring additional skills to the company as necessary.
What has been achieved so far?
WNCIC was formed on the 18th December 2020.
For the whole site development and renovation, an architect, surveyor and consultants have undertaken: Outline design including a heritage statement for the listed status of the buildings on site; consideration of the access road to rear and parking area; changes to the ground levels; tree and root
protection. Consultants for electrical supply, drainage, ground condition, asbestos and bat surveys have been employed. Planning permission was 0riginally granted in February 2021 and renewed for the modified designs in late 2022
A great deal of work was done over the next period to modify designs in order to match the budget available.
A 40-year lease was signed with the landowners Worcester Norton Sports Club Ltd and possession taken on the 31st July 2023.
Funding target achieved and contractor appointed Autumn 2023.
Work commenced in January 2024 with the completion expected in July 2024
The building unofficially opened on the 1st August 2024 with a formal opening ceremony on the 24th September 2024