cambridgewood

Personal Information

Full Name

Cambridge Wood Works CIC

Profile

 We provide an economic and environmentally friendly alternative to skips for timber and wood waste, collecting, reusing and recycling as much as we can

We collect waste wood and timber and aim to reuse as much as possible, giving material to Cambridge charities and schools and selling reusable timber for trade and DIY from our Wood Store

We also make products from some of the material we collect and provide education and volunteering opportunities

Any profits are reinvested in the business, donated to charity or used to help other local community organisations.

 

Cambridge Wood Works Community Interest Company (CIC) is a co-operative registered in England and Wales, registered No. 07110949.

Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. This is achieved by a “community interest test” and “asset lock”, which ensure that the CIC is established for community purposes and the assets and profits are dedicated to these purposes. Registration of a company as a CIC has to be approved by the Regulator who also has a continuing monitoring and enforcement role.

“Community Interest” is the heart of the CIC and the community interest test is what differentiates CICs from other not-for-profit organisations. Demonstrating community interest can be of value to those seeking grant funding or philanthropic investment.

“Asset Lock” is a general term used to cover all the provisions designed to ensure that the assets of the CIC (including any profits or other surpluses generated by its activities) are used for the benefit of the community.

A transfer of assets must satisfy certain requirements. This means that, subject to the CIC meeting its obligations, its assets must either be retained within the CIC to be used for the community purposes for which it was formed, or, if they are transferred out of the CIC, the transfer must satisfy one of the following requirements:

• it is made for full consideration (i.e. at market value), so that the CIC retains the value of the assets transferred;
• it is made to another asset locked body (a CIC or charity or an IPS bencom, or non-GB based equivalent) which is specified in the CIC’s articles of association;
• it is made to another asset locked body with the consent of the Regulator; or
• it is otherwise made for the benefit of the community.

The objects of the Cambridge Wood Works CIC are to carry on any activities which benefit the community, by, but not exclusively by:

1. sourcing, collecting and diverting all forms of timber waste from skips and normal household waste and re-using or recycling it into useful everyday products;
2. providing education, training to communities about the importance of recycling and re- using timber and wood products, in an effort to raise their awareness and increase their knowledge of the low carbon agenda.

 

History

Member for

4 years 11 weeks