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Safety first
Following safety concerns raised by residents of a local community it was decided to set up a CCTV system with some fencing surrounding the perimeter of the neighbourhood. Having considered the compliance burden of running a charity my clients were advised to use a not-for-profit community interest company (CIC) which was set up after confirmation by the registrar that the criteria had been met.
It is expected that in the course of the coming year the CIC would spend £100 000 on the neighbourhood security project (to include local authority planning costs legal and consultancy fees and equipment). This will be funded by voluntary contributions made by residents.
The agent warned my clients that no tax relief would be available on contributions made into the CIC and this was accepted given the modest contributions by each resident. The system requires monitoring...
