Pride Space CIC is the brand new community interest community set up to formalise The Pride Fund. A project that was created to support all UK pride events through a grants system, by The Pride Shop. The new company is fully transparent and operates independently and is governed in accordance with its articles of association lodged with Companies House.
What is a CIC?
A Community Interest Company (CIC) is a type of company that is designed to serve a social purpose. It is a legal entity that operates as a business, but its primary objective is to benefit the community rather than to generate profits for shareholders.
The key feature of a CIC is that it is required to have a “community interest statement” that sets out its social objectives and the ways in which it intends to achieve them. This statement is designed to ensure that the CIC remains committed to its social purpose, even if ownership or management changes in the future.
CICs are regulated by the government agency, the Office of the Regulator of Community Interest Companies (CIC Regulator) in the UK, where they were introduced in 2005. They are particularly popular among social enterprises, charities, and other organisations that seek to operate in a socially responsible way while also running a sustainable business.
Unlike charities, CICs are not tax-exempt and can issue shares to investors, but the distribution of profits is limited. Any profits made by a CIC must be used for the benefit of the community, and the company must provide a public report on its activities and finances each year.
What is Pride Space’s aim?
- Offering free and low-cost counselling to LGBTQ+ and question people in the UK.
- Open a pilot LGBTQ+ community hub on Nottingham’s high street.
- Offer bespoke, low-cost, free or subsidised activities, events and products.
- It will provide a lending library of LGBTQ+ books and resources.
- It will offer free, low-cost or subsidised events for the LGBTQ+ community
- It will provide a small cafe and shopping area which will provide some employment opportunities and give the LGBTQ+ demographic access to LGBTQ+-specific products and goods.
- To work with and support local pride events through fundraising activities, offering grants, and offering low-cost or free meeting spaces for meetings, town halls etc.