Get Form 34

CICs must prepare an annual community interest company report, which is filed with the accounts using form CIC34. This report shows that the CIC continues to satisfy the community interest test that it passed when it was formed or converted, and that its activities continue to benefit the community.

The report must include details of the remuneration of the directors, the dividends paid on shares and the interest paid on capped loans. It will also need to explain what the CIC has done to benefit the community and how it has involved its members in its activities.

The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be, a community interest company (CIC). It is responsible for investigating complaints - taking action if necessary - and it provides guidance and assistance to help people set up CICs.

A CIC can be formed with any number of members (it can be a single member company or involve a wide membership) and can have a mix of stakeholders, so that investors can be involved and can be paid dividends or performance-related interest.

A CIC must file with its accounts each year an annual community interest report (form CIC34) which will be placed on the public record at Companies House and copied to the CIC Regulator.

What Is the CIC34? A CIC34 report is a form used for annual reporting. Each year, you'd submit the report to the Regulator of Community Interest Companies. You'd submit your information to the Regulator by way of the Registrar of Companies in your area.

To set up a CIC , you'll need: a 'community interest statement', explaining what your business plans to do. an 'asset lock'- a legal promise stating that the company's assets will only be used for its social objectives, and setting limits to the money it can pay to shareholders.

The Community Interest Statement should be drafted taking into consideration the purposes for which the company is set up, the range of activities which it will undertake in order to promote these purposes, and the sections of the community which the CIC is intended to benefit.