If you haven’t already seen our exciting news, Second Home Cafe + Studio officially became a CIC in the past few weeks! I’m so excited and it seems like you all are too. Thank you so much for all of your kind messages, I can’t tell you how grateful I am to each and every one you. If you’re interested in knowing more, I thought I’d tell you a little bit more about why I decided to make Second Home a CIC.
W H A T I S A C I C ?
As defined on the government website, “A Community Interest Company (CIC) is a limited company, 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.” So in short, we’re not quite a charity. We’re a not-for-profit limited company which exists for the benefit of the community.
W H A T B E N E F I T S T O T H E C O M M U N I T Y ?
Without a permanent premises, we can:
- Run art classes at affordable prices (within reason)
- Work with other not-for-profits to provide classes
- Work with and support other community projects (art specific or otherwise)
Once we have a permanent premises, we’ll be able to further our work by:
- Making art materials accessible to all patrons
- Providing a space for practising artists
- Providing affordable exhibition space
S O W H A T W I L L H A P P E N W I T H T H E P R O F I T S ?
Profits do not go to shareholders and directors. All profits will be re-invested back into the business to provide things like new materials and more diverse classes.
As a CIC, Second Home has specific annual reporting requirements. In financial terms, this means you’ll be able to see exactly what we made, what we spent money on, and what I, as a director, was paid for my efforts. Even more importantly, you’ll be able to the benefit we provided to the community as defined by our members.
W H O A R E T H E M E M B E R S ?
Second Home does not have any shareholders, or anyone that would receive an share of any profits made yearly. The majority of the profits will stay within the company so we can continue doing good work. So when we speak about members, we mean our staff, our customers, and anyone that has directly benefited from the work we’ve done. We’ll also ask people that we haven’t yet worked with how we might extend our work so that we provide an unbiased and forward-thinking annual report.
S E C O N D H O M E I S N O T A B O U T M E .
Yes, I deserve to make money as the director of this company. You’ll see exactly how much I make each year, and you’ll even have a say on this as a member. However, I didn’t start this company to make money for myself. Second Home is every bit yours as much as it is mines. I mean it when I say this is a collaborative space - I really do want you to make it your Second Home.
I also decided to form the company in this way because I have future plans which will require that I step back from Second Home. As such, one day I might need to appoint a new director. I’ve set the company up this way so that it continues to run as a benefit to the community even after I’m long gone.
O O H G I R L , W H A T F U T U R E P L A N S ? !
Okay early days, but another more studio-focused space to come in the future. The big dream is to have a four floor building entirely dedicated to the arts. Big, BIG dreams.
I S C R O W D F U N D I N G A N O P T I O N ?
Maybe. We’re still looking into this but it seems like a great way to build a dedicated community. It’s scary asking strangers for money to fund your dreams but I don’t see why a fear of failure should stop me now.
So thats basically it. If you have any more questions or think that Second Home work with you, please just contact us! Our email is firstname.lastname@example.org.
Thank you for taking the time to read this and understand a bit more about us. And once again, thank you for your continued support.