COMMUNITY INTEREST COMPANY
The Locking Parklands Community Interest Company has come about as part of the partnership between the developers, St Modwen and the Homes and Communities Agency [HCA], who are owners of the land. It was set up to provide for the management and maintenance of the unadopted public parts of the growing estate development of residential new build homes at Locking Parklands, in the village of Locking, North Somerset. The legal status is that of a ‘community interest company’ limited by guarantee and incorporated on 16 February 2012. The company registration number is 07952707. The founding Directors are William Oliver and Rupert Joseland. The company has no shareholders, but members, who are the property owning residents of the development.
Community Interest Companies are of great value to the community they serve, as their assets, income and surpluses are only to be used directly for the benefit of the community. The assets are owned and retained by the company, rather than the members.
There are no set rules for the organisation or structure of a community interest company - this is for the organisation itself to determine its way forward. However, the Articles of Association clearly set out, through its objects, the way in which fees can be collected for the provision of services to manage, maintain, insure, build reserve funds and to protect the long term viability and sustainability of the Locking Parklands development. This is, in itself, a long term project taking up to fifteen years to reach completion.
Also set out within the Articles of Association are the clauses appertaining to the establishment and provision of community life at Locking Parklands. These objectives are clearly defined:
The Managing Agent
The Housing Association Providers
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