Hello everyone, I hope all is well…
I was wondering if anybody had any ideas about this, or alternatives, I don’t really want to put somebody on my Community banking account just for the sake of it…
From Awards for All (Apart from me obviously)
BIG Advice Team BIGAdviceTeam@biglotteryfund.org.uk
Thank you for your further email.
The bank may well have accepted your structure for your account, but it would not be sufficient for our purposes. There would need to be two signatories for transactions.
There is no legal requirement for a CIC to have two directors, and it is perfectly possible to have just one. Our policy, however, is that a CIC must have at least two unrelated directors/company secretary registered with Companies House (this increases to three for applications to Reaching Communities). This is to ensure that there is appropriate governance where we are distributing public money.
The only way you can proceed to be eligible for our funding is to add a further director to Companies House and to amend your bank account.
If you have any further questions please do not hesitate to contact us.
T: 0191 376 1683
Any help appreciated, I can do the online stuff until I’m blue in the face, at no cost whatsoever, but free premises, that seems another ball game…
You might find this with more grants and trusts etc… Its something I am having to undergo with my organisation. Just find someone you trust really well.
Yeh, its garbage ain’t it, how are two people automatically both more honest than one individual… Yeh, that seems the only way around it, there doesn’t seem to be much room for manouver… I’ve not trieed anywhere else yet, but if like you say it is quite common, that’s not good…
I can understand why they dont like just one signature or director as that does show some risk, I think it used to be three people… and now two.
I dont know how common it is, but just be prepared that it might be a thing.
Yeh, I can see what they are saying, but if three dishonest people sign it, they would get it, and one honest person, me, wouldn’t lol, that’s what I am trying to say to them, hopefully there is a third way… Im certainly going to try and change their minds anyway…
Good luck trying to change their mind, from what I understand its rules like that, that they are strict on.
Why not get someone else on as a director / signature?
its best to have three directors and get two from three signatories (unrelated), you will have little access to most grants funding schemkes
is there not one or two people in your project who would fit the bill, and who you can trust, giving people from the community some level of authority building an individual’s capacity and making your company more sustainable.
You can always change you articles and memorandum to give you a casting vote etc in any split decisions, but.
There will be a solution but obviously sometimes its hard to let go of some of the reins, but if your company become ungrantable then you wont be able to function properly or successfully
Hello Steve, yeh I get what you’re saying, I’m not going to add anybody just for the hell of it, these things happen naturally, I’m just going to let nature take it’s course… It was a bit of a blow though, but I’m not too bothered whether it’s profitable or not, but I need premises… Thanks for the advice… It’s not that I don’t want to give anything up, there just isn’t anybody, I am a bit of a one man band at the moment.
There’s only me haha, so I am kind of in a catch 22 situation, when Companies House accepted it, I didn’t think there would be any problem, ah well.