Can this charity become a community interest company (CIC) instead?

Answered 1 Oct 2007 by c.cattell
I am working with a pre-school who would like to give up charity status & become a CIC ltd by shares. They have assets of £10k & cash of £10k. They hold a PLA constitution. Can they choose who their assets are given to & is it possible for the new company to buy equipment from the charity? Also some of the money in the bank acount is nursery education grant funding for 3&4 yr olds: can this money be transfered to the new company? Thank you

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Charlie Cattell is a specialist in legal and governance matters relating to social enterprises, charities and voluntary organisations, assisting a wide range of groups with legal structures, organisational management, and regulatory issues.