Your Community Interest Company

Your community

The Monksmoor Park Community Interest Company (CIC) takes care of all the communal assets on behalf of the community. It employs a managing agent, Preim, to maintain and manage the infrastructure assets.

All residents, retail unit occupiers and any other stakeholders owning property on the site will become members of the CIC. The public open spaces, some roads, selected pieces of public art, street lights, some allotments, the play areas and the website will be transferred to the CIC on a phase-by-phase basis.

The benefit to residents of this type of ownership structure is that in time, the members will be empowered to manage the green spaces and community buildings in a way that suits the community. It provides total transparency to members on how their annual service charge is spent and allows residents to have a voice in the management and development of their assets in the future.

Download the MPCIC information leaflet
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The development

How your CIC works

Community Interest Companies are ‘not-for-profit’ enterprises that use their profits and assets for public benefit, combining social purpose with commercial activities. A CIC is not driven by the need to maximise profit for members and owners, and financial surpluses are reinvested.

CIC assets are held in an ‘asset lock’, so profits can only be applied for the good use of the community. Dividend and interest payments are limited, allowing a profit to be made, but ensuring that the focus remains on benefit for the community.

The CIC at Monksmoor Park is set up as a Company Limited by Guarantee and is regulated by the official CIC regulator.

Handing over the assets

The CIC currently has two Crest Nicholson directors who have ‘Golden Membership’ rights. When Crest no longer has an interest in the development, members of the CIC will be invited to become directors and take responsibility for running the company.

It is difficult to identify when this might be, but it is likely that the management and ownership of a small area of open space, the pond and the website will be transferred to the CIC over the first couple of years.

Meanwhile, PREIM will encourage members of the CIC to establish a Steering Committee, to act as the focal point for communication with PREIM and to help ensure that the estate is maintained to the agreed standards.

Service charges

Monksmoor Park

The Monksmoor Park annual service charge is collected by Preimon behalf of the CIC, and can be paid in full, or on a monthly basis. The estimated charge for each individual property is outlined in the Monksmoor Park Estate Management Plan (MPEMP). The service charge will be reviewed annually and may be subject to change.

Crest Nicholson has transferred £100,000 into the CIC to set up the company and provide an initial reserve fund. An element of the annual service charge will also be allocated to the reserve fund for future repairs or replacement of any infrastructure assets.

About Preim, the CIC's managing agent

PREIM logo

As a managing agent with a contemporary approach, Preim passionately believes that property, estates and infrastructure can be owned and managed in a way that helps build sustainable communities; joining people together through common asset ownership.

Preim will use a community mobiliser in the early years to provide a visible estate presence from the start. They will engage and work with the new residents and, if the residents would like them to, will facilitate a range of activities and initiatives such as:

  • Neighbourhood watch
  • Neighbourhood help for gardening
  • Bulb planting
  • A directory of residents’ businesses
  • Walks and cycling around Daventry Country Park
  • Quiz nights and coffee mornings
  • Any other activities the residents request upon moving to Monkmsoor Park, such as baby and toddler groups, running groups, book clubs, pudding clubs

Find out more at the PREIM website.