Contribute Terms & Conditions
Terms & Conditions
1. PROMOTION
The Community Fund is a small society lottery (the “Lottery") and is promoted and administered by Community Money CIC, a community interest company (‚ÄúCM‚Äù). The Lottery is promoted in furtherance of CM‚Äôs aim to combat financial exclusion by investing in financially excluded individuals, businesses and community groups through affordable, accessible and equitable loans and grants and other financial services, such as debt and money advice (‚ÄúCM‚Äôs Aim‚Äù). CM reserves the right to photograph winners or use winners‚Äô names for publicity purposes.
2. LICENSING
The Lottery is registered with Islington Council in accordance with the Gambling Act 2005. It will operate within the Law and Gaming Board guidelines.
3. PROCEEDS
All monies received as entrance fees to the Lottery will, after the payment of winnings and controlled expenses (such as the employment of staff to administer the Lottery) be made available to CM for the furtherance of CM’s Aim.
4. ENTRY
4.1 The Lottery is open to all members of the public over the age of 16, excluding employees of CM.
4.2 The Lottery is operated on a cashless basis. The entry may be paid by:
4.2.1 standing order (on a monthly (4 week), quarterly, six monthly or annual basis);
4.2.2 cheque or postal order (for six months or one year in advance); and
4.2.3 online (either in advance (for one month (4 weeks), a quarter, for six months or for one year) or by recurring payment (on a monthly (4 week), quarterly, six monthly or annual basis).
4.3 The entry fee for each Lottery entry is £1. Each participant, except for mobile text entries and online entries, must complete an application form with payment details, which must be forwarded to Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ. Application forms are available:
4.3.1 from CM’s website at http://www.communitylottery.co.uk;
4.3.2 by post from Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ; and
4.3.3 by telephone by calling 0845 602 1322.
4.4 Participants will not be entered into a draw unless payment has been received in cleared funds not less than 24 hours before the scheduled draw time. Subject to this, participants will be entered into the next draw to be held after payment has been received.
4.5 Participants will be allocated a unique Community Lottery number when they enrol. Participants will be notified of this number, of their enrolment [and the scheduled date for the first draw for which they will be eligible] by email. Upon request a written confirmation of entry stating the lottery number, player’s name and address (as per lottery database) and date of entry into the draw will be sent to the player.
4.6 In the event of any dispute as to whether payment for entry into a particular draw has been received, evidence of payment into the Lottery may be required from the participant.
5. NON PAYMENT
5.1 Non-payment will invalidate an entry.
5.2 Non payment includes circumstances where: the participants standing order has been cancelled by the account holder; the standing order has not been paid by the bank for any reason; and the postal order/cheque entry has not been renewed.
5.3 It is the responsibility of each player to notify CM of any change in banking and personal details.
6. REFUNDS
6.1 Refunds will be given only in case of errors, such as technical problems, made by CM or its service providers. This will be offered at the discretion of CM management.
7. CANCELLATION
7.1 A participant (or, in the event of the death of a participant, their estate) may cancel an entry into the Lottery at any time.
7.2 If a participant cancels their entry into the Lottery any pre-payment which has been made by that participant for draws more than 4 weeks after the date of cancellation will be refunded by CM.
8. THE DRAW
8.1 Draws will be undertaken weekly on the Friday of each week. The winner of each draw will be announced by the Friday following that on which the draw takes place.
8.2 With the permission of the judges a maximum of 3 draws may take place in advance or retrospectively in the event of staff absences or unavailability of independent third parties.
8.3 Each draw will normally be undertaken by an independent third party and administered and witnessed by CM employees. With the agreement of the Board of Directors of CM (who will act as judges in relation to each draw), employees of CM may perform the draw, if it is not practically possible for an independent third party to do so.
8.4 In the event of any error in a draw, multiple draws having to take place and/or any query as to the outcome of the draw, the judges’ decision is final and no correspondence will be entered into concerning the outcome of draws or the allocation of prizes.
8.5 In the event of an error in relation to any draw, the judges shall declare that draw void and a fresh draw shall take place within 48 hours of the original being declared void.
9. PRIZES
9.1 There will be just one winner of each weekly draw. The winner of each draw will be contacted by CM employees.
9.2 The weekly prize will be determined by the number of entries received for the relevant draw and will be an amount equal to 40% of the entry fees received for entries into the relevant draw.
9.3 The weekly prize will be paid to the winner by cheque made payable to the name of the winning player as per the entry recorded by the Lottery database.
9.4 Prizes do not have to be claimed.
10. SUSPENSION OR TERMINATION OF LOTTERY
10.1 CM reserves the right to stop or suspend the lottery at any time. In this event, no more weekly draws will take place. All active players at the date of the decision to cease the Lottery will be notified accordingly, in writing. Any prepayments beyond 4 weeks will be refunded.
11. GENERAL
11.1 By purchasing a chance in the lottery you are accepting the terms and conditions contained in this document.
16/12/08 Newington Green Now & Then event raffle
We sold a number of raffle tickets to raise funds for our Community Fund. Sharon Sullivan purchased the winning entry which was 108. Thanks for all who supported us by purchasing a ticket!
Mary (N1)
John (W2)
We are updating our site.
01/12/08 The Croydon Hostel awarded micro grant
We shortlisted 5 organisations from 28 applications from a wide variety of community groups across London and asked you to vote for your favorite cause. Voting closed on Monday December 1st. The Croydon Hostel received 366 votes or 52% of the votes so they are awarded the micro grant - congratulations!
Susan (N4)
We are updating our site.
27/11/08 Become a collective grant maker
Vote for 1 of 5 fantastic community groups to become our micro grant recipient. Voting closes on Monday December 1st. After you vote, help us tackle poverty in London, where 40% of families live in poverty, by making a £1 weekly contribution to the Community Fund. We multiply your generosity for bigger impact - and reward it by entering you in a weekly prize draw.
Street Platinum (SW9)
Body Gossip (E5)
Brockley No. 1 Pensioners Club (SE8)
Polish and Eastern European Family Centre (N17)
The Croydon Hostel (CR0)
21/11/08 Micro Grant Round Now Closed
We received 26 applications this round. We will now go through the applications and make a short list of finalists. The short list should be available on the website on Thursday. We invite current contributors and others to vote for their preferred grant award recipient. In future this will only be available to our contributors.
Grant Finalists
The current voting is closed. We received 28 applications from a wide variety of community groups across London. Community Money shortlists organisations that cover a wide range of activities, have a positive impact on a wide sector of the local community and where our micro grant can make a big difference. Below is our list of shortlisted micro grant finalists. Voting closed on Monday December 1st.
We received 697 votes - Body Gossip received 257 votes or 37% of the vote, whilst the Croydon Hostel received 366 votes or 52% of the votes so they are awarded the micro grant - congratulations! Good luck to the other short-listed candidates and thanks for all who voted - we will hopefully provide you with an update of the Christmas celebrations on the website shortly.
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Sign up now to contribute; join a community of fellow contributors; help us decide who receives a community grant and be eligible for special prize draws!
Welcome to Community Money
Poverty is just around the corner - in London 40% of families live in poverty. Make a £1 weekly contribution from which we provide advice, micro grants and, soon, micro loans. We multiply your generosity for bigger impact and reward it by entering you in a weekly prize draw.
Jessica (SE1)
We are updating our site.
21/11/08 LSO Lunchtime Concert
We enjoyed a concert at London Symphony Orchestra’s lunchtime Discovery series and sold Community Fund raffle tickets from 1:15 to 2PM. Click here for directions to LSO St.Luke’s.
Do you donate to charity?
Fundraising Barometer
Tom
We are updating our site.
Advice
We run community based money workshops and debt advice sessions. We also train volunteers to become money and debt advisers.
We are currently running a programme for Mildmay Community Partnership at the Mayville Community Centre in Islington.
The Mildmay Money & Debt Advice Team.
If you live in the area and need advice please get in touch to find out about our weekly money and advice sessions.
Linda
We are updating our site.
Chris
We are updating our site.
Grants
Micro Grants
Micro grants are made available with proceeds from the Community Fund and aim to support, promote and improve vibrant London communities, available specifically to small local groups, initiatives and individuals wishing to develop a community based project or activity. They are to be used primarily for small projects and activities, which are otherwise difficult to fund, rather than as a small contribution to a larger project.
Our current round closed on Friday 21 November. Please email us if you would like to be added to our mailing list to find out when the next round opens.
Previous Grant Recipients
Our first grant was made to The Photosynthesis Project. They used the grant from the Community Lottery to work with a group of children, aged 8 to 15 years, at the Spitalfields City Farm in East London. The grant paid for two new digital cameras for the children to use and the project involved learning about the lives of the children in a small, rural school in Pune, India and then using photography to tell a story about their lives, here in London. The pictures were then printed into postcards and the children wrote a message to the school children in India in order for them both to learn more about another country/ culture and way of life and for stereotypes to be challenged and awareness raised. For photos of the children in India, please visit http://www.flickr.com/thephotosynthesisproject
How You Make A Difference
Sometimes it’s hard to believe that one individual can make a big difference.
We at Community Money CIC believe in the power of one. One person, one pound, once a week can start making a big difference. We multiply your generosity with similar small contributions from others and proceeds from your contributions go towards the Community Fund, from which we provide advice, grants and loans.
Contribute £1 a week and the more people sign up, the more money is made available to tackle poverty. The concept behind this idea is called group or crowd funding. It is a collective approach to supporting initiatives, whether it’s Barack Obama’s political campaign or the web-community owned My Football Club.
The figures quickly add up. One person contributing £1 a week means a contribution of £52 over the year; 1000 people is around £50,000 and if we can sign up 5000 people than this is close a quarter of a million pounds which will contribute to addressing poverty in the capital.
If you sign up as contributor you will join a community of fellow contributors; help us decide who receives a community grant; and be eligible for special prize draws.
Small contributions, big impact...and you are entered into a weekly prize draw! Do you believe in the power of one?
Join Us
Ambassadors
Become a freelance ambassadors to promote the Community Fund in your local area. Earn up to £250 every quarter by signing up family, friends, colleagues and neighbours. It offers a small income, flexibility, community involvement and the opportunity to help a good cause. If you would like to find out more, we would love to hear from you. Contact us to find out more.
Volunteers
We are always looking for people interested in volunteering, whether it might be in the office or at our money and debt advice sessions. Again, contact us to find out more.
What We Do
The Community Fund
The Community Fund is a weekly small society lottery the proceeds of which fund our micro grants and loans.
Working in Partnership
We work in partnership with housing associations, local authorities and community organisations to address poverty and financial exclusion.
For Mildmay Community Partnership in Islington we run a programme to train local volunteers to become money and debt advisers. For Springboard Training in North London and Wandsworth Council we delivered a number of workshops on becoming self-employed.
About Us
Management
Community Money CIC is run by Puck Markham. Puck is a former broker and commercial banker, with several years of experience in both social enterprise and micro finance lending. He is a fellow of the School for Social Entrepreneurs.
Board of Directors
Belinda Bell is a social entrepreneur with a background in microfinance. As Founder and first Chief Executive of Foundation East Belinda established a social enterprise that provides loans to financially excluded businesses and individuals from across the East of England. Her previous experience includes providing support, advice and loan finance to London based social enterprises. Belinda holds a Masters Degree in Community Enterprise from the University of Cambridge and a Bachelors degree in Social Anthropology from Goldsmiths College, University of London.
Ahmad Butt - Director of Islington People’s Rights - Bio to follow.
Althia Cameron has several years’ financial services and housing association experience, working in the banking sector for five years in a range of roles from development to financial planning. She then spent three successful years managing the CHANGE financial inclusion team who delivered a range of services promoting financial capability. Althia has recently moved to Hyde Plus Housing and is delivering a new money advice project.
Genevieve Dowokpor is the founder and Chief Executive of Youthology, a Youth Social Enterprise based in East London, dedicated to providing opportunities for young people to achieve excellence in their communities through events and projects. Genevieve has extensive hands-on experience working with children, young people and families in high risk environments. She is a fellow of the School for Social Entrepreneurs, company secretary for Greater London and International Mas Association (London Notting Hill Carnival) and Board Member to Community Money (CIC)
Chris Gregory works as Head of Connectivity Services at Fidessa LatentZero, a financial services software company. Chris has over fifteen years experience in the financial services industry, with a solid track record in establishing and growing new financial services companies and the successful strategic formulation and implementation of new products.
Puck Markham is Dutch-American and has a background as a broker (PaineWebber now UBS) and commercial banker (Barclays). Before founding Community Money, Puck advised long-term unemployed people on how to start micro businesses (Working Links); offered planning and support to local businesses (OneLondon), providing loan finance for social enterprises (London Rebuilding Society); lobbied at national and regional level on behalf of the community development finance sector (CDFA); and managed a London-wide micro finance pilot (Change Finance).
John Mulkerrin - Managing Director, Quotes 4 Charity CIC. John founded Quotes4Charity CIC after a career in Financial Services spanning over 15 years. He is CII and CeMap qualified and has worked for a number of multinationals advising both corporate and individual clients. John is also chief protagonist of the newly formed CIC Association.
Steve
We are updating our website.
Thanks for Contributing!
Thanks for your contribution. You will be receiving an e-mail shortly to confirm your contribution!
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Contribute
Contribute ¬£1 a week to the Community Fund, which you can pay online via WorldPay’s secure server on a monthly, quarterly, bi-annual or annual basis. Contributions can be made in UK pounds only. Please review our Terms & Conditions below before signing up. You will be issued with an unique entry number once your payment has been confirmed.
Please get in touch if you would like to pay by standing order or would like to pay through your employer’s payroll:
Community Money CIC
The Hub
5 Torrens Street
London EC1V 1NG
Tel: 020 7697 8078
Email:
Community Money CIC is incorporated under Company Number 6258207.
Terms & Conditions
1. PROMOTION
The Community Fund is a small society lottery (the “Lottery") and is promoted and administered by Community Money CIC, a community interest company (‚ÄúCM‚Äù). The Lottery is promoted in furtherance of CM‚Äôs aim to combat financial exclusion by investing in financially excluded individuals, businesses and community groups through affordable, accessible and equitable loans and grants and other financial services, such as debt and money advice (‚ÄúCM‚Äôs Aim‚Äù). CM reserves the right to photograph winners or use winners‚Äô names for publicity purposes.
2. LICENSING
The Lottery is registered with Islington Council in accordance with the Gambling Act 2005. It will operate within the Law and Gaming Board guidelines.
3. PROCEEDS
All monies received as entrance fees to the Lottery will, after the payment of winnings and controlled expenses (such as the employment of staff to administer the Lottery) be made available to CM for the furtherance of CM’s Aim.
4. ENTRY
4.1 The Lottery is open to all members of the public over the age of 16, excluding employees of CM.
4.2 The Lottery is operated on a cashless basis. The entry may be paid by:
4.2.1 standing order (on a monthly (4 week), quarterly, six monthly or annual basis);
4.2.2 cheque or postal order (for six months or one year in advance); and
4.2.3 online (either in advance (for one month (4 weeks), a quarter, for six months or for one year) or by recurring payment (on a monthly (4 week), quarterly, six monthly or annual basis).
4.3 The entry fee for each Lottery entry is £1. Each participant, except for mobile text entries and online entries, must complete an application form with payment details, which must be forwarded to Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ. Application forms are available:
4.3.1 from CM’s website at http://www.communitylottery.co.uk;
4.3.2 by post from Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ; and
4.3.3 by telephone by calling 0845 602 1322.
4.4 Participants will not be entered into a draw unless payment has been received in cleared funds not less than 24 hours before the scheduled draw time. Subject to this, participants will be entered into the next draw to be held after payment has been received.
4.5 Participants will be allocated a unique Community Lottery number when they enrol. Participants will be notified of this number, of their enrolment [and the scheduled date for the first draw for which they will be eligible] by email. Upon request a written confirmation of entry stating the lottery number, player’s name and address (as per lottery database) and date of entry into the draw will be sent to the player.
4.6 In the event of any dispute as to whether payment for entry into a particular draw has been received, evidence of payment into the Lottery may be required from the participant.
5. NON PAYMENT
5.1 Non-payment will invalidate an entry.
5.2 Non payment includes circumstances where: the participants standing order has been cancelled by the account holder; the standing order has not been paid by the bank for any reason; and the postal order/cheque entry has not been renewed.
5.3 It is the responsibility of each player to notify CM of any change in banking and personal details.
6. REFUNDS
6.1 Refunds will be given only in case of errors, such as technical problems, made by CM or its service providers. This will be offered at the discretion of CM management.
7. CANCELLATION
7.1 A participant (or, in the event of the death of a participant, their estate) may cancel an entry into the Lottery at any time.
7.2 If a participant cancels their entry into the Lottery any pre-payment which has been made by that participant for draws more than 4 weeks after the date of cancellation will be refunded by CM.
8. THE DRAW
8.1 Draws will be undertaken weekly on the Friday of each week. The winner of each draw will be announced by the Friday following that on which the draw takes place.
8.2 With the permission of the judges a maximum of 3 draws may take place in advance or retrospectively in the event of staff absences or unavailability of independent third parties.
8.3 Each draw will normally be undertaken by an independent third party and administered and witnessed by CM employees. With the agreement of the Board of Directors of CM (who will act as judges in relation to each draw), employees of CM may perform the draw, if it is not practically possible for an independent third party to do so.
8.4 In the event of any error in a draw, multiple draws having to take place and/or any query as to the outcome of the draw, the judges’ decision is final and no correspondence will be entered into concerning the outcome of draws or the allocation of prizes.
8.5 In the event of an error in relation to any draw, the judges shall declare that draw void and a fresh draw shall take place within 48 hours of the original being declared void.
9. PRIZES
9.1 There will be just one winner of each weekly draw. The winner of each draw will be contacted by CM employees.
9.2 The weekly prize will be determined by the number of entries received for the relevant draw and will be an amount equal to 40% of the entry fees received for entries into the relevant draw.
9.3 The weekly prize will be paid to the winner by cheque made payable to the name of the winning player as per the entry recorded by the Lottery database.
9.4 Prizes do not have to be claimed.
10. SUSPENSION OR TERMINATION OF LOTTERY
10.1 CM reserves the right to stop or suspend the lottery at any time. In this event, no more weekly draws will take place. All active players at the date of the decision to cease the Lottery will be notified accordingly, in writing. Any prepayments beyond 4 weeks will be refunded.
11. GENERAL
11.1 By purchasing a chance in the lottery you are accepting the terms and conditions contained in this document.
Dave Test
test
01/11/08 Cracking the Credit Crunch
We spoke to a lot of local residents about Community Money, its volunteer training programme, money and debt advice and the Community Fund.
We sold 53 raffle tickets to our Community Fund raffle - and number 35, belonging to Martin Baillie, was the winning entry number. The proceeds will be split between our winner and the Community Fund.
For more information on St. Luke’s, click here http://www.slpt.org.uk/community/index.html.
Micro Grant Recipients
Our current grant recipient is an after school football project at St. Mary’s Path Estate in Islington. Our grant helps pay for a qualified trainer supplied by Access 2 Sports (http://www.accesstosports.org.uk).
Our first grant was to the Photosythesis Project, a photo project working with children at Spitalfields City Farm.
Terms & Conditions
Promotion
The Community Fund (the “Fund") is promoted and administered by Community Money CIC, a community interest company (“CM”). The Fund is promoted in furtherance of CM’s aim to combat financial exclusion by investing in financially excluded individuals, businesses and community groups through affordable, accessible and equitable loans and grants and other financial services, such as debt and money advice (“CM’s Aim”). CM reserves the right to photograph winners or use winners’ names for publicity purposes.
Licensing
The Fund is registered with Islington Council in accordance with the Gambling Act 2005. It will operate within the Law and Gaming Board guidelines.
Proceeds
All monies received as entrance fees to the Fund will, after the payment of winnings and controlled expenses (such as the employment of staff to administer the Fund) be made available to CM for the furtherance of CM’s Aim.
Entry
The Fund is open to all members of the public over the age of 16, excluding employees of CM.
The Fund is operated on a cashless basis. The entry may be paid by:
standing order (on a monthly (4 week), quarterly, six monthly or annual basis);
cheque or postal order (for six months or one year in advance); and
online (either in advance (for one month (4 weeks), a quarter, for six months or for one year) or by recurring payment (on a monthly (4 week), quarterly, six monthly or annual basis).
The entry fee for each Fund entry is £1. Each participant, except for mobile text entries and online entries, must complete an application form with payment details, which must be forwarded to Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ. Application forms are available:
from CM’s website at http://www.communitylottery.co.uk;
4.3.2 by post from Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ;and
4.3.3. by telephone by calling 0845 602 1322.
Participants will not be entered into a draw unless payment has been received in cleared funds not less than 24 hours before the scheduled draw time. Subject to this, participants will be entered into the next draw to be held after payment has been received.
Participants will be allocated a unique Community Fund number when they enrol. Participants will be notified of this number, of their enrolment, and the scheduled date for the first draw for which they will be eligible, by email. Upon request a written confirmation of entry stating the lottery number, player’s name and address (as per fund database) and date of entry into the draw will be sent to the player.
In the event of any dispute as to whether payment for entry into a particular draw has been received, evidence of payment into the Fund may be required from the participant.
Non Payment
Non-payment will invalidate an entry.
Non payment includes circumstances where: the participants standing order has been cancelled by the account holder; the standing order has not been paid by the bank for any reason; and the postal order/cheque entry has not been renewed.
It is the responsibility of each player to notify CM of any change in banking and personal details.
Refunds
- Refunds will only be given where an error has been made by CM.
Cancellation
A participant (or, in the event of the death of a participant, their estate) may cancel an entry into the Fund at any time.
If a participant cancels their entry into the Fund any pre-payment which has been made by that participant for draws more than 4 weeks after the date of cancellation will be refunded by CM.
The Draw
Draws will be undertaken weekly on the Friday of each week. The winner of each draw will be announced by the Friday following that on which the draw takes place.
With the permission of the judges a maximum of 3 draws may take place in advance or retrospectively in the event of staff absences or unavailability of independent third parties.
Each draw will normally be undertaken by an independent third party and administered and witnessed by CM employees. With the agreement of the Board of Directors of CM (who will act as judges in relation to each draw), employees of CM may perform the draw, if it is not practically possible for an independent third party to do so.
In the event of any error in a draw, multiple draws having to take place and/or any query as to the outcome of the draw, the judges’ decision is final and no correspondence will be entered into concerning the outcome of draws or the allocation of prizes.
In the event of an error in relation to any draw, the judges shall declare that draw void and a fresh draw shall take place within 48 hours of the original being declared void.
Prizes
There will be just one winner of each weekly draw. The winner of each draw will be contacted by CM employees.
The weekly prize will be determined by the number of entries received for the relevant draw and will be an amount equal to 40% of the entry fees received for entries into the relevant draw.
The weekly prize will be paid to the winner by cheque made payable to the name of the winning player as per the entry recorded by the Lottery database.
Prizes do not have to be claimed.
Suspension or termination of lottery fund
CM reserves the right to stop or suspend the lottery fund at any time. In this event, no more weekly draws will take place. All active players at the date of the decision to cease the Lottery will be notified accordingly, in writing. Any prepayments beyond 4 weeks will be refunded.
General
By purchasing a chance in the lottery you are accepting the terms and conditions contained in this document.
Disclaimer
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FAQ
We are updating and improving our site. Please be patient with us as we make a number of changes. We will soon have more information including how you can become a collective grant maker.
What is the Community Fund?
The Community Fund is a small society lottery based in Islington, London and as such is registered with Islington Council, licensed under the Gambling Act 2005, and regulated by the Gambling Commission. As a ‘small society lottery’ it must, among other things, be run by a non-commercial organisation registered with the local authority and at least 20% of the proceeds must go to good causes i.e. the purposes for which the organisation has been formed. Such lotteries are a succesful fundraising tool for organisations such as Age Concern; Diabetes UK; hospice lotteries, such as those affiliated to the Hospice Lotteries Association; the Isle of Wight Lottery and the Pembrokeshire Lottery.
What is the good cause that the Community Fund supports?
The proceeds of the Community Fund are dedicated to combatting financial exclusion among individuals, businesses and community groups by providing affordable, accessible and fair loans and community grants and other financial services, such as advice.
Who operates the Community Fund?
The Community Fund is operated by Community Money CIC, which is a company incorporated in England and Wales under Company Registration Number 6258207 and a Community Interest Company regulated by the CIC Regulator.
What can you tell me about Community Money?
Community Money is a London based MFI (microfinance institution) which is the first in the UK to be registered as a Community Interest Company (CIC). Community Money invests in financially excluded individuals, businesses and community groups by providing affordable, accessible and fair loans and community grants and other financial services, such as advice.
- Community Money offers
- Money & Debt Advice
- Affordable Loans & Community Grants
- Community Based Advisers Programme
- Financial Inclusion Training & Consultancy
Community Money has received private investment and grant funding from UnLtd, the Foundation for Social Entrepreneurs. It is an associate member of the CDFA, the trade association for Community Development Finance Institutions (CDFIs), which are independent financial institutions which lend and invest in deprived areas and underserved markets that cannot access mainstream finance.
What is a CIC (Community Interest Company)?
A CIC is a company which operates for the benefit of the community. A CIC is a new type of company designed for social enterprises that want to use their profits and assets for the public good. Community Interest Companies (CICS) are limited companies with special additional features created to conduct business or other activity for community benefit, and not purely for private advantage. This is achieved by a “community interest test” and “asset lock”, which ensure that the CIC is established for community purposes and the assets and profits are dedicated to these purposes. Registration of a company as a CIC has to be approved by the Regulator who also has a continuing monitoring and enforcement role. For more information, visit the CIC regulator’s website by clicking here.
What is financial exclusion and why is it a problem?
According to government estimates, one in 12 people don’t have access to fair and affordable loans and if they do can pay up to 150 times more than the average interest rate, in some cases as much as 1500% APR. The people who can least afford it pay the most for financial services.
But financial exclusion does not only effect individuals. Many new and existing small businesses, vital to the local economy, are turned down for small loans as they cannot offer required collateral or personal guarantees; and community organisations often struggle to survive because they cannot access small grants.
Why should I join the Community Fund?
You have a chance of winning weekly cash prizes and as the lottery grows you will help us fund affordable loans and community grants to financially excluded people, businesses and community groups. At least 40% of proceeds will be paid out in prize money.
How much can I win and what are the odds?
This depends on the number of people entered for the weekly draw. The more people entered, the higher the weekly cash prize. If 20 people are entered than your odds are 1 in 20; if 500 are entered your odds are 1 in 500. In the early stages the odds are extremely favorable but the prize money relatively small. As the Community Lottery grows, the prize money increases and the odds decrease. We expect to grow to 1500 weekly entries by the end of 2008.
How will the proceeds from the Community Fund be distibuted?
The Community Fund will make 40% of the proceeds available to provide affordable, fair and accessible loans and grants and other financial services, such as advice; 40% will go towards the weekly prize money; and 20% will go towards operating costs.
As mentioned before Community Fund, as a ‘small society lottery’ must ensure that at least 20% of proceeds go to good causes i.e. the purposes for which the organisation has been formed. We expect to provide at least 40% of lottery income to be made available to combat financial exlusion. This is twice the minimum legal requirement and compares favorably to the 28% that the National Lottery makes available to good causes.
Interested in applying for a loan or a grant?
Community Money expects to start lending to both individuals and businesses and to make community grants available in the second half of 2008. Full loan and grant guidelines and criteria, including how to apply, how much can be applied for etc., will be available on this website shortly. We will update the website with further information as soon as it becomes available. If you would like to be kept informed when we start lending or making grants, please contact us.
How to contact us?
Our contact details are Community Money CIC, The Hub, 5 Torrens Street, London EC1V 1NQ; Tel: 0845 602 1322; Email: .
Community Money Offers
- Money & Debt Advice
- Affordable Loans & Community Grants
- Community Based Advisers Programme
- Financial Inclusion Training & Consultancy
Community Money has received private investment and grant funding from UnLtd, the Foundation for Social Entrepreneurs. It is an associate member of the CDFA, the trade association for Community Development Finance Institutions (CDFIs), which are independent financial institutions which lend an invest in deprived areas and underserved markets that cannot access mainstream finance.
Prize Winners
We are currently uploading the details of current and previous winners to the website. This should be completed very soon.
News
Community
UK Poverty
Hit by the credit crunch yet? In the UK poverty is just around the corner. According to the Campaign to End Child Poverty, an umbrella organisation which includes Barnardos and Unicef, currently 40% of London families, or 650,000 children, and nationally 1 in 5, or more than 4 million children, live below the poverty line. Click here for more info on UK poverty.
Financial Exclusion
Financial exclusion is the inability to access accessible advice, banking and credit products and 1 in 12 people are affected by it. People without access to affordable credit can be charged up to 1500% APR for short-term loans. Find that hard to believe? Click here to see what kind of non-mainstream loans are available in your area.
Micro Finance
Microfinance is well-established in the developing world but a nascent sector in the UK with only a handful or organisations operating in London and across the UK. Micro finance is the provision of very small loans and other financial products to those who otherwise would not be able to access such products.
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Company
Community Money CIC is a London based micro finance institution and social enterprise which tackles poverty in London and the UK by investing in individuals, businesses and community groups. We provide money solutions for all, including advice, grants and loans.
We work with housing associations, local authorities and local community organisations to provide services which address poverty and financial exclusion and can offer staff and volunteer training, run money and debt advice workshops, and can manage grant and loan programmes.
Investors, Supporters
Community Money is a member of Advice UK and Community Money Advice and an associate member of the Community Development Finance Association.
It has raised investment from a number of socially motivated private investors and received grant funding from UnLtd and the Cooperative Bank.
Its founder received a bursary from Linklaters LLP and support from both Business in the Community and LawWorks
It received in-kind support from Blick Rothenberg Chartered Accountants, Decherts LLP, Eversheds LLP and McKinsey & Company.
We would not be here without you.
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