Leicester Vaughan College is a community benefit society and is registered with the Financial Conduct Authority as a limited company (See ‘What is a Community Benefit Society?’). Membership of the Society costs £1 and is open to anyone who subscribes to its objects (for further information on membership see ‘Become a Member’). LVC is registered with the FCA as community benefit society no. 7622.
As a community benefit society, Leicester Vaughan College is run by a board of directors (see ‘Directors’). The current board members have been co-opted to run the Society during the start-up period of the institution. After this one-and-a-half year period, an annual general meeting will be held in which all members of the society will be encouraged to vote to decide who will sit on the board. The board will make decisions about significant institutional policy rather than the day-to-day running of the College. The College will have an academic committee, with student representation, which oversees the quality of the courses and other teaching and learning matters. The committee will need to ensure that LVC meets nationally recognised standards for higher education and follows the correct procedures.
LVC has opted to have an ‘asset lock’ (see ‘What is a Community Benefit Society?’). This means that should LVC cease to exist, any outstanding assets will be handed over to the community rather than shared among its members.