This conversation started on the email everyone list, and it was rightly pointed out that it should continue on the forum so here it is! Below is a copy of some of the points already made.

Quick history … so far

It was pointed out Phonic is not a CIC or currently under any charitable or social enterprise status other than a private company, allbeit run by volunteers.

Many expressed surprise, and their thoughts that Phonic should be, adding the benifits of opening funding streams, certain protections for the station and it's assets, member and 'stakeholder' participation,  community project benefits and so on.

It was pointed out that it was and is the original vision for the station see:  the faq page

Some thought that it was too much work to be worth doing, or that first there needed to be a level of knowledge/awareness raising as to what needed to be done, and who was needed.

Summmary

Enthusiasm for fulfilling the intended status of CIC (or similar, possibly), but some caution as to whether the details are known.

These links where provided amongst the emails:

http://www.opsi.gov.uk/si/si2005/20051788.htm
The forms that needs to be filled out to become a CIC
Information pack on CIC
http://www.sbs.gov.uk/SBS_Gov_files/services/socialenterprise.pdf
http://www.cdfa.org.uk/