Holistically informed services specialising in the support and rehabilitation of adult and child domestic abuse victims. Our unique, innovative and professionally designed programmes promote and enable deep rooted recovery; helping to improve the quality of life of current and future generations.
A community interest company (“CIC”) is an increasingly recognised and popular form of non-charitable social enterprise. As with all social enterprises, they are asset locked businesses with social objectives – in other words, they use their profits and assets for the public good rather than being driven by the need to maximise profit for shareholders.
CICs have the following important features that safeguard their social mission and help to build public confidence:
• Their objectives must benefit the community.
• CICs cannot carry on certain political activities or activities only for the benefit of members of a particular body or employees.
• CICs have an asset-lock so that their capital assets and all capital growth are kept within the CIC or are used for the CIC’s community purposes. Any transfer out must satisfy specific criteria.
• CIC directors’ pay must never exceed a reasonable level and details must be transparent.
• These enterprises are regulated by the CIC regulator, which has powers to protect the community interest.
CICs are also required to file a community interest report, in addition to an annual return and accounts, explaining its pursuit of the community interest and involvement of stakeholders, payments to directors and any dividends paid.
Information sourced from: www.stoneking.co.uk/blogs/stone-king-blog/what-community-interest-company