A Community Interest Company is a regular limited company but with the special purpose of giving back to the community.
This means we can operate for community advantage rather than for private advantage. To dispel a common myth, a CIC isn''t "not for profit", in fact the opposite, but the profits are given back to the community. The more we make, the more we can give back.
There are special rules which ensure that everything we do has a community interest and that assets are protected. 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.
So why did we choose to set up in this way?
Well for us it was all about values. Some times organisations can become over complicated. We wanted BeBold to be fast, simple and deliver real value.
We will be drawing on our diverse and wide ranging business backgrounds, experience and contacts for the benefit of people and communities as well as businesses and public organisations. Encouraging more businesses to fulfil their CSR.
Being a CIC (pronounced in the trade as a "kick"!) does not mean that we won''t be operating like a regular business but the title will serve as a constant reminder to us and others of our core values and purpose.
What is a CIC?
A CIC is a new type of company that is simpler to run than a charity, but still has to have a social purpose. To become a CIC we have to pass a "Community Interest Test" where a regulator decides whether we are fulfilling a social purpose. A CIC must provide benefits to the community, must keep its community in touch with its activities and only use its assets and surpluses for the community specified. A CIC undertakes to complete similar administration as a Limited Company and must not have any political aims.
What does this mean for BeBold?
We are committed to running the business ethically. We will be transparent with you and clearly provide exciting activities for Children and Adults. We will work closely with major suppliers to give the best possible advice. We will remain impartial at all times. Our finaces and assets are protected by an Asset Lock. For more information about a Community Interest Company please visit http://www.bis.gov.uk/cicregulator/