A Community Interest Company is a company that has been set up with community and service at its heart. It succeeds in its remit by running a profitable business, then folding those profits back into the community it is serving.
As such, a CIC is a special kind of business structure, forming a sort of hybrid between the business world and the world of charities.
One special characteristic is that CIC’s tend to source their employees from the people served by the business. In our case, this is the students who come through the course. In order to grow, we will need an increasing number of tutors, which we will be looking to source from those who have successfully completed the FBT course with us.
One requirement of a CIC is the ‘asset lock’, which means that any assets that belong to the business must be retained by the company, used properly, and in time disposed of appropriately, by being given to a charity for example.