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CIC: what does this mean?

Community Interest Companies (CICs) were introduced by the UK government in 2005 (via the Companies Act 2004) as a way of allowing social enterprises to use their profits and assets to benefit the community. As a CIC, Challenger Troop is a business with primarily social objectives, whose surpluses are mostly reinvested in the business.

As with all CICs, Challenger Troop files an annual Community Interest Report, which details how it has pursued and benefited the community interest. It files its accounts annually with Companies House and is monitored by the Community Interest Regulator, who has also approved its registration as such.

For further information regarding CICs, please refer to the CIC Association website, at www.cicassociation.org.uk


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Posted: 23, November, 2012
by Kevin Campbell

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