Business terminology can be confusing, so let’s break it down…
CIC stands for community interest company. Community interest legislation was introduced under the Companies Act 2006 to provide social enterprises with a modern legal framework.
A CIC sits somewhere between a business and a charity. Just like a charity, we aim to make a positive social difference through our work. However, we don’t have the same tax advantages, and we can’t take donations in the same way. In fact, in many ways we work like a business, only with all the profits going back into helping the local community - in our case, helping homeless individuals take the steps towards employment.
Last year, the government estimated that there were approximately 70,000 social enterprises in the UK, with the number of new CICs growing each year.
With grants becoming more competitive, it seems more and more organisations are looking to diversify their income in order to become more sustainable, so they can continue all their valuable work in the community.
We are excited to announce that we’ll be launching maker workshops and upcycling classes for anyone who’d like to learn how to transform an old piece of furniture or use reclaimed materials to make something unique! All materials, equipment and support will be provided, taking you through the making, finishing and aftercare of the items you make. We want to offer you a great experience where you can learn new skills, make something you’ll love and help our social enterprise make a greater impact in the city!
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- Photograph courtesy of Sheffield City Council