The Soul Project As
A Community Interest Company (CIC)

A CIC is a new type of company, designed for social enterprises that want to use their profits and assets for the public good. CICs were set up, with all the flexibility and certainty of a company's form, but with some special features to ensure they are working for the benefit of the community.

The Soul Project is a social enterprise business with primarily social objectives. Any surpluses are principally reinvested for the purpose of our objectives and in the community, rather than being driven by the need to maximise our profit for shareholders.

Social enterprises tackle a wide range of social and environmental issues and operate in all parts of the economy. By using business solutions to achieve public good, the Government believes that social enterprises have a distinct and valuable role to play in helping create a strong, sustainable and socially inclusive economy.


Why CIC?

The Soul Project will become one of a number of social enterprises in this exciting and fast-growing sector. The Government wants to support this sector by creating a modern and appropriate legal vehicle and to help raise their profile, which CIC was designed to do.

As a Community Interest Company pursuing social objectives, The Soul Project will have a part in regenerating disadvantaged areas, empowering local communities and delivering new, innovative services at local level.

The Government does not intend that CICs should deliver essential public services in core sectors such as hospitals and schools. Rather, CICs should develop to meet the needs of local communities, complementing core Government services in areas such as childcare provision, social housing, leisure and community transport. The CIC is a flexible form that will allow enterprises such as The Soul Project to grow and expand our activities.

Like other social enterprises, CICs can find funds from a variety of sources, including grants and donations, loans from high street banks and other institutions.
A community interest statement is one of the documents that must be filed as a CIC. It must be in the form approved by the CIC Regulator, the statement, which must be signed by all of the directors is required to confirm that the company will serve the community rather than operate for private profit motives. It must also describe the intended activities of the company.

To be eligible to be incorporated as a CIC a company must, in the judgement of the Regulator, satisfy the community interest test. The test is whether a reasonable person might consider that the company's activities are being (or its proposed activities will be) carried on for the benefit of the community. A company must continue to satisfy the test so long as it remains a CIC.



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