BIG NEWS: North Lanarkshire Titans CIC

We’ve got BIG news! We are delighted to announce North Lanarkshire Titans is now officially a Community Interest Company.

Community Interest Companies

North Lanarkshire Titans is a Community Interest Companies (CIC), I think it’s helpful for our members and local community to understand what that means. Below is a brief explanation and information.

A community interest company is a type of social enterprise introduced by the UK government in 2005 under the Companies Act 2004, designed for social enterprises that want to use their profits and assets for the public good. CICs have the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the community.

Being a social enterprise means that North Lanarkshire Titans works, as a charity does, for a greater good rather than simply making profits which is the aim of most private sector companies. As a social enterprise, North Lanarkshire Titans is part of what is known as the third sector along with charities, community groups and voluntary organisations. There are many social enterprises around and thousands of smaller organisations.

Any organisation can be a social enterprise there is no registration required or any special rules, which is why North Lanarkshire Titans has now decided to register as a community interest company. This means that we are a social enterprise but we can offer our users, the general public, the security and peace of mind knowing that we are a properly structured, registered and transparent company.

What is the difference between the North Lanarkshire Titans CIC and private sector companies?

Being a Community Interest Company means that we have registered with Companies House as all private sector companies do. However, there are two key differences between North Lanarkshire Titans, as a community interest company, and other private sector companies.

  • The first is that we have a social aim. Instead of putting all our focus into making profits for directors or share-holders, we work to fulfil our social aims working for families and children. Any profits we make are put back into North Lanarkshire Titans to further our work. No-one walks away with profits from North Lanarkshire Titans.
  • The second difference is that, should North Lanarkshire Titans ever have to close down, any assets that still exist in the company have to be given to another similar organisation a charity or another community interest company with similar aims. This is called our asset lock and it ensures that no individual or private sector company can make off with our assets.

We really appreciate all the help and support our users and local community give to us.

North Lanarkshire Titans CIC is on the Register of Companies held by Companies House. Through their Web check service, you can find out all our details on there.

If you would like more information about community interest companies, please visit their website.

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