We are committed to ensuring that our profits are reinvested to seed social and environmental businesses. To demonstrate this commitment we have established Faculty Partnership as a social enterprise with the following commitments:
- To invest our profits in social enterprises and charities that have a mission to further social and environmental aims;
- To provide accessible loans to social enterprises and charities;
- To seed new, or support ongoing, social enterprises whose main mission is to bring about environmental improvements by reducing the impact of human activity on the natural environment, improve health and wellbeing of individuals and communities, and/or facilitate community economic development.
What is a social enterprise?
A social enterprise is a business or service with primarily social objectives whose profits are principally reinvested for that purpose in the community.
What is a CIC?
A Community Interest Company (“CIC”) is a new type of UK company that has been set up under the Audit, Investigations and Community Enterprise Act 2004 as a social enterprise.
All CICs must have a constitution that sets out how they will promote community interests and all are restricted in how they are able to use their assets through what is known as an ‘asset lock’ which essentially means their assets cannot be distributed or sold for private gain.