This month, an application to Office of the Regulator of Community Interest Companies (CIC) satisfied requirements for Models for Heroes to join the other 3,500 CICs in the UK. The CIC legislation states that any generated profits are used to support a specific community benefit. This change of governance takes place with immediate effect and further strengthens our commitment to former and current Armed Forces and Emergency Service personnel.
The CIC structure is different to a Registered Charity in that…
- we are able to trade without a separate trading arm.
- our annual reports are open to the public including full transparency of directors remuneration and use of assets.
- our assets cannot be transferred to another entity other than another CIC or charity.
This change also comes with a slight name adjustment In official channels, we will be known as Models for Heroes CIC. Most notably, we are now able to apply for grants from Trusts and Foundations previously unavailable to us as a non profit organisation. We are now able to consider hundreds of projects knowing we could have potential funding available.
In summary, in the near future, Models for Heroes CIC will be able to provide more support for more of our bravest.