We are considering converting Halton Housing Trust Limited from a charitable company into a charitable community benefit society (CBS), and want to outline what the impact of this change will be.
A CBS is a special type of not-for-profit organisation registered with the Financial Conduct Authority, and specifically formed to benefit the community. CBSs used to be known as “industrial and provident societies”. Most housing associations were established as industrial and provident societies (and are now therefore CBSs), because of the nature of the work they carry out.
The Government is removing a number of regulatory requirements made of social landlords, like the Trust. A knock-on effect of this change is that charitable companies like the Trust will fall into a more complicated regulatory regime, when compared to other social landlords. We do not want to waste scarce resources (which are already under increasing pressure), and so we are proposing conversion to a CBS to allow us to be in a comparable position with other housing associations.
Many other housing organisations are converting from companies to CBSs too – it is happening across the social housing sector as landlords try to streamline processes, increase value for money, and protect funding for housing services and providing new homes.
For more information on the changes and its impact take a look at the infographic attached
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