Stafford and Rural Homes successfully converts to a Community Benefit Society.
In the summer of 2018, we let you know that Stafford and Rural Homes (SARH) was considering converting to become a Community Benefit Society (CBS). The results of the consultation during July and August demonstrated clear-cut and widespread support for the conversion to proceed.
This process is now complete and SARH is officially a ‘Registered Society’. This means that SARH has changed from a company registered with both Companies House and the Charity Commission to become a CBS registered with the Financial Conduct Authority (FCA).
The conversion was completed on 1st October 2018, following on from the response to the consultation.
What does this mean for SARH Customers?
This transformation will not change how SARH will deliver services to customers and it will not affect the way we manage tenancies and let our homes.
What is a CBS?
A CBS is a type of not for profit organisation registered with the Financial Conduct Authority. SARH will continue to work for the benefit and interests of the community in which it is based. CBSs used to be known as ‘Industrial and Provident Societies’ and are well established in many sectors including the social housing sector. Many housing associations are CBSs, because of the nature of the work they carry out.
What has changed?
Stafford and Rural Homes is classed as a Charitable organisation, but without the need to register with the Charity Commission. The benefits to this transformation into a CBS will allow our organisation to become more agile and flexible in a rapidly changing economic environment, for example by cutting red tape.
What does this mean for Suppliers?
Suppliers – any new contracts with Stafford and Rural homes post conversion should describe the organisation correctly:
Stafford & Rural Homes is a charitable Cooperative and Community Benefit Society registered in England and Wales under the Cooperative and Community Benefit Societies Act 2014 (Financial Conduct Authority Registered Number 7852) and a non-profit registered provider of social housing regulated by the Social Housing Regulator. Registered Office: The Rurals, 1 Parker Court, Staffordshire Technology Park, Beaconside, Stafford,ST18 0WP
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