We are a national Christian social enterprise that provides homes for the homeless and those in most need. In partnership with 65 like-minded organisations, Green Pastures today houses over 1,000 homeless and vulnerable people. These ‘partners’ are organisations that have approached Green Pastures with a desire to house homeless people in their area. Each partner agrees to house and care for the homeless in their locality in properties identified by the partner and purchased by Green Pastures. Partners provide pastoral care to their residents, administer the project and maintain the property. Green Pastures provide all the necessary paperwork and on-going support.
A loan stock is a type of fixed income security, a loan that is made to a company. Although the term loan stock might suggest otherwise, the holder of a fixed income security is merely the company’s creditor and does not have any say in its business. CBS offers unsecured loan stock which means that CBS offers no collateral to guarantee that the loan will be repaid. CBS does not secure properties against loan stock because this would interfere with its ability to obtain mortgage and bank finance. Under our current rules we are able to borrow a maximum of £50m from all sources before applying for new terms from the Financial Conduct Authority.
Loan Stock is redeemed at the end of the term. In exceptional circumstances GP CBS may, at its discretion, accept applications for early repayment (T&C 6). Regulation requires that early repayment criteria are strictly applied. Loan stock does become repayable on the death of a holder except in the case of joint holders. No investors receive preferential treatment. GP CBS has the right to suspend redemptions although to date it has never done so. (Past performance should not be taken as a guide to the future.) Investors can renew at the end of the term. See also the next section.
All GP entities includes GP Housing Ltd., a small registered charity, and GP Partnership whereby the founders still hold properties from earlier years. GP Partnership is not audited; an independent examiner reports on GP Housing; all other entities are audited except for two development subsidiaries on which the group’s auditors provide a simpler form of report.
CBS’ financial model is based on an annual rental income of a minimum of 9% of the total outlay (purchase price, legal fees and upgrades) at 85% occupancy. CBS checks that this rental income is available through Housing Benefit (or alternative sustainable funding) before proceeding to purchase a property for a partner. Green Pastures has operated under this model since 2007 and it has been sufficiently robust to enable significant growth in this ministry to the poor despite the economic downturn & Housing Benefit cuts.
CBS’ accounts are audited and copies are available via the link above under Accounts or on request. The Non-executive Directors of CBS meet at least twice a year with the directors. Green Pastures regularly visits all partner organisations to support and monitor their activity.
You can find Green Pastures CBS Ltd on the below FCA search website https://mutuals.fca.org.uk
The material provided in this document is for informational purposes only, is intended for your use only, and does not constitute an invitation or offer to subscribe for or purchase loan stock. The information provided is not intended to provide a sufficient basis on which to make an investment decision. Any investment should be made pursuant to the loan stock application form. The information provided in this material will be subject to, and expressly qualified by, any information contained in the loan stock application form. Information and opinions presented in this material are subject to change without notice. CBS accepts no liability for any loss arising from the use of this material. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Nor are the results referred to in this document a guide to future performance. Loan stock may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk. Any views expressed in this presentation are current as at March 2018 and are for informational purposes only. They do not constitute a recommendation to buy, sell or hold any loan stock and should not be construed as investment advice.
Green Pastures CBS Limited, an industrial and provident society and exempt charity number XT27103, registered number 31116R, registered with the Financial Services Authority. Registered Office: 9 Mornington Road, Southport, Merseyside, PR9 0TS. Green Pastures is the working title of Green Pastures CBS Limited and other Green Pastures companies.