In November 2010 Green Pastures formed Green Pastures Community Benefit Society Limited (CBS) which is an Exempt Charity registered with the Financial Conduct Authority (FCA). Through this vehicle CBS commenced issuing loan stock to investors. Subscriptions for loan stock inject cash into CBS which uses the money to purchase and build property, often in conjunction with other sources of finance. Repayment is made from cash held on deposit within CBS obtained through alternative borrowing and further issues of loan stock. Investors select an interest rate in the range of  0% pa - 4% p.a. for investments of 1 year, or in the range of  0% pa - 5% pa for terms of 2 years and over.  By selecting less than the maximum interest Green Pastures can assist more homeless people. CBS does not attract stamp duty, allowing more homeless people to be housed due to cost savings.


We are a national Christian social enterprise that provides homes for the homeless and those in most need. In partnership with 80+ like-minded organisations, Green Pastures today houses over 1,300 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. 


Green Pastures was chosen as the winner of the 2011 Inspire Award in the Organisation category. Since then, articles have been written about Green Pastures in The Times, Big Issue North West, Wigan Observer, Southport Visitor, Sorted Magazine, Shelter’s Magazine and many others. Green Pastures has featured on Songs of Praise, BBC’s Inside Out, Revelation TV and national radio stations.


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 the running of 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 £500m from all sources before applying to the FCA to change our Rules.


Interest payments are made quarterly or annually. Alternatively the investment can be rolled up (payment is made at end of term and interest is compounded net of tax throughout the term). Interest is paid net of basic rate income tax and is taxable as income in the year in which it is received. Taking interest in a rolled-up lump sum may adversely affect your tax position.  If you do not pay tax on your savings, you can claim back the tax through the completion of your HMRC self assessment form. If you are not required by HMRC, or a company, to complete a self assessment form you can reclaim the tax through completing a Form R40 (available by clicking here). This form is for the repayment of tax deducted from savings and investments. If you are a tax exempt charity, registered as such with HMRC, your interest will be paid gross of tax. 


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. Investors can renew at the end of the term. See also the next section.


CBS has acquired equity through property purchased below market value, house price increases, retained surpluses and development profits. CBS aims to have available 10% of capital raised from Loan Stock in the form of cash and short term investments supported by borrowing facilities. Furthermore, the property purchase pipeline can be regulated if necessary to provide liquidity. There is also a residential portfolio let at market rates designed to be available for sale without displacing homeless people should the need arise. However, CBS does operate a maturity mis-match in that the average term of its loan stock is approximately 4 years whereas it utilises the funds to buy buildings to hold for the long term. If new loan stock investment became insufficient to meet redemptions over an extended period of time, there would be some delay while CBS disposed of properties to raise the necessary funds to meet redemptions.


All GP entities includes GP Gift 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 Gift Ltd.; all other entities are audited except for any subsidiaries which are not material on a group basis in which case the group's auditors provide a simpler form of report. 

CBS Consolidated Financial Basics (excluding GP Partnership)
Year ended 31 March 2021
Balance Sheet
Income and Expenditure
Land and Buildings
Rental income
Debtors, Investments, Cash
Interest income
Other income
Gain on property disposals
Short term creditors
Property Development income
Long term creditors
Capital and reserves
Loan interest paid
Property costs
Overheads and Development
Property Development costs


Please find Green Pastures CBS Limited audited accounts 2016/17 2017/18 2018/19 2019/20 2020/21


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. 

Affordability Breakdown

Capital & Int Payments
Operational Costs


Green Pastures has 60+ staff members including part timers. The organisation has built a scalable model where partner groups house the homeless in properties purchased by Green Pastures. Green Pastures provides regular support to each partner group. CBS is comprised of a board of directors and a national staff team. Any revenue or surplus of CBS is re-invested into the core business.


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 executive directors. Green Pastures regularly visits all partner organisations to support and monitor their activity.

You can find Green Pastures CBS Ltd on the FCA search website As at 22 December 2021, the FCA had not posted our accounts for 2019, 2020 or 2021.


Green Pastures assists its partners to set up social enterprises to employ their residents. Due to generous investors who have selected a lower interest rate, we have now started offering grants to support partners that are setting up new social enterprises. Environmental design is becoming a feature of our consideration and Green Pastures considers energy efficiency upgrades when purchasing and building property.

Regulatory Information

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 7 May 2021 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.