Fyne Homes Managemmnt Committee have released the following statement in reponse to the decision to dissolve Fyne Futures.
This is an official statement on behalf of the Fyne Homes Management Committee in response to a post made on social media by the now former Fyne Futures General Manager. While it is correct that a decision has been made to dissolve Fyne Futures, some key points were missing from the post that are relevant.
Fyne Homes recognise the good work that has been undertaken by Fyne Futures over the years and the benefits it has brought to our communities. This has made the decision to dissolve the subsidiary extremely difficult and not one that was taken lightly.
Fyne Homes is regulated by the Scottish Housing Regulator and all subsidiaries, including Fyne Futures, must comply with guidance from the Regulator. Following a comprehensive review, it was concluded that Fyne Futures no longer meets the regulatory requirements of being a subsidiary of a Registered Social Landlord.
All options were carefully considered for the future of Fyne Futures, including becoming an independent entity. Despite receiving substantial gift aid of over £1.4 million since 2022, the four business units within Fyne Futures have continued to make a loss each year. Following extensive financial analysis, reviewed by independent auditors, the Management Committee concluded there were no other viable options, and that Fyne Futures would not be financially sustainable in the long term, even with current reserves.
The dissolution process is still in its early stages and no specific dates have been confirmed for the closure of individual business units. As we progress through this process all legal, regulatory, and charitable requirements will be adhered to. Fyne Homes are committed to working with staff to achieve the best possible outcome, and thank all staff and partners, past and present, for their hard work and commitment to the charity.
At this time, Fyne Homes will not be making any further public comment. We remain committed to keeping our stakeholders informed as developments occur.
