Editor – It is a matter of great concern to learn of the decision taken by Fyne Homes to close down their charitable subsidiary, Fyne Futures, which has been doing sterling work in our communities for the past 20 years.
There are serious questions to be answered by Fyne Homes.
In their public statement it is said that the four business units within Fyne Futures have continued to make a loss each year. That is not supported by the information in Fyne Homes Annual Report and accounts for the year to 31/3/25. There it is reported that Fyne Futures made a loss of £25,113 compared to a surplus of £211,441 the previous year. The Report also states that the net assets of Fyne Futures at 31/3/25 were £767,810 and goes on to say “thus the charitable company is in a healthy financial position, despite the current deficit.”
Why would the Directors of a charity which is in a healthy financial position choose to dissolve that charity at a time when it is implementing a business plan which includes further development of its assets in order to continue to fulfil its constitutional purposes?
It is notable that all of the current 4 Directors of Fyne Futures are also Directors of Fyne Homes. That gives rise to a clear conflict of interest. The fiduciary duty of the Directors of a charity are to act in the best interests of that charity, taking into account the purpose(s) of that charity as set out in its Constitution. It would seem that the Board of Fyne Futures has acted in the interests of Fyne Homes and not Fyne Futures. This is a matter that should be fully investigated by OSCR (the Charities Regulator) before approval is given for the dissolution of Fyne Futures.
It is also stated by Fyne Homes in their public statement that Fyne Futures is no longer deemed to be an appropriate subsidiary for a Registered Social Landlord and does not comply with the Scottish Housing Regulator requirements. I am unable to comment on the latter point but even if this is true this would not prevent Fyne Homes from permitting Fyne Futures to retain all its assets and continue as a charity independently of Fyne Homes. Their refusal to agree to that suggests that Fyne Homes are motivated by a desire to appropriate all the assets of Fyne Futures for their own purposes.
Fyne Homes have a lot of explaining to do and their refusal to provide any further information is wholly unacceptable.
Jim Osborne
Rothesay
