This report presents the findings of the first in-depth research into the nature of the organisations being created through the stock transfer process; their organisational culture, governance arrangements and staff management practices. It also investigates the role of Transfer HAs as developers and their evolving relationships with the local authorities. It asks critical questions such as: * How different are transfer HAs from traditional Housing Associations? * To what extent can they be considered "a new breed of dynamic RSLs (Registered Social Landlords)"? * How far have they inherited the values and ethos of their antecedent bodies?