There has been much discussion and comment recently about the proposed devolution deal being offered to the English regions, particularly in relation to what it might offer to the private sector. There has also been a level of debate about the potential implications for public sector bodies. But what's been missing is any discussion about what devolution might mean for the other great sector in our economy – the not-for-profit sector.

Often called the third sector, it is made up of charities and community interest companies that provide services for public benefit. But these organisations are not established by statute (hence the other name that is sometimes used, the voluntary sector). While not-for-profit organisations must generate all their own resources like a private sector company, the main difference is that any surplus generated from operations has to be reinvested back into the organisation: there's no dividend to shareholders or owners.