Resonance - Twenty Years Of Impact - Report - Page 45
2002
2003
3.6M CHILDREN
living in poverty in the UK*1
NICK TEMPLE
SOCIAL INVESTMENT BUSINESS
Twenty years supporting each other as peers
Social Investment Business (SIB) also celebrates its
twentieth birthday in 2022, with our origins lying
in our initial social investment fund, the Adventure
Capital Fund. I mention that for two reasons: firstly,
that our organisation has been around as long as
Resonance, growing and evolving in parallel; and
secondly, because I still think the Fund is the most
appropriately named for our work – seeing as it has often been as much
an adventure into the unknown or uncharted as it has been about venture
capital. I also believe it captures some of the spirit that Resonance has
brought to social investment: a willingness to try new things, an openness to
the successes and failures (and learnings) of such work, and an undoubted
commitment to using the resources they have for good.
Social Investment Forum
While SIB and Resonance have known each other since the earliest days, I
came to know Daniel through chairing the Social Investment Forum in my
time at Social Enterprise UK – and subsequently to know Simon, Grace, Ollie
and other members of the team. What became clear to me very rapidly is that
they were all extremely open to contributing, supporting others, acting as
peers not competitors, and pushing the field of social investment onwards.
When I joined SIB, Daniel was similarly hugely helpful and supportive to me
personally as I got my bearings.
As a result, we have built a strong working relationship, personally and
organisationally. That meant that when COVID-19 struck, Daniel was one
of the first people I emailed to see what social investors could do to support
charities and social enterprises in the pandemic, and to support each other.
Daniel helpfully contributed to weekly, then fortnightly calls with social
investment peers – with trademark candour and honesty; and Resonance
went on to become one of the delivery partners on the Resilience & Recovery
Loan Fund, working directly with us at SIB to directly support the social
economy in a great time of need.
5,300
Social Enterprises in the UK - the first ever count
SOCIAL ENTERPRISE MAGAZINE LAUNCHES2
Making a tangible difference to people’s lives and the wider social
investment market
On this and other projects, there is no doubt in my mind that Resonance
has made a really tangible difference – not only to the charities and social
enterprises they have supported, and the people whose lives have changed
as a result, but also to the wider social investment market. For example, it’s
difficult to imagine that Big Society Capital and Access would exist in their
current form if it weren’t for the likes of Resonance and SIB and others
demonstrating what was possible for the decade beforehand. And they’ve
played a substantive role in ensuring that tax reliefs for social investment and
the investment of pension funds have been high up the policy agenda.
Resonance has also charted a practical path for others to follow: whether it’s
the Homelessness Property Funds, the Women In Safe Homes fund or their
SITR funds, the organisation has shown what is possible in different parts
of the landscape. Equally, in less high-profile areas of their work, such as
community share underwriting or community asset-building, where there is
much to admire and emulate. We aspire at SIB to similar levels of innovation
and risk appetite over time.
Under the radar alchemy
Through all of this work, Resonance has demonstrated an unwavering
commitment to demonstrating how capital can better serve people and the
communities they live and work in, and to be the bridge that better connects
(and translates) that capital into a more useable and effective form. When done
with integrity and openness, this is part of the under-the-radar alchemy that
social investment work can bring: matching enterprises with investors that
share their values, that back their mission, and can provide money in the right
form for the impact we both want to see. That’s what Resonance does at its
best, and it’s why we are proud to work with them and hope to do so for many
years to come.
IN THE NEWS...
2004
101K HOUSEHOLDS
in temporary accommodation in England3
MATT SMITH
THE KEY FUND
Twenty years ago
Daniel and I first met, probably all of those twenty
years ago, when we were working with a development
organisation trying to enable community owned hydro
projects. It was a tough one, given the fact that although
the technology of an Archimedean Screw was ancient,
the application on old industrial weirs was relatively
new and a lot of the key metrics were still untested.
It was really interesting, as I think we were both trying to convince each other
to some extent, whilst I was also trying to convince the Key Fund panel at that
time, and both of us also trying to bring in other investors. We had a particularly
interesting time with one foundation, and I remember long conversations
between Daniel and me as we worked through the numbers. We ended up
investing in quite a few schemes and although the development organisation is
no more, the sites have worked, even if a little slower than originally anticipated.
In fact, the first one, at Settle, has helped to instigate a significant amount of
further community activity.
The relationship has grown into a true partnership
The relationship has grown over the years, as Resonance has developed, to one
of true partnership with us. We have co-investments, but have also worked on a
number of programmes together, not least the Social Enterprise Support Fund.
We admire the work of Resonance, particularly around innovation in housing
and use of Social Investment Tax Relief. The Resonance team always seems to be
developing new and interesting interventions.
Resonance has and continues to have a profound impact on a number of
organisations helping them to scale their trading activity and impact with
thoughtful support and tailored funding structures. I believe that the sector is
likely to grow over the next few years, and I anticipate even more collaboration as
the industry matures. I have faith that Resonance will continue to innovate and
develop new solutions.
IN THE NEWS...
• The Euro is officially introduced in the Eurozone countries
• Ronaldo makes his debut for Manchester United
• Facebook launches
• The Queen celebrates her Golden Jubilee
• The UK records temperature of 38.5C, the highest ever recorded since
records began
• NATO and the European Union incorporate most of the former
Eastern Bloc
• 393 tornadoes reported in the US
• An earthquake causes tsunamis in the Indian Ocean killing nearly
250,000 people
• NASA’s 2001 Mars Odyssey space probe begins to map the surface of Mars
DANIEL BREWER
*When measured after housing costs.
Source:
1. House of Commons Work & Pensions Committee - Child Poverty in the UK
44
“AND THEN THERE
IS THE RELIEF THAT
YOU ARE NOT ON
YOUR OWN AND
THE REALISATION
WE’RE MUCH MORE
LIKELY TO MAKE
A DIFFERENCE
TOGETHER.”
2. The Guardian 2013
Source:
3. UK Housing Review 2018 - Homeless households in temporary accommodation in England
45