Resonance - Twenty Years Of Impact - Report - Page 54
2011
2,181 PEOPLE
Value Added Tax (VAT) increases from
17.5% TO 20%
in England sleeping rough9
RESONANCE KEY MILESTONES
INNOVATIVE
• Work continues with the development of the Community Share
Underwriting Fund and the Affordable Homes Rental Fund
PARTNERS
• Big Society Capital is founded, in order to use funds from dormant bank
accounts to invest in social impact investment intermediaries
INVESTMENT
• Pivotal investment from NESTA, into 8 investment intermediaries
to support them so they would be ready for Big Society Capital investment
when it launched. NESTA was proactive so that we’d be ready
1 IN 6 CHILDREN
in the UK is living in relative poverty10
TIM GADD
ST MUNGO’S
Scepticism met creative thinking
A little over ten years ago as a Board member of
Broadway (Broadway and St Mungo’s merged in 2014)
I was asked by Howard Sinclair our then CEO to meet
with Daniel Brewer from Resonance, who had a plan to
raise £30M for move-on properties.
INVESTMENT FROM BIG
SOCIETY CAPITAL LED TO
OUR COMMUNITY SHARE
UNDERWRITING FUND
INVESTING IN 12 RENEWABLE
ENERGY PROJECTS.
Despite my natural scepticism I went to the meeting (Broadway did not have a
strong balance sheet). What struck me at this first meeting was Daniel’s creativity
in thinking through how to use social impact investment to tackle the serious
societal challenge of homelessness.
Over the next few years and after many more meetings, this initial impression
turned into reality as Resonance raised £250m from its investors, across three
funds, resulting in 823 properties being leased and 2,821 homeless people being
housed.
Shared vision
One of the key ingredients of the ongoing good working relationship between
St Mungo’s and Resonance has been the shared vision and passion to end
homelessness.
My personal view is that if as society we are to continue to make significant
progress towards eliminating homelessness in the current turbulent times, where
public funds are exceedingly stretched, there is vital need for impact investing to
fund good quality housing.
IN THE NEWS...
On behalf of St Mungo’s and the people who we support, a really BIG THANK YOU
to Daniel and the whole Resonance team…you are making a difference. Good luck
for the next twenty years.
• Minecraft and Snapchat released
• Uber launches
• Steve Jobs dies
• World population hits 7 billion
Source:
9. Office for National Statistics - Rough sleeping in the UK: 2002 to 2021
54
10. BBC News 2013
55