Resonance - Twenty Years Of Impact - Report - Page 66
FIRST REGIONAL RESONANCE
1ST THE
SITR FUND LAUNCHES
2015
31% OF SOCIAL ENTERPRISES
working in the top 20% deprived areas
of the UK15
FUNDS
£50M IMPACT
UNDER MANAGEMENT
OVER 70K PEOPLE
in Bristol live in the most deprived areas of
England, 18.9k of them children16
FUNDS LAUNCHED
52% OF SOCIAL ENTERPRISES
grew their turnover in previous 12 months,
compared to all other SMEs (40%)15
RESONANCE KEY MILESTONES
FUND DEPLOYMENT
• RESONANCE BRISTOL SITR FUND
The first social investment tax relief fund, providing affordable loans
to impact driven social enterprises aiming to dismantle poverty and tackle
inequality, whilst delivering tax relief to investors.
• RLPF1 fully deploys £56m in 36 months, with 249 individual property
purchases. This is an average of 7 legal transactions per month
BRISTOL RANKED 2ND IN TOP
10 HIGHEST LOCAL AUTHORITY
ROUGH SLEEPING COUNTS17
IN THE NEWS...
• Inflation rates fall to 0.5%, the joint lowest on record, mainly due to the drop
in fuel prices
• Apple Watch released
• China announces the end of its one-child policy after 35 years
PEOPLE
ANDY STREET
INVESTOR & INVESTMENT
COMMITTEE MEMBER
Finding a balance
I had already started the process of stepping back from
full-time work and was getting more involved in the
charitable / social enterprise / social investment space,
when I met Daniel nearly ten years ago. I’ve had a
career in the field of environmental consultancy, and
in the mid-1990s was one of five founding directors of leading consultancy firm
SLR. I love my work, and have been privileged to work on waste management
related projects right across the globe, in every continent. But as I entered my
fifties I realised that I wanted to achieve a better balance between work and my
involvement in social issues in the Bristol region. Over the last fifteen years I’ve
set up a number of charities and social enterprises, and in more recent years I’ve
become much more involved in impact investing. I now work very much parttime with SLR, focusing on supporting bank and private equity investment in
major waste related infrastructure development in Australia and New Zealand. Up
until COVID-19 hit two years ago, I was visiting there on a regular basis.
Social investment fund for Bristol
I’d heard about Daniel and the work of Resonance before I met him. For a year
or two before meeting, I’d been giving some careful thought to how it might be
possible to set up a social investment fund in Bristol, but I lacked the experience
at that stage to know how best to go about it. And then along came Daniel, and
right from the start I discovered that we had very similar interests and ambitions
with regards to impact investment. Social Investment Tax Relief (SITR) was
introduced in 2014, and expanded in 2017, and allows individuals to help social
Source:
15. Social Enterprise UK - State of Social Enterprise Survey 2015
66
enterprises grow by offering tax relief on investments. I worked with Daniel and
the Resonance team in setting up the Resonance Bristol SITR Fund in 2016, and
was one of the first investors. I remain an investor in the fund, which has since
been expanded to cover the south west region. The fund has invested in a wide
range of social enterprises and businesses, and a huge amount has been achieved
over the last five or six years. I’ve also very much enjoyed the process and my
journey with Resonance and the SITR Fund’s Investment Committee.
Impact investment is here to stay
Since that time, I’ve become involved in other forms of impacting investing, both
directly into social enterprises and through other funds and in 2018, I became
Chair of Bristol City Funds. I view impacting investment as a significant tool in
addressing some of society’s key social challenges. My entry into the sector was
though, very much through Resonance, and Daniel himself. I have huge respect
for Daniel, and for what he and the team at Resonance have achieved – it is
huge! Their innovative approach to impact investment makes them, in my view
a market leader. I also admire their professionalism and integrity – and the fact
that at their heart they really do care about social inequality and injustice and are
committed to making a difference for good.
It is clear that impact investing is very much here to stay, although the longerterm future of SITR is not clear at this stage, although the Chancellor has
extended it until April 2023. In the meantime, other impact investment tools
have emerged, with Resonance very much leading the way in the development
of some innovative approaches to funding the development of housing for the
homeless and disadvantaged, and at significant scale. I have great admiration for
what Daniel and his team have achieved in this regard, and I have no doubt that
there is still a lot more to come from the Resonance stable. I wish them well, and
very much hope that our paths will continue to cross from time to time, and there
will be other opportunities to work together.
16. Bristol, North Somerset and South Gloucestershire Clinical Commissioning Group - JSNA Health and Wellbeing Profile 2020/21
• 3 New non-executive directors join Resonance: Karen Shackleton,
Graham Hodgkins and Anita Bhatia
KNOWLEDGE TRANSFER
• Resonance shares its Investment Readiness tools with Bangladesh
Intermediary, Tindercapital, through a knowledge sharing project
sponsored by the British Council
• Libby Lane becomes the first woman ordained as a bishop in the Church of
England
• Same-sex marriage becomes legal in all 50 states of the USA
• The General election takes place, resulting in the Conservative Party
winning an outright majority with 331 seats, and securing David Cameron
a second term in office.
• Liquid water is found on Mars
AWARDS
• Real Lettings Property Fund wins Property Week’s RESI Awards for
Newcomer of the Year and the Fund is finalist at LGC Awards for housing
initiatives.
• Resonance wins SEUK Deal of the Year 2015 for the first social impact tax
relief (SITR) Deal with FareShare South West.
• Real Lettings Property Fund wins Estates Gazette MIPIM UK award for
Private Rented Sector Initiative of the Year.
Source:
17. Department for Communities and Local Government - Rough Sleeping Statistics Autumn 2015, England
67