Resonance - Twenty Years Of Impact - Report - Page 72
IMPACT PROPERTY
FUND LAUNCHES, RLPF2
2ND LONDON
2017
C 99K
social enterprises in the UK20
SEB ELSWORTH
ACCESS
Access set up to widen the reach of the social
economy
Access – the Foundation for Social Investment was
created in 2015 with an intention that it would have a
significant impact on the reach of the social investment
market, a market which all too often seemed to be
remote and disconnected to the realities of smaller
charities and social enterprises - those that make up
99% of our sector. Many felt that the products on offer weren’t tailored enough,
that capital wasn’t shaped in the right way and wasn’t flowing to all parts of the
social economy, and that the institutions of social investment weren’t accessible
or relevant to ordinary organisations.
Working from strong foundations
As with all such narratives the picture was much more nuanced than that, and
there existed a small group of long-standing social investors that had been
working hard for some years to address precisely those issues highlighted
above, with Resonance very much a part of that. Indeed, without the example
of pioneering organisations like Resonance, Access would never have come
into existence in the first place. Resonance and others showed that, with careful
marshalling of resources, investment in network building and working hard to
listen and respond to the needs of the market, that it was possible to make social
investment relevant to the full range of charities and social enterprises that make
up our vibrant and vital sector. Access has worked to extend the number of social
investors able to set up and take this approach, and to increase the flow of subsidy
required to make it happen, but all of our work has been built on those previously
laid foundations. Similarly, the knowledge, understanding and insights we exploit
are available to us because our vantage point is from the shoulders of giants like
Resonance.
A key stakeholder
Right from the start of Access’ life Resonance has been a key stakeholder. It was
one of the first applicants into the flagship Growth Fund, funded by The National
Lottery Community Fund and Big Society Capital. The Growth Fund provides
small scale unsecured loans to the types of charities and social enterprises that
might otherwise struggle to access the investment they need to sustain or grow
their activities, and Resonance used this programme to launch their South
West focused Health and Wellbeing Challenge Fund. True to form, Resonance
introduced some interesting and welcome elements of innovation into the
delivery of their fund, finding ways to vary the product offering and introducing
even smaller micro-loans, and performance-based repayments into their mix.
After a slow start initially, in common with most funds, Resonance began to
demonstrate strong demand for what they were offering and the Growth Fund
partners were very pleased to be able to put even more investment into the fund
after the first few years.
PURHASED BY RESONANCE
500 HOMES
IMPACT PROPERTY FUNDS
1,137 PEOPLE
sleeping rough in London - the highest figure compared to any other region21
Continuing collaboration
During the roll-out of Access’ more recent blended finance funds we have had
many more discussions and dealings with Resonance, always thoughtful and
positive. Whether helping us make the case for more subsidy into blended
finance, taking part in consultations or discussions on new programmes,
engaging in peer-events with other social investors, or putting together
propositions for Access to consider, the whole staff team at Resonance has
consistently displayed a series of positive characteristics, characteristics that put
us in mind of Daniel himself: a generosity of spirit, thoughtful consideration of
the right ways to do things (in the interests of the charities and social enterprises
we are all here to serve), a desire to continually seek new ways of working and
improving, and an exacting approach to analysing, planning and delivering.
In a rapidly evolving and expanding sector, Resonance has consistently been
a cornerstone, a driving force and an example to others. I’m confident it will
continue to be all of those things in the future, as we try to continually improve
our understanding of the best ways to get more and more capital to work for more
and more communities. Access looks forward to continuing to being along for
that journey.
FUNDS LAUNCHED
• REAL LETTINGS PROPERTY FUND 2
Real Lettings Property Fund 2 launches with £45m investment and
purchases its first homes in May.
FUNDS UNDER
£125M IMPACT
MANAGEMENT
4,751 PEOPLE
in England sleeping rough - the highest number yet9
C 80K HOUSEHOLDS
in England in temporary accommodation3
RESONANCE KEY MILESTONES
MILESTONES
• Our best ever year mobilising almost £50m of useful capital into the hands
of 20 social enterprises
• £100m of funds under management
PEOPLE
• Karen Shackleton appointed as Resonance Group Chair
• Michael Perreau joins board as a non executive director
PRODUCT INNOVATION
• Permanent capital loans and launchpad loans released by Health &
Wellbeing Challenge Fund (South West) - product innovations making
investment more flexible
OFFICES
IN THE NEWS...
• Resonance’s head office, based in Cornwall, moves to bigger offices at the
Great Barn in Launceston. And growing Bristol and Manchester teams also
move into new offices.
• The Grenfell Tower fire in London kills 72 people and injures 70
• Emmanuel Macron becomes President of France
• The Trades Union Congress announces that the average UK household
owes £12,887 in debt
MARKETPLACE
• First SITR marketplace event connecting social enterprises that have
received investment, with investors into the Resonance Bristol SITR Fund
• The think tank Resolution Foundation assesses that the UK is in its worst
decade for pay growth for 210 years
MORE NEWS
• BBC Points West interviews Daniel about Resonance’s property fund tackling
homelessness in Bristol
PUBLICATION
Source:
20. Department for Business, Energy & Industrial Strategy - Social Enterprise Market Trends 2017 21. Homeless Link - 2017 Rough Sleeping Count
9. Office for National Statistics - Rough sleeping in the UK: 2002 to 2021 3. UK Housing Review 2018 - Homeless households in temporary accommodation in England
72
• Resonance contributes case studies to the Corley report on ‘Growing a
Culture of Social Impact Investing in the UK’ and is an active participant
in the taskforce set up to implement recommendations.
73