Resonance - Twenty Years Of Impact - Report - Page 82
IMPACT PROPERTY FUNDS LAUNCH INCLUDING THE
WORLD’S FIRST GENDER-LENS IMPACT PROPERTY FUND
3 NEW
2020
A RECORD BREAKING 12K SOCIAL
ENTERPRISES WERE CREATED IN 202029
45% DROP IN ROUGH SLEEPERS
due to Government Everyone In scheme9
FUNDS LAUNCHED
Despite being in the depths of the pandemic, Resonance launched three new
homelessness property funds:
• RESONANCE SUPPORTED HOMES FUND
• NATIONAL HOMELESSNESS PROPERTY FUND 2
• WOMEN IN SAFE HOMES FUND
RESONANCE KEY MILESTONES
FUNDS LAUNCHED
• Resonance Supported Homes Fund launches providing the right homes for
people with learning disabilities and autism
• National Homelessness Property Fund 2 launches to provide homes for
people experiencing homelessness - initially in the North West before
expanding nationally
• Women in Safe Homes fund launches and is believed to be the world’s first
gender-lens property fund - as a joint venture with Patron Capital
IN THE NEWS...
• COVID-19 spreads across the world
• The murder of George Floyd sparks protests across the United States
and rest of the world
• The United Kingdom formally withdraws from the European Union
FROM LOCAL
AUTHORITY PENSION FUND
1ST INVESTMENT
INVESTMENT
• A first for Resonance when a Local Authority pension fund - Greater
Manchester Pension Fund - invests into the National Homelessness
Property Fund 2
• With all staff working from home, the Resonance team provides assistance
to investee social enterprises during COVID-19 and works with sector peers
to distribute £3.2 million through the Social Enterprise Support Fund to 120
organisations
• Microsoft Teams users jumped to 75m and the Zoom app is downloaded
485m times
SHARE OFFER
• Resonance assists two social enterprises with their share offers.
Mustard Seed Property successfully raises over £600,000 and Co Cars
raises over £800,000
MILESTONES
• The Community Share Underwriting Fund achieves successful exit with
predicted impact and returns. Over the seven years of the fund a total of
£5.1m was underwritten by Resonance, more than £2.7m was deployed
directly into nine community projects, unlocking projects with a total value
of £30.1m. All loans were repaid and capital returned to investors with their
predicted return
• B Corp rates Resonance as “Best for the World” in two key business areas:
Governance and Customers. This means that Resonance is in the top 5% of
companies of our size worldwide
6.4BN
size of the UK social impact investment market30
SUE SUTTON
SALIX HOMES
A Common Objective
Let Us, the Greater Manchester Ethical Lettings Agency,
was created through a partnership of housing providers
delivering lettings agency services in the private
rented sector. In recognition of the shared ambitions
to improve standards and remove financial barriers to
private sector housing, the providers came together as a
partnership to maximise our impact. Around six months
after the launch of Let Us we commenced discussions with Resonance.
We identified a common objective; to work in partnership to improve access to
good quality, well managed homes for people who really need them.
The housing market in Greater Manchester has never been under so much strain,
and innovative solutions to generating housing supply and improving access
to homes are urgently needed. The Resonance model is an ideal solution to
this challenge, attracting ethical investment to improve the quality of homes in
the private rented sector while generating tangible benefits for households and
communities.
Let Us worked together closely with Resonance to adapt their existing model
to reflect the local challenges, taking into account the specific attributes of the
housing market in the region, the demand for homes and the management models
applied by the Let Us members. This collaborative approach ensures that the right
homes are acquired to meet the needs of Greater Manchester people.
Making a real difference to more people, more quickly
Working with investors such as Resonance that are seeking reliable yields over a
longer period, is a fantastic opportunity which allows us to lease properties for ten
years, enabling our tenants to call their house their home for the long term and put
down roots in the community. This is absolutely vital in improving the whole lives
of our customers and not just meeting their housing needs. The model also enables
us to continue to offer homes at affordable rent levels to our customers for the
lifetime of their tenancy.
Working with Resonance has been a bit different for Let Us, as historically the
members have worked with existing landlords, often with smaller property
portfolios. Working with Resonance presents a different approach whereby we
can shape the acquisition of properties to ensure that the financial investment has
the greatest social impact, and the large fund size means that we can develop the
portfolio more quickly and efficiently by working with one landlord throughout the
lease term.
As a partnership we are passionate about increasing the supply of social housing,
however the demand for affordable homes continues to outstrip supply and
development timescales are lengthy. The collaboration with Resonance enables us
to make a real difference to more people more quickly.
AWARDS
Source:
9 Office for National Statistics - Rough sleeping in the UK: 2002 to 2021
82
• Resonance Homelessness Property Funds are finalists in the UK
Housing Awards
Source:
29 Thirdsector 2021
30 Pioneers Post 2021
83