Community Land & Finance Social Impact Report 2014/15
Welcome to the third annual social impact report for Resonance’s community asset funds, operated through our community-lending arm Community Land & Finance CIC.
Through these funds, we currently look after £6.75m of investors’ money and invest it into communities across the UK to help them achieve the social impact they want through pro table projects.
For 2014-15, we’ve got a lot more data to share with you, now that the Funds are at full force and have the momentum of three years work with social enterprises across the UK. It means we can begin to see patterns and shapes in the data that were invisible until now and that helps us see the whole picture of impact more clearly.
We have two community lending funds: the Community Share Underwriting Fund (CSUF); and the Affordable Homes Rental Fund (AHRF). Both are fundamentally about the imaginative use of investment, to help communities achieve their ambitions. CSUF fixes the problem of community-funded projects needing to build confidence and momentum as they pursue share offers to finance their work. AHRF wrestles with the housing crisis by lending to groups that can’t yet get money from banks because they’re too new, but who have a solution that helps families find homes that are affordable now and affordable for generations to come.
Our community lending is not the only game in town of course and it’s a privilege to be part of a movement that produced sixty four share offers seeking to raise £34m in 2014; and where five hundred and twenty seven affordable homes have been completed already and around two thousand five hundred are in prospect. At the same time, we do think our Funds have some special features that make them stand out: mainly because they start, and finish, with impact and t the money to that, not the other way round. That means working with the right kind of money from enlightened investors who believe in communities in the same way we do: giving them a chance to do things for themselves by providing investment with the patience and the pricing to create the space to succeed.
Some of the highlights from our third year of running these Funds are illustrated on the pdf file linked above.