We are delighted to publish the newly Combined South West and West Midlands Social Investment Tax Relief (SITR) Social Impact Report for 2021/22. This report celebrates the achievements of the social enterprises invested in by the two funds.

Since the first investment in 2016, twenty-seven enterprises have received investment from the funds to help support their social impact ambitions in helping to dismantle poverty in the regions within which they operate.

In the reporting period of September 2021 – September 2022, our investees have:

• Supported 69,000 people in a variety of ways (employment, education, health and wellbeing services, creative services and more)
• Employed 716 people
• Provided 496 volunteering placements
• 74% of enterprises have increased their turnover (since 2020/21)
• Over £1 million of loans repaid to investors either early or on schedule

And in the last three years our investees have:

• Positively impacted c182,000 people either through direct support or similar, or in a secondary way in their wider communities
• Employed over 1,200 people
• Provided over 800 volunteering opportunities

Between them, the funds raised £4.76 million from 168 investors and 13 wealth managers, and are both now closed. The South West SITR Fund made its final deployment in April 2021, and the West Midlands SITR Fund in March 2023.

The enterprises our funds have invested into and work with continue to tackle some of the main root causes of poverty, reaching out to and supporting people who are often the hardest to reach. This includes people with physical and learning disabilities, people with addiction or mental health issues, people leaving the criminal justice system, younger people struggling with mainstream education, and people from ethnic minority groups.

So we are pleased to report in the last six years, the funds have achieved good diversification of impact across five key themes and causes of poverty: 1) overcoming barriers to employment, 2) education and learning opportunities for young people, 3) addiction and homelessness, 4) equity, diversity and inclusion, and 5) tackling health and wellbeing inequalities - creating numerous positive outcomes for the people they support. From the provision of inclusive and innovative education and employment opportunities through to counselling, therapy and creative and sporting services, enterprises are helping individuals and communities to feel socially included, that they matter, and that they can improve their life chances.

And whilst the funds are no longer raising capital, the funds’ teams continue to support these enterprises through business advice and support and connections. In fact, 90% of investees say that Resonance’s ongoing support has been helpful or invaluable.

By continuing to address the root causes of poverty, especially during the ongoing cost of living crisis, the enterprises are transforming the lives of individuals and communities whilst also contributing toward the successes of the social enterprise sector and systemic change.