We are pleased to share the latest social impact report for our South West and West Midlands Social Investment Tax Relief (SITR) funds, celebrating the outcomes achieved by the social enterprises invested in by the funds.

When the SITR scheme ended in April 2023, the two funds raised £4.76m from 168 investors. This capital, all now deployed, was invested into 27 social enterprises to help them grow their impact enabling them to contribute to dismantling poverty, in the two regions. And so far, £1.5m in loans has been paid back to investors.

Whilst no longer raising capital, the funds’ teams continue to support these social enterprises to help them in their ambitions and growth plans as they continue to support individuals, families and communities experiencing some of the impacts of poverty, such as ill health, unemployment, low income and relationship issues. In our annual survey we are proud that 89% of enterprises agreed they found Resonance’s ongoing support helpful or invaluable in supporting their missions.

Across the UK, in 2022/23:

• 3.8m people, including 1m children, experienced destitution
• 30% of all children (4.3m children) are living in poverty
• 37% increase this year, in emergency food parcels distributed (2.9m) by the Trussell Trust, the highest number ever recorded

With 47% of our investees operating directly in areas experiencing high poverty levels, they are acutely aware of the often multiple and complex issues that people in their communities might be facing. This year, investees have continued to support people experiencing mental and physical ill health and addiction, barriers to education and employment, lack of social connections, food and fuel insecurity, and more. They continue to help people access the support they need to tackle the poverty-related issues they are experiencing, creating positive social impact for their clients:

• 74% of investees are improving the health and wellbeing of their clients
• 68% are helping to develop clients’ skills
• 53% are raising aspirations
• 53% are helping to strengthen relationships and confidence levels
• 47% are creating meaningful work opportunities

This means that in the last year

• 750 people employed by the social enterprises
• 280 volunteering placements provided, and,
• 69,000 total people supported in some way over the last year, through, for example, counselling and health and wellbeing sessions, education placements and online and in-person courses, outdoor activities and more

Read our South West and West Midlands SITR social impact report 2022/23 here to see what our enterprises have been up to over the last year and the positive impact they have created for vulnerable people and communities.

The Resonance Enterprise Investment (REI) Fund

Our latest enterprise growth fund, REI, launched in 2023, for Professional Investors, allowing them to access Community Investment Tax Relief (CITR) through the Resonance Enterprise Investment CIC, an accredited CDFI.

The fund is operating in three regions in the UK, the South West, West Midlands and North West, and is focused on investing into high impact social enterprises that are working in their communities to tackle socio-economic inequalities, to help improve health and wellbeing and to support a just transition to a lower-carbon economy.

Find out more about REI, here.