I’m very pleased to share the publication of the Resonance West Midlands SITR Fund’s third annual Social Impact Report 2020/21 for the reporting period, October 2020 – September 2021. During this period, we’ve invested in four new enterprises, bringing the total to ten social enterprises being backed by the Fund.
Having raised a total of £1.8m from its 38 investors, the Fund completed raising capital in 2020, and is now focused on deployment. As of September 2021, it had deployed £1.1m of investors’ funds, with more in the investment pipeline.
This Social Impact Report enables investors to see how their investment is contributing to scaling the social impact of the enterprises supported and helps Resonance and investee enterprises learn and improve the way in which they deliver impact and achieve positive outcomes over time.
We are delighted to now be working with a portfolio of ten highly impactful social enterprises across the West Midlands, with several more in the investment pipeline that we are working to support through the Fund. We’ve been really pleased to see the Fund consistently continuing to increase investments being made in social enterprises tackling the Fund’s key impact areas, including education and learning, health, wellbeing and social care, and work and employment.
This is something that is particularly worth celebrating in light of the challenges of the last 12-18 months – from the impact of a global pandemic to the SITR scheme itself being threatened with closure by the Treasury.
Despite the ongoing challenges posed by the pandemic, our investees have continued to deliver a range of positive social outcomes for the individuals and communities they support, as outlines in the report. Key achievements made during the reporting period include:
The Fund has also consistently increased investments into social enterprises that deliver focused interventions in the key areas identified by the Fund, at the outset, as some of the root causes of poverty and disadvantage it seeks to address. This includes developing skills, strengthening relationships and support, and improving the health and wellbeing of local communities.
In the Social Impact Report, we have included detailed case studies of each of the Fund’s ten investees, highlighting their key social impact achievements and the ways in which they support disadvantaged individuals, local communities and hard to reach groups through the work that they do. The report also summarises the challenges investees have faced, including the impact of COVID-19, as well as their plans for future growth and development.
It is clear to us that the enterprises we’ve supported using SITR really do change lives in their communities for the better - from those that are helping ex-offenders to create a better future for themselves to enterprises creating training and employment opportunities for vulnerable people, to help them realise their potential, as well as those that provide invaluable support to people with mental and physical health issues and learning disabilities. The one thing that binds them all together is that with them, their communities are a much richer place in which to live.
The West Midlands SITR Fund is a pioneering social impact investment fund aimed at helping to dismantle poverty across the West Midlands by investing in local social enterprises that are doing fantastic work to tackle some of society’s biggest issues. This is an ambitious goal that involves addressing issues which contribute to perpetuating the cycle of poverty and disadvantage.
Sign up today and keep up to date with all our latest social impact news, innovations and insights so you never miss a thing.
Resonance Limited is a company registered in England and Wales no. 04418625
Resonance Impact Investment Limited, a subsidiary of Resonance Limited, is authorized and regulated by the Financial Conduct Authority (FCA). Firm number 588462.
Disclaimer: This website does not contain, constitute, nor does it form part of, an offer to sell or purchase or a solicitation of an offer to sell or purchase, any securities, investments or financial instruments referred to herein or to enter into any other transaction described herein. Resonance is not providing, and will not provide, any investment advice or recommendation (personal or otherwise) to you in relation to any securities, investments or financial instruments or transactions described herein. Whilst all reasonable care has been taken to ensure the accuracy of the information contained in this website, neither Resonance nor its officers accept any liability for its contents or for any errors or omissions.