Southville Community Development Association | Big Society Capital

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Southville Community Development Association

The Chessel Centre will offer additional quality nursery care for children in Bristol.

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Problem

The number of under 5-year-olds in Bristol has grown by 36% in the last decade, but the area has a shortage of nursery places and cannot keep up with the increasing demand. Like many other facilities in the local area, the Southville Centre has a long waiting list for its nursery care places.

Solution

The Chessel Centre will create 54 additional nursery places, offering quality nursery care all year round. The centre was built with Power to Change funding, a bond arranged by Triodos Bank and supported by an ICRF investment readiness grant.

Revenue model

Southville Community Development Association raised money using a bond eligible for Social Investment Tax Relief (SITR) via Ethex. The amount was doubled by the Crowd Match Fund. Investors will be repaid from revenue generated by the paid-for nursery places and room hire to clubs and societies.

Impact

There are 160 children registered to attend the nursery. When the new centre opens, parents currently on the waiting list will have access to quality childcare and early years education. State-funded free childcare will increase from 15 to 30 hours in September 2017, giving more parents the option to work. 

The Crowd Match Fund enabled us to increase quality nursery school places for local children.

Dr Simon Hankins, CEO, Southville Community Development Association

Key information

Duration | 
6 years
Cost of capital | 
4%
Investment amount | 
£560,000
Turnover | 
£1,079,000