It's one year since the Social Investment Tax Relief (SITR) was launched and it has been exciting to see the first charities and social enterprises using the relief in such a diverse range of ways.
Supporter-owned football club, FC United of Manchester, used SITR to raise £270,000 from fans and build a new 5,000 capacity stadium. As Andy Walsh, General Manager of the club says, they took on SITR because they “wanted to continue with the idea of giving people a stake in the club and benefitting the community.” The investment was also used to develop their community activities providing sport and non-sport community activities to over 2000 people in Moston, North Manchester, one of the most deprived areas in the UK.
“Asking people for money has led to an increase in their engagement with the organisation and getting involved, whether volunteering or offering other assistance to the club” says Andy. “It’s a brilliant way of getting people more involved.”
FareShare South West is a Bristol-based charity which works with the food industry to minimise in-date food going to waste. It raised £70,000 to expand its catering arm supplying food to over 130 community organisations and offer work experience for vulnerable individuals excluded from the job market.
CEO, Jacqui Reeves, says “SITR was appealing as it was a way of getting investment that would help us to grow quicker, to keep up with the speed of our growth.” Fareshare South West now distributes 30-40 tonnes of food per month serving roughly 83,000 meals.
Two social impact bonds (SIBs) have also been supported by the relief. Ambition East Midlands is a partnership of three local charities P3, YMCA Derbyshire and the Y to help young homeless people in the region. It raised £600,000 using SITR to work with 340 young people who are homeless or at risk of homelessness for three years. Similarly the Aspire Gloucestershire SIB run by P3 and County Community Projects (CCP) raised £310,000 using SITR to work with 150 young homeless people.
CEO of P3, Mark Simms, says “SITR gave us a competitive edge and enabled our organisation to explore a new and innovative way to tackle youth homelessness. We encourage other charities and social enterprises to find out how they can benefit from the tax relief as well.”
But SITR is a much bigger opportunity for organisations looking for investment to help them deliver more social impact. To help support more charities and social enterprises to understand and make use of SITR, we’re launching GET IT.
GET IT offers the opportunity for organisations to access a free package of support on SITR including education, access to resources and information, expert advice and profiling of successful raises by signing up.