I can honestly say I never saw a moment in my career when I would be talking about (let alone be excited about) tax!
So six months into our year-long campaign I thought it was worth sharing what we have been up to. As a reminder GET SITR has three objectives:
MASS EDUCATION: To raise awareness of what SITR is to as many social enterprise, charities, investors, financial institutions, professional services and anyone who will listen (events) or read (email)!
SUPPORT FOR ADVISORS & PROVIDERS: to help both grass roots business support, accountants, legal firms or any organisation who might signpost or support organisation looking to raise investment
USE TRAILBLAZERS TO INSPIRE OTHERS: To provide practical free support for the early adopters to help them get over the SITR line and to share their case studies and learning with the wider sector
So to date:
We have toured the breadth of the country speaking at 14 events reaching over 1500 individuals.
We held our first ever webinar for advisors with over 40 individuals participating interactively and a further 100+ having watched at their leisure on YouTube.
We have over 250 people signed up to our email campaign with over ¾ being social enterprises or charities. We have sent 18 different emails containing technical updates like; how to apply for pre-assurance, potential sources or ways to raise investment using SITR, how to engage trustees and directors around SITR, first-hand experience in the form of blogs from leaders of social enterprises and charities and even a video case study from Freedom Bakery.
Phew it’s been a busy 6 months! Not content to stop there we have more case studies on the way, a Guide to SITR written by a social entrepreneur and a simple Guide to regulation on which we are working with new professional services campaign supporter Bates, Wells and Braithwaite.
But most encouragingly. There were 4 case studies when we started we now have 11 deals that we know are done, a further 11 in the pipeline (8 of whom are being supported by the GET IT campaign) and potentially another 10 from the successful execution of the first SITR funds from Resonance (Bristol) and Social Investment Scotland.
We are still waiting for the cap to be raised, disappointed that community energy is now excluded from using SITR, there is a currently a backlog at HMRC for pre-assurance to be issued but all things considered we are very encouraged by the trend. EIS took a long time to get traction (some more stats and facts coming from us on this soon) so we are more confident than ever that SITR is doing what it was designed for. Helping bring new investors, lowering the cost of capital and providing new options for social enterprises and charities to raise investment. So we are looking forward to holding a tax party! (two words you didn’t think you would see together!) An event to celebrate the 2nd anniversary of SITR. Definitely a date for your July diary!
If you want to stay in touch and find out more about SITR then you can sign up to the email campaign.