Big Society Capital today published its 2014 Annual Report, outlining performance to-date, and its first ever Social Impact Report.
By the end of December 2014, £104 million had been drawn down by charities and social enterprises from Big Society Capital and its co-investors since the social investment bank’s inception in 2012. Of that total, £36 million has come from Big Society Capital and £68 million from co-investors.
The amount of money signed and available to charities and social enterprises rose to £359 million across 36 different investments, compared to £104 million last year. £158 million of this total is from Big Society Capital and £201 million from co-investors.
Over the first quarter of 2015, the total drawn down by social sector organisations increased to £136 million. Of that total, £51 million has come from Big Society Capital.
Nick O’Donohoe, Chief Executive of Big Society Capital, said: “We’re delighted to publish our third Annual Report which includes our first ever Social Impact Report. This shows how our capital is making a difference to some of the most vulnerable people in our communities. Over 130 charities and social enterprises are tackling some of the most entrenched social issues all over the UK with our investment and that of our co-investors.
“We look forward to working with the new Government to address some key areas outlined in their manifesto: youth unemployment, mental health and homelessness. There is now a real opportunity to bring greater scale and ambition to commissioning public services, actively employing social investment to address these issues and making sure charities and social enterprises have the right finance available to do so.”
Harvey McGrath, Chair of Big Society Capital, said: “2014 has been a year of significant progress on many fronts. Access – the Foundation for Social Investment was established, responding to the market and providing finance for social sector organisations needing less than £150,000, while providing capacity-building support for the sector. The Business Impact Challenge was launched to engage corporates and we look forward to seeing that shortlist very soon. And we are now seeing the first investments using Social Investment Tax Relief. Big Society Capital has developed from being a start-up to now having an emerging track record on which to build the next stage of the social investment market in the UK.”
As of December 2014, Big Society Capital had received £305 million in capital from the Reclaim Fund and four UK high street banks.