10th November 2014

This press release was written and produced by the Social Impact Investment company, Resonance. 

In the first deal of its kind, Bristol based charity FareShare South West, which tackles food waste, hastoday, Monday 10 November, received an investment of £70,000 from a small group of angel investors piloting a social investment tax relief (SITR) fund,to be set up and managed by impact investment company Resonance.

The Bristol pilot was set up to identify the demand for social investment from local social enterprises, and to understand how different fund structures might impact on scaling up the social impact achieved by investees.

Seen as a potential way of providing a vehicle to channel the city’s wealth into the growth of social enterprises that are successfully tackling social and economic deprivation at the heart of local communities, the pilot had an initial investment pot of £200,000.eldersclub-0010

In its new report “A Social Investment Fund for Bristol”, Resonance sets out its findings from this pilot phase including the detail of the two deals done. After considering the benefits to be generated from the recently implemented SITR, Resonance concluded that an ‘SITR Fund’ is the best next step to scale up this type of initiative in Bristol. As a result,Resonance has set its sights on building a series of city based SITR funds starting with Bristol and aims to launch the first SITR Fund in early 2015.

Daniel Brewer, Managing Director at Resonance, said: “There was a strong preference for investing in a pooled social investment fund, rather than directly investing in social enterprises on a deal by deal basis.   This supports a strategic approach to social impact, ensuringdiversification of risk across a portfolio andreducing the costs of deal structuring for individual projects.

“The pilot study showed how Social Investment Tax Relief has the power to channel new finance to growing social enterprises.SITR in this case has made the deal more attractive for both the social enterprise and the social investors. It can help drive down the cost of much needed capital for social enterprises, whilst also delivering a risk adjusted return to investors.“

The first beneficiary, FareShare South West, diverts surplus food that the food industry would otherwise waste, to organizations that work with vulnerable people. They have also developed a catering arm, where surplus food is used to provide a fine dining experience at festivals and larger scale events, as well as general catering services at smaller events. FareShare also offers work experience and job opportunities for vulnerable individuals who have been excluded from the jobs market.IMG_9189JacksonDrowleyFeed5000

Jacqui Reeves at FareShare South West said: “We needed investment to scale up our activities and to achieve our aims of addressing the imbalance by redistributing quality surplus food to groups working with vulnerable individuals in and around Bristol. The investment will help us create real jobs and work experience opportunities for vulnerable people who previously were unable to work.”

Matt Robinson, Head of Strategy and Market Development at Big Society Capital, said:“This is a milestone moment for the social investment tax relief. It is particularly exciting to see it being used in the way it was intended: enabling a small charity to access unsecured lending, so that they can grow and increase their social impact. Congratulations to FareShare South West, Resonance and all others involved. We look forward to seeing many more charities and social enterprises making the most of the tax relief to access social investment.”

Resonance has been considering developing city focused impact investment funds for some time, and Bristol presents a particularly strong case for being the base for the first of these.

Daniel Brewer explains: “There is a thriving social enterprise scene developing in Bristol. Creative business models are being developed across the region, in order to tackle social issues in a sustainable way.Whilst not all of them would be deemed ‘investment ready’, we are encouraged by the large number of social enterprises delivering social value in key impact areas. They presented real potential to deliver both social impact as well as financial return to prospective investors. This provides strong evidence of a healthy pipeline of potential deals for a locally focused impact investment fund.”

The Severn Project CIC also received a loan of £80,000 to expand production capacity of its urban farms, which provide fresh local salad to restaurants, shops and distributors in Bristol, while creating employment for people with significant barriers to the workplace. However, this deal could not take advantage of SITR because its core income generating activity is agricultural, which is currently not eligible, but under review.  Had SITR been available, the investment The Severn Project CIC received could have been both larger and less expensive.


Notes to Editors

 Benefits of Social Investment Tax Relief Structured Fund:

For investment in Severn Project CIC, the cost of capital to the enterprise is 5% per annum for half of the investment, and 2% of any revenue generated for the other half. This results in an expected CIRCA IRR of 9% for investors.

Compare this to the second, SITR eligible investment in FareShare South West, which is interest only at 5% per annum for 3 years and amortising at 7% per annum for a maximum of 3 years thereafter (the loan can be repaid in full any time in the latter 3 years). Still, because of the income tax relief investors can access, the expected CIRCA IRR to investors in this case is 14.5%.

Investors place money in a pooled arrangement, similar to an EIS Fund, which is managed by an independent Fund Manager (such as Resonance), which decides where capital is to be invested, within a specific remit. All funds must be deployed within 2 years of the fund close.The fund is structured in a way that means the tax relief is available on all investments, provided the funds are deployed into SITR compliant businesses.Copies of the report A Social Investment Fund for Bristol are available.


For information, images and further contact with spokespeople, please contact Resonance PR consultants:

Anna Hollis, t/ 020 8533 8893, e/ anna@matterandco.comm/07779 603538

Hannah Cambridge. t/ 020 8533 8893, e/ hannah@matterandco.com

About FareShare

FareShare South West is an independent franchise of the national charity, FareShare.

We work with the food industry to minimise fit-for-purpose fresh, frozen and long-life food going to waste, and send this food into organizations working with the most vulnerable people in the community.  Thousands of tonnes of perfectly good in-date food are wasted in the South West each year due to packaging errors, out of date promotions, discontinued lines, veg not up to spec. and so on.  At the same time, there are over 4 million people in the UK who cannot afford a healthy diet, among them homeless and elderly people, children, refugees and people suffering mental & physical health problems.

FareShare South West aims to address this imbalance by redistributing quality surplus food to groups working with vulnerable individuals in and around Bristol.We only have a few employees and rely heavily on our volunteers. Each week around 50 people help us re-distribute the food throughout the South West. Around half our volunteers are or have been vulnerable and we offer training opportunities and support in their lives.

FareShare South West, based in Bristol, was set up in late 2007 to work with community groups in and around Bristol city.  We support over 70 organizations, including hostels, day centres, lunch clubs, addiction agencies, young peoples projects  & refugee centres, in delivering a food service to those who need it most and giving support on nutrition, food hygiene and more.  Our service enables these organizations to get people through the door and also to redirect their funds into improving their own services.


For information, please contactJacqui Reeves, CEO Fareshare SW 0117 9542220 info@faresharesouthwest.org.uk

 About Resonance Ltd:

Resonance is a social impact investment company with over a decade of experience of working closely with social enterprises throughout the UK. We help social enterprises prepare for and raise capital from investors who value both their impact ambition and their business model. Based on this knowledge, we also create and manage impact investment funds focused on specific social issues across a range of sectors.  We have particular expertise in property, community-led projects, homelessness, education and social care and work closely with investors whose values and ethics closely align with these sectors.

The Resonance Group also includes two subsidiaries; Resonance Impact Investment Limited (RIIL), a deal arranger and fund manager registered with the Financial Conduct Authority (FCA) and Community Land & Finance CIC, a community development finance institution and accredited Social Enterprise.

With offices in London, Manchester, Bristol and Cornwall and a team of 20, including Associates contributing skills to specific projects and Investment Committee members with diverse background, Resonance is helping to build the market for social investment in practice.

As well as the Real Lettings Property Fund, Resonance manages two debt funds lending to community-led organizations to develop assets that serve local need and/or make the most of local opportunities.  These funds catalyse the development of resilient, powerful, inclusive communities mobilising both financial and social capital for the long-term benefit of communities around the country.

The report is downloadable from Resonance’s website.


If you have any queries regarding Resonance or would like to ask further questions or require higher resolution of images provided, please contact Sharon Smallworth, Team Coordinator for Resonance on 0845 004 3432 or email sharon.smallworth@resonance.ltd.uk.www.resonance.ltd.uk

Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Delicious Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Digg Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Facebook Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Google+ Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on LinkedIn Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Pinterest Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on reddit Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on StumbleUpon Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Twitter Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Add to Bookmarks Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Email Share 'Press Release: Bristol charity FareShare South West is first ever social investment tax relief deal to complete' on Print Friendly

Fancy a table for two? Enter our Competition!

August 22, 2014

With the Surplus Supper Club in demand across a wide range of this year’s biggest summer festivals, we can probably safely say that our guests enjoy our food. Are you coming to this year’s Bestival? If so, why not enter our new competition where you and a plus one can enjoy a delicious meal with our […]

Read the full article →

FareShare Grows its Support

August 18, 2014

The great work that FareShare South West has benefitted communities across the region has blossomed in the last year and more organisations are receiving more of the redistributed food than ever before. Slowly but surely, the number of organisations that regularly receive food from us has doubled, and the current grand total is now 129. […]

Read the full article →

FareShare gets Volunteers on the Career Ladder

August 14, 2014

At FareShare HQ in Bristol, we like to pride ourselves on having a diverse and inclusive number of volunteers supporting the work we do every day. One such example comes through the success in which we help the people who want to gain all-important skills for jobs and move onto employment as a result of […]

Read the full article →

Press Release: FareShare Takes Waste Fight to Womad Festival

August 4, 2014

FOR IMMEDIATE RELEASE 1st August 2014 FareShare Takes Waste Fight to Womad Festival 26-27th July 2014, Charlton Park, Malmesbury, Wiltshire With festival season still in full swing, FareShare South West continued it campaign to prevent food waste that take place at the end of the festival by the food trader. Womad Festival gave access on […]

Read the full article →

FareShare goes to school

November 7, 2012

Earlier this year we introduced our new education programme, run by Matt Roberts. Since then, Matt’s been busy getting the project underway and scoping out its development. Making contacts with local Bristol schools has been key to kicking it all off, and what better time to introduce them to FareShare than Harvest Festival? The children […]

Read the full article →

Amy Pulls it Off!

July 3, 2012

A few years ago the delightful Amy bounced through our door after passing it several times when visiting a local electrical distributor.  (Volunteers come to us in very different ways).  Amy got stuck in straight away, became very popular and was always on hand to help out, nothing ever a problem and never fazed by […]

Read the full article →

Press Release and Support Material

May 8, 2012

Press Release: THERE IS SUCH THING AS A FREE LUNCH! FareShare South West and Feeding the 5000  highlight food waste and food poverty    12th May 2012, 1.00pm – 5.00pm, College Green, Bristol   Like anything that’s become a “West End” hit the next stop after London is the West Country and Feeding the 5000 is no exception. […]

Read the full article →

Feeding the 5000 Bristol

March 17, 2012

4,187 FED, WITH LOAVES AND CURRY DISHES.   The weather was amazing, the wonky vegetable curry left us begging for more, but our souls were soothed by the sweet sounds of some amazing musicians and Bristol – you did us proud.  Thank you, thank you 5000 times! Last Saturday, FareShare South West put Feeding the […]

Read the full article →

Food Waste Bill Launches at Parliament

March 14, 2012

At a launch event in parliament yesterday, Kerry McCarthy, MP for Bristol East, presented the case for her new Food Waste Bill. This was the first step in her campaign to put into law the principle that whilst there are hungry people in the UK, it is ethically corrupt that edible food be thrown into […]

Read the full article →

Matt’s our Man!

February 2, 2012

We are very excited to announce the arrival of Matt Roberts who has come on board to develop our student project, FareFuture.  Matt, who recently resigned from his job, devised the project to deliver some much needed support in terms of lobbying, fund raising and publicity from the South West’s young people.  Matt then took […]

Read the full article →

1 Million Meal Appeal

December 2, 2011

On 26th November, Sainsbury’s customers helped feed those in need. We’re delighted to reveal that the Million Meal Appeal has been a success. The generosity of Sainsbury’s customers has been overwhelming and with Sainsbury’s matching their customers, FareShare can provide a staggering 1.2 million meals for vulnerable people.  This equated to 39 pallets of food in […]

Read the full article →

Princess and the ‘Value’ Peas

November 24, 2011

Years ago, when I was at School I had a home economics homework to feed a family of four, for a week on £20.  Although giving away my age – I am proud to say, that whilst I didn’t have a clue my Mother was able to do it, not only that, but she was […]

Read the full article →


October 24, 2011
Read the full article →

Hub and Spoke – making the world go round.

October 10, 2011

Last week saw the inception of Hub and Spoke, the brain-child of the Director of FareShare South West, at the St Jude’s Depot. Representatives of interested community projects joined us along with some FareShare South West old hands in the guise of our amazing volunteers, Alan of Wild Goose fame and our newest board of […]

Read the full article →

You Raise me Up

September 23, 2011

A massive round of applause rang out yesterday at the FSSW depot in Bristol, as Trevor, Nassur, Nick and Paul were awarded their Fork Lift Truck drivers licence by FSSW Director Jacqui Reeves. The fantastic four have been working hard over the last month under the steady hand (and beady eye) of Pete Wright, our Operations Manager […]

Read the full article →

FareShare SW round ‘em up at Shambala

September 14, 2011

At Shambala it’s usually the acts and bands playing to sell out audiences – but we’re thrilled to say that FareShare Southwest also sold out on Saturday night for our Landfill feast. With the team fully frocked up as Cowboys and Indians – our diners were treated to such heavenly delights as Andalusian Chicken and […]

Read the full article →

The Landfill Café at SHAMBALA 2011

August 4, 2011

The first thing that went through my mind was – Why haven’t I got a ticket? Fareshare South West are delighted to announce we’re popping our Shambala cherry this year, launching the Landfill Café at this years festival.  Happily wedged in amongst the four-day mayhem of “far too many things”, we will be serving delicious […]

Read the full article →

Sainsbury’s Meal Appeal – and then some!

August 4, 2011

The kindness of strangers never ceases to amaze me:  From the 8th to 10th July 2011, Sainsburys (one of FareShare’s largest and long term supporters) went the extra mile with their “Meal Appeal” campaign: At 19 depots, 890 stores countrywide and online; staff, customers and volunteers alike organized, promoted, donated and broadcast the same message:  […]

Read the full article →

“Lift the Lid”

February 7, 2011

A fantastic set of events in collaboration with Young Bristol took place in February. The first event was an open evening at FareShare Warehouse lifting the lid on the amount and type of food we receive with fabulous food cooked by the award winning Thali Cafe, a yurt in the warehouse and attendees of over […]

Read the full article →