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The Social Investment Bank

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The Social Investment Bank THE SOCIAL INVESTMENT BANK Its organisation and role in driving development of the third sector March 2007 The Commission is an independent body set up to consider how unclaimed assets could best be used to benefit society . The commissioners are as follows: Sir Ronald Cohen (Chair) Chair, Social Investment Taskforce, Bridges Community Ventures and The Portland Trust, and Honorary President, Community Development Finance Association Contents David Carrington Consultant Executive Summary . 1 Andrew Gowers Head of Corporate Communications, Lehman Brothers Europe and former Introduction . 2 Editor, Financial Times The need for a strong third sector . 3 Susan Hitch Chair, Balance Foundation Part 1: Investing in a strong third sector . 4 Bernard Horn Former Group Board Member of Nat West Bank Section A: Overview of the third sector . 4 Ed Mayo Chief Executive, National Consumer Section B: Investment needs . 7 Council Section C: Social investment market . 11 Baroness Jill Pitkeathly House of Lords, former Chair of New Opportunities Fund Part 2: The Social Investment Bank . 16 Geraldine Peacock Former Chair, Charity Commission Section A: Activities . 16 Danielle Walker–Palmour Director, Friends Provident Section B: Model . 17 Foundation Section C: Governance and accountability . 21 Observers to the Commission include representatives from the Treasury, the Department for Communities and Local Next steps . 22 Government, the Cabinet Office, the British Bankers Association and the Building Societies Association . Appendix . 23 The Secretariat comprise: Glossary . 25 Matthew Pike – Secretary Bibliography . 27 Toby Eccles – Programme manager John Gillespie – Co-ordinator and researcher Endnotes . 28 Judith Miara – Finance and social investment market analysis Cathy Pharoah – Research adviser Participants . 29 See inside back cover for details of advisors and funders . Acknowledgements . 32 Executive Summary The role of the “third sector” in combatting disadvantage and To be effective and able to operate credibly in capital building a more cohesive society has never been more important . markets, the Social Investment Bank will need founding Its ability to respond to need and pioneer new approaches – capital of at least £250 million, with an annual income beyond the reach of both the public and private sectors – is stream of £20 million for a minimum of four years. almost universally acknowledged . 3) The Social Investment Bank should be small, adaptable, Yet its ability to play this vital role is undermined by financial innovative, and able to take risks. It should bring fragility . The third sector is fragmented, under-capitalised together the best of the financial and social sectors. It and, in aggregate, unable to invest in sustainable growth and should act as a “wholesaler of capital” working through development . Funding is chronically insecure and often focused existing and new financial intermediaries, assisting on current projects rather than investment in organisational their development and encouraging their growth. capacity or infrastructure . 4) The Social Investment Bank would undertake four initial activities: The Commission on Unclaimed Assets was established in October 2005 to study how funds released from dormant bank accounts a. Capitalise present financial intermediaries and fill could be used to generate the maximum public benefit . gaps in the marketplace where lack of capital is restricting social impact; In a consultation paper published in July 2006 it recommended the establishment of a Social Investment Bank that would help b. Develop the provision of advice, support and higher put the third sector on a more robust financial and professional -risk investment so as to accelerate the growth of footing . This report draws on the subsequent, wide-ranging demand for repayable finance; consultation both to provide a fuller account of the Commission’s findings on third sector needs, and on how a Social Investment c. Develop programmes of sustained investment in Bank might help meet them – as well as to provide a blueprint specific markets such as community regeneration for the institution’s funding, goals and governance . and financial inclusion; d. Support existing and new intermediaries in their The report concludes that: efforts to raise private capital. These activities should attract significant additional finance into 1) If the third sector is to continue to grow and meet its goal the sector. of supporting marginalised communities in a way that neither the state nor the private sector can, it urgently 5) The most effective way of providing significant capital needs greater investment and professional support. to the third sector is by facilitating access to private Suitable capital should be available for organisations finance as well as to the broader capital markets. Since at all stages of development, from charities without financial returns are likely to be below mainstream rates trading revenue all the way to social enterprises that of return, we recommend that tax incentives should be reinvest some or all of their profits in their mission and used more broadly to encourage the flow of capital into commercial businesses with a social purpose. social investment. Community Investment Tax Relief (CITR) should be significantly extended. 2) An independent Social Investment Bank should be created using the capital from dormant accounts to 6) The Social Investment Bank should be an independent develop the social investment market on a scale that institution answerable to the third sector, with a can support the UK’s vibrant and diverse but under- governance framework that is effective, representative capitalised third sector, including social enterprise, and compliant with best practice. community development and voluntary organisations. one Introduction The Commission on Unclaimed Assets was established in a) The SIB should not endanger the efforts of present social November 2005 to develop proposals that would generate the investment intermediaries by competing with them directly . maximum public benefit from the proceeds of the dormant Rather it should act as a wholesaler to the marketplace, accounts held by banks and building societies based in the UK . strengthening and developing what is already there; Its interim report, published in July 2006,1 recommended the creation of a Social Investment Bank (SIB) to develop the social b) The SIB should be independent of government, able to investment market . The SIB would encourage the third sector respond to the long-term needs and aspirations of the to grow and thrive by enabling a broader range of finance and sector and those they serve, rather than to short-term greater access to appropriate private sector funds . The SIB would political considerations . channel finance through a range of specialist intermediaries and We have incorporated both these suggestions into this report’s multiply the impact of unclaimed assets through gearing and by recommendations . attracting additional capital to the sector . Throughout this process the Commission has been acutely Since publication of its interim report the Commission has aware that dormant accounts are people’s lost money and that subjected the idea of the SIB to widespread consultation, the best outcome is that money is reunited with its owners . interviewing organisations across the sector and organising Our work regarding consumer protection and the regulation engagement meetings in all four nations . We developed an of dormant accounts will be published in a separate document online questionnaire to assess organisational capacity and need developed in conjunction with the National Consumer Council, and distributed it through a variety of third sector networks . entitled “Consumer protection and the regulatory framework for We received over 1,000 responses to our questionnaire and dormant accounts” . more than 60 written submissions to our consultation process, many of which we followed with further interviews . The SIB is The remainder of this report aims to answer three questions . seen as an innovative proposal that would deliver real change to the UK’s disadvantaged communities . The two key pieces of Why recommend that unclaimed assets should be used to feedback that we received were: boost investment in third sector organisations, rather than to fund additional immediate provision of services? If we increase the capacity of third sector organisations, we enable them to become more self-reliant and more effective in serving their communities . In sections A and B of Part 1 of this report we analyse the financial state of the third sector and its sources of funding . Why an “investment bank”, why not simply a fund or foundation? An investment banking organisation will enable far greater total investment through recycling capital and improving access to private finance . In section C of Part 1 of this report we look at present investment in the sector and how it could be improved by matching finance more effectively with the sector’s needs and by maximising the overall available capital . How would a Social Investment Bank work? It would act as a powerful wholesaler of capital and as a financial adviser to intermediaries that are in turn providing finance to third sector organisations . It would spearhead the financial development of the whole sector . In Part 2 of the document we develop a clearer picture of how a SIB would work, what it would do, and how it would be governed and made accountable . This
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