Profit with Purpose Shows the Way Ahead: Investment available for businesses that save people and the planet.
Celebrating 20 years of investing in enterprises that put people at the heart of their business, Key Fund has announced £5m of finance is now available for communities across the North.
The ‘alternative bank’ is inviting people who want to scale up or set up a social enterprise to access the blended grant and loan finance offer as it marks 20 years of investing in 2020.
One such enterprise – Settle Victoria Hall - backed by Key Fund has transformed the rural town, while shaking up the grant-dependant arts industry.
Matt Smith, CEO of Key Fund, said: “Social enterprises are simply businesses with a social or environmental mission at their heart. With 20 years’ experience, we know what works, how to support social entrepreneurs, and how to sustain businesses. Over the years, this movement has grown and is now at the forefront of tackling society’s biggest challenges, from homelessness, addiction, loneliness, poverty and inequality to the environment, with community-led green energy schemes, projects tackling food waste, and recycling enterprises.”
To date, the anti-poverty organisation has invested £54M in social enterprises – businesses that put people and the planet at the heart of their enterprise.
Over two decades, Key Fund has given business support and finance to over 2,500 organisations, enabling 1,354 safeguarding 2,171 jobs and creating 520 new businesses across the North and the Midlands.
All the businesses Key Fund supports have been turned down by mainstream banks or lenders. 80% of investments are in businesses that operate in the top 30% most deprived areas on the indices of multiple deprivation.
Matt said: “Against a backdrop of austerity and rising inequality, local people are taking control of the issues that matter to them with real passion. Social entrepreneurs are remarkable individuals working at the coalface of their communities, offering very real solutions to endemic problems. They transform lives.”
To find out more go to: thekeyfund.co.uk
LIGHTS, CAMERA, ACTION! Victoria Hall in Settle
Backed by Key Fund, Ann Harding has brought the lights, camera and action to Settle Victoria Hall, transforming it into a thriving arts and community centre.
Ann said: “Bands say have you heard of this secret place in the country packed at night time! It makes us laugh, we get lists of gigs, and it says ‘Friday night the Royal Albert Hall, Saturday night Settle Victoria Hall’. That’s taken three years of work.”
It sounds like an uplifting Hollywood movie.
An experienced company director, turned community pioneer, it was a chance conversation with social investor, Key Fund, about the Hydro that kick-started Victoria Hall.
“We both understand where we’re coming from,” Ann, Chief Operating Officer of the Hall, said.
Key Fund supported Ann to purchase cinema equipment and front of house PA system. With no grant support for its core business, Ann has overseen an increase from £110k three years ago to a turnover of £220k (2017/8), and £260k in 2019. Box office sales were up from £108k to £156k in the past year, a boost she puts down to the new cinema equipment.
She forged an innovative partnership with National Theatre Live, and hosts dementia friendly and relaxed cinema screenings, as well as major events such as the Kendal Mountain Film Festival.
“We’ve just signed the contract with the Royal Opera House to bring opera and ballet as well, which people have been asking for. It’s also enabled us to enhance our music offering, we’ve now got this reputation for fantastic equipment so the people coming are getting better and better. Acts like Jason Donavan and Paul Young.”
NT Live offers high quality theatre on screen to audiences ‘stuck in the sticks.’
“To put on live theatre, the cost is hopelessly prohibitive, but NT Live gives people the opportunity to see top class theatre.”
Ann also used the new equipment to launch monthly online auctions, taking a commission for sales.
“I think there’s nowhere else in the country that does that, it’s absolutely unique and new.”
She’s also reaching younger audiences with interactive gaming events. “There’s so much more we can do now that we didn’t do before.”
Over 50% of audiences travel from over 20 miles, all bringing visitor spend into the rural economy.
It supports 150 volunteers and 30 community groups, including U3A, with classes from philosophy to line dancing.
Charities like Diabetes UK set up to offer testing, and the NHS Trust host a board meeting at the Hall to engage the local community.
Despite there being just 3k people in Settle, audience numbers have leapt from 8,647 to 12,003. Turnover in the bar, staffed entirely by volunteers, went from £6k three years ago to £50k.
“I actually don’t like the words ‘the arts’ because really, it’s community.”
“It’s well documented loneliness and craving human company is not good for mental health. The more we can keep people coming to see the arts and being involved in volunteering, the less likely they are to need the intervention from the NHS; I genuinely believe that.”
Ann said: “Our councils haven’t any money, so what can we do to make us self-sustaining? People say why don’t the council give Victoria Hall money to keep going? I’d give it to children’s services, or people who deal with domestic abuse, or improving housing. That’s where putting together a package with Key Fund comes into play. The Key Fund is important, because there is an alternative way.”
Spotlight On: Josie Gothrie, 27, Arts Administrator
Growing up near Settle, Josie graduated from St Andrew’s University in Medieval Studies.
She applied for lots of jobs, in different places but struggled. A lot of her friends stayed in academia because it’s ‘just so overwhelming’ when you have no work experience. “I started doing a bit of volunteering at Victoria Hall. I went straight from school to university so I didn’t have much life experience.”
After a year volunteering, the old administrator left leaving the position open. Josie applied, and got it. The Dales is suffering from a youth exodus, but Victoria Hall offered a vibrant job in the Arts. “You need the variety of ages to keep these communities alive, not just the people who can afford the houses, which tends to be the older age group.”
Now, she has taken on more responsibilities, including finance and marketing.
“Ann was great. It’s been an amazing opportunity, there’s so much variety I’ve learned so much, just being able to take on so much responsibility in such a small organisation.”
Josie enjoys the supportive environment it offers to the community. “It makes a difference to people, gives them a reason to come out, and gives them a reason to interact. People are at risk of isolation in rural areas.”
As to her confidence and outlook, it’s kicked off a career as she plans to climb the ladder to a managerial position in the arts.
“I don’t know what I’d have done without this opportunity.”
https://www.settlevictoriahall.org.uk/