In July 2020, The Oversight Trust published an independent review of Big Society Capital (BSC) as part of its role in overseeing the organisation. This report outlined the progress BSC has made towards its objectives as a social investment wholesaler and market-builder, including in mobilising private capital for social investment. Since 2011, BSC has signed £680m of investments to support social enterprises and charities, and has leveraged £1.4bn of investments from private investors alongside this. This has contributed to 97 fund level investments and provided capital to over 1,200 charities and social enterprises, with 73% of these organisations located in the 50% most deprived places in the UK.

In July 2020, The Oversight Trust published an independent review of Big Society Capital (BSC) as part of its role in overseeing the organisation. This report outlined the progress BSC has made towards its objectives as a social investment wholesaler and market-builder, including in mobilising private capital for social investment. Since 2011, BSC has signed £680m of investments to support social enterprises and charities, and has leveraged £1.4bn of investments from private investors alongside this. This has contributed to 97 fund level investments and provided capital to over 1,200 charities and social enterprises, with 73% of these organisations located in the 50% most deprived places in the UK.

The Government keeps all taxes and reliefs under review to ensure that they continue to meet policy objectives and represent value for money for taxpayers.

In 2019, the Government comprehensively reviewed the Social Investment Tax Relief (SITR), in line with commitments made when SITR was enlarged in 2017.

As part of this review, the Government published a Call for Evidence in April 2019, which ran for 12 weeks.

The Call for Evidence examined SITR’s effectiveness at incentivising individuals to invest in social enterprises, and its impact on the social investment and enterprise markets. A list of questions asked in the consultation can be found here: https://www.gov.uk/government/consultations/social-investment-tax-relief-call-for-evidence/social-investment-tax-relief-call-for-evidence.

The Call for Evidence received responses and evidence from a range of interested parties, including social enterprises, charities, community businesses, investors, and intermediaries.

A Summary of Responses to the Call for Evidence will be published in due course.

The Civil Society Strategy is long term, setting out our vision for government’s work with and for civil society over the next 10 years and beyond. As we said in the Strategy, we believe there is a need for long-term, sustained relationships between communities and investors, with local funding that meets the specific investment requirements of the community, develops local resilience, and has the ability to attract private capital at scale.

Big Society Capital and Access (The Foundation for Social Investment) are devoting around £35 million funding to initiating this effort and have been working with national and local funders and civil society organisations to prepare for the launch of “Local Access”, a new programme designed to build the resilience of local charities and social enterprises in around 5 local areas, which will be identified over the coming months. The programme will run for up to 10 years and will provide long term support and investment to launch and grow enterprise ideas, with funding largely devolved to local partnerships.

Social investment funds are independently regulated, and subject to their own respective due diligence processes, target market and risk and return objectives. Any losses are assessed and accounted for within their own governance, reporting and risk management processes. The government has made no independent assessment of the number of competing funds and the gains/losses made.

Big Society Capital operates independently from government and sets what it considers to be an appropriate interest rate.

Government has not been made aware of any evidence of mis selling to charities and small and medium-sized enterprises.

Individual social investment vehicles measure and publish their own impact assessments based on the specific geography and nature of investments made.

Since 2012, Ministers and Office for Civil Society officials have met regularly with Big Society Capital to discuss the contribution of social investment to tackling key social issues.

The release of a new tranche of £330m from dormant accounts to be distributed across the UK, announced on 4 January, includes an allocation of £135m to Big Society Capital. £300m of dormant account funding has previously been transferred to Big Society Capital. The allocation from the new tranche of dormant accounts will meet the intention announced by the Prime Minister in 2012 to provide £400m to Big Society Capital, and provides an additional £35m.

Previous announcements on the government’s funding commitment to Big Society Capital were not specific to housing, and Big Society Capital’s intention to use this funding to provide stable and long-term accommodation homes for vulnerable people, as well as to support local charities and social enterprises, has not previously been announced.

Big Society Capital (BSC) is an independent (private sector) company limited by shares. It is governed by the Big Society Trust. Government does not regulate BSC's investment decisions, and so cannot detail its planned investment commitments.

Details of BSC's funding and expenditure can be found in its first annual report. This report set out that £56 million had been committed by BSC in 2012 with the aim to make a further £75 million to £100 million worth of commitments in 2013.

http://bigsocietycapitalblog.com/2013/05/10/big-society-capital-launches-its-first-annual-report/

In May, BSC announced that it is working with a number of intermediaries to get more unsecured lending facilities for social sector organisations.

Big Society Capital (BSC) is an independent (private sector) company limited by shares. It is governed by the Big Society Trust. Government does not regulate BSC's investment decisions, and so cannot detail its planned investment commitments.

Details of BSC's funding and expenditure can be found in its first annual report. This report set out that £56 million had been committed by BSC in 2012 with the aim to make a further £75 million to £100 million worth of commitments in 2013.

http://bigsocietycapitalblog.com/2013/05/10/big-society-capital-launches-its-first-annual-report/

In May, BSC announced that it is working with a number of intermediaries to get more unsecured lending facilities for social sector organisations.

Big Society Capital (BSC) is accountable to its shareholders—Big Society Trust and the Merlin Banks (four high street banks that contributed start-up capital to it. These are independent from Government The Big Society Trust (a company limited by guarantee) has a controlling interest in BSC ensures that BSC remains true to its mission to grow the social investment market in the UK. BSC must report regularly to the BST on its financial and organisational performance. This information is publically available in its annual report and accounts.

As BSC is an independent social investment institution, the Cabinet Office has not made a formal assessment of the rate of interest at which BSC is offering to lend money.

I meet regularly with representatives from across the social investment sector to discuss market development.

Big Society Capital (BSC) is accountable to its shareholders—Big Society Trust and the Merlin Banks (four high street banks that contributed start-up capital to it. These are independent from Government The Big Society Trust (a company limited by guarantee) has a controlling interest in BSC ensures that BSC remains true to its mission to grow the social investment market in the UK. BSC must report regularly to the BST on its financial and organisational performance. This information is publically available in its annual report and accounts.

As BSC is an independent social investment institution, the Cabinet Office has not made a formal assessment of the rate of interest at which BSC is offering to lend money.

I meet regularly with representatives from across the social investment sector to discuss market development.

Big Society Capital (BSC) is accountable to its shareholders—Big Society Trust and the Merlin Banks (four high street banks that contributed start-up capital to it. These are independent from Government The Big Society Trust (a company limited by guarantee) has a controlling interest in BSC ensures that BSC remains true to its mission to grow the social investment market in the UK. BSC must report regularly to the BST on its financial and organisational performance. This information is publically available in its annual report and accounts.

As BSC is an independent social investment institution, the Cabinet Office has not made a formal assessment of the rate of interest at which BSC is offering to lend money.

I meet regularly with representatives from across the social investment sector to discuss market development.

Big Society Capital (BSC) is an independent organisation established in April 2012. All details regarding its operations, including staffing levels, will be publicly available through its published annual report and accounts.

Big Society Capital has so far made investments in six social impact bonds. Details are available on Big Society Capital's website at:

http://www.bigsocietycapital.com/how-we-invest

Big Society Capital (BSC) is an independent organisation. Further information on Big Society Capital; including its investment criteria can be found on the Big Society Capital website:

www.bigsocietycapital.com

Big Society Capital is independent. It details investments on its website at:

http://www.bigsocietycapital.com/how-we-invest