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CommunityShares WHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association. Headingley Development Trust. 2 issues 2007/2008 £100k raised to buy out Health Food Shop £100k raised to redevelop Headingley Primary School

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CommunityShares WHAT is Happening? Hugh Rolo, Investment Manager, Development trusts Association

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Communityshares what is happening hugh rolo investment manager development trusts association

CommunitySharesWHAT is Happening?

Hugh Rolo, Investment Manager, Development trusts Association


Headingley development trust

Headingley Development Trust

  • 2 issues 2007/2008

  • £100k raised to buy out Health Food Shop

  • £100k raised to redevelop Headingley Primary School

  • Matched investment from ACF £500k original offer £350k loan, £150k grant-now £200k grant

  • More than the money


Communityshares what is happening hugh rolo investment manager development trusts association

Westmill Wind Farm Co-op

  • 5 turbines 100% community owned

  • Farmer worked for 13 years to get permission for wind farm – spent £140k at risk

  • First wind farm in affluent populated SE England

  • Energy4All bought project and est. co-op

  • Energy4All launched fsa approved share prospectus

  • Forecast 12% p.a. over life of project

  • Offer oversubscribed £4.4m raised

  • Locals receive priority (£3.2m)

  • Additional bank finance (£1.8m)

  • Call for further funds from members

  • £1.3m raised on low returns

  • Operational Spring 2007


Torrs hydro

TORRS HYDRO

  • Jan 07 Public Information weekend

  • June 2007 Full planning permission

  • Sept 2007 Torrs Hydro New Mills formed

  • 23/11/07 Prospectus Launched

  • 31/1/08 Share Offer Closed

  • 8.6.08 Screw delivered

  • July 08 Commissioning starts

  • £95k from share issue Emda £75k Coop Fund £45k


Communityshares what is happening hugh rolo investment manager development trusts association

1. Direct social investments

  • Non-retail ethical investment, typically higher risk and lower financial return but greater SEE impact / social return

  • Larger examples - Café Direct, Ethical Property Company, West Mill Wind Farm*

  • Smaller examples - Fair Finance**, Shared Interest, VIRSA

  • * IPS Co-Op with EIS; ** IPS Ben Comm exempt promo


Communityshares what is happening hugh rolo investment manager development trusts association

2. Sources of Investor

  • Clients of ethically minded IFAs (EIA, UKSIF, Investing for Good)

  • Ethical stockbroker fund managers

  • Local wealthy individuals

  • Respondents to PR / marketing campaign

  • Trusts (& charitable foundations?)


Communityshares what is happening hugh rolo investment manager development trusts association

4. What Works

  • Tested use of IPS vehicle – no problems

  • Tested strong social return versus weak financial return

  • Tested complex social proposition versus simple proposition

  • Tested attraction of tax relief alone

  • Successful project had single core activity, easy to grasp, with track record, and offered potentially a good return (c.f. Windfarm offerings via Energy4All)


Communityshares what is happening hugh rolo investment manager development trusts association

Rathbone Greenbank Investments

  • Specialist ethical investment team within Rathbone Brothers plc, a leading independently owned investment management business

  • Ethical investment management for private clients, charities and trusts

  • They only manage ethical portfolios

  • Dedicated ethical research team

  • Over 600 clients, in excess of £300m under management

  • Involved in ethical investment since 1992


Communityshares what is happening hugh rolo investment manager development trusts association

Examples of Recent Investments

  • Cafédirect

  • ECOS Housing

    • Approx. £500,000 invested

    • Industrial and Provident Society

    • Approx. £250,000 invested

    • Ordinary shares

  • Golden Lane Housing Bond

    • Approx. £180,000 invested

    • Bond

  • Westmill Windfarm Co-Operative Ltd.

    • Approx. £100,000 invested

    • Ordinary shares

  • City Car Clubs

    • Approx. £200,000 invested

    • Ordinary shares & loan notes

  • Ethical Property Company

    • Approx. £750,000 invested

    • Ordinary shares


Communityshares what is happening hugh rolo investment manager development trusts association

Share and Bond Issues (> £100k) by Social Ent.

1984-2003 Co-operative Capital

Source


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