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Social Investment Mechanism 12 03 09
- 1. “ Not for Loss” Social Business Finance Capital Partnerships and other Animals Social Investment Mechanism Workshop Chris Cook , Bristol 12 March 2009
- 2. There are two ways of raising finance...... 08/06/09
- 3. ....Credit and Investment 08/06/09
- 4. Investment is either through a Limited Company.... 08/06/09
- 5. ....a 19 th Century legal dinosaur 08/06/09
- 6. ...or loans secured by legal claims eg mortgages 08/06/09
- 7. But there’s a new furry animal out there.... 08/06/09
- 8. ...the 21 st Century Limited Liability Partnership (LLP) 08/06/09
- 9. An LLP is a corporate body with limited liability.... 08/06/09
- 11. As far as the Tax Man is concerned it is a Partnership 08/06/09
- 12. It’s an “Open” Corporate where we can work with each other 08/06/09
- 13. ... even without a written agreement 08/06/09
- 14. It enables “Peer to Peer” Finance: P2P Credit and P2P Investment 08/06/09
- 15. Peer to Peer Credit – the Guarantee Society Buyers 08/06/09 Pool Service Provider Services Fee Fee Guarantee Guarantee Fee Value Credit Sellers
- 16. A mutual guarantee of P2P “trade” credit backed by payment into a Default Pool 08/06/09
- 17. A Credit Clearing Union alternative to unsecured bank credit 08/06/09
- 18. P2P Investment - Capital Partnership Capital Partnership Investors Customers Custodian % % £ 08/06/09 Managers
- 19. Capital Partnership – direct Peer to Peer investment in productive assets 08/06/09
- 20. “ Equity Shares” - % age shares in revenues or production... 08/06/09
- 21. ...or Units - redeemable in production 08/06/09
- 22. Example: “The Art of Flirting” – a film incorporated as an LLP 08/06/09
- 23. The actors received “nth’s” of the gross revenues... 08/06/09
- 24. ...I got 5%...and the producer the rest... 08/06/09
- 25. ...except that we needed lights, cameras, pizza, coffee...... 08/06/09
- 26. Two Capital Partners invested £10k for 20% of revenues.... 08/06/09
- 27. ...if there are any 08/06/09
- 28. Art of Flirting LLP Art of Flirting Partnership Financial Capital (Investors) Viewers Custodian % % £ 08/06/09 Human Capital (Actors, Producer, Me)
- 29. Everyone was on the same side 08/06/09
- 30. Example: Albion Trust...a charity 08/06/09
- 31. ..who provides affordable office space for social enterprises 08/06/09
- 32. ...due to demand they bought a disused church next door 08/06/09
- 33. ...and plan a £4m development 08/06/09
- 34. But if they borrow, the rents will be unaffordable 08/06/09
- 35. Solution? An Albion Partnership? Albion Partnership Investors Tenants Custodian % % £ 08/06/09 Managers
- 36. Example: a community wishes to build a wind turbine...
- 37. Energy Pool Turbine Investor Community Custodian Energy Energy Energy Manager
- 38. Managers receive %age of production
- 39. Suppliers may invest equipment & materials: must invest agreed % profit
- 40. Investors provide development Capital by purchasing redeemable Units
- 41. Outcome: turbine financed by selling <40% of production. 08/06/09
- 42. Example: a mapping company 08/06/09
- 43. ...converted to a mapping LLP... 08/06/09
- 44. ...to bring in marketing and development partners.. 08/06/09
- 45. ...unfortunately, the partners fell out... 08/06/09
- 46. ...and it all went Pear-shaped 08/06/09
- 47. The Capital Partnership aligns stakeholder interests.... 08/06/09
- 48. ...but it’s not a magic bullet 08/06/09
- 49. Conventional Finance requires binding contracts.... 08/06/09
- 50. ....partnership finance requires consensual agreement... 08/06/09
- 51. ...but there may be no magnetism.. 08/06/09
- 52. A Capital Partnership is not an Organisation ... 08/06/09
- 53. ...it does not own anything, do anything, employ anyone, or contract with anyone... 08/06/09
- 54. ...it is simply a framework within which the stakeholders self organise ... 08/06/09
- 55. There is no Profit and no Loss within a Capital Partnership 08/06/09
- 56. I believe it achieves Yunus’ Not for Loss Social Business ideal 08/06/09