Category Archives: Investment

Finance and Banking, Investment, News, Social Housing

SASC makes a second investment of £1.11 million to Positive Steps Partnership in Dundee to buy properties to house vulnerable adults

Positive Steps Partnership (PSP), a Dundee-based charity providing supported accommodation services for vulnerable adults, has received a second social investment loan of £1.11 million from Social and Sustainable Capital (SASC) to purchase properties to house adults with addiction issues, including ex-offenders.

This loan is from SASC’s Social and Sustainable Housing Fund II (SASH II) and follows SASC´s initial SASH I loan of £1.65 million to PSP in 2020. It will allow PSP to purchase 15 properties across Dundee, 13 one-bedroom flats and 2 two-bedroom flats, to meet demand for accommodation for 17 vulnerable adults to live independently.

 

The first loan enabled PSP to move into property ownership for the first time and purchase 30 one-bedroomed flats across the city.

PSP´s mission is to help vulnerable adults who face a range of potential barriers to sustain independent living. This includes people who are impacted by substance abuse, mental health issues, learning difficulties, offending behaviour, institutionalised living or homelessness.

The charity has helped more than 190,000 people over the past 35 years. In 2023 their Housing Support service supported almost 300 individuals to maintain their tenancies and reduce the risk of homelessness, and almost 50 individuals were able to move to independent living.

 

Derek Sharkey, CEO of Positive Steps Partnership said: “Owning properties is a more sustainable way for us to meet the increasing demand for supported accommodation in Dundee. We work with some of the most vulnerable people in society to help them to take control of their lives. Many of them face multiple and entrenched disadvantages, but with our support they can overcome challenges and become independent citizens making a positive contribution to their communities.”

 

Mark Bickford, CEO of SASC said: “Dundee has one of the worst incidences of intravenous drug deaths per capita in Europe and the loan will be central to PSP supporting more people with substance addictions, as well as ex-prisoners and other vulnerable adults and helping them to progress to healthy, independent living. It will also enable PSP to further expand its owned property portfolio and be less reliant on council properties and private landlords.”

 

SASH II launched in November 2022, and is the follow-on fund to SASH which launched in May 2019 and successfully raised and allocated £64.5m to frontline charities.  The fund supports charitable organisations that deliver a combination of support and housing to move from renting existing housing stock to owning it.

 

For more information on Positive Steps Partnership visit: https://positivesteps.org.uk/

 

For more information on SASC visit: www.socialandsustainable.com

Business & Property News, Investment, Investment News, News

Retirement properties with a tenant in situ can be a smart investment.

Written by James Adams, Head of Transactions, My Future Living

The demand for retirement housing is on the rise, creating new opportunities for property investors seeking stability and profitability.

According to the Office for National Statistics (ONS), the number of older people in the UK is projected to increase significantly over the next 15 years[i] .

Other data shows that in the last 40 years, the number of people aged 50 and over in England has increased by over 6.8 million (a 47% increase), and the number aged 65 and over has increased by over 3.5 million (a 52% increase). Over 10 million people are currently aged 65 and over, making up 18% of the population[ii].

These demographic shifts are likely to further boost demand for retirement housing, especially retirement apartments within established communities, which are affordable and more manageable in size for people as they age.

One often overlooked point is that retirement properties with tenants in situ can be a smart investment choice.

Investments with minimal fuss

This insight is supported by new analysis of buy to let properties, by Lomond lettings agency group, which shows that properties with tenants in situ make good investments. However, they are rare, accounting for just 2.8% of total sales listings[iii]. However, those who can locate a suitable investment opportunity could save as much as 25% on the market value of their investment.

A property with a tenant in situ is a way to invest in the rental market with minimal fuss. With a tenant already paying rent, investors can secure a guaranteed rental income from the start. Additionally, properties with tenants offer peace of mind, as tenants have been vetted by a letting agent, and the previous landlord has taken care of the practical details associated with a rental property, such as compliance certificates and gas safety.

The retirement housing market is uniquely positioned for investors to benefit from long term tenants in situ, providing immediate rental income while also future proofing their investment due to the thriving nature of the retirement rentals sector.

People are living longer and healthier lives. Where they live in retirement is a major consideration, and for many, renting in a retirement community is a popular choice. There has also been a growing trend for older people to downsize – or right size to a home that better suits their needs – and rent in a retirement community over the past five years.

Not only can people use the capital from the sale of home to help fund retirement, but they also no longer have to worry about the costs and upkeep of a home. The cost-of-living crisis affecting many older people has further prompted retirees to make the decision to downsize and rent.

This is also part of wider shift in the UK towards renting.

Estate agency, Hampton’s points to the landscape of British homeownership steadily shifting and predicts the number of over 65 rented households to pass 1m by 2033[iv].

 

What does this mean for property investors?

With an ageing population and renting in retirement becoming more appealing, investors buying apartments in retirement communities could make substantial gains whilst having the additional reassurance of older tenants that are likely to stay long term.

My Future Living properties are designed for independent living but with the safety of living in a development with a 24-hour emergency alarm system in each apartment and an onsite manager on duty during the day.

Apartments are in retirement developments in desirable locations and close to amenities and transport. They offer tenants an attractive lifestyle where they are part of a friendly community where residents can get together to enjoy activities and events.

The icing on the cake for tenants and investors is that most rental apartments in retirement developments come with assured ‘lifetime’ tenancies, which mean people never need to move again if they keep to the terms of their agreement. This is often the biggest attraction for older tenants looking to rent, especially those renting for the first time.

For investors, this means that rental income will be secure for many years with fewer gaps in tenancies. Even if a tenant decides to leave, the demand for retirement properties is increasing, making it unlikely for properties to remain empty for long.

 

To conclude

As the population ages and the demand for retirement housing increases, investing in a retirement apartment with tenants in situ can be a secure and profitable opportunity. My Future Living is well-positioned to help investors navigate this market and currently has several retirement investment properties for sale.

 

[i] https://www.foundations.uk.com/uk-older-population-is-projected-to-grow-from-2021-to-2036/

[ii] https://ageing-better.org.uk/our-ageing-population-state-ageing-2023-4

[iii] https://www.propertyinvestortoday.co.uk/breaking-news/2024/7/why-a-buy-to-let-with-a-tenant-in-situ-can-be-a-great-investment

[iv] https://www.hamptons.co.uk/articles/june-2023-lettings-index#/

International News, Investment, UAE

Advantages of Starting a Trading Business in the UAE

Written by Vitaliy Chiryassov, CEO of UPPERCASE

The United Arab Emirates is an excellent choice for businesses. It has modern cities and developing infrastructure, creating an ideal business environment. This is especially true for trading companies. 

In this article, we’ll discuss why the UAE stands out as the ideal location for trading  businesses.

 

Why UAE is the perfect location for a trading business

Starting a trading company in the Emirates offers numerous benefits. The UAE is a leading trade and logistics hub. It is strategically positioned near major business routes that link the Middle East, Asia, Africa, and the EU.

Modern ports, air hubs, and an extensive road network ensure efficient transportation of goods. The country consistently tops global rankings for ease of doing business, underscoring its role as a significant international business hub.

What benefits are available for trading businesses in the UAE

Trading businesses in the UAE benefit from a range of advantages. They include:

1. Easy import rules

The UAE’s approach to trade is highly progressive, especially when it comes to importing goods. A key aspect of this is the establishment of Free Zones across the country. In these zones, foreign businesses can operate with complete ownership, which is a big deal considering that many countries often impose restrictions on foreign ownership. More importantly, within these Free Zones, goods can be imported, manufactured, and then re-exported without the burden of customs duties. This is a significant advantage over other countries where duties and taxes can add considerable cost to trading activities.

What’s more, platforms like the Dubai Trade Portal (available to founders who registered their business in the JAFZA freezone) allow traders to handle their import documentation entirely online. This digital approach cuts down on processing time significantly.

Distribution of goods or materials to or from a designated zone is a qualifying activity subject to 0% corporate income tax on its net income. There are various forms and practices of distribution of goods or materials in international trade.

 

2. Re-export opportunities

The UAE has more than 40 Free Zones, designed to cater to various industries including logistics, commodities, automotive, and more. Businesses operating in these zones benefit from 100% foreign ownership and zero taxes on imports and re-exports. This setup is particularly conducive to re-export operations, as businesses can import goods, store them duty-free, and then re-export without incurring the typical costs associated with these transactions.

 

3. You can trade under the UAE flag

When you register your trading company in the UAE, it essentially becomes a UAE-flagged entity.

This status is highly regarded globally due to the UAE’s reputation for a stable business environment, strong legal framework, and robust economic policies. Operating under the UAE flag can enhance the trust and confidence of your international partners and clients. They often view UAE-based companies as reliable and compliant with international business standards, which can be a crucial factor in establishing and maintaining business relationships.

 

4. Strategic location and infrastructure

The UAE’s geographic position is a key advantage. It’s located at the crossroads of Europe, Asia, and Africa, making it an ideal base for trading across these continents. The country has ports like Jebel Ali in Dubai and Khalifa Port in Abu Dhabi, which are among the most modern in the world, as well as a well-developed road network. This infrastructure makes transporting goods in and out of the country cost-effective and fast.

Another notable aspect is the UAE’s Authorized Economic Operator (AEO) program. If a business qualifies for this program, they receive benefits that include fewer physical inspections and priority treatment during cargo clearance.

 

5. Easy access to global markets:

The UAE’s network of trade agreements plays a crucial role in providing its trading companies with expanded market access and reduced trade barriers. A notable example of this is the UAE’s membership in the Gulf Cooperation Council (GCC). Through the GCC, the UAE is part of a Free Trade Agreement with the European Free Trade Association (EFTA), which includes countries like Switzerland, Norway, and Iceland. This agreement significantly lowers tariffs and eases trade barriers, making it more straightforward and cost-effective for UAE-based companies to do business with these nations.

In addition to multilateral agreements through the GCC, the UAE has also pursued bilateral trade agreements with various countries. These agreements are tailored to facilitate smoother trade between the UAE and these nations, often including clauses that reduce tariffs and simplify customs procedures. This makes it easier for UAE-based companies to export to and import from these partner countries. The specifics of these agreements vary, but they generally aim to foster trade by eliminating obstacles that typically hinder international business transactions.

6. Tax Benefits

One of the most notable tax benefits in the UAE is the ability to get a preferential income tax rate of zero percent. The zero rate currently applies up to AED 375,000. Above the zero-rate band, the main rate applies. This is a major advantage, as it allows businesses to retain a larger portion of their profits compared to operating in countries with high corporate tax rates.

Residents, both individuals and businesses, with revenue equal to or less than AED 3,000,000 in all current and past tax periods also qualify for small business relief, meaning they’re not taxed. Certain activities are also exempt from UAE Corporate Tax:

 

  • Receiving dividends from a UAE resident company.
  • Receiving dividends from a foreign company.
  • Earning income from a foreign branch.
  • Earning Income from operating aircraft or ships in international transportation.

 

The corporate tax system primarily taxes profits. To be deductible from taxable profits, expenses must be incurred solely for the business or must be income, not capital.

 

Free Zones have their own tax rules outlined in Cabinet Decision No. 100 of 2023 and Ministerial Decision No. 265 of 2023. Transactions within Free Zones are taxed at 0%, except for certain excluded activities like transactions with individuals or non-qualifying activities. Transactions with non-Free Zone entities are taxed at 0% for qualifying activities only, such as manufacturing, trading, and investment. All other activities within the non-Free Zone are taxed at 9%.

The Free Zone Person generating qualifying income is considered to be a qualifying Free Zone Person (based on self-assessment). The tax rate for qualifying income is 0%. It is allowed to generate a non-qualifying revenue for the qualifying free zone as long as it responds to de minimis requirements – the non-qualifying revenue of the person must not exceed the lower of the following amounts: AED 5,000,000 and 5% of the total revenue.

 

Another key aspect is the Value Added Tax (VAT), which is relatively low in the UAE at 5%. This rate is considerably lower than the VAT rates in many other countries, where it can be as high as 20%. For trading companies, this lower VAT rate can make a significant difference, particularly in terms of cash flow and pricing strategies. It’s important to note that certain goods and services are exempt from VAT, and businesses can often reclaim the VAT they’ve paid on goods and services that are used in the course of their business.

What’s more, in Free Zones, companies benefit from additional tax advantages like exemptions from import and export duties, which is particularly relevant for trading companies.

7. State Support

The UAE government is highly supportive of trade. The Emirates offers robust investment protection and fair competition opportunities. It has established equal trading conditions for both local entrepreneurs and foreign businessmen. The country is also famous for  various incentives like financial grants, subsidies, and support services.

 

Conclusion

Running a trading business in the UAE can be highly successful, but it requires careful planning and the right strategy.

When setting up in the Emirates, selecting the appropriate company type and planning your business activities are crucial steps. Deciding between a Mainland location and a Free Zone can significantly affect your business. It’s important to precisely choose the activities listed in your license to align with your business plans.

Consider working with experienced business consultants. They can assist in setting up your trading company and guide you through these nuances.

Appointments, Cardiff, Investment, Investment News, South Wales

Howden appoints Account Director to accelerate growth in Wales

HOWDEN, the global insurance intermediary group, has appointed Tony Barber as Account Director as it continues to grow its presence in South Wales.

 

Tony will be based in Cardiff, covering Wales and its surrounding regions, and joins the team having previously worked as Account Director at Willis Towers Watson.

 

In his new role, Tony will help drive Howden’s positive growth in Wales by supporting larger and more complex clients, developing and implementing comprehensive risk management and insurance strategies.

 

Commenting on his appointment, Tony said: “I am thrilled to be joining Howden’s Cardiff office and to build on its already fantastic growth.

 

“I was drawn to Howden due to its employee ownership model as it cultivates a collaborative culture amongst colleagues to the benefit of clients, as well as its renowned entrepreneurial culture.

 

“I’m excited to join a new team and am looking forward to playing a part in shaping Howden’s strategy in South Wales.”

 

Gary Stevens, Regional Managing Director at Howden, said: “Tony is yet another fantastic addition to our Cardiff team, and has already made an extraordinary impact in accelerating our growth and creating new ways in which we can support our clients.

 

“As we continue to grow our Howden team in Wales, I have every confidence that we will continue on our upwards trajectory and expand even further across south and west Wales.”

Business, Cardiff, Cardiff News, Development, Investment, Investment News

Innovation Investment Capital announces multimillion-pound investment in Transcend Packaging

Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, has today announced a multimillion-pound investment into Transcend Packaging (‘Transcend’), the Ystrad Mynach headquartered sustainable packaging company. This investment round has been supplemented by additional equity from significant global corporations, including ITOCHU Corporation, one of Japan’s largest companies and a leading provider of pulp and paper products, providing further investment to the overall region.

 

Transcend is a leading innovator of environmental packaging solutions across the food service and beverage sectors. It supports a new sustainable manufacturing landscape, driven by improved recyclability and reusability legislation and net zero targets, with 290 employees, across three locations. Since launching in 2017, Transcend has successfully innovated and disrupted the traditional packaging sector, recently developing a first to market premium polyethylene-free cup, highlighting its significant ESG credentials.

 

IIC’s decision to invest was based on a variety of factors, but the commitment to expand its R&D facilities, production innovation with impressive intellectual property, strong experienced management team and blue-chip customer base all supported the decision.

 

Launched in November 2022 and backed by UK Government funds with an initial £50 million from CCR, the fund is looking to invest long-term capital in innovative, sustainable growth opportunities across the ten unitary authorities in the CCR. Capricorn Fund Managers (CFM) is the Alternative Investment Fund Manager (AIFM), responsible for managing the fund and the overall portfolio and risk management, with PwC supporting CFM in advisory matters, including investment research and sourcing. The Transcend investment is IIC’s third investment, following on from AMPLYFI (the Cardiff-based generative artificial intelligence business) and Mazuma (a Bridgend-based tech enabled accountancy platform).

 

Councillor Mary Ann Brocklesby, Chair, Cardiff Capital Region, commented: “Transcend is an exceptional local growth story that we are looking to help scale to even greater heights. Our investment, alongside other investors, will help encourage further growth and development in Ystrad Mynach and the broader Caerphilly region.”

 

Lorenzo Angelucci, Transcend CEO, added: “We are thrilled to receive this substantial investment from IIC, which underscores the confidence in our vision and strategy but also empowers us to accelerate our innovation and expand our R&D capabilities. With the support of IIC and our new investors, we will continue our disruptive journey in the sustainable packaging industry, furthering our commitment to environmental stewardship and economic growth in the Cardiff Capital Region.”

 

“In only seven years, Transcend has built one of the most innovative and sustainable packaging businesses globally. Its growth to date and future commercial partnerships positions it impressively for further growth”, said Rob Asplin, PwC Partner. “Sustainable packaging is a fast growth market and highlights the desire of the fund to support net zero propositions.”

 

Councillor Sean Morgan, Leader of Caerphilly Council, further added: “We’re delighted to have such a success story on our doorstep, bringing real economic benefits and social value to Caerphilly and beyond.  Transcend Packaging’s success is based on innovation and sustainability and the solutions they are developing here in Caerphilly will benefit the environment and communities in many countries.”

 

“Our Transcend investment fulfils much of the IIC investment criteria, not only by investing in innovative sustainability solutions, but also backing an exciting local business to scale up and encourage other international players to invest in the CCR. The benefits to Ystrad Mynach and the wider region will be felt for years to come,” concluded Lynda Stoelker, Capricorn Fund Managers’ COO and Chair of the IIC Investment Committee.

 

For further information on the Innovation Investment Capital visit http://www.innovationinvestmentcapital.com.

Business Finance, Investment, Investment News, Tech, Tech Finance & Investment, Technology

Gcore Raises $60 Million in Series A Funding to Drive AI Innovation and Global Expansion

Gcore, the global edge AI, cloud, network, and security solutions provider, today announced it has secured $60 million in Series A funding from institutional and strategic investors. Led by Wargaming, and with participation from Constructor Capital and Han River Partners (HRZ), this marks the company’s first external capital raise since its inception more than 10 years ago. The funds will be strategically invested in Gcore’s technology and platform, including cutting-edge AI servers powered by NVIDIA GPUs, to drive AI-led innovations. This investment underscores Gcore’s commitment to delivering advanced edge AI solutions that enhance cloud resource efficiency and ensure data sovereignty.  

 

Public organizations, telcos, and global corporations entrust Gcore with their edge workloads due to its expansive network, strong presence in emerging markets, and proven cloud capabilities in AI training and inference. Gcore serves customers across diverse industries, including media and entertainment, gaming, technology, financial services, and retail.

 

Built for the edge and addressing a $200bn+ market opportunity, Gcore’s cloud infrastructure powers both the training of large language models (LLMs) and the inference of AI applications at the edge. This is enabled by Gcore’s global network of over 180 edge nodes across six continents, including 25+ cloud locations, with a total network capacity exceeding 200 Tbps.

“Gcore has been our partner for over 10 years, helping us deliver games to hundreds of millions of players worldwide. We are excited to support the company on this journey and look forward to helping them become uniquely positioned to lead high-speed AI model training and inference anywhere in the world,” said Sean Lee, Chief Corporate Development Officer of Wargaming.

“Constructor Capital is excited to invest in Gcore, a leading player in the AI IaaS space, in a booming market with CAGRs of over 40%. We believe in Gcore’s unique value proposition as a comprehensive provider offering a wide range of edge solutions, high automation, attractive TCO, extremely low latency, and an experienced management team. We look forward to a successful journey together in the years to come,” added Matthias Winter, Managing Partner of Constructor Capital.

 

“We are thrilled to invest in Gcore for its forward-thinking approach to global low-latency AI infrastructure and innovative edge AI solutions,” said Christopher Koh, Managing Partner of HRZ. “We are especially impressed by their leadership in APAC, collaboration with world-class partners, and strategic alignment with emerging AI opportunities in the region.”

“We are on the cusp of an AI revolution that will transform how companies operate,” said Andre Reitenbach, CEO of Gcore. “Gcore is perfectly positioned to connect the world to AI, anywhere and anytime, by delivering innovative AI, cloud, and edge solutions. The growing demand for AI infrastructure from enterprises and SMBs alike highlights the importance of this significant investment. We are thrilled by the support of investors like Wargaming, Constructor Capital, and Han River Partners as we enhance our extensive network of AI servers and reinforce the powerful edge services we offer.”

 

 

Business, Business Expansion, Cardiff, Cardiff News, Insurance, Investment

New Cardiff office for insurance group Howden

Howden, the global insurance intermediary group, has announced the opening of a new office in Cardiff, to support businesses with tailored insurance solutions.

Located at Regus House, Malthouse Avenue, in Cardiff Gate Business Park, the new office will build on the success of the recently inaugurated office in Swansea last month and Howden’s acquisition of Watkin Davies in 2020. The addition of a new Cardiff office underscores Howden’s dedication to becoming a prominent force in the commercial broking sector in South and West Wales. The expansion will be spearheaded by Gary Stevens, Regional Managing Director, who has outlined ambitious plans to position Howden as the foremost competitor in the region.

Gary expressed his enthusiasm for the expansion, stating: “I am very pleased to lead the opening of yet another office in Wales. An office in Cardiff was the natural choice for our expansion, and we are confident that by increasing our presence in South Wales by growing our team of advisors to 20+ enabling us to continuing to provide exceptional services to our clients.”

Under Gary’s leadership, the new Cardiff office is set to accommodate a team of six highly skilled brokers, who will work to uphold Howden’s commitment to excellence in risk advisory services, with more brokers set to join in the coming months. The team will play a pivotal role in driving the growth of Howden’s UK Corporate & Commercial pillar throughout 2024.

Gary added: “We’ve already made great headway in attracting a team of highly skilled brokers, and we anticipate significant growth throughout 2024. Our new Cardiff office, working closely with our Swansea operation, will play a key role in cementing our position as a leader in the South and West Wales commercial broking sector.

“We are very excited about our South Wales presence, and also becoming a Principal Partner of The British & Irish Lions for their forthcoming tour of Australia in 2025.”

Investment, News, Social Housing

Social and Sustainable Capital (SASC) unveils 2023 Impact Report: “No shortcuts to creating real social impact”

18 April 2024 – Social and Sustainable Capital (SASC) has published its 2023 Impact Report, titled ” No shortcuts to creating real social impact,” which highlights SASC’s significant progress in the last two years, including 11 new investments totalling over £29 million.

The investments into charities and social enterprises engaged in supported housing have empowered these organisations to deliver more essential services to communities in need.

The report explores the impact of SASC’s investments in detail and includes compelling research findings among borrowers, revealing that 100% acknowledged the positive impact of the investment, with 88% stating their organisational resilience had also improved.

A decade of Impact:

Last year was a milestone year for SASC as it celebrated a decade in business. With a total investment of £167.7 million during this period, SASC remains steadfast in its commitment to helping its borrowers drive meaningful change across the UK.

The report explores the key achievements during this time and lessons learned about the contribution social investment can make when designed specifically for people, communities, and the voluntary sector organisations that support them.

10 Highlights:

  1. 2014: Our CIF and TSIF funds are born with support from Big Society Capital and Social Investment Business.
  2. 2015: Harrogate Skills for Living, our first borrower.
  3. 2016: Giroscope making good things happen in Hull.
  4. 2017: Hull Women’s Network, our lightbulb moment.
  5. 2018: Homes for Good, our first project in Scotland.
  6. 2019: The launch of supported housing fund SASH marks a pivotal moment for SASC.
  7. 2020: Rapid approval of £16.5 million in projects within 9 months to support the COVID response.
  8. 2021: Collaboration on the Gainsborough housing regeneration project with P3, marking the third joint project.
  9. 2022: Introduction of SASH II, building upon the success of SASH I.
  10. 2023: Approval of the first five projects totalling £15 million for SASH II, supporting exemplary, people-first charities.

 

Scott Greenhalgh, Chair of SASC, said: “Inequality and social need remain deeply entrenched in the UK, but we continue to be impressed by the tenacity and resilience of our voluntary sector borrowers in addressing areas of disadvantage.

We are proud to have supported 54 high performing charitable organisations since 2014 who have delivered significant impact across many sustainable development goal areas.”

 

Mark Bickford, CEO of SASC, reiterated SASC’s dedication to creating genuine social impact. “Through our SASH funds, we support social sector organisations expand their property portfolios. To date, we have supported 26 voluntary sector organisations, facilitating the housing of over 1,500 vulnerable individuals in 460 properties and we want to build on this. Our funds aim to enhance the well-being of individuals, families, and communities,” he stated.

 

Lessons learned:

The report highlights that lessons learned by SASC include the importance of listening to borrowers about what they need from an investment and acknowledging there are no shortcuts to creating lasting impact. Fundamentals like genuine social purpose, quality control and appropriate funding structures must always take precedence over rapid, financially driven growth.

 

Key highlights from the 2023 Impact Report:

  • Approval of 11 new investments, totalling over £29 million, in 2022 and 2023.
  • Continued dedication to addressing inequality and social need through strategic social investment.
  • Total investments of £167.7 million.

 

You can download the report here 

 

About Social and Sustainable Capital (SASC):

Social and Sustainable Capital (SASC) provides accessible finance to exceptional charities and social enterprises. Guided by the belief that the right investments empower organisations to tackle society’s most pressing challenges, SASC’s funds offer flexible capital to amplify social impact. Operating as a social enterprise, SASC is dedicated to improving the lives of disadvantaged individuals across the UK.

For more information about SASC, please visit www.socialandsustainable.com.

Cardiff News, Investment, Investment News

£50 million investment programme launched to help transform the Northern Valleys of South East Wales

A new investment programme aimed at catalysing economic growth and social impact in the Northern Valleys was unveiled today (11 April 2024). The Northern Valleys Initiative aims to play a long-term levelling-up role in tackling some of the intra-regional disparities that exist within the Cardiff Capital Region.

 

The Initiative, totalling £50m, has been set up by Cardiff Capital Region (CCR) and supported by Local Authority Delivery Teams from Blaenau Gwent, Bridgend, Caerphilly, Merthyr Tydfil, Rhondda Cynon Taf and Torfaen. This will support businesses and projects that have the ability to increase prosperity in the region.

 

Investments will be focused on businesses that offer high-growth potential and the ability to help transform the regional economy.

 

Operating over a five-year period, the programme will act as a financial catalyst to support businesses that are either based in the Region or that wish to relocate for the long term. Typical grants and investments available for successful applicants will range from (but are not limited to), £100k to £2m.

 

The programme will concentrate on infrastructure, digital connectivity and tourism sectors delivering a wide range of outcomes including jobs, ecological regeneration and decarbonisation.

 

The Northern Valleys Initiative aligns with CCR’s strategic ambitions to:

 

–  tackle economic disparities and boost growth

–  enhance innovation capability and capacity

–  decarbonise our environment by 2050

–  improve our physical and digital infrastructure

 

Cllr Anthony Hunt, Chair of CCR Committee, said:

“Building on previous work in the region, the Northern Valleys Initiative will deliver an exciting opportunity to stimulate both the private and public sector investment required to generate additional jobs, boost prosperity, foster community resilience and help drive the circular economy in six local authority areas: Blaenau Gwent, Bridgend, Caerphilly, Merthyr Tydfil, Rhondda Cynon Taf and Torfaen”.

 

Welsh Secretary David TC Davies said:

“It’s fantastic news that this fund, backed by the UK Government, is going to help transform businesses in this area.

 

“We are focused on growing the economy of Wales, creating jobs and spreading prosperity, and investments like this are invaluable in making this aim a reality.”

Accountancy, Accountancy & Accounts, Investment

ACCA welcome UK/Australia audit recognition deal as step to driving audit quality

  • The deal between UK and Australian audit bodies allows professionally qualified auditors to more easily work in either country.
  • With talent in short supply, both countries’ regulators recognise audit professionals should face no boundaries in taking their work overseas. 

 

ACCA has welcomed the mutual recognition agreement between UK and Australian audit authorities. At a time of a talent shortage, the deal should make it easier for auditors, including ACCA members, to work between both countries.

 

The agreement between the UK’s Financial Reporting Council and the Australian Securities and Investment Commission (ASIC) allows auditors who have obtained professional audit qualifications as a statutory auditor in the UK or Australia to more easily apply for recognition of their qualification and audit rights in the other nation.

 

Maggie McGhee, executive director for strategy and governance at ACCA, said: “ACCA welcomes the UK and Australian audit authorities agreeing mutual recognition of audit qualifications.

 

“Over time this Memorandum of Understanding on Reciprocal Arrangements (MOURA) should increase the supply of high quality auditors for both economies. This is important at a time when audit talent globally is increasingly in short supply. This will in turn support the continued efforts from the respective regulators of the two countries to drive high quality audit in the public interest.”

 

ACCA has discussed the issue of audit talent scarcity in its recent report Attract, engage, retain: Insights and recommendations for audit talent success, published the day before the UK/Australia agreement was announced.

 

Simon Grant, CA ANZ group executive advocacy and international development, said: “The ability to be recognised and work overseas in a truly global profession is a major drawcard for a career in audit, and this agreement provides greater clarity and confidence for auditors moving between Australia and the UK.

 

“Australia is one of the first countries to be recognised under the UK FRC’s renewed approach on mutual recognition, which alongside New Zealand, is a testament to our close ties and shared history.”

 

Mike Suffield, ACCA’s director, policy and insights, said: “This builds on the professional ties between the two countries and helps embed the value of the strategic alliance between ACCA and Chartered Accountants Australia & New Zealand which works to increase the flow of qualified accountants, including auditors, between the two countries.”

 

See the FRC/ASIC announcement.