impetus trust impact report 2010/11

Impact report _ 1

IMPACT REPORTRESULTS 10/11

Impact report _ 2

Portfolio organisations

Current investmentsCamfed InternationalFairtrade FoundationIntoUniversityStreet LeagueBlue Sky Development & Regeneration

COUI – Teens & ToddlersFRC GroupResurgo TrustKainos CommunityPrison Radio AssociationPrisoners’ Education TrustShannon TrustEducation EndowmentFoundation

I CANRipplezFamily Links

Past investmentsSpeaking UpSt Giles TrustAcumen Development TrustLeap Confronting ConflictbeatNaz Project London (NPL)Keyfund Federation

Impetus Chief Executive and TrusteesDaniela Barone Soares,Chief Executive

Louis Elson, ChairmanNat Sloane, Co-founder and Vice Chair

Stephen Dawson OBE, Co-founder

Craig Dearden-Phillips MBEAmelia Fitzalan HowardAndy HintonStephen LambertIan MeakinsChris Underhill MBE

Photographers’ creditsCover photo by Paul Upward, www.paulupward.co.uk; p1: Ben Langdon; p9: Derby Telegraph; p10 Rics Lam Photography; p12: Camfed/Jonathan Birch; p13 Camfed; p14: Annet Kay; p15: Simon Rawles; p16: (CVC – Street League tournament) Scott Margetts www.scottmargetts.com; p21: EEF; p22-23: Street League; p25: Deutsche Bank/Matthias Ziegler; p26-27: Paul Upward Photography; p28: Nuno D’Uva; p36: Anthony Upton; p40-41: Zoe Photography; p43: Steve Schofield; p45: Resurgo Trust; p48-49: Kainos Community; p50: Tom Howard; p51: Matt Wreford; p53: art by prisoners, courtesy of the Koestler Trust; p52&54: Prisoners’ Education Trust.

Donors who have given more than £10,000

Corporate donorsApax FoundationBarclays CapitalBritish Venture CapitalAssociation (BVCA)

Campbell LutyensCVC Capital PartnersDeutsche BankGoldman SachsGraphite CapitalHgCapitalISIS Equity Partners LLPLloyds TSB Development Capital

Warburg PincusWilliam Blair & CompanyWolseley plc

Individual donorsNick ArcherIan ArmitageEdward & Amanda AstleJonathan BakerAdrian BeecroftMarc and Siobhan BoughtonJennifer & Richard BowleyJanet BrooksAdrian CareySir Ronald & Lady CohenJeremy CollerStephen & Gitte DawsonGuy DawsonLouis ElsonAlastair GibbonsDavid GregsonGuy & Julia HandsAndy HintonNic & Jennifer HumphriesFrances JacobRobert JenkinsDaan KnottenbeltStephen LambertKen LandsbergJohn LeachDavid Lewin & Sue WebberChris & Clare MathiasRuth McIntoshIan & Serrie MeakinsDoug & Audrey MillerJon MoultonRichard MuntonFrank NealeTim & Jenny RaffleKevin ReynoldsRyan RobsonJoseph Schull & Anna YangAndrew SibbaldNat & Rebecca SloaneJames StewartMark & Karen StoreyTom Sweet-EscottCharlie TroupSteve & Heather TudgeDavid WansbroughMichael WebberAnonymousWell wisher

Grantmaking trusts and foundationsAndrews Charitable TrustCharities Aid FoundationCity Bridge Trust City Parochial FoundationColler FoundationEsmée Fairbairn FoundationExPat FoundationJ Paul Getty Jnr Charitable Trust

Lindenleaf Charitable TrustLloyds TSB FoundationMan Group plc Charitable Trust

NESTAPrivate Equity FoundationThe Gatsby FoundationThe Henry Smith CharityThe Indigo TrustThe Monument TrustThe Rank FoundationThe Schroder FoundationThe Sutton TrustThe Trust for EducationTuixen Foundation

Key pro bono corporate supportersBain & CompanyBarclays CapitalBearingPointBenjamin Ball AssociatesCVC Capital PartnersDebevoise and Plimpton LLPDeutsche BankDirectorbankEden McCallumFirst100FTI ConsultingGoldman SachsISIS Equity Partners LLPJ.P. MorganKorn/Ferry Whitehead MannKPMGLinklatersMacfarlanesMerryck & CoMphasiSOC&C Strategy ConsultantsO’Melveny & Myers LLPPMC TreasuryPrecise MediaPricewaterhouseCoopersRandall’s Parliamentary Service

Silverhawk PartnersSJ Berwin LLPStudio Associato per la Societa Digitale

The Worshipful Company of IT Consultants

The Worshipful Company ofManagement Consultants

Warburg Pincus

Advisory Council members Ian ArmitageDavid CarringtonMartin DicksonJohn ElkingtonSabine GardenerAlastair GibbonsGrant GordonMichael GreenDianne Jeffrey CBEJosh LernerIan MeakinsHenrique de Campos Meirelles

Elizabeth RikerRyan RobsonJulian SalisburyJoseph SchullFinlay ScottAndrew SibbaldAnne WadeRichard Wilson

Individual pro bono supportersImpetus gratefully acknowledges the generous donation of time from the more than 150 individual experts who have helped to build the capacity of our charities by donating their skills and expertise.

Contents

01 Letter from the Chief Executive

02 Foreword by Sir Ronald Cohen

04 Impetus portfolio results

06 Charity InvestmentSummary

08 The Impetus – Sutton Early Years Initiative

10 Keyfund Federation

12 Camfed International

14 Fairtrade Foundation

16 Spotlight on a corporate partner - CVC Capital Partners

18 IntoUniversity

20 The EducationEndowment Foundation

22 Street League

24 Spotlight on a corporatepartner - Deutsche Bank

26 Blue Sky Development & Regeneration

28 Interview with Nat Sloane

29 What does Impetus do?

30 Why we exist?

31 What Impetus is about

32 Supporting Impetus

33 Spotlight on Impetussupporters - Jenni Bowley

31 Spotlight on Impetussupporters - Louis Elson

36 COUI – Teens & Toddlers

38 Mariam’s story

40 FRC Group

42 Resurgo Trust

44 David’s story

46 Spotlight on an ImpetusInvestment Executive

48 Kainos Community

50 Prison Radio Association

52 Prisoners’ Education Trust

54 Kieron’s story

56 Shannon Trust

58 Spotlight on charity chief executives

This Impetus Impact Report is kindly sponsored by KPMG

Cover photo: Ex-offenders Gregory (left), Tony and Danny (right) have turned their lives around through valuable training and employment from Impetus investee Blue Sky Development & Regeneration. More on pages 26-27.

Impact report _ 1

...which is one of the reasons why we were so excited in April 2011 to have been chosen to establish and manage the new Education Endowment Foundation (EEF), in partnership with education charity The Sutton Trust. Backed by a £125 million grant from the Department for Education, the Foundation has been created to identify, develop, support and evaluate innovative projects to raise the achievement of the most disadvantaged pupils in the most challenging schools in England. Important work indeed, and Impetus is thrilled to be playing a leading role in it! For this and many other reasons, it has been a momentous year for Impetus. We are very pleased to report that in 2010/11, the Impetus portfolio of charities and social enterprises has once again achieved significant growth in impact. Of course, the uncertain economic environment in 2010/11 challenged many in the UK social sector, and our Investment Executives and pro bono specialists worked hard throughout the year with the charities in our portfolio to assess their vulnerability, build their resilience and help them to respond nimbly to a changing landscape. Read more about our 10/11 impact figures on page 4.

Several other important activities in the year must be highlighted.

Working with the charities in our Reducing Reoffending Initiative. We have helped these organisations (featured on pages 48-57) to develop solid scale-up plans for the next few years, so they can prevent more people from getting stuck in the pervasive cycle of reoffending that has more than 60% of adult prisoners reconvicted within two years of release and costs society £11 billion a year.

Identifying the first organisations to back in our Early Years Initiative. We are convinced that in order to make sustainable progress in the fight against poverty, it is essential to provide adequate support and development to children in their early years. That’s why we have chosen to focus a significant proportion of our resources on organisations working to improve the life chances of children aged 0 to 5 from the poorest 20% of families. Read more about the organisations we have chosen to invest in, on page 9.

In coming years, we want to expand both of these Initiatives, and are looking for further financial support so we can help many more of the most economically disadvantaged to gain the education, skills and jobs they need to break out of this awful inter-generational cycle. Mariam (p38), David (p44) and Kieron (p54) show us some of the challenges people are facing, and inspire us with the way they are working hard to create better lives for themselves. But there are so many more

who need support. If helping to make the UK a safer place or a more equal place for future generations is important to you, please contact me on [email protected].

Increasing involvement in the advocacy/public policy arena. In order to achieve our maximum impact and underpinned by our experience on the ground, we believe Impetus has a responsibility to bring the work of social sector innovators and their partners to the attention of policy makers and other thought leaders. We hope this activity will inform policy, improve the capital market for social innovation, encourage a national dialogue about how we can dramatically increase access to education, skills and jobs, and drive systemic change.

None of this would have been possible without the generous support of our donors, corporate partners and pro bono experts. Thank you to all of you who share our vision and who are helping us increase our impact and influence.

Proud as we are of the impact Impetus has had in 2010/11, we are aware that there is still so much more that needs to be done. We have very big ambitions for the coming years, and hope many of you will get involved and join us in turning around more lives.

Daniela Barone SoaresChief Executive, Impetus Trust

DEARFRIENDSNelson Mandela said, “Education is the most powerful weapon which you can use to change the world.” It is an essential tool in the fight against poverty...

Impact report _ 2

This report provides further evidence for the transformation that is sweeping through the social sector. Despite very difficult economic conditions, Impetus Trust has again registered a significant increase in the number of people it has helped over the past year. This is a great achievement.

There is a new wave sweeping through the social sector in the UK, bringing together enterprise and capital to enhance the effectiveness of social ventures. This wave is providing careful and rigorous business skills to existing social ventures - in such matters as capital-raising, operational efficiency and accurate impact measurement – and, bringing new social entrepreneurs and investors to the sector. Impetus Trust, which supports an entrepreneurial approach to philanthropy and social enterprise, is a significant part of this wave.

There is a gap between state provision of social services and voluntary provision through charities and trusts. Governments are to an extent challenged by the political process, which mostly focuses on gains that can be delivered within a single political cycle and does not, therefore, favour long-term, preventative investment of the type required to address chronic social problems. At the same time, the social, or voluntary, sector, even with the support of philanthropic donations

and government grants, is woefully undercapitalised. In the UK, the sector comprises 200,000 organisations, 840,000 full-time-equivalent employees and over £95 billion of income and endowment funds. The numbers seem impressive; but, when we look more closely, we find that most social sector organisations have no more than a few months of funding at their disposal.

Filling the gap between state provision, which, under pressure of public-sector cutbacks, is now diminishing, and current social sector provision is an opportunity for those existing social ventures that have the ambition to raise their game, and for new social entrepreneurs and impact investors who want to use their skills and resources for social benefit.

It is above all an opportunity for the social entrepreneur. Entrepreneurs know how to build successful enterprises. This requires not only a degree of technical competence but a mindset that embraces leadership, the ability to attract talented people, drive, and ambition.

The idea of harnessing entrepreneurial qualities in the service of social goals is not new. Some of our great commercial enterprises were originally founded by Quaker families specifically to address social needs. What we are witnessing now is a rebirth of social issues and a new wave of social, or impact, investing informed by the experience of enterprise and venture-capital investment in the commercial sector over the last forty years.

Greater emphasis on entrepreneurial skills, on its own, is not enough. There must also be capital. We need to encourage a transformation in the mindset of the social sector so that it embraces output-based and market-based solutions, enabling the use of foundation balance sheets to achieve social aims rather than simply relying on them for grants.

There are many situations in which the traditional philanthropic approach will always be more suitable than the social investment approach. There will also always be a need for government to provide a safety net for its citizens. The combination of social enterprise and impact investing will not supplant those roles.

But I believe that its impact will be transformational. That impact will be felt in the creation of significant, well-capitalised social enterprises that deliver social and financial returns: and so attract a much greater flow of capital. And, in the transformation in the mindset of the social sector. These are analogous to the impact that venture capital and business entrepreneurship had on mainstream business in the 1980s and 1990s.

Impetus Trust, as a leader in venture philanthropy in Britain, plays a crucial role in boosting the effectiveness of social organisations and preparing them for sustained growth.

SIR RONALD COHEN

Social investment pioneer Sir Ronald Cohen shares his vision for the transformation of the social sector, and describes the crucial role Impetus is playing in that change.

FOREWORD

Impact report _ 3From “Social Investment: Ten Years On”, the final report of the Social Investment Task Force, April 2010

HIGH

MARKETMATURITY

LOW

MARKET CREATION

• SRI funds already developed• Microfinance moving from

grant-funding to investment• Social Investment Taskforce

report released

MARKET DEVELOPMENT

• New organisations entering the social investment space from venture philanthropy through to for-profit social funds

• Significant involvement of private equity leaders

ROBUST MARKET

• Range of suppliers• Functioning intermediaries• Social Investment

Bank created• Social investment

trading platform• Social investment becomes

recognised asset class

THE UK SOCIAL INVESTMENT SECTOR:

AN EMERGING MARKET

2000 2010 FUTURE

Impact report _ 4

IMPETUS PORTFOLIO RESULTS SHOW SUSTAINED GROWTH IN 2010/11

RESULTS

With the support of Impetus, our portfolio charities are continuing to increase their income and the number of people they can help.

The charts on the facing page show the impact of Impetus investment, comparing the numbers of people helped and income at the inception of each investment and the total number being helped in 2010/11.

The compound average growth rate (CAGR) in people helped of our charities is 30% and the average annual growth in income of our portfolio charities is 23%. At times when many charities are seeing a decrease in their income, or struggling to stay afloat, these are very satisfying results.

But it’s not about statistics. Our work is about people. The charities and social enterprises we have invested in are now helping over 300,000 people a year, enabling them to access the education, skills and jobs they need to break out of poverty.

Impact report _ 5

2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

At inception To date (2010-11)

At inception To date (2010-11)

Gro

wth

in n

umbe

r of

peo

ple

help

ed s

ince

ince

ptio

n*

Grow

th in

inco

me

acro

ss o

ur a

ctiv

e po

rtfo

lio**

Grow

th in

peo

ple

help

ed a

cros

s ac

tive

port

folio

**

*Charts rebased to 100 at year prior to investment in order to depict actual growth rates across the portfolio. Total values shown are absolute. The graduated charities’ performance is frozen at two years post exit from the portfolio – ie, Speaking Up and St. Giles Trust’s performance frozen as at 2009-10.

**Charts rebased to 100 at year prior to investment in order to depict actual growth rates across the portfolio. Total values shown are absolute. The first column “At inception” on each chart represents data at the point Impetus started investing. Given that our involvement in each charity started at different times, it does not represent data in any one year. Active portfolio includes active investments – ie, Keyfund, Camfed, IntoUniversity,

Fairtrade, Street League, Blue Sky, COUI – Teens & Toddlers, FRC Group, Kainos Community; excludes graduated charities – ie, Speaking Up, St. Giles Trust, beat, Leap and NPL - and charities where the investment was made in the last quarter of the charity’s financial year 2010-11 – ie, Prison Radio Association (PRA), Prisoners’ Education Trust (PET), Shannon Trust and Resurgo Trust.

Blue Sky, COUI - Teens & Toddlers

PET, PRA, Shannon, Resurgo

Leap, NPL

Camfed, IntoUniversity

Fairtrade, Street League

FRC, Kainos

Speaking Up, St Giles, beat

Keyfund Federation

308,464

252,621

216,086

191,036

81,611

30,443

21,24017,788

£19.07m

49,004

£34.26m 173,489

Impact report _ 6

INVESTMENT SUMMARY OF OUR CHARITIES AND SOCIAL ENTERPRISES

Impetus invests in organisations that are working to effect far-reaching change for economically disadvantaged people.

Organisation Area of work Investment period Cumulative Impetus package to date (audited figures)

Grant funding* Pro bono services donated

Investment management value

Total funding package to date

Impetus Economic Disadvantage Portfolio

Planning phase investments (12-18 months)

FRC Group Training for the long-term unemployed 2011-2012 £50,000 £526,918 £116,906 £693,824

Resurgo Trust Helping unemployed young people into work 2011-2012 £37,500 £49,884 £83,890 £171,274

Scale-up phase investments (3-5 years)

Camfed International Tackling poverty and AIDS in Sub-Saharan Africa through the education of rural women 2007-2011 £540,000 £263,311 £184,666 £987,977

Fairtrade Foundation International poverty reduction 2008-2013 £400,000 £770,361 £165,554 £1,335,915

IntoUniversity Supporting disadvantaged young people to reach university 2008-2011 £600,000 £320,488 £165,554 £1,086,042

Keyfund Federation Skill development for marginalised youth 2007-2011 £542,793 £510,557 £184,666 £1,238,016

Post-investment phase

Speaking Up (now called VoiceAbility) Disability support 2004-2008 £410,000 £246,969 £98,849 £755,818

St Giles Trust Offender resettlement 2004-2009 £522,000 £454,404 £131,693 £1,108,097

Acumen Development Trust Tackling long-term unemployment through skills development 2008-2009 £25,000 £40,854 £24,969 £90,823

After review, both parties felt that Acumen could continue its development without further support from Impetus.

Leap Confronting Conflict Youth conflict resolution 2005-2009 £542,500 £451,427 £131,693 £1,125,620

beat Eating disorders information and support 2004-2009 £335,000 £357,810 £177,042 £869,852

Naz Project London (NPL) Sexual health support to BME communities 2005-2009 £285,000 £430,503 £165,012 £880,515

The Education Endowment Foundation

Education Endowment Foundation Raising the educational attainment of disadvantaged pupils in English schools 2012-2015 Approved £250,000** £145,892 £38,540 £184,432

Total funding for charities from Economic Disadvantage Portfolio £4,289,793 £4,569,378 £1,669,034 £10,528,205

Impetus for London Initiative


Blue Sky Development & Regeneration Reducing reoffending through employment 2010-2014 £275,000 £128,467 £141,872 £545,339

COUI – Teens & Toddlers Raising teenage aspirations 2009-2013 £545,000 £421,382 £141,872 £1,108,254

Street League Employment and skills through sport 2009-2013 £515,000 £662,890 £141,872 £1,319,762

Total Funding for Impetus for London Initiative £1,335,000 £1,212,739 £425,616 £2,973,355

Impetus for Reducing Reoffending Initiative


Kainos Community Positive engagement and personal development of prisoners 2011-2012 £37,500 £26,641 £83,890 £148,031

Prison Radio Association Using radio to engage, educate and inform prisoners 2011-2012 £37,500 £3,060 £83,890 £124,450

Prisoners’ Education Trust Targeted skills and qualifications for offenders 2011-2012 £37,500 £37,800 £83,890 £159,190

Shannon Trust Peer mentoring programme focused on literacy skills 2011-2012 £37,500 £242,400 £83,890 £363,790

Total funding for Impetus for Reducing Reoffending Initiative £150,000 £309,901 £335,560 £795,461

Impetus - Sutton Early Years Initiative


Family Links Improves emotional well-being and parent/child relationships 2012-2013 Approved £50,000 n/a £38,540 £38,540

I CAN Effective early intervention for children with speech and language difficulties 2012-2013 Approved £50,000 n/a £38,540 £38,540

Ripplez Delivers the Family Nurse Partnership – an interactive and structured home visiting programme for first-time teenage mothers

2012-2013 Approved £50,000 n/a £38,540 £38,540

Total funding for Impetus-Sutton Early Years Initiative Approved £150,000 £115,620 £115,620

*This includes grants from Impetus, partnership investment and additional funds raised. **Not included in total; to be paid in 2012.

Organisation Area of work Investment period Cumulative Impetus package to date (audited figures)

Grant funding* Pro bono services donated



Impetus Economic Disadvantage Portfolio


FRC Group Training for the long-term unemployed 2011-2012 £50,000 £526,918 £116,906 £693,824

Resurgo Trust Helping unemployed young people into work 2011-2012 £37,500 £49,884 £83,890 £171,274


Camfed International Tackling poverty and AIDS in Sub-Saharan Africa through the education of rural women 2007-2011 £540,000 £263,311 £184,666 £987,977

Fairtrade Foundation International poverty reduction 2008-2013 £400,000 £770,361 £165,554 £1,335,915

IntoUniversity Supporting disadvantaged young people to reach university 2008-2011 £600,000 £320,488 £165,554 £1,086,042

Keyfund Federation Skill development for marginalised youth 2007-2011 £542,793 £510,557 £184,666 £1,238,016

Post-investment phase

Speaking Up (now called VoiceAbility) Disability support 2004-2008 £410,000 £246,969 £98,849 £755,818

St Giles Trust Offender resettlement 2004-2009 £522,000 £454,404 £131,693 £1,108,097

Acumen Development Trust Tackling long-term unemployment through skills development 2008-2009 £25,000 £40,854 £24,969 £90,823

After review, both parties felt that Acumen could continue its development without further support from Impetus.

Leap Confronting Conflict Youth conflict resolution 2005-2009 £542,500 £451,427 £131,693 £1,125,620

beat Eating disorders information and support 2004-2009 £335,000 £357,810 £177,042 £869,852

Naz Project London (NPL) Sexual health support to BME communities 2005-2009 £285,000 £430,503 £165,012 £880,515

The Education Endowment Foundation

Education Endowment Foundation Raising the educational attainment of disadvantaged pupils in English schools 2012-2015 Approved £250,000** £145,892 £38,540 £184,432

Total funding for charities from Economic Disadvantage Portfolio £4,289,793 £4,569,378 £1,669,034 £10,528,205

Impetus for London Initiative


Blue Sky Development & Regeneration Reducing reoffending through employment 2010-2014 £275,000 £128,467 £141,872 £545,339

COUI – Teens & Toddlers Raising teenage aspirations 2009-2013 £545,000 £421,382 £141,872 £1,108,254

Street League Employment and skills through sport 2009-2013 £515,000 £662,890 £141,872 £1,319,762

Total Funding for Impetus for London Initiative £1,335,000 £1,212,739 £425,616 £2,973,355

Impetus for Reducing Reoffending Initiative


Kainos Community Positive engagement and personal development of prisoners 2011-2012 £37,500 £26,641 £83,890 £148,031

Prison Radio Association Using radio to engage, educate and inform prisoners 2011-2012 £37,500 £3,060 £83,890 £124,450

Prisoners’ Education Trust Targeted skills and qualifications for offenders 2011-2012 £37,500 £37,800 £83,890 £159,190

Shannon Trust Peer mentoring programme focused on literacy skills 2011-2012 £37,500 £242,400 £83,890 £363,790

Total funding for Impetus for Reducing Reoffending Initiative £150,000 £309,901 £335,560 £795,461

Impetus - Sutton Early Years Initiative


Family Links Improves emotional well-being and parent/child relationships 2012-2013 Approved £50,000 n/a £38,540 £38,540

I CAN Effective early intervention for children with speech and language difficulties 2012-2013 Approved £50,000 n/a £38,540 £38,540

Ripplez Delivers the Family Nurse Partnership – an interactive and structured home visiting programme for first-time teenage mothers

2012-2013 Approved £50,000 n/a £38,540 £38,540

Total funding for Impetus-Sutton Early Years Initiative Approved £150,000 £115,620 £115,620

*This includes grants from Impetus, partnership investment and additional funds raised. **Not included in total; to be paid in 2012.

Impact report _ 8

The early years are crucial in determining the outcomes of a child’s life. Research demonstrates how disadvantaged children start lagging behind their better-off peers long before they start school, and how difficult it is for those children to make up that gap. Impetus, in partnership with The Sutton Trust, is looking to support successful interventions specifically working with economically disadvantaged children and their parents, to ensure they start school as well equipped as their better-off peers.

THE IMPETUS - SUTTON EARLY YEARS INITIATIVE

WHAT’S NEW

An overwhelming body of evidence is now available demonstrating the importance of the early years in building the solid foundations for a satisfying life, and the significant cost to individuals as well as society overall of failing to provide adequate support and development opportunities to children during those crucial years. Family background is still a determining factor in how well children will end up doing, and children born in the most disadvantaged families face a significantly higher probability of not achieving their potential. For example:

• Development scores at just 22 months correlate strongly to educational attainment at age 27

• There are 140,000 “at risk” families in the UK and those children have a 70% chance of being classified in that same category by age 30

• Projected cost of “lost youth”: £4 trillion to the UK economy in the next 20 years.

The Impetus – Sutton Early Years Initiative: improving life chances by closing the gap in school readiness

Impetus and The Sutton Trust have decided to focus a proportion of their resources on addressing this problem. The Impetus – Sutton Early Years Initiative is investing in successful early years interventions specifically working with disadvantaged children aged 0 to 5 and their parents, with the goal of closing the gap in school readiness for those children. School readiness represents a holistic set of elements capturing a child’s overall development at age five, including cognitive, emotional and physical dimensions.

Organisations eligible for our support package will need to demonstrate how they improve a child’s development on at least one of these dimensions and therefore contribute tangibly to an improvement in school readiness.

Our partners

We have been fortunate to attract other partners to this Initiative. The Monument Trust (part of the Sainsbury Family Charitable Trusts) has joined Impetus and The Sutton Trust as cornerstone funders. In addition private equity advisory firm Campbell Lutyens and an anonymous family trust are contributing. Working with these partners enables us to pool our knowledge and networks for even greater impact.

Impact report _ 9

PHYS

IC

AL DEVELOPMENT

EMOTIONAL, INTERPERSONAL SKILLS

COGNITIVE DEVELO

PMEN

T

SCHOOL READINESS

Katy Thorpe (right) was a teenager when she escaped from an abusive relationship and went to live with her parents in Derby. She was pregnant at the time, overwhelmed at the prospect of becoming a young mum. It was her local Family Nurse, a member of a scheme run by the local NHS Primary Care Trust, that helped her. Liz Harman offered Katy quite simple and yet crucial advice about how to bond with her baby, Tyler, play with him and show him love and affection.

The worth of early interventions in general and family nurse partnerships in particular is disputed by few (having achieved remarkable results in the US for more than three decades). But the question remains, how such partnerships can be replicated. Public investment is obviously at a premium. Derby Family Nurse Partnership spun out of the NHS with a £30,000 grant from the Department of Health and formed a social enterprise called Ripplez.

From April 2011, nurses rather than managers have been running it under the guidance of CEO Chris Tully. The theory is that operating beyond the bureaucratic constraints of the NHS gives Ripplez more freedom to raise funds, operate more effectively and therefore help more people. With even more ambitious plans on the table, Ripplez has recognised that they need not just good intentions, but good systems to support those intentions.

This is where venture philanthropy and the work of the Impetus – Sutton Early Years Initiative will help, supplying capital and developing business fundamentals to enable them to grow.

Baby Tyler has now passed his second birthday, and Katy Thorpe is studying nursing at the University of Nottingham, perhaps one day hoping to follow in her family nurse’s footsteps. It has been quite a journey for her, as well as for Ripplez, which is now helping more young and overwhelmed mums with their new babies as a social enterprise than it did ever before.

First investments

• I CAN: aims to break down the barriers for children with communication needs and enhance their communication development. I CAN’s flagship Early Talk programme provides effective early intervention for children with speech and language difficulties.

• Ripplez: runs the Family Nurse Partnership programme (FNP), offering intensive and structured home visiting for first-time teenage mothers, delivered by specially trained nurses, from early pregnancy until the child is two. FNP has been widely recognised as a best-in-class programme, and achieves a wide range of outcomes contributing directly to improved school readiness.

• Family Links: runs the Nurturing Programme, a parenting programme that works to improve parents’ confidence and skills, encouraging the use of effective positive discipline while understanding their own and their children’s emotional needs.

Impact report _ 10

Keyfund Federation(2007 – 2011)

Keyfund Federation works with marginalised young people to re-engage them in society, help them reach their potential and develop key life skills through a facilitated process, which is combined with small pots of funding.

keyfund.org.uk

Key objectives agreed with Impetus

To set the standard for re-engaging disadvantaged young people in their communities by:

• Building the organisation to deliver high-quality training to facilitators

• Developing an effective replication model which enables Keyfund to reach significantly more young people across the North East and beyond

• Building the ability of Keyfund to be able to influence the youth sector more widely

• Developing a broader income strategy.

Focus of Impetus expertise 2010/11

• Support on fundraising and diversifying income streams

• Review of licensing proposition • Coaching support to the CEO

and team.

Key achievements 2010/11

• Two new corporate partnerships confirmed with Asda and Benfield Motors Group

• Six licensees now in place with a strong pipeline being developed

• Selected as one of only 26 beneficiaries of the Royal Wedding Charitable Gift Fund

• Won the Voluntary Organisations’ Network North East’s Outstanding Organisation Award 2011.

Support package Grant funding

Pro bono services donated



£543k

£511k

£185k

£1.2m

Impact report _ 11

GRADUATED

Six years ago, Newcastle-based Keyfund Federation, which works with marginalised young people to help them re-engage in society, was facing a number of challenges, which were threatening to overwhelm it. The newly hired chief executive, Hannah Eyres, recognised that a completely new business model was required.

Hannah was introduced to Impetus, and both parties quickly recognised they shared a common vision for Keyfund. Thus began a five-year partnership during which Impetus provided an initial package of core funding of £375k (which rose to £543k over the course of the investment) and supplemented this with £511k of pro bono help on specific projects. Keyfund and Impetus have worked closely together to transform the charity, stabilising it and putting it on a secure pathway to growth.

The cornerstone of Keyfund’s services is a youth-led process whereby young people join together to form a team and focus on a project. The teams devise, develop and deliver their own projects, with the assistance of a Keyfund-trained volunteer facilitator. They apply for small pots of money to finance their projects, by presenting their ideas to an independent assessment panel made up of members of the local community. Through the project the team members learn core skills and can then transfer them to other parts of their lives. Many of the young people re-engage with their education and training as a result of Keyfund.

Hannah had ambitious plans for Keyfund, which was founded more than 20 years ago. She recognised that it needed a completely new business model to survive. Hannah believed that Keyfund could realise its potential through adopting a social licensing model and she prepared a business plan that she shared with the long-standing Keyfund supporter Northern Rock Foundation. Recognising that Hannah would need considerable support and assistance to bring her plans to fruition, Northern Rock introduced her to Impetus.

Impetus brought in OC&C Strategy Consultants to assist with the due diligence. The OC&C team tested the viability of the various routes by which Keyfund could roll out its programmes nationally and endorsed Hannah’s view that the social licensing model was a feasible way to achieve this.

The partnership between Keyfund and Impetus was formalised on June 2006. It entailed an initial package of core funding, which included co-investment from The Rank Foundation, Esmée Fairbairn Foundation and The Trust for Education, together with intensive pro bono support from Impetus over a five-year period, carefully mapped out and overseen by Impetus Investment Executive Amelia Sussman. Hannah Eyres and Amelia Sussman met at least monthly and spoke every week, throughout the partnership. They discussed the operational support that the organisation needed for priorities it was working on at the time, and ensured that progress was measured against pre-agreed objectives.

At a strategic level Impetus acted as a catalyst for change by challenging our assumptions and encouraging us to be very clear in our thinking.

Hannah Eyres, Keyfund CEO

The Impetus relationship allowed Keyfund to access the pool of Impetus pro bono experts, who would have been beyond its budget in any other circumstances.

Over the course of the investment, Impetus experts worked with Hannah on numerous key capacity-building projects, including:• reshaping the Board, including

recruitment of the Chair and new trustees

• building the SMT and enhancing the central team to be less reliant on the chief executive

• upgrading the systems and processes• building efficient and accurate financial

reporting systems• creating a balanced scorecard reporting

system to collate, measure and rate Keyfund performance indicators.

Hannah had identified the social licensing model as a route to growth that would enable Keyfund to remain agile and keep overheads light, while at the same time growing in scale, expanding geographically and developing a pathway to long-term sustainable growth.

Pro bono experts from the Impetus pool helped Keyfund develop key elements of the licensing model, including pricing; legal documents; marketing materials; and quality assurance. Licensing started in 2006/07 with three partners. By 2010/11 there were six partners across the country, generating annual revenue of more £82k.

Through the proven success of its programmes and the expanding geographic footprint that the licensing arrangement brings, Keyfund is now a high-profile, influential and hugely respected organisation in the area of social work with young people in the North East. It currently reaches more than 6,000 young people a year, empowering them to lead more positive and fulfilling lives, and is on a growth trajectory to be able to help many many more.

Keyfund graduates from the Impetus portfolio having transformed its capacity to address an issue that is of critical importance: low aspiration and lack of engagement among young people. Working with the CEO and her Board to build Keyfund’s income generation capability and set it on a path for sustainable growth has been a hugely rewarding experience.

Amelia Sussman, Impetus Investment Executive

By Mihiri Jayaweera, Impetus pro bono expert

Impetus investment puts Keyfund on growth trajectory

Impact report _ 12

Camfed International (2007– 2011)

Camfed International is dedicated to breaking the poverty trap by supporting girls in rural Sub-Saharan Africa through their primary and secondary education and the post-school years. This raises their social and economic status, and empowers the young women to support their families and communities over time.

camfed.org


To enable Camfed to be recognised internationally as a “gold standard” for social change in rural communities in Sub-Saharan Africa by:

• Achieving a turnover of £10m to support the growth from four to seven countries over four years

• Developing a sustainable and scalable model within the existing country programmes.


• Developing a talent management programme for staff across the organisation, based on two core components – 360 degree feedback and a “balanced scorecard” – to provide a structured way of assessing teamwork, leadership and other critical skills

• Review of IT capacity; support on development of a new IT strategy and design of senior staff job description.


• As part of the Goldman Sachs 10,000 Women programme, developed and delivered in partnership with Camfed, 293 young women from Zambia and Zimbabwe graduated to become social entrepreneurs and lead sustainable and long-term change in their communities

• Camfed was recognised (winner of New Media Age Award) for its collaboration with Salesforce for groundbreaking and innovative work in the usage of interactive media to generate awareness about girls’ education in Sub-Saharan Africa and to raise funds.





£540k

£263k

£185k

£988k

Impact report _ 13

Performance Year prior to investment Latest year end

Dec 2006 Dec 2010

Income (in millions) £3.26 £10.78

No. of girls receiving bursary support * 9,830 21,035

No. of children receiving safety net funding* 30,680 135,543

No. of partner schools 1,180 3,470

No. of young women directly supported to enter tertiary education (cumulative)

720 1027

No. of new businesses set up 999 831

*Combined total equals number of people helped.

2006 2007 2008 2009 2010

12

10

8

6

4

2

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180000160000140000120000100000

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Impetus is one of the most inspiring organisations we’ve encountered, with a highly effective form of capacity building for charities.

John Campbell, Campbell Lutyens, Impetus corporate supporter

Impact report _ 14

Fairtrade Foundation (2008 – 2013)

The Fairtrade Foundation works to improve the lives of poor and marginalised farmers in over 60 developing countries, by seeking to transform trading structures and practices in their favour. The Fairtrade Foundation licenses the FAIRTRADE Mark to products in the UK that meet international Fairtrade standards, works with UK retailers to expand the market for Fairtrade products, develops new Fairtrade products and raises public awareness of the FAIRTRADE Mark and the need for Fairtrade in the UK.

fairtrade.org.uk


• Overall, to support the Fairtrade Foundation in achieving its strategic aim of tipping the balance of international trade in favour of disadvantaged producers in the developing world

• Specifically, to support the Foundation to grow the UK Fairtrade market by an average of 30% annually

• To support the development of Fairtrade Labelling Organizations International (FLO).


• Active participation on the Fairtrade Executive Committee

• Support with Fairtrade’s investment proposition and introduction to other social investors

• Strategic review of Fairtrade in the US.


• Retail sales for Fairtrade in the UK crossed the historic £1 billion mark in 2010 to £1.17m, up 40% from 2009 sales of £840m. (The principal component of income to the Fairtrade Foundation is license fees paid by companies carrying the FAIRTRADE Mark on their products.)

• The world’s first Fairtrade and Fairmined gold went on sale in the UK on 14 February 2011 in a groundbreaking effort to secure a fair deal for gold miners and their communities

• New and/or significant extension of existing corporate commitments for 2011 include: The Co-operative, Topshop, Waitrose, M&S, Aldi, and the spice-and-herb company Schwartz

• Won the HSBC-sponsored European Business Award 2010 in the Corporate Sustainability category.





£400k

£770k

£166k

£1.3m

Impact report _ 15


Dec 2007 Dec 2010


No. of Fairtrade certified producer groups supplying the UK market*

426 560

*Due to difficulty in calculating the number of individual farmers and their families helped by Fairtrade, we use the number of producer groups as the measure of people helped. The actual number of people whose lives are being turned around as a result of Fairtrade’s work is far greater.

2007 2008 2009 2010

12

10

8

6

4

2

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700

600

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400

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Impetus is the best investor of funds in the not-for-profit sector, by a mile. Of that, there is absolutely no question.

Chris Mathias, Arbor Ventures, Impetus donor

Impact report _ 16

CVC CAPITAL PARTNERS BUILDS ITS PHILANTHROPIC STRATEGY IN PARTNERSHIP WITH IMPETUS TRUST

SPOTLIGHT ON A CORPORATE PARTNER

CVC commits to providing Impetus with significant financial backing over a three-year period

CVC hosts the "Perfect Pitch" workshop for the chief executives of Impetus portfolio charities, involving Claire Ellis and five other CVC employees from the UK team

Mark Grizzelle and Tim Cundy help with treasury advice for the Education Endowment Foundation

Fourteen CVC staff members fundraise for Impetus via a Kilimanjaro climb

Impetus, COUI - Teens & Toddlers and Street League are introduced to potential donors, at the CVC Kili launch event

Nick Archer and other Executives within CVC supplement corporate gifts with individual donations to Impetus

Marc Boughton joins the Impetus Investment Committee and provides advice to several charities as part of the Impetus mid-year portfolio review

Richard Bulkley helps Impetus charity Keyfund with its IT development strategy

Jane Howard liaises with Impetus on the Perfect Pitch workshop, Street League event, fundraising and the pro bono programme

Tim Gallico connects CVC portfolio company Merlin Entertainment and the CVC Foundation with Impetus

CVC, in partnership with Street League, hosts a six-a-side charity football tournament, involving two CVC teams and 27 teams from the CVC network

Judy Marsden is developing a pro bono programme and helping with the Impetus - Sutton Early Years Initiative

Impact report _ 17

EVOLUTION OF CVC’S PHILANTHROPY STRATEGY

Impetus is proud to be playing a significant role in the evolution of CVC Capital Partners’ philanthropic strategy. In addition to receiving generous, multi-year financial backing, Impetus also benefits from the gifts of skills and time from CVC staff, who have contributed in many ways to the success of Impetus and its portfolio charities.

Dec 2009A philanthropic strategy of financial support combined with expertise is agreed

Dec 2009An umbrella theme of disadvantaged young people is chosen

March 2010A major fundraising initiative around a CVC team Kilimanjaro charity climb is launched

April 2011CVC Capital Partners Foundation is formed, with a CVC philanthropy committee whose focus is in "connecting CVC and the community"

June 2011Further to an Employee Perception and Involvement Survey, CVC begins to build a structured programme to provide pro bono expertise

2010/2011Investments are made in organisations in the UK (Impetus), Germany, Hong Kong and the US (following CVC's global network)

2010/2011CVC expands its philanthropic activities to include: staff team participation in a triathlon to raise money for stem cell research around motor neurone disease at Barts Hospital; partnering with one of its portfolio companies, Merlin, to provide support to its corporate charity Magic Wand

CVC's Richard Bulkley gave us invaluable advice on how to improve our IT systems, in terms of applications, infrastructure and support arrangements. This enabled us to build a business case for the wholesale replacement of our website and database so we have the capacity to bring new licensees onto our database system. We have now been able to secure investment from the Asda Foundation to pay for the full development of the bespoke website and database. This is a huge achievement and one that will have a significant impact upon Keyfund's ability to support growing numbers of disadvantaged young people. CVC was the catalyst that made all this possible. Hannah Eyres, CEO, Keyfund Federation

Impetus Trust has measurable success across the charitable sector, and its venture philanthropy business model is complementary with our private asset management business. A number of its investees support disadvantaged youth, which is our philanthropic focus, so it is an ideal partnership. Marc Boughton, Managing Partner, CVC

Impetus convened a panel of 'critical friends' (including CVC) to help the Fairtrade Foundation develop their proposition for attracting funds from major donors. The forum enabled us to present our story in a safe but critical environment. CVC critiqued our case for support from the invaluable perspective of business; they asked us the difficult questions, they challenged our perception of ourselves and they offered a wealth of suggestions and solutions to refine and improve the pitch. Harriet Lamb, CEO, Fairtrade Foundation

Impact report _ 18

IntoUniversity(2008 – 2011)

IntoUniversity inspires and engages young people from disadvantaged backgrounds to attain either a university place or another chosen aspiration, by offering long-term, out-of-school study support.

intouniversity.org


To enable IntoUniversity to be recognised nationally as a model of excellence for widening the participation of young people from disadvantaged backgrounds in higher education by:

• Developing a replicable and sustainable model of integrated after-school study support

• Reaching more than 2,000 young people from disadvantaged backgrounds across six centres by 2010, enabling them to improve their academic achievement and long-term life chances.


• Further support on the implementation of the organisation-wide database, critical for monitoring and measuring outcomes

• Strategic planning for the next phase of growth

• Execution of a Social Return on Investment study accredited by the SROI Network.


• Opened a seventh centre in London• Chosen as one of the beneficiaries of the

Guardian’s Christmas appeal 2010 and the Royal Wedding Charitable Gift Fund

• Won the Centre for Social Justice Award 2010 and the “Charity of the Year” at the Charity Times Awards 2010

• Chief Executive Dr Rachel Carr was named one of the 1000 most influential Londoners by the Evening Standard.





£600k

£320k

£166k

£1.1m

Impact report _ 19


Mar 2007 Mar 2011


No. of centres 1 7

No. of young people in academic support 225 1,014

No. of young people in Focus programmes* 445 6,405

No. of young people in mentoring and buddy programmes

24 589

No. of young people going on to university 18 353

*Number of people helped figures are for the 2010/2011 academic year.

2007 2008 2009 2010 2011

1.81.61.41.2

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I really value the fact that Impetus delivers what it promises. To go from managing a local IntoUniversity programme to managing a new network of centres has been a steep learning curve, and Impetus’s support has been crucial to our successful growth.

Rachel Carr, Chief Executive, IntoUniversity

Impact report _ 20

IMPETUS AND THE SUTTON TRUST

FINDING SOLUTIONS TO THE CHRONIC DISADVANTAGE IN OUR SCHOOLS

Step forward Impetus Trust and The Sutton Trust. Early in 2011, they were chosen to create and manage the Education Endowment Foundation (EEF), a £125 million investment of the Department for Education, which, similar to Barack Obama’s Race to the Top Fund in the USA, will identify, support and scale up projects with the potential to improve the academic performance of our poorest children.

The idea is relatively straightforward. Schools, local authorities and charities will be encouraged to submit bold proposals to improve the performance of poor pupils in the country’s lowest performing schools. The best ideas will be funded and then closely monitored to measure their impact accurately.

For Sir Peter Lampl, the new Chairman of the Education Endowment Foundation, this evaluation is a major reason that the project is so exciting. “A key element of this programme will be the robust evaluation of the projects and the impact they have in reducing the attainment gap for disadvantaged children. That data will influence the way billions of future public money is spent on supporting disadvantaged children.”

One million children in the UK qualify for free school meals – that’s 15% of all pupils. These children come from families with an annual income of under sixteen thousand pounds. Within that group, those who attend under-performing schools will be the focus of the Foundation’s efforts. They are spread evenly across the country, mainly in urban areas. They are half as likely to achieve national standards at primary level and one third as likely to reach national standards at secondary level. They are also twice as likely to have Special Educational Needs as their more affluent classmates.

“Being a teenager today is simply not easy and it is becoming an increasingly isolated experience where there are very few people and places to go to for help,” says Sir Mark Grundy, Executive Principal of Shireland Collegiate Academy. “We frequently change our expectations of the education system and at times forget about just what that means to young people and to their families. My experience is that most families care deeply about their children’s achievements but they don’t know how to help. We need to look very carefully at the curriculum on offer to large groups of young people particularly in the schools that serve our most deprived communities and we need to look at how we deliver programmes that will extend, encourage and engage our students. The EEF can allow us to break this vicious circle of damnation and get our young people to believe that they can succeed.”

We look forward to applying our expertise to develop and scale up education projects so that many more disadvantaged students are able to get the support they need to succeed.

Daniela Barone Soares, Chief Executive, Impetus Trust

Impact report _ 21

By backing the Education Endowment Foundation, Secretary of State for Education Michael Gove has made his intentions clear: “My moral purpose in Government is to break the lock which prevents children from our poorest families making it into our best universities and walking into the best jobs.” He traces the root of the problem back to the earliest years of a child’s life, pointing out that a child who struggles at Key Stage One will struggle to do well in their Key Stage Two tests. Those children with the greatest difficulties are drawn from the poorest neighbourhoods. Those same children who don’t have Level 4 English and maths when they leave primary school are much less likely to achieve five good GCSEs, much more likely to be “NEET” at sixteen or seventeen and much less likely to be in secure employment thereafter.

Over the 15-year life of the Foundation, successful projects will emerge that demonstrate their positive impact on the various root causes of this underachievement, and also their ability to be rolled out on a national scale. This suite of proven programmes will form the legacy that Sir Peter Lampl is certain will “improve the life chances of the country’s most disadvantaged children and improve social mobility.”

Daniela Barone Soares says Impetus Trust is delighted to be one of the drivers behind an investment of this scale with such potential to make a difference for disadvantaged children. “The gap in attainment between disadvantaged children and their better-off peers results in an impoverished society, and has existed for far too long. We look forward to applying our expertise to develop and scale up education projects so that many more disadvantaged students are able to get the support they need to succeed.”

While the Foundation has been initially funded by the Department for Education, it is hoped that additional donations will increase it to at least £200 million, to be spent over the life of the Foundation.

The challenge is clear. The time for action is now. If you have a winning idea or would like to donate to the Foundation, please email to [email protected].

More about the Foundation on educationendowmentfoundation.com

By Tom Roberts, Writer-in-residence, Impetus Trust

Despite huge efforts from everyone involved in education, far too many of the UK’s most disadvantaged children are still failing to meet basic standards in primary and secondary schools. This is tragic for them and disastrous for our society.

So how do you go about tackling the problem? Where do you begin to search for solutions?

Impact report _ 22

Street League (2009 – 2013)

Street League uses football to engage and motivate homeless and other disadvantaged people. Beyond engagement, it seeks to develop its players to build their confidence, improve their health, extend their social networks and develop their skills, with the ultimate aim of progressing them into further education, training and/or employment.

streetleague.co.uk


Support Street League to roll out its model nationally, diversify its income streams and refine its monitoring and evaluation.


• Support for recruitment of the Chair and other trustees

• Mentoring for CEO and National Business Development Director

• Development of the specification for financial software update and support for the subsequent tendering and implementation process

• Support for the design and implementation of a CRM system

• Diversification of income generation and cash flow management



• Streamlining of service delivery, which has helped to improve both outcomes and cost per outcome

• Implementation of a new monitoring and evaluation system that will track all successful education, employment and training (EET) outcomes. As Street League refines its operating model, it expects EET outcomes to increase relative to participant numbers

• Successful reorganisation of the management structure, including the creation of a Director of Income Generation post

• Raising funds to open a new centre in Manchester in 2011/12

• Reinforcement of the Board including appointment of a new Chair

• Reselected as the FA Charity of the Year for the second year in a row

• Chosen as one of 10 Downing Street’s first two official Social Action Partners

• Footballer Cesc Fabregas recruited as a Street League Ambassador.





£515k

£663k

£142k

£1.3m

Impact report _ 23


Mar 2008 Mar 2011


No. of Streetsports participants 2,334 2,631

*It is intentional that the number of Streetsports participants will fall, as Street League increasingly focuses its work on participants who are moving into education, employment and training.

2008 2009 2010 2011

2.5

2

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1

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0

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Impetus’s combination of funding and targeted expertise, as well as its commitment to measuring outcomes, generates superior results. I have been a long-time supporter of Impetus and know that the investment I am making through them is money very well spent.

Peter Englander, Partner, Apax Partners, Trustee, Tuixen Foundation

Impact report _ 24

DEUTSCHE BANK

SPOTLIGHT ON A CORPORATE PARTNER

Street League works with some of the most disadvantaged young people across the UK, 16- to 25-year-olds without an education or a job, offenders, and substance users. Within a structured football training program, they pursue a set of goals in areas such as physical condition, self-esteem and team spirit, and later transfer into a continuing education or job program. In 2010 alone, more than 3,000 young people participated in Street League, which successfully placed 72% of them either in a job or in an educational institution.

Matt Stevenson-Dodd, Chief Executive of Street League, sought a mentor through Impetus, with which Deutsche Bank has cooperated for four years. He was put in touch with Alex Manson. “Of course, people like Matt know very well what they have to do,” Alex says. “They have excellent intuitive capabilities; otherwise, they wouldn’t be in the position they’re in. They also have plenty of charisma. What they sometimes lack are just a few management methods and tricks, as well as the ability to discuss things for a sanity check. Charities currently have a difficult time because all grants have been reduced. That means many organisations have to reinvent themselves.”

Mutual inspiration

Matt began 14 years ago as a youth worker. “I thought I actually needed to do something that would make a real difference for people,” he recalls. “I’m driven by a sense of social justice – that people should have a fair chance. When you see some of the disadvantaged in society, you realise that a lot of people don’t get many opportunities. An organisation like Street League can really help.” And it does it so successfully, in fact, that 10 Downing Street has elected Street League for its charity of the year 2011.

Having worked with mentors before, Matt knows how to use his time with Alex extremely efficiently. “Matt typically prepares a list of questions,” Alex says. “He wants to talk and be pushed. So we really motivate each other.” The Deutsche Bank executive is fond of speaking about performance indicators and targets that drive banks forward. And Matt likes to listen. “It’s all about issues such as: How diverse is my portfolio of activities or my target population? And how can I optimise it?,” Matt says. “So now we’re looking at what all this can do for charities. Alex is really good at challenging me with a lot of tough questioning, which I really value.”

Investing with Impetus gives us peace of mind. The due diligence they undertake before selecting a new charity, and the way they manage those investments, is impressive. The results they achieve with their portfolio of charities speak for themselves, and we are delighted to be able to participate in that success. We are particularly pleased that, in addition to providing core funding to Impetus charities, we are also able to provide our staff with opportunities to contribute their skills and experience as part of the Impetus support package.

Kate CavelleDirector, Corporate Citizenship, UK Deutsche Bank

Impact report _ 25

“What’s interesting about coaching – apart from the fact that it’s fun – is that you’re always forced to briefly abandon your privileged, tightly-knit professional world to deal with a broader segment of society,” says Alex. “I really can’t say who coached whom. I viewed the coaching experience as more of a friendly give-and-take in which I gave the director some advice and he certainly gave me some as well.”

Consulting for the good of society

Alex Manson draws a comparison: “People like Matt have a common problem: They have no one they can turn to for advice as a partner,” he says. “When I work on the deal but don’t know how to advance it, all I have to do is to open the door to a room full of bankers who can help me.”

That is why the coaching programs are so important: They enable an exchange of views between managers on the one side and directors of charity organisations, and other leaders on the other. Both sides benefit from the opportunity to gain new perspectives and broaden their individual horizons.

By Katharina von der Leyen. Reprinted with permission from Deutsche Bank.

Deutsche Bank has been an Impetus corporate supporter for four years. As part of Impetus’s mission to bring first-class pro bono support to our charities, and the global investment bank’s long-standing tradition of coaching non-for-profit leaders at the international level, a senior Deutsche Bank executive has teamed up with one of our charity CEOs to take part in a coaching programme. For the past year Alex Manson, Managing Director in Corporate and Investment Banking at Deutsche Bank in London, has been coaching Impetus charity Street League CEO Matt Stevenson-Dodd. Here Alex and Matt tell us about their experience working together and what they have learnt from each other.

Impact report _ 26

Blue Sky Development & Regeneration (2010 – 2014)

Blue Sky’s mission is to help break the cycle of reoffending. It gives paid employment to people recently released from prison, with the aim of enabling ex-offenders to move successfully into permanent jobs. Blue Sky employs solely ex-offenders in grounds maintenance and related work.

blueskydevelopment.co.uk

Key objective agreed with Impetus

To support the successful scale-up of Blue Sky’s activities both organically and through franchise.


• Refinement of pitch to public sector commissioners

• Development of a balanced scorecard tool to monitor performance

• Integration of financial management and accounting systems to allow for more effective contract management



• Doubled the number of employment contracts offered v. the prior year

• Secured five new grounds maintenance and two new waste recycling contracts

• Established a second franchise operation in Yorkshire and the Humber in association with Groundwork Wakefield

• Named England’s Social Enterprise of the Year by the Social Enterprise Coalition

• Chosen as one of 10 Downing Street’s first two official Social Action Partners.





£275k

£128k

£142k

£545k

Impact report _ 27

2009 2010 2011

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No. of Intermediate Labour Market contracts offered

62 204

Percentage of Blue Sky employees into longer-term employment (cumulative)

n/a 46%

It’s nothing less than the truth to say that we would not be where we are today without Impetus and the support of its staff and pro bono experts.

Mick May, Chief Executive, Blue Sky Development & Regeneration

Impact report _ 28

What was the inspiration behind Impetus?

What profoundly influenced me was observing that most funders looked for and were enthused by new projects. They would find an organisation that was doing something exceedingly well, but rather than asking them to do more of that, they asked them to do something different. That was in stark contrast to the business sector, where there would be a bias towards focusing on what a business did well. There was also a tendency for individuals to leave the skills they had honed in the private sector at the door when they thought about helping not-for-profits. I wanted to work with a funding organisation that took a longer-term view about sustainably funding charities, but I couldn’t find what I was looking for, so I and my co-founder, Stephen Dawson, set up Impetus. From the outset we aspired for Impetus to be a pioneer.

What has been your proudest moment at Impetus?

There are many, but if I had to pick one I would say when the first two organisations – Speaking Up and St Giles Trust - “graduated” from the portfolio. Seeing how those two organisations have thrived and gone on to greater things since graduation has been a great source of pride, and underscores the fact that the venture philanthropy model we have developed is delivering.

What is the most common mistake you see in charities seeking investment?

The most common error organisations make is pursuing funding at the expense of the strategic objectives. This can cause mission drift or complexities in the organisation because it ends up running a whole load of projects, but without the necessary management structures.

And how should investors think differently?

With Big Society Capital, impact bonds and the growth of social investment, my sense is there will be more money in the medium term than there are investment-ready organisations. There are a lot of innovative charities and social enterprises, and some emerging enterprises that are coming out of the government, but it is still a small market compared to the need. So a degree of patience is required. If you’re an investor and you’re wanting to create a market that is going to be vibrant in 25 years, the most important thing to do now is to recognise this mismatch of supply and demand. This may often require long-term core cost funding to build an organisation’s capacity and, in turn, its readiness for social investment. That is the role Impetus is playing in helping to create those investment- ready organisations.

How will you draw on your Impetus experience in your new role at Big Lottery Fund?

Big Lottery Fund (BLF) has traditionally focused on issues of transition and isolation – children out of care, prisoners out of custody, older people losing their independence – tough social issues. This very much mirrors the approach that Impetus has taken. What inspires me most about BLF is its breadth and reach; over the next three-and-a half years, we have £1billion to direct in an intelligent way. I know from my experience establishing the Impetus for Reducing Reoffending Initiative how you can multiply impact by choosing the right combination of partners, so much of my excitement is in thinking what are the thematic initiatives and what combinations of players can work together to tackle some big issues.

INTERVIEW

NAT SLOANE

Impetus co-founder Nat Sloane has been appointed Chair of the England Committee of Big Lottery Fund. Here he speaks about the expertise and insights he has developed at Impetus and how he will draw on them at Big Lottery Fund.

Impact report _ 29

What we look for in charities and social enterprises:

1. Significant numbers of economically disadvantaged people being helped

2. The ambition to achieve more far-reaching change

3. Focus on outcomes relating to increased educational attainment, skills and employment

4. A talented chief executive 5. A distinctive delivery model and

good prospects for sustainability 6. The desire to build the capacity of

the organisation, rather than a particular project.

We only select innovative charities and social enterprises based in the UK, which are achieving clear results in breaking the cycle of economic disadvantage, and that are ambitious to increase their impact. Our portfolio charities are chosen with great care to ensure the charity both wants and needs our approach. Extensive due diligence is carried out on every potential investment.

What makes us different?

1. Very hands-on support The “secret ingredient” of our investment model is the hands-on, collaborative and intense management support Impetus Investment Executives give to the chief executive and senior management of the charity. Our Investment Team members have substantial consulting, financial and voluntary sector experience and the Investment Executive’s support spans the entire investment period.

2. Leveraged funding For every £1 of funding we give to portfolio charities, we generate nearly £4 more in the value of partnership investment, volunteer expertise and additional funds raised.

3. Proven, long-term results On average our charities have grown their annual income by 23% a year. This has enabled them to expand the services they provide and so increase the number of people they help each year by an average of 30%.

What does Impetus do?

Impetus works with carefully selected charities to help transform their impact. We achieve this through our highly effective model of investment – based on the venture philanthropy model – which has three key components:

1. Unrestricted strategic funding in the form of grants 2. Very hands-on support from the Impetus investment team3. Specialist support for capacity building, from experts who

volunteer their skills.

Working with Impetus is like putting a turbo-charger on your organisation. Impetus is everything you look for in an investment partner: trusting, committed and consistent.

Craig Dearden-Phillips MBE,Founder & Chairman,Speaking Up (now called VoiceAbility)

What is venture philanthropy? Venture philanthropy is an active approach to philanthropy, which involves giving skills as well as money. It uses the principles of venture capital, with the investee organisation receiving management support, specialist expertise and financial backing. The aim is for a social, rather than financial, return. Impetus Trust is the pioneer of venture philanthropy in the UK.

Impact report _ 30

WHY WE EXIST

OUR SOLUTION

BREAKING THE CYCLE OF ECONOMIC DISADVANTAGE

SUPPORTING INNOVATIVE CHARITIES PROVIDING SOLUTIONS TO BREAK THE CYCLE

Mark is born into disadvantageHis mother went through the care system, has no qualifications and is on benefits. His father has a criminal record and is unemployed

Age 16 Mark leaves school

with no qualifications

Age 6 Mark is added to the

child protection register

Age 11 Mark has difficulties

transferring to secondary school and begins to truant

Age 18 Mark can’t get a job and starts committing crimes

Age 20 Mark has intermittent, short-term prison sentences. He lives in poverty while not in prison

Age 30 Mark is released from prison. He can’t get a job and starts claiming benefits. He has a child

Blue Sky Development & RegenerationEmploys and trains ex-offenders

IntoUniversitySupports disadvantaged young people to reach university

St Giles TrustWorks in prisons, training and advising offenders

Resurgo TrustHelps unemployed young people into work

Early Years InitiativeSupports charities working with children aged 0-5 and their parents

COUI – Teens & ToddlersInspires young people to get the skills, qualifications and self belief needed to succeed in education and life Street League

Provides education and training to disadvantaged young people

Impact report _ 31

WHAT IMPETUS IS ABOUT SCALING UP CHARITIES FOR GREATER SOCIAL IMPACT

1. Hands-on management support from an Impetus investment executive

Innovative charity: ambitious to scale up

2. Funding from organisations

and individuals

3. Expertise from highly skilled

individuals and companies

AND THE RESULT IS ANNUAL INCOME GROWTH OF 23% AND ANNUAL GROWTH IN PEOPLE HELPED OF 30%

Chris Mathias Co-founder, Arbor Ventures, Impetus donor

Sarah Hildyard Group Head

of Talent, Vodafone Group

Services Ltd

Amelia SussmanImpetus

Investment Executive

Rachel CarrChief Executive IntoUniversity

• Oversees investment from start to finish• Manages provision of funding and specialist expertise• Sources co-investment partners• Monitors progress of investee against targets

Impact report _ 32

Supporting Impetus

There are over 13 million people living in poverty in the UK, and their chances of getting out of that situation are lower than in most European countries. If you are born in poverty, you will probably die in poverty. Impetus aims to break that cycle by working with the best charities and social enterprises in their field, to help the poorest 20% of the population get the education, skills and jobs they need to lead more independent lives.

Established in 2002, Impetus Trust pioneered venture philanthropy in the UK, and has supported 23 charities and social enterprises that we believe are doing innovative and important work.

We are aware, though, that there is so much more that needs to be done. We are serious about making a difference and we believe that our track record of nearly 10 years has proven we can. But we need your help in order to be able to help more organisations to grow and more people to transform their lives. And their children’s lives.

Impetus needs committed donors and expert volunteers willing to share their skills and experience, to achieve our mission.

Four reasons why giving to Impetus is strategic giving:

1. Your donation will treat the root causes of economic disadvantage. Impetus-supported charities do not put a plaster on social problems; instead they work to find lasting solutions so people living in poverty can help themselves.

2. Your donation will fund only charities that are proven to be effective. Each charity or social enterprise we work with has been carefully selected, after thorough due diligence. Since our formation, we have received nearly 2,000 applications and have invested in 23.

3. Your donation will be multiplied. For every £1 in funding given to the charity, we are able to leverage nearly £4 more of value, through additional funding, management support and specialist expertise.

4. Your donation will yield impressive and measurable results. Impetus enables charities and social enterprises to grow at a much faster pace than they would otherwise. They could not have achieved the same degree of change without Impetus, according to a Bain & Company independent evaluation.

Whether you are just starting your philanthropic giving and don’t know where best to put your money, or you’re an experienced investor looking for a strategic form of giving that has a real and tangible impact, we would like to talk to you.

Please call Jo Walker, Director of Philanthropy & Partnerships, on +44 (0)20 3384 3951 or email [email protected] to find out more.

impetus.org.uk

Working with Impetus I have definitely achieved a lot more than I could have on my own... I strongly encourage anyone who really wants to help reduce economic disadvantage to get in touch with Impetus and offer whatever financial or professional support you can.

Jenni Bowley, Stafford Timberland, Impetus supporter

Impetus gives me the satisfaction of knowing I have made the biggest difference possible with my money.

Adrian Beecroft, Impetus supporter

Impact report _ 33

What really makes me hot under the collar is the inequality of opportunities in our society for young disadvantaged people. If you aren’t fortunate enough to come from an affluent background, the odds are automatically stacked against you.

I do have a nice lifestyle, which makes me very lucky, but also fills me with a need to help, in my own small way, to redress that inequality. That is where Impetus comes in. I first heard about Impetus six years ago and was immediately impressed by the team and what they were trying to do. I was absolutely convinced by their model and decided to make a five-year funding commitment.

I wanted to invest alongside people who I respected and who were doing something which matched my own goals – those with a shared view of the world and real expertise in the most effective way to support important charitable causes. It seems to me that this was the best way to be sure that my support was properly targeted and most effective.

There were some great little charities out there, doing important work, but not making a real impact. If you could identify the best charities and support their growth to a critical size, they should then become sustainable and start bringing about real changes in our society. That is exactly what Impetus was doing and that excited me very much.

“Scaling up” a charity isn’t necessarily the most glamorous task. Raising money to build IT systems and create an efficient admin team is very difficult, but without these, any organisation will struggle to reach its full potential. I love watching the evolution of a charity as it is selected by Impetus, grows with Impetus and finally graduates as a bigger, better and more sustainable organisation.

As a donor, you can become as involved as you like with the individual charities. Every one is different and Impetus is great at matching donor support to the needs of their various charities. Initially I decided to focus on one particular charity in the Impetus Portfolio, St Giles Trust. I was so moved by the success of their projects to reduce reoffending rates. The ex-offenders’ lives are transformed and the benefits to their communities are huge. We have just come to the end of our five-year commitment and I’ve signed up for another five years. Working with

Impetus I have definitely achieved a lot more than I could have on my own. I can sleep a lot better knowing that at least I’m doing something.

In addition to my financial commitment, I’m now also beginning to explore how I can share my skills with one or two of the charities which Impetus supports. Money is clearly very important for any charity, but donating your skills and expertise can be just as beneficial to them and even more rewarding for you. It gives you a real sense of involvement, far more than giving money ever could.

I strongly encourage anyone who really wants to help reduce economic disadvantage to get in touch with Impetus and offer whatever financial or professional support you can. I’m really excited about our next five years together.

From an interview with Tom Roberts, Writer-in-residence, Impetus Trust

SPOTLIGHT ON IMPETUS SUPPORTERS

WHY JENNI BOWLEY GIVES TO IMPETUSJenni is the Company Secretary at fund of funds Stafford Timberland Group, a global timberland investment organisation that manages approximately €600 million on behalf of institutional investors. Jenni trained as an accountant with Peat Marwick and has held senior positions at private corporations as well as working as a consultant at KPMG. She has been an Impetus donor since 2007. In this interview she shares her reasons to support Impetus.

Impact report _ 34

SPOTLIGHT ON IMPETUS SUPPORTERS

I have always remembered a Talmudic story my father once told me of an old man planting a carob tree whilst a passer-by looked on. The passer-by knowingly asked the old man when the tree would bear fruit and the old man replied, “Seventy years.” The passer-by laughed and asked the old man if he really expected to live to see the tree blossom. The old man answered that he had greatly enjoyed the fruit of carob trees planted by his grandfather and his great-grandfather before him and now he himself was fulfilling his role by doing the same for his own grandchildren and great-grandchildren after them. It is the spirit of this tale that inspires my own philanthropy.

Philanthropy is about engagement and there are as many ways to approach it as there are individuals! With my wife Sarah, we have always followed our instincts and focused on those areas of need which have truly inspired us and pulled us into a deeper personal engagement. It is not only important to us to “do good” or to have “good intentions,” it is also important to enjoy our opportunity to participate.

We tend to be very open about the possibility of getting involved. If a friend approaches us with an opportunity to give to an organisation, we will pretty much always give something. This allows us to see beyond what is immediately visible to us. Second, we have learned not to be shy about pushing in, asking questions and seeking a deeper engagement. We avoid the fears most people typically have early on – “I don’t want to be too forward” or “they must hate answering that question so many times” or “I don’t want to get too close too soon as they may expect something of me” – and we get active in exploring what the charity is doing, how they are doing it and what impact they are having on our community.

That is exactly how I became involved in Impetus Trust, where I am now board chairman. Executives of charitable organisations like the team I first met at Impetus do their jobs out of a genuine commitment to their cause, which means they are more than willing to engage on it, explain it and enthuse about it! Impact is very important and making sure that the impact an organisation has can be scaled is also a key to my assessment of whether or not to place a priority on my support. And measurement, while sometimes difficult and, depending on the situation a bit amorphous, is still the only way to establish if a result is actually happening.

LOUIS ELSON

Impact report _ 35

Too often, philanthropically-minded people make commitments out of a sense of obligation or emotion and fail to focus on the purpose of the charity and what “investment criteria” should be required. In giving to a charity, whether that be one’s money or one’s time, donors should not be afraid to ask how well contributions are being utilised or what that organisation has really accomplished.

At Impetus, “measurement of result” is an extremely important value, which is applied in two ways for us. First, we require the portfolio charities we support to report regularly to us on key performance indicators which we identify and agree with them at the start of the relationship. Second, we collate and publish our own key performance indicators to ensure our constituents also understand fully the impact we ourselves are having.

The number one piece of advice I can offer to others wishing to make a difference to the world is to GET GOING! There are so many ways to generate excuses about why it cannot be done – not enough time, not the right time, not the right charity, not the right cause, not enough money, too much money, etc, etc, etc. But by focusing simply on the act of planting that carob tree, more than its purpose or its potential success or failure, the process of engagement begins and one’s ability to focus, develop, manage and accelerate a set of philanthropic activities becomes easier and more enjoyable.

And number two is GET INVOLVED! The more one is involved in the charitable organisation itself, or in the cause, the more fulfilling the activity of supporting that cause or organisation will be. And that is what it is all about – enjoying being a part of a better future, in whatever direction that future ultimately manifests itself.

Philanthropy is one of life’s great pleasures, like having children. And like having children, the pleasure cannot be explained, yet is so clear when one experiences it for oneself. How great it is to be actively involved in making the world a better place, no matter how small the change!

Reprinted with permission from Philanthropy UK

Impetus Chairman Louis Elson, who is managing partner of Palamon Capital Partners, talks about his philanthropic journey. He has been an Impetus supporter since 2009.

Impact report _ 36

COUI – Teens & Toddlers (2009 – 2013)

COUI - Teens & Toddlers inspires young people to achieve the skills, qualifications and self belief they need to succeed in education and life. It provides an early intervention programme that targets two sets of children, at-risk teenagers and vulnerable toddlers. It is designed to raise the aspirations of at-risk teenagers, through an innovative programme for teens to act as role models to vulnerable toddlers in a safe nursery environment.

teensandtoddlers.org


To set a standard for engaging disadvantaged young people in developing their aspirations and engaging them in education, training or employment by: • Expanding the programme

reach from 14 to 30 local authority areas, enabling more than 1000 teenagers and 1000 toddlers to complete the programme

• Growing annual revenue to £1.3m.


• Support on organisational structure, including senior team appointments and board facilitation

• Support on strategic fundraising and commissioning

• CRM system training and implementation support and website development

• Review of partnership opportunities as a route to growth



• Two-year funding won from the Department for Education to start in 2011/12 and additional new funders confirmed

• Chosen as one of the beneficiaries of the Guardian’s Christmas appeal 2010

• Board reinforcement with the appointment of two new trustees

• COUI has seen a decline in its revenue and in the number of people helped in the last two years largely due to budgetary constraints at local authority level. Since February 2011, as a result of the funding secured from the Department for Education and focused effort by the COUI team, this position has been reversed and we anticipate growth in both areas for 2011/12.





£545k

£421k

£142k

£1.1m

Impact report _ 37

2009 2010 2011

1.4

1.2

1

0.8

0.6

0.4

0.2

0

600

500

400

300

200

100

0

Annu

al tu

rnov

er (£

m)

Peop

le h

elpe

d


Feb 2009 Feb 2011


No. of young people who completed the Teens & Toddlers programme in this period

482 462

No. of Local Authorities COUI - Teens & Toddlers is working in

14 20

Our partnership with Impetus has substantially increased our organisational capacity and has put us on a firm footing for growth ahead.

Diana Whitmore, Chief Executive, COUI – Teens & Toddlers

Impact report _ 38

TURNING AROUND MORE LIVES

I’m lucky to have a great mum. Despite living in a high-crime area in South London, she raised five of us by herself. She never liked us mixing with people in our area. It was far too easy for kids to fall into crime and teenage pregnancy.

When I was 14, the Teens & Toddlers programme came to our school, which was one of the worst performing schools in Southwark. Once a week for 20 weeks, we spent two hours with the toddlers, mentoring them, followed by an hour of tutoring with the programme leader. My toddler was like a little version of me and I really enjoyed building a bond with him.

I didn’t properly realise the significance of everything we were being taught at the time, but looking back, I can see how incredibly helpful it all was. The programme gave us so many life skills, things that you need to be able to get ahead.

I realised I had changed when I started not to agree with decisions my friends were making. Unlike my friends though, I was fortunate enough to go through Teens & Toddlers and get amazing after-care from them. They opened my eyes to a different world, where anything was possible, and I haven’t looked back.

If a seed is nurtured properly it will grow into a strong plant, and children are just the same. Every young person would benefit from a programme like Teens & Toddlers.

Mariam grew up in an environment of economic disadvantage where it could have been very easy to slip into a cycle of lack of aspiration and underachievement. Learn how COUI - Teens & Toddlers gave her the confidence and life skills she needed to overcome her environment and become a source of support to disadvantaged young people and others in her community. Impetus invested in COUI – Teens & Toddlers in 2009, as part of the Impetus for London Initiative.

MARIAM’S STORY

Impact report _ 39

I’m now 21 and working as a Leader on the Teens & Toddlers programme, guiding teenagers through the process that did so much for me. If I could give one piece of advice to these young people it would be to take their time growing up. There’s no need to rush it.

In the future, I want to finish my degree and do a Masters. I also want to do voluntary work in Nigeria for a year to share some of the skills I’ve learnt here with the country I came from. I feel a certain responsibility in my community. As far as I’m concerned we all have a responsibility and I hope in the future to develop new community projects to help other young people learn that too.

From an interview with Tom Roberts, Writer-in-residence, Impetus Trust.

Impact report _ 40

FRC Group (2011 – 2012)

FRC Group is a social enterprise that works to improve the lives of people in poverty and unemployment. It comprises two integrated social businesses, throughout which training opportunities are created for the long-term unemployed and other disadvantaged groups.

frcgroup.co.uk


To support review of the Furniture Resource Centre and Bulky Bob’s social enterprise models and their potential to be scaled-up, culminating in preparation of a medium-term business plan that will provide the basis for our decision to consider a second-stage investment.


• Strategic review of the shared living furniture market

• Support on reduction of procurement costs

• Development of a medium-term business plan and model.


• Furniture project in Walton Prison substantially expanded and employing over 50 prisoners in second-hand furniture restoration for sale through FRC Group’s Bulky Bob’s Furniture World store

• Furniture Resource Centre has expanded into the East and West Midlands as part of the implementation of its business development strategy

• Chief Executive Shaun Doran was selected as one of the winners of the Big Venture Challenge, a programme run by UnLtd to identify 25 of the most ambitious social entrepreneurs in England.





£50k

£527k

£117k

£694k

Impact report _ 41

2010 2011

6

5

4

3

2

1

0

160140120100

80604020

0

Annu

al tu

rnov

er (£

m)

Peop

le h

elpe

d


Mar 2010 Mar 2011


No. of Intermediate Labour Market contracts offered*

33 50

No. of placements offered* 67 48

No. of offenders in Bulky Bob’s workshops* 0 52


Impetus is a clear leader in what it does and its impact. That’s very important to us. I would say to any company thinking of forming a partnership with Impetus that we’ve found it incredibly rewarding. We get so much back in seeing the fruits of the work we do together, in partnership with Impetus.

Wol Kolade, Managing Partner, ISIS Equity Partners

Impact report _ 42

Resurgo Trust (2011 – 2012)

Resurgo Trust, through its Spear programme, provides coaching and support to young people not in employment, education or training (NEETs), in preparation for the job market. The programme addresses the most common causes of underachievement and is complemented by ongoing one-to-one coaching and work placement for graduates.


To help develop a roll-out strategy and business plan to underpin expansion in London and beyond.


• Review and development of financial systems and processes

• Reinforce communications and fundraising activities

• Review of roll-out options for expansion and support for discussions with prospective joint venture partners

• Development of a medium-term business plan to support the case for a second phase of investment.


• Successfully opened two new centres, doubling capacity on the Spear course, through a new “hub and spoke” model that significantly reduces the cost per outcome

• Secured funding from London Borough of Hammersmith and Fulham to expand delivery of service in the Borough

• Set up of Spearhead, a youth employment agency that places Spear graduates into employment and generates commercial revenue for Resurgo

• Detailed discussions with prospective partners on roll-out to two new locations in 2012

• Development of additional management capacity in operations and fundraising.





£37.5k

£50k

£84k

£171k

spearcourse.org

Impact report _ 43

2009 2010

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0

145

140

135

130

125

120

115

110

Annu

al tu

rnov

er (£

m)

Peop

le h

elpe

d

Performance Year before prior year Year prior to investment

Dec 2009 Dec 2010


No. of young people graduating from the Spear programme

121 141

Percentage of Spear graduates in employment, education or training 12 months after completing the programme

n/a 76%

So much more needs to be done to tackle poverty in the UK, to improve the life chances of young people. Impetus has a role to play in that. Its success at helping innovative social enterprises scale up dramatically is impressive.

Rt. Hon. Frank Field MP (Birkenhead),Chair, Review on Poverty and Life Chances, 2010

Impact report _ 44


David was homeless, unemployed and without a clear direction in his life when he first attended Spear, the Resurgo Trust personal development and youth employment preparation programme. He not only went on to successfully complete the programme, but right afterwards, he secured a rewarding job that offered him a real future in his life.

Impetus invested in Resurgo Trust in 2011.

At 11 years old, alcohol problems in my family caused my brother and I to be put into government care. At age 12 we were placed with a foster home, at which point life improved as we experienced a stable family environment. My schooling saw a definite improvement and I realised how different life could be with stability, love and support. For the first time in my life, I went on a holiday.

I left school at 16 with 2 GCSE C Grades in Maths and Science and took a cleaning job while studying for an NVQ Level II certificate in IT. Despite passing the qualification, I had no clue which way to take my career, I didn’t have one! There was very little good career advice around. I was told to just take any job without concentrating on any particular field, which I proceeded to do.

Over time, I took on a couple of sales positions but ultimately found them unrewarding; I experienced no job satisfaction at all. I attempted going back to college to study Business but found that I couldn’t afford the high rent in the hostel I was living in if I wasn’t working, so soon dropped out and was doing anything I could to keep up rental payments and avoid losing my accommodation. This backfired on me as I was made homeless soon afterwards.

It was a few months later that I was in the Job Centre applying for a Crisis Loan when I had the chance to meet Jo from the Spear programme. Jo explained the course to me and it sounded like just what I needed - help in getting career direction and forging a relevant future for myself, rather than jumping from one job to the next without any goals or targets.

Spear, with its unique teaching methods, helped me to realise my skills and the potential I have to find a fulfilling career in my chosen field. I loved studying for my qualification and scored 93% in my exam, which was really exciting.

DAVID’S STORY

Impact report _ 45

At the end of the Spear programme, I was offered a unique opportunity to undertake a three-month training contract with the communications consultancy company MEC Global. It was the opportunity of a lifetime and I threw myself into it. It was a tricky start. In my first week there my mother passed away from serious alcohol abuse, but the company was kind enough to give me a week off before I returned to complete my placement.

On my birthday – the day before my placement was due to finish – MEC offered me the position of Accounts Executive within the sponsorship department, working on increasing clients’ brand profile via activities related to sport, media, music and the arts. I found myself constantly learning whilst at MEC. The day-to-day work was never the same and I relish the diversity of the workload and the flexibility of my role.

Impact report _ 46

SPOTLIGHT ON AN IMPETUS INVESTMENT EXECUTIVE

MEREDITH NILES

Together with my colleague Amelia Sussman, I lead on the Impetus for Reducing Reoffending (IRR) Initiative. Through this Initiative, Impetus hopes to make a real impact on the unacceptably high levels of reoffending. We help charities with scalable solutions to achieve their ambitious plans to reach even more people, to give those at risk of reoffending the opportunity to turn around their lives through education, skills and jobs.

I began working on this Initiative on my very first day at Impetus nearly three years ago. Initially, I worked alongside Amelia to research the sector, reviewing the available data and interviewing a wide range of stakeholders to determine the pathways on which it would be most effective for us to focus and to identify potential candidates for investment. I was also involved in helping secure the funding we needed to make our initial set of investments. So far, we have partnered with four other social investors (The Indigo Trust, The Henry Smith Charity, Esmée Fairbairn Foundation, and J Paul Getty Jnr Charitable Trust), but we are still looking for additional funding partners to help us do more.

By June of 2009, we had secured £1.75m – enough to back four charities – and had completed our initial scoping of the market. We received over 80 applications, and the next several months were dedicated to a rigorous screening and due diligence process to identify the charities we felt had the highest potential. The four charities that were ultimately selected made it through multiple rounds of interviews, reference checks, detailed reviews of existing business plans and strategy papers, and legal and financial due diligence provided by some of our pro bono experts, leading up to two rounds of scrutiny by the Impetus executive team, our Investment Committee and our funding partners. Once we had officially signed up the new investments, we entered into a planning phase with each. During this initial phase of investment, each charity will receive £50k in strategic funding from Impetus, plus pro bono support to help them build their capacity and address any barriers to their potential to scale up their social impact.

I manage two of the charities in the Initiative (as well as other Impetus investments). In this capacity, I meet with the CEOs regularly (and spend much more time supporting them in other ways - usually about one day a week) to assess their progress against the investment milestones that we have agreed. If the charity is not meeting its agreed targets, we will look at whether there is additional support that Impetus can provide to help them address performance issues, and in some circumstances, we could choose to withhold a payment to the charity until the organisation is back on track. I also manage the pro bono support that we provide, ensuring that projects are tailored to the charity’s needs and that we are making the most of the resources that our experts donate.

The overall objective is to come out of this phase of investment with a business plan for the next three-to-five years, which we will then take back to our Investment Committee and funding partners to determine whether we will back the charities for a scale-up phase. The charities that make it to this second investment phase will receive further funding, management support and additional specialist expertise.

Impact report _ 47

Prior to joining Impetus as an Investment Executive, Meredith worked for the Investment Banking division of Goldman Sachs for seven years. She managed mergers and acquisitions and corporate finance for the investment bank in Frankfurt, New York and London. Below she explains what it has meant to her to work on the Impetus for Reducing Reoffending Initiative.

The IRR Initiative was the first time that Impetus had made several investments in the same sector at the same time. This gave us a unique opportunity to create cross-portfolio learning opportunities, and part of my work during the planning phase has been to organise workshops for the CEOs and Chairs of the IRR Initiative charities.

In addition to the work with the charities, Amelia and I regularly meet with government, private sector and other voluntary sector providers active in the reducing reoffending area, to understand their priorities, promote the work of our charities, and identify further opportunities to collaborate. Managing all this, and also a young family at home, keeps me very busy.

Coming from the private sector, I knew very little about the issue of reoffending when I joined Impetus. It was certainly a steep learning curve, but I appreciated the challenge, and the more I learn about the issue, the more passionately I believe in what we’re doing. I am troubled by the fact that we spend more per capita than any other EU country on our criminal justice system, and yet nearly half of all prisoners will be re-convicted within a year of their release. It is frustrating to know that having a job on release reduces the likelihood of reoffending by up to 50%, and that only around a quarter of people leaving prison have a job to go to on release.

It is hard to accept that half of all prisoners lack the skills to perform 96% of jobs and that only one in five is capable of completing a job application form. It is devastating to consider that 65% of boys with a convicted parent will go on to offend themselves. That is why I am inspired by the work of our charities: helping prisoners get the skills they need to find employment and turn their lives around, and make a positive change for future generations as well.

Many of our trusts enjoy excellent collaborative relationships and partnerships with other grantmakers, but it is unusual for them to provide funding to another grantmaking body. The aim here was to create a wider partnership of several funders, all working to pool knowledge and resources, and benefiting from Impetus’s high levels of engagement.

Victoria Hornby, former Executive of the Sainsbury Family Charitable Trusts, one of which is Impetus-supporter The Indigo Trust

Impact report _ 48

Kainos Community (2011 – 2012)

Kainos Community delivers classroom and community-based offender rehabilitation programmes within prisons, with the aim of reducing reoffending and enabling offenders to live purposeful and stable lives during their sentences and post-release.


• To help Kainos to understand the changing market context in which it will be operating over the next three years

• To support Kainos in the development of a three-year business plan to build their sustainability and maximise their impact on the reduction of reoffending.


• Workshops for the CEO and Chair on strategy development and monitoring and evaluation

• Cost-benefit analysis of the Kainos Challenge to Change programme in prisons

• Review of strategic options in response to changes in the external market.

Key achievement 2010/11

• Programmes renewed in all three prisons for at least 12 months, despite the economic uncertainty

• Kainos programme achieved high ratings in Prison Service audits.

PART OF THE IMPETUS FOR REDUCING REOFFENDING INITIATIVE





£37.5k

£27k

£84k

£148k

wix.com/kainoscommunity/kainoscommunity

Impact report _ 49

2010 2011

0.8

0.6

0.4

0.2

0

240

200

160

120

80

40

0

Annu

al tu

rnov

er (£

m)

Peop

le h

elpe

d


Mar 2010 Mar 2011


No. of participants who completed the programme

164 146

What I like about Impetus is that they go to places where other people might not like to go - selecting charities dealing with some of the really hard-to-crack issues in society that can get overlooked.

Tom Gladstone, OC&C Strategy Consultants, Impetus corporate supporter

Impact report _ 50

Prison Radio Association (2011 – 2012)

Prison Radio Association delivers a national prison radio service and supports the development of local prison radio projects, with the goal of informing and engaging prisoners to take up interventions that will help them turn around their lives.


• To support the development of the organisation’s capacity to deliver greater impact

• To support Prison Radio Association in the development of a three-year business plan to build its sustainability.


• Support on impact measurement and evaluation, including questionnaire and focus group design

• Review of commercial income model and strategy for increasing social impact

• Strategic planning for the next phase of growth.


• Campaigns and Communication Manager appointed to help create and manage social action campaigns

• First two social action campaigns (“Time to Quit” – a smoking cessation campaign – and “Reasons to Read” – a campaign to recruit new Toe by Toe mentors for Shannon Trust) successfully conducted

• Sony Radio Academy Silver Award winner in the category of Best Community Programming

• Recipient of the Sandford St Martin Merit Award for religious broadcasting

• National Station Manager honoured with both a Butler Trust Award and a London High Sheriff’s Award for service to the criminal justice sector.





£37.5k

£3k

£84k

£124k


prisonradioassociation.org

Impact report _ 51

2009 2010

0.450.4

0.350.3

0.250.2

0.150.1

0.050

25000

20000

15000

10000

5000

0

Annu

al tu

rnov

er (£

m)

Peop

le h

elpe

d


Dec 2009 Dec 2010


No. of prisons receiving the National Prison Radio service

11 40

No. of prisoners receiving the National Prison Radio service

5,437 22,550

The most effective help is the combination of money and advice that is the hallmark of a new breed of intermediaries like Impetus that are developing the market for venture philanthropy and investment for social good. Their time is now.

Rt. Hon. Nick Hurd MP (Ruislip, Northwood and Pinner),Minister for Civil Society

Impact report _ 52

Prisoners’ Education Trust (2011 – 2012)

Prisoners’ Education Trust provides grants and learning support to prisoners to undertake distance education courses not otherwise available to them in prison, with the aim of broadening their horizons and improving their chances of resettlement on release.


• To support Prisoners’ Education Trust in planning for the changing market context in which it will be operating and to develop a three-year business plan to build its sustainability and maximise its impact on the reduction of reoffending.


• Workshops for the CEO and Chair on strategy development and monitoring and evaluation

• Review of strategic options and support in the development of a three-year business plan to scale up.

Key achievement 2010/11

• Further funding confirmed for three years for advocacy and campaigning work through the “Learning Matters” project

• Developed a new advice service to help prisoners choose the right courses

• Published research on the challenges for prisoners who want to study above Level 2 (GCSE)

• Published a briefing paper on peer learning support roles inside prison.





£37.5k

£38k

£84k

£159k


prisonerseducation.org.uk

Impact report _ 53

2009 2010

1

0.8

0.6

0.4

0.2

0

2700

2600

2500

2400

2300

2200

2100

2000

Annu

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m)

Peop

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Dec 2009 Dec 2010

Income (in millions) 0.82 £0.91

Total grantees* 2,241 2,478

No. of mentors trained* n/a 100

Percentage of Open University courses completed

n/a 94%


It’s not a one-off hit with a donation to Impetus; it is about creating the capacity for that donation to deliver again and again.

Andy Hinton, Co-founder, Ailsa3 Ventures, Impetus donor

Impact report _ 54


KIERON’S STORYKieron has been a drug addict for almost half of his life. He was sent to a young offenders institution in his late teens, and has served intermittent prison sentences ever since. He recently discovered that Prisoners’ Education Trust could help him to gain education, and decided not to let the opportunity pass him by. The experience of pursuing a diploma has transformed Kieron’s life for good and he has no intention of going back to a life of crime.

Impetus invested in the Prisoners’ Education Trust in 2011, as part of the Impetus for Reducing Reoffending Initiative.

Impact report _ 55

My name is Kieron. I’m 31 years old and I am currently serving a three-year prison sentence, at Her Majesty’s Prison Wandsworth, in London. I am also studying for a Diploma in Drug, Solvent and Alcohol Abuse Counselling, which has been funded by the Prisoners’ Education Trust. I recently discovered that I’m the 20,000th prisoner to receive a grant from them to study for my diploma.

As the title of the course I’m studying suggests, it is solely aimed at helping people with substance misuse issues to come to terms with their addiction and aim for a life free from drug use. I’ve selected this course as I have been a drug addict for 15 years and have recently come to the realisation that I’m worth more. I want to stop my own use of illicit drugs and try to help others to do the same.

I’ve been involved in drugs since I was 13, but was introduced to crack cocaine and heroin at the age of 16. Addiction, for me, happened almost instantly. The feelings of belonging to a certain group of people appealed to me and it felt wrong and exciting. What I wasn’t prepared for were the physical withdrawal symptoms that accompany the regular use of heroin. The pain and uncomfortable feelings are widely known, but a person can’t truly empathise with a sufferer of withdrawal symptoms until they have experienced them for themselves. I feared withdrawing to such an extent that I would commit crimes daily, in order to buy enough drugs to keep the experience at bay for as long as possible.

By the time I was 17, I was a full-fledged addict with a £100 per day habit. As a consequence of the amount of crime I was committing, I soon found myself in trouble with the law and was sent to a young offenders institution.

The cycle of drug addiction and prison has unfortunately continued to plague me right throughout my adult life. Until now, I have had real problems with quitting drug use once and for all. I have had many times where I’ve been drug-free. I’ve held down several jobs, but have never been able to maintain this long-term.

Prison started out as a place that I loathed. I used to spend each waking hour wishing that I could turn back the clock and be at home. Over the years, I have spent a lot of time away. With all of the vacant time on my hands, I decided to use it to better my life and the lives of my daughters. I started attending education classes during my last sentence. I soon uncovered a zest for learning and my thirst for knowledge grew and grew.

I started sitting examinations and found that what I was learning was staying locked in my mind. I have passed every exam that I’ve sat so far. I now have qualifications in adult literacy and adult numeracy, levels 1 to 3. The certificates that I have acquired are nationally recognised by Oxford, Cambridge and R.S.A. examinations.

I was a bit concerned that I had reached the end of the line, as far as gaining qualifications in prison goes, as I’d sat and passed every exam that prison education offers.

A few months ago, at the Wandsworth Prison library, I heard that the Prisoners’ Education Trust offers grants to prisoners who are educated to level 2 and above in adult literacy and numeracy. I did some investigating and discovered that I fitted the eligibility criteria model, and I applied for a grant to study my course.

I was granted the cost to complete my course and the fees were settled last month, when I received my first lesson pack.

I am now happily working towards my diploma in Drug, Solvent and Alcohol Abuse Counselling from my prison cell. I work on the hotplate on my wing, serving food during the day and I study during the hours that I’m locked up.

I am not due for release until next summer, but I’m not too down about being in prison as I know that this will be my last time away. By next summer I will have my diploma and I will also have been clean from drugs for 18 months. I have a real direction now. Goals and real aspirations are things that were missing from life. Now that I have them, I’m sure that I’ll succeed with my future career.

KIERON’S STORY

Impact report _ 56

Shannon Trust (2011 – 2012)

Shannon Trust provides a peer mentoring programme, which encourages and supports prisoners who can read to give one-to-one tuition to prisoners who cannot read or who have poor reading skills.


• To support the development of the organisation’s capacity to deliver greater impact

• To support the organisation to develop a three-year plan for scale up, which will build the sustainability of the organisation.


• Completed strategic review, considering all aspects of delivery model, including volunteer recruitment and training, organisational structure, impact measurement, and communications.


• New Head of Operations recruited to help manage the growth of the organisation

• Tri-annual national conference hosted at the end of March 2011; over 150 prison staff and volunteers gathered to share best practice, hear from sector experts and receive training

• Friends of Shannon Trust network launched at House of Commons event, hosted by Attorney General Dominic Grieve

• Featured on TV’s “The Secret Millionaire” programme.





£37.5k

£242k

£84k

£364k


shannontrust.org.uk

Impact report _ 57

2009 2010

0.50.45

0.40.35

0.30.25

0.20.15

0.10.05

0

92009000880086008400820080007800760074007200

Annu

al tu

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m)

Peop

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Dec 2009 Dec 2010


No. of new learners 7,872 9,062

One of the most attractive elements to our partnership with Impetus is the fact that Impetus is able to generate significant added value through pro bono support, so the multiplier effect is a real bonus.

Wendy Lloyd, Global Head of Community Investment,Barclays Capital

Impact report _ 58

SPOTLIGHT ON CHARITY CHIEF EXECUTIVES

IntoUniversity

Jayne: start by telling us about your organisations.

Matt: Street League works with some of the most disadvantaged young people in the country; through structured education and football sessions, we’re helping people get into work and training.

Rachel: IntoUniversity works with disadvantaged children from the age of seven who have no family history of going to university; we provide a programme of support to help them realise their potential.

Jayne: Daniela, tell us how Impetus is different to other organisations?

Daniela: We don’t fund projects, we fund business plans. The support package we provide to charities is hands-on and is spread over a longer period of time, in a very strategic way. The timeframes involved in an ambitious growth plan are between three and five years and within that period of time there are a number of critical key decision making points. Impetus is there supporting these organisations and giving them resources so that they make the right decisions and are able to achieve the social outcomes they strive for.

DR RACHEL CARR

IntoUniversity CEO Dr Rachel Carr and Street League CEO Matt Stevenson-Dodd joined Daniela Barone Soares and broadcaster Jayne Constantinis for a broadcast interview that explored the impact that their partnership with Impetus has had on the growth of their charities. Here is an excerpt of their conversation:

Impact report _ 59

AND

Street League

MATT STEVENSON-DODD

Jayne: What has been the most helpful aspect of your Impetus partnership?

Rachel: Impetus focuses on what we want to achieve and how we are going to do it, tracking metrics progress along the way. It’s very focused on what you need to be able to achieve, your growth plan and how Impetus can support you to get there.

Matt: The insights of the pro bono experts that work with us give us a really strong focus to drive forward. What I found especially interesting is how the charity and business sectors actually face very similar problems. It’s very helpful to look at how businesses approach an issue and to think about how I can do that in Street League.

Jayne: How important is the application process in creating the foundation for the partnership?

Matt: Applying for Impetus backing is a complex process; there is a lot of due diligence and it takes a long time. But there’s a value in that because by the time you’ve come to the end of it, you’re absolutely clear about what you’re trying to achieve and you have the confidence in knowing that you’re a charity worth backing.

Rachel: I agree and once that’s been undertaken there’s a relationship of trust and a belief from Impetus in your ability to reach your targets and complete your business plan, and that confidence in us has been really beneficial.

Jayne: Impetus growth statistics are staggering. Could you achieve that on your own?

Matt: I think it would be very difficult to achieve that level of growth on your own. It’s a very, very difficult market out there for charities to operate in and there’s not a lot of funding around. Impetus has helped us become very clear about what we’re doing and where we can expand to. It’s driven by achieving social outcomes but with a business approach and without Impetus I think that would be very difficult.

Rachel: We always had an ambitious growth plan but we needed the support of Impetus to help us realise the vision. The expertise that comes from the pro bono experts and the very practical support that we get each month through our investment director have enabled us to achieve our expansion plan.

Jayne: Has Impetus helped you get more financial backing?

Matt: Impetus has helped us really focus in on what we’re really good at, so we’re at a point now where we can confidently go to businesses and funders and say, “This is what Street League does, the impact we make and why we’re worth backing.”

Rachel: For us having the Impetus name has been a great lever for funding, because once you’ve been through the due diligence process it’s as if you’ve been stamped with the Impetus seal of approval and other donors, trusting in that judgement, have been more likely to give us funding.

Jayne: Last question, do you ever wish you could have taken just the money?

Matt: The value of the funding that we got in hard cash and the value of the pro bono expertise are pretty much equal, which actually doubles the investment that has been made in Street League. This is expertise that Street League just couldn’t afford to buy in and it’s incredibly important to us.

Rachel: If you’d asked me that when Impetus was first talking to us, I would have said yes, but very quickly into the relationship it was really clear how vital the rest of it was and I certainly wouldn’t do it differently now. We’ve expanded from running one centre to running six and from seeing 850 students to more than 5,000 a year - the Impetus package been absolutely crucial to that.

Impact report _ 60

WINNING STRATEGIESOC&C Strategy Consultants bring clear thinking to the most complex issues facing top management

OC&C are proud to collaborate with Impetus Trust and its affiliates in the development and provision of strategies thatare innovative, cost effective and action-oriented

www.occstrategy.com

Email: [email protected]

17829_Impetus Ad_Layout 1 20/09/2011 08:46 Page 1

It’s about much more than money. We are proud to be partners with the Impetus Trust, supporting innovative ways to help people and communities shape a better future for themselves.

Deutsche BankCorporate Social Responsibility

Doremus Deutsche Bank Impetus Report 47x190mm 301058 Proof 03 14-09-2011

PROUD TO PARTNER WITH IMPETUS TRUST.

barcap.com

Barclays Capital supports the venture philanthropy model to break the cycle of poverty.

CS1106937 V03 Impetus Charity Ad.indd 1 23/09/2011 11:47:33

Making a real difference

One of the most rewarding experiences that our people enjoy stems from our relationships with our community partners. And our partnership with Impetus Trust gives our people a chance to volunteer not just their time, but more importantly their skills, to help the innovative charities in the Impetus portfolio grow and prosper. It is very satisfying to be able to say ‘we helped to make that happen’.

www.pwc.co.uk

© 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom), which is a member fi rm of PricewaterhouseCoopers International Limited, each member fi rm of which is a separate legal entity.

26954-1 - Orange background.indd 1 22/09/2011 16:42:37

Impact report _ 61

Making Innovation FlourishNESTA is pleased to be supporting the Impetus Trust through the SVI Fund, part of our work helping to grow the impact of social ventures.

[email protected] • www.twitter.com/nesta_uk • www.facebook.com/nesta.uk • www.nesta.org.uk

2011www.cvc.com Copyright © 2011 CVC Capital Partners Group SICAV-FIS S.A. 1222–01 | September 2011

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CVC Capital Partners (‘CVC’) are very pleased to be working with Impetus Trust and wholly endorse the Impetus Venture Philanthropy Model, which allows CVC to support Impetus both through donations and pro bono work.

www.cvc.com

ISIS Equity Partners are proud supporters of Impetus Trust. We provide both financial support and operational expertise to their charities, such as Street League, to support them in achieving a transformational change in their performance.

To find out more about ISIS visit: www.isisep.com

Working togetherKPMG are proud to support Impetus Trust in their innovative

approach to working together to create a brighter tomorrow.We are a leading provider of audit, advisory and tax services,

people are at the heart of everything we do.

kpmg.co.uk

© 2011 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.

260793 Impetus Trust Ad.indd 1 10/4/11 5:36 PM

Impact report _ 62

If you’d like to know more about how your donation can help Impetus to turn around more lives, please contact us.

Impetus Trust20 Flaxman Terrace London WC1H 9PN

[email protected]

Registered charity 1094681

Sign up to the Impetuse-newsletter: email us [email protected]

Impetus Trust © 2011 | Design by wstudio.co.uk

impetus trust impact report 2010/11

Documents

resurgo trust p48

koestler trust p5254

paul upward photography

impact reportresults

street league p25

zoe photography p43

chief executivelouis

annet kay p15