Futurebuilders England
Encyclopedia
Futurebuilders England is the largest social investor in the UK. Its registered office is 6 St Andrew Street, London EC4A 3EA, with a second office in Newcastle. Its role is to invest in third sector organisations delivering public services to improve their financial and strategic capability.
, Minister for the Third Sector, as lead minister. At the heart of the Futurebuilders programme is the £125 million Futurebuilders (England) Fund.
The Government's aims for Futurebuilders programme are to:
In the autumn of 2003 the Government ran a tendering process, managed by the Treasury, to find an organisation to run the Futurebuilders Fund. This was won in December 2003 by a consortium made up of Charity Bank
, Unity Trust Bank, National Council for Voluntary Organisations
and Northern Rock
Foundation.
The consortium then set up a non-profit company, Futurebuilders England Ltd, to manage the fund.
In 2007, the Cabinet Office
opened the tender to manage the contract of the second phase of the Futurebuilders fund (2008–11).
This tender was won by the Adventure Capital Fund (ACF) and since 1 April 2008 the Futurebuilders England fund has been under the management of ACF.
in England. Part of the investment is always a loan, but parts may also be a grant and professional support.
As of 31 April 2009, Futurebuilders had offered investments of £111.6m to 331 organisations, with a further £11.11m of agreements in principle made to seven organisations.
Background
Government responsibility for Futurebuilders lies within Office of the Third Sector with Angela Evans SmithAngela Evans Smith
Angela Evans Smith, Baroness Smith of Basildon is a British Labour Co-operative politician who was the Member of Parliament for Basildon from 1997 till she was defeated in 2010...
, Minister for the Third Sector, as lead minister. At the heart of the Futurebuilders programme is the £125 million Futurebuilders (England) Fund.
Purpose
The fund aims to strengthen the third sector's role in public service delivery through investing in schemes that will demonstrate the added value that the sector can contribute to improving public services. Emphasis is put on loan finance, evaluation and knowledge management and sharing.The Government's aims for Futurebuilders programme are to:
- overcome obstacles to efficient service delivery
- modernise the third sector for the long term
- increase both the scope and scale of voluntary and community sector service delivery
History
Futurebuilders was one of the recommendations in the Treasury’s Cross Cutting Review into the role of the voluntary and community sector in public service delivery, September 2002In the autumn of 2003 the Government ran a tendering process, managed by the Treasury, to find an organisation to run the Futurebuilders Fund. This was won in December 2003 by a consortium made up of Charity Bank
Charity Bank
Charity Bank is bank and a charity based in the United Kingdom, with offices in Tonbridge, London and York.Charity Bank is a not-for-profit bank that only makes loans to charities and social enterprises....
, Unity Trust Bank, National Council for Voluntary Organisations
National Council for Voluntary Organisations
The National Council for Voluntary Organisations is the umbrella body for the voluntary and community sector in England. NCVO works to support the voluntary and community sector and to create an environment in which an independent civil society can flourish...
and Northern Rock
Northern Rock
Northern Rock plc is a British bank, best known for becoming the first bank in 150 years to suffer a bank run after having had to approach the Bank of England for a loan facility, to replace money market funding, during the credit crisis in 2007. Having failed to find a commercial buyer for...
Foundation.
The consortium then set up a non-profit company, Futurebuilders England Ltd, to manage the fund.
In 2007, the Cabinet Office
Cabinet Office
The Cabinet Office is a department of the Government of the United Kingdom responsible for supporting the Prime Minister and Cabinet of the United Kingdom....
opened the tender to manage the contract of the second phase of the Futurebuilders fund (2008–11).
This tender was won by the Adventure Capital Fund (ACF) and since 1 April 2008 the Futurebuilders England fund has been under the management of ACF.
Futurebuilders investments
Futurebuilders offers investment packages to third sector organisations that want to improve public servicesPublic services
Public services is a term usually used to mean services provided by government to its citizens, either directly or by financing private provision of services. The term is associated with a social consensus that certain services should be available to all, regardless of income...
in England. Part of the investment is always a loan, but parts may also be a grant and professional support.
As of 31 April 2009, Futurebuilders had offered investments of £111.6m to 331 organisations, with a further £11.11m of agreements in principle made to seven organisations.