Social investments
Five per cent (currently set at £20 million) of JRF’s endowment has been allocated to fund social investment.
Why we make social investments
Since 2015, JRF has been making social investments that contribute to our belief that poverty in the UK can be solved.
We help make positive changes, achieving social impacts such as affordable homes, good jobs and low-cost finance. Our social investments fulfil an expectation that the money can be returned, so it can be invested again.
For more information on social investment, please contact Denise Holle or Harmony Chan at socialinvestment@jrf.org.uk.
Our current social investments
Through to 31 December 2022 we have committed around £14 million to 32 social investments. We've made direct investments into charities and social enterprises. Examples of organisations we've supported include:
Our investment in Fair by Design
Our largest social investment is a £3m commitment to the Fair by Design Venture Fund. Managed by Ascension Ventures, this fund directly invests in early stage ventures which aim to eliminate the poverty premium. This is where people in poverty pay more for the same goods or services such as energy, credit and insurance, than others do. Our co-investors in Fair by Design include Big Society Capital, Social Tech Trust, Comic Relief and Barrow Cadbury.
Alongside the Venture Fund is the Fair by Design Campaign. This is managed by Barrow Cadbury Trust and is supported by a range of grant funders including JRF. The Campaign works with government, regulators, business and the social justice sector. Through this collaboration, it is designing out the poverty premium and raising awareness amongst the public to bring about change.
Full list of our social investments
Here is a list of all of JRF’s current social investments (committed funds). This information was last updated in March 2023.
Project name | Project description | Our investment |
---|---|---|
National Homelessness Property Fund | £44m national fund to buy property to house formerly homeless people with the support of St Mungo's | £500,000 |
London Community Land Trust | £0.45m of development funds for affordable homes in London | £100,000 |
Funding Affordable Homes | £88m fund to fund affordable housing and other social purpose property | £500,000 |
York Refugee Housing | £0.5m direct investment to purchase homes for refugees in York | £500,000 |
Hartlepool Housing Heroes | A loan to purchase and renovate a house for care leavers to live in | £75,000 |
ACH | £0.5m of funding to purchase houses and flats for refugees in Birmingham | £200,000 |
Social and Sustainable Housing Fund | £64m fund providing flexible loans to charities for the purchase of properties to house people experiencing poverty and hardship | £1,000,000 |
Micro Rainbow | A loan to fund provision of safe temporary housing for LGBTQI asylum seekers and refugees in the UK | £400,000 |
London Rebuilding Society | Funding to help older homeowners, who are income poor, to manage and finance refurbishment of their homes so that they can live longer and better in their own homes | £250,000 |
Women in Safe Homes | £29m fund to buy property to provide safe, secure and affordable homes to vulnerable women and their children across the UK | £300,000 |
We have invested a total of £3,825,000 in housing projects.
Project name | Project description | Our investment |
---|---|---|
Glasgow Together | £2m charity bond to purchase land and derelict property for renovation by ex-offenders | £250,000 |
Timewise | Growth capital to enable this flexible working consultancy to expand | £250,000 |
RefuAid | Supporting access to licensing or training for refugees in the UK | £420,000 |
WorkerTech (Resolution Foundation) | Funding and support to ventures using technology to improve the prospects of workers in low paying jobs | £150,000 |
BelleVie | Funding to support scaling of high-quality care model that provides both good jobs and good care | £200,000 |
London Early Years Foundation | £1.5m charity bond to fund growth in access to high-quality and affordable Early Years education, particularly for children from lower income households | £187,010 |
We have invested a total of £1,457,010 in projects contributing to better jobs.
Project name | Project description | Our investment |
---|---|---|
Shared Lives | Development funding for replication of innovative, high quality community care schemes nationally | £350,000 |
YMCA Robin Hood Group | £3m bond to fund development of a Community & Activity Village in Newark to tackle social and health problems and offer better job opportunities locally | £500,000 |
We have invested a total of £850,000 into community projects.
Project name | Project description | Our investment |
---|---|---|
Leeds Credit Union | Subordinated debt to underpin the capital base of this major Yorkshire based credit union | £250,000 |
Fair For You | Charity providing loans for white goods and essential household items, as an alternative to high cost rent to buy | £500,000 |
Fair Finance | Support for microlending in London | £180,000 |
Five Lamps | Funding as part of a £5m investment raise to help the North East based micro-lender expand its operations across the UK | £500,000 |
Great Western Credit Union | To provide long term patient funds to underpin growth of the credit union’s savings and loans service into underserved areas | £350,000 |
We have invested a total of £1,780,000 into widening access to financial services.
Project name | Project description | Our investment |
---|---|---|
North East Social Investment Fund | £10m fund to invest in charities and social enterprises in North East England | £500,000 |
Big Issue Invest SEIF II | £24m fund to support growth of social enterprises nationally | £500,000 |
Bridges Evergreen Fund | £66m fund to hold long-term investments in established mission-led organisations | £500,000 |
Mustard Seed | A managed account to invest in for-profit social businesses tackling UK poverty | £500,000 |
Fair by Design | £15m fund managed by Ascension Ventures to invest in solutions addressing the poverty premium | £3,000,000 |
Growth Impact Fund | £8m fund investing in early stage, growing organisations which tackle inequality in the UK and which have diverse representation at board and leadership level | £250,000 |
We have invested a total of £5,250,000 into funds supporting diverse impact enterprises.
Policies and statements
JRF supports the view that effective management of environmental, social and governance (ESG) issues by companies we invest in is a necessary part of achieving good financial performance and long-term growth.
It is JRF’s view that companies that fail to effectively manage good governance and social and environmental risks can incur higher operating costs and loss of consumer and investor confidence, and that this can impact negatively on shareholder value.
JRF therefore seeks to incorporate ESG issues fully in its investment activities and to be an active owner. It does this by:
- Including an assessment of the approach to responsible investment in the selection of Fund Managers and subsequent monitoring and review of their performance.
- Encouraging Fund Managers to integrate ESG issues into their investment analysis and decision-making processes.
- Requiring Fund Managers to comply with JRF’s ethical investment policy. JRF does not invest in stocks and shares in companies which are significantly associated with the manufacture of armaments, tobacco, brewing and gambling. ‘Significant’ is defined as 10% of either profits or turnover.
- JRF applies a pragmatic approach to this ethical exclusion and accepts that the exclusion does not extend to collective investment instruments operated by Fund Managers.
- Authorising Fund Managers to exercise the vote with JRF shares in accordance with agreed policies, but subject to an over-ride by JRF in circumstances where there would be a conflict with JRF’s charitable objectives. Actual votes cast and related engagement are monitored on a quarterly basis by ISC.
- Within available resources, engage with companies on ESG issues, and also those issues which are directly relevant to the strategic priorities and work of JRF. This engagement may be direct or via Fund Managers. It may also be undertaken collectively in partnership with other investors.
The Fund Managers are expected to contact JRF if they are considering an investment in a company which may engage in activities which are in contradiction of JRF’s strategic priorities or its charitable objectives.
JRF may initiate shareholder resolutions, but this will only be with the approval of the full trustee body. Decisions on active participation in shareholder resolutions instigated by others will be the responsibility of the Chief Executive.
JRF’s responsible investment policy will be reviewed on an annual basis by the Investment Sub-Committee.
Within available resources, JRF will report annually on responsible investment issue.