Futurebuilders makes its first investments (22/02/2005)

18.04.2006

Futurebuilders England, the Home Office-backed investment fund for the Voluntary and Community Sector (VCS) has today announced its first group of investment offers totalling over £4.2M.

The Government has a vision for the future delivery of public services that foresees a much larger role for the VCS. Futurebuilders' groundbreaking, long-term investments, which include loans, will give voluntary organisations the financial stability to secure public service contracts from public sector agencies, including local authorities, government bodies and the health service. These contracts will allow the organisations to secure their long-term future as public service providers, at the same time as repaying their loan to Futurebuilders.

The investment offers range in size from a £1.3 million investment package to a £9,750 development grant. Groups benefiting from Futurebuilders support are spread across England, and reflect the diversity of its communities.

The largest recipient is The Who Cares? Trust, a national charity working to improve the lives of thousands of children and young people living in care. The investment will pay for further development and expansion of CareZone - a range of secure online services for children and young people living in foster care and children's homes.

Among the many locally-based organisations to receive an investment offer is Pecan, a charity in south London. The £189,000 package will be used to develop its WorkOut programme, a scheme to help ex-offenders into work after their release from prison.

Richard Gutch, Chief Executive of Futurebuilders, said: "Futurebuilders' investments will help transform the way public services are delivered across England. Our groundbreaking approach to funding will unleash the potential of organisations working in fields as diverse as social care and crime prevention.

"The voluntary and community sector has the experience and talent at its disposal to change millions of lives for the better. Futurebuilders will help bring this expertise into alliance with the public sector, for the benefit of the wider community."

Fiona Mactaggart, Minister for Charities, added: "Many voluntary organisations can provide solutions to problems that public bodies cannot deliver. We are determined to use our energy and ability to help people at an individual level where voluntary organisations have to improve services for our citizens. The Government is committed to giving the voluntary and community sector the security and stability of funding it needs to make the most of what they can achieve.

"This is the first round of funding from the £125 million Futurebuilders fund which aims to help overcome the obstacles holding back organisations. We are building the capacity of voluntary and community schemes which are among the most innovative and effective in the sector, freeing them to do what they do best - being a force for good in society."

Susanna Cheal, Chief Executive of The Who Cares? Trust commented: "We are delighted to be one of the first organisations to receive funding from Futurebuilders. Their approach as a funder who listens and is passionate about supporting our growth and development has been very refreshing. With their help we will be able to enhance the quality, and expand the reach, of CareZone services to benefit more vulnerable children and young people in public care."