Take twos - 'aspirational' plans for Bristol's Southville Centre
Friday, May 17, 2013
James Hempsall describes how a social enterprise is seeking finance from local investors to purchase an additional site and create more places for two-year-olds.
The Southville Centre, Bristol has 195 families on its waiting list, and has aspirational plans to increase its places by opening a new 50-place provision. The centre is a social enterprise run by Southville Community Development Association (SCDA) which offers a wide variety of services from what was a school building. In the early 1990s the local residents established the centre as a community facility. Since then, the services offered have developed in response to the community's changing needs. The centre now sits in a location which borders a less advantaged area, and a more affluent area. 
Childcare was opened at the centre in 1991 offering 28 places. This demand has increased and now the centre offers 84 places. Two rooms offer sessional and full-day care for one to fiveyear-olds. The centre also hosts the school nursery class.
Like many voluntary sector organisations, SCDA has been challenged by reductions in grant funding. And like every business, it has had to pro-actively plan for change. It continues to maintain the community ethos, and has focused on a childcare business model with a realistic fee structure and an increase in free entitlement places.
It is now proactively exploring growth and expansion opportunities to develop 50 more places within the local area. These plans include a proposal, developed in partnership with Triodos bank, to raise capital through a 'social bond' to finance the purchase of a new site. This would mean people in the local community, as well as larger social investors, could invest money in SCDA's expansion. In addition, it is applying for central government 'Investment and Contract Readiness Funding' to support its progress towards launching this bond. If successful, it is hoped new childcare places will be created within 12-15 months.
Approaching the opportunity in this way means SCDA may be increasing capacity and supporting more local families, while enhancing the financial sustainability of the organisation by upscaling and acquiring an asset. This will enable it to re-invest in wider social aims, such as day services for older people and environmental projects.
James Hempsall is director of Hempsalls (www.hempsalls.com)
