Cogent Ventures is delighted to be working with Spectrum Days on a Reach Funded project
We are delighted to announce that Cogent Ventures have been commissioned to support Spectrum Days on a Reach Fund project. The project is designed to help Spectrum Days secure the investment they need to fund the purchase of vehicles required to deliver services for people with learning disabilities.
For further information contact Jim Brooks 07507 272975
About the Reach Fund Programme
The Reach Fund is a grant programme that helps charities and social enterprises raise investment. The programme is funded by Access – The Foundation for Social Investment and is open to organisations in England. Social investors are often approached by charities and social enterprises who require extra, final stage support to raise investment. Through this programme, social investors can refer these organisations to the Reach Fund to apply for grants to pay for the support they need. Over £6m of grants have been awarded to date, and a further £4m funding will be available.
Spectrum Days provide people with profound and multiple learning disabilities and their families with specialist support within Worcestershire and the surrounding areas. Spectrum Days work with the family to support and provide each member with a unique, fun and purposeful care package which meets their needs. Their experienced, well trained and fantastic staff work together to provide a fun, stimulating and safe service throughout the week. Hot Meals and Transport to and from their day centre are also part of the service if required. They provide a service that is built around the individual which may also include Domiciliary Care, where staff support the members and their families in the home environment.
The Reach Funded Project
Spectrum Days has approached Resonance, a social impact investment company, for investment to fund the purchase of vehicles required to deliver services for people with learning disabilities. To get Spectrum Days ready for investment and provide the information and assurance needed by the Resonance Investment Committee to make an investment decision, Cogent Ventures will be providing support in the following areas:
Governance review – reviewing governance structures and processes with reference to Charity Governance Code principles. Preparing reports based on assessment results and recommendations. Discussion of these results and agreeing an action plan for improvements.
Management review – understanding current business needs, strategic objectives, processes, and types of roles required to carry out management functions and deliver projects. Listing the skills and knowledge required for these key roles and identifying any gaps and development needs. Preparing a report based on assessment results and recommendations.
Investment use options appraisal – understanding the strategic and financial reasoning for the investment. Evaluating purchasing options and assessing how investment will increase income and reduce risks of continued use of their current vehicles.
Financial modelling – reviewing audited accounts, management accounts and budgets. Building an Excel based forecasting model for income & expenditure, cash flow and debts, and testing the risk and impact of this model. Assessing investment requirement and supporting the client at investor meetings.
Impact measurement – reviewing the existing approach, including measuring the positive impact for service users based on activities and outcomes. Developing outcome measures and practical methodology for collecting and reporting data, including design of questionnaire and reporting.
Jim Brooks from Cogent Ventures said “Spectrum Days provide fantastic and much needed services for a unique group of individuals. The programme of support that we are providing through this Reach Fund project has been well thought through by both Resonance and the team at Spectrum days. We fully expect that the project will deliver what is needed to move this important investment forward”.
Business Acumen for the Not-for-Profit Healthcare and Charity Sector