First Ark trumpets £22.5m of social impact value in 2017

Liverpool-based First Ark is celebrating a 100% uplift in its social accounting results, delivering £22.5m of social impact value in 2017.

First Ark says the result has been powered by the social outcomes enabled through its social investment funds.

The funds provide both grants and loans to third sector and social enterprise organisations to enable capacity building as many traditional funding routes can be difficult to access for these organisations.

Social impacts are the results of an organisation’s activities, projects or policies and the effects these have on people’s lives.

First Ark chief executive Bob Taylor said: “First Ark launched its Social Investment Fund at the Northern Enterprise Conference in Manchester, October 2016.

“Through this £4m fund called ‘Invest for Impact’, the First Ark Group has invested into charities and social impact businesses to help them grow and continue to create ladders of opportunity.

“First Ark also became a Reach Fund provider this year, which is a fund that can support organisations to become investment ready.

“Our core business is about creating a number of social businesses to recruit, train, flourish and employ directly for and in the communities that we serve. Publishing such powerful results in the 2016/2017 set of social accounts, fills our team with a real determination to continue to create these rewarding and life changing opportunities.”

Liverpool City Region Mayor, Steve Rotherham, said: “The social economy is a vital cog in the machine which keeps our society ticking over, by contributing £1.5bn into the Liverpool City Regional economy, according to a recent report by the Heseltine Institute.

“First Ark is a ‘beacon within our city region’ that is making great strides to support the community they serve and I am pleased to congratulate them on the great work that they are doing to help local people.”