The Fund has now closed and we have done amazingly well – we have reached just beyond our ‘top target of £480,000 of invested money. In total £481,843 was raised from 258 investors, including £100,000 invested from the Communty Shares Booster Programme.
We would like to say a huge thank you to all of the people who backed the scheme and put money in.
The fantastic success shows that many people want to see their money used to do something ethical, useful and local. Investors will soon see their money put to good use and they will also receive 2% interest on the investment. The scheme is one of the first to operate in this way – as a community share offer where the money is invested in a non-specfic fund, earns interest and is eventually returned to the investor. The Fund was also boosted by an additional injection of £100,000 from a Power to Change fund, which matches investments by individuals.
The money will be used to fund projects which improve Headingley for the entire community and make it a better place to live. Headingley Development Trust plans to use the investment to re-finance its flagship enterprise and arts centre, HEART – the Headingley Enterprise and Arts Centre on Bennett Road. The centre has been making a very small profit for many years but has to make considerable repayments on its original loan – the new funds will enable HEART to do more and operate on a more stable footing.
Money will also be invested in property, looking at the housing challenges in Headingley, and perhaps bringing empty buildings back into use. HDT already runs some properties and rents them at low rates to long-term residents as a ‘good landlord’, the fund could allow some further purchases.
More information: Earlier in the year, when the fund was open to investors, there was an excellent article in the Guardian : Headingley launches own investment fund.
Update meeting for all investors: Monday 8th July at 5.30 pm at HEART
All investors will be invited to this event.
Document to download