Demystifying Social Finance and Social Investment  book cover
1st Edition

Demystifying Social Finance and Social Investment

ISBN 9780367556280
Published October 29, 2020 by Routledge
336 Pages 69 B/W Illustrations

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Book Description

Social finance and social investment are not challenging concepts to grasp. They use commercial-style investment tools to create a social as well as a financial return. The application, however, is not always as straightforward. This book begins in the wider field of social finance but focuses primarily on social investment as a tool. The reader is helped to understand this from different angles: introducing social investment, discussing social investment and taking a "deep-dive" into it to bring it to life. This unique book takes the reader on a journey from first principles to detailed practical application.

This book examines the policy context and asks why social investment has only recently become so popular, when in reality this is a very old concept. This is linked to the agenda of making charities more "business-like", set against the changing face of investment, as charities can no longer rely on donations and grants as guaranteed income. The work they do is more important than ever and social investment, used with care, offers a new opportunity that is further explored in this text. Mark Salway, Paul Palmer, Peter Grant and Jim Clifford will help readers understand how a small amount of borrowing, or a different business model focused away from grants and donations, could be transformational for the non-profit sector.

Table of Contents


  1. Editor’s introduction
  2. How to use this book


  4. The purpose of this section: Introducing social investment
  5. Mark Salway

  6. The landscape of social purpose organisations
  7. Mark Salway

  8. What is social investment today? Definitions, sources, and types of investment
  9. Mark Salway


  10. Why do charities need new funding models?
  11. Mark Salway

  12. How did we get here? The very fine history of social finance
  13. Peter Grant

    7a. Case Study: Scope

  14. What do social purpose organisations and investors want from social investment? Matching supply and demand
  15. Mark Salway

    8a. Case Study: Bridges Evergreen Holdings

  16. Are we ready for social investment? Re-imagining charity business and operating models and governance principles
  17. Mark Salway

    9a. Case Study: Southmead Development Trust


  18. How do we begin thinking about social investment? The nine components of social investment. A model
  19. Mark Salway

    10a.Case Study: Big White Wall  


  20. The purpose of this section: Discussing social investment
  21. Mark Salway

  22. The case for social investment, and how to ‘democratise’ capital
  23. Mark Salway and Nigel Kershaw

    12a. Case Study: Panahpur

  24. It’s all about the culture
  25. Jonathan Jenkins

    13a. Case Study: Inqo

  26. What do family offices and foundations want from social investment? Megan Preston and Gamil De Chadarevian
  27. 14a. Case Study: Charities Aid Foundation and St Mungos'

  28. Critiquing social finance: are there alternative models?
  29. Richard Hazenberg

    15a. Case Study: SASC (Social and Sustainable Capital)

  30. Impact measurement in social investment
  31. Abigail Rotheroe

    16a. Case Study: WSUP and Unilever


  32. Can social finance become sustainable?
  33. Craig Dearden-Philips OBE

    17a. Case Study: LendwithCare

  34. What about small charities and social investment?
  35. Leila Baker and Niamh Goggin

    19a.Case Study: Oomph!

  36. What does the future of social investment look like?
  37. Cliff Prior



  38. The purpose of this section: Doing social investment
  39. Jim Clifford OBE

  40. Social Investment: a practical outline
  41. Jim Clifford OBE

  42. Finding the right funding
  43. Jim Clifford OBE

  44. Structuring the deal
  45. Jim Clifford OBE


  46. The importance of due diligence
  47. Jim Clifford OBE

  48. Accounting for social investment
  49. Jim Clifford OBE

  50. Reporting on impact, and the importance of good data management
  51. Jim Clifford OBE


  52. Governance aspects of social investments


Appendix 1: 28 questions for social investment success

Appendix 2: The language, terminology and nomenclature of social investment


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Mark Salway FCA is a Chartered Accountant with over 20 years of finance experience in the charity sector. He has been Finance Director at several large charities, and also worked as a management consultant at both commercial and non-profit organisations – such as the UN, Age UK, the Wellcome Trust, and WSUP (Water and Sanitation for the Urban Poor) – and with the government.

Mark was invited into Cass Business School, Centre for Charity Effectiveness (Cass CCE), to start its fledgling work

on social investment and social finance. He led this successfully for five years. This eventually changed into focusing on financial sustainability and nonprofit business models. Mark currently runs the consulting services to charities at Moore Kingston Smith, a major UK accounting and advisory firm. He also runs several MSc modules at Cass Business School, where he is continuing his research work.