Iridescent Ideas CIC

Social Impact Statements

The Social Enterprise Mark criteria includes a requirement that the applicant can demonstrate that social and/or environmental objectives are being achieved.

In support of this, new applicants and renewing Mark holders must submit Social Impact Statements that summarise their headline activities and achievements, helping show how they are striving to make a difference and stand up to scrutiny of purpose as a social enterprise.

Updated April 2016

1) Supporting social enterprise in Plymouth

We have offered free, monthly, one-to-one business advice and information sessions for people thinking about starting up their own social enterprises.

We have delivered 24 workshops to increase people’s knowledge and understanding on topics such legal structures and governance, social impact, financial forecasting and management and all aspects of funding.

We have worked with a range of organisations to evaluate their projects; analyse the data they have on their impact and produce social impact reports; carry out feasibility studies; write business plans and funding applications.

We delivered Plymouth University’s Social Enterprise Growth Programme.

In partnership with Zebra Collective we are delivering POP Ideas, providing funding advice and business planning support in Plymouth.

We invested around 351 hours (equivalent of over £20,000) in free support to the local social enterprise network.

We were key players in Plymouth becoming the UK’s first Social Enterprise City. This prestigious award is providing a platform for many social enterprise initiatives.

All our activities have been geared towards creating, funding, strengthening, growing and proving the impact of social enterprises, charities and voluntary sector groups.

To maximise our impact we buy goods and services from other social enterprises whenever possible. Our office space is rented from Millfields Community Economic Development Trust. Our office furniture comes from Surplus Rescue CIC and we use meeting spaces at other social enterprises such as Millfields Trust, Devonport Live, Devonport Guildhall and Plymouth University. Our payroll is provided by DD Payroll Services.

2) Measures of support provided

We supported 19 individuals around setting-up and developing social enterprises.

We have provided business advice and support to 55 social enterprises, charities and voluntary groups.

Around 240 people have benefitted from workshops we delivered on social enterprise themes.

We completed 7 social impact evaluations helping organizations prove their social value

This year we helped organizations access c£160,000 in funding to help them deliver work. We have now helped raise over £1 million for clients since we started in 2011.

With a budget of £12,000 we helped our Plymouth University growth Programme clients raise over £100,000.

With a budget of £40,000 per year, we have helped Pop Ideas clients raise over £1 million in the first year.

Through our work influencing policy-makers we persuaded Plymouth City Council to create a £2 million fund for social enterprise in Plymouth.

3) Outcomes of activities

The independent evaluation of Plymouth University’s Social Enterprise Growth Programme found that:

• All those who attended workshops for staff and students came out with a ‘good’ or ‘excellent’ understanding of social enterprise and 90% were either ‘somewhat’ or ‘much’ more likely to get involved in social enterprise in the future – described as an ‘excellent outcome’
• Other successes included helping organisations to manage their growth and personal capacity; and getting the right governance structures in place for growth (evidenced through CIC and Charity Commission registrations)

Our independently conducted stakeholder survey found that:

“Iridescent Ideas CIC is delivering high quality contracts to its clients, the majority of whom are highly satisfied. This finding supports Iridescent Idea’s vision ‘growing a social enterprise economy by delivering great business support’.”

“Stakeholders can list a wide range of things Iridescent Ideas does well, but the two most cited comments were: a positive presence in Plymouth and their knowledge.”

100% of clients had a very positive perception of our expertise and knowledge, using words such as ‘astonishing’, ‘brilliant’ and ‘exceptional’.

The survey asked clients to rate the impact of Iridescent Idea’s support:

• 80% of clients agreed that they had stronger foundations for their work
• 70% felt they were better informed
• 60% felt they were more effective as an organisation
• 50% had developed new products or services.