What was in the King’s Speech for social enterprise?

Social enterprise The Fair Tax Foundation has launched a community share offer on social investment platform Ethex looking to raise £450,000 to expand its operations and bring five times as many businesses into its progressive movement. Across the globe, 35% of multinational profits (£1trn) are artificially shifted to tax havens each year, robbing the public purse of funding for vital public services such as transport and healthcare. The UK suffers from a corporate tax shortfall of £12.5bn each year because of this multinational profit-shifting. Some 10 years ago the Fair Tax Foundation saw there was another way to do business. Since then, it has enjoyed a decade of steady income growth and seven consecutive years of surplus. With the Fair Tax Mark, the gold standard responsible tax accreditation, the Fair Tax Foundation is central to a movement of progressive businesses that are proud to pay their taxes and celebrate the enormous contribution this makes to public services. Some 250 distinct trading businesses are Fair Tax Mark accredited, including FTSE-listed companies such as SSE and Marshalls, and household names such as Lush, the Coop and Timpson. Collectively, Fair Tax businesses employ over 275,000 people and contribute more than £1.7bn in corporation tax annually. Co-operatives and social enterprises were early pioneers of the Fair Tax Mark, with Midcounties, Scotmid, Energy4All, Suma and the Co-op being amongst the first businesses to become certified. These have since followed by other well-known co-operatives and social enterprises such as Arup, Jerba Campervans and Lendology In order to increase its impact on creating a fairer society, the Fair Tax Foundation will use the new investment to: - Create a new sales and business development team, broaden its product offering, expand its back-office and recruit and train new technical staff - Increase its income from c.£500,000 to c.£2mn per year - Quintuple its corporate engagement in the UK and overseas, leading to hundreds more Fair Tax Mark accredited companies Fair Tax Foundation Chief Executive Paul Monaghan said: “This share offer is a rare opportunity to buy community shares in, and become a member of, the Fair Tax Foundation – with subscribers becoming shareholders in the Society alongside existing members. We believe the more businesses that stand up for responsible tax conduct, the more likely legislators are to create better laws, and the more likely regulators are to implement those laws robustly. Since our inception a decade ago, much has been achieved in reversing the global race to the bottom on corporation tax. But there is still so much more that needs to be achieved, both in the UK and across the globe. By supporting us to scale up our business, investors will help expand our influence, bolster public coffers and help steer the economy in a more enlightened direction at this critical moment in history.” Ethex CEO Lisa Ashford said: “We are very excited to offer our community of investors the opportunity to support this share offer. We see it as a great chance to use your money to help create a more just and equitable world where corporations pay their fair share of tax and everyone in society can reap the benefits." The offer opens on 2nd September for a period of three months - targeting an initial annual return of 6%, and UK base rate plus 1% thereafter. There is a minimum investment threshold of £200, and a maximum of £60,000 for individuals and £100,000 for organisations. As with all investments of this nature, capital is at risk and returns are not guaranteed. Investors can participate in the offer via the Ethex investing platform at https://www.ethex.org.uk/invest/fairtax Notes to editors: Fair Tax Foundation was established as a not-for-profit social enterprise in 2014, and is registered with the UK’s Financial Conduct Authority as a Community Benefit Society. It’s rules incorporate a statutory “asset lock” to ensure that any retained surpluses are used solely for the promotion of good corporate tax conduct. Ethex aims to help everyday people make ethical investments that fund extraordinary organisations.” It is a not-for-profit with a mission to ‘make money do good’, and has spent the past ten years creating a vibrant marketplace for positive investment. Community shares are withdrawable shares that cannot be sold, traded or transferred between members, unlike shares in a typical company. Members are entitled to one vote, regardless of how many shares they hold. Members can be paid interest on their shares, and can withdraw their shareholding (along with any interest accrued) by selling shares back to the Society, subject to the board’s approval. Any money invested is fully at risk and is not protected by the Financial Services Compensation Scheme.

In this blog Charlie Walker, Managing Director at Cleand for Good, looks into the Government's plan to scrap 'waiting days' and the need to transform sick pay. The Government have announced their new employment rights bill, something they promised within their manifesto. Within the raft of measures, ‘waiting days’ associated with Statutory Sick Pay will be removed. No idea what I am talking about? Nor did I, before joining Clean for Good. It probably means, like me, you have never had to worry about sick pay in your job. Grab a cuppa and let’s dive into the detail on all things Statutory Sick Pay (SSP). It’s more interesting than you might think! SSP is the minimum pay that employers have to pay staff when they fall ill. Currently it is £116.75 per week, or £23.35 per day, (so just over £3 per hour). You are only entitled to SSP if you earn a certain amount per week, more than £123 AND if you have been ill for more than 3 consecutive days. So, for the first 3 days you are off ill you get paid nothing. And it’s these 3 days that are known as ‘waiting days’. Still with me? Many (perhaps all?) of us will never have come into contact with ‘waiting days’. We have worked for good employers who have decided to run their own ‘Occupational Sick Pay’ scheme. These schemes go above and beyond SSP, often considerably so, and will pay staff (rightly) for every day they are off sick and most of the time at full pay. This is a wonderful benefit. In over 20 years of working, I have never had to worry about being off sick. So, what’s the issue? Well, picture a multi-storey building in the heart of London, every floor filled with different companies, lawyers, charity workers, insurers, bankers, engineers and more. One of the lawyers catches a bug and his lovely HR team tell him to go home, rest up and only come back when he is fully recovered. The lawyer agrees and after 2 days of bed, Netflix, and chicken soup he comes back to work, rested and recovered. Unfortunately, though, the bug has spread, and it takes down other members of the office and also Carol, the cleaner, who came to clean the building that evening. Carol is on SSP and is confronted with the reality of these ‘waiting days’. Does she stay at home and get paid nothing for 2 days or turn up to work ill. Terrible choice made worse by the fact that Carol earns less than the real living wage. Two days off genuinely puts at risk her ability to pay her mortgage, her bills and more. It’s not really a choice, she goes to work. As we take this further and begin to imagine Carol having to go to hospital and being forced off for a week earning just £46.70, what then? Lots of us, I suspect, would begin to struggle with our bills and payments that month. And maybe you could scramble through for a month, but after 10 years of the same thing? It’s like a repetitive kick to the face and it’s the horrible reality for Carol and thousands of cleaners, security guards, and others in low paid professions across the UK So, we will of course welcome the scrapping ‘waiting days’, whilst at the same time not pretending that getting by on £23.35 SSP per day, is anywhere near adequate. At Clean for Good we are one of the very few cleaning companies (and to date I have not come across any in London including some of the real biggies in the market) who run our own occupational sick pay scheme. From day 1 if cleaners are off sick, at Clean for Good, they are paid in full. One of the joys in the last couple of years was taking on a team of new cleaners from another cleaning company (this happens at the point that you take over a cleaning contract) and seeing one of our new cleaners, eyes bulging as we explained to her that CFG has its own sick pay scheme. She stopped me mid-sentence and exclaimed…What, you will pay me if I am sick? To which I replied Yes, we will! She had been a cleaner in London for over 15 years surviving on SSP. If you’re not sure what your employer pays you when you go off ill, you will find the policy lurking somewhere in the depths of your staff handbook. Do go and check it out, and if you are part of an organisation that has its own sick pay scheme go and encourage your HR team and tell them they are all wonderful today! Find out more? The centre for progressive change is running a national campaign on sick pay. If you want to find out more on the whole area of sick pay. Check the campaign out here.

Tarem Services is proud to announce the successful launch of its Mobile Foodbank initiative, which took place on Tuesday, 1st October 2024, at Selhurst Children’s Centre, Croydon. This initiative is a significant part of Tarem Services’ broader mission to tackle in-work poverty and food insecurity by providing essential supplies to vulnerable families and individuals experiencing financial hardship. Despite heavy rain, 103 of the 150 essential food bags were collected on the day, and the remaining bags have since been collected by those unable to attend. Each bag contains enough food to feed at least 2 people, meaning 300 individuals will ultimately benefit from this initiative. The event was supported by 12 volunteers from Zurich UK, CBRE and Tarem Services, who worked tirelessly to prepare the food bags and engage with the families in attendance. The launch event was highlighted by the attendance of Deputy Mayor, Councillor Lynne Hale, who showed her support for Tarem Services' continued efforts to address food insecurity and poverty within the local community. “We are deeply grateful to CBRE and Zurich UK for their financial support and volunteering efforts, as well as to our own team at Tarem Services for making this initiative possible,” said Titus Komolafe, Managing Director of Tarem Services. “Our mission goes beyond just providing food; it’s about tackling in-work poverty, addressing food insecurity, and empowering families to build more secure futures.” The Mobile Foodbank initiative is one of the many ways Tarem Services drives social change. As a social enterprise, Tarem Services is dedicated to reducing the pressures faced by low-wage workers and their families. Through partnerships, volunteer support, and sustainable initiatives, Tarem Services is committed to providing immediate relief while advocating for long-term solutions. Next Stop: Stay Tuned The Mobile Foodbank will continue its journey to reach other communities in need, with the next distribution event already in the planning stages. As Tarem Services expands its reach, more families and individuals will receive the support they need during these challenging times. Stay tuned for details on the next stop as we continue to offer hope and practical aid to those most in need. For more information on the Mobile Foodbank and how you can get involved, visit: www.taremservices.com/foodbank. About Tarem Services Tarem Services Limited is a social enterprise focused on tackling in-work poverty and food insecurity, especially among cleaners in the UK. Founded in 1999 with the support of a Prince’s Trust grant, Tarem Services has built a reputation for responsible business practices. The company provides office and school cleaning, construction labour supply, pest control, and waste management services, all while remaining committed to social responsibility and environmental sustainability. Media Contact:Email: community@taremservices.com Image Caption:Volunteers from Tarem Services, Zurich UK, and CBRE with Deputy Mayor, Councillor Lynne Hale, during the Mobile Foodbank launch at Selhurst Children’s Centre, Croydon.