Profit with Purpose - Unity Trust Bank · Compared to mainstream businesses, Socially Conscious Businesses have an increased share of job growth, making up 29% of businesses who created

Profit with Purpose Insight Report

Hidden Social EnterprisesUnity Trust is a commercial bank with a difference; we only work with organisations and businesses who want to help create a better society.

Why now?

There has never been a more important time to address the role of alternative business models in the UK. Slow real wage growth relative to inflation has placed more individual households into the “just about managing” category.

This should be the moment for socially conscious businesses; companies that are motivated by social or environmental goals rather than solely by the pursuit of profit.

They may make profit, after all some form of surplus is critical to invest in a better future, but they do not have profit as their only motivation and will often reinvest that profit in their employees or in the social objectives that they set out to achieve. Because of this, they potentially offer a stakeholder- based way of operating that doesn’t necessarily make less money but will make that money in pursuit of social and environmental objectives, reinvesting accordingly.

We focus on delivering positive social impact, not simply maximising profit. This is known as our ‘double bottom line’ strategy.

In October 2017, we surveyed 1,050 UK companies to gain a better understanding of what it means to be a ‘Socially Conscious Business’.

We set out to:

— Understand the differences between mainstream and socially conscious businesses

— Estimate the size of the market for socially conscious business

— Better understand their needs

Established over 30 years ago with a vision to create a bank that would serve the needs of its customers and enrich society, our purpose is to enable organisations to prosper, and contribute to economic, community, and environmental change.

Based in Birmingham, we offer an ethical alternative for organisations and businesses with a social conscience.

02 Unity Trust Bank Profit with Purpose

turnover for over 30% of the Socially Conscious Businesses sample, and more than 50% of turnover for a further 29% of those sampled.

Socially Conscious Businesses operate across a wide range of sectors, and although they are more likely to operate in education, health and welfare-related areas, ICT and professional services also have a substantial number of Socially Conscious Businesses’.

Geographically, Socially Conscious Businesses are widespread throughout the UK.

Methodology

This report was produced in collaboration with Dr Rebecca Harding for Unity Trust Bank.

The methodology was survey based, sampling a business population in the UK rather than specifically UK social enterprises. It surveyed 1050 businesses comprising of 276 founders and 774 senior decision makers from companies of any size. The survey was conducted online Quarter 4 2017 by Research Now. No samples or quotas were set by sector or region.

44% of these Socially Conscious Businesses are for profit, private limited companies; they are not charities and have legal structures consistent with investment led growth:

— 18% of them paid a dividend to directors

— Nearly 30% paid a dividend to shareholders

— Just over 70% reinvested some or all of their surplus and

— 25% shared any surplus with their workforces.

Socially Conscious Businesses have much larger workforces and turnovers than expected, with nearly 30% having turnovers greater than £500 million.

Compared to mainstream businesses, Socially Conscious Businesses have an increased share of job growth, making up 29% of businesses who created between 50 and 99 jobs, and 25% of businesses creating between 100 and 249 jobs.

The survey revealed that sources of income for Socially Conscious Businesses were similar to those of mainstream businesses. Over 80% of Socially Conscious Businesses generate all or part of their turnover from sales, with revenues comprising 100% of

We found that as many as 66% of the 1,050 companies surveyed had social or environmental objectives as part of their business goals. Interestingly, 22% of UK businesses have social or environmental objectives as their main motivation.

Unity Trust Bank Profit with Purpose 03

30.5

20.8

45.3

51.7

33.0

12.7

36.0

29.7

17.6

1.2 4.5

10.5

4.8

13.7

29.1

8.3

3.3

12.79.5

5.3 1.0 2.0

0

10

20

30

40

50

60

% o

f res

pond

ents

Follo

wing

idea

or d

ream

Helpi

ng ot

hers

follo

w

an

idea

or d

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Pursu

it of m

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Achie

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General motivations (% of respondents) Primary motivations (% of respondents)

What is a Socially Responsible Business?

To understand what differentiates a Socially Responsible Business from the mainstream we questioned respondents about their motivations for being in business and asked them to select the most important factors.

General and primary motivations

Making a positive social impact is the most important aim for 60% of Socially Conscious Businesses.

For 18% it is making a positive environmental impact, where as for 17% it is creating jobs.

We asked 1,050 respondents to select as many motivations as they wanted from a series of options that might be business goals. If respondents selected ‘creating a positive impact for stakeholders’ or ‘making a difference’, we then asked them to identify their most important business objective.

30.5

20.8

45.3

51.7

33.0

12.7

36.0

29.7

17.6

1.2 4.5

10.5

4.8

13.7

29.1

8.3

3.3

12.79.5

5.3 1.0 2.0

0

10

20

30

40

50

60

% o

f res

pond

ents

Follo

wing

idea

or d

ream

Helpi

ng ot

hers

follo

w

an

idea

or d

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Pursu

it of m

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omet

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30.5

20.8

45.3

51.7

33.0

12.7

36.0

29.7

17.6

1.2 4.5

10.5

4.8

13.7

29.1

8.3

3.3

12.79.5

5.3 1.0 2.0

0

10

20

30

40

50

60

% o

f res

pond

ents

Follo

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idea

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For comparative purposes, three other groups were also created within mainstream businesses:

— Innovation-based: those who wanted to achieve something different in the market place or were pursuing scientific research

— Entrepreneurial: those who were pursuing a dream or helping others to pursue a dream

— Market-focused: those who were motivated by profit or giving a dividend to shareholders

For the purpose of this report, unless otherwise stated, Socially Conscious Businesses refers to the 22% of all organisations surveyed.

The responses to these two questions produce the definitions used in this report:

Socially Conscious Businesses

Either producing a positive outcome for stakeholders or making a difference is their primary motivation.

Taken as a proportion of UK businesses this equates to 1.2 million businesses.

22% 78% MainstreamAll other motivations.


Socially Aware

Being either motivated by the desire to produce a positive outcome for stakeholders or to make a difference either socially, environmentally, or in terms of job creation.


66%


63.3

43.9

11.8

39.5

12.4

6.8

4.6

4.9

7.9

4.9

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Mainstream (%)

SociallyConsciousBusinesses (%)

% of respondents

Private Limited Company Redistributive or not for profit

Company Limited by Guarantee Sole Trader Partnership

63.3

43.9

11.8

39.5

12.4

6.8

4.6

4.9

7.9

4.9

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Mainstream (%)

SociallyConsciousBusinesses (%)

% of respondents

Private Limited Company Redistributive or not for profit

Company Limited by Guarantee Sole Trader Partnership

What is the legal structure of Socially Conscious Businesses?

Legal structure by type of business

Socially Conscious Businesses are investible.

They are large and to a substantial extent, have legal structures consistent with investment-led growth. Companies limited by guarantee and not for profits

are traditionally associated with social enterprises but 44% of Socially Conscious Businesses are for profit, private limited companies. Nearly a quarter of mainstream businesses are not-for-profit and companies limited by guarantee.


Sourcing of funds to set up

The investment required to start up Mainstream and Socially Conscious Businesses is similar and amounts to £20,000.

Mainstream founders tend to fund a larger percentage of the start up fund (83%) compared to Socially Conscious businesses (70%).

Amount required to start business

5

0

0 to

Scotland

South East

SW and Wales

East, North East and Y&H

Total

Midlands

London

North West and NI79.7 20.3

79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents

Mainstream Socially Conscious Businesses

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


Where are Socially Conscious Businesses located?

Geographical distribution of Socially Conscious Businesses versus Mainstream Enterprises

Socially Conscious Business are found all over the UK, but the regions with the most Socially Responsible Businesses are Scotland, the South East, the South West and the East of England.

The regions with the lowest proportion of Socially Conscious Businesses are the North of England and Northern Ireland.


Education, Health & Social Care

Total

Finance, Insurance & Real Estate

Profession, Business & Admin services

ICT & Media

Energy, Utilities & Construction

Wholesale, Retail & Logistics

Food, Tourism & Leisure

Manufacturing 90.6 9.4

86.8 13.2

83.1 16.9

82.3 17.7

81.7 18.3

81.0 19.0

80.3 19.7

77.8 22.2

50.0 50.0

0 20 40 60 80 100 120

% of respondents


Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


What sectors do Socially Conscious Businesses operate in?

Sectoral distribution of Socially Conscious Businesses versus Mainstream Businesses

Education, health and social care have the highest proportion of socially conscious businesses while manufacturing has the least.

Finance, professional services and ICT have the second to fourth highest proportions of Socially Conscious Businesses but they are significantly below the average of 22.2%.


What is the turnover and size of Socially Conscious Businesses?

Turnover distribution by business type

A common myth associated with investing in Socially Conscious Businesses is that they are smaller and financial return must be sacrificed in the interests of pursuing a social impact.

This is not the case; Socially Conscious Businesses are more likely to be represented in higher turnover brackets compared to lower turnover brackets.

45.8

30.3 28.9 28.9 29.719.7

32.6

32.631.5 30.9

28.8

10.2

12.510.4 11.6 14.1 13.7

8.0

11.9 19.420.1 22.1 22.8

3.4 3.0 2.7

24.027.7

4.2 5.61.1 1.7

36.934.4

39.0

0

10

20

30

40

50

60

70

80

90

100

Workforce size by business type

29.123.9

26.2

14.68.8

28.2 28.3

1.9 1.8

37.2

50 to 99

36.8

36.8

31.5 28.9 20.632.4

31.424.1

38.3

11.512.8

15.2 11.6 11.39.5

10.3 14.3 18.122.1 24.8

26.9

4.6 4.73.0 2.32.02.0 2.92.9

34.4

0

10

20

30

40

50

60

70

80

90

100

0-10 11 to 49 250 to 499 Total 100 to 249 >1,500

% o

f re

spo

nden

ts

39.4

37.6

500 to 1,499

Entrepreneurial Innovators Socially Conscious OtherMarket Focused

Socially Conscious Businesses do not have small work forces as perhaps expected. Socially Conscious Businesses are likely to employ over 50 employees.

29.123.9

26.2

14.68.8

28.2 28.3

1.9 1.8

37.2

50 to 99

36.8

36.8

31.5 28.9 20.632.4

31.424.1

38.3

11.512.8

15.2 11.6 11.39.5

10.3 14.3 18.122.1 24.8

26.9

4.6 4.73.0 2.32.02.0 2.92.9

34.4

0

10

20

30

40

50

60

70

80

90

100

0-10 11 to 49 250 to 499 Total 100 to 249 >1,500

% o

f re

spo

nden

ts

39.4

37.6

500 to 1,499

Entrepreneurial Innovators Socially Conscious OtherMarket Focused


What is the growth and performance of Socially Conscious Businesses?

Socially Conscious Businesses are slightly more muted about their growth. They tend to be bigger so their growth in terms of turnover and jobs is lower.

16.8

59.3

20.7

3.2

13.1

60.4

18.0

8.6

0

10

20

30

40

50

60

70

Faster than expected As expected Slower than expected Don’t know

% o

f re

spo

nden

ts

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


How growth has been against expectations


Expectations of Socially Conscious Businesses

Percentage by which turnover has grown in the last three years by business type

All other motives (%) Pure socially conscious (%)

5

0

10

15

20

25

30

35

40

7.8

25.823.7

20.7

10.211.911.7

30.2

27.2

15.4

8 7.4

0 1-5% 6-14% 15-24% 25-39% >40%

8.1 7.4

129.7

12.510.6

16.1

21.8

30.529

26.8

30.528.2

31

26.3

31.4

22.1

32.9

22.7

34.5%

of

resp

ond

ents

5

0

10

15

20

25

30

35

% o

f re

spo

nden

ts

Advic

e fro

m

pro

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iona

ls

Advic

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m p

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sec

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Acce

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Proc

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Taxa

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Proc

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Regu

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pro

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Proc

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gov

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s

Mainstream SCBs

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


Almost one-third more Socially Conscious Businesses have reported zero turnover growth over the last three years and compared to mainstream. The distribution of growth for Socially Conscious Businesses is skewed towards the lower end.

Note that some of these organisations are heavily dominated by public sector organisations, and even if they have private revenues, for these organisations turnover growth has been limited.


Socially Conscious Businesses are expecting growth but at lower levels.

This again may be a function of size.

Percentage by which employment is expected to grow in the next 3 years by business type

10.1

13.2

38.2

43.7

23.422.2

11.8 11.4

7.5 6.69.0

4.0

All other motives (%) Pure socially conscious (%)

0 1-5% 6-14% 15-24% 25-39% >40%

5

0

10

15

20

25

30

35

40

45

50

% o

f re

spo

nden

ts

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


Expectations of Socially Conscious Businesses


Socially Conscious Businesses are more likely to expand their workforces in the next 3 years with nearly 52% responding that they expected their workforce to grow by between 1% and 14%, compared to 45% of mainstream businesses.

Expectations of job growth in next 3 years

5

0

Zero 1-5% 6-14%

10

15

20

25

30

35

40

37.935.5

31.4

35.5

13.9

16.6

15-24% 25-39%

7.75.9

% o

f re

spo

nden

ts

Mainstream Socially Conscious Businesess

4.3 3.04.8 3.6

>40%

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents



Socially Conscious Businesses assess their intangible performance the same as, or slightly better than mainstream businesses with one notable exception; environmental performance.

0

20

10

30

40

50

60

70

39.3 37.9

49.6

4045.9 45.1

50.448.5

58.8

49.2

58.2

51.7 51.851.756.5 56.9 57 57.1 58.9 59.1

52.2

63.2

% o

f re

spo

nden

ts

Crea

tion

of

non

-sala

ried

jobs

Posit

ive e

nvio

rnm

enta

l

im

pact

Crea

tion

of sa

laried

jobs

Mar

ket s

hare

Profi

tabi

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Main

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ng h

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y cas

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Mon

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y valu

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com

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Bran

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Shar

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divi

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pr

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tySo

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Empl

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welf

are

Mainstream SCBs

58 58

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


This may be because they are more sensitive to environmental challenges and therefore are likely to downplay their performance.

Performance of companies

What is the performance of Socially Conscious Businesses?


But more innovative across the board

5

0Product or service new

to some or all customers

10

15

20

25

30

35

40

31.9

28.8

Product or service notoffered by competitors

38.5

33.3

Spend regular % ofturnover on R&D

New approach totechnology or sector

20.2 19.8

14.9

17.1

All of the above

9.611.7

None of the above

18.4

25.2

% o

f re

spo

nden

ts

Mainstream Socially Conscious Businesess

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


How innovative are Socially Conscious Businesses?

Socially Conscious Businesses are innovative across the board.


What are Socially Conscious Businesses sources of revenue?

Sources of revenue by business type

Mainstream and Socially Conscious Businesses are similar in terms of their revenue generation. 82% of Socially Conscious Businesses and 86% of mainstream businesses have revenue from private sources.

% of respondents

16.4

34.2

85.9

82.4

0 10 20 30 40 50 60 70 80 90 100

Mainstream (% answering yes)

Socially Conscious Businesses(% answering yes)

Revenue from sales or charging for services

More than half of funding comes from public money

% of respondents

16.4

34.2

85.9

82.4

0 10 20 30 40 50 60 70 80 90 100

Mainstream (% answering yes)

Socially Conscious Businesses(% answering yes)

Revenue from sales or charging for services

More than half of funding comes from public money


Sales income as a percentage of revenue

60% of Socially Conscious Businesses generate more than 50% of their turnover from revenues.

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


5.5 6.0

10.7

27.7

16.4

9.3

14.2

29.0

0

10

20

30

40

50

60

0-10% 11-25% 26-50% 51-99%

50.1

31.1

100%

% o

f re

spo

nden

ts


Where do Socially Conscious Businesses invest?

Distribution of profits or surplus by Socially Conscious Businesses

Socially Conscious Businesses distribute their profits and surpluses in a variety of ways. Most commonly, Socially Conscious Businesses reinvest their surplus to achieve their social goals. Only 10% never have a surplus to redistribute.

Never have any surplus

Give to charity

Pay a dividend to directors

Invest in community, health or social work

Share with workforce

Pay a dividend to shareholders

Reinvest in the business 70.7

29.3

24.8

24.8

14.0

9.9

0 10 20 30 40 50 60 70 80

17.6


Sources of advice

What are the needs of Socially Conscious Businesses?

There are differences in the types of business support used by mainstream businesses and Socially Conscious Businesses.

Socially Conscious Businesses are more likely to access legal or accounting advice, while mainstream businesses are more likely to access support from banks.

0

10

5

15

20

25

30

35

40

3.5 2.7

7.8

11.3

4.55.0

10.6

8.6

12.3 12.214.4

19.4 19.8

29.3

10.4

18.4 18.4

13.4% o

f re

spo

nden

ts

Othe

r

Fam

ily m

embe

r

A pe

rson

al fri

end

Pote

ntial

inve

stor

s

Anot

her e

ntre

pren

eur

Your

ban

k

A m

ento

r or c

oach

A bu

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s or e

ntre

pren

eur

su

ppor

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work

Gove

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uppo

rt

ag

ency W

ork c

ollea

gue

8.7

25.5

36.5

A pr

ofes

siona

l (e.g

.

acc

ount

ant o

r law

yer)

36.2

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents



Broader operating conditions such as the regulatory environment, tax, and the macroeconomic climate are more likely to negatively impact Socially Conscious Businesses.

0

10

5

15

20

25

30

35

40

8.1 7.4

12 12.59.7 10.6

16.1

21.8

30.5 30.5 31 31.432.9

34.5

29

26.8 26.328.2

% o

f re

spo

nden

ts

Advic

e fro

m

pro

fess

iona

ls

Advic

e fro

m p

ublic

sec

tor a

genc

ies

Acce

ss to

R&D

Proc

ess o

f

acc

essin

g fin

ance

Taxa

tion

Proc

ess o

f rec

ruitin

g

rig

ht te

amRe

gulat

ion

Mac

roec

onom

ic cli

mat

e

Proc

ess o

f gov

ernm

ent

proc

urem

ent p

roce

ss

Proc

ess o

f acc

essin

g

gov

ernm

ent g

rant

s

Mainstream SCBs

22.1 22.7

Impact of the external operating environment on growth (% responding negative or very negative)

Scotland

South East

SW and Wales


Total

Midlands

London


79.3 20.7

79.2 20.8

77.9 22.1

77.3 22.7

76.6 23.4

76.4 23.6

71.9 28.1

0 20 40 60 80 100 120

% of respondents


What are the effects on growth of external support


Key Findings

Socially Conscious Businesses are creating jobs, addressing education, health and welfare issues, as well as environmental issues. They have the potential to ‘step-up’ and address the biggest social and economic challenges that UK society is currently facing. However, to do this some of the obstacles for growth need to be addressed.

Socially Aware Businesses are more likely to be looking for finance than their mainstream counterparts. Typically, they are looking for finance to grow,

With 22% of UK businesses classed as ‘Socially Conscious’ and 66% being socially aware, the market is large. Yet Socially Conscious Businesses are not being effectively catered for by mainstream financial institutions.

or provide working capital to the business and, like mainstream businesses, they are most likely to be looking for loans and overdrafts in order to do so. However, they are less likely to go to a bank for advice or support and more likely to go to a lawyer, or accountant or government agency, as they report more negative experiences with accessing the “system”in terms of recruitment, finance, procurement and grants.

of UK businesses have a social conscience. This equates to 1.2million businesses

22%of UK businesses are socially aware, this equates to 3.6million businesses

66%

are nearly twice as likely as mainstream businesses to be looking for finance

Socially Conscious Businesses of Socially Conscious

Businesses are for profit businesses

44%

This is resulting in businesses with social motivations not fully realising their potential.

As an ethical bank that works exclusively with organisations and businesses seeking a positive social impact, Unity Trust Bank brings over 30 years of experience of straightforward banking solutions, helping our customers prosper.

BANK WITH US. BANK ON US.


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Documents

Profit with Purpose - Unity Trust Bank · Compared to mainstream businesses, Socially Conscious Businesses have an increased share of job growth, making up 29% of businesses who created