2015
Understanding Social enterprises

2016
building the social enterprise ecosystem

2017
establishing credibility

 

Strengthening the perception of social enterprises

In FY 2017, our efforts were targeted at establishing the definition of Social Enterprises in Singapore; From garnering public support and encouraging consumption of SE goods and services to the recognition of outstanding social entrepreneurs to the utilization of the Social Value Framework to qualify impact, this year has been filled with key milestones that have raised awareness and support for our member Social Enterprises.

As Social Enterprises grow and build capabilities, so have we. We started by understanding the needs of social enterprises in Singapore in 2015, we shared our efforts in building an eco-system last year. In FY2017-2018’s Annual Report we will highlighting the initiatives that have been instrumental in strengthening the positive perception of Social Enterprises.

 

A Message From Our Chairman Mr Gautam Banerjee

 
 

Most of us are familiar with the social challenges that Singaporeans face; pressures of cost of living, an ageing population that will peak by 2030, increasing burden on caregivers as our population shrinks, just to name a few. While the Ministry of Family and Social Development (MSF) and National Council of Social Service (NCSS), together with social organisations on the ground, are earnestly addressing these challenges, in recent years we have seen examples of Social Enterprises that have taken a different approach to tackling some of these challenges. As 2017 marks raiSE’s third-year, it serves as a timely opportunity to reminisce about our journey in this sector and reflect on learnings as we continue to grow as a sector developer.

Our key thrusts in FY2017/2018 were three-fold; we have focused our efforts on establishing the identity, credibility and visibility of Social Enterprises (SEs) in Singapore. We strongly believe these elements to be instrumental in instilling confidence in our stakeholders, thus giving them the assurance to engage deeper with our SE members. Therefore, this annual report seeks to highlight the work we have done to strengthen the perception of SEs in Singapore.

As a membership organisation charting the path of growth for Social Enterprises in Singapore, we need to understand the trajectory from both a measurable and an experiential perspective. Measurements provide legitimacy and equip us with the quantifiable means to know where we have started from and where we are now. The experiential perspective affirms our altruistic nature in contributing to this endeavour in a meaningful way. Since our inception in 2015, we have sought to understand the unique needs of local Social Enterprises and played a connector role in creating the eco-system to support the organic growth of these social-value driven businesses.

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Identity
Identity

In our mission to raise awareness for our SE members and their products and services, one of our key messages has always been that Social Enterprises are not to be mistaken with Charities. We see Social Enterprises as businesses with demonstratable business sustainability and social value, where their collective identity is strengthened through our mark of membership. To qualify as a member of raiSE, social enterprises have to derive majority of their revenue from commercial activities, must deliver competitive products and services and yet be able to prove that they have a deep rooted social purpose and provide social value and outcomes . It has also been heartening to hear from SE members that they value the recognition gained by being a part of the raiSE community.

Credibility
Credibility

In 2016, raiSE introduced the Social Value Framework, jointly developed with Bain & Co. and officially implemented in 2017. The Framework allows us to articulate and validate the social value created in quantifiable terms, thus lending credibility to the good work that our SE members deliver. In prioritising a consistent approach to measuring social value, we have seen an understandable dip in our membership renewals even as our SE members transit into using this framework. raiSE is committed to collecting relevant data through the implementation of the framework and will continually refine the indicators to meet the ever-changing needs of our members and their beneficiaries.

Visibility
Visibility

I am pleased to share the success of the second installation of FestivalForGood in 2017, a flagship event that seeks to increase public awareness and consumption of SE products and services. Owing to a targeted digital marketing campaign, we saw more than a five-fold increase to 5500 Festival-goers who purchased the products and service offerings of 71 social enterprises. raiSE also organised the President’s Challenge Social Enterprise Award, a biennial award conferred by the President’s Office to recognise outstanding SEs in the Sector. Amongst the 19 outstanding Social Enterprise contenders, it was noteworthy that two equally deserving businesses were jointly awarded as winners in the SE Start-up of the Year Category, reflective of a vibrant sector that is coming of age.

“We believe that social value and business sustainability are mutually inclusive, and both these elements are positively correlated where scaling for growth is concerned.”

 
 

In the coming years, we will continue to push the boundaries for the Sector.

Riding on the new SGX-ST listing regulations on sustainability reporting, we are seeing corporates integrating Social Enterprises as part of their business operations, from supply chain management to procuring sustainably from and investing in social enterprises. We believe that social enterprises, being Small-Medium Enterprises (SMEs) themselves, can offer not only quality products and services to corporates, but also add to the double value of contributing to their sustainability goals.

In the same vein that Social Enterprises are SMEs, we need to help them scale their businesses beyond the shores of Singapore. To do this, we will help build capabilities and capacities through digitalisation and connecting to networks outside of Singapore, leveraging especially on Singapore’s chairmanship of ASEAN this year. We believe that social value and business sustainability are mutually inclusive, and both these elements are positively correlated where scaling for growth is concerned.

Social Enterprises must become viable and sustainable vehicles that make a difference to society. Despite the challenges of achieving the double bottom-lines, this has not deterred social entrepreneurs, existing and prospective, to be willing to take the plunge to do what they believe in.

I also wish to express my heartfelt appreciation to my Board members, the dynamic team at raiSE, our government stakeholders, corporate partners, passionate supporters of social enterprises and of course, our SE members. This vibrant and growing social enterprise ecosystem makes our work at raiSE fruitful and worthwhile.

 

GAUTAM BANERJEE

CHAIRMAN, raiSE BOARD

THEME 1

IDENTITY

What does it
mean to be a
social enterprise?

In our mission to raise awareness for our SE members and their products and services, one of our key messages has always been that Social Enterprises are not to be mistaken with Charities. We see Social Enterprises as businesses with demonstratable business sustainability and social value, where their collective identity is strengthened through our mark of membership. To qualify as a member of raiSE, social enterprises have to derive majority of their revenue from commercial activities, must deliver competitive products and services and yet be able to prove that they have a deep rooted social purpose and provide social value and outcomes. It has also been heartening to hear from SE members that they value the recognition gained by being a part of the raiSE community.

-MR GAUTAM BANERJEE
CHAIRMAN, raiSE BOARD

 

220,000

MNCs & SMEs in Singapore

Enterprises with Corporate Giving

Eg. Ad-hoc CSR initiatives

Socially Conscious businesses

Eg. Ethical procurement practices

Businesses with strategic social objectives

Companies motivated by social impact but measured by financial services

raiSE’s Social Enterprises

A measurable social mission at the heart of a sustainable business model

 

Defining Social enterprises

 

raiSE defines Social Enterprises (SEs) as business entities set up with clear social goals; and where there is clear management intent and resources allocated to fulfil their social objectives.

 
 

PHILANTHROPY

DONATIONS

CORPORATE
SOCIAL RESPONSIBILITY

PROFITS

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Primary Driver:
Social Value

Twin Driver
Achieving Social Impact Alongside
Financial Return

Primary Driver:
Financial Value

 

raiSE’s Membership Profile

0 MEMBERS

AS OF 31 MARCH 2018

 
  • 0

    Provisional Membership

  • 0

    Social Enterprise Membership

MEMBERSHIP OVERVIEW

  • 60
    0
    < $200,000
  • 15
    0
    ≥ $200,000 to < $600,000
  • 12.5
    0
    ≥ $600,000 to < $1,000,000
  • 12.5
    0
    ≥ $1,000,000

ANNUAL TURNOVER RANGE
of our Social Enterprises

 

1st - 28%

Education & Training

2nd - 13%

Food & Beverage

3rd - 11%

Fashion & Retail

4th - 10%

Health & Social Services

5th - 10%

Business Support Activities

TOP 5 BUSINESS SECTORS

 

TOP 8

AREAS OF IMPACT

 

0%

Provision Of
Employment Opportunities

0%

Provision Of
Education

0%

Capacity Building For
Organisation in Social
Service Sector

0%

Provision Of
Skills Development

0

Beneficiaries
employed

0

Beneficiaries provided with
education opportunities

0

Social organisations who have
gained access to and/or use the
products and services

0

Beneficiaries provided with
skills training

0%

Provision Of
Health Care/Social Care
Products and Services

0%

Provision Of
Basic Human Needs

0%

Provision Of
Economic Tools & Services
 

0%

Provision Of
Products and Services
To Improve The Mental
Health & Well-Being

0

Beneficiaries who have gained
access to and/or use healthcare
/social care products

0

Beneficiaries provided
with basic human needs

0

Beneficiaries who have
gained excess to economic
tools & services

0

Beneficiaries who have gained
Access to and/or use products
and services to Improve mental
health and wellbeing

 
0
 

SO, ARE YOU A SOCIAL ENTERPRISE?

01 HAVE THE FOLLOWING CHARACTERISTICS

Generate majority of revenue from provision of goods and services

A clear business plan to achieve financial sustainability and profitability

Have clear social goals (in an inclusive and non-discriminatory manner)

Clear allocation of resources

Making social goal(s) the core objective(s) of the business

02 SUPPORT PERSONS IN NEED OR AT RISK

Generally, this occurs when there is deprivation in at least one of the following areas:

ECONOMICAL

People/ Familes with low income
People on financial assistance schemes

PHYSICAL

People with disabilities or health conditions
Physical, Intellectual and special needs

SOCIAL

Disadvantaged Youth, Elderly, Ex-offenders
At-risk youths or elderly that live alone

MENTAL

People with mental health needs

03 ADDRESS A SOCIAL NEED/GAP

Your business should achieve at least one of these desired impact outcome areas through the provision of:

Employment Opportunities

Education

Capacity-Building For Organisations In The Social Sector

Skill Development

Health Care or Social Care Products & Services

Basic Living Needs

Economic Tools & Services

Products & Services to Improve Mental Health & Well-being

THEME 2

CREDIBILITY

BUILDING CREDIBILITY THROUGH CAPACITY BUILDING

In 2016, raiSE introduced the Social Value Framework, jointly developed with Bain & Co. and officially implemented in 2017. The Framework allows us to articulate and validate the social value created in quantifiable terms, thus lending credibility to the good work that our SE members deliver. In prioritising a consistent approach to measuring social value, we have seen an understandable dip in our membership renewals even as our SE members transit into using this framework. raiSE is committed to collecting relevant data through the implementation of the framework and will continually refine the indicators to meet the ever-changing needs of our SE members and their beneficiaries.

-MR GAUTAM BANERJEE
CHAIRMAN, raiSE BOARD

FINANCIAL
SUPPORT

raiSE is proud that the impact created by its portfolio of grantees and investees has increased over the years. We have seen more sustainable and impactful social enterprises grow through our financial support schemes

$5.06M

Committed
in FY2017

32

New Accounts Supported
in FY2017

 


205
230
281

FY2015 FY2016 FY2017

No. of Jobs Created and Retained
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2900
4000
9406

FY2015 FY2016 FY2017

No. of Beneficiaries Impacted
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CAPABILITY
BUILDING EFFORTS

OPEN TALK

FEBRUARY 2018

A gathering of 70 social entrepreneurs and stakeholders engaged in strategic conversation, defined key characteristics of a social enterprise in Singapore. They actively explored ideas to strengthen SEs’ unique role and identity and ways to increase credibility and visibility through a shared framework.

Industry Circle – Education and Training
Open Talk – Feb 2018
Industry Circle – F&B

SOCIAL ENTERPRISE YOUNG TALENT PROGRAMME

A structured internship programme by raiSE to provide highly motivated young talents a first-hand exposure working in social enterprises.

Mar - Aug 2017

Internships & Externships

0

Applicants recruited to do internships / externships with raiSE and 15 social enterprises

Mentorship

A unique opportunity to be mentored by a founder / social entrepreneur.

Aug 2017 – Feb 2018

Projects Edition

0

Young talents recruited to do part-time projects and internships with raiSE and 7 social enterprises

Talent Engagement

Access to raiSE events and learning activities curated for participants to build capabilities

CORPORATE
SUPPORT

 

LEGAL CLINICS

  • 0

    Sessions

  • 0

    SEs Attended

  • 0

    Legal Partners
    Netto & Magin LLC;
    Avodah Advocates LLC

CONSULTATION CLINICS

  • 0

    SEs
    Met with pro-bono consultants for 1-1 Consultation Sessions

SOCIAL ENTERPRISE CoLab

  • 0

    SEs Attended
    Bloomback, Caring Fleet, Edible Garden, Ecosoft, Jaga-Me, Li Da Foods, Pulsesync and School of Concepts

  • 0

    Blackstone Corporate Volunteers
    Designed as a peer learning activity, social enterprises seek corporate input, validated their assumptions and improved on their growth and capital raising plans through brainstorming of solutions.

raiSE's MEMBERSHIP BENEFITS

THROUGH
VALUED PARTNERS

DBS SOCIAL ENTERPRISE PACKAGE

Open an account with no initial deposit or minimum monthly balance.

ENERGY WITH A DIFFERENCE

Preferential rates on electricity.

DISCOUNTED LICENSING RIGHTS

Discount on content licensing rights.

SAVE ON EVENT FEES

Enjoy preferential rates at 3.9% + $0.99 per ticket.

Exclusive Networking

Funding Opportunities

Advisory Services and Capability Development

Marketing and Promotion

THEME 3

VISIBILITY

INCREASING PUBLIC AWARENESS

I am pleased to share the success of the second installation of FestivalForGood in 2017, a flagship event that seeks to increase public awareness and consumption of SE products and services. Owing to a targeted digital marketing campaign, we saw more than a five-fold increase to 5500 Festival-goers who purchased the products and service offerings of 71 social enterprises. raiSE also organised the President’s Challenge Social Enterprise Award, a biennial award conferred by the President’s Office to recognise outstanding SEs in the Sector. Amongst the 19 outstanding Social Enterprise contenders, it was noteworthy that two equally deserving businesses were jointly awarded as winners in the SE Start-up of the Year Category, reflective of a vibrant sector that is coming of age.

-MR GAUTAM BANERJEE
CHAIRMAN, raiSE BOARD

1006 VISITORS 2016
5537 VISITORS 2017

0%

INCREASE IN

NO. FESTIVAL GOERS


FestivalForGood 2017 saw the gathering of more than 5500 festival goers who came to show their support for social enterprises, their beautiful and quality products and useful services. The increase in the number of consumers directly impacted the consumption of SE products & services and met the objectives of this anchor event where every purchase counts. Be #PartOfTheGood!

48 SOCIAL ENTERPRISES 2016
71 SOCIAL ENTERPRISES 2017

0%

INCREASE IN

NO. OF PARTICIPATING SOCIAL ENTERPRISES

MEDIA
OUTREACH

 

0

UNIQUE USERS
REACHED ON
FACEBOOK

0

UNIQUE USERS
REACHED ON INSTAGRAM

0

FACEBOOK
LIKES

0

INSTAGRAM
FOLLOWERS

0

UNIQUE USERS OF
INSTAGRAM IMPRESSION

0

FACEBOOK
EVENT RESPONSE

 

PRESIDENT’S CHALLENGE
SOCIAL ENTERPRISE AWARD 2017

The President’s Challenge for Social Enterprise Award (PCSEA) was mooted by our former President Dr Tony Tan Keng Yam in 2012 to give recognition to outstanding social enterprises in our nation. Especially for those who have shown resillence, creativity and the ability to adapt their business models and shown compassion & passion in meeting their social objectives.

 

2017 WINNERS

YOUTH SE OF THE YEAR

POPE JAI THAI

ADL REHAB

– COMMENDATION –

Read More

SE OF THE YEAR

BETTR BARISTA

SOON HUAT BAK KUT TEH

– COMMENDATION –

Read More

SE START UP OF THE YEAR

HOMAGE & JAGA-ME

- JOINT WINNERS -

Read More

raiSE's Outreach Efforts

Through Partnerships

In order to reach a larger mass audience and influence the public’s purchasing behavior, raiSE has partnered with MCCY and Tote Board to provide social enterprise members an opportunity to showcase their products and services through on the ground activation initiatives such as Pop-ups markets and carnivals.

 

SG Cares Carnival

By MCCY on 13 Jan 2018

0

ATTENDEES

0 SEs

PROFILED

EXPOSURE TO

0

ATTENDEES

0

ATTENDEES

0 SEs

PROFILED

A Good Day Out

By Tote Board on 10 Feb 2018

raiSE's Outreach Efforts

INCREASING AWARENESS

To increase awareness of social enterprises in Singapore and encourage individuals to support them, raiSE leveraged on its networks to provide ample opportunities to our social enterprise members so they have a platform to share their social entrepreneurial journey and social impact stories.

0

PARTNER ORGANISATIONS

0

SOCIAL ENTERPRISES PROFITED

REACHED
OUT TO

0

PARTICIPANTS

RAISE DIGITAL
OUTREACH

0

IMPRESSIONS
ON SOCIAL MEDIA

0

CONSULTATION
SESSIONS

FOR SEed MAGAZINE
ISSUE #1 BRANDING &
ISSUE #2 SOCIAL MEDIA MARKETING

5 AND 12 MAY 2017

DIGITAL MARKETING
BOOTCAMP WITH
FUTURE MARKETER

0

PARTICIPANTS

0

SEs

+0

MARKETING AGENCIES

IN SUMMARY

A MESSAGE FROM OUR CEO
MR ALFIE OTHMAN

“I often like to say that our honeymoon period is over… the feel-good novelty of a new organisation and the ‘excuse’ of a nascent sector has begun to fade.”

 
 

Greetings!
As raiSE turns 3, I often like to say that our honeymoon period is over. Not that we have not been working hard as a team, but that the feel-good novelty of a new organisation and the ‘excuse’ of a nascent sector has begun to fade. Where we had the past 3 years to learn what worked and what didn’t, we now have to hunker down to build on the substantive value that raiSE can bring to our Social Enterprise (SE) members, and in turn, enhance the social value that our SE members can bring to society.

I believe that SEs are not a silver bullet to all of society’s problems, but more than ever, we are convinced of the role that SEs play to bridge the gap between traditional charity-based models and pure for-profit companies. Delivering social value while achieving financial sustainability is extremely difficult. When it works, however, it has the double value of ensuring the continuity of intervention to societal needs and the financial contribution to the economy. Hence it is little surprise that we see charities embarking on social enterprise initiatives to deliver their services sustainably, and for corporations working alongside or through SEs to sustain doing good.

raiSE as the sector developer will continue its work in building a larger ecosystem and partner with anyone that can bring value to our SEs, and to advocate for and further the work of our SE members. At the end of the day, raiSE and our SEs exist for the beneficiaries that we serve, and to make Singapore a truly caring and inclusive society.

 

Financial Highlights

Statement of comprehensive income fy2017/18 fy2016/17
(Restated)
Income
Operating Grants 3,730,090 3,620,030
Capital Grants 3,056,016 2,528,334
Investment Income 121,529 113,213
Membership Fees 39,540 51,170
Other Income Sources 240,977 1,270,467
Total Income 7,188,152 7,583,214
Operating Costs
Manpower Costs 2,244,261 2,145,143
General & Administrative Costs 522,613 482,057
Total Operating Costs 2,766,874 2,627,200
Programme Costs
Programmes & Services 722,738 669,691
Public Education & Publicity 63,915 69,808
Total Programme Costs 786,653 739,499
Grants To Social Enterprises
Grants to Social Enterprises 1,456,016 1,028,334
Other Losses
Share of Losses From Associated Companies - 168,345
Write-Off of Investment in Associated Company 279,214 -
Allowance for Impairments 93,000 963,814
Total Other Losses 372,214 1,132,159
Total Expenditure 5,381,757 5,527,192
Other Gains
Share of Profit From Associated Company 22,650 -
Net Surplus Before Tax Expenses 1,829,045 2,056,022
Tax Expense - -
Net Surplus After Tax Expenses 1,829,045 2,056,022
Other Comprehensive Income
Net Fair Value Loss on Other Financial Assets - (50,850)
Total Comprehensive Income for the Year 1,829,045 2,005,172
Statement of Financial Position fy2017/18 fy2016/17
(Restated)
Assets
Non-current Assets 3,438,481 2,883,252
Current Assets 11,518,233 11,839,037
Total Assets 14,956,714 14,722,289
Liabilities
Non-current Liabilities 7,710,578 8,817,367
Current Liabilities 597,252 1,085,083
Total Liabilities 8,307,830 9,902,450
Net Assets 6,648,884 4,819,839
Funds
Unrestricted Fund 2,193,749 1,694,555
Restricted Fund 4,455,135 3,125,284
Total Funds 6,648,884 4,819,839

Segment reporting 2017/18

Statement of Comprehensive Income Total Sector
Development		 Grant
Administration		 Investment
Total Income 7,188,152 3,281,366 2,073,842 1,832,944
Expenditures
General & Admin and Manpower Costs 2,766,874 1,995,519 771,355 -
Programme Costs 786,653 786,653 - -
Grants to Social Enterprises 1,456,016 - 1,302,487 153,529
Other Losses 372,214 - - 372,214
Total Expenditure 5,381,757 2,782,172 2,073,842 525,743
Share of Profit from Associated Company 22,650 - - 22,650
Net Surplus Before Tax Expenses 1,829,045 499,194 - 1,329,851
Income Tax Expense - - - -
Total Comprehensive Income For The Year 1,829,045 499,194 - 1,329,851
Balance at 1 April 2017 4,819,839 1,694,555 - 3,125,284
Balance at 31 March 2018 6,648,884 2,193,749 - 4,455,135