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Mustard Seed Property provides desperately-needed supported homes for vulnerable adults in Cornwall, providing a safe space where they can flourish
This investment is match funded with an investment of £20,000 from a new member who is an aligned corporate supporter of Mustard Seed Property
27th March 2024
We had a great conversation with representatives from Mustard Seed Property on our Cuppa Club webinar,
You can hear all about their impact and plans and what investments in the share offer will help them achieve.
You can watch the 30 minute webinar here
Or a short selection of highlights here
27th March 2024
27th March 2024
We’re pleased to share the news that the Mustard Seed Property Community Share offer will be extended by 32 days until 30th April 2024.
The reason for the extension is to allow some investors who have expressed an interest in investing additional time to complete the registration process.
The extension will not affect existing investors and we hope the extra time will get MSP closer to their target raise for this offer and the decision will be taken before the end of April whether to close or further extend the share offer.
Mustard Seed Property have confirmed that there will be a further allocation of funds at the end of April, meaning investors will start earning interest on their investment from the 1st of May.
7th February 2024
The board of Mustard Seed Property is relaunching their affordable housing share offer on Ethex, with a new minimum target of £100,000, that they aim to reach by 29 March 2024.
The board are confident of reaching this new target, not least because they have received £20,000 of match funding from Gillings Planning. This match funding boosts every pound invested in the next few weeks to help MSP hit the minimum target.
The MSP Board are also increasing the share offer’s target rate of interest. The intention is to pay 4% in this current financial year (to 30 September 2024), 4.5% next year (to 30 September 2025) and to then increase the rate to 5% in the following financial year (to 30 September 2026) and thereafter.
In addition, they are reducing the minimum investment level for any new investor living in Cornwall. We are a local people-powered property firm, and while they welcome all investors wherever they live, they would like to additionally enable local people to have a stake in their journey.
MSP have also released the exciting update that their current development project of their third property in Redruth is expected to be finished by the end of February and, shortly after, will provide a secure and supported home for five autistic adults with learning disabilities and mental health needs.
MSP buys and renovates properties in Cornwall that are rented affordably to partner organisations support vulnerable people at risk of homelessness, with learning disabilities, mental health problems or those recovering from addiction.
While MSP is in a strong financial position, it still very much needs further investment. The funds that will be raised from this share offer will be crucial to enable them, over the next two years, to buy and refurbish two more properties, to provide much-needed homes for vulnerable adults in Cornwall. Hitting the new minimum target is just the start.
The re-launched MSP share offer is now live on the Ethex platform and you can invest from £250 to help them reach and exceed their new minimum target raise and help provide vital, affordable and supported homes for people who need them.
Mustard Seed Property Limited
Society no. 30293R
Cornwall, UK
Incorporation date: 31 July 2007
Help change lives for the better for vulnerable people In Cornwall by providing supported and secure homes
Create affordable housing in Cornwall, where many people with learning disabilities are struggling to find homes and are at risk of homelessness
Provide vital help for families of people living with physical or mental health problems or addiction by providing the support they need
Earn a potential return Investments in the share offer will target a return of 4-5% per annum
The housing crisis is affecting many people in Cornwall and affordable rental properties are hard to find. And for vulnerable adults the problem is intensified, so since 2007, Mustard Seed Property (MSP) has been providing innovative housing and support solutions. Here’s how:
The next phase of funding requires £1.8m, which includes the £300k from this share offer. In this next phase MSP are aiming to:
Mustard Seed Property is determined to build on this successful model and this share offer will help them fund the next phase of their work.
https://mustardseedproperty.co.uk/
Director
Stephen is a Chartered Accountant, having trained with PricewaterhouseCoopers. For many years he has been Finance Director for a variety of enterprises, most recently at Cornwall Care, the largest provider of adult social care in the county. Since 2019, he has acted as a Finance and Business Adviser to a range of enterprises. Aside from his involvement with MSP, he is also a trustee of Emmaus Cornwall, a charity supporting the homeless, which itself is in need a property and land. He is dad to a young adult with a learning disability.
Director
Qualified as a chartered accountant with Arthur Andersen. She then created a global HR Consulting business Penna Consulting PLC where she was CEO and Chairman for ten years. She currently works with a number of fledgling charities and social enterprises in Cornwall.
Director
Adam is a qualified and experienced counsellor specialising in working with trauma and addiction. He has worked in Family Assessment, Residential Drug and Alcohol Rehabilitation, and Supported Housing. He is the founder and Managing Director of the Bideford Lighthouse Project CIC and joined MSP as a partner for the Newquay Lighthouse Project CIC.
Director
A member of MSP from the beginning, Lynn is a counsellor, manager and supports people with learning disabilities. She ran her own small upholstery business for 28 years. Lynn brings particular knowledge and skills in serving the people supported by the partner charities of MSP and leads on social impact and ensuring MSP delivers for vulnerable people. Lynn is also a trustee director of Mustard Seed (SW), which is one of MSP’s founding partners.
Director
Richard has over 35 years’ experience as a Chartered Surveyor working throughout the South West region. Following ten years as a partner in Knight Frank he set up Maze, an Exeter based consultancy business, dealing with residential and commercial work. He specialises in Planning and Development but typically works with corporate clients and charities on acquisition and portfolio enhancement.
Director
Steve worked for the Probation service for 11 years at a Bail Hostel, and also worked as bank staff for ten years for Spectrum supporting Autistic adults. Steve joined St Petroc’s in 2004, initially as a weekend house manager, then graduating to service manager and now as the Associate Director of Residential Services.
Director
Charles is a Chartered Quantity Surveyor and a Fellow of the Royal institution of Chartered Surveyors (and also a Senior Investment Manager at Resonance Limited). He has over 30 years’ experience of working in all sectors of the property environment, both in the UK and mainland Europe. He was previously an Equity Partner with EC Harris (now Arcadis) and is now part of the Resonance team with a focus on delivering projects for a new impact investment fund, “Resonance Community Developers”. Charles supports MSP on the purchase, development, and refurbishment of their properties.
Director
Daniel is CEO of Resonance Limited where he leads a growing team supporting social enterprises and charities prepare for investment in a variety of transactions including real estate acquisition and development, community share issues and direct venture capital investments. He has seen the company flourish as it has created demand-led, impact investment funds. Daniel founded Resonance in 2002 having spent several years in manufacturing as an engineer and leading a political lobbying campaign on the UK poverty trap. Outside work Daniel is a non-exec of a small number of high impact social enterprises and part of the advisory council of a leading impact investor foundation.
Management Support
Nick works in the finance team at Resonance. Previously he worked within the finance industry for nine years, with the most recent four years spent in the finance team of a local Cornish charity. He has a Bachelor of Commerce degree, majoring in accounting, and is currently working towards becoming a Chartered Accountant through ACCA. Nick supports MSP with all finance and accounting functions, including management accounts, payment of invoices and liaising with suppliers.
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Interest will be accrued by shareholders from 1 April 2024 for investments made up to 29 March 2024. For investments made from 1 April 2024 or thereafter interest will accrue from the first day of the month following the date of the investment.
Interest will be paid annually within 90 days of the end of each financial year (30 September), subject to available funds. This will be 4% per annum from 1 October 2023, 4.5% per annum from 1 October 2024 and then 5% per annum from 1 October 2025.
Mustard Seed Property will as a default re-invest all interest as a new share issue for all members that have less than the maximum of £100,000 of share capital, members have the option to opt out and receive cash returns.
Mustard Seed Property’s policy is that all new shares may not be withdrawn for 12 months and then subject to 6 months notice
Mustard Seed Property does not currently accept investment on behalf of children.
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