Following the announcement of the forthcoming closure of Rise, its membership has voted to transfer its assets to its subsidiary the Social Enterprise Mark Company, and set up the Rise Legacy Trust as its main shareholder.

The Rise Legacy Trust will make sure a proportion of dividend from it going forward will be used for the benefit of social enterprises in South West England.

Last month, Rise - the regional organisation in South West England supporting social enterprises, which founded the Social Enterprise Mark, announced it was to close. Rise’s chair Andrew North blamed a lack of government support for social enterprise and the demise of the South West Regional Development Agency (RDA) which was Rise’s main funder.

This week, the majority of Rise’s members have voted to transfer the remaining assets to the Social Enterprise Mark Company and to set up a legacy trust.

Certified Social Enterprise Mark holders in South West England will become the main shareholder of the Rise Legacy Trust. This will act as the shareholder for the Social Enterprise Mark Company and ensure that dividends paid out in respect of this shareholding will be used for the benefit of social enterprises in South West England. Work is also underway to revamp the governance of the Mark Company, including the make-up of board of directors.

The Rise Legacy Trust has 100 per cent shareholding at present but more shareholders may come in at a later date.
The structure of the Trust is still to be decided.

Andrew North, chair of the board of directors, said: “The good news is that the Legacy Trust will also ensure that there is recognition of the fact that the South West region was key in the foundation of the Mark. 

“We are also pleased to advise that social enterprises in Torbay and Plymouth will continue to receive free  business support.”

Rise’s most recent accounts show it has a healthy balance sheet with £389,744 in reserves, and a net asset value of £30,582.