1. Community investment and CSA’s Paul Sander-Jackson Executive Director, Wessex Community Assets

2. Layers of the CSA Landowner Farmer/grower Customer Land Sales and distribution Farm enterprise The land

3. Land Ownership providing long term tenure High initial cost (SW - £4400 per acre) Long term investment Low risk Low financial return (average FBT £150 per acre = 1.4%) Social returns

4. Fordhall Farm £ 800,000 invested Over 8000 members/investors No financial return on investment Is it replicable?

5. Farm Enterprise Investment in the enterprise running the farm – e.g. stock, machinery Medium term (5-10 years) Some risk Appropriate financial return for investors? Social returns

6. Tablehurst and Plaw Hatch Farm Community investment of over £150,000 Over 400 member/investors Shares of £100 Direct community involvement in the farms

7. Distribution and marketing Investment by members in share of annual crop Short term – annual investment At risk – weather, crop failure Finance for those who cannot pay upfront Social returns

9. Community share issues… Wessex have developed a model for raising share capital at low cost This means members of a community can invest directly in community projects and services It is cheap to set up and acceptable to independent financial advisors

10. What works? Track record of organisation & people Clarity of offer Blended financial, social and environmental return Access to suitable target investor groups Effective marketing

11. CSA and community investment – a good fit ? CSA Sharing of risk between grower and customer Needs strong loyal customer base Community investment Involves members in sharing financial risks People buying in through membership and ownership of organisation

12. But…… Do you want democratic ownership and control for a farm? How do you allow farmers and growers to make the decisions they need? How do you secure long term tenure? Is ownership affordable? Double risk if you invest in enterprise and crop share?