A Social Enterprise
Coin Street operates a Social Enterprise, this means any income we generate is invested back into our neighbourhood. Our ambition is to remain financially independent, so that we are here for the long run, striving for high quality in all we do.
Three independent organisations oversee Coin Street:
Coin Street Community Builders: Employs the staff that run most of our activities. Members of the company must live in our neighbourhood. All financial surpluses must be applied to CSCB’s public service objectives.
Coin Street Secondary Housing Co-operative: Focuses on housing activities. CSS is registered with the Regulator of Social Housing and the Financial Conduct Authority. CSS leases its developments to fully mutual ‘primary’ co-ops. CSS is responsible for maintaining lifts and the external structures of its developments.
Coin Street Centre Trust: A registered charity which oversees Coin Street’s family and children’s centre and community programmes. It is the sole member of Colombo Street community and sports centre, which owns sports pitches on Hatfields and Paris Gardens and the Colombo Centre gym and community facilities. CSCT will own the leisure centre at the Doon Street development.
How we earn our money
Over three-quarters of our income comes from commercial activity. This includes letting space to restaurants, cafes, and shops; and hiring space out for conferences, exhibitions, car parking and filming. This creates employment and provides services as well as generating income.
Where we spend our money
We spend over 40% of our income delivering community activities and facilities, including our youth and community programmes. We are also responsible for the management and maintenance of our site, including collecting litter and looking after plants and flowers, furniture and lighting. In the past, these costs would have been met by local ratepayers.
Around one third of our income is spent on the management of our commercial spaces. And 17% is spent on the maintenance of our housing co-operatives. This includes repayments on the money we borrowed to build them.