Oakfield Trust Makes A Difference In Clondalkin
The Trust is disbursing property rental income to social enterprises, writes
Sustainability and corporate responsibility have been buzz words across every sector for a number of years but Oakfield Trust has long been ahead of the curve. Established in
1996, the Clondalkin social enterprise and registered charity has been supporting community organisations and enterprises in the locality for almost three decades.
Oakfield Trust is the trading name for Clondalkin Community Property Development CLG, and worked closely with the Clondalkin Partnership as it developed.
As the partnership expanded its reach to become the South Dublin County Partnership, Oakfield Trust also widened its scope within the community.
The Trust’s primary activity is property management and development involving the acquisition, customisation and management of properties that are leased to organisations working with marginalised groups in socially excluded communities. The Trust owns three commercial properties let to anchor tenants, while two other properties are leased and sub-let to community-based organisations.
Chairperson Aileen O’Donoghue, one of the founders, says the trust came into existence to cope with demand for space. “Various social organisations were getting government funding for the first time and starting to employ staff, but there was no suitable space to allow them to run their operations from the area. Most of the available work space in Clondalkin
was over shops in the village.
“A group of us came together and identified a number of industrial buildings which would be suitable for turning into offices. We then leased them, did some refurbishment and made them available to community organisations. Some were tailored for specific use while others shared facilities under one roof.”
Oakfield Trust’s tenants have included a local development company, Citizens Information office, employment services, an intercultural centre, and a family resource centre. “We have also assisted groups to find their own premises,” O’Donoghue adds.
Since 2000, Oakfield Trust has sourced funding from Triodos Bank in Bristol. This bank is unusual is that it exclusively lends based on sustainability criteria, and was doing so long before such a policy became fashionable. Social lending made up over half of the bank’s lending activity in 2022, and this spans loans to traditional businesses or non-profit organisations, innovative enterprises, and service providers with clear social objectives.
Oakfield Trust’s investment properties were valued at €1,670,000 in December 2011 according to filed accounts for the CLG’s operating company. This was up €660,000 on the previous year due to a revaluation. Bank debt owed declined from €600,000 to €500,000 as the Trust recorded a €130,000 surplus on its activities.
In 2023, the Trust launched a new fund to provide finance to social enterprises, with the aim of disbursing €250,000 over a five-year period. The open fund has two calls a year, and ‘Scale Up’ funding up to €10,000 is offered for an established social enterprise or entrepreneur; ‘Get Started’ offers up to €5,000 to develop a new social enterprise idea towards start-up; while an ‘Explore Award’ offers cash assistance to encourage individuals to explore an idea which addresses a social issue.
“We had 40 applications in the first round, which is fantastic,” says O’Donoghue. “Our ambition is also to provide information about social enterprise, how it works and what it can achieve. In addition, we want to bring together people who are involved in social enterprises and introduce projects from other localities.”