Investing with Intention – Exploring Impact Investment 

 On 5 June 2025, Future Care Capital (FCC) and Mills & Reeve welcomed over 20 charity leaders to an interactive event designed to explore how health and care organisations can use investment capital to further their mission.  

Hosted at Mills & Reeve’s London offices, the workshop attracted representatives from some of the UK’s most respected organisations. 

From trustees and CFOs to research leads and investment officers, the room was filled with professionals asking the same question: how can we do more with the capital we have – without compromising our values, our mission, or our governance? 

A Practical and Peer-Led Space 

The event was designed to offer more than just theory. Participants were walked through FCC’s own impact investment journey with a focus on lessons learned along the way.  

Legal experts from Mills & Reeve provided clarity on what’s legally possible, what trustees need to know, and where risk can be managed rather than feared. 

Speakers included: 

• Joe Steel, Chair, FCC 

• Hak Salih, Innovation Lead and Trustee, FCC 

• Sarah Williams, Partner, Charity Governance, Mills & Reeve 

• Dona Ardeman, Partner, Investment Structures, Mills & Reeve 

Each brought a practical, grounded perspective — emphasising not just what can be done, but how to do it well. 

What We Heard 

Across the presentations and discussions, several consistent insights emerged. These cut through the complexity to reveal what really matters when charities begin to explore impact investment. 

Language matters

Several participants raised that the term investment can be alienating or misunderstood within their organisations. It’s often associated with high financial risk or seen as outside the scope of charitable purpose.  

One charity found it helpful to describe it instead as “a grant with the possibility of a return,” which made it easier to bring trustees into the conversation. Shifting the language helped move internal discussions away from fear and towards opportunity. 

Trustee engagement is a key barrier — and opportunity

Trustees were consistently identified as a bottleneck in progressing investment conversations. For many charities, the challenge wasn’t about whether the mission aligned, but whether investment itself was seen as a legitimate tool.  

Several participants noted that when trustees were engaged earlier in the process — rather than presented with a finished proposal — the conversations were far more constructive. The idea of co-developing the approach and drip-feeding information over time was seen as especially helpful in building understanding and trust. 

Legal powers often already exist

Some charities assumed they would need to amend their governing documents or seek regulatory approval to begin impact investing.  

In fact, it was clarified during the event that many already have the legal powers required; what’s often missing is the confidence and clarity to act. Participants expressed relief and renewed interest when they realised the regulatory barriers may not be as significant as they had initially thought. 

Charities bring more than funding to the table

There was strong recognition that charities contribute value beyond financial capital. They bring deep knowledge of health challenges, trusted relationships with patients and communities, and credibility that can support innovators and strengthen partnerships.  

One participant noted that charities often de-risk innovation simply by being involved — validating the problem, ensuring relevance, and lending legitimacy to early-stage ideas. 

What Next? 

The strong attendance and quality of discussion confirmed what FCC has long believed: there is a growing appetite among health and care charities to explore impact investment, but support is needed to make it real. 

At FCC, we support organisations at every stage of the journey. Whether you’re just starting to ask the question or ready to develop an investment strategy and engage your board, we’re here to help. As both an advisor and a convenor, we offer tailored guidance as well as opportunities to learn alongside peers. 

We’ll be publishing a series of blog posts over the coming weeks to unpack the biggest themes raised during the session, starting with how to talk to your trustees about impact investment. 

 

If your organisation is curious about what’s possible — or if you’re a potential partner who shares our ambition — we’d love to hear from you. 

Get in touch with Giovanna, FCCs impact investment lead at: giovanna@futurecarecapital.org.uk