Bakery owner Steven Thomas is launching a new concept of charity. He plans to launch a ‘philanthropic bond’, an entirely new form of charity donation that aims to give people bread for life.
The idea is that donors make a pledge. This pledge goes towards a target sum of £250,000. If the target is reached the capital generated will sustain bread for life for a number of nominated recipients.
“It’s a philanthropic promise,” said Steven, who has a background working in finance before taking over Endacotts Bakery in Okehampton last year.
“If someone pledges capital they can nominate any one of around ten recipients to receive bread for life, be it a food bank, a school or a nursing home. The bond is secured against the value of my bakery and the property itself. This gives investors security, there are a lot of ‘junk’ bonds out there.”
Steven is currently looking for donors as well as worthy causes to register an interest in becoming a recipient of the scheme in Dartmoor and the surrounding areas. “Invest money and I will pay you a coupon of bread. The person who pays chooses the worthy cause, whether it’s a school or a breakfast club. We have a £250,000 goal to be able to make the bread in perpetuity.”
But it isn’t just about the bread. Steven hopes that the model he has envisaged will become an alternative form of charity giving.
A model that supports local traders, whilst donors can be safe in the knowledge that their pledge will continue to feed people indefinitely.
“There are a number of people who give money to charity on a Direct Debit. I want to offer people the opportunity to give bread to those who need it, forever.”
The minimum stake is planned to be around £100. Donors can pick their recipient from a list of worthy institutions with the idea being that groups can club together and nominate a local cause.
If any local organisation would like to register their interest in receiving free bread for life, or, if you are interested in pledging a donation, please contact Steven at: firstname.lastname@example.org