Budding entrepreneurs will put their business acumen to the test to turn a £50 investment into thousands of pounds for a children’s hospice.

Haven House Children’s Hospice has launched the Galliard Homes School Enterprise Project, which will see teams of students come up with fundraising initiatives, with all the proceeds going to the Woodford based charity.

Around 40 pupils from Bancroft’s, Debden Park, Roding Valley High, The Forest Academy, West Hatch High and Woodford County High are taking part in the project.

Students have linked up with mentors from Galliard Homes, sponsors of the project, who have kick-started their fundraising with a £50 start-up fund per school.

They have just 14 weeks to grow their initial investment into £1500 or more for the charity by creating a start-up events business and putting on a range of fundraising activities in their school, including their big Showcase Event.

Ginny Donnelly, Haven House Community Fundraiser, said the challenge is hoping to raise around £9,000 for the hospice that cares for seriously ill children and their families and which is a vital service in the local community.

She said: “This is the second time we are running this project and students have already demonstrated their enthusiasm by hosting cake sales and Halloween-themed tuck shops. The project is a great opportunity for the young people to work with mentors from Galliard Homes and to learn a variety of business and entrepreneurial skills as well as the benefits of teamwork.

It’s important that young people understand more about the valuable work the hospice does in their local community. These are our supporters and volunteers of the future and we are delighted to witness their passion for Haven House.

Chris Butler, of Bancroft's School, said:

Haven House Children's Hospice is a charity that we are very much behind and we look forward to supporting. The Enterprise Project is a terrific opportunity to raise money for the hospice. It provides pupils with an insight in to the business world and a chance to develop their team building, communication creativity and project skills whilst building on their confidence.

The challenge will climax with an ‘Awards Evening’ in March 2020 when each school will showcase their achievements to a panel of judges. Winners will then be selected for a number of awards including; most money raised, most innovative idea, best presentation, mentor’s award and the ‘Galliard Homes Award’.

Group HR Director Victoria Anthony said: “Galliard Homes are delighted to be sponsoring the Haven House Schools Enterprise Project once again. The first project was extremely successful, and we are excited to be working with another fantastic group of students.

"As part of our Responsible Business 2020 Strategy we have developed strong links within our local communities by supporting projects to enhance the skills, knowledge and employability of young people. We want to wish all the teams the best of luck for this project and we look forward to seeing their innovative business ideas.”