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Unlocking Value Through UK Social Investment: Insights and Strategies for Effective Community Engagement

Explore the power of social value metrics to demonstrate community investment impact, measuring well-being, and enhancing decision-making processes. Dive into key insights from the UK Social Value Bank and understand its evolution, implications, and future trends for improved outcomes.

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Unlocking Value Through UK Social Investment: Insights and Strategies for Effective Community Engagement

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  1. Five years of the UK Social Value Bank: How to use social value to demonstrate the value of community investment Mary-Kathryn Adams, Sheila Maxwell, James Williams @Centre4CI #CIConf19 www.hact.org.uk

  2. What is social value?

  3. How do we measure wellbeing? The ‘ONS Four’ subjective wellbeing measures: • Overall, how satisfied are you with your life nowadays? • Overall, to what extent do you feel the things you do in your life are worthwhile? • Overall, how happy did you feel yesterday? • Overall, how anxious did you feel yesterday?

  4. Let’s all move to the Highlands!

  5. Why do we use these measures?

  6. National datasets

  7. Statistical analysis can reveal the average impact of any one factor on life satisfaction We then look at data on people’s income to find the equivalent amount of money that has the same impact on life satisfaction Datasets on the UK population Respondents asked to rate their life satisfaction on scale of 0-10 They are also asked hundreds of questions about their employment, qualifications, debt, local area, health etc. (data on about 500,000 people) • We might find on average £14,433 also increases life satisfaction by 1.5 index points. • This gives us the wellbeing value of moving into employment For example, moving into employment may on average increase life satisfaction by 1.5 index points

  8. Wellbeing valuation method It’s sophisticated

  9. The UK Social Value Bank e.g. not being afraid of crime, an apprenticeship, gardening, exercising regularly, managing debt, quitting smoking, accessing the internet, volunteering etc. £5,340 £1,747 £2,353 £1,411 £1,593 £1,875 £4,179 £4,010 £26,124 £1,850 £14,433 £2,357

  10. Evolution of the Social Value Bank

  11. Link – Key facts and figures • Core aim to alleviate inequality and improve the lives of people by providing homes people want to live in and by delivering high quality services that are affordable - especially to people on low incomes • Formed in 1962 • 7000 tenancies and 10,000 customers • 899 homes under construction in 2017/18 • 3200 new homes by 2023 of which two thirds for social rent • Gross turnover of £67.1m in 2017/18 • Generated surplus of £6.8m in 2017/18 for reinvestment in our communities • More than 650 employees

  12. Subheading here – Arial 24 If you want to have a table – insert or delete rows or columns to the table below

  13. Link group of companies social rent stock

  14. Link Services - Diversity • Community Investment • Advice Services • Help to Buy (Scotland) and Open Market Shared Equity Scheme (OMSE) • Edinburgh Young Persons and Mental Health Services • Supported accommodation/ tenancy support • Link Academy • Care and Repair North Lanarkshire • Edinburgh Private Sector Leasing 1300 properties • Self – help Trauma Services – Better Than Well

  15. Impact @ Link

  16. What have we learned so far? • The basics –shared understanding of terms • What are we trying to achieve and why? > Evidence of need and logic modelling • Data audit and collection - what do we collect when, why and who looks at it? > GDPR • https://www.inspiringimpact.org/learn-to-measure/plan/review-your-existing-data/ • Organisation cultural change – staff training > understanding> buy in > quality data. • Normalise impact measurement as part of service delivery and management • SVB is a foundation to build upon > other impact perspectives. • Internal use (business decisions, enhance impacts) • Accept there is no perfect process or tool so take the leap and start the journey

  17. Link’s Impact journey continues • Develop/expand use of Social Value Bank and Value Insight – economic multiplier module • VFM assessment – economy, efficiency and effectiveness • Engage stakeholders in the journey • Improve impact reporting to internal and external stakeholders • Impact management

  18. The future: The next 5 years

  19. The future: The next 5 years • Still huge potential to review and develop UK Social Value Bank. • Alignment of Central Government policy, Housing Green Paper, Government Consultation in Procurement. • Practitioners are the key to the development of the Bank.

  20. The future: The next 5 years Should social landlords be asked to report on their social value activities ?

  21. The future: The next 5 years • Strategic tool to help decision making. • Increasing interest in private sector/voluntary sector. • Broadening traditional appeal from Community Investment teams to Financial Inclusion/Asset Managers/Tenant Participation.

  22. The future: The next 5 years • Most of all UKSVB should improve outcomes for customers. • Do you know what is working and making a difference? • UKSVB provides a way of identifying what works best.

  23. Q&A/Discussion

  24. mary-kathryn.rallings-adams@hact.org.uk sheila.maxwell@linkhaltd.co.uk james.williams@hact.org.uk @HACTHousing www.hact.org.uk 020 7250 8500 49-51 East Rd, London

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