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The Centre for SIBs and the Social Outcomes Fund

The Centre for SIBs and the Social Outcomes Fund. Tim Pearse timothy.pearse@cabinet-office.gsi.gov.uk. Agenda. Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources. Agenda. Payment by Results and Social Impact Bonds Centre for SIBs

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The Centre for SIBs and the Social Outcomes Fund

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  1. The Centre for SIBsand the Social Outcomes Fund Tim Pearse timothy.pearse@cabinet-office.gsi.gov.uk UNCLASSIFIED

  2. Agenda Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources UNCLASSIFIED

  3. Agenda Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources UNCLASSIFIED

  4. What is Payment by Results? Resources e.g. a hospital budget Inputs e.g. doctors, nurses, equipment Outputs e.g. Procedures / operations Outcomes e.g. better health and wellbeing Payment by results means paying for real-world social change rather than just activities Why might you want to do this? Risk transfer away from public sector Unlocks innovation Incentivises better performance UNCLASSIFIED

  5. What are Social Impact Bonds? Social impact bonds are a subset of payment by results They provide upfront investment to finance working capital requirements of VCSE organisations Why might you want to do this? All the advantages of payment by results Plus ‘levels the playing field’ for VCSE providers Plus new up-front money available for prevention UNCLASSIFIED

  6. Basic SIB structure Investors Upfront investment (working capital) Outcomes payments (based on results) Provider Commissioner Services UNCLASSIFIED

  7. Where are today’s social impact bonds? Perthshire & Kinross: NEETs Nationwide: adoption North West England: NEETs Nottingham: NEETs Peterborough: recidivism Greater Merseyside: NEETs West Midlands: NEETs Essex: children in care Wales: NEETs London: NEETs (4 projects) GLA: homelessness UNCLASSIFIED

  8. Agenda Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources UNCLASSIFIED

  9. Centre for SIBs • More and better Social Impact Bonds. • Current Projects • Increase awareness and understanding of SIBs • To reduce set-up and transaction costs • To help SIB developers by making more data publicly available • To support SIB developers by providing advice and support UNCLASSIFIED

  10. Agenda Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources UNCLASSIFIED

  11. Social Outcomes Fund • £20m Cabinet Office fund • Tops up outcomes payments in PbR and SIB propositions • Recognises the cross-government benefits of tackling complex social issues • Collects data and makes public for future commissioners • Open for bids! UNCLASSIFIED

  12. Social Outcomes Fund Investors Commissioner C. 80% of outcomes payments Intermediary /SPV SOF C. 20% of outcomes payments Provider UNCLASSIFIED

  13. Bids so far and next steps • Announced 1st round winners CVAA and MCC in Spring • Bids from commissioners, providers and intermediaries • Diverse geographical areas • A range of policy areas • Join up with Big’s Commissioning Better Outcomes UNCLASSIFIED

  14. Agenda Payment by Results and Social Impact Bonds Centre for SIBs Social Outcomes Fund Further resources UNCLASSIFIED

  15. Further resources https://www.gov.uk/social-impact-bonds UNCLASSIFIED

  16. Further resources http://socialimpactbonds.cabinetoffice.gov.uk/ UNCLASSIFIED

  17. Further resources http://www.socialfinance.org.uk/ UNCLASSIFIED

  18. Contact us Website https://www.gov.uk/social-impact-bonds Blog http://socialimpactbonds.cabinetoffice.gov.uk/ Centre for Social Impact Bonds sibs@cabinet-office.gsi.gov.uk Social Outcomes Fund sof@cabinet-office.gsi.gov.uk Twitter @socimpactbonds UNCLASSIFIED

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