What do we mean by Social Value?
Social Value is the term used to describe the additional value created in the delivery of a service contract which has a wider community or public benefit.
For example, One Vision Housing could fund a youth club that encourages children to develop friendships, join a sports team and be able play safely. This may create additional social value by promoting volunteering opportunities, improving health or reducing anti social behaviour and low level crime in the area.
How does One Vision Housing measure Social Value?
We use the HACT (Housing Association Charitable Trust) Social Value Calculator as it is a straightforward way of attaching cash values to social activities that are traditionally more difficult to quantify. To validate our application of the social value toolkit, we undertook a certification process with HACT, to check we had applied it correctly.
Social Value generated in 2015 / 2016
This certification process has shown that we have generated over £32 million pound of social value for the 2015/16 year, which gives a £26 return on every £1 spent. As part of the process, HACT identified some areas which require improvement, to ensure we can evidence the outcomes of certain activities in future years. They have allowed us to include these in this report, in order to demonstrate the overall impact which the organisation has had during 2015/16.
Full details of this, and each specific activity which contributed to the figure above, can be found by following the link below:
We will continue to use the toolkit to calculate Social Value. It will help us to determine how to use our resources wisely when planning or agreeing to fund projects. We will publicise our achievements through our website, tenant magazine articles and our annual report.