In 2014, HACT, working with with Simetrica-Jacobs and a collaborative group of housing associations, created the largest bank of methodologically consistent and robust social values ever produced.
These values can provide a basic assessment of social impact, provide evidence of value for money, and compare the impact of different programmes. The values can also be used within a full SROI or Cost-Benefit Analysis.
An example of how they work in practice
One of the required outcomes in a sustainability framework might be that you have to increase the energy efficiency of 1,000 homes by two bands. Once you’ve done this, you will have met the requirements of that part of the framework.
With the UK Social Value Bank, we can measure the social value of this improvement. By using the UK Social Value Bank, we can state that if a landlord improves the energy efficiency of 1,000 homes by two EPC bands – for example, from band E to band C – then the annual social value that is created is £651,000.
We know this because we’ve got the evidence. Making a home more energy efficient improves the resident’s wellbeing. When we crunch the numbers, we can put a figure to this wellbeing uplift: improving the energy efficiency of a home by two EPC bands is equivalent to £434 per adult living there.
If we assume that there are, on average, 1.5 adults in each of the 1,000 homes, then we can work out that the wellbeing of 1,500 adults has been improved by this improvement in energy efficiency. This equates to:
- 1,500 (adults) x £434 (social value of improving energy efficiency by two EPC bands) = £651,000
The new ESG reporting frameworks that have been developed and the UK Social Value Bank are not competitors. The valuation approach that is central to the UK Social Value Bank complements the frameworks, giving funders, housing directors and contractors the ability to make a choice to the activities or outcomes they prioritise.
Using the UK Social Value Bank
We have developed a range of tools to apply the the values in the Social Value Bank. The first of these are the Measuring the Social Impact of Community Investment: A Guide to using the Wellbeing Valuation Approach (which contains headline figures from the UK Social Value Bank), and the Value Calculator spreadsheet tool.
UK Social Value Bank licensing details and commercial waiver
Our social value services
Wherever you are on your social value journey, we can support you.
Discover what social value means to your organisation.
Develop a framework to use social value to evidence your impact.
Apply your social value metrics correcly.
Produce a social value report to demonstrate your impact.
Improve your overall approach to social value.
Learn to maximise the social impact of your procurement spend.
Contractors: Deliver the social value impact your clients want.
Calculate and evidence your social impact.