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, Estuary Housing Association could fund a youth club which 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 Estuary 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 are exploring a certification process with HACT, to check we have applied it correctly.
Estuary Housing Association generated £585,994 of social impact in the financial year of 2017/18. Estuary Housing Association invested £107,222 in getting residents into employment, appreticeships, supporting resident groups & associations, youth clubs, volunteering opportunities, social groups and providing access to the internet.
By Estuary commiting this investment in the community, every £1 invested generated £5.47 of social value.
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 in our annual report.