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An introduction to social impact bonds. Social Finance is authorised and regulated by the Financial Service Authority FSA No: 497568. May 2013. Ben Jupp, Director. ben.jupp@socialfinance.org.uk. Social investors are developing New structures to create social & financial value.

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an introduction to social impact bonds

An introduction to social impact bonds

Social Finance is authorised and regulated by the Financial Service Authority FSA No: 497568

May 2013

Ben Jupp, Director

ben.jupp@socialfinance.org.uk

social investors are developing new structures to create social financial value
Social investors are developing New structures to create social & financial value

The Peterborough Social Impact Bond exemplifies a new contracting model, a new delivery model and a new social investment model

INVESTORS

Return depends on success

£5 million

MINISTRY OF

JUSTICE/

BIG LOTTERY FUND

Payment based on reduced convictions

HMP PETERBOROUGH

SOCIAL IMPACT PARTNERSHIP

St. Giles Trust

Providing specialised support pre- and post- release to high/medium risk clients

Providing volunteer support pre- and post- release to low risk clients

SOVA

MIND

Low level mental support to prisoners while they are in prison and post release

Support needed by the prisoner, in prison and the community. Funded as the need is identified

Other Interventions

Support to prisoners’ families while they are in prison and post release

Ormiston Trust

3,000 male prisoners sentenced to less than 12 months

a number of social impact bonds have been launched or are in development
A number of social impact bonds have been launched or are in development

Reducing NEETS (x5) - DWP

Intensive Fostering - Manchester

Adoption

Reducing NEETS (x4) - DWP

Drugs

Recovery

Peterborough reducing re-offending - MoJ

Reducing rough sleeping - GLA

Edge of Care - Essex

Shared Lives

Health & Care

HMG Social Outcomes Fund

Big Lottery Support

Wider set of contractual developments – e.g. PBR, risk sharing, - and developments in social investment

different models are appropriate in different circumstances
Different models are appropriate in different circumstances

1. Developing Edge of Care

Services

2. Developing Shared Lives Schemes

Social Investor

Social investors

1) Investors capitalisecompany

1) Investors capitaliseincubator

SIB Company

  • SHARED LIVES INCUBATOR
  • Investment
  • - Business support
  • Professional standards
  • Back-office

2) Incubator a partnership between national charity, investment intermediary and investors

3) MST service contract

2) Outcomes basedcontract with ECC, based on fewer young people needing care

3) Incubator provides organisational development, professional standards, performance management & back-office functions

Action for Children

SL

Scheme

SL

Scheme

Young people & families

4) Schemes develop medium term contracts with LAs to expand placements & improve outcomes

Essex County Council

Local authority

Local authority

lessons
Lessons
  • Social investment can help support the development of a range of social enterprises:
      • Service developments – scaling, franchising
      • Buildings/assets
      • Credit Unions/CDFIs
    • Social Impact Bonds can be a powerful way to develop new services and help transfer risks for commissioners:
      • Combining social and financial rigour and a focus on outcomes
      • Working with socially motivated investors is valuable, at least for early deals
    • Working through a detailed understanding of social needs, financial flows and contractual and delivery structures is important before deciding on the most appropriate investment approach:
      • Value of feasibility studies
      • Pros and cons between internal and social investment

Value social ventures and commissioners understanding the social needs, financial flows and investment options before deciding on an approach