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, Pine Court could fund a local community group which engages with people from diverse cultural backgrounds. This may create additional social value by helping people to overcome language and/or cultural barriers, and reducing anti-social behaviour in the community.

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How does Pine Court Housing Association measure social value?

We use the HACT 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 2.7 million pounds of social value for the 2015/16 year, which gives a £58 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:

HACT Social Value report (2015/16)

Next Steps

We will continue to use the toolkit to calculate social value. It will help us to determine the how to use our resources wisely when planning or agreeing to fund projects. We will publicise our social value achievements through our website, tenant magazine articles and our annual report.