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.

How do we 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 2020/21

This certification process has shown that we have generated over one million pounds of social value for the 2020/21 year, which gives a £30 return on every £1 spent.

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 (2020/21)

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.