Today we are publishing our revised Social Impact Plan which outlines the key areas of activity that we will deliver over the next three years for the social investment market.
The revised Social Impact Plan has been developed following internal consultation with staff and our Board, independent research and feedback from stakeholders in the UK and internationally.
Our social impact priority is to support vulnerable and disadvantaged people in the UK and impact evidence drives everything that we do:
- It helps us to deliver social impact through our investment decisions and processes.
- It enables us to build evidence about the difference which is being achieved by our investments and
- It supports our efforts to share learning to grow the social investment market in the UK.
For charities and social enterprises, social impact evidence is key to helping them to measure the change that they are delivering. They can learn, improve, compare, influence and raise further investment.
We know that impact measurement can be a challenge for some charities and social enterprises. To address this issue we have published useful tools and resources on the Good Finance website to help organisations with defining and measuring their impact. For example, an interactive version of Outcomes Matrix is available on the website which enables users to build their own bespoke map to measure impact. So far, over 16,000 people have viewed the Outcomes Matrix and we regularly receive positive feedback about how useful it is for organisations.
There are a number of exciting new activities in the revised Social Impact Plan. For example, as part of our ongoing commitment to transparency, we have published impact metrics which are gathered by charities and social enterprises who have received investment. This will help to support better peer to peer learning about the data which is used to measure social change. We are also working with the Access Foundation and Power to Change to deliver the Impact Management Programme which will provided end to end measurement support for charities and social enterprises including online resources and grants.
For social investment fund managers, we are offering specialist consultancy support to develop their impact approaches which is provided by the Social Innovation Partnership and we have also set up an independent peer forum to share learning and best practice which is hosted by Social Enterprise UK and Investing for Good and co-founded by the Esmee Fairbairn Foundation.
We welcome feedback about our revised Social Impact Plan as we want to continually update it to ensure that it is useful and helpful for the social investment market. Please contact me if you would like to discuss the content of the plan in more detail.