BSC is run by an Executive Committee which leads the five key areas of the business: investments; impact and operations; strategy and market development; finance; and communications. The Executive Committee has a quarterly Risk Management meeting to review BSC’s Strategic Risk Registers. As part of this meeting, the Executive Committee also identifies its key risks for the next quarter.
31 October 2013: Big Lottery Fund, Big Society Capital, Citi, The City of London Corporation and Cabinet Office, have today jointly announced the formation of the Social Investment Research Council (the “Council”).
The Council is a coordinated initiative which draws together research commissioners from key organisations in the social investment market.
The aim of the Council is to help advance the UK social investment market through consolidating research efforts to generate powerful and practical insights for the benefit of social sector organisations and investors.
The inaugural 2013-2014 research programme will focus on improving the understanding of social investment market products, and the specific investors needed to finance them.
Over the next six months the Council will call for ideas from researchers and other industry bodies for potential projects to add to the research programme agenda.
Big Society Capital has hired the former Finance Director of Scope, Geetha Rabindrakumar to create stronger connections between Big Society Capital and charities, social enterprises and community organisations.
Big Society Capital today announces that it has hired Jeremy Rogers as its Chief Investment Officer. Jeremy has combined roles in the charitable and financial sector for the last two decades, most recently as a Partner at investment fund managers Praxient Capital and advisor to Big Issue Invest, the social investment arm of The Big Issue. He is also a Member of the Ashoka Support Network for social entrepreneurs and has provided strategic consulting for small charities through the charity Pilotlight.
A Roundtable brought together senior staff from 15 social purpose organisations working in different sectors to discuss how to be effective in reliably achieving targeted outcomes and delivering impact. The discussion highlighted the commonality in issues faced, a sense of shared vocabulary and a high level of agreement about the key elements necessary to deliver impact.
Big Society Capital is delighted to announce that Harvey McGrath, a leading philanthropist and the former Chairman of Prudential and Man Group, has been appointed to the Board of Big Society Capital and will assume the Chair on 1st January 2014.
At an event to launch Big Society Capital’s (BSC) first Annual Report, Nick O’Donohoe, CEO, outlined a number of proactive initiatives for 2013 to drive the development of the social investment market in the UK.
Big Society Capital welcomes the Government's commitment to establish a social investment tax relief. We believe it is an extremely timely intiative with the potential to transform the social investment market.
The first Social Impact Bond focused on early intervention to prevent young people becoming NEET (not in education, employment or training) has exceeded its Government target for the number of low attainers achieving five A*-C grade GCSEs by more than 80%.
Big Society Capital (BSC) believes forthcoming reforms to probation services have the potential to expand the role of social sector organisations in the criminal justice sector. There are details about the reforms that remain uncertain, including the final payment mechanism itself. But as long as the eventual market both incentivizes lower reoffending, and ensures appropriate transfer of risk and reward down the supply-chain, social sector organisations will be well placed to do more, and in turn there will be greater demand for social investment.
We expect the formal competition process for the new probation services to begin in the next couple of weeks. We set out below the main options for social sector organisations looking for social investment to support their participation in this competition.
Northern Rock Foundation and Big Society Capital haveannounced their intention to create a £11.5m social investment fundfor the north east of England to support the development and expansion of voluntary and community organisations and social enterprises. This will be the first regional fund of its kind to be set up with Big Society Capital support.
Public servants who form ‘John Lewis style’ mutuals to take control of their services need better access to external finance if they are to transform public services, a report published today argues.
The Boston Consulting Group report, ‘Soft Finance, Hard Choices’, analysed the performance of 71 mutuals, which currently deliver £1.2billion of public services, as well as 15 mutual projects in development. It found clear evidence that mutuals are improving service quality and driving innovation. It also showed that they are performing well as businesses with the 62 mutuals launched since 2010 generating substantial growth and creating as many as 3,000 new jobs.
A new report from The Young Foundation, supported by the Private Equity Foundation and Big Society Capital, says the £2.5 billion a year pupil premium is not being used effectively to raise the educational performance of the UK’s poorest pupils – and calls for social investment to be used to develop and deliver programmes with greater impact.
Big Society Capital and the City of London Corporation have invested £5m and £500,000 respectively into a social impact investment fund targeting the purchase of about 240 Greater London properties that will be available for homeless people to rent.
Big Society Capital (BSC) believes the forthcoming reforms to probation services could present a significant opportunity for social sector organisations (SSOs). The reforms are titled Transforming Rehabilitation, and that is just what most SSOs in the justice sector seek to do, and in many cases have a strong track record of achieving. We note and welcome the Ministry of Justice’s (MoJ) commitment to SSOs in their consultation document1 . We ourselves stand ready to help the social investment market play its part in the reforms, improving justice SSO’s access to appropriate capital.
Tomorrow, at an event hosted by Deutsche Bank, Big Society Capital will be launching the first stage of the Evidencing Social Value project that we have been co-ordinating with the collaboration of prominent social investors and expert groups who have been working in this area for some time.