Developing Empowering Resources in Communities (DERiC) and Big Society Capital (BSC), the social investment bank, today announced the launch of an innovative programme to utilise personal care budgets which will greatly improve existing service levels for people with social care needs through community engagement.
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.
The UK social investment market grew by up to a quarter to £202 million per annum in 2011- 12 through an estimated 765 deals, according to a new report published today (3rd July).
Growing the Social Investment Market: The Landscape and Economic Impact, authored by ICF GHK in association with BMG Research, has been jointly commissioned by Big Lottery Fund, Big Society Capital, City of London Corporation and Her Majesty’s Government. The research finds that over the lifetime of their finance period, these 765 social investments resulted in the creation or safeguarding of 340 UK social ventures, 6,870 UK FTE jobs and £58 million in GVA contribution to the UK economy in gross terms.
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.
This week, in the lead up to the GB Summit in Enniskillen, Prime Minister Cameron will convene key global leaders from government, civil society, and the private sector to evaluate the potential and practicalities of using "social impact investing" to tackle significant globalchallenges. We urge the world to take notice of this positive development.
At the world’s first G8 conference on social impact investing Prime Minister David Cameron today reinforced the UK’s commitment and leadership in growing the global social investment market, which already creates jobs and growth in the economy and tackles entrenched social problems whilst saving money for the taxpayer.
- UK hosts inaugural G8 conference on social impact investing
- Prime Minister announces £250m to help communities purchase local assets
- London Stock Exchange backs the world’s first Social Stock Exchange
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), the world's first social investment bank, has begun the process of searching for a new Chair. Sir Ronald Cohen made it clear that he would be the first Chair to help set up Big Society Capital and that he intended to step down from the role to be a director once Big Society Capital had become fully operational. This phase of the development of the organisation will be completed by the end of 2013.
Charities and social enterprises play a vital role in the justice sector through their commitment to reducing reoffending and improving communities. Big Society Capital (BSC) believes the forthcoming reforms to probation services could present a significant opportunity for social sector organisations (SSOs) to do even more in rehabilitating offenders and reducing reoffending.