There are nearly 1 million unemployed young people in the UK today. Young people who have been excluded from school or have not achieved adequate GCSEs are more likely to not make the transition into work, training or further education than those who have not.
Adviza run the Energise programme which supports vulnerable 14-15 year olds. The programme works with vulnerable children in the Thames Valley region, who have been identified by their schools as being most at risk of dropping out of school and becoming NEET (Not in Education, Employment or Training). Through one-to-one mentoring, group work and residential courses, the young people are given tailored support to help them make the transition from secondary education to higher education or employment.
The Energize project aims to improve attendance, attitude, and behaviour at school, as well as improve GCSE results and support young people into employment. Structured as a social impact bond (SIB), income is only realised based on achieved targets, with robust impact measurement.
Investment into this SIB provides the risk and working capital for the programme to be delivered by the charity Adviza. Repayment is under a “payment-by-results” contract with the Department of Work and Pensions (DWP), out of long-term savings to the public purse of reducing youth unemployment. Social investors take on all of the financial risk, providing the required up-front funding in the knowledge that their returns will only be made if the intervention achieves specified targets.
The DWP’s Innovation Fund was launched in 2012 to support payment-by-results programmes that enable disadvantaged young people to participate and succeed in education and training. Energise Innovation is one of the SIBs in this programme. Big Society Capital’s investment into this SIB will help Adviza build a track record and sustainability, with the aim of eventually expanding and financing successful programmes across the UK..
- Big Society Capital's investment: £319k
- Total fund size: £902k
- Co-investors: Barrow Cadbury Trust, Esmee Fairbairn Foundation, Buckhinghamshire County Council, Bracknell Forest Homes Limited, Berkshire Community Foundation
Outcome payer: Department for Work and Pensions
Delivery organisation: Adviza
- SIB performance manager: Social Finance