“A lot of effort but worth it”

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Presentation transcript:

“A lot of effort but worth it” Commissioners’ experiences of social impact bonds The National Commissioning and Contracting Training Conference Hayes Conference Centre, Derbyshire 9 June 2016 James Ronicle, Ecorys UK & Neil Stanworth, ATQ Consultants

Services / interventions What is a Social Impact Bond? In simple terms, SIBs are a form of Payment by Results, where the upfront capital is provided by an external investor Provider has to source working capital to fund services until payments are made Payment for outcomes Commissioner Provider Specification of outcomes Services / interventions Diagram source: ATQ Consultants

Services / interventions Up-front capital to fund services What is a Social Impact Bond? In simple terms, SIBs are a form of Payment by Results, where the upfront capital is provided by an external investor Commissioner Provider Specification of outcomes Services / interventions Social Investors Payment for outcomes Up-front capital to fund services

There are 32 SIBs in the UK in a range of policy areas SIB Development SIBS in the UK There are 32 SIBs in the UK in a range of policy areas And more to follow: - CBO has funded 4, with a further 41 to follow - Life Chances Fund is £80m, not sure how many SIBs but will be quite a few -Other government departments looking into them (e.g. DCLG) Source: Cabinet Office

SIB Development SIBs to support Children in/on the Edge of Care Many argue that there is a strong business case for a SIB for children in/on the edge of care Essex SIB: Children at risk of going into care Essex CC (ECC) has higher than average no. of young people in care. Care costs £20k - £180k per year / per individual Big Society Capital & Bridges Ventures provide £3.1m loan Loan funds AfC to provide MST for 380 young people at risk of entering care over 8 years. They aim to divert 110 from care. Payments made when child is diverted from care ECC anticipate saving £17.3m, of which up to £7m will be paid in outcomes payments – net saving of £10.3m Investors could receive up to 8 – 12% annual interest Source: Cabinet Office