Agenda item

Report of the Chief Grants Officer.

The Chief Grants Officer introduced a progress report on social investment activity within the Corporation.

Stepping Stones Fund

Members noted this remained successful, with the third round attracting 77 applicants from which 17 grantees were selected to share £700,000 (the full grant allocation). Co-funder UBS remained engaged and positive and officers advised that discussions with other partners and potential co-funders were progressing to launch a fourth round in the early part of 2017.

Portfolio

Officers clarified some wording in the report, confirming that risk had been considered on a case-by-case basis rather than regarding the risk of a particular investment in the context of the wider portfolio.

Social Impact Measurement

Officers advised that the approach to impact measurement proposed today focused on key outcomes the Board aimed to achieve and measured success against these. Members discussed the proposal and requested that the matrix used by Big Society Capital be presented at the next meeting.

In response to Members’ queries, officers confirmed that initial tests using the impact measurement framework confirmed the financial strength of the Board’s previous investments but highlighted that further work was needed if investments were to provide additionality and build the social investment market as strongly. Members agreed this was a fair representation of the current portfolio; the Fund had been set up to prove social investment was financially credible. Now this had been achieved other drivers (such as additionality) could take precedence.

Members requested the measurement be applied to existing investments at their start and current positions for the next meeting to provide an understanding of how the measurement could work in practice and how it might influence future decisions.

RESOLVED – That:

a)    the social impact measurement matrix used by Big Society Capital be presented at the next meeting;

b)    the impact measurement method be applied to existing investments for the next meeting; and

c)    the report be noted.