SOCIAL VALUE
SOCIAL VALUE
Social value is the positive impact an action, project or organisation has on people, communities and the environment, going beyond traditional financial metrics. It's about improving economic, social and environmental wellbeing.
Examples of activities covering these three key aspects are:
Economic: creating employment such as apprenticeship opportunities
Environmental: efforts to reduce carbon emissions
Social: promoting cohesive communities through volunteering
In FY 2024/25, we implemented a new social value reporting platform, Thrive, which allows us to more robustly measure and track the impact of our responsible business work. Through this system, we recorded £2,916,042 of social value generated through our core activities from this baseline year. This does not include our emissions reductions as we are awaiting our environmental data for FY 2024/25. We will update the report when this data becomes available.
We have grouped our impact under the headings below to align with our existing responsible business structures.
We will monitor the social value proxy figures (which use the Impact Evaluation Standard, aligned to the UK government’s Social Value Model and the UN SDGs) to measure the impact of our work but recognise that the data we have captured to date doesn’t reflect the full picture of all of our responsible business activity. We will be adding further information to capture our impact in other areas.
