Social impact bonds (SIBs) are designed to help reform public service delivery. They improve the social outcomes of publicly funded services by making funding conditional on achieving results. Investors pay for the project at the start, and then receive payments based on the results achieved by the project.
In November 2012, Essex County Council became the first Local Authority in the UK to commission a Social Impact Bond in children's services, with the aim of providing the therapeutic support and improving outcomes for adolescents at risk of going into care.
We advise clients who are considering investing in a social impact bond and organisations that want to deliver a project funded by social impact bond. We have been instructed by SIB intermediaries, and are working with Local Authorites and Fund Managers, where new and innovative programs have potential for success.
What we can do for you
Our advice includes:
Initial scoping of the SIB delivery model and assisting with initial feasibility
Investigating options and establishing the corporate/charitable SIB intermediary vehicle
Making the initial application for development grant, including drafting Articles of Association for the company
Applying for charity registration
Negotiating a Partnership Agreement where required with fund managers
Preparing a Memorandum of Understanding with any project delivery partners
Establishing and investigating options to set up the SIB delivery organisation/ special purpose vehicle, including drafting Articles of Association for the company and consideration of ownership/ investment rights
Preparing delivery contracts with social service providers and charities
Reviewing Lead Commissioner's overarching Project/ Outcomes Agreement
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