Adviza Social Impact Bond performed above expectations
17th Jul 2015
Social Finance announced on 14th July that the Adviza Social Impact Bond has performed above expectations and delivered outcomes sufficient to return investor capital earlier than expected. Full results will be published in 2016 when the project comes to an end.
In October 2012, the Department of Work and Pensions Innovation Fund awarded a Social Impact Bond contract to fund positive social outcomes for young people on the Adviza programme. The Social Impact Bond is managed by Social Finance. Unlike typical social service delivery, the funding for the Social Impact Bond is provided at risk by social investors whose financial return is aligned to the positive social impact of meeting pre-agreed educational, training and employment outcomes.
Adviza delivers an innovative programme to address the root causes of young people becoming NEET (not in education, training or employment). The project works with 14-15 year olds who are identified as having on average three to four risk-of-NEET indicators, including poor school attendance, disruptive or antisocial behaviour, family or mental health issues and low educational attainment.
Social investors provided the money needed to run the programme and are rewarded by the DWP if the adolescents achieve a number of defined targets, including improved attitude, behaviour and school attendance, educational and life skills qualifications and employment. Outcomes payments from the Innovation Fund may be claimed over the three and a half years of the programme.
The Energise programme has worked with young people from 42 schools in the Thames Valley. It offers mentoring combined with structured activity days and residential courses and is designed to foster re-engagement with school, to build resilience and confidence. During the project, we introduced a “Job Coach” pathway for the young people looking for employment with support for CV drafting, recruitment fairs, job applications and interviews. The programme has outperformed on attitude, behaviour, level 1 and 2 educational qualifications and 26 weeks employment outcomes.
“The impact Energise has made on the lives of vulnerable young people has been extraordinary and this funding model has allowed us to focus on activities that work and make a difference. Our performance demonstrates that investing in intensive work with young people makes a positive difference not only to society as a whole but also to those individuals whose lives it has changed. We are grateful for the opportunity to be involved in the Innovation Fund and thank Social Finance and our Investors for their support, we couldn’t have done it without them,” said Katharine Horler, CEO of Adviza
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