Orbit Group’s approach to measuring the social value of its activities has been certified by HACT following a recent audit.
The housing provider has been working in partnership with HACT to ensure it continues to demonstrate best practice in social value. As part of this, the organisation invited HACT to undertake a review of its current approaches to data collection, and social value calculations.
The audit confirmed that Orbit had met high data quality standards. and correctly calculated the social value of projects and activities delivered in the financial years 2020-2021 and 2021-2022, totaling £42.7m in social value.
Frances Harkin, head of services at HACT, said: “Orbit has shown itself to be a best practice business and leader in delivering meaningful social value outcomes.
“The organisation has shown consistent improvements across a varied portfolio of programmes, particularly in modelling, monitoring and measuring the social value it creates.
“As a pioneer in this space, and as an early adopter of the UK Social Value Bank, Orbit’s social value framework will enable them to evidence the social impact they create on an ongoing basis.”
Afzal Ismail, group executive director for Orbit Corporate Services, added: “We’re delighted to achieve this certification from HACT, which reflects Orbit’s strong commitment to deliver £100m in social value by 2025, and our ability to accurately report to our lenders, ABN-AMRO and Barclays for part of our two sustainability-linked loans.
“The feedback and support from HACT are helping to inform our journey towards demonstrating our impact and value for money to customers, and becoming a best practice social value business.
“We have already started work on implementing their recommendations including the development of our social value framework which we will be launching very soon.”
Image credit: wutzkohphoto/Shutterstock
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