We are pleased to announce the publication of a comprehensive white paper that explores the critical role of social value and non-financial reporting in driving transformational impact across the UK.
This paper, published in collaboration with leading global professional services network Forvis Mazars, aims to shift the focus from headline numbers used to win procurement tenders to leveraging social and environmental impact to create long-term lasting change.
“Our vision is that social value – alongside other non-financial reporting – is part of a verified and recognised assurance process by 2028. We know that this will take time to establish and there will be some challenges along the way. We wantto achieve this vision with practitioners, professionals and partners from across the social value sector – and beyond
.
Social value assurance is needed now more than ever, so that it becomes part of the business as usual for organisations, informing the decisions they make so they can maximise their impact in local communities across the UK.”
Andrew van Doorn OBE
Chief Executive, HACT
What is it?
The whitepaper:
What is it for?
Existing legislation has increased focus on social value as part of public procurement, however there are (and should be) wider drivers to reporting on non-financial disclosure.
This report lays the foundations for the evolution of the social value sector, shifting focus from headline numbers used to win procurement tenders, to using social and environmental impact to understand and drive transformational change from organisations to people and communities across the UK.
Our vision is that social value – alongside other non-financial reporting – is part of a verified and recognised assurance process by 2028.
“The assurance of an organisation’s reported social value disclosures provides credibility to them, as well as their stakeholders. This white paper provides guidance on the roadmap to greater credibility through steps that will enhance social value assurance readiness.”
Michelle Olkers
Sustainability Assurance Partner, Forvis Mazars
What are the benefits?
Who is it for?
This white paper is for organisations across the UK, predominately in the built environment or community settings and is aimed at provoking conversation about how we can collectively drive assurance across social value.
We are appealing for social value to be used as business-critical information that focuses less on legislation and more on understanding how organisations can create lasting change for people and places.
Organisations already engaging in non-financial reporting, in terms of social impact, CSR, ESG or more general environmental impacts would be at the forefront of this audience, however we should also consider those not yet doing so, and those who would be interested in benefiting from potential improvement in funding options if they enacted the recommendations.
“As we look to the future, it is clear that the pursuit of long-term impact must be at the heart of the built environment. By embedding social value principles into the fabric of our organisations, we can create more resilient, equitable and vibrant communities.
This paper lays out practical steps for those committed to driving change across the UK. Together, let us embrace the importance of social value, ensure rigorous reporting and assurance, and work towards a future where every development in the built environment acts as a driver to contribute positively to the wellbeing of all.”
Michael McLaughlin
Head of Social Value, HACT
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Download the full white paper
PUBLISHED: June 2024
AUTHORS: HACT
The HACT Social Value Bank (SVB) provides social value estimates for 88 outcomes across 11 different outcome categories. These include Employment, Local Environment, Health, Financial Inclusion, Youth, Social Groups & Hobbies, Physical Activity, Homelessness, Maintenance of the Household, Maintenance of the Local Area, and Environment.
Scottish Federation of Housing Associations (SFHA) in partnership with HACT, has released the evaluation of their Fuel Support Fund from 2021-2024. The report demonstrates the significant impact the Fund has had on social housing tenants across Scotland, generating over £37.5 million in social value, benefiting thousands of vulnerable households struggling with fuel poverty.
HACT is pleased to announce the appointment of Sarah Thomas as the new Chair of the organisation from November 2025. Sarah brings over 20 years of experience in strategic leadership, and change management, reinforcing HACT’s commitment to driving innovation and impact within the housing sector.
But what does social value really mean, and why is it crucial for communities and individuals?
