BIG backs innovative approach to early intervention

20 Nov 2012 11:05 AM

This will include an initial programme to help support children and young people to stay safely in their homes, via the use of a Social Impact Bond (SIB).

The funding comes from Next Steps: Supporting Social Investment in England, which is exploring the potential of new approaches to raising finance that will help address significant social issues.

BIG’s grant will enable Torbay Council, in partnership with Devon, Cornwall and Plymouth Councils, to create a ‘Local Integrated Service Trust’ which will pull together public sector funding and help attract social investment from third parties into a ‘common purse’ to target and help specific communities and issues. This means that services can be designed around the needs of the communities in which they operate and will support the most vulnerable; for example deterring young people from crime and improving family work opportunities.

The funding will also allow for the ‘Local Integrated Service Trust’ to develop a Social Impact Bond (SIB), which will raise investment to fund local voluntary, community and social enterprise (VCSE) organisations to help support families across the south west to stay together. The return to investors will be dependent on the success of these interventions.

Working with Plymouth, Devon and Cornwall Councils, Torbay Council will consult with a wide range of beneficiaries on the most effective interventions and build the capacity of the VCSE sector to offer improved services to those who need them most. By working across local authority boundaries, the aim is to assess the impact of early intervention and new approaches to social investment at a large scale.

Nat Sloane, Big Lottery Fund England Chair said: “I anticipate that this landmark proposal we are funding today will demonstrate an innovative new way of tackling deep rooted social issues while bringing more sustainability to VCSE organisations.

“Prevention is better and cheaper than cure and at a time of tight public finances, Social Impact Bonds represent a new and innovative way of attracting investment from outside the public sector. BIG has been a pioneer in this field, having supported the first ever social impact bond, aiming to reduce the reoffending rates of those leaving Peterborough prison.

“Today’s Next Steps award builds on this and is another stepping stone in our journey to support the development of the social investment market in England, in a way that will enable VCSE organisations to better serve those most in need.”

Councillor Alan Tyerman, Executive Lead for Finance and Audit at Torbay Council, welcomed the news saying; “For a long time it has been recognised that the imposed boundaries and ring fenced budgets of different public sector organisations often mean duplication of spend and effort in dealing with complex social issues. We are seeking to break down the barriers to dealing with those complex issues and ensure that early intervention targets those who need it most so we can deliver better benefits in the long term for lower costs.”

Councillor Andrea Davis, Devon County Council’s Cabinet Member with responsibility for Children, Health and Wellbeing, said: “This funding will help authorities explore new ways of working to support vulnerable children and young people across the peninsula, helping families to stay together as much as possible.”

Neil Burden, portfolio holder for children’s services at Cornwall Council, said “Given the unprecedented pressure on the public purse, I am delighted that the four councils are working together to explore new and more cost effective ways of funding local voluntary, community and social enterprise organisations to provide improved services for children and young people. Early intervention is so important. Where early intervention has been provided it has proved to be of lifelong benefit.

Councillor Nicky Williams, Cabinet Member for Children and Young People at Plymouth Council, said: "This partnership opportunity with the region and Big Lottery Fund will allow us to drive forward new ways of bringing money together to have a greater impact.Improving the lives of children is our number one priority and this grant and the work it will fundwill exploreexciting new approaches. We are delighted to be part of the team.

Torbay Council will share their learning, successes and pitfalls, and communicate this so that other organisations can develop their own early interventions strategies. The experiences and learning from Next Steps is helping inform BIG’s future social investment interventions in England.

BIG’s social investment interventions will continue to be designed in consultation with key stakeholders to ensure an aligned yet distinct approach. They will also be designed to contribute to the wider aims of BIG’s funding in England, to help people lead more fulfilling lives within their communities.

Further Information

Torbay Council Press Office contact - Claire Barrow: 01803 208832
Out of hours: 01803 550 405

Big Lottery Fund Press Office: 020 7211 1888
Out of hours media contact: 07867 500 572
Full details of the Big Lottery Fund programmes and grant awards are available on the website: www.biglotteryfund.org.uk
Ask BIG a question here: https://ask.biglotteryfund.org.uk
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Notes to Editors