Social Impact Bond for Children's Social Care.

Descriptions

Social Impact Bond (SIB) as a vehicle to fund and improve the social outcomes relating to Children's Social Care for Medway Council. Funding from the Big Lottery and the Cabinet Office has been pre-secured by a single SIB provider and will be utilised to prevent children going into care and support children to return home where it is safe to do so. An evidence based model of delivery using Family Functional Therapy will be utilised with the result of improved social outcome for the service user and family and a reduction in expenditure associated with maintaining children in care.The resulting contract will be with A Special Purpose Vehicle (SPV) that will be set up by the successful economic operator.The Contract value stated reflects that a saving share will occur on a 50:50 basis with the appointed economic operator. An envisaged volume of 250 children will be worked with over the 5 year programme delivery. The contract value indicated is the proportion that the SIB investor may receive and is entirely performance related. Projections indicate that a 67 % success rate may result in a saving share payment liability to the SIB investors in the region of 6 500 000 GBP.