Share

DWP announces £7m social impact bonds to tackle youth unemployment

 DWP announces £7m social impact bonds to tackle youth unemployment
News

DWP announces £7m social impact bonds to tackle youth unemployment

Finance | Vibeka Mair | 1 Nov 2012

The Department of Work and Pensions has backed more social impact bond projects in its second funding round from its Innovation Fund.

The DWP’s Innovation Fund, which is part of the government’s initiative to find new ways to tackle youth unemployment, has already backed two social impact bonds in its first round of funding.

It has announced this week that it has awarded two contracts worth £7m from the Innovation Fund’s second funding round to two social impact bonds managed by Social Finance.

The social impact bonds will fund interventions to work with around 2,500 vulnerable 14-15 year-olds in the North-West of England. The programmes will be delivered by charities Adviza and Teens and Toddlers.

Investors into the social impact bond include Bridges Ventures, Big Society Capital, Impetus Trust, Esmée Fairbairn Foundation, Caf Venturesome and the Barrow Cadbury Trust. Outcomes payments from the Innovation Fund will be paid over three and a half year.

The DWP contracts have been awarded to Social Investment Partnerships, established by Social Finance and chaired by Richard Johnson, former welfare-to-work manager at Serco.

 

Comments

[Cancel] | Reply to:

Close »

Community Standards

The civilsociety.co.uk community and comments board is intended as a platform for informed and civilised debate.

We hope to encourage a broad range of views, however, there are standards that we expect commentators to uphold. We reserve the right to delete or amend any comments that do not adhere to these standards.

We welcome:

  • Robust but respectful debate
  • Strongly held opinions
  • Intelligent relevant discussion
  • The sharing of relevant experiences
  • New participants

We will not publish:

  • Rude, threatening, offensive, obscene or abusive language, or links to such material
  • Links to commercial organisations or spam postings. The comments board is not an advertising platform
  • The posting of contact details for yourself or others
  • Comments intended for malicious purpose or mindless abuse
  • Comments purporting to be from another person or organisation under false pretences
  • Gratuitous criticism, commentary or self-promotion
  • Any material which breaches copyright or privacy laws, or could be considered libellous
  • The use of the comments board for the pursuit or extension of personal disputes

Be aware:

  • Views expressed on the comments board are left at users’ discretion and are in no way views held or supported by Civil Society Media
  • Comments left by others may not be accurate, do not rely on them as fact
  • You may be misunderstood - sarcasm and humour can easily be taken out of context, try to be clear

Please:

  • Enjoy the opportunity to express your opinion and respect the right of others to express theirs
  • Confine your remarks to issues rather than personalities

Together we can keep our community a polite, respectful and intelligent platform for discussion.

Free eNews

Charities should be 'critical friends' to their corporate partners

17 Sep 2014

Charities should approach corporate partnerships as “critical friends” if they are going to change...

Teenage Cancer Trust reveals £5m Stephen Sutton legacy

16 Sep 2014

Teenage Cancer Trust has announced it intends to spend the £5m raised by Stephen Sutton to fund new specialist...

Man jailed for stealing £300,000 of donations meant for Help for Heroes

16 Sep 2014

A man has been jailed for four and a half years for stealing £300,000 donated by the public who believed...

Shawcross: 'Too often charities respond defensively'

17 Sep 2014

Sector leaders warned yesterday that charities need to get better at answering the public’s questions...

Governance code 'no longer fit' for large charities, says CFG trustee

17 Sep 2014

The sector’s code of good governance is no longer fit for purpose for large and complex charities and...

BHF implements changes following invoice fraud

17 Sep 2014

The British Heart Foundation (BHF) has said it will implement tighter controls to prevent future cases...

JustGiving page for Manchester Dogs’ Home receives four donations a second

15 Sep 2014

JustGiving has said that donations going to an appeal for the Manchester Dogs’ Home following an arson...

Commission's new online charity search to launch soon after delay

15 Sep 2014

The Charity Commission’s searchable online register of charities is due to launch in beta this autumn,...

Charities warned that digital campaigns can be 'counterproductive'

9 Sep 2014

Charity digital campaigns can be counterproductive and will need to change to keep the attention of those...

Join the discussion

 Twitter button

@CSFinance