Big Society Capital has launched a social impact framework seeking to build common ground in the social investment sector on impact strategies, including impact reporting and monitoring.

The framework, which has been developed with 14 social sector organisations, is hosted on Big Society Capital’s website and includes guidance on developing an impact plan for charities and social enterprises seeking investment.

It also includes an outcomes matrix that standardises definitions for key outcome areas, themes and beneficiary groups.

Caroline Mason, chief operating officer at Big Society Capital who led on the framework, said it would be an open-source tool for the sector.

She added that the framework might be adopted by Inspiring Impact.

Inspiring Impact is a ten-year plan to encourage and develop impact reporting in the charity sector.