Additionally, new values have been introduced for young people, health, cost of living support, and sport and physical activity.

According to the most recent national data, HACT has introduced 45 new values.

The addition brings the total number of values in the UK Social Value Bank to 137.

Version 8 was formed following feedback from organisations looking for a more comprehensive way to capture the impact of services that have historically been difficult to measure. 

These areas are covered in the new values:

• Supporting disabled people, working with children (8–10) and supporting young people (11–18): including self-esteem, belonging and motivation at school
• Health initiatives: including reduced blood pressure and improved diet
• Cost of living support: access to food through food banks, food pantries and community shops
• Sports and physical activities: including engaging in a team sport and joining a sports club

Lara Phelps, head of customer at HACT, said: “Our customers told us that some of their most valued work was the hardest to evidence, from holiday clubs and food pantries to support for disabled residents. Version 8 makes social value measurement easier and more complete, so that work can finally be counted.”

HACT worked in collaboration with leading economists Simetrica-Jacobs and organisations working directly with young people and communities to make sure the new values reflect the experiences of residents and the impact of community-based work. 

In 2014, HACT first launched the UK Social Value Bank. 

The UK Social Value Bank measures how changes in people’s circumstances impact their life satisfaction.

Phelps added: “Housing associations can capture the full breadth of their impact within one robust methodology, using values developed through economic research and kept up to date as the evidence develops, rather than pieced together from different sources.”

Through Social Value Insight, HACT’s online social value platform, the Version 8 values are available exclusively. 

Existing subscribers can have the new values added to their account by reaching out to the team.