HACT publishes social value assurance whitepaper: “Make it impactful: the future of social value and assurance”

What is it?

The whitepaper:

• Outlines the importance of social value and non-financial reporting
• Explains the need to strengthen confidence in the disclosures within these reports, both internally and externally
• Provides a greater understanding of assurance as well as the drive to improve the quality of reporting
• Provides a roadmap outlining the practical steps for the future of social value assurance

What is it for?

Existing legislation has increased focus on social value as part of public procurement, however there are (and should be) wider drivers to reporting on non-financial disclosure. 

This report lays the foundations for the evolution of the social value sector, shifting focus from headline numbers used to win procurement tenders, to using social and environmental impact to understand and drive transformational change from organisations to people and communities across the UK.

Our vision is that social value – alongside other non-financial reporting – is part of a verified and recognised assurance process by 2028. 

Michelle Olckers, sustainability assurance partner at Forvis Mazers added:

“The assurance of an organisation’s reported social value disclosures provides credibility to them, as well as their stakeholders. This white paper provides guidance on the roadmap to greater credibility through steps that will enhance social value assurance readiness.”

What are the benefits?                                                                                        

• Increased confidence that reported information can be relied upon   
• Informs business decision-making                                                                                             
• Increased trust and credibility
• Avoids potential legal and regulatory consequences                   
• Improves stakeholder satisfaction                                                                                                  
• Helps to secure funding at preferential rate                                   
• Provides assurance of the procurement process

Who is it for?

This white paper is for organisations across the UK, predominately in the built environment or community settings and is aimed at provoking conversation about how we can collectively drive assurance across social value. 

HACT are appealing for social value to be used as business-critical information that focuses less on legislation and more on understanding how organisations can create lasting change for people and places.

Organisations already engaging in non-financial reporting, in terms of social impact, CSR, ESG or more general environmental impacts would be at the forefront of this audience, however we should also consider those not yet doing so, and those who would be interested in benefiting from potential improvement in funding options if they enacted the recommendations.

HACT’s head of social value Michael McLaughlin talks about the potential impact of the paper, saying:

“As we look to the future, it is clear that the pursuit of long-term impact must be at the heart of the built environment. By embedding social value principles into the fabric of our organisations, we can create more resilient, equitable and vibrant communities. 

"This paper lays out practical steps for those committed to driving change across the UK. Together, let us embrace the importance of social value, ensure rigorous reporting and assurance, and work towards a future where every development in the built environment acts as a driver to contribute positively to the wellbeing of all.”