Wales Wellbeing Bond Alun Jones Communities Investment Fund Officer WCVA Wales Wellbeing Bond – Term coined by WCVA to promote new ways of delivering public services.
Download ReportTranscript Wales Wellbeing Bond Alun Jones Communities Investment Fund Officer WCVA Wales Wellbeing Bond – Term coined by WCVA to promote new ways of delivering public services.
Wales Wellbeing Bond Alun Jones Communities Investment Fund Officer WCVA Wales Wellbeing Bond – Term coined by WCVA to promote new ways of delivering public services that utilise the skills of the third sector. Wales Wellbeing Bond encompasses a range of delivery approaches that can unlock innovative third sector delivery of public services. Focus on joint working – Not about public sector commissioning third sector organisations to deliver prescriptive services. Social Impact Bond (SIB) – SIB’s seek to meet several objectives of public and third sectors – - Expansion of third sector delivery of public services at its heart - Designed to improve services and reduce public sector expenditure to allow re-investment and create cost savings - Enhanced service delivery creates population wellbeing impact - Attract outside investors to fund initial activity Re-active Programme Public authorities pay for costly re-active services Public Authority Client Group Preventative Programme Investors finance allows Third Sector Organisations to undertake preventative programmes with a target client group Co-ordinator Investor gets repaid from savings made by Public Authority Communities Investment Fund Third Sector Organisations Potential SIB Activity – The SIB model is not limited to any particular service area and can be applied where upfront investment to enable third sector delivery can save a public authority money to repay the initial investment and then finance ongoing activity. Possible activity – - Improving mental health provision - Increasing in-county and in-Wales vulnerable adult/child accommodation - Hospital transport - Etc etc etc Other Investments Finance can also play a key role in enabling third sector organisations to – • Take on payment by results contracts • Undertake upfront investments prior to contract delivery • Meet financial requirements of tender opportunities Communities Investment Fund (CIF) Social Finance ready to invest to enable third sector organisations to deliver more public services Flexibility to create packages of investment support that can realise outcomes for all stakeholders All returns re-invested back into the third sector in Wales CIF can currently invest in the Convergence area of Wales Last Thoughts – Social Investment brings an opportunity to look at redesigning public services, creating an opportunity to improve services and involve the third sector WCVA is happy to support development where possible and applicable CIF is able to invest throughout 2013 providing a unique opportunity to get some of these schemes up and running Look forward to discussing with you all. CIF Contact Details: Matthew Brown 029 20431779 [email protected] Alun Jones 029 20435766 [email protected]