Orbit's Social Value Receives Certification From HACT

Following a recent audit by HACT, Orbit Group’s approach to measuring social value has reached certification. Housing Industry Leaders looks at the approach and what certification will mean for the housing provider. 

To ensure that bets practice was being implemented across Orbit Gorup’s social value programme they have worked in partnership with HACT. A significant part of this was the review of its current approach to data collection and how to best calculate social value. 

The results of this audit highlighted that Orbit had met high data quality standards, and correctly calculated their social value, which topped £42m across the financial years 2020-21 and 2021-2022. 

Frances Harkin, head of services at HACT, said: “Orbit has shown itself to be a best practice business and leader in delivering meaningful social value outcomes.

“The organisation has shown consistent improvements across a varied portfolio of programmes, particularly in modelling, monitoring and measuring the social value it creates.

“As a pioneer in this space, and as an early adopter of the UK Social Value Bank, Orbit’s social value framework will enable them to evidence the social impact they create on an ongoing basis.”

Afzal Ismail, group executive director for Orbit Corporate Services, added: “We’re delighted to achieve this certification from HACT, which reflects Orbit’s strong commitment to deliver £100m in social value by 2025, and our ability to accurately report to our lenders, ABN-AMRO and Barclays for part of our two sustainability-linked loans.

“The feedback and support from HACT are helping to inform our journey towards demonstrating our impact and value for money to customers, and becoming a best practice social value business.

“We have already started work on implementing their recommendations including the development of our social value framework which we will be launching very soon.”