Peninsula Local Services Integrated Trust (LIST) feasibility study into a Social Impact Bond model for preventing children from entering care
OPM Group supported Peninsula LIST, a special purpose vehicle set up by the local authorities of Devon, Cornwall, Torbay and Plymouth, to explore the feasibility of commissioning an intervention designed to keep children from entering care through a Social Impact Bond model.
The four local authorities in the South West were keen to explore not only the potential of a SIB model for commissioning services, but also to do so via a Special Purpose Vehicle that will enable the commissioners to adopt a flexible approach in attracting a wider range of commissioners over time. There was also interest in the SPV, potentially, being an instrument for drawing down finance as well as generating income.
What did we do?
The project was specifically in relation to children on the edge of care, and involved an audit of project processes, assessment of the LIST and Social Impact Bond business models and capture of lessons learnt and best practice from the project. This involved looking at potential investor interest and motivation; examining the effectiveness of structures and processes that engaged with practitioners and the public; critically scrutinising the business case and relevant risks; as well as assessing the evidence base that supported various alternative interventions.
The project directly influenced strategic decisions taken by the four local authorities, who came to the conclusion that a SIB model will not be appropriate for all four areas. Instead, individual authorities, such as Torbay, proceeded to explore feasibility in their local authority area; while Cornwall took the decision to provide an identified intervention in-house. The SPV model of co-commissioning has since influenced subsequent SIB models elsewhere.