At the Barking Riverside Extension, we’re committed to being a responsible and ethical project. This means behaving with integrity towards all our stakeholders and being aware of the impact we have on the local community.
The Social Value Bank is an online tool that has been designed to enable project teams to measure their social value in monetary terms. It is designed specifically for construction projects, monitoring social value outputs and monetises these in line with HM Treasury and Cabinet Office guidelines.
This enables the accurate reporting of Social Value arising from projects, to our client, local community and other key stakeholders
How does it work – It consists of a number of metrics that are aligned to the HM Treasury Green Book and wider OECD Guidelines. It is the only model to use best practice valuation methods, providing the most rigorous level of evidence for social value and decision making on projects like Barking Riverside Extension. It therefore provides the project with a databank for us to capture our social value activities.
Reporting functions:
- Predictive – providing a forecast monetised social value of our activities based on the promises that are made within our social value charter, agreed with our client.
- Live – tracking our progress against social value charter targets and ambitions as the project progresses
- Complete – provides a detailed project report for validation by our client and project teams
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As of May 2021 the project had delivered £70m of Social Value with a forecast value at completion of £88m