Life Chances Fund social impact bonds in children’s social care
An analysis of children’s social care social impact bond projects supported by the Life Chances Fund on behalf of the Department for Digital, Culture, Media & Sport (DCMS)
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This report provides findings on seven children’s social care projects commissioned through Social Impact Bonds (SIBs) that are part of the Department for Digital, Media, Culture & Sport (DCMS)’s Life Chances Fund (LCF). The research investigates the justifications and alternative SIB design approaches adopted by local authority commissioners to support children and families ‘on the edge’ of (or already within) the statutory care system. It used qualitative methods, including analysis of key documents, workshops and semi-structured interviews with relevant stakeholders.
DCMS are working in partnership with the Government Outcomes Lab (GO Lab) to undertake an evaluation of the LCF. The LCF was launched as an £80m locally-led SIB fund to tackle entrenched social issues across England. The LCF contributes to SIB projects through payments by results contracts. These contracts involve social investors and are locally commissioned.
Suggested citation: T. Hameed, J. Macdonald, M. Shiva, E. Carter, The use of social impact bonds in children’s social care: A comparative analysis of project justifications and design considerations in the Life Chances Fund (2021). Department for Digital, Culture, Media & Sport (DCMS)