Social Value Charter
What is social value?
Social value provides additional benefits, for individuals and communities, generated by development beyond its primary purpose. This is generally split into three main categories – social, economic and environmental. Outlining and monitoring Social Value commitments is an effective way to address concerns in these three areas and in doing so improve the quality of life of people, usually without any significant additional cost.
Social value is traditionally focused on procurement, but The Euston Partnership is striving to make this further reaching by using all the available opportunities that come with such large scale regeneration in the area.
What is the Euston Social Value Charter?
The Euston Social Value Charter has been developed by The Euston Partnership to ensure there is a commitment amongst member organisations and existing and future contractors and occupiers to support social, economic and environmental improvements in the wider Euston area, benefiting local communities and residents. It is intended that the Charter will be in place throughout the lifetime of the project, during construction and when the development is built out.
The Charter has 11 key objectives, which set out a number of outcomes that demonstrate a commitment to support Social Value improvements for Euston. They have been informed by our conversations with the local community and stakeholders and bring together commitments made by Partnership Organisations in once place. The Charter has been developed collaboratively and will be adopted by The Euston Partnership members.
Aims of the Euston Social Value Charter
The Euston Partnership and its member organisations will, by signing up to the Euston Social Value Charter:
- Seek to deliver economic, social and environmental benefit and the outcomes identified in this Charter in Euston by embedding Social Value into planning, construction and operational activities.
- Engage with Euston residents, businesses and community representatives to establish the best ways to deliver Social Value, through co-design.
- Ensure that relevant, fair and proportionate Social Value requirements are incorporated into member organisation procurement processes and contracts, and in the joint requirements it sets for membership organisations.
- Work with internal staff across all Partnership organisations to improve understanding of Social Value and provide information, training and support.
- Through monitoring and measurement of Social Value outcomes, ensure that Social Value is delivered through the work of The Euston Partnership.