In 2010 Social Finance raised £5 million from trusts and foundations to launch the first ever social impact bond to reduce reoffending among short-sentenced offenders leaving peterborough prison. It funded the One Service – an umbrella organization designed to respond to the complex needs of offenders to help them break the cycle of reoffending. Over five years of operation, support from the One Service was offered to two cohorts of 1,000 short-sentenced male prisoners for a period of up to 12 months post-release . Engagement was voluntary but the whole cohort was included in the measurement of the results.
The One Service was delivered by St Giles Trust, Ormiston Families, Sova, MIND, TTG Training, YMCA and John Laing Training, and managed by Social Finance. Over the course of its operation, it was an integral part of the Safer peterborough Partnership3 and worked closely with the Police, Probation, Integrated Offender Management Teams, the Prison, the local authority, local statutory providers and the voluntary sector. It became an important part of the support landscape in peterborough.
In July 2017, the Ministry of Justice announced that the peterborough Social Impact Bond had reduced reoffending of short-sentenced offenders by 9% overall compared to a national control group. This exceeded the target of 7.5% set by the Ministry of Justice. As a result, the 17 investors in the peterborough Social Impact Bond will receive a single payment representing their initial capital plus an amount that will represent a return of just over 3% per annum for the period of investment.