Decision details

Cabinet:

1.         Accepted the Innovations fund award and agreed to enter into grant agreement with the DfE in relation to the funding.

2.         Agreed to establish a partnership agreement between the Bristol, South Gloucestershire, North Somerset and Bath and North East Somerset councils, including sharing the administration and legal costs of establishing and running the social impact bond.

3.         Establish the partnership arrangements outlined in the report with or on behalf of the three participating local authorities with the SPV, including the terms by which outcome payments will be made to the SPV in line with the published rate card to deliver the proposal to support an increased proportion of care leavers into education, employment and training.

4.         Agreed to BCC resources in line with its share of the legal and administration costs of the partnership agreement and outcomes payment mechanism, including any requirement for independent audit.

5.         Delegated authority to the Director of Children and Families Services to enter into the agreements detailed in recommendations 1 to 4 and any others required to give effect to the proposal contained in this report of delivering a social impact bond focussed on supporting care leavers across those local authorities into education, training and employment.