August 2015 sees the launch of the Key Fund Impact Tool, or KEYFit as it has lovingly become known. Find out more at www.impact.keyfit.co

1. Introducing Key FIT
The Key Fund Impact Tool
Integrating Social Finance with
Social Value Reporting

2. Key Fund aims to deliver public benefit by providing investment
capital to help its mission driven customers realise their business
plans whilst achieving a commercial return for the fund
It’s all about
Impact

3. Outputs:
Our funders ask us to report outputs:
“measurable unit of a product or defined service delivery”
…but impact is the real goal
The Case for Evaluation
Investor perspective

4. • Financial risk - established standards and best practices for
monitoring/evaluation
• No consensus for how to evaluate the social impact of an
investment
• In many instances there is little real evaluation at all
The Challenge

5. Impact Risk:
Indication of certainty that output will lead to stated impact
Will the money we invest result in public benefit?
The Case for Evaluation
Investor perspective

6. As an Investor we are
committed to the evaluation
of our Impact and each year
we publish a report…
…more a celebration of the
achievements of our amazing
customers…

7. …publishing this report
serves to reassure our
funders that their faith in
Key Fund is justified.
It is a powerful marketing
tool…

8. …so we asked ourselves what
if we could give our
customers the ability to
report on their own impact?
What if we could help
organisations embed impact
evaluation into their day to
day routines?

9. We set about creating an impact measurement tool that…
• Makes complex simple
(no consultants / low cost)
• Is easy to use – no need
for training
• Is Concise – couple of
hours work
• Is Visual
• Enables Comparison –
common to all
• Is Relevant – fit local area
strategies
• Is Aspirational – an
introduction/ inspiration
to explore further
Key FIT
…the solution

10. Above all we wanted our customers to access it …
FREE
…and offer it unbelievably cheaply to non-customers

11. • Provides the means for
customers to report their
outputs for monitoring purposes
• Links to an integrated impact
measurement tool
• Online process links the
customer application to the due
diligence, award and defrayment
process

12. Step One: create an Online
Application - simplified
customer process
Accessed
via
button
on web
site
www.thekeyfund.co.uk

13. Next: integrate back-office processes into
customer application
Better tracking of applications
through due diligence stages
Once the investment is delivered
customer has access to online system
for reporting their outputs – need to
appoint responsible person (important)

14. The monitoring & reporting links to Key FIT
– also available as stand alone product
The Benefits of
Impact Reporting are
fully explored
Explainer Video
The Key Fund Impact Tool

15. Simply press
the button
Once logged in Customers can
begin creating their impact reports

16. Customers can create
their own bespoke reports
by selecting the most
relevant modules
Give the report a
title & detail the
period to be covered

17. Select
Organisation
or Beneficiary
to input data
under chosen
module
…& push
the button

18. Data
Input
Screen
Start building
report

19. Input data into
all chosen
modules

20. Each module encourages the
uploading of a story; a case
study or testimonial
Any certificates,
accreditations or
awards can be
uploaded
Standards can be
reported

21. Simple Results
Example from
the Employment
module

22. Visual Results
Customers can create
their own infographic

23. Create as many
reports as you like –
create reports for
specific stakeholders
Feedback if problems
experienced

24. Key FIT - a cost effective
Impact Measurement
Tool for organisations
seeking to begin Impact
Evaluation…
…for many however it
will provide everything
they will ever need…
…built in values &
weightings - a credible
compromise solution…
www.nesta.org.uk
Key FIT is
not SROI
Recommended
Reading

25. Key FIT Social Impact Value takes into account following factors:
Quantity: All customers to be encouraged to input data
Value: Values taken from The Global Value Exchange:
based on research and independently verified
London/Non London: Phase one takes into account the
difference in costs and values achieved
of services based in London or not.
Phase two will have more regional
variations
…working out the
values

26. Deadweight: not everyone using the service will fully benefit
in the social value generated by the indicator.
Each indicator is allocated a theme and a
deadweight value assigned:
e.g. Training & Education 15%
Access to training 15%
Community & Social 19%
Health 27%
Attrition: We know that people have other services and
influences in their lives and that things might
well have changed because of them rather than
your service. We apply a value of 20% for this.
Working out the
values

27. Standards
of Evidence
(NESTA Impact Investments)
For most of our customers
the starting point is Level 1,
this involves a clear
articulation of why a
product or service could
have a positive impact.
Key FIT solution
Introduction to Impact Evaluation
Level 5
You have Manuals systems & procedures to ensure
consistent replication & positive impact
Level 4
You have one + independent replication
evaluations that confirm these conclusions
Level 3
You can demonstrate causality using a control or
comparison group
Level 2
You capture data that shows positive change but you
cannot confirm you caused this
Level 1
You can describe what you do and why it matters,
logically, coherently & convincingly

28. High Impact Risk Low
Impact Risk & Standards of Evidence
for Impact Investment
Target for end of
Investment
Point of Investment
Evidence
Standards
5
4
3
2
1
Promotes the importance of Impact Evaluation & facilitates growth to level 3 & beyond
Reduces Impact Risk – management tool - prevent mission drift

29. Key FIT is an introduction
to Impact Evaluation…
…it provides background
information…
designed to stimulate
further exploration and
growth
Designed
for growth

30. • free to all customers (potentially 150+
per annum)
• provide a data base of common
measures for Impact across our
customer base
• support the growth of our customers
• embed the principals of impact
evaluation
• retail at £999 per annum to Non-
customers with significant discounts to
smaller organisations
Mitigates
Impact Risk

31. The Key Fund Impact Tool
Integrating Social Finance with
Social Value Reporting