Clockwise is a regional credit union, serving members in Leicester, Leicestershire, Rutland, Coventry, Warwickshire, Nottingham & Nottinghamshire.
In 2019/2020, we commissioned an external assessment using the Social Return on Investment (SROI) approach as we are very much aware that Profit and Loss accounts and Balance Sheets only look at the pounds and pence.
We continue to evaluate the impact that Clockwise Credit Union has with its members.
To answer these questions, we commissioned an external assessment using the Social Return on Investment (SROI) approach.
SROI is a framework for measuring and accounting change – the difference that we make to people and the planet. We used SROI so that we could find out:
- Where we are making the biggest impact
- Measure the difference we are making
- To use the data to inform planning & decision making
SROI is much more than just a number. It is a story about change, on which to base decisions, that includes case studies and qualitative, quantitative, and financial information. SROI tells the story of how change is being created by measuring the social outcomes and it uses monetary values to represent them. This enables a ratio of benefits to costs to be calculated.
Over the years 2023 and 2024, Clockwise Credit Union generated £26 million in Social Value:
The social return on investment ratio is 1:12
Members were proud to help create £26m in social value for the local social economy
Our members felt less stressed and worried about money
Members felt better able to manage their money creating £8.3m of social value
Members felt a greater sense of belonging creating £2.8m of social value
Our members are proud that their money supports the local economy