Proxies are based on research and analysis from open and recognised sources, and are used to express the value of outcomes in consistent, comparable terms. They help to calculate social value in monetary terms, allowing you to compare the value of outcomes to the costs of achieving them.
Why outcomes, not outputs?
In SROI, it is essential to distinguish between outputs and outcomes. Outputs are the direct products of an activity, such as the number of sessions delivered or people trained. Outcomes are the meaningful changes that occur as a result of those outputs. These may include improvements in wellbeing, reductions in isolation, or increased access to employment.
Financial proxies should only be applied to outcomes. For example, delivering ten training sessions is an output and is not valued directly. However, if participants report increased confidence in applying for jobs as a result of the training, that outcome can be valued using a suitable financial proxy.
Using the Social Value Engine to assign proxies
The Social Value Engine provides a large set of pre-curated financial proxies that are aligned to commonly experienced outcomes. These proxies are drawn from national data, research reports, and open datasets. Each proxy includes:
A description of the value (e.g. cost saved, benefit gained)
The relevant unit (e.g. per person, per year)
The source of the value
For instance, if your outcome is “Improved physical health”, the Engine may offer a proxy such as “Cost of a GP visit”, with the value and source clearly stated. If your outcome is “Increased community involvement”, you might select a proxy based on the value of a sense of belonging or regular participation in local activities.
Users can search and select the most appropriate proxy from the list, apply it to their data, and review the underlying source to ensure it is relevant and defensible. The proxy library includes outcomes from a wide range of themes, including:
Health and wellbeing
Education and training
Employment
Community safety
Housing and energy
Environment and green space
Volunteering and community participation
Customising or adding your own Proxies
While the built-in proxy library offers substantial coverage, users are encouraged to add their own proxies where appropriate. This is particularly useful for larger or more complex projects, or where localised or stakeholder-specific data is available.
Stakeholder research can help you understand how people value the changes they experience. For example, asking service users what they would pay to access a particular benefit, or what difference it has made in their lives, can provide the basis for a custom proxy. These user-defined proxies can be uploaded into the Engine and used in place of standard values where justified.
Impact adjustments and avoiding overclaiming
To ensure realistic valuation, the Social Value Engine also applies impact adjustments (deflators) to each outcome. These adjustments include:
Deadweight: the extent to which the outcome would have happened anyway
Attribution: the proportion of the outcome that is due to your activity
Displacement: whether the benefit has caused a loss elsewhere
Drop-off: how the value of the outcome declines over time
Each of these deflators is based on sector-wide evidence and best practice. The default values can be overridden if you have stronger data or a well-reasoned basis for doing so. For example, if your own local evaluation finds that 90% of an outcome is attributable to your project, you can enter this directly in place of the default figure.
How these values lead to an SROI ratio
Once you have selected the right proxies and applied appropriate deflators, the Social Value Engine uses this information to generate an SROI ratio. The platform calculates the total value of all outcomes, adjusts for impact, and compares this to the financial input cost of the project. For example, if the total adjusted social value is £450, and the project cost was £100, the resulting SROI ratio is £4.50:£1. This means that for every pound invested, £4.50 of social value was created. The Engine ensures that this process is transparent, consistent, and based on the best available data.
Sources and transparency
Every proxy in the Social Value Engine includes its source, providing transparency and traceability. This ensures that users and stakeholders can understand where values come from and how they have been applied. Proxies are based on credible datasets and economic studies, such as:
NHS and Department for Health costings
Government value-of-statistics publications
Economic modelling from recognised research bodies
Public datasets on wellbeing and cost avoidance
Conclusion
Assigning financial proxies to outcomes is about estimating the value of meaningful change. With the Social Value Engine, you have access to a large library of sourced proxies and standard impact adjustments, making the valuation process straightforward and consistent.
Where needed, you can supplement this with your own stakeholder research and local evidence. The Engine gives you the flexibility to use either standard or custom values, while maintaining the transparency and rigour required in SROI reporting.
By focusing on outcomes, selecting appropriate proxies, and applying well-justified adjustments, you can produce robust and defensible estimates of the social value created through your work.
