An independent report[1] illustrating the social and economic value of Veterans Aid’s work has confirmed that the Charity’s interventions over the course of a year achieved net benefits (i.e. savings to society) of up to £2.6m.
The report, produced by VA’s new strategic partner, Cambridge Econometrics, also confirmed that the Charity continues to achieve an approximate 90 per cent success rate in terms of restoring sustainable independence to veterans formerly in crisis.
CEO Professor Hugh Milroy said, “It is six years since we invited a similar audit, which was conducted by PBE (formerly Pro Bono Economics). The world has become a much more uncertain place since then and we felt it was time, once again, to seek external verification of our value and outcomes. We did this for three reasons: To demonstrate to our donors how their money is spent; to illustrate the effectiveness of our unique Welfare to Wellbeing© model to a wider public and to explore how we could improve our performance. This latter was achieved by using the exercise to enhance the bespoke database that we use to log, track and analyse activity.
“Our primary focus is – and will continue to be – on prevention, upon which it is impossible to put an absolute value, and this is reflected in the study. We already knew that poverty was the main driver to seek VA’s help, but other significant facts emerged as a result of the data analysis. For example:
“I am extremely proud of the work put in by my own staff – significantly Natalia Michaelides and Marianna Prota – who juggled support to Cambridge Econometrics with a demanding daily workload. Their efforts greatly facilitated production of the Report in a cost effective and timely manner.”
The study, which utilised the Greater Manchester Combined Authority’s Unit Cost Database, was conducted using data provided by Veterans Aid for a sample of veterans that it supported in 2022/23. It assessed the costs incurred by Veterans Aid to support these veterans and quantified the potential benefit of the successful outcomes reached in the form of fiscal saving, increased employment income, and wider benefits to society.
VA conducts follow up assessments of those leaving its care at six, 12 and 18 month intervals. For the purposes of the study, veterans still flourishing at the 18 month point were counted as successful outcomes.
VA Chief of Staff Natalia Michaelides said, “Veterans Aid extends its thanks to PBE for its role in connecting our Charity with Cambridge Econometrics through its corporate matching scheme. We are particularly thankful to Cambridge Econometrics for providing a dedicated team, Vaidehi Maheshwari and Dr Ben Gardiner, to quantify the economic and social value of our interventions. This partnership represents advancement in our ability to measure and communicate the economic impact of our work with veterans in crisis.”
PBE Senior Project Manager Nadine Cameron said, “We’re proud to have helped Veterans Aid communicate the impact of their work through our volunteer matching service. With a history of successful collaborations with Cambridge Econometrics, we trusted their expertise to support Veterans Aid. We commend Veterans Aid for their dedication to improving data collection and evaluation practices, which allowed for comprehensive analysis and demonstration of the profound impact of their work. This successful partnership underscores our commitment to supporting organisations that make a significant difference in the lives of those experiencing wellbeing poverty in the UK.”
Cambridge Econometrics Chief Operations Officer Dr Ben Gardiner said, ‘’It has been an honour to have been partnered with Veterans Aid by PBE to work on such a vital piece of economic analysis, using our expertise to bring to life the scale and depth of the Charity’s impact – not only for the veterans who benefit from their support, but also the net benefit their work brings to the UK economy and wider society as a whole. Working with Veterans Aid has been a positive and enjoyable experience for both myself and report co-author Vaidehi Maheshwari, and we hope the support we have provided will have a lasting impact for the Charity over the years to come.”
An article about this new report is featured in Politics Home.
The full report (Analysis of the Costs & Benefits of Veterans Aid Support) is available below:
[1] Analysis of the Costs & Benefits of Veterans Aid Support
[2] Since 2018, when it underwent an £8m+ transformation, VA’s own residential facility, New Belvedere House, has provided 125,334 nights of accommodation for veterans who would otherwise have been homeless.
