Revamped L&Q Foundation delivers £51m in social value for residents
L&Q, one of the UK’s leading housing associations, has published the 2023/24 annual report for its Foundation, highlighting a year of unprecedented success.
Bringing together L&Q’s social and economic programmes, the Foundation plays a vital role in supporting residents and their communities.
This includes funding community projects, offering employment advice and support, and helping people with their tenancy management to facilitate independent living.
Highlights from the report include:
- leveraging relationships with partners to generate £51m combined social value
- £27.3m of total wellbeing impact across the year
- £23.6m worth of social value delivered by Major Works Investment Programme (MWIP) partners
- £8.2m gained for over 2,700 residents by helping them reduce their debts and outgoings or through new income
- £7.4m investment by the Foundation itself
- 421 vulnerable residents supported to stabilise their tenancies
- 244 people helped into paid work across a range of industries
Since 2023, the Foundation has focused its community investment activity where L&Q has the highest density of homes – ten London boroughs and Trafford, Manchester.
This place-based approach enables it to maximise impact for L&Q residents by providing them with targeted support and community benefits.
It also allows residents to inform grant funding allocations by involving them in decision-making.
Matt Corbett, Director of the L&Q Foundation, said:
“Already, we’re seeing how our place-based approach is paying off for residents by directing support to where it’s needed most in the communities we serve. We’re particularly proud of the social value we’ve achieved through our agreements with supply chain partners.
“The figures speak for themselves, but the true value of our work really hits home when we hear from residents whose lives have been transformed thanks to our interventions. We’re in a great position to build on our success in the year ahead.”
Priorities for 2024-2025 will include an intensification of resident engagement to make sure that the Foundation is adhering to its placemaking principles and delivering the community project that residents need and tell us we should focus on want.
The Foundation will continue to seek external funding sources and provide residents with personalised employment and tenancy sustainment support.
We are proud to be one of the national pilot areas for the Department of Works and Pension funded ‘Jobs Plus’ initiative, which will see us increase investment in Community Resources and Employment Support for local people on the Beaumont estate, in Waltham Forest.