This report, which was researched and written for the new economics foundation (nef) by Susan Mackenzie and Jeremy Nicholls, applies Social Return on Investment (SROI) analysis to a social initiative aimed at reducing re-offending rates and improve local employment by helping young offenders gain long-term employment in the Merseyside (UK) area. SROI analysis is the process of understanding, measuring and reporting on the social, environmental and economic value that is created by an organisation. This independent evaluation assesses the initiative’s impact in terms of its effectiveness relative to its objectives and to national averages, and its social and economic return to the wider community.