This pilot study constitutes the pioneering work of the new economics foundation (nef) to test and develop the social return on investment (SROI) analysis which was originally created by Jed Emerson and the Roberts Enterprise Development Fund (REDF). SROI supplements traditional cost-benefit analysis with a way of translating some of the social and environmental benefits of organizations into financial measures. It can be particularly important in justifying investment in activities that do not generate a direct financial return, which is the case for public service delivery, public expenditure and investment, grant giving, social economy organizations, and corporate responsibility. Researched and written by David Aeron-Thomas, Jeremy Nicholls, Sarah Forster, and Andrea Westall, nef’s study was aimed at testing the applicability of SROI to the UK, which was done with four enterprises, and proposing practical ways to develop it further.