Socio Economic Development - Definitions

Socio-Economic Development requires the capture of specific individual Socio-Economic Development beneficiaries, either manually- individually or via a spreadsheet (the template for the spreadsheet is made available for download when clicking on the “From a Spreadsheet” button.  Please note that the system has been designed to reject any upload where changes have been made to the structure of the template).

• Socio-Economic Development Contribution Types – This needs to be selected from the drop down options as there are certain weightings attached to each contribution type as is illustrated in the table below.
• Date of Transaction – The date in which the contribution was paid to the beneficiary within the measurement period.
• % of Spend Benefiting Black Individuals- The black beneficiary % is confirmed by an independent party such as an auditor. The full value of the Socio Economic Development contributions is recognisable if at least 75% of the value of the contribution directly benefits black people.  If less than 75% of the value of the Socio Economic contributions directly benefits black people, the value of the contribution made is multiplied by the percentage that benefits black people.

 Contribution Benefit Factor Table: