Most voluntary sector projects publish an annual report. Not many are greeted with the level of interest which met yesterday’s publication of the first report  of the ONE project, the Peterborough Prison resettlement project which is funded by Britain’s first Social Impact Bond. The project is funded to the tune of £5 million raised from 17 private investors in the UK and USA. If it succeeds in cutting the re-offending rate of the 3,000 short term prisoners it is designed to help over a six year period, the investors will receive a return on their investment funded by the Ministry of Justice and the Big Lottery Fund. They need to cut re-offending rates by 7.5% to make a return. Critically, for the ONE project, re-offending is measured by a frequency measure – the combined number of reconviction events. The HMP Doncaster

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