Update on COVID-19 and the Newpin Qld SBB
Newpin Queensland Social Benefit Bond
Investor update, 1 April 2020
Dear Investor,
The outbreak of coronavirus (COVID-19) is a rapidly evolving situation to which Australia and the rest of the world is having to adapt and adjust to. The challenge is that life continues and it is now, more than ever, that the most vulnerable people in our communities need support to navigate life’s uncertainties.
UnitingCare Queensland (UCQ) continues to provide support to vulnerable children and families in Queensland through the Newpin Program. Like all social service providers, they are having to deal with many challenges including adapting the way services are delivered to ensure the safety of staff and participants. This update is provided to keep you up to date with some of the adjustments that have been made, and the potential impact of the virus on the Newpin Queensland Social Benefit Bond (Newpin Qld SBB).
COVID-19 Impact
UCQ has activated its Crisis Management Plan and established a central COVID-19 crisis management and operations team at its head office in Brisbane. This team is centrally managing UCQ’s pandemic and outbreak preparedness activities, including supporting the ongoing service delivery of the Newpin Program.
Multiple strategies have already been put in place for the Newpin Program. These include:
- Replacing group sessions with one-on-one sessions to enable appropriate physical distancing, and ensuring contact time between children and parents is scheduled to limit the number of families on site at any one time.
- Providing parents with crisis support information and additional resources, such as journals and sensory toys, to support self-regulation strategies at home.
- Encouraging staff and families to implement protective hygiene measures through displaying posters and providing hand sanitisers.
- Providing staff with access to technology and equipment to work flexibly. There have also been changes to staff rosters to contain staff movements and limit access to sites.
UCQ are continuing to review their practices to ensure they can flexibly respond to the challenges posed by COVID-19. In addition, UCQ are taking advice and guidance from Queensland Health as the situation evolves. There have been no reported cases of COVID-19 in the program to date.
Current status of the Newpin Queensland SBB
As foreshadowed in the 2019 Annual Report, a Scheduled Review of the Newpin Qld SBB has recently been undertaken by the Joint Working Group. The review process was completed in February 2020 and UCQ, the Queensland Government and SVA have now entered the negotiation phase. Further information on the outcome of the Scheduled Review will be communicated to investors as it becomes available. Any changes to terms will be subject to the approval of investors.
The opening of the Ipswich Centre had been delayed to a target date of 1 July 2020 as a consequence of the need to determine the outcome of the Scheduled Review prior to finalising implementation plans. There is a likelihood that the COVID-19 situation will further delay the opening of the Ipswich Centre.
These are unprecedented circumstances and the situation is evolving rapidly. We will provide you with further updates as new information is available over the coming months.
Please feel free to contact us at newpinqldsbb@socialventures.com.au if you have any questions.
Elyse, Casey and Patrick
Impact Investing, Social Ventures Australia
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