Spirit of 2012 is the London 2012 Olympic and Paralympic Games legacy funder, established by the National Lottery Community Fund. Since 2013, it funded projects and commissioned research that harnessed the power of events – large and small – to make a positive impact for people and their communities as part of the enduring legacy of the London 2012 Games. 

Spirit worked with charities and partners to measure and demonstrate the impact of events on individuals and communities, up to its planned closure in January 2026.  

The challenge 

Spirit needed a deeper understanding of the social and economic value created by its funded programmes. While there was plenty of anecdotal evidence and programme-level evaluation, Spirit wanted a robust, independent economic analysis to: 

  • Demonstrate the wellbeing impacts of its funding of community programmes and initiatives. 
  • Shift small charities and other funders towards wellbeing measurement as a more direct and meaningful indicator of impact. 
  • Provide guidance for future research directions. 

The solution 

Spirit partnered with PBE to analyse the wellbeing impacts of its funding programmes. Our economists reviewed evaluation data across Spirit-funded projects including Get Out Get Active, City to Sea and the EmpowHer project. We applied government approved wellbeing valuation techniques to estimate the monetary value of improved wellbeing.  

The outcome 

Our analysis demonstrated that Spirit’s programmes delivered substantial wellbeing benefits, equivalent to millions of pounds in wellbeing value. The final report findings provided Spirit with:  

  • A clear, credible economic valuation of its impact 
  • Evidence to showcase the legacy value of their funding for small charities, and 
  • Insights to inform future research and improve programme design. 

We also co-hosted an event with Spirit on 15 May 2025: Investing in happiness: Lessons from 12 years of measuring wellbeing, a thought-provoking morning exploring the power of investing in wellbeing measurement. Insights from our report, gained from 12 years of measuring impact, drove the conversations, and informed next steps for future research on Spirit’s legacy. 

The benefits 

This project gave Spirit three strong case studies and supporting evidence for its funded projects. It enhanced its reputation as a leader in wellbeing-focused grant making, and solidified its impact ahead of its closure.  

For the wider sector, this is an example of applying wellbeing economics to legacy funding, providing a model for other funders and small charities to demonstrate the impact of their work. 

Amy Finch, Director of Policy and impact at Spirit said, “This has been a fascinating project for us. It gave us the opportunity to reflect on our overall approach to measuring wellbeing, while also generating rich, detailed case studies for three of our funded projects.  

We were very satisfied with PBE’s management of the project and the skills and expertise of the economic consultancy team. Every aspect of the project went well — from the report writing and final event, to the collaborative intellectual engagement throughout. The production side was particularly impressive: the review process, stakeholder feedback, comms and press strategy, and event management support were all handled with great care. I felt completely confident in the process — it took a weight off my mind, and I knew everything would get done to a high standard.” 

Jon Franklin, Chief Economist at PBE, said: 
“Funders can use wellbeing measurement for robust, insightful and proportionate impact measurement. PBE’s report adds to a growing evaluation movement whereby more and more funders and social sector organisations are using wellbeing to assess policies and interventions. With practical tools, considered support, and a focus on measuring people’s lived experience, funders and policymakers can make smarter investment decisions that are evidence-based and impact-focused.”