Previous research into public sector leisure properties revealed that extant valuations methods (e.g. DRC and trading-related valuations) for Capital Accounting purposes produced unhelpful results where those assets were owned and operated for social purposes (i.e. as valuable asset for the community) as opposed to investment to the owner. Such previous research introduced the notion of 'true cost commitment' (TCC), being a capitalised negative cashflow, as a measure of accepted cost for the provision of a required service, which when combined with the opportunity cost of a public sector asset (OMV). It is arguable that this identifies the lower bracket of social value . Lack of specific guidance for valuers on this topic has hampered progress within the profession. This leads to our search for a social value methodology from the field of Social Cost Benefit Analysis (SCBA). This essentially measures both direct and indirect gains and losses to the impacted individuals and aggregates them as an expression of net economic value. But whereas SCBA is usually identified as an analysis tool at the investment decision-making stage of a project, our research interest centres on the valuation problems concerned with properties and undertakings that are already built with operating services in place. This research thus looks for a process of adapting SCBA techniques from such initial appraisals to measure of underlying worth that could be applied to the run of public sector properties that are not market or profit-orientated but whose current operations are geared to the provision of services which are socially, rather than economically, justifiable. The methodology employed in the research will concentrate on the development of pilot methodologies which will then be tested by way of focused discussions with end users of valuations and their advisers to ascertain both their applicability and practicability. It is intended to consult, inter alia, the Operational Worth group within the RICS. The paper will report on our findings on appraisal examples illustrating those adaptive techniques and our recommendations for future consideration of the profession. It is argued that the research is timely given the current debate on the nature of operational worth and the ambition of government to reconsider economic goals beyond the standard definitions of Gross Domestic Product, thus indicating a new concern to move beyond market measures of value. The Cutting Edge 1999 is being held on 6-7 September and full papers will be available shortly thereafter

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