As the articles in this issue demonstrate, ‘impact’ is a term that has a multitude of different meanings and interpretations. This variation begins with questions over the scope of impact measurement: should impact only be considered in relation to a charity’s grant-making activities or to their operations and investments too? It also captures different approaches to what should be measured and how: should we focus on a
narrow range of topics or look across all possible impacts? Can something only be measured if it can be quantified? Finally, there are questions of who should determine what is measured: should it be the intended beneficiaries, the charity, its donors, or investors — or indeed a
combination of these stakeholders? What is also clear is that there is no single correct answer to these and many other related questions about impact.