She is an actress and model whose talent extends beyond the catwalk and the stage.

Now a Scots university is to honour Lily Cole, the 25-year-old model for Chanel, Lacroix and many other leading names, for her work in creating forward-thinking social businesses.

She will receive the Doctor of Letters for her "outstanding contribution to humanitarian and environmental causes" from the chancellor of Glasgow Caledonian University (GCU), Professor Muhammad Yunus, who has advised her on the project.

Backed by Jimmy Wales, the founder of online encyclopedia Wikipedia, Ms Cole's website, Impossible.com, will launch later this year and will encourage people to offer skills and services to each other free of charge in an attempt to create a "peer to peer gift economy".

Ms Cole, who has been establishing the project over the last two years, will receive the honour at the annual degree show for the university on July 3 at the SECC in Glasgow.

The work of Professor Yunus, a Nobel Prize-winner noted for his work in micro-finance ideas such as micro-credits and social business, inspired the structure of Impossible.com.

Ms Cole said: "I am honoured to have been offered this distinction by Glasgow Caledonian University, especially as I have great admiration for the work of GCU's Chancellor, Professor Yunus.

"He is an advisor on Impossible.com and I have been very inspired by the time I have spent with him in Davos, London, Washington DC, and Bangladesh where I saw his work in action.

"I have set up several businesses as social businesses and I am a great believer that the power of business should be used for good."

Ms Cole studied art history at Cambridge University and graduated in 2011 with a double first. She has since worked as a leading fashion model, actress and filmmaker.

She is also patron of The Ethical Justice Foundation and co-founded ethical knitwear line The North Circular.

Ms Cole, originally from Devon, was booked for her first British Vogue cover at the age of 16.

On the Impossible.com website, she says: "Doing things for free is a powerful social force.

"It creates bonds between people, which is why I set up this social network, Impossible, to create a gift economy."

Also receiving honorary degrees are Phyllida Law, the actress and writer, and Olympic Gold medal-winner Katherine Grainger.

Professor Anne Glover, chief scientific advisor to the president of the European Commission, will be awarded an Honorary Degree of Doctor of Science in recognition of her outstanding contribution in the field of molecular and cell biology research and achievements in her role as chief scientific advisor for Scotland.

Honorary degrees will be awarded to Glasgow restaurateur, entrepreneur and philanthropist Satty Singh and Brian Duffy, former President and Chief Operating Officer of Polo Ralph Lauren Europe.

The leading games designer Richard Lemarchand, associate visiting professor at the University of Southern California, will be awarded an Honorary Degree of Doctor of Technology.