Fostering service return with €419k in profits

One of the Child and Family Agency’s largest clients in providing fostering services last year returned to profit.

Newly-filed accounts show that Fostering First (Ireland) Ltd recorded pre-tax profits of €419,000.

This followed a pre-tax loss of €239,000 in 2013.

Thefirm recorded the rise in profits after revenues went from €5.63m to €5.74m in the 12 months to the end of December last.

According to the directors’ report, “in light of recent tough trading conditions, Fostering First (Ireland) Ltd continues to review its services offerings in order to remain competitive in the marketplace”.

The directors add: “The company continues to provide high-quality value-for-money family placements to children and young people whilst maintaining a satisfactory financial performance.”

The directors report that in 2014, Fostering Ireland helped 22 children and young people to a good outcome with 14 children returning to their family and some eight young people moving to independent living.

Fostering First (Ireland) Ltd was the subject of a highly successful audit of services in 2013 completed by the HSE monitoring team.

A large factor in the return to profit was the firm cutting back on administrative costs, from a total of €1.86m to €1.3m.

At the end of December last year, the company had accumulated profits of €1.9m with cash of €833,000.

Staff costs increased from €1.39m to €1.46m with staff numbers remaining static at 24. Directors remuneration stood at €115,000.

Previously published HSE figures show the UK-owned Fostering First Ireland Ltd received €28.8m in fees from the HSE between 2009 and 2012.