New accounts filed by Fostering First Ireland Ltd show that the firm enjoyed the jump in pre-tax profits after revenues increased by 10%, from €5.7m to €6.3m, in 2015.
According to the directors’ report, Fostering First placed 50 children and young people in the year.
The principal activity of the firm during the year was to work in partnership with the Government’s Child and Family Agency, Tusla, and supplement its own foster care provision.
The directors state that “it is noteworthy that FFI placed 11 sibling groups, thereby keeping children together with their family members”.
The report states: “We are proud that in 2015, we enabled 15 children to return to their birth families and six young people successfully moved to independent living.”
It states: “The company continues to provide high-quality value for money family placements to children and young people whilst maintaining a satisfactory financial performance.”
On the future developments of Fostering First Ireland, the directors say they have to remain competitive because of current trading conditions.
“In light of recent tough trading conditions, Fostering First Ireland continues to review services offerings in order to remain competitive in the market place,” state the directors.
The report notes that seven young people who were fostered completed their Leaving Certificate last year.
Six students proceeded to third-level education and one opted to repeat the Leaving Cert seeking better points. The report by the UK-based firm also states that an additional seven young people completed their Junior Certificate.
The firm’s operating profit last year increased by 72%, from €391,000 to €654,000. Accumulated profits totalled €2.46m, while its cash pile fell from €833,000 to €689,000.
Staff costs at the company last year fell from €1.46m to €1.4m.
Numbers employed at Fostering First Ireland increased from 24 to 25 last year, with directors’ pay totalling €119,000.
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