'Standard 18' of the 'National Minimum Standards- Financial viability and changes affecting business continuity, for foster agencies.

1. FINANCIAL VIABILITY
For Foster Care Businesses
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2. Outlining ‘Standard 18’ of the National
Minimum Standards- Financial viability and
changes affecting business continuity, for foster
care agencies.
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3. Underpinning Legislation
For foster care businesses, the regulations that need to be considered are as
follows:
Regulation 33: Fostering agency ceasing to carry out fostering functions-
Notifications and records.
Regulation 34: Fostering agency ceasing to carry out fostering functions- New
Fostering service providers.
Regulation 37: Financial Position
Regulation 38: Notice of Absence
Regulation 39: Notice of Changes
Regulation 40: Appointment of Liquidators
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4. Outcome
The fostering service is essentially sound. If a service is to
close, or substantially change, there needs to be proper
planning in place to make the transition for children, foster
carers and staff, as smooth as possible.
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5. Standard 18.1
A qualified accountant certifies that the independent fostering
agency’s annual accounts indicate the service is financially
viable and likely to have sufficient funding to continue to fulfil
its Statement of Purpose for at least the next 12 months.
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6. Standard 18.2
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The registered provider has a written development plan,
reviewed annually, for the future of the service, either
identifying any planned changes in the operation or resources
of the service, or confirming the continuation of the service’s
current operation and resource.

7. Standard 18.3
Where the service, for any reason, cannot adequately and
consistently maintain provision which complies with
regulations or NMS, an effective plan must be established and
implemented either to rectify the situation or to close down
the service.
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8. Standard 18.4
The registered provider must notify Ofsted, the responsible
authority and where different the placing authority, if closure
of the service or substantial change to the service
significantly affecting the care, welfare or placement of
children, is likely or actively being considered. The registered
person should work with the responsible authority/placing
authority to ensure as smooth a transition for children and
foster carers as possible.
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9. Standard 18.5
Any person or organisation temporarily responsible for a
fostering service in administration or receivership, or in the
process of closure or substantial change, must operate the
service in the best interests of the placed children and foster
carers under the circumstances that apply, in accordance with
the applicable regulations and these Standards.
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10. Everything starts with a conversation, so let’s talk:
Safaraz Ali
Linkedin: https://uk.linkedin.com/in/safaraz
Twitter Handle: @SafarazAli
Tel: 0121 707 0550
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