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.
STANDARD 18 - Financial viability and changes affecting business continuity
Underpinning Legislation
Regulations:
Outcome
- The fostering service is financially sound.
- Where a service is to close or substantially change, there is proper planning, to make the transition for children, foster carers and staff as smooth as possible.
181.
18.2
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.
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.
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.
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.