Wednesday, 18 January 2017

Fostering agencies make significant profits

‘A charity that relies in the main part on taxes’, writes the blogger Guido Fawkes, ‘is no more a charity than a prostitute is your girlfriend.’
"Recent research from Corporate Watch shows that in 2014-15, eight commercial fostering agencies made around £41m profit between them from providing foster placements to local authorities."

"This is pure profit. It’s after allowances for foster carers, staffing costs and support services. Who did this money go to? Well, according to Corporate Watch, one company, Graphite Capital, made £14.4m on shareholder loans from the National Fostering Agency, which it owned, and then sold it on. The Ontario Teachers’ Pension Plan accrued £13m from its ownership of Acorn Care and Education. And Sovereign Capital took £1.9m in 2014 alone from company Partnerships in Children’s Services, a group that comprises several foster care agencies..."

"Meanwhile, in 2014-15, local authorities were making significant cuts and services for vulnerable children were being squeezed. The fact that £41m of public taxpayers’ money, allocated to support children in state care, actually ended up in the pockets of a Canadian pension fund and some seriously rich capital firms is obscene."

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