Core Assets - Bridges Fund Management


    

    























 






    
	            
			    
    



    




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Core Assets

Skilled and experienced foster care delivered by a team of professionals through a structured phased approach

Investment Strategy

Outcomes Contracts

Theme

Healthier Lives

Date of initial investment

November 2014

Bridges Executives

Andrew Levitt
Mila Lukic

Challenge: Over half a million children are the subject of abuse in the UK each year. Where a child is no longer able to live with a birth parent, they are put into the care of the Local Authority. On any one day across the UK, 63,000 children are living with foster families. About 50% of foster placements for teenagers break down. If a child’s first placement breaks down, they are likely to enter a cycle of breakdowns which reduces a child’s opportunities to develop secure attachments. It may also exacerbate existing behavioural and emotional difficulties. In some cases, this behaviour becomes so challenging or detrimental, that a child ends up being cared for in a secure children’s home. These homes cost over £200k per year per place, following which, research shows, it is often far harder to reverse these behaviours.

Investable Solution: The Birmingham Residential Migration programme is a social impact bond to provide pioneering new foster placement scheme targeting approximately 115 young people across Birmingham. This SIB was commissioned by Birmingham City Council. Outcomes for Children, a social enterprise within Core Assets Group, will deliver the service and find stable family foster placements for around 80 young people currently in residential care in the Birmingham area. Core Assets Residential Migration model is a structured intensive foster placement specifically designed for young people transitioning from residential care to a family placement. Skilled and experienced foster carer is supported with a wrap-around team of professionals and the intervention is delivered through a structured phased approach that lasts for one year and can be tailored to fit the needs of each individual child.

Delivery of the therapeutic foster care program to approximately 115 children across Birmingham will drive the achievement of short-term outcomes such as improved attitude and behaviour at school, and improved exam scores. These same measures will then be tracked again over the medium-term to ensure progress is being made for each young person. Most importantly, young people who successfully transition into and are sustained in their foster care placements should have a significantly reduced chance of engaging in criminal behaviour, having mental health difficulties and becoming NEET, compared to those who remain in residential care.

Outcomes: The Birmingham programme aims to deliver positive social impact in four distinct categories:

  • Direct beneficiary impact through delivery. The programme will support working with approximately 115 young people in residential care, and aims to transition them into foster care or back to their birth family, where safe to do so
  • Direct societal impact through savings in residential care costs for Birmingham City Council, and subsequent benefits to society from reduced offending, and potential NEET or poor physical and mental health outcomes avoided
  • Systemic social policy impact through trialling new models to help young people transition from residential care homes into stable family placements
  • Systemic market-building impact to encourage further preventative, payment-by-results commissioning by local authorities that addresses issues faced by young people in residential care

www.coreassets.com