|SOCIAL IMPACT BONDS||
VULNERABLE CHILDREN (UK)
The Consortium of Voluntary Adoption Agencies (CVAA) in the UK, supported by Baker Tilly and working with a group of eighteen Voluntary Adoption Agencies, is proposing to issue a Social Impact Bond in order to finance family-finding services for vulnerable children. This will support around three hundred extra adoptions a year in the UK. These are likely to be focussed in particular on children from black and minority ethnic backgrounds, with medical or clinical conditions, and those that are over four years old or in sibling groups.
For every £100,000 of funds made available the funder would expect to achieve a yield, and the return of the capital sum at the end of the funded period, while still achieving at least £22m of social benefits to the lives of children (based on the PACT SROI evaluation of permanence in adoption and fostering).
The service envisaged would require around £5m of working capital over a two-year period to fund 300 additional placements a year.
In November 2011, the government of New South Wales in Australia announced two Social Benefit Bonds pilots to focus on similar issues associated with out-of-home care.