Although concerns for the global economy continued throughout the year, 2012/13 saw some major turn around in equity markets, which led to a recovery in the balance sheet values for investments held by The Salvation Army. However, the further decline in domestic interest rates, together with the fall in the Australian dollar, has impacted the cash returns from investments, which has reflected in the overall operating results for The Salvation Army in the last financial year.
Total Operating Expenses
The Salvation Army recorded operating expenditure of $325.4 million on social services delivered by its various social programme centres in 2012/13, compared with $313.2 million in 2011/12. Net Social Fund expenditure for the 2012/13 financial year reached $363.2 million (including Red Shield Appeal expenses) after eliminations.
This is both a reflection of the increased costs in delivering services, but also the increased commitment of The Salvation Army to meet the needs of Australians across all areas of life.