FINANCE NEWS: Salvation Army counts higher income from legacies increase

The Salvation Army has seen income from legacies, public donations and trading rise substantially over the past year.

Figures in the charity's annual report, published last week, contrast with the financial gloom in much of the sector.

The report says that legacies increased by 30 per cent in 2001/2 to £37 million. This compares with the experience of charities such as RNIB and RNID, which have announced redundancies in the past two months, partly because of drops in legacy income.

The Salvation Army's trading income also increased by 18 per cent to £23 million, which the report attributes to "the exceptional results of the Salvation Army Trading Company". Public donations rose by 19 per cent to £28 million.

The charity's reserves also increased by £31.2 million to £445 million, while investment levels remained static at around 4 per cent of total income.

A spokesman for the Salvation Army said that trading income was boosted by a "hugely successful and very profitable" textile recycling business in the Kettering area. He also said that the charity's shops had posted strong results due to "excellent management".

The rise in legacy income was due to an increase in donor numbers and house prices.

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