The overall financial performance percentage of the Benevolent Society’s Social Benefit Bond was 24% for 2016/17, up from 19% the previous year.
Benevolent’s Social Benefit Bond was developed in partnership with Commonwealth Bank of Australia, Westpac Institutional Bank, NSW Treasury and the NSW Department of Family and Child Services (FACS). It was funded by private and institutional investors.
The Resilient Families program is an intensive family support service designed to help vulnerable families keep their children safely at home. A strong body of research indicates that children are better off in their homes rather than in our-home care if it is possible to keep them there.
Over the reporting period of 1 July 2016 to 30 June 2017, Resilient Families supported 59 per cent more families to stay safely together compared to a control group of similar families.
Since 2013, the Resilient Families program has improved the safety and wellbeing of 289 families referred to the program by FACS, and kept 89 per cent of families referred to the program safely together. This makes Resilient Families among the strongest performing intensive family preservation services in the world.
“The Resilient Families team has done an incredible job,” said The Benevolent Society’s Executive Director of Child and Family Services Matt Gardiner. “Through our program of intensive family support, they have powerfully and positively impacted hundreds of families and changed the life trajectory of the children.”
NSW Treasurer Dominic Perrottet said the collaboration across sectors was the key to the program’s success
“As the first state to pilot social impact investing, NSW is leading the way in working with business and the non-government sector to tackle longstanding social issues in new and effective ways. The program Resilient Families is made possible through this partnership and over the life of this bond, we have seen the lives of many children changed for the better.”
Commonwealth Bank Managing Director Debt Markets, Simon Ling, said that after the success of the pilot it was now time to look to the future.
“The challenge we all face now is how best to take this pilot and scale it to help more communities in the future.”
This FY result would theoretically provide returns of 7% for capital protected class investors and 15% for capital exposed class investors at the end of the bond next year. Actual returns will be calculated on cumulative results paid at the maturity of the bond in 2018, the first social impact bond to mature in Australia.
The Benevolent Society is Australia’s first charity, working as a catalyst for social justice and change for over 200 years. For more information, visit the website