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An update to the community.
Lyndoch Living today reaffirmed its commitment to delivering on the change program underway at the organisation, as it held its Annual General Meeting (AGM) on Monday 31 October. Board Chair Susan Cassidy and Interim CFO Andrew Long addressed the recent challenges the organisation has been facing, its financial position and mapped out future plans.
Like more than a third of aged care facilities across the country, Lyndoch Living recorded an operational loss for the 2021/2022 financial year, impacted by significant expenditure managing COVID-19 outbreaks. This resulted in increased staff and reduced occupancy within its aged care facilities.
Despite the $2.87m operational loss, Lyndoch Living continues to have a strong net equity position of $35.41m, total expenditure of $50.79m and achieved $45.31m in total revenue for the financial year. Lyndoch Living continues to review the impact of the COVID-19 pandemic and is taking the necessary steps to protect the health, well-being and safety of its residents, clients, and employees.
To summarise, during the 2021/2022 financial year, Lyndoch Living:
The AGM also provided an opportunity to discuss:
Lyndoch Living Chair Susan Cassidy said the AGM was an important opportunity for Lyndoch Living to summarise the past 12 months and set out a pathway for the future, while acknowledging the hard work of staff and volunteers and the support of residents, their families and the Warrnambool community.
“We know these have been challenging times for Lyndoch Living, headlined by significant workforce shortages and other challenges caused by the pandemic,” Susan Cassidy said.
“This will remain an ever-present issue for Lyndoch Living and we are doing what we can to work through these challenges, alongside most of our industry.”
“That’s why it is so important to acknowledge the work of our staff who navigated these extremely difficult circumstances through the year. While we have significant work to do, I thank our people for their care and commitment, and for continuing their work to implement higher quality standards.”
“Today it was important to reiterate our strong commitment to doing things better every day, supporting our residents and regaining the trust of our community. The board is committed to work hard over the next 12 months to make this happen,” she concluded.
