(03) 5561 9300
MEDIA RELEASE
Last week the Financial Statements 2023 were available which has instigated some negative social media and I want to reassure our staff, residents and families that there is no cause for concern. In response we are providing the following information for our community of staff, clients, families and residents and the wider community:
It was reported at the 2022 Annual Meeting that Lyndoch was adopting a 3-year financial improvement plan, during the 2023 financial year focus was placed on a number business and quality improvements resulting in a significant financial and quality improvement turnaround during 18 months to January 2024. “As previously reported, the outcome was strong financial results in the first six months of the 2024/25 financial year” said Jill Davidson, Acting Chief Executive Officer.
Not so long ago, Lyndoch informed the community that as at the end of December, a $3 million surplus year to date and at the end of January year to date $3.7 million surplus. This means that Lyndoch continues to be financially healthy so we can confidently reassure our stakeholders that Lyndoch continues to go from strength to strength. The 2023 Annual Report has now been published on the Lyndoch website at Publications – Lyndoch Living and this document provides an overview of activities.
Past Years Results
Andrew Long, Chief Finance Officer reported that during the year ending 30 June 2023 the Group had an operational deficit of $(11,472,438) (2022 operating deficit of $(5,483,489)) and a net loss of $(19,717,989) (2022 net loss of $(5,700,958)).
The following non cash/non-recurring items included:
Impairment of assets of $3,606,387 predominately consisting of write downs of goodwill associated with the May Noonan facility and the Warrnambool Medical Centre.
Write down of property $4,748,740 predominately consisting of write downs in the Primary Care Centre.
COVID costs amounting to $1,002,963. These costs have subsequently been reimbursed in 2024 through an Aged Care COVID grant from the Commonwealth Government.
Staff shortages during the year, resulting in agency costs of $662,461.
Operational losses at May Noonan totalling $2,450,755.
Reduced reliance on agency staff based on the rebuild of the nursing workforce.
Sale of surplus assets of the Group and using those funds to pay down debt to decrease interest payments.
Currently:
Overall the efficiency of operations is excellent with occupancy between 95-97.4%, 33 beds are offline due to staff shortages, 100% of beds are public and there are 2 respite residents with 7 transitioning to permanency.
