Aged care provider reports $8.45M deficit
Peninsula Villages has recorded a deficit of $8,454,029 for the 2022-23 financial year.
The figure is reported in the aged care facility's annual report, dated September 29.
"This net result includes significant non-cash items for depreciation, asset impairment losses and fair value accounting movements totalling $11,283,232," said board chair Ms Jan-MareeTweedie and treasurer Mr Andrew Cordwell.
"Excluding these non-cash items, the company would be reporting a surplus for the year of $2,829,203."
The report also noted "an overall cash surplus from operations of $2,615,815".
In a joint report with chief executive Mr Colin Osborne, Ms Tweedie said: "The financial result is very satisfactory under all the circumstances."
She said the overall result was impacted by a significant revaluation of some of Peninsula Villages' land and building assets.
"In early 2023, Peninsula Villages commenced a process to compile a Master Site Development Plan for all of Peninsula Villages' properties.
"This process has included an assessment of the condition and life expectancy of all of Peninsula Villages' land and buildings and a formal valuation of all land and building assets and identification of future capital works of both a minor and major nature.
"The compilation of the plan was still in progress at the end of the reporting period.
"However, it is anticipated that the plan will be available for the board's consideration in late 2023 and will assist Peninsula Villages in identifying priorities for redevelopment of existing facilities and the development of new facilities and services."
SOURCE:
Annual report, 29 Sep 2023
Peninsula Villages