Anglican Care posts profit despite increasing costs, decreasing investment revenue

Anglican Care has reported an overall profit for the business of $7.7m in its 2015/16 annual report despite decreases in investment revenue and increased expenditure through significant acquisitions, refurbs and increased staffing costs.

In its 60th year of operations, the organisation reported that its income from Government funding increased by 14 per cent to $47.8m, resident revenue increased by 3.75 per cent to $19.2m and investment revenue decreased by 23.29 per cent to $1.7m during the 2015/16 year.

While its overall income increased by 9.11 per cent, its expenditure also increased by 9.67 per cent.

Most of its expenditure was staffing costs, which increased by 9.6 per cent last financial year to $42.5m, representing 68.6 per cent of its overall costs.

The organisation have over 850 staff and a further 350 volunteers that provide residential, community and home care and retirement living services to more than 1400 people between Sydney’s Northern beaches and Port Macquarie on the NSW coast, mostly in and around Newcastle.

In their joint message, Chairman John Kilpatrick and CEO Colin Osborne highlighted the major projects Anglican Care was involved in during the year, particularly development and acquisition activities.

These included the construction and opening of Kilpatrick Court at Toronto, the largest project undertaken by Anglican Care in its history and one that will play a pivotal role in Anglican Care’s plans for future developments, they said.

A redevelopment of its C A Brown facility that commenced last year will also see the relocation of the existing food and laundry operations to a new purpose-built facility at Cardiff which is due for completion later this year.

The executives also referenced progress on the development of services at Gloucester, with the acquisition of a site close to Gloucester Hospital, which will allow for the construction of a new residential aged care home and retirement living villas.

Ahead of the home care changes, Anglican Care acquired additional community and dementia services following the acquisition of Lake Macquarie Care Services.

In addition to its focus on accommodation, Anglican Care bolstered its participation in innovative projects to improve care and research studies run in partnership with local hospitals and universities.

View Anglican Care’s full annual report here. 


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