Banksia Villages Ltd has released its 2016/17 annual report, with the company’s Annual General Meeting held on 30 October.
2016/17 was a significant year for the company, with the focus on continuing to deliver an increased breadth and standard of services to residents and clients and building on its financial strength.
A significant milestone was achieved for the residential aged care facility Banksia Lodge, with the new 30-room extension reaching full occupancy in November 2016. This followed a progressive ramp-up of resources, including increasing the number of Registered and Enrolled Nurses to provide direct clinical support and supervision for other Care staff.
Banksia Community Care (BCC), which provides home-based clinical and practical support for older people throughout the Eurobodalla, also continued to grow, delivering a total of 30 home care packages during the year. BCC also completed the transition to a consumer directed care (CDC) operating environment, in line with the government’s ongoing reforms in the aged care sector.
2016/17 also saw Banksia’s most extensive refurbishment program to date, with some $600k invested in renewal of independent retirement living villa assets, and nine major and eight minor refurbishment projects completed.
Top line financial results include a bottom line surplus of $687k as at 30 June 2017, total assets increasing to more than $73m, and net assets held of more than $17m including some $9m cash in bank. The surplus result is subject to a number of extraordinary adjustments, including an increase in the carrying value of investment property of $625k and recognition of share capital gains liability of $172k.
Other significant achievements in the year include:
- Unanimous adoption of a new Constitution for Banksia Villages Ltd, to ensure the company’s objects and intent are relevant to the future and provide sufficient scope for it to pursue opportunities to enhance the quality of care, wellbeing and lifestyle of both Banksia residents and older people in the community.
- Approval of the Stage 4A development which will incorporate a further tranche of independent retirement living villas, with further consideration being given to opportunities to incorporate professional suites for allied health services and other amenities.
- Formation of a strategic partnership with the University of Canberra’s Faculty of Health to deliver a range of academic programs including annual post-graduate research grants and a new tertiary health scholarship for eligible Year 12 Eurobodalla students.
- Establishment of an internal scholarship program for Banksia employees to provide opportunities for participation in activities that materially benefit both their own personal development and that of Banksia Villages.
- Further strengthening of Banksia’s management team, with the addition of new and highly experienced Community Care, Finance and Maintenance managers.
In submitting the report, Chairman Stephen Palywoda acknowledged the contribution of Banksia’s staff, management, fellow Directors and volunteers in achieving these significant outcomes.
The full 2016/17 Annual Report is available here.