The 2021-22 financial year continued to present UnitingSA with a series of operating challenges which impacted the performance of the business – the most significant of which was the ongoing impacts of Covid-19. Coupled with the external industry pressures being experienced by the Aged Care and Human Services sectors more broadly, 2021-22 presented an opportunity to review the entire business, reset the baseline and begin transforming for the future.

This year, we delivered a net surplus of $27.5m, up from $4.6m in the previous year. The current year result includes significant upside from the annual revaluation of investment properties, which benefited from an extremely strong and vibrant Adelaide property market in 2022. The revaluation gain in 2021-22 was $25.8m compared to $3.2m in the previous year.

From a core business perspective (excluding revaluations), the financial result improved from $1.4m in 2020-21 to $1.7m in 2021-22. The 2021-22 result included significant one-time Covid-19 related expenditure of $1.4m, against which we have lodged a grant submission seeking recovery of eligible costs. This amount has not been included in 2021-22 results. We also undertook significant restructuring activities throughout the year, including the closure of Regency Green Aged Care.

Given the costs associated with the restructuring activities, Covid-19 and impacts of Government reforms on the core business, we are pleased with the performance in 2021-22, have maintained a strong cash position, grown equity and have a pipeline of exciting growth projects aimed at delivering our purpose in the years to come. We are confident in our ability to continue achieving future surpluses that will enable ongoing investment in our aged care and community assets and allow for continued innovation and growth in the services we offer.