Firstly, just like to say a huge thankyou to the almost 100 staff and volunteers who have contributed to the results for the organisation last year, and who continue to provide exceptional service to the Deaf and Hoh community into this financial year too We have provided services to almost 50% more clients than the previous year, and the numbers for the current financial year are also reflecting that growth too, so please keep doing what you are doing
Delighted to announce a fantastic set of financial results for FY1819
To support this huge growth in service delivery we grew our workforce considerably, employing over 50 new staff, particularly in our community services area (support workers, allied health and tutors) and invested in a dedicated Client engagement team to ensure everything we do has the client at the centre of it.
During the year we also moved premises, and that meant incurring additional expenses to set up the offices, new equipment, dedicated meeting and training spaces, as well as starting to develop an aged care service and continuing to support WADRA with their transition to new premises too.
Despite this significant change, the organisation continued to run community events throughout the year, and we hope you had the chance to come and see the new offices or meet some of the new team members.
Our commitment to reinvesting profits back into the community continues through these events and also some additional schemes we have set up to support Deaf community during times of hardship, or with a scholarship fund and also a new business start up fund. Some of you may be aware we sent one of the Deaf community to the World Federation of Deaf conference in Paris earlier this year. Without the ongoing fundraising efforts that we deliver, these things would not be possible, so thankyou to anyone who put a gold coin in a money box or who continues to donate on a regular basis. Your support is really appreciated.
Finally the investment fund that the Organisation holds most of its reserves in, performed exceptionally well (almost 11% return in dividends and capital value increase).
Overall the Net Surplus for the year was just over 75K, which is a 2.5% profitability, similar to many strong performing NFPs like Silver chain.
Looking at the financial health of the business, the orgs overall current assets didn’t change year on year, other than the sale of the Aberdeen St building being converted to cash in the bank and now held as a fixed asset-improving the liquidity position. It should be noted that this money has recently (august) been placed into an Investment fund too.
There was a large focus on improving processes, and this meant a reduction in Debtors (people who owe the org money) by 35%, almost 75K year on year, which is fantastic.
As stated earlier, the Investment fund grew by almost 11% to $2.2M, and as part of the move in premises there was a need to invest in replacing some old equipment and also investing in new IT (pcs and servers) as well as very recent investment in a new Client Management system to replace our legacy scheduling and booking system.
On the opposite side, the org liabilities have increased by almost 500K. This is wholly related to additional grants that were secured to support the transition to the NDIS. It is expected all of these funds will be expended in FY1920. There will be very little block funding in the future, so a much closer focus on debtor control is necessary to ensure cashflows aren’t impacted too much.
The working capital for the org was $2.5M at the end of year, which represents the org ability to pay its current debts/liabilities.
This is sometimes represented by a ratio, which for AP, is 3.7, so we have $3.7 dollars of cash assets for every $1 of cash liabilities. So the cashflow position is very healthy.
Like the operating profitability of the org, the net assets of the org grew by 2% year on year too.
As stated earlier, the growth in services to our community, has also allowed us to create jobs for our community as well, and we now have over 30 deaf or hoh staff employed in either an office based or service delivery role
We anticipate this number will grow again in the current financial year, as we see more and more clients sign up their NDIS plans with AP
To support this growth in staff, we have continued to invest in training and development across the organisation, and have plans to develop even more program in the current year too
There were some structural changes that took place earlier in the year, and that has resulted in a dedicated Intake team who deal with all enquiries and provide a more seamless customer experience. This team is supported by a complementary Client Engagement Team who have a dedicated group of clients that they help navigate through the NDIS transition and ensure the services we are provided to them meet their expectations and support them to achieve their goals
One of the biggest challenges that remains in the WA marketplace is the supply of interpreters not being able to meet the demand for interpreting services. There isnt a quick fix solution to this of course, however AP have implemented a Masterclass program to fast track upto 20 new Terps into the marketplace over the next 12 months. This will hopefully have significant impact on ensuring our community get the access to support they require and continue to break down the barriers of communication they face
Following the chalenge of an Office move, the Org is implementing more change management with a new one stop shop Client Management system to replace all the legacy systems and paper based systems. This investment was supported by the Board, and the implementation started in June, and is likely to be completed by November/December
Other wins in include the Digitialising of 97 years of paper records, so thankyou again to all the volunteers and staff who have contributed to this incredible piece of work
To improve internal communication the Org has introduced “Workplace” which is an APP very much like Facebook, but just for AP staff. We will continue to use this tool as one of the many ways we communicate with staff and also to our community
One of the biggest achievements this FY, was receiving ISO Accreditation in April. This is one of the highest quality achievement across the globe, and it reflects all the fantastic work that has gone into developing contemporary Policies and procedures, and making them accessible, easy to use and understand, as well as ensuring staff compliance too
We believe our continuous quality improvement focus, will be one of the key drivers of why our community continue to receive services from us, and why we can demonstrate a difference between ourselves and our competitors
A key focus of the new FY, is to ensure that the growth we have seen continues, and to support this plan, investment in more dedicated marketing resources and personnel is a key focus for the Org currently
Shortly, there will be a consistent look and feel to everything that we publish on all our marketing channels, a more quality based approach, ensuring our communities know exactly what we are trying to do for them and that the service delivery matches the message too
The following tables contain summarised information. Supporting information and a complete overview can be found in the downloaded financial statement.
|Government funding and subsidies||1,244,649||996,314|
|Employee benefits expense||(1,894,842)||(1,508,467)|
|Depreciation and amortisation expenses||(21,796)||(39,531)|
|Surplus before income tax expense||8,285||92,873|
|Income tax expense||-||-|
|Surplus after income tax expense for the year||8,285||92,873|
|Other Comprehensive income,net of tax|
|Items that will not be reclassified subsequently to profit or loss Gain/(Loss) on the revaluation of land and buildings||-||(175,614)|
|Gain/(Loss) on the revaluation of available for sale financial assets||67,268||67,697|
|Total comprehensive income for the year||75,553||(15,044)|
|Cash and cash equivalents||3,170,109||961,477|
|Trade and other receivables||141,011||216,536|
|Other current assets||121,585||45,287|
|Current assets held for sale||-||2,000,000|
|TOTAL CURRENT ASSETS||3,433,897||3,227,033|
|Property, plant and equipment||191,363||58,098|
|TOTAL NON-CURRENT ASSETS||2,379,699||2,031,158|
|Trade and other payables||1,385,907||879,990|
|TOTAL CURRENT LIABILITIES||1,487,926||1,010,964|
|TOTAL NON-CURRENT LIABILITES||19,357||16,467|