Page 5 - Warrah Annual Report 2021/2022

From the Chair
Taking the time to reflect on the prior year is incredibly important, although ironically, it feels like we do it far less than we should. This is because there is always something new or more urgent on the horizon to address! Thankfully the annual report process provides a welcome opportunity to take a moment and take stock. July 2021 to June 2022 was, in many ways, a confronting and challenging period for Warrah, however, we also have much to celebrate.
Our Community
Our community was deeply saddened by the passing of our long-term residents Andrew Robertson and Joanne Stephens, and our thoughts remain with their families. These two wonderful people touched many and lived joy- filled lives that will be remembered fondly by our community. Although this report highlights some of the more tangible achievements and challenges that Warrah has faced over the last year, it is most important to recognise that enabling our participants to live the fullest
and richest lives possible is the reason Warrah exists. Keeping this goal front and centre is the best way to ensure that we continue to deliver for all our clients in the same way we did for Andrew and Joanne, thus respecting their contribution and preserving their future legacy.
Finances
‘Steady as she goes’ is probably the best way to describe the year from a financial perspective. Operationally we kept things fairly tight, and the financial statements reflect this. On the Capex side, we had hoped to spend a little more than we managed but were often hampered
by logistics and lockdown constraints. Across the organisation, growth opportunities were impeded and priorities were continually adjusted as the management team navigated the COVID-19 situation. Our headline numbers are strong, although they need to be tempered and viewed in context. The $982k received
from the Federal Government as a COVID-19 stimulus initiative was unexpected but will certainly be put to good use. This grant explains the organisation’s annual operational surplus, as opposed to a small loss as budgeted.
Due to our solid asset base, Warrah remains
in an enviable financial position compared with many similar organisations. This was again reflected in the property revaluations, which benefited from a surge in Sydney land prices over the last three years. We need to remain prudent, as unless we wish to sell some property (not part of our current plan!), these are just paper gains that have no impact on the day-to-day.
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