Readable browser version of the Corella Care financial workbook. Each worksheet is labelled below; the original workbook is available alongside this page.
Cover
| Corella Care Ltd | | | | |
|---|
| Financial Report Pack, FY25 Actual Results and FY26 Budget | | | | |
| | | | |
| Prepared for: Board of Directors | | | | |
| Prepared by: Anthony Braithwaite, Chief Financial Officer | | | | |
| Financial year: 1 July to 30 June | | | | |
| Currency: Australian Dollars (AUD) | | | | |
| | | | |
| Contents | | | | |
| 1. FY25 Profit & Loss, Actual vs Budget | | | | |
| 2. Balance Sheet, FY24 vs FY25 | | | | |
| 3. Cash Flow Statement, FY25 | | | | |
| 4. FY26 Budget | | | | |
| 5. Variance Notes | | | | |
| | | | |
| Note: figures in blue are source data from the general ledger and FY26 budget model. Figures in black are calculated by formula and will update automatically if source data changes. | | | | |
FY25 P&L
| Profit & Loss Statement | | | | |
|---|
| Corella Care Ltd, Year Ended 30 June 2025, Actual vs Budget | | | | |
| | | | |
| Line Item | Budget | Actual | Variance ($) | Variance (%) |
| Revenue | | | | |
| Government subsidies | $29,500,000 | $30,650,000 | $1,150,000 | 3.9% |
| Resident and client fees | $9,800,000 | $9,400,000 | ($400,000) | (4.1%) |
| Donations and bequests | $650,000 | $910,000 | $260,000 | 40.0% |
| Grants | $1,200,000 | $1,050,000 | ($150,000) | (12.5%) |
| Other income | $700,000 | $640,000 | ($60,000) | (8.6%) |
| Total Revenue | $41,850,000 | $42,650,000 | $800,000 | 1.9% |
| | | | |
| Expenses | | | | |
| Employee expenses (including agency staff) | $27,900,000 | $29,200,000 | $1,300,000 | 4.7% |
| Resident care and clinical supplies | $4,100,000 | $4,350,000 | $250,000 | 6.1% |
| Property and maintenance | $2,800,000 | $2,650,000 | ($150,000) | (5.4%) |
| Food and hospitality | $2,200,000 | $2,300,000 | $100,000 | 4.5% |
| Administration and corporate overheads | $2,450,000 | $2,500,000 | $50,000 | 2.0% |
| Depreciation | $1,900,000 | $1,900,000 | - | - |
| Total Expenses | $41,350,000 | $42,900,000 | $1,550,000 | 3.7% |
| | | | |
| Surplus / (Deficit) | $500,000 | ($250,000) | ($750,000) | (150.0%) |
| | | | |
| Note: the deficit was driven mainly by agency staffing costs incurred to cover unfilled direct care positions. See Variance Notes tab for detail. | | | | |
Balance Sheet
| Balance Sheet | | | | |
|---|
| Corella Care Ltd, as at 30 June 2025, Compared to 30 June 2024 | | | | |
| | | | |
| Line Item | FY24 | FY25 | Change ($) | Change (%) |
| Assets | | | | |
| Cash at bank (unrestricted, operating) | $6,200,000 | $4,100,000 | ($2,100,000) | (33.9%) |
| Accounts receivable | $1,100,000 | $1,450,000 | $350,000 | 31.8% |
| RAD-backed investments (restricted) | $18,500,000 | $19,800,000 | $1,300,000 | 7.0% |
| Property, plant and equipment | $38,000,000 | $37,200,000 | ($800,000) | (2.1%) |
| Total Assets | $63,800,000 | $62,550,000 | ($1,250,000) | (2.0%) |
| | | | |
| Liabilities | | | | |
| Refundable Accommodation Deposits (RAD) | $18,500,000 | $19,800,000 | $1,300,000 | 7.0% |
| Other liabilities (payables, employee entitlements) | $5,700,000 | $6,200,000 | $500,000 | 8.8% |
| Total Liabilities | $24,200,000 | $26,000,000 | $1,800,000 | 7.4% |
| | | | |
| Net Assets | $39,600,000 | $36,550,000 | ($3,050,000) | (7.7%) |
| | | | |
| Note: RAD-backed investments are restricted and matched against the RAD liability. They cannot be used to fund operations. Unrestricted operating cash fell to $4.1 million, under five weeks of FY25 operating expenses. | | | | |
Cash Flow
| Cash Flow Statement | |
|---|
| Corella Care Ltd, Year Ended 30 June 2025 | |
| |
| Activity | FY25 ($) |
| Net cash from operating activities | $1,450,000 |
| Net cash from investing activities (Corella Heights refurbishment) | ($3,600,000) |
| Net cash from financing activities (net RAD movements) | $50,000 |
| |
| Net Movement in Cash | ($2,100,000) |
| |
| Note: the net movement in cash reconciles to the change in unrestricted cash at bank shown on the Balance Sheet tab (a decrease of $2.1 million). | |
FY26 Budget
| FY26 Budget | | |
|---|
| Corella Care Ltd, Year Ending 30 June 2026, Approved by the Board | | |
| | |
| Line Item | FY25 Actual | FY26 Budget |
| Revenue | | |
| Government subsidies | $30,650,000 | $32,200,000 |
| Resident and client fees | $9,400,000 | $9,900,000 |
| Donations and bequests | $910,000 | $900,000 |
| Grants | $1,050,000 | $1,150,000 |
| Other income | $640,000 | $750,000 |
| Total Revenue | $42,650,000 | $44,900,000 |
| | |
| Expenses | | |
| Employee expenses (including agency staff) | $29,200,000 | $29,800,000 |
| Resident care and clinical supplies | $4,350,000 | $4,500,000 |
| Property and maintenance | $2,650,000 | $2,800,000 |
| Food and hospitality | $2,300,000 | $2,400,000 |
| Administration and corporate overheads | $2,500,000 | $2,600,000 |
| Depreciation | $1,900,000 | $1,900,000 |
| Total Expenses | $42,900,000 | $44,000,000 |
| | |
| Budgeted Surplus / (Deficit) | ($250,000) | $900,000 |
Variance Notes
| Variance Notes | | |
|---|
| Management commentary on material FY25 variances, prepared for the Finance, Audit & Risk Committee | | |
| | |
| Line Item | Variance | Management Commentary |
| Employee expenses | $1.3M over budget | Driven by agency and contract nursing staff engaged to cover unfilled direct care vacancies, particularly at Corella Heights. A workforce plan to reduce agency reliance is included in the FY26 Strategic Plan priorities. |
| Government subsidies | $1.15M over budget | Reflects a higher than budgeted acuity mix among residents, which increases the per-resident subsidy rate under Commonwealth funding arrangements. |
| Resident and client fees | $0.4M under budget | Slightly lower than budgeted occupancy in the first half of FY25 at Corella Gardens, since recovered. |
| Donations and bequests | $0.26M over budget | One bequest of $180,000 received in April 2025 that was not anticipated in the original budget. |
| Cash at bank | $2.1M decrease over the year | Reflects the operating deficit combined with cash used for the Corella Heights refurbishment. The Finance, Audit & Risk Committee is monitoring the cash position monthly. |