NADO Annual Report 2020 - 2021

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8 treasurer's REPORT Anil Puri Treasurer NADO experienced another good year with continued growth in income, being 9.5% higher than FY2020, to achieve Total Income of $18,254,557 for FY2021, plus a healthy surplus of $1,287,199 (down from $2,193,551 in FY2020). Despite the lingering effects of COVID on our operations, it is extremely pleasing to see another year of solid growth. The results include a modest amount of the Federal Government’s JobKeeper support payments which helped to offset the continuing impact of COVID on the various services provided by NADO. This support helped NADO to maintain a healthy financial position which meant we were better able to support our staff, our participants, and their families during this challenging time.
NADO Annual Report 2020-21 9 COVID restrictions and participant safety concerns continued to impact our Day Program service for most of the year. This area performed significantly worse than prior to COVID and did not show significant improvement until the last quarter of the financial year. The Connect service, while not impacted as much in terms of revenue, had a significantly lower overall result because of higher costs relating to higher staff-toparticipant ratios and associated costs. However, the decision in recent years to diversify NADO’s range of services and income streams has allowed NADO to be less impacted from the COVID challenge than otherwise would have been the case. Our operating revenue growth was mainly a result of growth in our accommodation service which was largely unaffected by COVID. In fact, the accommodation service benefited as participants were more home bound and required additional in-home support. During the year, we also launched our respite centre in Winmalee and purchased a group home in Penrith, both of which have contributed to our accommodation service income during the year. Our allied health services also showed some growth but was hampered by difficulties retaining and finding appropriately qualified staff in a very competitive labour market. Our expenses during the year climbed relative to our income because of COVID-related expenses (such as PPE) but also because of investments into training our team and improving our IT systems and related processes. These investments will continue to equip NADO with the ability to offer a high level of service to our participants. Otherwise, our expenses remain well controlled and continue to be reviewed regularly and managed closely. The surplus of $1.3m that we have delivered this year, while down from $2.2m in FY2020, is still very healthy with an operating margin of 7.0%. The ongoing impact of COVID on our Day Program and Connect services have been substantial but this has been offset by the JobKeeper payments received during the year. NADO has also quarantined some of those payments to help protect us from further impacts, such as the lockdown experienced at the end of the financial year, and to aid in the recovery of the services affected by COVID. Our cash holdings have remained stable throughout the year as a result of the surplus and the JobKeeper support. This has allowed us to invest in additional infrastructure and resources to expand our services to the community and to continue providing the level of service and support that we are proud of. We continue to have an active strategy in place to review further opportunities to invest funds to provide quality, innovative services to our community of participants and their carers. It has certainly been another challenging year, but the entire NADO team has persevered and remained positive and focused on helping our clients and their families through these challenging times. They have ensured that NADO remains very well-regarded in the region and we continue to be strongly placed to invest further in expanding our range of services and provide quality, genuine care to participants and the community that we serve. Mark Heinz Chief Financial Officer As the new CFO, commencing in March 2021, I’ve enjoyed the opportunities and challenges of joining such a well-regarded organisation. Narendra Charan, previous CFO has since retired, after providing me with an extensive hand over and leaving the organisation with processes and systems in very good shape. I would like to express my thanks and gratitude for the support that I have since received from my team of Brigitte Sirocic, Lisa Devery, Bhaumika Patel and Stephen Rose. It is evident to me that my team work extremely hard and are very focused and dedicated. I would also like to thank Denise Heath for her guidance and support along with the Management Team and Board who have all made me feel very welcome. In my opinion, NADO has performed well over the financial year especially considering the ever-changing landscape in which we operate. I look forward to the year ahead.
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NADO Annual Report 2020 - 2021

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