Consolidated financial report.
2017-2018
StatementofComprehensive Income
The 30 June 2018 Financial Report for the Housing Choices Australia Group (Housing Choices Australia) is compiled from the Financial Statements for each of the following entities:
Operating revenue is predominately rent revenue which reflects Housing Choices Australia’s core operating activity as a housing manager and developer of a ordable housing. Management continues to identify and roll out innovative and sustainable property management techniques in order to address the broader challenge of managing a diverse residential property portfolio.
• Housing Choices Australia Limited • Housing Choices Tasmania Limited
Statementof Financial Position
• Housing Choices South Australia Limited • Housing Choices New South Wales Limited
Housing Choices Australia has a substantial asset base of $701m (2017: $647m). Freehold properties and cash deposits represent the majority of Housing Choices Australia assets. Independent valuations of land and buildings are undertaken at all sites at least once every three years. The independent valuations value each site on a standalone basis and attribute appropriate valuations to the various asset components such as land, buildings, plant and equipment. An adjustment of $47m was made at 30 June 2018 (2017: $21m) to increase the carrying amount of land and buildings to value. The adjustment is reflected in the increased value of the freehold property assets in the Statement of Financial Position and Other Comprehensive Income in the Statement of Profit or Loss and Other Comprehensive Income. Housing Choices Australia holds $41m in cash and short term deposits, the majority of which is to be applied in accordance with various funding agreements. Bank facilities of $67m are split between NAB and Westpac Banking Corporation. Interest rate hedge facilities are in place to protect the group against interest rate fluctuations.
• Urban Choices Property Limited • Singleton Equity Housing Limited • Disability Housing Limited • Disability Housing Trust • Inner City Social Housing Trust • Ecumenical Housing Trust
While the Financial Report for Housing Choices Australia is not audited, the individual Financial Statements from which it has been extracted are audited by PricewaterhouseCoopers. The Financial Report for Housing Choices Australia provides an overview of the activities of all entities in the group. Further details relating to the activities of each entity can be obtained by contacting Housing Choices Australia.
StatementofCashFlows
Housing Choices Australia diligently manages its cash flows to ensure that it holds adequate cash on hand and on deposit to meet regular financial obligations and additional demands that may arise from time to time.
101 | Annual Report 2018
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