Revaluation of properties Housing Choices Australia has a substantial asset base of $1.3 billion (2022: $1.2 billion). Freehold properties 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. Independent valuers value each site on a standalone basis and attribute appropriate valuations to the asset components of land and buildings. An adjustment of $12 million was made at 30 June 2023 to increase the carrying amount of land and buildings to fair value. The adjustment is reflected in property, plant and equipment in the Statement of Financial Position and Other Comprehensive Income in the Statement of Profit or Loss and Other Comprehensive Income. Capital grants Capital grants received in the year largely relate to state and federal government grants for new developments in Tasmania ($8 million) with a further $54 million in Victoria. These grants form part of a funding mix for new development projects together with debt and cash invested by Housing Choices Australia. Projects There are a number of developments that have been approved, delivered, are in progress or will commence in the new financial year. These developments will use existing cash resources, debt and capital grants to provide new social and a ordable housing and the redevelopment of the portfolio of Specialist Disability Accommodation. Other resources are required to meet the obligations under a range of management programs with state governments. In Tasmania during the year, eight development projects were completed delivering 63 new housing outcomes under the Tasmanian State Government’s Community Housing Growth Program and the Department of Social Services Capital Works Funding Agreement. A further 124 units across four sites are also being developed under the Tasmania State Government’s Community Housing Growth Program. In South Australia, the Nightingale Bowden Project was completed with the delivery of 36 new housing outcomes of which 18 are owned by Housing Choices South Australia.
Financial report
For the year ended 30 June 2023
During the year ended 30 June 2023 Housing Choices Australia generated earnings before finance costs and depreciation of $11 million on total income of $110 million. Total assets increased from $1.2 billion to $1.3 billion. Housing Choices Australia remains a leading national provider for social, a ordable and specialist disability housing. The group remains in a strong position to be able to maintain sustainable growth in the years to come. The 30 June 2023 Financial Report for the Housing Choices Australia is compiled from the Financial Statements for each of the following entities: • Housing Choices Australia Limited • Housing Choices Tasmania Limited • Housing Choices South Australia Limited • Housing Choices Western Australia Limited • Housing Choices NSW Limited • Disability Housing Limited • Singleton Equity Housing Limited • Disability Housing Trust • Inner City Social Housing Trust • Ecumenical Housing Trust
• Catherine House Inc • Catherine House Trust
• Urban Choices Property Limited • Access Housing Realty Limited
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Housing Choices Australia Group
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