Financial Summary
Momentum Collective’s 2022 financial result reflects a resilient financial position reporting a Net Operating Surplus of $1.9M (2021: $824K) despite several significant external environmental challenges. The COVID-19 strain continued to impact our service delivery operations, affecting client participation and putting pressure on workforce availability. In late February 2022, South East Queensland and Northern New South Wales were severely impacted by a damaging rain event and subsequent flooding, inundating multiple properties and restricting accessibility across the region. Our organisation sustained flood damage to multiple properties, which displaced clients and impacted the continuity of services for some weeks thereafter. We made substantial property damage insurance claims to recover some of the costs incurred. Total revenue for 2022 was $49.9M (2021: $43.6M), reflecting a 14% increase year on year. Community programs grant funding remained sturdy and NDIS services were buoyed by the NDIS one-off provider reimbursement payment. One-off property flood damage insurance recoveries also contributed to the positive result.
This result will enable the organisation to continue to grow its geographical footprint with the provision of services and to reinvest in infrastructure projects to deliver better client outcomes and operational efficiency. A significant accomplishment for 2022 was the completion of a $2.7M Community Housing development project of eight affordable housing dwellings in Casino, concluding our 10-year contractual obligation to increase the supply of Affordable Housing by an additional 34 dwellings. Momentum Collective was successful in securing $1.8M from The Community Housing Innovation Fund Northern Rivers program to deliver more social and affordable housing in our region over the next 12 months. The strong balance sheet with Net Assets of $40.6M (2021: $38.7M) supports the overall positive financial result and reflects a position of good financial health.
Revenue By Source (2017-2022)
Revenue By Source 2022
$60,000
NDIS 60%
49.9M YoY +15%
$50,000
43.5M
$40,000
35.9M
30.9M
28.8M
$30,000
Other Funding 3% Dept. Social Services 1%
$20,000
NSW FACS/DCJ 20%
$10,000
NDIS +20%
Commonwealth Dept. of Health and Aged Care 2%
$0
17/18
18/19
19/20
20/21
21/22
NSW Health 6%
Community Housing 8%
n NDIS n Community Housing n NSW FACS/DCJ n NSW Health n Dept Social Services
n QLD Disability Services n Dept. Prime Minister & Cabinet n Commonwealth Dept. of Health and Aged Care
n Other Funding n ATO
42 | Momentum Collective
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