Financial Report 2016-2017
The Financial Report 2016-2017 for Housing Choices Australia Group (Housing Choices) is compiled from the financial statements of each of the following entities:
Statement of Comprehensive Income Operating revenue is predominately rent revenue, which reflects Housing Choices’ core operating activity as a housing manager and developer of affordable 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. Statement of Financial Position Housing Choices has a substantial asset base of $647 million (2016: $609 million). Freehold properties and cash deposits represent the majority of Housing Choices’ 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 stand-alone basis and attribute appropriate valuations to the various asset components, such as land, buildings, plant and equipment. An adjustment of $21 million was made at 30 June 2017 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 holds $34 million in cash and short-term deposits, the majority of which is to be applied in accordance with various funding agreements. Housing Choices has total bank facilities of $59 million, which are split between NAB and Westpac Banking Corporation. Interest rate hedge facilities are in place to protect the group against interest rate fluctuations.
Statement of Cash Flows Housing Choices 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.
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Housing Choices Australia Limited
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Housing Choices Tasmania Limited
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Singleton Equity Housing Limited
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Disability Housing Limited
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Housing Choices South Australia Limited
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Urban Choices Property Limited
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Inner City Social Housing Trust
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Ecumenical Housing Trust
• Disability Housing Trust. While the financial report for Housing Choices is not audited, the individual financial statements from which it has been extracted are audited by PricewaterhouseCoopers. The financial report for Housing Choices 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.
The Numbers - Annual Report 2016-17 54.
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