The Bridge Annual Report 2024 - Flipbook - Page 51
Pro昀椀t and Loss
Balance Sheet
Income - $16,748,000
Park Grove Development Property
Excluding house sales from the 2022-23
comparative, income grew in 2023-24 by
$52,000. That was a good outcome having
lost $1,300,000 from the JVES program
suddenly at the end of 2022-23.
The main contributors to income growth
were NDIS services which grew 10% and
sales from the supported employment
services which grew 38%.
Excluding the lost JVES income, the other
Employment services grew by 12% in
2023-24 whilst the Connects services also
grew by 10%.
NDIS income represented 87% of all income
for The Bridge in 2023-24 which is up from
79% in 2022-23.
Expenditure - $17,547,000
Expenditure increased by $2,232,000 from
2022-23. This was primarily from staff costs
(up by $1,595,000) and property expenses
(up by $701,000).
Both of these increases were a result of
The Bridge investing in growth by opening
three new sites during the year and relocating
one service to a larger site. These expansions
required additional staf昀椀ng ahead of the
anticipated service growth. All other costs
reduced slightly as we kept control on other
expenses. Note that there were no costs
from Park Grove as we had no sales with all
building work adding to the Inventory
account on the Balance Sheet.
During the year The Bridge spent $160,000
on innovation projects designed to try out
new ways of working to transform business
operations and improve the quality of service
to clients.
With no additional houses sold at Park Grove,
the only change was $1.6M that was paid on
ongoing construction at the site.
Cash
As a result of not selling houses (and
continuing to build) as well as the 昀椀nancial
de昀椀cit for the year, cash at the end of the year
declined by $2.6M. At the year end, cash and
investment reserves totalled $5.6M:
Cash and Bank
$962,000 (down $2,647,000)
Investments
$4,601,000 (up $23,000)
This position is very strong and enables
The Bridge to complete the remaining Park
Grove construction providing disability
accommodation and to continue investing in
organisational growth.
Net Assets
The net assets at the year-end were a healthy
$14,912,000. Once construction is completed
at Park Grove, The Bridge will be 昀椀nancially
well positioned to invest in future strategies
supporting innovation across all areas,
particularly in relation to client experience
and delivery of more services to more people
with disabilities and disadvantage.
Richard Dawe
Chief Financial Of昀椀cer
Note: Figures are rounded to the nearest
thousand dollars. 2024 Audited Financial
Statements are available in a supplementary
document.
THE BRIDGE ANNUAL REPORT 2024
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