Richmond Posts Financial Surplus
31 August 2005
Richmond Posts Financial Surplus after Difficult Year
Richmond Fellowship New Zealand has recorded an overall surplus on its annual balance sheet for the 2005 financial year, in spite of operational losses on some services and high costs associated with accreditation processes.
Richmond’s chief executive, Dr Gerry Walmisley, says the audited financial surplus of $674,000 is a satisfactory result considering the focus of 2004/05 was on quality systems rather than growth of services.
“This result takes into account the losses on some areas of our operations, and is realistic considering the current difficult environment. We do, however, have to acknowledge a modest operating deficit, which is due largely to a reduced rate of growth and budget over-runs in one or two cost centres.”
Some of these services will require further attention and strong financial management. These include the organisation’s Christchurch-based Regional Disability and Supported Accommodation Service (RIDSAS), which provides specialist services for young intellectually disabled people with high and complex needs.
“Overall, the position for the coming year looks positive. It is pleasing to note that we have negotiated a considerable amount of new business towards the end of the financial year and the operational issues at a service level are being addressed.
“Our investment in quality systems has been an important journey. These new systems, and the many new internal processes which have been developed, are the foundation for the next stage of Richmond’s development.”
Richmond was surveyed by auditors from Quality Health New Zealand earlier this month, following months of intensive planning and preparation. “The preliminary feedback from the auditors has been more than positive," says Dr Walmisley. “While it’s inevitable there will be some issues which require further action, we’re looking forward to a favourable report from the auditors in November.
“Richmond's investment in providing a solid and professional service base will provide a satisfactory operating position for the year ending June 2006.”
About Richmond Fellowship
Richmond Fellowship is a major provider of community support services throughout New Zealand. The Fellowship has developed specialist services for a range of purchasers including the Ministry of Health, Community and Public Health, Child Youth and Family Service and District Health Boards.
Services include support programmes for people with mental, psychiatric or psychological illness, respite and emergency support, consumer based drop-in services, specialist youth services and dual diagnosis services (including intellectual disability/mental illness).