* 23 November 2022 *
The organisation’s AGM was held on Thursday 17 November, and as last year, the format was a hybrid meeting with some attending in-person and some via Zoom. Thanks to our financial services provider, Shadforth, we held the in-person meeting in their offices in the CBD.
Board Chair, Mike O’Meara OAM chaired the meeting, beginning with a minute’s silence to remember all those who have lost their lives in serving their country.
Mike reported that a third COVID year has been a trial for the whole community, not least aged care with its highly vulnerable population. Mike talked of the uncertainties affecting the financial markets and the wider community, impacting the financial performance of the organisation.
Mike noted the very welcome rescission by RSL Victoria of their decision to sell Vasey RSL Care and confirmation of this received in June.
The organisation has fundamental strengths, Mike noted, and the Board were resolved to move forward with new initiatives to deliver on the promises, and to “stop talking and get on with it”.
There has already been a lot of interest from government in the V Centre which will make an important contribution to some of the issues raised in the current Royal Commission into Defence and Veteran Suicide.
Mike noted the introduction this year of a new board performance and assessment process to ensure continuous improvement in governance practice and risk management at the highest levels.
Board Member, Victor Hamit, stepped down from the Board this year: Mike thanked him for his thoughtful contribution to deliberations during his tenure, and thanked all Board Members for their service and commitment to the organisation and our ex-service community.
Mike assured company members of the outstanding commitment to caring for residents and clients shown throughout the organisation’s management and staff. He commended CEO, Janna Voloshin, highly for the professional and intelligent way she continues to carry out her responsibilities in leading the organisation.
CEO, Janna Voloshin noted that resilience and commitment have been key during this third COVID year. She commented that the whole industry is suffering ‘industry long-COVID’, the symptoms being staff shortages, low occupancy rates, high expenditure to manage and prevent outbreaks, and resulting in financial vulnerability.
Despite this, the organisation welcomed 239 new aged care residents and recruited 91 new staff while continuing to battle frequent COVID outbreaks and respond to new legislative changes required as a result of the Royal Commission’s recommendations.
Janna spoke of an example of commitment to best practice with the introduction of an evidence-based nutritional program to help reduce aged care resident falls and fractures, implemented during this difficult time in order not to put off the opportunity to potentially save lives.
The organisation’s financial performance has been put under significant strain. Vasey RSL Care is not alone, with chartered accountants, Stewart Brown, reporting that the residential aged care sector is experiencing financial sustainability problems with two out of three homes (67% ) running at a loss.
Janna commented that the Home Care and Ex-service Accommodation departments both made a small surplus, with Home Care in a growth trajectory and the ESA continuing to improve year on year from a negative situation a number of years ago.
Affordable housing continues to be a major national issue with the Anglicare 2022 Affordability Snapshot reporting, “Just 2 percent of the listed rentals are affordable to those relying on income support, making it almost impossible for people at the margins to secure a place to rent without immediately going into housing stress.”
“This is indeed ‘Continuing the Mission'”, Janna commented. “A place of their own with no pressure to leave and an affordable rent, makes an immense difference for veterans and war widows coming to us. They come from a range of situations – from increasingly unaffordable rentals, relationship breakdown, abusive situations, job loss and inability to afford rent, longer term unemployment and unstable housing, temporary housing and so on.
“There is a palpable sense of relief for these individuals when they finally have the key to their own home. This begins a more positive chapter in their lives. It doesn’t fix everything, but it provides a firm foundation for a more positive future.”
Janna noted the new unit purchases at Wodonga and Warrnambool, plans for new units at Bundoora and new Ivanhoe units planned for later this financial year.
Progress was made towards the new V Centre during the financial year, on target for launch in mid-2023.
Internal changes to the structure of the organisation have been made, with two long-term General Managers moving on, splitting the Aged Care Services role into Residential and Home Care, a new CFO role, outsourcing property services, and expanding Quality & Risk to include systems transformation, a necessity for future success.
With the closing of the War Widows Guild Victoria in the last financial year, Vasey RSL Care is committed to keeping Mrs Vasey’s legacy alive through supporting Victoria’s war widows, offering the War Widows Guild (VIC ) Scholarship bi-annually and presenting the Jessie Mary Vasey Award for Excellence in Traditional Values at the staff conference each year.
Janna noted that this has been financially a disappointing year, but that it takes time, energy and resources for a long-term strategy to bear fruit and not to be disheartened by the everyday challenges. “Please stay with us, work with us and believe in us.”
She finished by thanking all who have supported the organisation this year, the staff team, the executive management team and the Board of Directors, in particular Mike for his “time, dedication, understanding and the strongest leadership I have ever experienced”.
Board Treasurer, Tracey Bannan, presented the financial details noting that this was a challenging financial year. However, she pointed out that 11 of 14 past years have provided positive financial investment returns, and in the negative years the losses have been quickly reversed. A further aspect of the result was due to the writing off of bed licences to the tune of $2.8M.
On the other hand, early indications from the new aged care funding model suggest this will be positive for the sector. Furthermore, Vasey RSL Care has a healthy balance sheet, no debt and significant property assets.
Chair, Mike continued the meeting with voting on two reappointments to the Board: Tony Carr and Dr Vanda Fortunato were returned. David Fonda had been considering a Board role, but instead will continue on the Quality and Risk Committee only.
New Board Member Lucy Saaroni, an Australian Army Reservist with experience in risk management, project management and community work was welcomed to the Board.
The meeting was followed by refreshments for those present.