to be the leading
aged care and
in New Zealand
Presbyterian Support Central (PSC) has been supporting and empowering people and communities for more than 110 years. The principles of caring, enabling and supporting underpin all we do. PSC’s services for tamariki and their whānau are provided by Family Works, while our services for older people are provided by Enliven.
From the chair, Peter Sherwin: 2018-19 was a year of change for PSC. Chris Graham, who led the organisation as CEO for almost 10 years retired in March. At that time experienced business leader Patrick Waite joined as Interim CEO to give the Board time to identify a new leader.
Pat has been instrumental in providing the Board with a fresh perspective, identifying options to rebuild financial viability and assisting in setting PSC’s strategic direction. He’s taken a refreshing and thought-provoking approach to garnering input from staff resulting in a Plan for the Future which is owned by every member of the team.
You can read the full report and highlights from PSC in 2018-19 by downloading PSC’s annual report.
Printed copies of the annual report is available by emailing us or calling the team 04 439 4900.
PSC’s 2019 operating deficit of $5.6 million reflects the challenging environment in which we operate.
The two major operating segments of Enliven and Family Works are both constrained by limited improvements in government funding that do not fully compensate for increased operating costs.
Our goal for Enliven was to increase occupancy, in particular hospital occupancy, in order to bring the operating result back to surplus. Enliven’s occupancy however remained at an average 89%.
The write down of the development work at Longview and Kilmarnock Heights by $13.3 million reflects the challenges of building multi-story complexes in the post Kaikoura environment. This write down resulted in a net loss of $13.3 million for the year.
The development projects have been financed by the sale of shares and maturity of fixed interest securities which have reduced from $35.2 million in 2018 to $24.7 million in 2019. Net assets are now recorded at $124 million.