Financial Summary 2022 - 2023
In the 2022-2023 financial year, Sylvanvale Limited achieved an operating surplus of $2.1 million. Despite ongoing reductions in funded Supported Independent Living (SIL) supports under the National Disability Insurance Scheme (NDIS), the organisation effectively managed its finances. The impact of the SIL reductions was partially offset by government National Disability Insurance Agency (NDIA) COVID-19 subsidies, which played a crucial role in sustaining service provision through the pandemic.
During the year, Sylvanvale successfully welcomed and supported eight people with disability in its new Supported Independent Living accommodation in Bangor. The organisation also executed a technology capital improvement project focused on enhancing IT infrastructure. This initiative aimed to improve administrative efficiency and support the growth of new service offerings, including the Individual Apartment Living model.
As we move forward, management remains committed to careful expense management to mitigate costs and ensure the long-term sustainability of the organisation.