![Lyndoch Living has reported a $19.7 million loss for the past financial year. Lyndoch Living has reported a $19.7 million loss for the past financial year.](/images/transform/v1/crop/frm/134792786/6cf5cac1-062e-473d-b27b-7eb57eec7d2e.jpg/r0_0_5052_3368_w1200_h678_fmax.jpg)
Lyndoch Living has recorded a near-$20 million loss for the past financial year.
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The financial results were posted on the Australian Charities and Not-for-profits Commission website late on February 29.
It showed Lyndoch made a $19.7 million loss for the year ending June 30, 2023, nearly four times what it lost the previous financial year.
Of that total, $11 million was attributed to operating losses including employee expenses, finance costs, depreciation and amortisation.
A further $8 million was attributed to asset losses.
Net assets totalled $15,695,235, whereas a financial statement from 2019 showed net assets were at $62 million in 2018.
But operating costs have been long plaguing Lyndoch which has had a number of national standard failures to rectify.
Staff shortfalls also forced it to pay higher prices for agency staff, one of the reasons which led to the closure and sale of its May Noonan aged care facility in Terang in July 2023.
It also put its primary care building on the market in October 2023. The building largely contributed to why the organisation ended up in a financial hole, leaving it with an $11 million debt as well as depleting its cash reserves.
The Standard contacted former board chair Susan Cassidy for comment, but was directed to Jill Davidson, who said she would make a statement on Monday.