Annual Report 2024

The Radius
Wa y
Annual Report 2024

Contents
OUR YEAR
The Radius Way5
This is Radius Care6
How we Performed8
Executive Chair & CEO Report10
Financial Report18
Our People20
Nurturing Community26
Random Acts of Kindness27
Sharing the Festive Spirit28
Young and Old Under One Roof29
20 Years of Residents' Radio30
Developments32
RConnect33
Radius Shop34
LEADERSHIP
Board Of Directors36
Senior Management38
FINANCIAL STATEMENTS40
Consolidated Financial Statements41
Notes to the Consolidated Financial Statements47
Independent Auditor's Report74
CORPORATE GOVERNANCE81
OTHER DISCLOSURES88
CORPORATE DIRECTORY95
This report is dated 25 June 2024. The annual report has been approved by the
Board and is signed on behalf of Radius Residential Care Limited by Brien Cree,
Executive Chair, and Hamish Stevens, Director.
Brien Cree Hamish Stevens
Jill and Merv enjoying happy hour at
Radius Taupaki Gables.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
CONTENTS

Brien came to believe that
families with loved ones
in aged care should be
confident and comfortable
that their loved ones were
safe, had a good quality of
life and were receiving the
highest standard of care.
Out of Brien’s experience, a
unique approach and ethos
evolved into what we now
term, ‘The Radius Way’. We
believe this distinguishes
Radius Care from all other
aged care operators. It’s our
people, our processes, our
systems and our culture. It’s
the way you feel when you
enter one of our facilities and
are greeted by an engaged,
warm and welcoming staff
member. It’s the way you feel
when you leave, knowing your
loved one is in good hands,
receiving exceptional care.
And it’s no longer just our
Radius care homes that
are benefiting from The
Radius Way. We’re also
branching out beyond aged
care into private home care
and complementary health
services. With the growth of
RConnect, we have expanded
our clinical services into the
wider aged care industry
and in-home care contracts
have further diversified our
service offering.
The
Radius Way
Radius Care has been
operating aged care
homes across New
Zealand for more than
20 years. Founder and
Executive Chair, Brien
Cree, was motivated
to enter the aged care
sector by personal
experience. His mother
suffered a major stroke
requiring several years of
hospital level care.
At Radius, we have a
laser focus on delivering
exceptional care, but with
a commercial lens. We
look to drive efficiencies in
everything we do, to reduce
waste and to constantly strive
for increased productivity.
Getting more done and being
efficient about it is baked into
our operational model. We
know how to deliver quality
care and we put our resources
in the right places.
The results speak for
themselves. Our high acuity
bed mix, coupled with our
bespoke operating model,
has enabled us to produce an
underlying EBITDAR per bed
of $25k, significantly ahead
of our competitors. Achieving
the highest possible
certification in our last five
audits is similarly exceptional.
As our momentum with The
Radius Way continues to
grow, in future years we're
looking to expand both
domestically and offshore
to capitalise on our unique
product and service. As we
pave the way for significant
expansion in this area, we
know that it’s our highly
engaged, exceptional people
with a focus on our purpose,
that will guide us to our
future successes.
We hope you join us for
the ride.
Above Brien with his mother.
Opposite Page Maricar giving Joyce a
helping hand at Radius Millstream.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
OUR YEAR.
THE RADIUS WAY

This is
Radius Care
Four business areas
Percentage of net revenue
Grow Scale
• Targeted Mergers and Acquisitions
• Brownfield Developments
• Greenfield Developments
Revenue Diversification
• Grow RConnect
• Expand Radius Shop
• Expand into complementary
Health Services
The Radius Way
• Develop The Radius Way as a
template for aged care services
At Radius Care we believe in the power of
individualised care, providing support for
people that meets their own specific needs.
Whether they are a resident in one of our 23
care homes or four villages across New Zealand,
or perhaps use products from our online Radius
Shop to help them get out and about or to live
independently in their own homes, we have a
deep understanding of what quality care entails.
Our belief is that it should always focus on the
individual, their experiences, their loved ones,
and our exceptional staff who genuinely care.
In 2016, we introduced our online store, Radius
Shop, which offers products that encourage and
support people to live as independently as they
wish, and to provide relief and reassurance.
Our dedication to providing
quality care led us to create
RConnect, our own aged care
Nursing Bureau, in 2023. Because
we are experts in aged care,
we know what staff need to
know. All our nurses are given
comprehensive training, ensuring
they are fully equipped to work
and care The Radius Way.
Our residents, customers and their
whānau and friends are at the
core of everything we do, as we
foster a unique culture of care that
supports them to live with dignity
and in comfort.
Our strategies
Care Homes 97%
Villages 2.2%
RConnect 0.2%
Radius Shop 0.6%
Radius Care has operated profitably in
the aged care sector primarily due to
The Radius Way. Looking to the future,
our strategy is now evolving to include
the following strategic pillars:
COMMITMENT
Be a leader in care
COURAGE
Do the right thing
COMPASSION
Act with Empathy
EPEC
Staff Values
The people at Radius Care are key to our success.
They embody our values and are Exceptional
People providing Exceptional Care (EPEC).
Strong Aged Care Market Position
Radius Care is a leading New Zealand owned and
operated aged care provider.
RConnect
To ensure we are always able to
provide exceptional care to our
residents, we have established
our own Nursing Bureau
specialising in aged care.
150
personnel
$385K
net revenue
Radius Shop
Our online store provides products
to help people live independently in
comfort and with dignity.
1.2K
customers
$1M
net revenue
96
65.8
1,700
+
employees
1,789
care beds
beds are high acuity
87%
$166M
care home net revenue
$3.7M
village net revenue
148
village villas
Northland
Hawkes Bay
Auckland
Taranaki
Waikato
Manawatū-Whanganui

Bay of Plenty
Canterbury
Otago
23 care home
locations
nationwide
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Radius Care Annual Report 2024Radius Care Annual Report 2024
OUR YEAR.
THIS IS RADIUS CARE

How We
Performed
$171.2M
Total Revenue
17% FROM $146.3M
$14.1M
Operating Cash Flow
249% FROM $4.0M
$24.7K
Underlying EBITDAR
2
Per Care Bed
24% FROM $19.9K
$64.4M
Net Assets
12% FROM $72.9M
$334.7M
Total Assets
6% FROM $356.6M
$9.8M
Accommodation Supplements
24% FROM $7.9M
$7. 4M
Available Funds from Operations
(AFFO
1
)
87% FROM $4.0M
$20.9M
Underlying EBITDA
1
47% FROM $14.2M
$3.6M
Net Profit Before Tax
221% FROM $(3.0)M
1. Earnings before interest, tax, depreciation
and amortisation. Underlying EBITDA and AFFO
are non-GAAP
1
(unaudited) financial measures
and were reconciled to GAAP measures in the
Investor Presentation dated 29 May 2024.
2. Earnings before interest, tax, depreciation, amortisation
and rent. Underlying EBITDAR is a non-GAAP (unaudited)
financial measure and was reconciled to a GAAP measure
in the Investor Presentation dated 29 May 2024.
Jill with Molly at Radius Taupaki Gables
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OUR YEAR.
HOW WE PERFORMED

The Radius Way continues to guide
our teams as they prioritise better
health outcomes for our residents
while efficiently delivering essential
health services. As always, we owe
enormous thanks to our residents
and their families for their continued
support and to our exceptional people
for their resilience and delivery of
exceptional care.
We have delivered another record year
in our key metric, underlying EBITDA.
EBITDAR per bed, our measure of
the financial performance of our core
business of care, was an industry-
leading $24.7k per bed, also a record
for Radius Care.
This performance reflects the strength
of our offering and our team. Double
digit revenue growth was the result of
accelerated admissions in the higher
revenue hospital and specialised
care segments, with an increased
contribution from accommodation
supplements. Costs were carefully
managed everywhere in the business
and the introduction of our clinical
staffing bureau, RConnect, has
enhanced our labour flexibility and
generated an additional revenue
stream by addressing staffing needs
Exceptional People
Record Result
Brien Cree, Executive Chair, and Andrew Peskett, Chief Executive Officer
We are proud to deliver
the Radius Care Annual
Report for the year ended
31 March 2024. Our record
results follow another year of
industry-leading performance
across the business, with the
company ending the year in a
strong position.
for other providers. Our retirement village
portfolio is also performing well.
We significantly strengthened our balance
sheet over the year. Strong operating cash flow
and the sale of one care home allowed a 26.5%
reduction in debt, the refinancing of short-term
borrowings and the resumption of dividends.
Exceptional People
Our care homes are fully staffed by people
with a passion for providing exceptional care.
Supported by our regional managers and
national support office, they are committed to
giving our residents the best possible quality of
life. Many of our facility and regional managers
have been promoted from within and are long-
serving Radius Care team members. It is also
pleasing to note from our annual employee
engagement survey that our facility managers
have returned a record high Net Promoter
Score of 74%.
There has been notable progress throughout
2023-2024 in mitigating the labour shortages
that have historically challenged New Zealand’s
healthcare sector. This improvement was
helped by a combination of governmental,
educational, and organisational initiatives.
For Radius Care, we credit this to our new
nursing bureau service, RConnect, which
provides aged-care trained nurses to
our care homes and the wider industry.
RConnect contributes both continuity and
stability to our workforce.
The aged care sector has benefited from
the Government’s recently implemented
favourable immigration policies
specifically designed to attract healthcare
professionals. Enhanced visa processing
procedures and the establishment of
residency pathways for healthcare workers,
particularly nurses and aged care staff,
have significantly increased the influx of
internationally qualified professionals.
Concurrently, educational institutions have
expanded their healthcare programmes,
supported by government subsidies,
leading to a substantial increase in
enrolment and graduation rates from
nursing and allied health programmes.
In addition to these measures, Radius
Care has intensified efforts to retain
existing staff by investing in professional
development and improving workplace
Stella, Flo and Joan at Radius Althorp.
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OUR YEAR.
CHAIR AND CEO REPORT

programmes. Providing enhanced
remuneration packages, flexible working
arrangements, and expanded career
development opportunities have been
instrumental in reducing staff turnover and
retaining our workforce.
These efforts have collectively alleviated
labour shortages for Radius Care. While
challenges persist, the current improvements
and our innovative approach to staffing
represent a significant step in addressing one
of the sector’s most critical issues.
Strategy Update
SCALE
With economies of scale increasingly
important in the sector, Radius Care is
proactively identifying opportunities to bring
our industry-leading operational model to
new and existing sites. Where the economics
make sense, we expect our portfolio of care
homes to grow further as a result of carefully
targeted acquisitions.
The acquisition of Matamata Country Lodge
has been a notable success in this strategy,
bringing a high-quality care home and village
into Radius Care and implementing the Radius
Way to maximise returns at this lovely site in
the centre of Matamata township.
While development has slowed across the
industry, we continue to make prudent
advances, boosting the value of key
brownfield and greenfield developments by
securing building consents, and progressing
to design phase for villas at two locations.
Future development plans are subject to
feasibility and business cases.
Alongside new developments, we are
investing in our existing care homes,
enhancing value through a new interior
design plan which will be implemented
room by room across all sites. This takes
into account the specific needs of our
residents to create safe, comfortable and
inviting spaces.
DIVERSIFICATION AND INNOVATION
RConnect has made an enormous
contribution to the operational success
of Radius Care over the past year,
underscoring our commitment to
excellence and innovation as well as
improving our staffing solutions and care
services. It has successfully maintained a
Left Radius Matamata
Country Lodge.
Below Andrew Peskett
visiting the team at Radius
St Helenas in Christchurch.
staff of 150 personnel throughout the year,
enhancing continuity and stability within our
operations and those of our clients in the
wider aged care sector.
Since inception, RConnect has generated
significant revenue for Radius Care. Beyond
providing one of our most valuable resources,
nurses, the initiative facilitated 17 direct
placements of registered nurses to other
providers. The programme also identified
opportunities for expansion into home
care services, and we recently successfully
onboarded our first private clients.
Accreditation for our recruitment services,
and now certification for home care services,
further reinforce our adherence to industry
best practices and standards, ensuring the
delivery of high-quality care and support.
Looking ahead, we plan further expansion
of our offerings in complementary health
services. Our care homes in communities
across New Zealand, supported by RConnect,
provide a strong base to deliver both
Government-funded and premium, privately
funded in-home care that fosters maximum
independence for New Zealanders. We
anticipate these initiatives will benefit both
our residents and the broader Radius Care
community, providing new opportunities for
our team.
Above Registered Nurse,
Nilima with resident, Jill.
Left Residents enjoying
the deck outside at Radius
Taupaki Gables.
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OUR YEAR.
CHAIR AND CEO REPORT

Our online Radius Shop further supports
independence and dignity in ageing, providing
daily living aids. In the past year, the focus
of the Radius Shop has been on refining the
operating model, streamlining the supply
chain and product range, and transforming the
marketing approach. These developments have
resonated with customers, with the Radius
Shop showing growth in both order value and
return customers, demonstrating its future
revenue potential.
THE RADIUS WAY DELIVERS
At Radius Care, our highly engaged team has
a laser focus on delivering an exceptional
standard of care, ensuring residents’ families
always feel safe leaving their loved ones
with us.
With our many long-serving, dedicated
employees, together with our bespoke
operational model centred on productivity
and efficiency, our team delivers care ‘The
Radius Way’. This sets us apart from other
operators in the market and its success shows
in our industry-leading performance and high
certification audit levels.
Our unique set of processes, systems, culture
and people have been so successful we plan on
leveraging The Radius Way both domestically
and offshore in the years to come, all the while,
never losing focus on contributing to better
health outcomes for our residents.
Left Radius Matua
residents out with
Wish4Fish.
Below Stan with
Simranjeet at Radius
Althorp in Tauranga.
Capital Management
We started the year with very clear goals of
reducing debt and refinancing short term
borrowings. The important decision to sell one
care home, as well as the record operating
performance that delivered strong operating
cash flow, allowed a significant reduction
in borrowings. Net debt reduced by $26.5m
during the year.
Radius Care also recently confirmed the
successful refinancing of all remaining short-
term debt, effective 28 March 2024. Following
the refinancing, 100 percent of Group
borrowings are held with the ASB Bank, with
an average term of 2.8 years.
As a result of the successful execution of
these debt management initiatives, Radius
Care ended the year with no short-term
borrowings, no overdraft, $3.5m headroom
in debt facilities and reduced financing costs
moving into FY25.
A final dividend of 0.70 cents per share was
declared for the FY24 year, carrying full
imputation credits which resulted in a gross
dividend of 0.97 cents per share. The dividend
was paid on 16 May 2024.
The payout ratio for the dividend was 27
percent of FY24 full year AFFO, below the
target payout ratio of 50 percent to 70
percent of AFFO, due to the prioritisation
earlier in FY24 of repaying debt and
strengthening the balance sheet.
Sustainability
In FY24, Radius Care developed and began to
implement a sustainability plan and framework
with a long-term, group-wide focus. Our
approach aims to integrate sustainability into
our strategy, growth initiatives and supply
chain practices, reducing our environmental
footprint and creating regeneration
opportunities across the entire organisation.
At certain locations there are various excellent
initiatives already underway, such as recycling,
rainwater tanks and food waste reduction
programmes, and over the next three years,
we will look to roll out successful projects to
all care homes in the group. Inside our care
homes, we are introducing energy efficient
technologies, such as LED lighting and high-
efficiency heating systems, and we continue
to look for ways to decrease our carbon
footprint in any future development/
construction projects.
In July this year, we are submitting our first
climate-related risk disclosures under the
XRB’s new climate standards, following a
comprehensive risk assessment.
Looking ahead, we are committed to
enhancing our sustainability capabilities,
recognising it as a moral and strategic
imperative for long-term success.
Peter and Neville tending the gardens at
Radius Taupaki Gables.
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OUR YEAR.
CHAIR AND CEO REPORT

Appointments
At the Annual Shareholder Meeting in
August, Tom Wilson was elected to the
Board of Radius Care. Tom brings a wealth
of experience and a proven track record of
strategic leadership. Tom's expertise is paired
with his contributions to and understanding
of the aged care sector, where he has held
several leading executive roles. Tom was
also a partner at KPMG for ten years, and
was previously Managing Director of NZX-
listed Satara. Currently, he serves as the
Chair of Genera Holdings, CurraNZ, Pelco NZ,
and Tauranga Bridge Marinas, and holds a
directorship at Builtin Insurance Group.
Jeremy Edmonds joined the Radius Care team
as Chief Financial Officer in August 2023,
initially as interim CFO before agreeing to
become permanent in December 2023. Jeremy
has more than a decade of experience
at CFO level in large and complex New
Zealand companies, primarily in the
consumer goods and logistics sectors.
Most recently, Jeremy was Interim CFO
at My Food Bag. He brings a track record
of strategic, commercial and change
leadership, and extensive international
experience gained in roles of increasing
responsibility in the UK, Asia and the USA
prior to returning to New Zealand.
Shereen Singh is an excellent example
of Radius Care’s approach to promoting
from within. Having joined the company
as a regional manager in 2021, she now
leads RConnect and joined the Executive
Team in March 2024.
Looking to the Future
Having successfully thrived through the
turbulent industry conditions of recent
times, including COVID-19, industry-
wide staffing shortages and a volatile
building and property sector, Radius
Care is positioned for future growth
and expansion.
Now with diversified revenue streams,
including RConnect, Radius Shop, in-
home services, a pipeline of development
opportunities, a strong balance sheet and
a well-honed operating model, we are set
to continue to deliver on our promise of
industry-leading care and strong returns.
Left to Right
Tom Wilson, Director,
Jeremy Edmonds, Chief
Financial Officer and
Shereen Singh, General
Manager, RConnect.
Left Eleanor with Ronita at
Radius Millstream.
Opposite Page Flo relaxing in her
room at Radius Althorp.
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OUR YEAR.
CHAIR AND CEO REPORT

Financial Performance
We continue to regard underlying EBITDA
and underlying EBITDAR per bed as the
most important performance metrics for our
business. For FY24, we reported record results
for both these metrics. Underlying EBITDA
grew 47% to $20.9m. Underlying EBITDAR
per care bed grew 24% to $24.7k (from
$19.9k in the prior year) and continues to be
market-leading relative to key listed peers and
industry competition.
Revenue increased by 17% to $171.2m as a
result of an increase in government funding
levels that was effective on 1 July 2023 and
0
50
100
150
200
FY22FY23FY24
133.4
146.3
171.2
Total Revenue
NZ$m
Record performance,
reduced debt and
dividends resumed
strong demand for premium service offerings
and high acuity hospital and specialised
care, Accommodation Supplement revenue
increased 24% to $9.8m.
The Village portfolio performed well, with
settled Unit resales up 20 to 28, and record
resale gains of $1.8m.
EBITDA
Underlying EBITDAR per care bed grew to
$24.7k (from $19.9k in the prior year) and
continues to be market-leading.
Profit Before Tax was $3.6m, representing a
return to profitability following last year’s
Loss Before Tax of $(3.0m). Reported
Net Profit After Tax was impacted by
the government's decision to remove tax
0
5
10
15
20
25
FY22FY23FY24
10.7
14.2
20.9
Underlying EBITDA
NZ$m
deductibility of depreciation on commercial
buildings, passed into law on 28 March
2024. This required a one-off, non-cash
adjustment of $11.3m to deferred tax to
comply with IFRS. Without this adjustment,
Underlying Net Profit After Tax is $2.9m,
compared to last year's Net Loss after
Tax of $(2.1m).
Balance Sheet
Total assets reduced by $21.9m to $334.7m,
following the sale of one care home. With
proceeds from this sale applied to repay
debt, Net Tangible Assets increased 6%
to $55.1m.
Net Debt reduced by 26.5% to $73.5m.
Cash Flow
Cash flow from operating activities was
$14.1m, up $10.1m compared with FY23’s
$4.0m.
Cash provided by investing activities
was $15.2m, as a result of the sale of a
care home settled during FY24. Cash
used in financing activities was $24.5m,
representing a significant reduction in
borrowings during the year.
Available Funds From Operations (AFFO)
was $7.4m, up $3.4m compared to
FY23’s $4.0m.
Right Joan and Colin
playing bingo.
Opposite Page Resident
Irene, with Tony the
Gardener enjoying
the herb garden at
Radius Althorp.
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OUR YEAR.
FINANCIAL REPORT

At Radius Care, ‘caring is our calling’.
We prioritise the individuals we
care for and those that care for our
residents.
We do this by actively engaging with our
residents to understand their perspectives
and investing in our staff through learning
and development. Over the past 12 months,
Radius Care has achieved full nursing
staffing which has enabled us to improve
occupancy, resident satisfaction and
commercial outcomes. In our latest resident
survey, 85% expressed satisfaction with
Radius Care’s overall performance – a huge
endorsement of our exceptional people and
the high standard of care they consistently
deliver to our residents.
Lifting up our people
Having tackled labour shortages over 2023-
2024, our People Team has been able to
shift its focus from recruitment to retention
of staff. Our employee net promoter scores
(e-NPS) are significantly higher than we’ve
ever achieved. The latest e-NPS for our
Facility Managers was 74%, a metric which
we’re very proud of. In addition, 60% of our
Regional and Facility Managers have been
promoted from within the business. Both
are strong indications of high employee
engagement. We continue to look for
ways to improve as we understand that an
engaged workforce leads to better health
outcomes for our residents.
Our
people
We have a strong programme in place
to identify future leaders and support
their training and development into
future roles. Radius Care is committed to
fostering an organisational culture which
encourages strong leadership to develop
and emerge. In the past year, all our Facility
Managers and Clinical Managers took part
in a training series to reinforce skills in
effectively leading, inspiring and engaging
teams and, where possible, we actively
support Healthcare Assistants into Team
Lead positions.
In August 2023, we launched "Unleash
EPEC: RN Programme Core Concepts
of Aged Care Nursing" to empower new
Internationally Qualified Registered Nurses
(IQNs). Over the course of an intensive
10-week programme, we provided tools
and techniques to help them address
the clinical needs of our residents and
effectively lead others while on shift. Since
the programme launched, we have trained
100 Registered Nurses and will continue
to offer the programme to future RNs. The
RN EPEC leadership programme has been
extremely well-received and sets our nurses
up for success in an aged care setting.
Care Home Certification Audits
Our latest audit results demonstrate the
dedication of our care homes to quality
and compliance. In our last five audits, we
achieved maximum certification. In the next
year, many more of our care homes will
have certification audits - we are confident
that most will similarly obtain the maximum
four-year certification, recognising their
performance against the Ngā Paerewa
Health and Disability Services Standard NZS
8134: 2021.
Wellness and Holistic Care
In line with our focus on wellness and
holistic care, we have several impactful
initiatives underway. These include projects
aimed at reducing falls and preventing
pressure injuries, building engagement
with Māori communities, implementing
new palliative care training for staff and
providing support for families with residents
in end-of-life care.
Our major new project, ‘Project Wow’, aims
to alleviate stress for new residents and their
families by simplifying and enhancing the
entire resident onboarding process, ensuring
the smooth transition of residents into our
care homes.
63%
Care Homes with 3-year
Certification
33%
Care Homes with 4-year
Certification
Left Flower
decorating with
Diamond and Sybil.
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OUR YEAR.
OUR PEOPLE

We value our migrant workers and aspire for
industry best practice in recruitment and
employment. We provide extensive pastoral
care to our IQNs, commencing from when they
arrive at the airport where they are greeted,
through to providing support in finding
accommodation and settling in.
The feedback from these IQNs is exceptional.
86% report satisfaction with the training
that they have received and 89% report
being satisfied with the support that they
received in progressing to become a RN in
New Zealand. This has contributed to a 27%
reduction in nursing turnover in the past 12
months, which is now below industry average.
In addition, Radius’s company-wide staff
turnover has decreased by 16%.
We have also convened a cultural advisory
group to provide guidance to the Board. The
advisory group comprises members from
diverse ethnic groups. We are initiating
projects aimed at improving health
outcomes for Māori and other minority
groups.
We continuously challenge ourselves
by asking, "Would I entrust my own
parents to this facility?"
100
RN EPEC Leadership
Programmes Completed
95%
Employees who Support Radius
Care's Mission and Purpose
80%
Employee Job Satisfaction
85%
Overall Resident Satisfaction
Survey Result
Over the next year, we will be focusing on
Mental Health first aid training for staff
and managers, introducing more wellbeing
evidence-based apps and rolling out
resiliency programmes.
We continuously challenge ourselves by
asking, "Would I entrust my own parents
to this facility?" In fact, many of our team
members do have loved ones in our care
homes, the highest possible endorsement of
our approach. This, along with our resident
satisfaction survey results, reaffirms the
effectiveness of The Radius Way.
Left Arthur, who has
played the accordion for
over 75 years, with Nancy.
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OUR YEAR.
OUR PEOPLE

Community and Inclusivity
At Radius Care, we believe in our responsibility to
positively impact the communities within our care
homes and the broader regions where we operate.
Our commitment to this mission is evident through
various initiatives and strategies that foster
community engagement, diversity, and inclusion.

Community Engagement
• Cultural Events and Experiences: We
offer a diverse array of cultural events
and experiences to enrich the lives of our
residents. These activities celebrate and
share the various traditions and cultures
of our staff, ensuring our community is
vibrant and inclusive.
• Local Relationships: We actively build and
nurture relationships with local schools,
community groups, and organizations. These
connections enhance the social fabric of
our communities and provide meaningful
interactions for our residents.
• Community Sponsorships and Events: Our
engagement extends to sponsoring local
events and participating in community
activities. This involvement helps us support
and grow healthy, interconnected communities.
Nurturing
Community
Page 26
Random Acts of
Kindness
Page 27
Sharing the
Festive Spirit
Page 28
Young and Old All
Under One Roof
Page 29
20 Years of
Residents' Radio
Page 30
COMMUNITY HIGHLIGHTS
0%20%40%60%80%100%
Overall
Board
Senior Leadership Team
Support Oce
Care Homes
Radius Shop
RConnect
Māori
Middle Eastern/
Latin American/
African
Asian
Pacific Peoples
European
Other
Unknown
Radius Care Teams Ethnicity Breakdown
36.3%
Improvement in NPS Score
16%
Reduction in Overall Turnover
60
Number of Nationalities
Diversity and Inclusion
• Workforce Diversity: We take pride in our
multicultural workforce, which includes over
60 different nationalities. This diversity
enriches our organizational culture and brings
a wealth of perspectives and experiences.
• Inclusive Workplace: Our inclusive policies
ensure that everyone, regardless of their
background, feels valued and supported.
This approach has positively influenced our
Net Promoter Score (NPS) and significantly
reduced employee turnover.
• Celebrating Multiculturalism: We actively
celebrate the diverse backgrounds of
our staff, recognizing that this diversity
strengthens our community and enhances the
care we provide.
At Radius Care, our dedication to creating
an inclusive and equitable environment is
unwavering. We are committed to growing
healthy relationships and communities by
embracing diversity, fostering inclusivity, and
engaging actively with the communities we serve.
Opposite Page Residents
Noleen and Stella with
HCA, Kulwinder.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
OUR YEAR.
OUR PEOPLE

Nurturing Community
What started as a few seedlings have extended into a
wonderful friendship between the tangata whenua of
Hakatere Marae and the residents of Radius Millstream.
Millstream’s journey began with an invitation, as is
customary, for the residents to visit the Marae during
the King’s coronation. This was after Millstream’s
activities team contacted the Marae to offer to come
and plant some vegetables in their garden. The Marae
is a buzzing community hub located just north of
Ashburton in Canterbury.
For their first visit in May last year, the Millstream
residents planted feijoa trees, tomato plants, lettuce,
silver beet, carrots and spinach in planter boxes.
After their hard work, residents shared a cup of tea
with tangata whenua. Besides being a day of new
connections and insights into life at the Marae, this
trip allowed Radius Care’s residents to reconnect with
Māori culture. For some it was also an introduction to
a part of their community that they hadn’t visited or
met before.
Since the planting day, whanau and visitors have been
harvesting the kai of Radius Millstream’s labour.
On the residents’ most recent visit, they were
welcomed with a pōwhiri involving karanga (call),
whaikōrero (speech), waiata (song) and shared
kai (food). It was incredibly special to receive a
traditional welcome, and Millstream’s Facility Manager
Vicki Hyndman and resident Sister Annette both
gave a whaikōrero to express their gratitude for the
experience and invitation. The residents brought with
them a gift of biscuits and a mix of vegetable seeds to
plant in the community garden.
Recently, Henry from Hakatere Marae visited Radius
Millstream to bless the facility and gave a beautiful
speech about the value of our relationship and
gardening efforts. The tangata whenua of Hakatere
Marae have treated the staff and residents so
well and Radius Millstream has thanked them for
their hospitality.
Elyse and her keen gardening team are looking forward
to making a trip back soon to see how their trees are
doing. Nothing is more rewarding than knowing you’ve
contributed to feeding your community.
Some years ago, Activities Coordinator Helen
Baverstock at Radius Thornleigh Park and
Heatherlea read about a young mum who
wanted her children to learn that there was
more to Christmas than getting gifts, setting
up a series of Random Acts of Kindness
(RAK) for her children to learn to give as well
as receive.
This was the spark for Radius Care’s RAK
in Taranaki. The first Act of Kindness was a
Christmas candy bomb where the residents
attached a positive message to a candy
cane and handed them out to strangers on
the street.
From there on they continued ‘water bombing’
in summer – giving away bottles of cold
water on the coastal walkway and to road
workers – baking slices, knitting bears, and
making ‘survival kits’ (activity packs) for
hospital patients.
Although some residents could not go on
the distribution runs, they could do other
things to contribute on-site, in groups, or
in their rooms, giving many residents a real
purpose each day.
Random
Acts of
Kindness
Fast forward seven years, it is now a
monthly project that Radius staff, residents,
management, volunteers and family
members are a part of. Over time their
distribution areas have expanded and
they’ve learnt support to other community
groups in Taranaki.
Helen says the residents love every aspect
of it and there is never a shortage of
volunteers. Residents always attach tags
with a message or stickers to their goodies
- to let people know they have received a
RAK from the residents at Heatherlea and
Thornleigh Park.
One RAK inspired a high-profile local
businessman who received a bottle of water
on his daily walk along the walkway. He and
now runs a project where his speciality item
is recycled and given away free.
Random Acts of Kindness have been one
of the most rewarding activities for Radius
Care’s residents. Staying actively involved
in the community and generally feeling
good about themselves is a bonus too!
"...it gives purpose to the
lives of Radius Care’s
residents – something
she wholeheartedly
believes is essential for
their wellbeing."
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OUR YEAR.
OUR COMMUNITY

On 27th October 2023, Radius
Matua celebrated Grandparents
Day, bringing together the elderly
residents and the lively tamariki from
Maungatapu Kindergarten.
The idea of celebrating Grandparents Day
emerged during Radius Matua’s annual
activities planning day. The decision to
invite Maungatapu Kindergarten turned
out to be a stroke of genius.
Maungatapu Kindergarten, located about
a 20-minute drive away, is no stranger
to Radius Matua, as they have previously
visited the care home’s Lavender wing.
On the big day 8-10 kids and their
teachers visited.
The tamariki showed up with a batch of
homemade shortbread and ginger crunch.
They discovered that these were favourite
treats among the residents.
Then, in the main hall, everyone sang
a mix of English and te reo songs
together. Residents had practiced songs
weeks in advance, with the help of the
activities coordinator team. The shared
experience of music served as a bridge
between generations.
Residents expressed their joy, with
many feeling ‘spoiled’ by the thoughtful
celebration. One resident shared that
it was lovely ‘to be around children so
young’ as they ‘don’t get to see that age
much anymore’.
Pipi, an activities assistant at Radius
Matua, said “We thought it was a special
Young and Old
All Under One Roof
"...as we know, most of our
elder people love connection
with tamariki, as do many
tamariki."
way to show our appreciation to Radius
Matua residents by welcoming Maungatapu
Kindergarten to our care home, connecting
with them through waiata and reminiscing
about their childhood.”
Sam Gush, a kindergarten teacher and a
resident’s daughter, described the visit
as “a lot of fun” and an “experience of
value to tamariki”. “We see our visits
with our tamariki to Radius Matua as
valuable opportunities to develop our
relationships with our wider community.
Our tamariki are building self-confidence
and awareness. It allows us to show
manaakitanga, or kindness, and although
our tamariki may not understand yet, we
as teachers see the value and happiness
received by the residents, for some they
may have grandchildren they do not get
to see. As we know, most of our elder
people love connection with tamariki, as do
many tamariki.”
Sharing the Festive Spirit
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OUR YEAR.
OUR COMMUNITY
The Radius Peppertree team geared up for
the holiday hustle hosting a Christmas Market
in the care home’s beautiful garden on 18
November 2023.
Ankia van de Berg, Radius Peppertree’s
Activities Coordinator, organised the market
alongside the Residents Event Planning
Team (REP Team) – Margaret, Maria, Louise,
Moira and Bruce. For them, the Peppertree
Christmas Market is one of the many things
that makes Radius Peppertree more than just
a care home.
“Our goal was to encourage community
involvement for the residents and bring
the Christmas spirit to those who can’t go
out. The market raises funds for initiative
that benefit both residents and staff. Most
importantly, it was our way of expressing
love to the broader Manawatu community,”
explained Ankia.
The market was a truly festive day, with
support from many local businesses. The
entire Manawatu community was invited
to gather, laugh and shop together. Stalls
were filled with homemade goodies and
handcrafted treasures. With categories
ranging from home, art, health and beauty,
knitwear, unique handmade gifts, e-bikes,
Christmas baked goods, jams and jellies,
lucky dips for the kids and more – there
was something for everyone. Even Radius
Peppertree staff stepped into the limelight
– Katrina’s handmade wonders, Tottera’s
essential oils, Eileen’s cozy knitwear, and
Gill’s handmade cards, each adding a touch of
Radius Peppertree charm.
Margaret from the REP Team mentioned: “I
really enjoyed the market and thought it
was so much fun! I will for sure do it again
this year.”
Bea, a resident, chimed in and specifically
praised the stalls: “The layout of the stalls
was really good, and there were lots of
things to buy.”
The care home hosted a sausage sizzle
and sold fresh honey from its own gardens.
Barbara Stewart, the Facility Manager,
was busy with her trolley of refreshments,
spreading smiles over cups of coffee,
tea and milo. Furry friends joined the
festivities too.
“It was such a wonderful and successful
day, we got great compliments from the
public, residents, their families and staff,”
said Ankia.
“I learned what a great community we have,
and love, kindness and camaraderie are
very much alive. The key is to take chances
because you won’t know what works until
you try, and don’t hesitate to ask for help
from people around you.”

Residents rule the airwaves at Dunedin’s Radius
Fulton Home. Their entertaining radio show has
made the announcers famous within the care
home; they’re known for taking the ‘rest’ out
of rest home!
The fortnightly Radius Fulton Residents’ Show
provides an hour of music selected by residents,
and a topical talk that interests and engages the
"elderly gang" at the rest home. It is broadcast
through OAR FM every second Thursday at
1:30pm. Listeners tune in from far and wide,
including all the way over in Europe.
All residents are encouraged to participate in the
preparation of each show, they’re asked what
they want to listen to in the fortnight leading up
to each broadcast and themes are discussed over
afternoon tea and other activities. Residents look
forward to listening and, for those who get to be
a part of the programme, it’s given them a whole
new take on life.
Presenters, Jimmy Sprague and Kelvin Rooke,
have been hosting the radio show for five years,
with other residents participating along the way.
20 Years
of Residents'
Radio
Kelvin Rooke dreamt about working
in the radio all his life, a wish that was
exacerbated when he went blind. Now he
gets to produce and present the radio
show every fortnight, proving it is never
too late to achieve your dreams.
Not even COVID nor major floods could
stop the show. When it could not be
recorded in the studio, the OAR FM
team recorded onsite at Radius Fulton.
The anniversary show in November
2023 featured clips from the past 20
years, including a tribute to alumnus,
Lloyd Martin, who at 99 years old was
recognised as New Zealand’s oldest
radio presenter in 2019.
The 20th Anniversary Radius Fulton
Resident’s Show featured on the front
page of Otago Daily Times, and Radius
Fulton manager, Lisa Genge, discussed
the behind-the-scenes on OAR FM’s
OARsome Morning Show.
30
Radius Millstream's
Assisted Living Apartments
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Reimagining
Radius Care has continued to make
good on our commitment to enhance
living spaces for our residents, guided
by a well thought out property strategy
and a keen eye on market conditions.
The three pillars of our property strategy
remain unchanged. The strategic acquisition
of facilities operated by Radius Care, planned
acquisitions from third parties, and the
development and expansion of new and
existing care homes, have collectively guided
our efforts.
A balanced approach
Our current approach is one of careful
progression. This year, we’ve secured building
consents for key sites, boosting our property
portfolio’s value and ensuring we can
continue to scale our developments.
The sale of Arran Court reflects our
adaptability and focus on sustaining our key
business functions while addressing capital
needs. Due to its significant value relative to
size and EBITDA, the sale ensured we could
continue to focus on and invest in our core
business functions.
Our roadmap for the future remains firmly
aligned with our development pipeline,
constructing villages, care suites, and
extended offerings that resonate with
current market conditions. This strategic
focus ensures that we are driving smart,
sustainable growth.
A new take on spaces
At Radius Care, we’re not just building
spaces – we’re envisioning resident-centric
environments where life can be lived to
the fullest.
A key aspect of our development strategy
is the modernisation of interior design. Our
goal is to move away from the traditional,
institutional stereotypes of rest homes,
towards creating more homely, welcoming
environments. This means we’re considering
every detail to ensure dementia-friendly
environments, and modern, comfortable
living spaces.
The selection of materials, from floor to
ceiling curtains to dimmable lights and
contrasting colours, has been made with
consideration for the needs and comforts
of our residents. These refurbishments
conducted room by room, will transform
our existing care homes into spaces that
are visually appealing, safe, navigable, and
in tune with the needs of those we serve.
Confident outlook
Radius Care is fully committed to its
development pipeline, aligned with market
conditions, and focused on delivering
exceptional living spaces. Our achievements
in the past year, marked by strategic
progress and careful planning, lay a solid
foundation for the future.
Radius Millstream Assisted Living
Apartments
A unique approach to retirement living. The
pay-as-you-stay model offers flexibility without
long-term commitment. Residents enjoy a variety
of services and oversight from a registered
nurse. Additional services such as medication
management and personal assistance further
tailor the level of care.
In the past year, RConnect has
continued to utilise leading nursing
recruitment processes to manage our
own clinical staffing bureau, supplying
aged care nurses to Radius Care homes
and the wider industry. RConnect
is a key innovation in our approach
to staffing, drawing on our industry
expertise and establishing a new
revenue stream.
RConnect has a team of 150 personnel
available to support smooth operations
across various healthcare facilities.
It has improved both continuity and
stability within Radius Care and among
our clients’ workforces.
Our nurses and health professionals
are skilled in all aspects of aged care,
including work in rest homes, hospitals,
and specialised areas like dementia,
palliative, and hospice care. All of our
nurses have completed comprehensive
background checks and are aged
care trained (with some having also
completed interRAI training).
Support
is just a
call away.
Specialist Aged
care clinical staff
The creation of RConnect is a key step in our approach to staffing,
combining our industry expertise with innovative solutions.
80%
Reduction in external nursing spend
$780K
Internal bureau utilisation
Accreditation and quality assurance
This year, we
• received provisional certification from the
Ministry of Health for Radius Home Support,
our newly expanded home care services;
• earned the Triangular Employer
Accreditation granted by Immigration NZ,
ensuring compliance and integrity in our
staffing processes; and
• onboarded our first private home care
client, a response to the increasing demand
for quality private care.
Future growth plans
By providing a steady flow of qualified staff,
we’ve increased opportunities for Radius
employees to pick up additional shifts,
boosting job satisfaction and loyalty. This
has led to better teamwork and collaboration,
ensuring residents receive the care they
deserve.
We plan to further develop our services
in private home care and supporting
independence for ACC clients receiving in-
home care.
OUR YEAR.
DEVELOPMENT & RCONNECT
spaces
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Get on
with living
This year has been one of preparation
for Radius Shop, the retail arm of Radius
Care, setting the stage for future sales
growth driven by improved products,
smarter process and empathy. In
2023, our total sales reached $1.2m,
highlighting Radius Shop’s potential
financial contribution ahead.
A shift in the way we talk about aging
A key highlight has been transforming our marketing
message to embrace a new narrative: celebrating the
journey of ageing. This shift toward “celebrating worn-in
bodies” resonated deeply with our customers as well as
their loved ones. More than a change in tone, it’s been
a change in perspective, and the feedback has been
encouraging.
Product excellence and operational efficiency
We’ve taken charge of importing our top-selling daily
living aids directly for better prices and decreased
reliance on drop-shipping. At the same time, we’re
streamlining our operations by moving our sought-after
incontinence products to a new dispatch centre.
POPULAR PRODUCTS
Helping you live independently
Get on
with living
Building connections through
marketing and engagement
This year also saw a refresh in our marketing
efforts, leading to a notable improvement in
engagement rate. Our mailing list grew by
600 new subscribers and our repeat customer
rate reached 24.06% (an increase of 21% from
last year).
Looking ahead
Our concept of merging care and commerce
allows us to develop a close relationship
built on trust and respect with many of our
customers. We look forward to enhancing our
website with features like sign-up discounts
and reminders for incomplete purchases to
both support sales and connect with our
customer’s needs.
In future, our blog will offer more tailored
support for those navigating the complexities
of care, empowering our customers with
confidence, dignity and respect.
21%
Average order value
increased by
21%
Repeat customer rate
increased by
60%
Incontinence subscription
sales increased by
17%
Online conversion up
5,242
Total Orders
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OUR YEAR.
RADIUS SHOP

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Radius Care Annual Report 2024Radius Care Annual Report 2024
LEADERSHIP.
BOARD OF DIRECTORS
01.
THE RADIUS WAY
Brien Cree
Founder and Executive
Chair
Our
Board
Duncan Cook
Executive Director
Bret Jackson
Independent Director
Mary Gardiner
Independent Director
Tom Wilson
Independent Director
Hamish Stevens
Independent Director
Remuneration and
People Committee
Audit and Risk
Committee
Denotes Chair of
a Committee
Brien Cree
Executive Chair
Appointed: August 2003
External Appointments: Board Member of New
Zealand Aged Care Association
Experience: Brien Cree is a founding shareholder
of Radius Care and was CEO from the Company’s
inception in 2003 and the Managing Director from
2010. Brien has built Radius Care’s portfolio from
nothing to its current 23 aged care homes and
four retirement villages. As Executive Chair, Brien
is focused on the formulation and execution of
Radius Care’s strategic growth objectives.
Brien has more than 30 years’ experience in the
aged care sector, is a longstanding Board member
of the NZACA and a past Board member of the
Retirement Villages Association.
Bret Jackson
Independent Director BCom (Honours),
MBA (Harvard Business School)
Appointed: September 2014
Experience: Bret Jackson is an experienced
business professional spanning all facets
of business including entrepreneurship,
leadership, private equity investment and
governance (both private and public boards).
Bret held corporate roles at Mobil Oil New
Zealand, a management consulting role
at Boston Consulting Group (Sydney and
London) and has founded and successfully
operated his own private businesses.
Mary Gardiner
Independent Director BCom, FCA, FCG, CMInstD
Appointed: December 2020
External Appointments: Chair of the Audit and Risk
Committee of Southern Cross Pet Insurance, Chair
of the Audit and Risk Committee of Unity Credit
Union, Chair of Netball Northern Zone, Trustee of
Mangere Mountain Education Trust, and Director of
Women in Sport Aotearoa.
Experience: Mary's commercial experience includes
roles as CFO of Instant Finance and Radius Health
Group, and Governance Risk Manager at Air New
Zealand, following a career focused primarily in
financial services with KPMG in New Zealand.
Tom Wilson
Independent Director BBS, CA
Appointed: August 2023
External Appointments: Chair of Genera Holdings,
CurraNZ, Pelco NZ and Tauranga Bridge Marina.
He is also a director of Builtin Insurance Group.
Experience: Tom was previously the Chair of
Barrett Homes Group, Regal Haulage Group,
Hopkins Farming Group and Managing Director of
Satara (NZX Listed). Tom was involved in several
leading management positions in the Aged Care
sector during his career and was a partner at
KPMG for 10 years.
Hamish Stevens
Independent Director MCom (Honours),
MBA, CA, CFInstD
Appointed: December 2020
External Appointments: Chair of Embark
Education Group, East Health Services and
Pharmaco and a Director of Marsden Maritime
Holdings, Northport and Counties Energy.
Experience: Prior to his governance career,
Hamish held senior finance positions with
Heinz Watties, Tip Top Ice Cream and DB
Breweries.
Hamish is a qualified Chartered Accountant
and a Chartered Fellow of the Institute of
Directors.
Duncan Cook
Executive Director LLB
Appointed: July 2010
Experience: Duncan Cook supported Radius
Care’s founders to establish, structure and grow
the business. Duncan is a consultant at Sharp
Tudhope Lawyers having been a partner in the firm
for 31 years. His key practice areas are mergers
and acquisitions with a focus on consolidating
primary and secondary health services. Duncan is a
member of the New Zealand Law Society, Institute
of Directors New Zealand (Inc) and Restructuring
Insolvency & Turnaround Association New Zealand
Incorporated.
Duncan has governance experience across a range
of industry sectors, and has volunteered on the
Boards of the Tauranga Chamber of Commerce and
agencies associated with economic development in
the Tauranga region.
36

Jeremy Edmonds, Richard Callander, Andrew Peskett, Shereen Singh, Sam Carey, Trish Evers and Gared Thomas
39
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Radius Care Annual Report 2024Radius Care Annual Report 2024
LEADERSHIP.
SENIOR MANAGEMENT
Our
Management
Andrew Peskett
Chief Executive Officer
Andrew has been Chief Executive Officer
of Radius Care since February 2022. He
brought with him extensive experience in the
retirement village industry, having previously
held senior executive roles at Metlifecare,
including Acting Chief Executive Officer
and GM Corporate Services. Andrew has a
commitment to regularly connecting with all
the exceptional people at Radius Care and a
strong focus on commercial intensity.
Richard Callander
Chief Operations Officer
After senior executive level experience at
Metlifecare and executive roles in the gaming
industry in New Zealand and Australia,
Richard joined the Radius Care team in
August 2022. In his role as Chief Operations
Officer, his extensive experience managing
people and passion for improving customer
service is of great value.
Trish Evers
General Manager, People
Trish has over 15 years’ experience in the HR
sector and has worked in various fields, in both
government and listed companies, including
government agencies, health and transportation.
She joined Radius Care in 2017. Trish has a strong
background in employee and industrial relations,
and is particularly interested in building highly
effective teams.
Sam Carey
General Manager,
Marketing Retail & Sales
Sam has headed marketing since he started with
Radius Care in 2011. He has been instrumental
in developing the Radius Care brand and
communicating the company's vision internally and
externally. His innovative approach has resulted in
several new key revenue drivers for Radius Care,
most notably the development and implementation
of the Radius retail arm, Radius Shop. Since 2022,
Sam also manages the villa sales of our four
retirement villages nationwide.
Shereen Singh
General Manager, RConnect
Shereen joined Radius Care in November 2021
and successfully transitioned from being a
high-performing Regional Manager to leading
our Nursing Bureau, RConnect, in March 2023.
Shereen's invaluable expertise in workforce
planning and her significant contribution to
our new business opportunities have been
instrumental in our growth and success and
she joined the Executive team in March 2024.
Gared Thomas
General Manager,
Property & Development
Gared Thomas joined Radius Care in 2019 and
is responsible for our property portfolio and
development pipeline. Gared has a Bachelor
of Business, majoring in Management and
extensive experience in the construction
sector. He is passionate about delivering our
village and care home residents with high-
quality, well designed and well-maintained
places to live
Jeremy Edmonds
Chief Financial Officer
Jeremy joined the Radius Care team as Chief
Financial Officer in August 2023, initially as interim
CFO before becoming permanent in December
2023. Jeremy has more than a decade of experience
at CFO level in large and complex New Zealand
companies, primarily in the consumer goods and
logistics sectors. Most recently, Jeremy was Interim
CFO at My Food Bag. He brings a track record of
strategic, commercial and change leadership, and
extensive international experience gained in roles
of increasing responsibility in the UK, Asia and the
USA prior to returning to New Zealand.

The Consolidated Statement of Comprehensive Income should
be read in conjunction with the accompanying notes
.
CONSOLIDATED
Statement of Comprehensive Income
For the year ended
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
REVENUE
Revenue2.1168,739144,467
Deferred management fees2.12,4951,801
Total revenue171,234146,268
Change in fair value of investment property3.12,703765
Government subsidy received — 189
Interest income13667
Gain on acquisition of previously leased property assets — 1,781
Gain on business acquisition — 927
Total revenue and other income174,073149,997
EXPENSES
Employee costs(105,744)(93,097)
Depreciation expense2.2(9,942)(9,979)
Finance costs2.2(15,637)(12,479)
Loss on revaluation of land and buildings — (3,028)
Other expenses2.2(39,151)(34,398)
Total expenses(170,474)(152,981)
Profit/(Loss) before income tax 3,599(2,984)
Income tax refund/(expense)5.1(12,087)878
Profit/(Loss) for the year(8,488)(2,106)
OTHER COMPREHENSIVE INCOME FOR THE YEAR
Items that will not be reclassified subsequently to profit and
loss
Revaluation of land and buildings, net of tax3.2 — 3,558
Income tax on other comprehensive income — (874)
Other comprehensive income for the year—2,684
Total comprehensive income/(loss)(8,488)578
EARNINGS PER SHARE
Basic and diluted earnings/(loss) per share (cents per share)4.2(2.98)(0.76)
Financial
Statements
2024
Stan with his stamp collection, which he has been adding to since six years old.
41
Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Statement of Changes in Equity should
be read in conjunction with the accompanying notes.
CONSOLIDATED
Statement of Changes in Equity
For the year ended 31 March 2024
In thousands of New Zealand dollars
NOTE
Contributed
Equity
Asset
Revaluation
Reserve
Other
Reserve
Retained
Earnings Total
BALANCE AS AT 1 APRIL 2023 56,813 9,496 33 6,522 72,864
Profit/(Loss) for the year — — — (8,488) (8,488)
Share based payments7—49— 55
Other comprehensive income for the year3.2 — — — — —
Total comprehensive income for the year 7 — 49 (8,488) (8,432)
Transactions with owners
Dividends paid4.1 — — — — —
Total transactions with owners — — — — —
BALANCE AS AT 31 MARCH 2024 56,820 9,496 82(1,966) 64,432
BALANCE AS AT 1 APRIL 2022 51,732 6,812 — 11,544 70,088
Profit/(Loss) for the year — — — (2,106)(2,106)
Share based payments——33— 33
Other comprehensive income for the year3.2 — 2,684 — — 2,684
Total comprehensive income for the year — 2,684 33 (2,106) 611
Transactions with owners
Issue of share capital (net of transaction
costs and tax)
4.1 5,057 — — — 5,057
Dividends paid4.1 24 — — (2,916)(2,892)
Total transactions with owners 5,081 — — (2,916) 2,165
BALANCE AS AT 31 MARCH 2023 56,813 9,496 33 6,522 72,864
CONSOLIDATED
Statement of Financial Position
The Consolidated Statement of Financial Position should be read
in conjunction with the accompanying notes.
The Board of Directors of the Company authorised these consolidated financial statements for issue on 29 May 2024.
For and on behalf of the Board.
Hamish Stevens
Chair, Audit and Risk Committee
Brien Cree
Chair, Board of Directors
As at
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
ASSETS
Cash and cash equivalents2,350515
Trade and other receivables5.315,00213,071
Held for sale assets — 891
Inventories554753
Current tax assets — 1,321
Investment properties3.173,52870,143
Property, plant and equipment3.2117,310133,870
Right-of-use assets3.4109,906112,464
Intangible assets5.216,06319,797
Deferred tax assets5.1—3,770
Total assets 334,713 356,595
LIABILITIES
Cash and cash equivalents (overdraft) — 2,894
Trade and other payables5.419,99020,543
Current tax liabilities1,621 —
Borrowings4.375,86997,687
Deferred management fees3.37,6086,973
Refundable occupation right agreements3.337,42534,104
Lease liabilities3.4121,086121,530
Deferred tax liabilities5.16,682—
Total liabilities 270,281 283,731
NET ASSETS64,43272,864
EQUITY
Share capital4.156,82056,813
Reserves 4.19,5789,529
Retained earnings(1,966)6,522
Total equity 64,432 72,864
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED
Statement of Cash Flows
The Consolidated Statement of Cash Flows should be read
in conjunction with the accompanying notes.
For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
Receipts from residents for care fees and village fees168,430140,699
Receipts of Government subsidy—1,269
Payments to suppliers and employees(147,285)(124,697)
Proceeds from the sale of Refundable Occupation Right Agreements10,9383,715
Payments for the repurchase of Refundable Occupation Right Agreements(4,072)(2,847)
Interest received13667
Interest paid - borrowings(9,388)(6,506)
Interest paid - lease liabilities(5,962)(5,934)
Income tax benefit/(expense)1,303(1,729)
Net cash provided by operating activities 14,1004,037
Proceeds from the sale of care home18,300—
Proceeds from the sale of property, plant and equipment9897
Acquisition of subsidiaries, net of cash acquired—(500)
Payments for the purchase of property, plant and equipment(3,451)(58,681)
Payments for village developments(682)(53)
Net cash provided by/(used in) investing activities15,156(59,227)
Proceeds from borrowings 18,500—
Repayments of borrowings(40,318)56,169
Principal payments of lease liabilities(2,709)(2,554)
Dividends paid—(2,892)
Net cash provided by/(used in) financing activities(24,527)50,723
Cash and cash equivalents at beginning of the year(2,379)2,088
Net (decrease)/increase in cash and cash equivalents held4,729(4,467)
Cash and cash equivalents at end of year2,350(2,379)
COMPRISING OF
Cash and cash equivalents2,350515
Cash and cash equivalents (overdraft)—(2,894)
Cash and cash equivalents at end of year2,350(2,379)
For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
RECONCILIATION OF PROFIT/(LOSS) FOR THE YEAR TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Profit/(Loss) for the year(8,488)(2,106)
ADJUSTMENTS FOR NON-CASH ITEMS
Depreciation9,9429,979
Share based payments5588
Net loss/(gain) on disposal of property, plant and equipment227(1)
Gain on acquisition of previously leased property assets—(1,781)
Fair value adjustment to investment properties(2,703)(765)
Movement in deferred tax10,452(860)
Gain on business acquisition—(927)
Loss on revaluation of land and buildings—3,028
CHANGES IN OPERATING ASSETS AND LIABILITIES
- Trade and other receivables and other assets(1,970)(3,157)
- Inventories20115
- Trade and other payables and other liabilities1257,132
- Current tax liabilities2,938(1,759)
- Refundable Occupation Right Agreements3,321(4,849)
Net cash provided by operating activities 14,1004,037
The Consolidated Statement of Cash Flows should be
read in conjunction with the accompanying notes.
CONSOLIDATED
Statement of Cash Flows (continued)
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
CONSOLIDATED FINANCIAL STATEMENTS

In thousands of New Zealand dollarsBorrowings
Lease
Liabilities
Total
BALANCE AS AT 1 APRIL 202397,687121,530219,217
- Proceeds from borrowings18,500— 18,500
- Repayment of borrowings and lease liabilities(40,318)(2,709)(43,027)
Total changes from financing cash flows(21,818)(2,709)(24,527)
Non-cash changes
- Remeasurements— 2,2652,265
Balance as at 31 March 202475,869121,086196,955
BALANCE AS AT 1 APRIL 202230,000142,543172,543
- Proceeds from borrowings56,169— 56,169
- Repayment of borrowings and lease liabilities— (2,554)(2,554)
Total changes from financing cash flows56,169(2,554)53,615
Non-cash changes
- Financing of the Matamata Business acquisition11,518— 11,518
- Remeasurements— 18,68518,685
- Disposals— (37,144)(37,144)
Balance as at 31 March 202397,687121,530219,217
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
Changes in the carrying amount of such liabilities, which comprise bank borrowings and lease liabilities, are
summarised below.
CONSOLIDATED
Statement of Cash Flows (continued)
The Consolidated Statement of Cash Flows should be
read in conjunction with the accompanying notes.
Notes
TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
1.1. Basis of Preparation
Reporting Entity
The consolidated financial statements are for Radius
Residential Care Limited (‘the Company’) and its
subsidiaries (together ‘the Group’).
The Group provides rest home and hospital care for the
elderly along with development and operation of integrated
retirement villages in New Zealand.
Statutory Basis and Statement of Compliance
Radius Residential Care Limited is a limited liability company,
incorporated and domiciled in New Zealand. It is registered
under the Companies Act 1993 and is a FMC Reporting
Entity in terms of Part 7 of the Financial Markets Conduct
Act 2013. The Company is listed on the NZX Main Board
("NZX"). The consolidated financial statements have been
prepared in accordance with the requirements of the NZX,
and Part 7 of the Financial Markets Conduct Act 2013.
These consolidated financial statements have been prepared
in accordance with Generally Accepted Accounting
Practice in New Zealand ('NZ GAAP'). They comply
with New Zealand equivalents to International Financial
Reporting Standards ('NZ IFRS'), International Financial
Reporting Standards ('IFRS') and other applicable New
Zealand Financial Reporting Standards, as appropriate for
for-profit entities. The Group is a Tier 1 for-profit entity in
accordance with XRB A1 Application of the Accounting
Standards Framework.
The consolidated financial statements have been prepared
on a going concern basis, which contemplates continuity
of normal business activities and the realisation of
assets and the settlement of liabilities in the ordinary
course of business.
The balance sheet for the Group is presented on the liquidity
basis where the assets and liabilities are presented in the
order of their liquidity.
Functional and Presentation Currency
The consolidated financial statements are presented in New
Zealand dollars which is the Group’s functional currency. All
amounts have been rounded to the nearest thousand, unless
otherwise indicated.
Measurement Basis
These consolidated financial statements have been prepared
under the historical cost convention, with the exception
of investment properties (note 3.1) and land and buildings
included within property, plant and equipment (note 3.2)
Legislative Changes Impacting the Consolidated
Financial Statements
On 26 March 2024, the Government substantively enacted
legislation which removes the deductibility of depreciation
on commercial and industrial buildings for tax purposes.
Effective from 1 April 2024, the tax depreciation rate will
revert to 0%. The change in tax legislation effective from 1
April 2024 eliminates the tax base for these assets, thereby
creating a temporary difference that leads to a deferred
tax liability. The impact of this change has been recognised
in the Group’s consolidated financial statements for the
year ended 31 March 2024, which includes a one-off non-
cash deferred tax liability of $11.3m with a corresponding
tax expense within the Statement of Comprehensive
Income.
Key Estimates and Judgements
The Board of Directors and Management are required to
make judgements, estimates and assumptions in applying
the accounting policies. The assumptions, estimates and
judgements applied are based on experience and relevant
information the Board and Management believe are
reasonable. Actual results may differ from the estimates,
judgements and assumptions made by the Board of
Directors and Management.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
and in any future periods affected.
The areas involving a higher degree of judgement or
complexity, or areas where assumptions and estimates are
significant to the consolidated financial statements are
described in the following notes:
• Valuation of investment properties (note 3.1)
• Valuation of land and buildings (note 3.2)
• Impairment testing of right-of-use assets (note 3.4)
• Recognition of deferred tax assets and liabilities
(note 5.1)
• Impairment testing of goodwill (note 5.2)
New and Amended Accounting Standards and
Interpretations
All mandatory new and amended standards and
interpretations have been adopted in the current year. The
new and amended standards and interpretations that have
had an impact on the Group have been described below.
The Group has not early adopted any new standards,
amendments or interpretations to existing standards that
are not yet effective.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Climate-Related Disclosures
The XRB issued its first climate disclosure standards in
December 2022. The standards are effective for annual
reporting periods beginning on or after 1 January 2023.
These disclosures do not form part of the financial
statements but are rather contained in a separate
standalone climate statement.
These standards affect entities known as Climate Reporting
Entities (CREs), including:
• Large, listed companies with a market capitalisation of
more than $60 million
• Listed issuers of quoted debt securities with a combined
face value of quoted debt exceeding $60 million
• Large, licensed insurers, registered banks, credit unions,
building societies and managers of investment schemes
with more than $1 billion in assets
• Some Crown financial institutions (via letters of
expectation).
CREs will be required to prepare an annual climate
statement that discloses information about the effects of
climate change on their business or any fund they manage.
They will need to obtain independent assurance about the
part of the climate statement that relates to the disclosure
of greenhouse gas (GHG) emissions, generally in the second
year of reporting.
The new Climate Standards issued are:
• Aotearoa New Zealand Climate Standard 1: Climate-
related Disclosures (NZ CS 1)
This standard requires disclosures explaining how the
entity manages its climate-related risks and opportunities.
The disclosure requirements cover four key areas
(Governance, Strategy, Risk Management and Metrics and
Targets). Entities must obtain assurance over the GHG
emissions disclosures.
• Aotearoa New Zealand Climate Standard 2: Adoption of
Aotearoa New Zealand Climate Standards (NZ CS 2)
This standard provides optional disclosure exemptions
that entities may apply during the first few periods of
climate reporting.
• Aotearoa New Zealand Climate Standard 3: General
Requirements for Climate-related Disclosures (NZ CS 3)
This standard includes the principles for climate-related
disclosures (such as relevance, accuracy, and verifiability),
general requirements for how the information is disclosed,
and guidance on topics such as materiality and estimation
uncertainty.
The Group does not meet the requirements of being a
CRE due to the fact that in the two accounting periods
immediately preceding the accounting period for which the
Group is currently reporting (i.e. the year ended 31 March
2024), the Group did not have either quoted debt securities
at any time with a total face value that exceeded $60
million; or equity securities (whether quoted or not) of more
than $60 million as implied by its market price or fair value
as at the 31 March 2024 balance date.
The Group has however decided to voluntarily prepare
a climate statement as at 31 March 2024, which will be
released prior to the end of July 2024. Independent
assurance about the part of the climate statement that
relates to the disclosure of GHG emissions will not be
obtained in the first year in line with the assurance
requirements of NZ CS 1.
Disclosure of Accounting Policies (Amendments to NZ
IAS 1 Presentation of Financial Statements and IFRS
Practice Statement 2)
Entities are now required to disclose their
‘material’ accounting policies instead of ‘significant’
accounting policies.
The Group has adopted this new standard for the financial
reporting period beginning 1 April 2023. The adoption
of this new standard did not have a financial impact on
the Group’s financial statements but has resulted in the
update of accounting policies disclosed in the Group’s
financial statements.
Definition of Accounting Estimates (Amendments to
NZ IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors)
The Group has adopted this new standard for the financial
reporting period beginning 1 April 2023. The adoption of
this new standard did not have a financial impact on the
Group’s financial statements or the accounting estimates
disclosed in the Group’s financial statements.
Segment Reporting
The Group operates in one operating segment being
the provision of aged care in New Zealand. The chief
operating decision maker, the Board of Directors, reviews
the operating results on a regular basis and makes
decisions on resource allocation based on the review of
Group results and cash flows as a whole. The nature of
the services provided and the type and class of residents
have similar characteristics within the operating segment.
The Ministry of Health is a significant customer of the
Group as disclosed in note 2.1, as the Group derives care
fee revenue in respect of eligible Government subsidised
aged care residents. No other customers individually
contribute a significant proportion of the Group's revenue.
All revenue earned and assets held are in New Zealand.
1.2. Accounting Policies
Material accounting policies which are relevant to
understanding the consolidated financial statements are
disclosed in each of the applicable notes. They have been
applied on a consistent basis across all periods presented
in these consolidated financial statements.
One other relevant policy is provided as follows:
Measurement of Fair Value
For financial reporting purposes, 'fair value' is the
price that would be received to sell an asset, or paid
to transfer a liability, in an orderly transaction between
market participants (under current market conditions)
at the measurement date, regardless of whether that
price is directly observable or estimated using another
valuation technique.
When estimating the fair value of an asset or liability, the
Group uses valuation techniques that are appropriate in
the circumstances and for which sufficient data is available
to measure fair value, maximising the use of relevant
observable inputs and minimising the use of unobservable
inputs. Inputs to valuation techniques used to measure fair
value are categorised into three levels according to the
extent to which the inputs are observable:
• Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities that the entity can
access at the measurement date.
• Level 2 inputs are inputs other than quoted prices
included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
• Level 3 inputs are unobservable inputs for the asset
or liability.
Further information about the assumptions made in
measuring fair values is included in notes 3.1, 3.2, 4.1 and 5.6.
1.3. Climate Change Risk
As an aged care and retirement village operator, the Group
recognises that climate change poses potential risks to its
operations and financial performance. The Group operates
23 residential care facilities and homes (12 owned and 11
leased) and four retirement villages across New Zealand.
The Group acknowledges that extreme weather events,
such as flooding and storms, can occur in other areas and
could impact the value and condition of its owned and
leased properties. The Group has appropriate material
damage and business interruption insurance coverage in
place to mitigate potential risks. Additionally, the effects of
climate change, including rising temperatures and increased
precipitation, may lead to changes in zoning regulations or
building codes, potentially affecting the Company’s ability
to develop or renovate its properties.
The Group is also aware of the potential for climate
change to impact its supply chain and increase the costs
of essential goods and services, such as medical supplies,
food, and energy, which could have an adverse effect on its
financial performance. The Group is proactively identifying
and managing these risks by monitoring climate-related
developments and assessing their potential impacts on its
operations and financial performance.
Furthermore, the Group recognises the potential impact of
climate change on its assets, including goodwill, property,
plant and equipment, investment properties, and right-
of-use assets. Climate-related factors, such as changes in
market conditions or regulatory requirements, could result
in impairment charges or adjustments to the carrying
amount of these assets.
The Group is committed to monitoring and reporting on
climate-related risks and opportunities in its financial
statements and other public disclosures. The Group
acknowledges that climate change is an ongoing and
evolving issue and will continue to take appropriate
steps to identify and manage potential impacts on its
operations, financial performance, and financial assets.
1.4. Market Capitalisation
At balance date the market capitalisation of the Group
(being the 31 March 2024 closing share price, as quoted
on the NZX Main Board, multiplied by the number of
shares on issue) was below the carrying amount of the
Group’s net assets and shareholders’ funds. In considering
the difference, the Group notes that over 86% (2023:
85%) of total assets at 31 March 2024 are either non-
financial property assets carried at fair value 51% (2023:
52%) as assessed by the Group’s independent external
property valuers or nonfinancial assets subject to annual
impairment assessment 35% (2023: 33%). The Group has
undertaken an assessment of the recoverable amount of
its assets/cash generating units. Management believes
that no reasonably possible changes in any of the above
key assumptions would cause the carrying value of the
non-financial assets to be materially lower than their
recoverable amount.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

2. OPERATING PERFORMANCE
2.1. Revenue
Revenue from Contracts with Customers
Revenue from care and village fees and recoveries income
is recognised in accordance with NZ IFRS 15 Revenue
from Contracts with Customers (“NZ IFRS 15”). Deferred
management fees and rental income are considered leases
under NZ IFRS 16 Leases (“NZ IFRS 16”), and are therefore
excluded from the scope of NZ IFRS 15.
Care and Village Fees
The Group derives revenue from the provision of residential
care and related services. Rest home, hospital and service
fee charges (including accommodation supplements) are
governed by the individual care admission agreement
with each care resident. The resident incurs a daily
care fee charged per the agreement, as set by the
Government each year. Care fees are recognised net of any
rebates to residents.
The Group derives care fee revenue in respect of eligible
Government subsidised aged care residents who receive
rest home, dementia or hospital level care. Government
aged care subsidies received from the Ministry of Health/
Te Whatu Ora included in care fees and village services
amounted to $101.7m (2023: $89.7m).
There are no elements of variable consideration or
significant financing component associated with care and
village fees and recoveries income.
Village fees are detailed within each resident's Occupation
Right Agreement (ORA) and relate to the operating costs
of the village. Revenue is recognised based on the daily or
weekly fees charged, reflecting the period a resident has
occupied a unit.
The performance obligation of providing the care and village
services is satisfied over time, as the resident simultaneously
receives and consumes the benefits of the service as it is
provided. Billing and revenue recognition are generally done
during the same period that the performance obligation is
satisfied. Payments received in advance are recorded on
the statement of financial position as a contract liability and
subsequently recognised through profit or loss when the
services are rendered.

For the year ended
In thousands of New
Zealand dollars

31 March
2024

31 March
2023
Rest home, hospital and
dementia fees
142,209 124,364
Accommodation
Supplements
9,795 7,931
Village service fees 1,173 793
Rental income 165 116
Other services
provided to residents
15,397 11,263
168,739 144,467
Deferred Management Fees
Occupation Right Agreements (ORAs) confer the right to
occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A management fee is payable by the residents of the
Group's independent living units for the right to share
in the use and enjoyment of common facilities. The
management fee is calculated as a percentage of the ORA
amount and accrues either daily, monthly or annually for a
set period, based on the terms of the individual contracts.
The current ORAs accrue management fees at rates
ranging from 6.67% to 10% per annum.
The management fee is payable in cash by the resident at
the time of repayment (to the resident) of the refundable
ORA amount due. The Group has the right to set off of the
refundable occupation right agreement amount and the
management fee receivable.
At year end, the management fee receivable that has yet
to be recognised through profit or loss as management
fee revenue is recognised as a deferred management fee
liability in the statement of financial position.
Key Accounting Estimates and Judgements
The deferred management fee represents the difference
between the management fees receivable under the ORA
and the portion of the management fee accrued which
is recognised on a straight-line basis over the longer of
the term specified in a resident’s ORA or the average
expected occupancy for the relevant accommodation i.e.
eight years for villas and three to four years for serviced
apartments and villas (2023: eight years for villas and
three to four years for serviced apartments).
2.2. Expenses

For the year ended
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT
- buildings3.21,4241,286
- motor vehicles3.2115127
- furniture, fixtures and fittings3.22,7042,812
- information technology3.2718871
- medical equipment3.2159112
5,1205,208
DEPRECIATION OF RIGHT-OF-USE ASSETS
- buildings3.44,8224,771
4,8224,771
Total depreciation 9,9429,979
FINANCE COSTS
- interest - bank and vendor financing9,6756,505
- interest - lease liabilities3.45,9625,974
Total finance costs15,63712,479
OTHER EXPENSES
Fees paid to Auditors
Audit and review of consolidated financial statements296271
Tax compliance services
3023
Total fees paid to auditor
326294
Care home operating expenses27,88525,012
Operating rental expenses relating to low value and short-
term leases
412
Directors' fees579408
Donations and sponsorships1225
Loss/(gain) on sale of property, plant and equipment243(1)
Other expenses (no items of individual significance)10,0658,658
Total other expenses39,15134,398

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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

3. PROPERTY ASSETS
3.1. Investment Properties
Accounting Policy
Investment properties include completed freehold land and buildings, freehold land and buildings under development
comprising retirement villages including common facilities, provided for use by residents under the terms of a Refundable
Occupation Right Agreements (ORA). Investment properties are held for long term yields and to generate rental income.
Investment properties are initially recognised at cost. After initial recognition, investment properties are measured at fair
value. Gains or losses arising from a change in the fair value of investment properties are recognised in profit or loss.
Deferred management fees, are accounted for as described in note 2.1.
As at
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
INVESTMENT PROPERTIES
Opening carrying amount70,14346,014
Acquisition of Matamata Retirement Village — 23,037
Net fair value gain2,703765
Occupation Right Agreements settled(9,158)(2,919)
Occupation Right Agreements entered9,1582,919
Purchases662327
Other adjustments 20 —
Closing carrying amount73,52870,143
A reconciliation between the valuation and the amount recognised on the Consolidated Statement of Financial
Position as investment properties is as follows:
Valuation of operator's interest 25,500 22,821
Refundable Occupation Right Agreements3.337,42534,104
Deferred management fees3.37,6086,973
Unsold/vacant units7503,850
Residential properties
2,2452,395
73,52870,143
Valuation Process and Key Inputs
The Group's investment properties are valued on an annual
basis. This year the valuations were undertaken by LVC
Limited (LVC), an independent valuer. LVC are registered with
the Property Institute of New Zealand, employs registered
valuers and has appropriate recognised professional
qualifications and recent experience in the location and
category of properties being valued.
The valuation of investment property are adjusted for cash
flows relating to refundable ORA payments and management
fees receivable recognised separately on the Consolidated
Balance Sheet and also reflected in the valuation model.
Unsold Units
Any developed but not yet sold units (unsold units) are
valued based on recent comparable transactions, adjusted
for disposal costs, holding costs and an allowance for
profit and risk. This represents the fair value of the Group's
interest in unsold units at reporting date.
Key Accounting Estimates and Judgements
As the fair value of investment properties is determined
using inputs that are significant and unobservable, the
Group has categorised investment properties as Level 3
under the fair value hierarchy in accordance with NZ IFRS
13 Fair Value Measurement.
Valuation Uncertainty
As at 31 March 2024
The Group’s four investment properties were revalued on 31 March 2024 and included a valuation uncertainty clause in
their valuation report, noting "The market over the past two years has been softening due to a combination of Government
lending controls, global supply issues, abnormally high inflation and rapidly rising interest rates resulting in declining asset
values. Sales transaction volumes decreased significantly with a disconnect between vendor expectation and the price
purchasers were prepared to pay. The Official Cash Rate (OCR) was held in July, August, October, November 2023 and
February 2024 to 5.50%. There are still inflationary pressures in the market while increases in the Banks cost of capital
is impacting fixed rates. New Zealand is now in a recessionary state". Given the valuation uncertainty, the valuer has
recommended in their reports that the valuations of the properties be reviewed periodically, noting reliance cannot be
placed on their report beyond three months.
As at 31 March 2023
Refer to the published consolidated financial statements for the year ended 31 March 2023 for further information on prior
year valuation uncertainty.
Significant Unobservable Inputs
The significant unobservable inputs used in the fair value measurement of the Group’s portfolio of completed investment
properties are the discount rate and the property growth rate.
The following assumptions have been used to determine fair value:
Significant InputDescription
Inter-relationship Between
the Key Inputs and Fair Value
Measurement
20242023
Discount
rate
Villas and
serviced
apartments
The pre-tax
discount rate
A significant increase/
(decrease) in the discount
rate would result in a
significantly (lower)/higher
fair value measurement.
15.5% -
19.0%
13.5% -
17.0%
Property price growth rate
Villas
Anticipated annual
property price
growth over the
cash flow period 0
- 4 years
A significant increase/
(decrease) in the property
price growth rate would
result in a significantly
higher/(lower) fair
value measurement.
0% - 2.5%0% - 3.0%
Serviced
apartments
0% - 2.5%0% - 2.5%
Villas
Anticipated annual
property price
growth over the
cash flow period
5+ years
A significant increase/
(decrease) in the property
price growth rate would
result in a significantly
higher/(lower) fair
value measurement.
2.25% -
2.50%
2.25% -
2.50%
Serviced
apartments
2.25%2.25%
Due to the valuation uncertainty disclosed, the range of reasonably possible changes to key assumptions is uncertain and
could be significantly greater than the ranges used in the sensitivity analysis.
53
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Sensitivities
Adopted Value of
Operator’s Interest
Discount RateProperty Growth Rates
AS AT 31 MARCH 2024
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's25,500
Difference $NZ000's(800)8501,150(1,000)
Difference %-3.1%3.3%4.5%-3.9%
AS AT 31 MARCH 2023
+0.5%-0.5%+0.25%-0.25%
Valuation $NZ000's22,821
Difference $NZ000's(900)1,000900(650)
Difference %-3.3%3.7%3.3%-2.4%
The occupancy period is a significant component of the valuations. LVC consider the demographic profile of the village (age
and gender of residents) and the average occupancy period depending on the type of unit and averages within the industry.
Subsequent changes in residents are then calculated based on the period of occupancy expected for each resident as at the
date of the valuation. An increase in the stabilised departing occupancy period will have a negative impact on the valuation
and a decrease in the stabilised departing occupancy will have a positive impact on the valuation. The valuation calculates
the expected cash flows with stabilised departing occupancy assumptions set out below.
Significant Input

As at31 March 2024 31 March 2023
Stabilised occupancy period - villas8.0 yrs - 9.0 yrs8.0 yrs - 9.0 yrs
Stabilised occupancy period - serviced apartments4 yrs4 yrs
Current ingoing price, for subsequent resales of ORA’s, is a key driver of the LVC valuations. A significant increase/(decrease)
in the ingoing price (as driven by the property growth rates) would result in a significantly higher/(lower) fair value
measurement.
3.2. Property, Plant and Equipment
Accounting Policy
Freehold land and buildings are measured at revalued
amounts, less any subsequent accumulated depreciation
and any accumulated impairment losses. At each reporting
date the carrying amount of each asset is reviewed to
ensure that it does not differ materially from the asset's
fair value at reporting date. Where necessary, independent
valuations are performed and the asset is revalued to reflect
its fair value.





Category
Useful Life
Range
- Buildings50 years
- Motor vehicles5 years
- Furniture, fixtures and fittings5 - 10 years
- Information technology4 years
- Medical equipment 7 years

Assets are assessed for impairment whenever events or
circumstances arise that indicate the asset may be impaired.
An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount. Impairment
losses in respect of individual assets are recognised
immediately in profit or loss unless the asset is measured
at a revalued amount, in which case the impairment loss
is treated as a revaluation decrease and is recognised in
other comprehensive income to the extent that it does
not exceed the amount in the revaluation surplus for the
same asset.
Gains and losses on disposals are determined by
comparing the net disposal proceeds with the carrying
amount of the asset. These are included in the profit
or loss.
Carrying Value of Assets at Historical Cost
The carrying amount at which both land and buildings
would have been carried had the assets been measured
under historical costs is as follows:
As at
In thousands of
New Zealand dollars

31 March
2024

31 March
2023
Land and buildings 91,322 106,399
Accumulated
Depreciation
(2,785)(1,735)
Total 88,537 104,664
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures
and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2024
Opening net book value112,51035612,8061,7464506,002133,870
Additions—1131,8182024528683,453
Revaluation———————
Transfers168—25——(193)—
Disposals
1
(13,608)(7)(1,146)(107)(25)—(14,893)
Depreciation(1,424)(115)(2,704)(718)(159)—(5,120)
Closing net book value97,646 347 10,799 1,123 718 6,677 117,310
AS AT 31 MARCH 2024
Cost99,0041,47938,3066,5851,4566,677153,507
Accumulated Depreciation(1,358)(1,132)(27,507)(5,462)(738)—(36,197)
Net book value97,64634710,7991,1237186,677117,310
In thousands of
New Zealand dollars
Land and
Buildings
Motor
Vehicles
Furniture,
Fixtures
and
Fittings
Information
Technology
Medical
Equipment
Work in
ProgressTotal
YEAR ENDED 31 MARCH 2023
Opening net book value56,06629310,9992,1202894,07273,839
Additions53,0831963,4044192598,67166,032
Revaluation531 — — — — — 531
Transfers5,007 — 1,224 78 14(6,323)—
Disposals(891) (6)(9) — — (418)(1,324)
Depreciation(1,286)(127)(2,812)(871)(112)—(5,208)
Closing net book value 112,510 356 12,806 1,746 450 6,002 133,870
AS AT 31 MARCH 2023
Cost
2
112,5271,45938,0246,6671,0546,002165,734
Accumulated Depreciation(17)(1,103)(25,218)(4,921)(605)—(31,864)
Net book value112,51035612,8061,7464506,002133,870
1. On 16 January 2024, the Group disposed of one property for consideration of $19m. The funds from the transaction were subsequently used to repay bank
borrowings, refer to note 4.3.
2. The revaluation noted in the Statement of Comprehensive Income differs from the above due to deferred tax.


55
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Valuation Uncertainty
As at 31 March 2024
The Group’s twelve properties included in land and buildings
were revalued on 31 March 2023 (refer below). Management
assessed that these freehold land and buildings have not
experienced any significant and volatile changes in fair
value necessitating a revaluation as at 31 March 2024. This
assessment was informed by advice provided by the Group's
land and buildings valuer, LVC Limited (LVC) (who provides
valuation services to the Group) who provided a desktop
valuation report confirming that the carrying amounts of
these freehold land and buildings did not differ materially
from that which would be determined using fair value as at
31 March 2023. LVC have noted reliance cannot be placed on
their report beyond three months.
As at 31 March 2024 the valuer of all twelve properties
has included a valuation uncertainty clause in their
desktop valuation report noting "The market over the
past two years has been softening due to a combination
of Government lending controls, global supply issues,
abnormally high inflation and rapidly rising interest rates
resulting in declining asset values. Sales transaction volumes
decreased significantly with a disconnect between vendor
expectation and the price purchasers were prepared to
pay. The Official Cash Rate (OCR) was held in July, August,
October, November 2023 and February 2024 to 5.50%.
There are still inflationary pressures in the market while
increases in the Banks cost of capital is impacting fixed
rates. New Zealand is now in a recessionary state". Given the
valuation uncertainty, the valuer has recommended in their
reports that the valuations of the properties be reviewed
periodically, noting reliance can not be placed on their
report beyond three months.
As at 31 March 2023
Refer to the published consolidated financial statements
for the year ended 31 March 2023 for further information on
prior year valuation uncertainty.
Key Accounting Estimates and Judgements
Property measurements are categorised as Level 3 (2023:
Level 3) of the fair value measurement hierarchy as the fair
value is determined using inputs that are unobservable.
Significant Unobservable Inputs
The significant unobservable input used in the fair value
measurement of the Group’s land and buildings is the
capitalisation rate applied to rentals. A significant decrease/
(increase) in the capitalisation rate would result in
significantly higher/(lower) fair value measurement.
Sensitivities
Adopted
Value
Capitalisation
Rate
As at 31 March 2023
Valuation $NZ000's112,510
+0.5%-0.5%
Difference $NZ000's(7,900)9,200
Difference %(7.1%)8.2%

3.3. Refundable Occupation Right Agreements
Accounting Policy
Occupation Right Agreements (ORAs) confer the right to
occupy a retirement unit and are considered leases under
NZ IFRS 16 Leases.
A new resident is charged a refundable security deposit,
on being issued the right to occupy one of the Group's
units, which is refunded to the resident subject to a new
ORA for the unit being issued to an incoming resident,
net of any amount owing to the Group. The Group has
a legal right to set off any amounts owing to the Group
by a resident against that resident's security deposit.
Such amounts include management fees, rest home
and hospital fees, service fees and village fees. As the
refundable occupation right is repayable to the resident
upon vacating the unit (subject to a new ORA for the
unit being issued to an incoming resident), the fair value
is equal to the face value, being the amount that can
be refunded.
The right of residents to occupy the investment properties
of the Group is protected by the Statutory Supervisor
restricting the ability of the Group to fully control these
assets without undergoing a consultation process with all
affected parties.
A resident is charged a village contribution fee in
consideration for the right to occupy one of the Group's
units to a maximum of 30% of the entry payment.
Some residents may be charged an administration fee for
the right to occupy one of the Group’s units of between
3.45% and 4.0% of the entry payment.
The village contribution is payable by the resident on
termination of the ORA. Village contribution is recognised
as deferred management fees, note 2.1. The management
fee receivable is recognised in accordance with the terms
of the resident's ORA.
The deferred management fee represents the difference
between the management fees receivable under the ORA
and the portion of the management fee accrued which
is recognised on a straight-line basis over the longer of
the term specified in a resident's ORA or the average
expected occupancy for the relevant accommodation i.e.
eight years for villas and three to four years for serviced
apartments (2023: eight years for villas and three to four
years for serviced apartments).
The management fee recognised in the Consolidated
Statement of Comprehensive Income represents income
earned in line with the average expected occupancy.
As a refundable occupation license payment is repayable
to the resident upon termination (subject to a new
ORA being issued to an incoming resident), the fair
value is equal to the face value, being the amount that
can be demanded.
The expected maturity of the refundable obligations to
residents is beyond 12 months.

As at
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
REFUNDABLE OCCUPATION RIGHT AGREEMENTS
Refundable occupation right agreements 52,572 47,7 72
Less: Management fee receivable (per contract)(15,147) (13,668)
Refundable Occupation Right Agreements 37,425 34,104
RECONCILIATION OF MANAGEMENT FEES RECOGNISED
UNDER NZ IFRS AND PER ORA
Management fee receivable (per contract)(15,147)(13,668)
Deferred management fees2.1 7,608 6,973
Management fee receivable (per NZ IFRS)(7,539)(6,695)
COMPRISING OF
Current deferred management fees1,9181,900
Non-current deferred management fees5,6905,073
Deferred management fees7,6086,973

3.4. Leases
Accounting Policy
Right-of-use Assets
Right-of-use assets are measured at cost (adjusted for
any remeasurement of the associated lease liability),
less accumulated depreciation and any accumulated
impairment loss.
Right-of-use assets are depreciated over the shorter of the
lease term and the estimated useful life of the underlying
asset, consistent with the estimated consumption of the
economic benefits embodied in the underlying asset.
Lease Liabilities
Lease liabilities are initially recognised at the present value
of the future lease payments (i.e., the lease payments that
are unpaid at the commencement date of the lease). These
lease payments are discounted using the interest rate
implicit in the lease, if that rate can be readily determined, or
otherwise using the Group's incremental borrowing rate.
Subsequent to initial recognition, the lease liability is
measured at amortised cost using the effective interest rate
method. Interest expense on lease liabilities is recognised
in profit or loss (as a component of finance costs). Lease
liabilities are remeasured to reflect changes to lease terms,
changes to lease payments and any lease modifications not
accounted for as separate leases.
Variable lease payments not included in the measurement of
lease liabilities are recognised as an expense when incurred.

Leases of 12 Months or Less and Leases of Low Value Assets
Lease payments made in relation to leases of 12-months
or less and leases of low value assets (for which a lease
asset and a lease liability has not been recognised) are
recognised as an expense on a straight line basis over the
lease term.
Key Accounting Estimates and Judgements
Extension and termination options are included in a
number of leases across the Group. These terms are
used to maximise the operational flexibility of contracts.
The majority of extension and termination options are
exercisable only by the Group and not by the respective
lessor. All extension options have been assumed for the
calculations of the Group's lease liabilities.
The weighted average incremental borrowing rates
applied by the Group is 5% (2023: 5%). No new leases
were entered into during the year (2023: none) and no
leases were cancelled or modified during the year (2023:
four leases were cancelled and no leases were modified).


57
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at
In thousands of New Zealand dollars
31 March
2024
31 March
2023
(A) RIGHT-OF-USE ASSETS
Land and buildings under lease132,816130,552
Accumulated depreciation(22,910)(18,088)
Total carrying amount of right-of-use assets109,906112,464
RECONCILIATIONS
Reconciliation of the carrying amount of right-of-use assets at the beginning and end of the financial year:
Land and buildings
Opening carrying amount112,464133,912
Depreciation(4,822)(4,771)
Remeasurements2,26410,428
Disposals — (27,105)
Closing carrying amount109,906112,464
On 6 May 2022, the Group acquired four properties that were previously leased. The disposal of the related right-of-use
assets and lease liabilities resulted in a gain on modification of $1.8m being recognised upon the cancelling lease and
derecognition of the related Lease liability and Right of Use asset.
(B) LEASE LIABILITIES
Current
Land and buildings 2,6702,428
Non-current
Land and buildings 118,416119,102
121,086121,530
For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
(C) LEASE EXPENSES AND CASH FLOWS
Interest expense on lease liabilities 5,962 5,974
Depreciation expense on right-of-use assets 4,822 4,771
Cash outflow in relation to leases8,6718,488
(D) MATURITY ANALYSIS - CONTRACTUAL UNDISCOUNTED CASH FLOWS
- Not later than 1 year8,7028,536
- Later than 1 year and not later than 5 years34,34034,245
- Later than 5 years181,677186,242
224,719229,023
4. SHAREHOLDER EQUITY AND FUNDING
4.1. Shareholder Equity and Reserves
Accounting Policy

20242023
Shares$000Shares$000
SHARE CAPITAL
Authorised, issued and fully paid up capital 284,876,74256,820284,848,64456,813
Total contributed equity284,876,74256,820284,848,64456,813
MOVEMENTS
Opening balance of ordinary shares issued284,848,64456,813269,243,08951,732
Shares issued for the Matamata business
acquisition
——15,328,0195,000
Shares issued to employees and service
providers
28,098 7 188,385 57
Dividend reinvestment plan
——
89,151 24
Closing balance of ordinary shares issued
284,876,74256,820
284,848,64456,813
All ordinary shares are authorised and rank equally with one vote attached to each fully paid ordinary share. The shares have
no par value. The Group incurred no transaction costs issuing shares during the year (2023: Nil).
Dividends
Dividend distributions to shareholders are recognised as a liability in the period in which dividends are declared. On 22 April
2024 a final dividend of 0.97 cents per share (fully imputed) was declared in relation to the year ended 31 March 2024 and
was paid on 16 May 2024. No dividends were declared during the year ended 31 March 2024.

20242023
Cents per
share
Total $000
Cents per
share
Total $000
RECOGNISED AMOUNTS:
Prior year final dividend——0.761,481
Interim dividend
——0.701,435
———2,916
Final dividend declared0.701,994——
Asset Revaluation Reserve
The asset revaluation reserve is used to record the revaluation of freehold land and buildings.
Other Reserve
Other reserve is used to record the reserves arising in relation to share based payments by the Group.
59
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

4.2. Earnings per share
Basic and Diluted
Basic earnings per share is calculated by dividing the profit
after tax of the Group by the weighted average number of
ordinary shares outstanding during the year. As at 31 March
2024, there were no shares with a dilutive effect (31 March
2023: none) and therefore basic and diluted earnings per
share were the same.
For the year ended
In thousands of New
Zealand dollars
31 March
2024
31 March
2023
Profit/(Loss) after
tax
(8,488)(2,106)
Weighted average
number of ordinary
shares outstanding
('000s)
284,871277,045
Cents per share (2.98) (0.76)
4.3. Borrowings
Accounting Policy
Borrowings are initially recognised at fair value, including
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the
proceeds (net of transaction costs) and the redemption
amount is recognised in the Statement of Comprehensive
Income over the period of the borrowings, using the
effective interest method.



As at
In thousands of New
Zealand dollars
31 March
2024
31 March
2023
SECURED LIABILITIES
Current
Bank Loans— 23,000
Vendor Loan— 11,518
Non-current
Bank Loans75,86963,169
75,86997,687



Terms and Conditions and Assets Pledged as Security
Current
$000
Non-
current
$000
Facility
Limit
$000
Effective
Interest
Rate
%
Expiry Date
31 MARCH 2024
ASB Facility - A — 16,500 20,000 7.801 November 2026
ASB Facility - B — 9,694 9,700 7.331 November 2026
ASB Facility - C — 14,500 14,500 7.301 November 2026
ASB Facility - D — 23,675 23,675 8.806 May 2027
ASB Facility - F — 11,500 11,500 8.6928 March 2027
— 75,869 79,375
31 MARCH 2023
ASB Facility - A — 20,000 20,000 5.601 November 2026
ASB Facility - B 15,000 — 15,000 5.286 October 2023
ASB Facility - B — 4,994 5,000 5.281 November 2026
ASB Facility - C — 14,500 14,500 4.981 November 2026
ASB Facility - D — 23,675 23,675 6.686 May 2027
ASB Facility - E 8,000 — 8,000 6.706 October 2023
Vendor Loan 11,518 — 11,518 8.0021 October 2023
34,518 63,169 97,693
ASB Bank Limited Loans
Security
As at 31 March 2024, all group borrowings are held with ASB
Bank Limited (“ASB”).
The Group's ASB facility loans and the Corporate Banking
Overdraft Facility Agreement are guaranteed by Group
subsidiaries and secured by mortgages over the Group's
care centre freehold land and buildings. When the land
and buildings are classified as investment property and
investment property under development, these mortgages
rank second behind the Statutory Supervisors’ interest.
As at 31 March 2024, the balance of the bank loans over
which the properties are held as security is $75.9m (31
March 2023: $86.2m). The total facility limit as at 31 March
2024 is $79.4m (31 March 2023: $86.2).
As at 31 March 2024, the Group has a Corporate Banking
Overdraft Facility Agreement with ASB for $2m (31 March
2023: $5m). This facility bears interest at an effective
interest rate of 8.82% (31 March 2023: 6.28%). As at 31
March 2024, the overdraft was not drawn (31 March 2023:
$2.9m drawn).
All facilities are interest bearing and repayable on the expiry
date of the loan.
Financing Arrangements
Under the Group's bank loan arrangements with ASB,
the Group must comply with banking covenants. These
covenants are tested and reported to ASB on a quarterly
basis. During the year ended 31 March 2024, the Group
complied with all banking covenant requirements to which it
is subject (2023: complied with all). For the purposes of the
financial covenants, the Group has agreed with ASB that the
calculation of Adjusted EBITDA (Earnings Before Interest,
Tax, Depreciation and Amortisation) and Net Interest shall
continue to be based on the accounting treatment in use
before the introduction and adoption of NZ IFRS 16 Leases
(2023: The same definition of adjusted EBITDA applied).
ASB Facility B and Facility E
On 17 January 2024, net proceeds of $18.3m from the sale
of a care home were applied to repay $8m of Facility E
and $10.3m of Facility B, representing the completion of
the debt management programme previously agreed with
ASB as previously disclosed in the consolidated financial
statements for the year ended 31 March 2023. Following
repayment, ASB extended the expiry date of Facility B to 1
November 2026 (previously 31 January 2024). Facilities B
and E were originally established to enable settlement of
the four previously leased land and buildings property
assets, and were subsequently extended on 31 March
2023 and 29 September 2023 with a final expiry date of
31 January 2024.
ASB Facility F
On 28 March 2024, ASB established a new loan facility
(Facility F), with a facility limit of $11.5m and an expiry
date of 28 March 2027. The facility was fully drawn on
the establishment date with funds applied to fully repay
the vendor loan of $5m and the MRFT Finance limited
loan of $6m which had been secured by assets acquired
with the Matamata business acquisition (acquired on 29
September 2022).
Vendor Loan
The vendor loan which related to the Matamata business
acquisition was fully repaid on 28 March 2024. On 3 May
2023, $1m was repaid (of the original balance of $11.5m),
and the interest rate was increased from 8% to 18%
effective until the revised maturity date of 21 October
2023. Interest payments were split between 12% payable
monthly and 6% capitalised monthly. Before this loan
matured, $5.6m was repaid on 5 October 2023, and the
remaining balance of $5m was extended to 30 April 2024
at a reduced rate of 16%, payable monthly.
MRFT Finance Loan
The MRFT Finance Limited Loan was fully repaid on 28
March 2024. On 5 October 2023, a loan facility of $6m
was established with MRFT Finance Limited with an
expiry date of 30 March 2024, and an option to extend
initial expiry for three months. This facility was secured
by assets acquired in the Matamata business acquisition
with an interest rate of 12%, payable monthly. The facility
was fully drawn on 5 October 2023 with funds applied to
repay $5.6m of the Vendor loan plus capitalised interest.
Providence Trust Loan
On 15 May 2023, the Providence Trust, a related party
of Executive Director Brien Cree, agreed to lend the
Company $1m at 18% per annum. This was subsequently
repaid in full on 1 November 2023.
61
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

5. OTHER DISCLOSURES
5.1. Income Tax
Accounting Policy
Removal of tax depreciation on commercial and industrial
buildings
From the 2020/21 tax year, the Group has been depreciating
its commercial and industrial buildings on a 2% diminishing
value basis or a 1.5% straight-line basis, following the
reinstatement of tax depreciation for buildings with a
useful life of 50 years or more as part of the government's
COVID-19: Economic Response Package. Effective from
1 April 2024, the tax depreciation rate will revert to 0%,
impacting the tax value of buildings held from the 2024/25
tax year onwards.
The Group recognises deferred tax on temporary differences
at the tax rates expected to apply when these differences
reverse, using the tax rates enacted or substantively enacted
at the balance sheet date. The change in tax legislation
effective from 1 April 2024 eliminates the tax base of
commercial and industrial buildings, thereby creating a
temporary difference that leads to a deferred tax liability.
This liability is recognised unless the initial recognition
exemption (IRE) under NZ IAS 12 applies, which precludes
the recognition of deferred tax on initial recognition of
an asset or liability in a transaction that is not a business
combination and at the time of the transaction affects
neither accounting nor taxable profit and is a non cash item.
Key Accounting Estimates and Judgements
Deferred Tax on Investment Property
Deferred tax on investment property is assessed on the
basis that the asset value will be realised through use (“Held
for Use”).
An initial recognition exemption has been applied to newly
developed village sites in accordance with NZ IAS 12 Income
Ta xe s.
The Group’s ORAs comprise two distinct cash flows (being
an ORA deposit upon entering the unit and the refund
of this deposit upon exit). In determining the tax base
of investment property, the Group considered whether
taxable cash flows are received at the end of the ORA
period (i.e. upon refund of the ORA deposit by way of set
off on exit by a resident) or at the beginning of the ORA
period (i.e. at time of the receipt of the ORA deposit). The
Group has carefully evaluated all the available information
and considers it appropriate to recognise and measure
the tax base and associated deferred tax based on the
taxable cash flows being receivable at the end of the ORA
period as this best represents the Group’s contractual
entitlement.
In calculating deferred tax under the Held for Use
methodology, the Group has made significant judgements
to determine taxable temporary differences. The carrying
value of the Group’s investment property is determined
on a discounted cash flow basis and includes cash flows
that are both taxable and non-taxable in the future. The
Group has recognised deferred tax on the cash flows with
a future tax consequence being DMF as provided by LVC,
to the extent that it arises from depreciable components
(i.e. buildings) of the investment property. The Group uses
the valuers valuations to estimate the apportionment of
cash flows arising from the depreciable (i.e. buildings) and
non-depreciable components (i.e. land).
Deferred Tax on Buildings
The impact of the removal of tax depreciation on
commercial and industrial buildings, which reduced the
tax base to nil creating a significant taxable temporary
difference for all of the Group’s care home buildings,
classified as Property, Plant and Equipment, irrespective of
their date of acquisition. The recognition of this temporary
difference as a deferred tax liability depends on whether
the buildings were acquired through business combination
and whether the initial recognition exception (IRE) in NZ
IAS 12 was previously applied.

For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
(A) COMPONENTS OF TAX EXPENSE
Current tax1,635(18)
Deferred tax10,452(860)
12,087(878)
(B) INCOME TAX RECONCILIATION
The prima facie tax payable on profit before tax is reconciled to the income
tax expense as follows:
Prima facie income tax payable on profit before tax at 28.0%1,008(836)
Permanent differences(264)(70)
Under provision for income tax in prior year853
Deferred tax impact from reversal of depreciation on buildings
1
11,339—
Other(81)25
Income tax expense attributable to profit12,087(878)
As at
In thousands of New Zealand dollars
31 March
2024
31 March
2023
(C) DEFERRED TAX
Deferred tax relates to the following:
Deferred tax assets
The balance comprises:
Lease liabilities33,90334,028
Provisions2,6962,091
Deferred management fee income1,1261,281
Tax losses604539
Total Deferred Tax Asset38,32937, 9 3 9
Deferred tax liabilities
The balance comprises:
Property, plant and equipment2,8982,679
Right-of-use assets30,77431,490
Deferred tax impact from reversal of depreciation on buildings11,339—
Total Deferred Tax Liability45,01134,169
Net deferred tax assets/(liabilities)(6,682)3,770
(D) DEFERRED INCOME TAX REVENUE COMPRISES:
Through profit included in income tax expense
Decrease/(Increase) in deferred tax assets(390)5,442
Decrease in deferred tax liabilities10,842(6,202)
Increase in deferred tax liabilities as a result of acquisition—(100)
10,452(860)
Through other comprehensive income
Increase in deferred tax liabilities—874
—874

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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Deferred Tax Impact From Reversal of Depreciation on Buildings
On 26 March 2024, the Government substantively enacted legislation which removes the deductibility of depreciation on
commercial and industrial buildings for tax purposes. Effective from 1 April 2024, the tax depreciation rate will revert to
0%. The change in tax legislation effective from 1 April 2024 eliminates the tax base for these assets, thereby creating a
temporary difference that leads to a deferred tax liability (DTL). As part of recognising the DTL, a one-off tax expense of
$11.3m has been recognised within the year ended 31 March 2024.
Deferred tax assets are recognised for deductible temporary differences as Management considers that it is probable that
future taxable profits will be available to utilise those temporary differences.
For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
(E) IMPUTATION CREDITS AVAILABLE FOR USE IN SUBSEQUENT PERIODS
Balance at the beginning of the year6,0166,735
Dividends paid—(1,134)
New Zealand tax payments, net of refunds1,012415
Balance at the end of the year7,0 2 86,016
• The post-tax discount rate applied in the calculations
was between 11.0% and 12.6% (2023: post-tax between
11.2% and 12.4%). The pre-tax discount rate applied in
the calculations was between 14.3% and 16.6% (2023:
pre-tax between 14.8% and 16.5%).
• The terminal growth rate applied in the calculations was
2.0% (2023: 2.0%).
• Occupancy projections vary between CGU based on
actual and expected occupancy rates.
Management believes that no reasonably possible
changes in any of the above key assumptions would cause
the carrying value of the goodwill to be materially lower
than its recoverable amount.
Care CGUs Recoverable Amount
The recoverable amount of the individual care sites as at
31 March 2024 has been determined based on fair value
less costs of disposal, determined using discounted cash
flows. As the recoverable amount of individual care sites
was determined using inputs that are significant and
unobservable, the Group has categorised these inputs
as Level 3 under the fair value hierarchy in accordance
with NZ IFRS 13 Fair Value Measurement. The significant
unobservable inputs used in the fair value measurement
of the recoverable amount of the Group's individual care
sites were as described above, year 1 to 5 forecast cash
flows, a pre-tax discount rate, a terminal growth rate and
occupancy projections based on actual and expected
occupancy rates.
• A significant increase/(decrease) in the forecast cash
flows, terminal growth rate, and occupancy projections
and rates, assumptions would result in a significantly
higher/(lower) fair value measurement.
• A significant increase/(decrease) in the pre-tax
discount rate would result in a significantly (lower)/
higher fair value measurement.
5.2. Intangible Assets
Goodwill

As at
In thousands of New
Zealand dollars
31 March
2024
31 March
2023
Goodwill at cost16,06319,797
Total16,06319,797


On 16 January 2024, the Group sold one care home in
West Auckland with associated goodwill of $3.7m. Further
information is described in note 3.2.
Key Accounting Estimates and Judgements
Goodwill is allocated to 20 (2023: 21) individual CGUs within
the residential care business (which are various individual
residential care and village businesses acquired by the
Group). Corporate office cash flows incurred by the Group
are allocated to each CGU based on bed numbers.
The recoverable amount of CGUs as at reporting date
has been determined based on their fair value less costs
of disposal, determined using discounted cash flows
that includes Management’s estimates based on past
performance and its expectation for the future performance
for up to five years. These estimates are based on budgeted
projections of occupancy levels, sales growth and changes
to cost structures. Cash flows from performance thereafter
are estimated using a standard growth rate deemed to be
reasonable by Management.
The key assumptions used for discounted cash flows
calculations are as follows:
• The year one through five of the forecast cash flows are
based on the budget approved by the Board of Directors
for year one, and forecast for subsequent years.
• The cash flow period used in the calculations was 5 years
(2023: 5 years).
5.3. Trade and Other Receivables
As at
In thousands of New Zealand dollars
31 March
2024
31 March
2023
CURRENT
Trade receivables12,33510,583
Allowance for credit losses(522)(489)
11,81310,094
NZX listing bond 75 75
Prepayments2,8162,629
Accrued Income298273
3,1892,977
15,00213,071
Recognition, Measurement and Judgements in Applying Accounting Policies
When measuring expected credit losses ('ECL') the Group uses reasonable and supportable forward looking information,
which is based on assumptions for future movement of different economic drivers and how these drivers will affect each
other.
The expected credit losses on trade receivables are estimated using a provision matrix by reference to past default
experience of the debtors and an analysis of the debtors' current financial positions, adjusted for factors that are specific
to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the
current as well as the forecast direction of conditions at the reporting date.
The Group has the following financial assets subject to the application of the expected credit loss model:
• Trade receivables from care operations for the provision of care fees revenue for rest home and hospital fees. These are
split between private amounts owed by residents and amounts due from agencies such as the Ministry of Health and
Accident Compensation Corporation.
• Trade receivables from village operations for the provision of weekly service fees and occupation licence payment
receivables. These are receivable from residents.
The following table provides information about the risk profile of trade receivables from contracts with residents and
Government agencies using a provision matrix. The information in the below table does not distinguish between resident
or product types as the Group’s historical credit loss experience does not show different patterns for different resident or
product types.
12-month Expected Credit Losses
Days Past Due
Not Past Due31-6061-9091 and OverTotal
AS AT 31 MARCH 2024
Estimated total gross carrying amount at
default ($000)
7,8621,1097162,12611,813
Expected credit loss rate (%)0.2%0.3%1.8%23.0%4.4%
Expected credit loss rate ($000) 16 3 13 490 522
AS AT 31 MARCH 2023
Estimated total gross carrying amount at
default ($000)
7,1217606312,07110,583
Expected credit loss rate (%)0.2%0.3%1.9%22.3%5.2%
Expected credit loss rate ($000) 13 2 12 462 489
65
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

5.4. Trade and Other Payables and Provisions
The Group's obligation with respect to employee's defined contributions entitlements is limited to its obligation for any
unpaid superannuation guarantee contributions at the end of the reporting period.
As at
In thousands of New Zealand dollars
31 March 202431 March 2023
CURRENT
Unsecured trade and other payables
Trade creditors4,3124,281
GST payable1,1841,228
Other payables31309
Accrued expenses2,2512,596
Deferred government grants income—1,053
Provisions
Annual leave6,4006,156
Other employee entitlements5,8124,920
19,99020,543
5.5. Related Party Transactions
Subsidiaries
The following are the Group’s subsidiaries.
Name of EntityPrincipal Activities
Ownership
Interests and
Voting Rights
Class of
Shares20242023
Radius Arran Court LimitedDormant100%100%Ordinary
Radius Matamata
Retirement Village Limited
Operating entity for Matamata Retirement
Village
100%100%Ordinary
Radius SPV Limited
Property owning entity for
Matamata Country Lodge and Matamata
Retirement Village.
100%100%Ordinary
R Connect Limited
Staff placement company providing short
term staffing solutions
100%100%Ordinary
Clare House Retirement
Village Limited
Operating entity for Clare House Retirement
Village and property owning entity for the
Clare House care home
100%100%Ordinary
Clare House Care LimitedOperating entity for Clare House Care100%100%Ordinary
Windsor Lifestyle Estate
Limited
Operating entity for Windsor retirement village100%100%Ordinary
Radius Care
Limited (non-trading)
Dormant100%100%Ordinary
Elloughton Grange
Village Limited
Operating entity for Elloughton retirement
village
100%100%Ordinary
Radius Care Holdings
Limited
Property owning entity for St Helenas,
Thornleigh Park, Lexham Park, Elloughton
Gardens, Heatherlea, Windsor Court, Taupaki
Gables, Peppertree, St Joans and Fulton care
homes
100%100%Ordinary
All subsidiaries are incorporated in New Zealand and have a balance date of 31 March.
Key Management Personnel Compensation and Other Related Parties
Key management personnel are all executives and Directors with the authority for the strategic direction and management
of the Group.
Related PartyRelationship
Brien CreeDirector and Ultimate Shareholder (via Wave Rider Holdings Limited)
Duncan CookDirector and Shareholder
Bret JacksonDirector and Ultimate Shareholder (via Takatimu Investments Limited)
Mary GardinerDirector
Hamish StevensDirector and Shareholder
Wave Rider Holdings LimitedShareholder
Takatimu Investments LimitedShareholder
Cibus Catering LimitedCommon Director (Brien Cree)
Valhalla Capital LimitedCommon Director (Brien Cree)
Neil FosterShareholder
Warehouse Storage LimitedCommon Shareholder (Neil Foster)
Main Family TrustShareholder
Tom WilsonDirector and Shareholder
Time Capital NZ Limited Common Shareholder (Tom Wilson)
Providence TrustTrustee (Brien Cree)
67
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

For the year ended
In thousands of New Zealand dollars
31 March
2024
31 March
2023
Directors' remuneration and expenses579416
Dividends to Director related entities—990
Key management personnel salaries and other short term employee benefits3,1322,806
Key management personnel dividends—4
Total Director and key management payments 3,7114,216
OTHER RELATED PARTIES
Catering services
- Cibus Catering Limited8,3327,084
Consulting fees
- Duncan Cook
1
237451
- Time Capital NZ Limited10—
Rent paid
- Warehouse Storage Limited 1,2391,040
Rent received and utility recharges
- Cibus Catering Limited8467
Personal guarantee fee
- Brien Cree171170
Business acquisition
- Main Family Trust
2
—17,018
Vendor loan interest
- Main Family Trust
2
1,312461
Related party loan interest
- Providence Trust109—
As at
In thousands of New Zealand dollars
31 March
2024
31 March
2023
Trade creditors
- Cibus Catering Limited70386
Trade debtors
- Cibus Catering Limited514
Borrowings
- Main Family Trust
2
—11,518
1. Predominately relates to services provided as Legal Counsel (2023: Predominately relates to services provided as Legal Counsel and services in respect of the UCG
transaction and Matamata business acquisition).
2. Related to the consideration for the purchase of the Matamata business acquisition during the 2023 financial year.

Assignment of an Agreement for the Purchase of
Land From a Director
Brien Cree (Director) and the Group are party to an
agreement ('the Assignment Agreement'), whereby Mr Cree
agreed to assign to the Group his rights under an agreement
for sale and purchase of real estate ('Land SPA'), to acquire
a circa 4.3 hectare development property at Main North
Road, Belfast, Christchurch (‘the development property’)
from an unrelated third party.
The purchase price under the Land SPA is $5.8m, of which
a non-refundable deposit of $300k was paid by Mr Cree
during the 2021 financial year. On the date of settlement,
being 16 April 2021, the Group paid Mr Cree $700k of which
$400k was for the assignment of the agreement to purchase
the land and $300k for the reimbursement of the deposit.
A condition of the Assignment Agreement was approval
of the transaction by the Board of the Group by 2 April
2021. On 2 April 2021 the Board (excluding Mr Cree as
an interested director) exercised its right to approve the
Assignment Agreement and the Group now holds the rights
to acquire the development property.
The Board approved the Assignment Agreement on 2 April
2021 on the basis the Group had obtained:
• resource consent and funding for the development of an
integrated aged care home and retirement village on the
property; and
• an independent valuation had confirmed that the
property’s fair value after resource consent exceeded the
purchase price of the property (including the additional
$400k consideration paid to Mr Cree).
The balance of the purchase price under the Land SPA
(amounting to $5.5m) is payable to the third party vendor
on settlement, which will be completed when the title of the
property is issued. It is currently expected that title will be
issued in early 2025 (2023: mid 2024). The balance of the
purchase price will be funded from unused debt facilities
and operating cash flow.

5.6. Long Term Incentive Plan (LTIP)
On 18 July 2022, the Board approved a new Long Term
Incentive Plan for its senior executives.
Performance Hurdles
All Performance Share Rights (PSRs) will vest into ordinary
shares in Radius if the 10-day Value Weighted Average
Price (VWAP), for the 10 trading days immediately prior to
(and not including) 18 July 2025, is equal to or greater than
$1.081. This is three times the 10-day VWAP of 18 July 2022
(“Base Price”).
If the 10-day VWAP is between $1.027 and $1.081 (being
95% and 100% of three times the Base Price), the Radius
Board has discretion to scale the number of a participant’s
PSRs that will vest.

Recognition and Measurement
• On 18 July 2022, 4,164,844 share rights were issued for
nil consideration and a nil exercise price in relation to
the LTIP.
• On 15 August 2022, 1,109,824 share rights were issued
for nil consideration and a nil exercise price in relation to
the LTIP.
During the period, 1,387,281 share rights were forfeited and
replaced by a new participant with the same number of
share rights on the same terms and conditions. No share
rights were exercised or expired during the period. The fair
value of the share rights were determined using the Monte
Carlo valuation approach.

69
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

5.7. Financial Risk Management
The Group is exposed to the following financial risks in the normal course of business:
a. Credit risk
b. Liquidity risk
c. Interest rate risk
The Board of Directors reviews and agrees on policies for managing each of these risks as summarised below:
As at
In thousands of New Zealand dollars
NOTE
31 March
2024
31 March
2023
FINANCIAL ASSETS
Amortised cost
Cash and cash equivalents2,350 515
Trade and other receivables5.311,81310,094
Total assets14,16310,609
FINANCIAL LIABILITIES
Amortised cost
Cash and cash equivalents overdraft—2,894
Trade and other payables5.47,7 7 88,414
Lease liabilities3.4121,086121,530
Borrowings4.375,86997,687
Refundable Occupation Right Agreements3.337,42534,104
Total liabilities242,158264,629
(a) Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to
discharge an obligation.
The Group’s exposure to credit risk, or the risk of counterparties defaulting arises mainly from cash at bank, trade and other
receivables.
The maximum exposure to credit risk, excluding the value of any collateral or other security, at reporting date, of recognised
financial assets is the carrying amount of those assets, net of any provisions for impairment of those assets, as disclosed in
the consolidated statement of financial position and notes to consolidated financial statements.
The Group has no significant concentrations of credit risk. The Group's trade receivables represent distinct trading
relationships with each of its residents and various Government agencies. The only large trade receivables relate to
residential care subsidies which are receivable in aggregate from various District Health Boards and Work and Income New
Zealand. These entities are not considered a credit risk.
The Group does not have any material credit risk exposure to any single counterparty or group of counterparties under
financial instruments entered into by the Group.
(i) Cash Deposits and Other Receivables
Credit risk for cash deposits is managed by holding all cash deposits with high credit rating financial institutions, i.e. major
registered New Zealand banks.
(ii) Trade Receivables
Credit risk with respect to trade receivables is limited due to the large number of customers which qualify for Ministry
of Health/Te Whatu Ora funding in relation to payment of our services. Amounts owed by the residents are generally
unsecured. Credit risk is managed through the use of admission agreements for all residents, which gives contractual rights
to the Group in relation to security and collection of debts in circumstances where there is no entitlement to Ministry of
Health/Te Whatu Ora funding. All admissions are reviewed to ensure a duly completed admission agreement is available. The
loss allowance for expected credit losses of trade receivables is provided in Note 5.3. As the Group undertakes transactions
with a large number of customers and regularly monitors payment in accordance with credit terms, the financial assets that
are neither past due nor impaired, are expected to be received in accordance with the credit risk.
(b) Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.
The Group has liquidity risk with respect to its repayment obligations of financial liabilities.
The Group maintains a rolling 90 day forecast of daily cash flows to ensure it will have sufficient liquidity to meet its liabilities
as they fall due. This is linked to a monthly rolling forecast which provides directional liquidity expectations for a minimum of
a further twelve months.
The Group has a bank facility which is subject to certain covenant clauses, whereby it is required to meet certain key
performance indicators. This bank facility is provided by the ASB Bank. Refer to note 4.3 for further information on the
Group's banking facility and covenant compliance.
The following table outlines the Group's remaining contractual maturities for non-derivative financial instruments. The
amounts presented in the table are the undiscounted contractual cash flows of the financial liabilities allocated to time
bands based on the earliest date on which the Group can be required to pay.



In thousands of New Zealand dollars
Less than 1
Year
Between 1
and 2 Years
Between 2
and 5 YearsOver 5 Years
AS AT 31 MARCH 2024
Trade and other payables 7,7 78 — — —
Lease liabilities8,7028,70325,637181,677
Borrowings — — 75,869 —
Refundable Occupation Right Agreements
1
37,425———
53,9058,703101,506181,677
AS AT 31 MARCH 2023
Cash and cash equivalents (overdraft)2,894 — — —
Trade and other payables8,414 — — —
Lease liabilities8,5368,54925,695186,242
Borrowings 34,518 — 63,169 —
Refundable Occupation Right Agreements
1
34,104 ———
88,4668,54988,864186,242


1. The refundable ORAs are repayable to the resident on vacation of the unit or on the termination of the occupation right agreement and subsequent resale of the unit.
The expected maturity of the refundable ORAs is shown in note 3.3.
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

c. Interest Rate Risk
The Group is exposed to interest rate risk in relation to its interest earning cash deposits and its interest bank borrowings.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of
changes in market interest rates. The Group manages it interest rate risk by maintaining a mix of variable rate and fixed rate
borrowings.
Interest rates on cash at bank are subject to market risk in the event of changes to its interest rates. Interest rates on
non-current bank borrowings are generally subject to review annually or at shorter intervals, and interest rates on current
borrowings can be reviewed at the lender's discretion.
The following table outlines the Group's exposure to interest rate risk in relation to future cash flows and the effective
weighted average interest rates on classes of financial assets and financial liabilities:

In thousands of New Zealand dollars
Interest
Bearing
Non-interest
Bearing
Total Carrying
Amount
Weighted
Average
Effective
Interest Rate
As at 31 March 2024
FINANCIAL INSTRUMENTS
Financial assets
Cash2,350—2,3500.0% Fixed
Financial liabilities
Bank and other loans(75,869)—(75,869)7.95%
Lease liabilities(121,086)—(121,086)5.0% Fixed
(194,605)—(194,605)
As at a 31 March 2023
FINANCIAL INSTRUMENTS
Financial assets
Cash515—5150.0% Fixed
Financial liabilities
Cash and cash equivalents (overdraft)(2,894)—(2,894)6.28%
Bank and other loans(97,687)—(97,687)6.08%
Lease liabilities(121,530)—(121,530)5.0% Fixed
(221,596)—(221,596)
The interest rate on the Group’s bank loans is fixed for a relevant ‘Interest period’ (being either 30, 60, 90 or 180 days) and
comprised of the Base Rate (equal to the BKBM on the first day of the relevant Interest Period), plus a Margin and Line fee in
accordance with the Group’s agreement with the bank. The weighted average interest period term as at 31 March 2024 was
30 days (2023: 30 days).

No other financial assets or financial liabilities are expected to be exposed to interest rate risk.
Sensitivity
If interest rates were to increase/decrease by 100 basis points from the rates prevailing at the reporting date, assuming all
other variables remain constant, then the impact of profit for the year and equity would be as follows:

For the year ended
In thousands of New Zealand dollars
31 March 2024 31 March 2023
+ / - 100 basis points
Impact on profit after tax(644)(977)
Impact on equity(180)(274)
5.8. Contingent Liabilities
Lester Heights Business
On 26 June 2013, the Group entered into an agreement to
sell the Lester Heights business. The sale was settled on
31 August 2013. One of the conditions of sale is that in the
event that the new business owner defaults on the rental
payments, the Group is required to guarantee the rent. No
amounts have been paid to date, but in the event that a
default occurs, the potential cost to the Group is an annual
rent of $286,210 (2023: $286,210) per annum until 2029.
The Group will likely assume operations at this facility, in the
event of a default. At reporting date, the Group has assessed
the likelihood of the new business owner defaulting on the
rental payment as not probable (2023: not probable).
Other
There were no other material contingent liabilities at
reporting date (2023:Nil).
5.9. Commitments
At 31 March 2024, the Group has a
commitment to undertake $0.03m of asset
development (2023: $0.4m).
There are no significant unrecognised contractual
obligations entered into for future repairs and maintenance
at balance date.
At 31 March 2024, the Group is also has a $5.5m (2023:
$5.5m) commitment to acquire a 4.3 hectare development
property at Main North Road, Belfast, Christchurch
as described in note 5.5. Related Party Transactions
'Assignment of an Agreement for the Purchase of Land
From a Director'.
5.10. Events Subsequent to Reporting Date
Dividends
On 22 April 2024, the Board declared a final dividend of
0.97 cents per share (grossed up for imputation credits),
that was paid on 16 May 2024.
Other
There has been no other matter or circumstance which
has arisen since 31 March 2024 that has significantly
affected or may significantly affect:
a. the operations, in financial years subsequent to 31 March
2024, of the Group; or
b. the results of those operations; or
c. the state of affairs, in financial years subsequent to 31
March 2024, of the Group.

73
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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Level 9, 45 Queen Street, Auckland 1010 T: +64 9 309 0463
PO Box 3899, Auckland 1140 E: auckland@bakertillysr.nz
New Zealand W: www.bakertillysr.nz


74

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Radius Residential Care Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Radius Residential Care Limited and its subsidiaries ('the
Group') on pages 41 to 73, which comprise the consolidated statement of financial position as at 31 March 2024, and
the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows for the year then ended, and notes to the consolidated financial statements, including
material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2024, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand Equivalents to International
Financial Reporting Standards ('NZ IFRS') and International Financial Reporting Standards ('IFRS').

Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we might
state to the Shareholders of the Group those matters we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Shareholders of the Group as a body, for our audit work, for our report or for the opinions we have formed.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor, our firm carries out other assignments for Radius Residential Care Limited and
its subsidiaries in the area of taxation compliance services. The provision of these other services has not impaired
our independence.





75

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

Key Audit Matter How our audit addressed the key audit matter
Impairment testing of goodwill
As


disclosed in Note 5.2 of the Group’s
consolidated financial statements, the Group has
goodwill of $16,1m (2023: $19.8m) allocated
across 20 (2023: 21) cash-generating units (‘CGUs’)
as at 31 March 2024.
Goodwill was significant to our audit due to the size
of the asset and the subjectivity, complexity and
uncertainty inherent in the measurement of the
recoverable amount of these CGUs for the purpose
of the required annual impairment test. The
measurement of a CGUs’ recoverable amount
includes the assessment and calculation of its ‘fair
value less costs of disposal’.
Management has completed the annual
impairment test for all CGUs as at 31 March 2024.
This annual impairment test involves complex and
subjective estimation and judgement by
Management on the future performance of the
CGUs, discount rates applied to the future cash
flow forecasts, the terminal growth rates, costs of
disposal and future market and economic
conditions.
Management has also engaged an external
valuation expert to assist in the annual impairment
testing.

Our audit procedures, among others, included:
 Understanding and evaluating the Group’s internal controls relevant
to the accounting estimates used to determine the recoverable
value of the Group’s CGUs.
 Evaluating Management’s determination of the Group’s CGUs
based on our understanding of the nature of the Group’s business
and the economic environment in which the segments operate. We
also analysed the internal reporting of the Group to assess how
CGUs are monitored and reported.
 Evaluating the competence, capabilities, objectivity and expertise of
Management's external valuation expert and the appropriateness of
the expert's work as audit evidence for the relevant assertions.
 Challenging Management’s assumptions and estimates used to
determine the recoverable value of the Group’s CGUs, including
those relating to forecasted revenue, costs, capital expenditure,
discount rates, by adjusting for future events and corroborating the
key market-related assumptions to external data.
Procedures included:
o Evaluating the logic of the ‘fair value less costs of disposal’
calculations supporting Management’s annual impairment test
and testing the mathematical accuracy of these calculations;
o Evaluating Management’s process regarding the preparation and
review of forecasts (balance sheet, income statement, and cash
flow statement);
o Comparing forecasts used in the calculations to Board approved
forecasts;
o Evaluating the accuracy of the Group’s forecasting to actual
historical performance;
o Evaluating the forecast growth assumptions;
o Evaluating the inputs to the calculation of the discount rates
applied;
o Engaging our own internal valuation experts to evaluate the logic
of the ‘fair value less costs of disposal’ calculations and the
inputs to the calculations of the discount rates applied;
o Evaluating the forecasts, inputs and any underlying assumptions
with a view to identifying Management bias;
o Evaluating Management’s sensitivity analysis for reasonably
possible changes in key assumptions; and
o Performing sensitivity analysis for reasonably possible changes
in key assumptions, the two main assumptions being: the
discount rate and forecast growth assumptions.
 Evaluating the related disclosures (including the accounting policies
and accounting estimates) about goodwill assets in the Group’s
consolidated financial statements.



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Radius Care Annual Report 2024Radius Care Annual Report 2024
FINANCIAL STATEMENTS.
INDEPENDENT AUDITOR'S REPORT