Financial Background
In 2024/25, LHSC continued to navigate financial pressures while taking important steps to return to a balanced budget. Our biggest cost pressures are those being faced throughout the hospital sector, including inflation. Additionally, our financial standing reflects LHSC’s unique dual responsibility to provide community hospital services to one of Canada’s fastest growing populations and highly specialized care to the greater region of southwestern Ontario and beyond.
As previously shared, LHSC has been provided with five years to balance our budget, with three years remaining, given these financial pressures. We therefore planned for a deficit in 2024/25. Over the past year, we have implemented several strategies to address LHSC’s financial health, including a management restructuring, benchmarking, and a detailed organizational review conducted by an independent third party. These actions have helped us take important steps forward. However, because many of the improved financial practices and cost-saving strategies will take time to realize, significant savings have not yet been achieved. At the same time, we have refreshed and refined our internal financial controls through a commitment to policy enhancement and adherence, along with bolstering our internal audit multi-year workplans.
Looking ahead, we remain focused on our work to achieve a balanced budget, strengthen our operations, and continuously improve in service to our community.
Independent Auditors’ Report on the Summary Financial Statements
To the Supervisor of
London Health Sciences Centre
Opinion
The summary financial statements, which comprise the summary statement of financial position as at March 31, 2025, and the summary statement of operations and summary statement of cash flows for the year then ended, and related notes, are derived from the audited financial statements of London Health Sciences Centre for the year ended March 31, 2025.
In our opinion, the accompanying summary financial statements are consistent in all material respects, with the audited financial statements, in accordance with the basis of presentation note.
Summary financial statements
The summary financial statements do not contain all the disclosures required by Canadian public sector accounting standards. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our report on the audited financial statements.
The audited financial statements and our report thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated June 20, 2025.
Management’s responsibility for the summary financial statements
Management is responsible for the preparation of a summary of the audited financial statements on the basis described in the basis of presentation note.
Auditors’ responsibility
Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the audited financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard 810, Engagements to Report on Summary Financial Statements.
(signed) Ernst & Young LLP
Chartered Professional Accountants, Licensed Public Accountants
London, Canada, June 24, 2025
Management’s Summary Financial Results – March 31, 2025
Basis of Presentation
The information contained in the summary financial statements is in agreement with the related information in the complete audited financial statements. The summary financial statements contain major subtotals and totals from the complete audited financial statements. The complete audited financial statements can be found on the LHSC website.
Total Revenue (%) by Type | $1,824 Million
Total Cost (%) by Cost Component | $1,879 Million
Total Expenses (%) by Type | $1,879 Million
