Reform Plan (PIRP) through its allocation
of $17.6 million viability funding to
539 community based preschools. This
additional funding was to assist with
operational costs, fee relief, one-off
capital improvement and service analysis
and business development support.
KU continued to be actively involved
in a wi de variety of Sta te - ba se d
organisations, forums, working parties
and Government committees as part of
our advocacy work.
At the Federal level the change of
Government has seen a renewed focus
on early childhood education and care
with a commitment to fund 15 hours
per week of preschool for all 4 year old,
building 260 additional centres and
introduction of quality standards for
accreditation.
The focus on early childhood education
and care and its importance has been
evidenced through the move of this
portfolio from Families and Community
Services to Education and Training and
the appointment of a Parliamentary
Secretary for Early Education and Care.
KU welcomes both these initiatives and
looks forward to the implementation of
the commitments.
KU’s End of Year Results were again
pleasing. KU is in a sound financial position
with a surplus to budget. The reported
surplus after including movements in
reserves was $1,764,008 and turnover
increased to $63,815,171, an increase of
11% over last year. Preschools performed
outstandingly overall. Long day care
centres performance improved in the
second half of the year to complete the
year above budget. However there are
still some under performing centres that
will be a focus in 2008.
Growth in Family and Brokered programs
during the year was pleasing and the
work-based centres that KU manages
for corporate clients contributed to our
result with growth being achieved in
this area.
KU’s investment in managed funds was
impacted in the last quarter of the year
by significant falls in the share market
and whilst the return was still significantly
positive, it was below budget. Further
falls are being experienced in early 2008
however the Board is of the view that its
investment strategy is for the long term
and should remain in place.
Costs within Central Office were well
controlled and technological advances
were achieved during the year.
Considerable money was spent from
reserves in upgrading a number of
centres and the Board is committed
to continuing this in 2008 as part of
improving the quality of all KU centres.
Conclusion
2007 has been a year of transition for
KU.
During 2008 the Board will be focused
on making significant progress in
implementing the 5 year Strategic Plan:
Making ”the KU Difference”, with its three
key objectives:
1. Become the most preferred
provider of early childhood education
and care services
2. Become the most trusted and
respected adviser to families,
communities, educators, the media
and policy makers on early childhood
education and care
3. Become the “employer of choice”
in early childhood education and
care.
The Board looks forward to a challenging
and rewarding year ahead.
Penny Le Couteur
Chairman
KU’s 112 Annual Report 2007
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