KU Financial Report
Directors’ Report
The Directors present their report on KU Children’ s Services( KU) for the financial year ended 31 December 2012. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:
Operating Result and Cash Flow
KU’ s finances are overseen by KU’ s Board of Directors and KU’ s Audit and Risk Management Committee who review the financial reports regularly and provide strategic direction to KU management.
KU is a financially viable organisation with a strong balance sheet and adequate reserves. KU’ s long history of responsible financial management confirms we are financially sound and progressive. KU has no subsidiary or related organisations.
At 31 December 2012, KU had a net surplus of $ 2,956,032( 2011: $ 2,055,973), assets of $ 45,789,140( 2011: $ 38,293,279) and net assets of $ 15,704,499( 2011: $ 12,137,096).
Short and Long Term Objectives of the Company
KU continued to implement the final year of our Strategic Plan 2007 to 2012“ Making the KU Difference” which is detailed in the Annual Report for the year ended 31 December 2012.
Our Vision Every family is able to access affordable, high quality early childhood education and care for their children.
Our Objectives( 1) Become the most preferred provider of early childhood education and care services
Strategies:
• Increase the quality of our early childhood education and care services
• Increase the affordability of early childhood education and care services
• Increase the number, type and geographic spread of financially viable programs and services
( 2) Become the most trusted and respected adviser to families, communities, educators, the media and policy makers on early childhood education and care Strategies:
• Ensure the KU brand is recognised as“ the best there is” in early childhood education and care
• Ensure policies, practices and advocated positions are based on best practice and sound research
( 3) Become the“ employer of choice” in early childhood education and care
Strategies:
• Increase the capacity of the KU workforce to make“ the KU Difference”
• Nurture our culture of trust, respect, dignity and safety in the workplace
• Recognise, value and reward staff for performance, innovation, risk taking and actions and initiatives that make“ the KU Difference”
• Provide innovative, flexible, people-friendly terms and conditions of employment that meet the needs and expectations of KU staff
• Provide safe, attractive, well-resourced, environmentally responsible work places
Principle Activities of the Company
The principle activities of KU Children’ s Services during the current year have been the provision of early childhood education and care services.
Performance Measurement
The Annual Report of the company details the achievements and performance over the past year measured against the strategic goals. KU Children’ s Services continued to achieve and perform strongly when measured against these strategic goals. Our key performance indicators are utilisation, staff turnover and financial performance of individual services.
Company Limited by Guarantee
The company is incorporated as a company limited by guarantee. In accordance with the Constitution every member of the company undertakes to contribute to the assets of the Company in the event of it being wound up, while he / she is a member or within one year after he / she ceases to be a member, the sum of $ 2. The company has 6,264 members( 2011: 6,489 members).
16 KU Children’ s Services