KU Financial Report
Directors’ Report
The Directors present their report on KU Children’s Services (KU) for the financial year ended 31. December 2013. 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 KU is financially sound and progressive. KU has no subsidiary or related organisations.
At 31 December 2013, KU had a net surplus of $2,868,786 (2012: $2,956,032), Assets of $46,672,816 (2012:
$45,789,140) and net assets of $17,484,155 (2012: $15,704,499).
Short and Long Term Objectives of the Company
KU has begun the process of implementing our Strategic Plan 2013 to 2015 “Building on the KU Difference” which is
detailed in the Annual Report for the year ended 31 December 2013.
Our Vision
Every child can experience high quality early childhood education, where they can play, discover and learn.
Our Objectives
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Deliver the best possible outcomes for children and families
Inspire a community of professionals
The “KU Difference” is understood and valued
Develop and operate innovative service models
Equitable access and participation
Shape sector and government thinking and policies
Well managed and sustainable organisation
Principal Activities of the Company
The principal 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. KU’s 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 6,259 members
(2012: 6,264 members).
118th Annual Report 2013