KU Financial Report
Directors’ Report
The Directors present their report on KU Children’s Services (KU) for the financial year ended 31 December 2014. The
Directors report as follows:
Directors
The names of the Directors of the Company who have held office during or since the end of the financial year are:
Directors Name & Qualifications Special Responsibilities
Stuart Washington Chair of the Board, Member of Audit & Risk
Management Committee, Member of Governance
Committee, Member of Remuneration Committee
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. Richard Richards
BCom/LLB(Hons), LLM, MAPPFIN, FTIA,
CA, Admitted Solicitor NSW Board Member, Member of KU Marcia Burgess Foundation
BAppSc-BE Committee*, Chair of Property Committee*,
Member of Remuneration Committee
At 31 December 2014, KU had a net deficit of $159,103 (2013: surplus of $2,868,786), Assets of $54,583,569 (2013:
$49,123,747) and net assets of $17,325,052 (2013: $17,484,155). David McCracken
BAppSc-BE Board Member, Chair of KU Marcia Burgess Foundation Committee*,
Chair of Property Committee*
Short and Long Term Objectives of the Company Janet Verden
B.Com, MAICD (resigned 29/4/14) Board Member, Chair of Governance Committee,
Member of Education Committee
Dr Christine Woodrow
PhD, M.Ed, B.Ed, DipTch (ECE) Board Member, Chair of Education Committee
Stacey Brown
B.Bus, CA, MAICD Board Member, Chair of Audit & Risk Management Committee
Dr Jennifer Skattebol
Board Member, Member of Education Committee
Dip Ed (EC), B.Ed. PhD Board Member, Member of Education Committee
Laura Hartley
BA (Hons), LLB Board Member, Member of Governance Committee
Rob Lourey
BBus (HR), Assoc. Dip (Pers Mgt),
MAICD, member Aust Institute of Co
Directors (resigned 23/9/14) Board Member, Member of Property Committee*,
Chair of Remuneration Committee
Pauline Gill
BA, LLB, LLM, Grad. Dip. App. Corp. Gov., ACIS, AGIA,
Barrister and Solicitor of the Supreme Court of Victoria
(appointed on 29/4/14) (resigned 21/10/14) Board Member, Chair of Governance Committee,
Member of Education Committee
Gareth Bennett
BA (Hons) 1st, GAICD, FCIPD (appointed 25/11/14) Board Member
Operating Result and Cash flow
KU’s finances are overseen by KU’s Board of Directors and KU’s Audit & Risk Management Committee who review the
financial reports regularly and provide strategic direction to KU management.
During 2014, KU continued with the process of implementing our Strategic Plan 2013 to 2015 “Building on the KU
Difference”. Some of the highlights of this plan are detailed in the Annual Report for the year ended 31 December 2014.
Our Vision
Every child can experience high quality early childhood education, where they can play, discover and learn.
Our Objectives
1.
2.
3.
4.
5.
6.
7.
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.
* Please note the KU Marcia Burgess Foundation Committee and the Property Committee meet on a needs basis only.
As such, no meetings for these Committees were held in 2014.
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 $2 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 Company has 5,901 members (2013: 6,259
members).
119th Annual Report 2014
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