FINANCIALS 2018
DIRECTORS’ REPORT
The Directors present their report on KU Children’s Services
(the company) for the financial year ended 31 December 2018.
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 & Risk Management Committee who review the
financial reports regularly and provide strategic direction to
KU management.
Our Goals
1. Engaged families, staff and other stakeholders actively
delivering outcomes for our KU.
2. A sustainable, scalable business model empowering
our future.
3. Social policy and investment driving relevant and
impactful outcomes for children.
4. Achieving excellence to advance the status and
standing of early childhood education.
5. Producing knowledge that progresses the sector.
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 2018, KU had a net surplus of
$2,858,879 (2017: $5,738,080), assets of $77,034,959
(2017: $76,715,138) and net assets of $36,825,480
(2017: $33,966,601).
Principal Activities of the Company
Short and Long Term
Objectives of the Company
The principal activities of KU during the current year have been
the provision of early childhood education and care services.
KU Children’s Services has been operating continually
since 1895 and has a strong commitment to the
provision of high quality early education, inclusion and
social responsibility.
Performance Measurement
The Annual Report of the Company details the
achievements and performance over the past year
measured against the strategic goals. KU 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.
In the latter part of 2016, KU launched the Strategic Plan
for 2017 to 2019; ‘Creating, Thinking and Doing for today
and tomorrow’. This Strategic Plan outlines five goals
that together ensure KU is a consistently strong, agile
and innovative leader in the early childhood sector come
2019 and beyond. Some highlights of the year ended 31
December 2018 are detailed in the 123 rd Annual Report.
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 5,349
members (2017: 5,070 members).
Our Vision and Purpose
Every child has a right to feel safe, nurtured, valued and
heard. At KU, we contribute to this by delivering, supporting
and leading high quality inclusive play-based learning
programs. We provide opportunities for children to become
the creators, thinkers and doers of today and tomorrow.
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