FINANCIALS 2019
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial period are
set out below.
Right-of-use assets
$
Adoption of AASB 16 on 1 January 2019 3,801,975
Additions 6,942,548
Depreciation Expense (2,199,423)
Balance at 31 December 2019 8,545,100
17. Commitments for Expenditure
Operating Leases
Leasing arrangements
Operating leases relate to centre facilities and computer leases. KU does not have an option to purchase the leased
assets at the expiry of the lease period.
Non-cancellable operating lease payments 2019 2018
$ $
Not longer than 1 year - 668,830
Longer than 1 year and not longer than 5 years - 585,598
Longer than 5 years - 141,940
- 1,396,368
In the current year, the Company has initially applied AASB 16 using the cumulative catch up approach, with no
restatement of the comparative information. Accordingly, operating lease commitments from the prior year were
re-assessed under the new Standard and disclosed as lease liabilities in the current year.
KU
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18. Contingent Liabilities
Bank Guarantee 21 January 2014 to Central Coast Regional Development
Corporation
2019 2018
$ $
4,796 4,796
Bank Guarantee 30 April 2015 to Marrickville Council 15,400 15,400
Bank Guarantee 8 September 2016 to Clearview Holdings Pty Ltd - 2,929
Bank Guarantee 8 September 2016 to R N & K M REIMIERS - 9,349
Bank Guarantee 12 September 2016 to Abalon Properties Pty Ltd 7,400 7,400
Bank Guarantee 12 September 2016 to Kearley Investments Pty Ltd 9,900 9,900
Bank Guarantee 12 September 2016 to Clearview Holdings Pty Ltd - 12,696
Bank Guarantee 15 May 2018 to Centennial Park and Moore Park Trust 42,062 42,063
Bank Guarantee 15 May 2018 to Hornsby Shire Council 20,196 20,196
Bank Guarantee 28 May 2018 to Hornsby Shire Council 12,733 12,733
Bank Guarantee 28 May 2018 to Hornsby Shire Council 21,791 21,791
19. Economic Dependency
134,278 159,253
As disclosed at Note 5, a significant source of revenue is government funding. This funding supports programs for
early childhood education and care.
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