FINANCIALS 2019
20. Related party disclosures
a) Directors’ compensation
The Directors act in an honorary capacity and receive no compensation for their services (2018: nil).
b) Transactions with Director-related entities
During the year, no amounts were paid to Director-related parties. No amounts are payable to or receivable
from Directors or Director related entities at the reporting date. If a Director utilises the services of KU Children’s
Services they pay the arms length market rates for provision of these services.
c) Key Management Personnel Remuneration
The aggregate compensation of the key executive management personnel of the Company is set out below:
Total compensation 1,551,147 1,813,163
KU Executive salaries are independently benchmarked on an annual basis by a specialist remuneration
consultancy firm, against open market and Not-for-Profit sector trends.
21. Notes to the Statement of Cash Flows
a) Reconciliation of (Deficit)/Surplus for the period to
Net Cash Flows From Operating Activities
2019 2018
$ $
Surplus for the period 931,615 2,858,879
KU
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Depreciation and amortisation of non-current assets 4,260,824 1,812,926
Interest received (736,787) (856,886)
Finance costs 480,477 23,110
Government capital funding (472,548) (962,215)
Finance lease adjustments (35,877) 14,352
Make good adjustments - (200,279)
Movements in working capital:
Decrease/(Increase) in trade receivables and other assets (1,049,210) 1,245,682
(Decrease) in trade payables and other liabilities 4,924,071 (4,487,284)
Increase in provisions 1,076,787 1,845,749
Net cash generated from operating activities 9,379,352 1,294,034
b) Reconciliation of Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents include cash at bank and on hand.
Cash and cash equivalents at the end of the financial year as shown in the Statement of Cash Flows is reconciled
to the related items in the balance sheet as follows:
Cash and cash equivalents 51,218,845 54,665,881
The cash balances include maturing term deposits with a term of 3 months or less.
51,218,845 54,665,881
22. Term deposits
Term deposits comprise term deposit investments held with various banks. The maturity periods on these
investments from the date of purchase range between 3 to 10 months. Term deposits for 2019 are shown as NIL
due to them all having a maturity period of less than 3 months from date of purchase until 31 December 2019.
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