KU Annual Report KU Annual Report 2019 | Page 58

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 20 19 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. 32