FINANCIALS 2019
e) Forms of Fundraising Appeals Conducted in 2019
For the purposes of reporting under the requirements
of the Charitable Fundraising Act 1991, KU Children’s
Services classifies all fundraising activities under
five categories; raffles, functions, sale of items,
donations and interest.
f) Key Indicators for Fundraising Activities
Total Cost of Fundraising $169,801 (2018:
$158,108) divided by Gross Income from
Fundraising $330,503 (2018: $318,287) equals
51% (2018: 50%).
Net Surplus from Fundraising $160,702 (2018:
$160,179) divided by Gross Income from
Fundraising $330,503 (2018: $318,287) equals
49% (2018: 50%).
24. Additional Company Information
KU Children’s Services is a public company limited by
guarantee, incorporated and operating in Australia.
Principal Registered Office and
Principal Place of Business
129 York Street
Sydney NSW 2000
25. Subsequent Events
On 30 January 2020, the World Health Organization
Director-General declared the outbreak of novel
coronavirus (2019-nCoV) a Public Health Emergency
of International Concern. On the 11 March 2020,
the World Health Organization declared COVID-19
to be a Pandemic. The outbreak of COVID-19 and
the subsequent quarantine measures imposed by the
Australian Government have caused unprecedented
disruption to businesses and economic activity.
The entity considers this to be a non-adjusting post
balance sheet event and accordingly the financial
effects of COVID-19 have not been reflected in the
entity’s financial statements at 31 December 2019.
This situation has had a negative impact on the
operations of the entity and is likely to continue to do
so as quarantine measures continue. While the entity
has not closed any of its Centres, it is experiencing a
significant decline in attendance.
The outbreak of COVID-19 is also expected to
negatively affect some parent’s ability or willingness
to pay childcare fees which may in turn result in
parents withdrawing their children from care.
The NSW Government have committed to continuing
to pay the Start Strong funding (a Government
program for early childhood education) during
this crisis and throughout 2021 based on the
August 2019 census enrolment levels. The Federal
Government has also provided a ‘JobKeeper’ support
package which will help to support employment cost
for 6 months in the event that revenues of the entity
decline by 30% or more. Further government funding
packages may be released.
While childcare services are currently considered
essential services, the situation remains fluid at the
date of signing the financial statements and closures
of Centres may be required should government policy
change. Management and Directors have undertaken
scenario cash flow forecasting and believe that, in the
event of Centre closures, the entity has sufficient cash
reserves and access to government funding to be able
to continue to pay its debts as and when they fall
due for at least 12 months from the date of signing
the financial report and as such have prepared the
financial statements on a going concern basis.
As the situation remains fluid (due to continuing
changes in government policy and evolving business
and customer reactions thereto) as at the date
these financial statements are authorised for issue,
the Directors of the Company considered that
the financial effects of COVID-19 on the entity’s
financial statements cannot be reasonably estimated.
Nevertheless, the economic effects arising from the
COVID-19 outbreak are expected to materially affect
the results of the entity for the full year of 2020.
No other matter or circumstance has occurred
subsequent to year end that has significantly affected,
or may significantly affect, the operations of the
Company, the results of those operations or the state
of affairs of the entity in subsequent financial years.
KU
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