FINANCIAL REPORT
16 . Contingent Liabilities
|
2022 |
2021 |
|
$ |
$ |
Bank Guarantee 21 January 2014 to Central Coast Regional Development Corporation |
4,796 |
4,796 |
Bank Guarantee 30 April 2015 to Marrickville Council |
15,400 |
15,400 |
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 15 May 2018 to Hornsby Shire Council |
- |
20,196 |
Bank Guarantee 28 May 2018 to Hornsby Shire Council |
- |
12,733 |
Bank Guarantee 28 May 2018 to Hornsby Shire Council |
- |
21,791 |
Bank Guarantee 18 May 2020 to Ku-ring-gai Council |
262,487 |
262,488 |
Bank Guarantee 31 March 2021 to James Tsun-Ming Wong |
22,000 |
22,000 |
Bank Guarantee 19 June 2021 to Monarch ( Sales ) Pty Limited |
36,300 |
36,300 |
|
358,283 |
413,004 |
17 . Economic Dependency
As disclosed at Note 5 , a significant source of revenue is government funding . This funding supports programs for early childhood education and care .
18 . Related Party Disclosures a ) Directors ’ compensation
The Directors act in an honorary capacity and receive no compensation for their services ( 2021 : 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 1,950,590 1,725,745
KU Executive salaries are independently benchmarked regularly by a specialist remuneration consultancy firm , against open market and not for profit sector trends .
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