KU Annual Report 2007 - Page 15

Directors’ Report The directors of KU Children’s Services submit herewith the annual financial report of the company for the financial year ended 31 December 2007. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows: Review of Operations • Penelope Le Couteur - B.SC (HONS), MAICD The total reported surplus for the year was $1,764,008 (2006: $2,760,891). This surplus includes the recognition of government funding revenue of $864,563 (2006: $1,393,790) which has been allocated towards a capital expenditure project in accordance with the requirements of the corresponding funding agreement, and Deductible Gift Recipient donations received of $137,695 not available for general use. The remaining surplus of $761,750 for the financial year ended 31 December 2007 includes the dividends of $405,981 received from the investments in financial assets. • Patrick Holland - B.SC, LL.B, GRAD DIP APP.SC Changes in State of Affairs • Deborah Homewood - M Mgt During the financial year there was no significant change in the state of affairs of the company other than that referred to in the financial statements or notes thereto. The names of the directors of the company who have held office during or since the end of the financial year are: • David Bryant - B.BUS, MBA • Yooie Choi – JP BA DipED Cert Gifted Ed, Cert Residential Care • Sarah Cordle - MA, CA • Melissa Potter - BA, LLB • Catherine Reid - BA (HONS ) • Sally-Anne Reid - BA.(Econ),B.SC(Maths), DIP ED • Graham Vimpani - MB BS PhD FRACP FAF PHM • Jane Ward - BA (HONS), DIP TEACH • Stuart Washington • Lorraine Young - BA, ASIA, FAIB Subsequent Events As at 10 April 2008, the available-for sale investments (disclosed at Note 8) have declined in fair value by $419,293 since year end. No purchase or sales have been made within the portfolio. Future Developments The above named directors held office during and since the end of the financial year except for: • Patrick Holland (resigned 27 March 2007) • Yooie Choi (appointed 29 May 2007) Disclosure of information regarding likely developments in the operations of the company in future financial years and the expected results of those operations is likely to result in unreasonable prejudice to the company. Accordingly, this information has not been disclosed in this report. Dividends The company secretaries who held office during the year or since the end of the financial year are: KU Children’s Services is a company limited by guarantee. It is prohibited by its Constitution from paying dividends to members. • Leslie Shepherd (resigned 23 November 2007) • Antoinette le Marchant (resigned 9th May 2007) • Sheridan Dudley (appointed 4 June 2007) • Maggie Joyce (resigned 28 September 2007) Principal Activity The company’s principal activity in the course of the financial year was that of providing early childhood and family services. KU’s 112 Annual Report 2007 th 15