KU Financial Report
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 2008 . In order to comply with the provisions of the Corporations Act 2001 , the directors report as follows :
The names of the directors of the company who have held office during or since the end of the financial year are :
Penelope Le Couteur - B . SC ( HONS ), MAICD Sarah Cordle - MA , CA David Bryant - B . BUS , MBA Sally-Anne Reid - BA .( Econ ), B . SC ( Maths ), DIP ED Serena Beirne - Masters Business Admin , Masters Management Deborah Homewood – M Mgt Yooie Choi – JP BA DipED Cert Gifted Ed , Cert Residential Care Graham Vimpani - MB BS PhD FRACP FAF PHM
Catherine Reid - BA ( HONS ) Jane Ward - BA ( HONS ), DIP TEACH Lorraine Young - BA , ASIA , FAIB Melissa Potter - BA , LLB Stuart Washington David McCracken - Bachelor of App Science – Built Environment
John Schroder - B . Com . – UNSW , Advanced Dip Real Estate
The above named directors held office during and since the end of the financial year except for :
Deborah Homewood ( resigned 27 May 2008 ) Catherine Reid ( resigned 27 May 2008 ) David McCracken ( appointed 27 May 2008 ) Lorraine Young ( resigned 27 May 2008 )
John Schroder ( appointed 27 May 2008 ) Stuart Washington ( granted leave of absence September 2008 to April 2009 )
Serena Beirne ( appointed 27 May 2008 and resigned 30 September 2008 )
The company secretaries who held office during the year or since the end of the financial year are : Sheridan Dudley Jan Allan ( appointed 30 September 2008 )
Principal activity The company ’ s principal activity in the course of the financial year was that of providing early childhood & family services .
Review of operations
The total reported deficit for the year was $ 2,929,294 , ( 2007 Surplus : $ 1,764,008 ). This deficit includes an adjustment of $ 1,141,739 relating to the Workers Compensation premium for the 2007 / 2008 year based on the claims history for the 3 years commencing 1 July 2005 and ending 30 June 2007 and the accumulative unrealised loss of $ 1,486,422 arising from the reduction in the fair value of investments .
Changes in state of affairs
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 .
Subsequent events
As at 20 March 2009 , the available-for sale investments ( disclosed at Note 9 ) have declined in fair value by $ 308,519 since year end . No purchase or sales have been made within the portfolio .
On 22 December 2008 KU Children ’ s Services was awarded the National Inclusion Support Contract with the Federal Government for the next 3 years . This contract will result in an additional $ 54 million in KU ’ s Children ’ s Services management of Programme income .
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