KU Annual Report 2010 - Page 16

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 2010. 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: David Bryant – B.Bus, MBA Melissa Potter – BA, LLB Greg Bittar – BEc, LLB (Hons II), MSc (Finance) Jane Ward – BA (Hons), Dip Teach Anthea Green – BA Stuart Washington Borislav Kotic – BBS (Accounting), MA.(Econ), FCPA Graham Vimpani – MB BS PhD FRACP FAF PHM Sally-Anne Reid – BA.(Econ), B.SC(Maths),Dip Ed Christine Woodrow – PhD, M.Ed, B.Ed, DipTch (ECE) David McCracken – BA App Sc – Built Environment The above named Directors held office during and since the end of the financial year except for: Greg Bittar (resigned 20 August 2010) Christine Woodrow (appointed 29 July 2010) Sally-Anne Reid (resigned 26 May 2010) Anthea Green (resigned 2 March 2011) Graham Vimpani (resigned 26 May 2010) The company secretaries who held office during the year or since the end of the financial year are: Sheridan Dudley and Jan Allan (resigned 24 February 2011) Principal activity The company’s principal activity in the course of the financial year was that of providing early childhood, education and care. Review of operations The total reported deficit for the year is $ 1,178,344 (2009 Deficit: $48,086). This deficit includes an adjustment of $1,220,110 relating to the Workers Compensation premium for the 2010 calendar year based on the claims history for the 3 years commencing 1 January 2008 and ending 31 December 2010. 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 28 February 2011, the available-for sale investments (disclosed at Note 9) have increased in fair value by $136,040 since year end. No purchase or sales have been made within the portfolio. Future developments 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 commercially sensitive information being revealed. Accordingly, this information has not been disclosed in this report. Dividends KU Children’s Services is a company limited by guarantee. It is prohibited by its Constitution from paying dividends to members. 16 KU Children’s Services