KU Annual Report 2010 - Page 34

KU Financial Report Notes to the Financial Statements Continued... 17. Commitments for expenditure Operating Leases Leasing arrangements Operating leases relate to centre facilities and to centre computer equipment. The company does not have an option to purchase the leased assets at the expiry of the lease period. Non-cancellable operating lease payments Not longer than 1 year Longer than 1 year and not longer than 5 years Longer than 5 years 2010 $ 834,423 715,438 11 1,549,872 2009 $ 647,639 966,202 6 1,613,847 2010 $ 191,291 5,000 196,291 2009 $ 191,291 5,000 196,291 18. Contingent Liabilities Bank Guarantee 22 October 1998 to Commonwealth Bank Guarantee 31 January 1995 to Sydney City Council 19. 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. 20. Related Party Disclosures There were no related party transactions. 34 KU Children’s Services