KU Financial Report
Directors ’ Report
The Directors present their report on KU Children ’ s Services ( KU ) for the financial year ended 31 December 2012 . In order to comply with the provisions of the Corporations Act 2001 , the Directors report as follows :
Operating Result and Cash Flow
KU ’ s finances are overseen by KU ’ s Board of Directors and KU ’ s Audit and Risk Management Committee who review the financial reports regularly and provide strategic direction to KU management .
KU is a financially viable organisation with a strong balance sheet and adequate reserves . KU ’ s long history of responsible financial management confirms we are financially sound and progressive . KU has no subsidiary or related organisations .
At 31 December 2012 , KU had a net surplus of $ 2,956,032 ( 2011 : $ 2,055,973 ), assets of $ 45,789,140 ( 2011 : $ 38,293,279 ) and net assets of $ 15,704,499 ( 2011 : $ 12,137,096 ).
Short and Long Term Objectives of the Company
KU continued to implement the final year of our Strategic Plan 2007 to 2012 “ Making the KU Difference ” which is detailed in the Annual Report for the year ended 31 December 2012 .
Our Vision Every family is able to access affordable , high quality early childhood education and care for their children .
Our Objectives ( 1 ) Become the most preferred provider of early childhood education and care services
Strategies :
• Increase the quality of our early childhood education and care services
• Increase the affordability of early childhood education and care services
• Increase the number , type and geographic spread of financially viable programs and services
( 2 ) Become the most trusted and respected adviser to families , communities , educators , the media and policy makers on early childhood education and care Strategies :
• Ensure the KU brand is recognised as “ the best there is ” in early childhood education and care
• Ensure policies , practices and advocated positions are based on best practice and sound research
( 3 ) Become the “ employer of choice ” in early childhood education and care
Strategies :
• Increase the capacity of the KU workforce to make “ the KU Difference ”
• Nurture our culture of trust , respect , dignity and safety in the workplace
• Recognise , value and reward staff for performance , innovation , risk taking and actions and initiatives that make “ the KU Difference ”
• Provide innovative , flexible , people-friendly terms and conditions of employment that meet the needs and expectations of KU staff
• Provide safe , attractive , well-resourced , environmentally responsible work places
Principle Activities of the Company
The principle activities of KU Children ’ s Services during the current year have been the provision of early childhood education and care services .
Performance Measurement
The Annual Report of the company details the achievements and performance over the past year measured against the strategic goals . KU Children ’ s Services continued to achieve and perform strongly when measured against these strategic goals . Our key performance indicators are utilisation , staff turnover and financial performance of individual services .
Company Limited by Guarantee
The company is incorporated as a company limited by guarantee . In accordance with the Constitution every member of the company undertakes to contribute to the assets of the Company in the event of it being wound up , while he / she is a member or within one year after he / she ceases to be a member , the sum of $ 2 . The company has 6,264 members ( 2011 : 6,489 members ).
16 KU Children ’ s Services