KU Financial Report
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Grosvenor Place
225 George Street
Sydney NSW 2000
PO Box N250 Grosvenor Place
Sydney NSW 1217 Australia
Tel: +61 (0) 2 9322 7000
Fax: +61 (0) 2 9322 7001
www.deloitte.com.au
Independent Auditor’s Report
to the members of KU Children’s Services
We have audited the accompanying financial report of KU Children’s Services, which comprises the statement
of financial position as at 31 December 2014, the statement of profit or loss and other comprehensive income,
the statement of cash flows and the statement of changes in equity for the year ended on that date, notes
comprising a summary of significant accounting policies and other explanatory information, and the directors’
declaration as set out on pages 8,10 to 34. In addition, we have audited KU Children’s Services compliance with
specific requirements of the Charitable Fundraising Act 1991 for the year ended 31 December 2014.
Directors’ Responsibility for the Financial Report and for Compliance with the Charitable Fundraising Act
1991
The directors of the entity are responsible for the preparation of the financial report that gives a true and fair
view in accordance with Australian Accounting Standards – Reduced Disclosure Requirements and the
A ustralian Charities and Not-for-profits Commission Act 2012 and for compliance with the Charitable
Fundraising Act 1991. The directors are also responsible for such internal control as the directors determine is
necessary to enable compliance with requirements of the Charitable Fundraising Act 1991 and the preparation of
the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express an opinion on the entity’s compliance with specific requirements of the
Charitable Fundraising Act 1991 and the financial report based on our audit. We conducted our audit in
accordance with Australian Auditing Standards. Those standards require that we comply with relevant ethical
requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance
whether the entity has complied with specific requirements of the Charitable Fundraising Act 1991 and the
financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the entity’s compliance with specific
requirements of the Charitable Fundraising Act 1991 and amounts and disclosures in the financial report. The
procedures selected depend on the auditor’s judgement, including the assessment of the risks of non-compliance
with specific requirements of the Charitable Fundraising Act 1991 and material misstatement of the financial
report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control,
relevant to the entity’s compliance with the Charitable Fundraising Act 1991 and preparation of the financial
report that gives a true and fair view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial
report.
Inherent Limitations
Because of the inherent limitations of any compliance procedure, it is possible that fraud, error, or non-
compliance with the Charitable Fundraising Act 1991 may occur and not be detected. An audit is not designed
to detect all weaknesses in KU Children’s Services compliance with the Charitable Fundraising Act 1991 as an
audit is not performed continuously throughout the period and the tests are performed on a sample basis.
Any projection of the evaluation of compliance with the Charitable Fundraising Act 1991 to future periods is
subject to the risk that the procedures, may become inadequate because of changes in conditions, or that the
degree of compliance with them may deteriorate.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion:
(a) the financial report of KU Children’s Services is in accordance with Division 60 of the Australian Charities
and Not-for-profits Commission Act 2012, including:
i. giving a true and fair view of the entity’s financial position as at 31 December 2014 and of its
performance and cash flows for the year ended on that date; and
ii. complying with Australian Accounting Standards – Reduced Disclosure Requirements and with
Division 60 of the Australian Charities and Not-for-profits Regulation 2013;
(b) the financial report agrees to the underlying financial records of KU Children’s Services, that have been
maintained, in all material respects, in accordance with the Charitable Fundraising Act 1991 and its
regulations for the year ended 31 December 2014; and
(c) monies received by KU Children’s Services, as a result of fundraising appeals conducted during the year ended
31 December 2014, have been accounted for and applied, in all material respects, in accordance with the
Charitable Fundraising Act 1991 and its regulations.
DELOITTE TOUCHE TOHMATSU
Gaile Pearce
Partner
Chartered Accountants
Sydney, 16 March 2015
Liability limited by a scheme approved under Professional Standards Legislation
Member of Deloitte Touche Tohmatsu Limited.
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Member of Deloitte he Tohmatsu Limited.
119th Annual Report 2014
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