KU Annual Report 2007 - Page 34

22. Information & Declarations to be Furnished Under the Charitable Fundraising Act 1991 Under this Act, KU Children’s Services holds a single authority to fundraise for KU centres. The authority does not extend to services which KU manages on behalf of another organisation. Preparation of the following information reflects the level of disclosure existing in management systems in use by the organisation. a) Statement of Fundraising Income and Expenditure Detailed income statement for the year ended 31 December 2007 Raffles 2006 $ $ 65,920 61,132 Functions 349,374 304,913 Sale of Items 356,999 345,570 3,061 3,740 775,354 715,355 Interest Gross Proceeds from Fundraising Raffles (3,101) (2,725) Functions (127,577) (117,325) Sale of Items (216,732) (204,242) Total Cost of Fundraising (347,410) (324,292) 427,944 391,063 Opening Balance 969,655 838,133 Net proceeds from fundraising 427,944 391,063 (310,277) (256,407) Bank Charges (2,287) (3,134) Total Reserve 1,085,035 969,655 Gross income received from sale of items 356,999 345,570 Total Expenditure Incurred 216,732 204,242 Net Proceeds from Fundraising b) 2007 Accounting Principles and Methods Adopted in Fundraising Accounts The fundraising financial statements have been prepared on an accrual basis and in accordance with Australian Accounting Standards as per Note 2. c) Application of Fundraising Proceeds in 2007 Centre Improvement and Equipment d) Details of Gross Income & Aggregate Expenditure of Appeals Conducted Jointly with Traders For the purpose of this note all fundraising involving the Sale of Items (e.g. chocolates, sun hats, sunscreen, etc) is deemed to have involved a trader. 34 KU’s 112 th Annual Report 2007