KU Financial Report
Notes to the Financial Statements
Continued...
4. (Deficit)/Surplus from operations
(a)
Revenue
2008 2007
$ $
Revenue from operations consisted of the following items:
Government funding 25,197,782 23,840,275
Parents’ fees 29,594,431 26,587,047
Management fees 12,345,736 10,830,370
Gross fundraising income 756,388 913,049
Interest revenue – bank deposits 394,294 426,785
Distributions received 420,036 405,981
5,923 16,745
17,000 17,000
247,386 210,280
- -
967,684 567,639
69,946,660 63,815,171
(15,823) 2,125
Depreciation of non-current assets (550,664) (488,281)
Operating lease rental expenses:
Minimum lease payments (780,699) (706,132)
(15,149) (26,007)
Sales of publications and courses
Sponsor support
Rent revenue:
Operating lease revenue
Reversal of prior period revaluations on derecognition of
‘available-for-sale’ financial asset
Other revenue
(b)
(Deficit) / Surplus
(Deficit)/Surplus has been arrived at after charging the following losses:
Gain/(Loss) on disposal of property, plant and equipment
Net bad and doubtful debts arising from:
Other entities
(c)
Deficit for the year
The total reported deficit for the year was $2,929,294, (2007 Surplus: $1,764,008). This deficit includes an adjustment
of $1,141,739 relating to an additional Workers Compensation premium for the 2007/2008 year based on the
claims history for the 3 years commencing 1 July 2005 and ending 30 June 2007 and the accumulative unrealised
loss of $1,486,422 arising from the reduction of fair value of investments.
The investments revaluation arises on the revaluation of available-for-sale financial assets (refer note 16).
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KU Children’s Services