KU Financial Report

Notes to the Financial Statements

Continued ...

( a ) Statement of Fundraising Income and Expenditure
Detailed income statement for the year ended 31 December 2008
	2008	2007
	$	$
Raffles	74,047	65,920
Functions	293,114	349,374
Building fund	23,813	-
Sale of Items	353,829	356,999
Interest	11,585	3,061

Gross Proceeds from Fundraising	756,388	775,354
Raffles	( 1,681 )	( 3,101 )
Functions	( 118,130 )	( 127,577 )
Sale of Items	( 230,009 )	( 216,732 )

Total Cost of Fundraising ( 349,820 ) ( 347,410 )

Net Proceeds from Fundraising 406,568 427,944

( b ) 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 2008

	2008	2007
	$	$
Opening balance	1,085,035	969,655
Net proceeds from fundraising	406,568	427,944
Centre Improvement and Equipment	( 277,176 )	( 310,277 )
Bank charges	( 2,664 )	( 2,287 )

Total Reserve 1,211,763 1,085,035

38 KU Children ’ s Services