KU Annual Report 2009 | Page 33

15. Reserves 2009 $ Salary Recovery Fund Fundraising reserve Investments revaluation reserve (note 16) 2009 Balance at beginning of financial year Transfer to retained earnings Balance at end of financial year 2008 Balance at beginning of financial year Transfer to retained earnings Balance at end of financial year (i) Further notes on fundraising are set out in Note 24 2008 $ - 1,243,452 1,049,451 800,000 1,486,422 - 2,292,903 2,011,763 Fundraising Reserve (i) $ 1,211,763 31,689 1,243,452 Salary Recovery Fund $ 800,000 (800,000) - Fundraising Reserve (i) $ 1,085,035 126,728 1,211,763 Salary Recovery Fund $ 800,000 - 800,000 Total $ 2,011,763 (768,311) 1,243,452 Total $ 1,885,035 126,728 2,011,763 16. Investments revaluation reserve 2009 $ 2008 $ Balance at beginning of financial year Cumulative unrealised loss transferred to the income statement Valuation (loss)/gain recognised on impairment of financial assets - - 1,049,451 373,155 1,486,422 (1,859,577) Balance at end of financial year 1,049,451 - The investments revaluation reserve arises on the revaluation of available-for-sale financial assets. Where a revalued financial asset is sold that portion of the reserve which relates to that financial asset, and is effectively realised, is recognised in profit or loss. Where a revalued financial asset is impaired that portion of the reserve which relates to that financial asset is recognised in profit or loss. Continues... 114th Annual Report 2009 33