KU Financial Report
Notes to the Financial Statements
Continued...
• AASB 2010-6 Amendments to Australian Accounting Standards – Disclosures on Transfers of Financial Assets
• AASB 2009-12 Amendments to Australian Accounting Standards – Related Party Disclosures
• AASB 9 Financial Instruments
4. Critical accounting judgements and key sources of estimation uncertainty
The following are the critical judgements (apart from those involving estimations, which are dealt with below), that
management has made in the process of applying the Company’s accounting policies and that have the most
significant effect on the amounts recognised in the financial statements:
Employee entitlements:
Management judgement is applied in determining the following key assumptions used in the calculation of long
service leave at balance date:
• future increases in wages and salaries;
• future on cost rates; and
• experience of employee departures and period of service.
5. (Deficit) from operations
2010
$
(a) Revenue
Revenue from operations consisted of the following items:
Government funding
Capital grant funding
Parents’ fees
Management fees
Gross fundraising income
Interest revenue – bank deposits
Distributions received
Sales of publications and courses
Sponsor support
Operating rental lease revenue
Other revenue
(b) (Deficit)
(Deficit) has been arrived at after charging the following losses:
Workers Compensation premium adjustment
Gain/(Loss) on disposal of property, plant and equipment
Depreciation of property, plant and equipment
Operating lease rental expenses:
Minimum lease payments
Net bad and doubtful debts arising from:
Other entities
(c) Deficit for the year
The total reported deficit for the year is $1,178,344 (2009 Deficit: $48,086).
28
KU Children’s Services
2009
$
28,894,958
2,498,069
35,745,768
18,862,032
668,023
136,331
376,134
27,550
37,106
6,338
848,114
88,100,423 27,413,656
712,268
33,126,386
15,362,341
665,609
162,160
138,931
34,069
17,246
70,037
1,299,730
79,002,432
(1,220,110)
(14,164)
(648,088) (165,843)
(6,739)
(669,189)
(771,127) (697,736)
(36,594) (28,741)