KU Annual Report 2010 | Page 38

KU Financial Report Notes to the Financial Statements Continued... 23. 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 2010 Raffles Functions Building fund Sale of Items Interest 2010 $ 41,150 324,387 - 292,888 9,598 2009 $ 46,711 239,683 88 370,427 8,699 Gross Proceeds from Fundraising Raffles Functions Sale of Items 668,023 (1,211) (162,335) (171,279) 665,608 (1,050) (112,311) (236,754) Total Cost of Fundraising (334,825) (350,115) 333,198 315,493 Net Proceeds from Fundraising (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 2010 2010 $ 2009 $ Opening balance Net proceeds from fundraising Centre Improvement and Equipment Bank charges 1,243,452 333,198 (313,195) (1,875) 1,211,763 315,494 (281,761) (2,044) Total Reserve 1,261,580 1,243,452 Continues... 38 KU Children’s Services