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