KU Financial Report
Notes to the Financial Statements
Continued...
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) / Surplus from operations
2009
$
(a) Revenue
Revenue from operations consisted of the following items:
Government 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) / Surplus
(Deficit) / Surplus has been arrived at after charging the following losses:
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
28,125,923
33,126,386
15,362,341
665,609
162,160
138,931
34,069
17,246
70,037
1,299,730 25,197,782
29,594,431
12,345,736
756,388
394,294
420,036
5,923
17,000
247,386
967,684
79,002,432 69,946,660
(6,739)
(669,189) (15,823)
(550,664)
(697,736) (780,699)
(28,741) (15,149)
(c) Deficit for the year
The total reported deficit for the year is $ 48,086 (2008 Deficit: $2,929,294).
28
KU Children’s Services
2008
$