KU Financial Report
15. Fundraising Reserve
2015
2014
$
$
Balance at beginning of financial year
1,233,992
1,254,771
Transfer (from)/to general funds
(29,828)
(20,779)
Balance at end of financial year
1,204,164
1,233,992
The fundraising reserve arises from the accumulated efforts of parents and staff to allow services to purchase
optional toys and equipment, to assist the service to expand and develop to meet local needs and to allow parents
to share in the life of the service and to make a concrete contribution to their children’s lives.
Further notes on fundraising are set out in Note 23.
16. Program Reserve
Balance at beginning of financial year
1,015,000
850,000
Transfer from general funds
50,000
165,000
Balance at end of financial year
1,065,000
1,015,000
The Program reserve relates to reserves set aside by the Company related to the programs. This reserve will be
utilised for potential future commitments on this program which the Program owner is not contractually bound to
meet.
17. Commitments for Expenditure
Operating Leases
Leasing arrangements
Operating leases relate to centre facilities and computer leases. KU does not have an option to purchase the leased
assets at the expiry of the lease period. A number of the leases were reclassified as finance leases in 2013 and are
disclosed in note 11.
Non-cancellable operating lease payments
Not longer than 1 year
Longer than 1 year and not longer than 5 years
Longer than 5 years
1,436,374
1,789,156
80,728
3,306,258
1,461,193
2,639,724
85,418
4,186,335
191,291
5,000
191,291
5,000
4,796
15,400
216,487
196,291
18. Contingent Liabilities
Bank Guarantee 22 October 1998 to Commonwealth
Bank Guarantee 31 January 1995 to Sydney City Council
Bank Guarantee 21 January 2014 to Central Coast
Regional Development Corporation
Bank Guarantee 30 April 2015 to Marrickville Council
Mortgage and facilities
The National Australia Bank currently holds a mortgage over 129 York Street, Sydney which is their security over the
$1.2m market rate facility. This remains undrawn as at 31 December 2015.
120th Annual Report 2015