KU Annual Report KU Annual Report 2018 | Page 56

FINANCIALS 2018 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 2018 KU 20 18 Raffles Functions Sale of Items Interest Donations Gross Proceeds from Fundraising Raffles Functions Sale of Items Total Cost of Fundraising Net Proceeds from Fundraising 2018 2017 $ $ 19,636 23,942 155,533 192,029 95,831 134,940 188 541 47,099 39,645 318,287 391,097 (122) (370) (115,138) (129,776) (42,848) (60,642) (158,108) (190,788) 160,179 200,309 (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 3. (c) Application of Fundraising Proceeds in 2018 Opening balance 1,149,130 Net proceeds from fundraising 1,213,017 160,179 200,309 (180,118) (264,074) Bank charges (910) (122) Total Reserve 1,128,281 1,149,130 Centre Improvement and Equipment 30