KU Annual Report KU Annual Report 2019 | Page 60

FINANCIALS 2019 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 2019 KU 20 19 2019 2018 $ $ Raffles 18,799 19,636 Functions 176,998 155,533 Sale of Items 101,496 95,831 Interest 2,951 188 Donations 30,259 47,099 Gross Proceeds from Fundraising 330,503 318,287 Raffles (188) (122) Functions (115,600) (115,138) Sale of Items (54,013) (42,848) Total Cost of Fundraising (169,801) (158,108) Net Proceeds from Fundraising 160,702 160,179 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 2019 Opening balance 1,128,281 1,149,130 Net proceeds from fundraising 160,702 160,179 Centre improvement and equipment (183,886) (180,118) Bank charges (36) (910) Total Reserve 1,105,061 1,128,281 b) Details of Gross Income and Aggregate Expenditure of Appeals Conducted Jointly with Traders For the purpose of this note all fundraising involving the Sale of Items (e.g. chocolates, sun hats, sunscreen, etc) is deemed to have involved a trader 2019 2018 $ $ Gross income received from sale of items 101,496 95,831 Total expenditure incurred 54,013 42,848 34