KU2020
23 . Information & Declarations to be Furnished Under the Charitable tFundraising 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 2020
2020 2019
$ $ Raffles 16,228 18,799 Functions 26,815 176,998 Sale of Items 66,163 101,496 Interest 138 2,951 Donations 42,430 30,259 Gross Proceeds from Fundraising 151,774 330,503 Raffles ( 80 ) ( 188 ) Functions ( 46,875 ) ( 115,600 ) Sale of Items ( 32,027 ) ( 54,013 ) Total Cost of Fundraising ( 78,982 ) ( 169,801 )
Net Proceeds from Fundraising 72,792 160,702 ( 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 2020
Opening balance 1,105,061 1,128,281 Net proceeds from fundraising 72,793 160,703 Centre improvement and equipment ( 99,924 ) ( 183,886 ) Bank charges - ( 37 ) Total Reserve as at year end 1,077,930 1,105,061
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