FINANCIAL REPORT
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 2021
2021 2020
$ $ Raffles 21,810 16,228 Functions 38,712 26,815 Sale of Items 58,812 66,163 Interest 69 138 Donations 34,375 42,430 Gross Proceeds from Fundraising 153,778 151,774 Raffles ( 115 ) ( 80 ) Functions ( 53,441 ) ( 46,875 ) Sale of Items ( 24,875 ) ( 32,027 ) Total Cost of Fundraising ( 78,431 ) ( 78,982 )
Net Proceeds from Fundraising 75,347 72,792 ( 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 2021
Opening balance 1,077,930 1,105,061 Net proceeds from fundraising 75,347 72,793 Centre Improvement and Equipment ( 113,248 ) ( 99,924 ) Bank charges - - Total Reserve as at year end 1,040,029 1,077,930
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