FINANCIAL REPORT
21 . 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 2022
2022 2021
$ $ Raffles 6,222 21,810 Functions 60,160 38,712 Sale of Items 85,964 58,812 Interest 78 69 Donations 25,199 34,375 Gross Proceeds from Fundraising 177,623 153,778
Raffles ( 11 ) ( 115 ) Functions ( 63,813 ) ( 53,441 ) Sale of Items ( 34,386 ) ( 24,875 ) Total Cost of Fundraising ( 98,210 ) ( 78,431 )
Net Proceeds from Fundraising 79,413 75,347 ( 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 2022
Opening balance 1,040,029 1,077,930 Net proceeds from fundraising 79,413 75,347 Centre Improvement and Equipment ( 81,486 ) ( 113,248 ) Total Reserve as at year end 1,037,956 1,040,029
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