Skate Ontario. Financial Statements March 31, 2016

Transcription

1 Financial Statements March 31, 2016

2 June 11, 2016 Independent Auditor s Report To the Members of Skate Ontario We have audited the accompanying financial statements of Skate Ontario, which comprise the statement of financial position as at March 31,2016 and the statements of changes in net assets, operations and cash flows for the year then ended, and the related notes, which comprise a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l. 99 Bank Street, Suite 800, Ottawa, Ontario, Canada K1P 1E4 T: , F: PwC refers to PricewaterhouseCoopers LLP/s.r.l./s.e.n.c.r.l., an Ontario limited liability partnership.

3 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion the financial statements present fairly, in all material respects, the financial position of Skate Ontario as at March 31, 2016 and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations. Other matter The financial statements of Skate Ontario for the year ended March 31, 2015 were audited by another auditor who expressed an unqualified opinion on those statements on June 13, Chartered Professional Accountants, Licensed Public Accountants

4 Statement of Financial Position As at March 31, Assets Current assets Cash 135, ,402 Accounts receivable 106,961 64,547 Prepaid expenses 1,788 2, , ,087 Computer equipment (note 3) 1,377 2,754 Liabilities and Net Assets 245, ,841 Current liabilities Accounts payable and accrued liabilities (note 4) 15,188 25,429 Deferred contribution (note 5) 67, ,547 82, ,976 Net assets Unrestricted 162, ,111 Invested in computer equipment 1,377 2, , , , ,841 Approved by the Board of Directors Director Director The accompanying notes are an integral part of these financial statements.

5 Statement of Changes in Net Assets For the year ended March 31, 2016 Balance - Beginning of year Net expenses for the year Balance - End of year Unrestricted 229,111 (66,776) 162,335 Invested in capital assets 2,754 (1,377) 1, ,865 (68,153) 163,712 The accompanying notes are an integral part of these financial statements.

6 Statement of Operations For the year ended March 31, Revenue Grants (Ontario Government) Base Funding 260, ,513 Ministry Sport Priority Funding (SPF) - 100,000 Ontario High Performance Sports Initiative Program (OHPSI) 165, ,000 Community Funding (OSRCF) 15, ,718 Sport Alliance Funding - 23,040 Trillium Foundation 75,525 9,253 Canadian Sports Institute of Ontario (CSIO) value-in-kind 24,150 - Canada Winter Games - 1, , ,024 Registration fees 25,850 10,688 Competition 9,381 16,972 Sponsorship 48,580 8,000 Miscellaneous 5,733 1, , ,019 Expense Grant Programs Expenditures Ministry Sport Alliance Funding (SPF) - 97,844 Ontario High Performance Sports Initiative Program (OHPSI) 207, ,801 Community Funding (OSRCF) - 158,046 Trillium Foundation 75,525 9,253 Canadian Sports Institute of Ontario (CSIO) value-in-kind 24, , ,944 Employee and contracted personnel 195, ,296 Other operational and program support 37,694 28,235 Competition 27,526 30,171 Board and Committee 28,370 26,115 Strategic planning initiative and projects 101,272 24, , ,922 Net revenue (expense) for the year (68,153) 79,097 The accompanying notes are an integral part of these financial statements.

7 Statement of Cash Flows For the year ended March 31, Cash provided by (used in) Operating activities Net revenue (expense) for the year (68,153) 79,097 Item not affecting cash - Amortization of computer equipment 1, Net change in non-cash working capital items (127,830) (148,177) (194,606) (68,161) Investing activity Purchase of computer equipment - (3,673) Net change in cash for the year Cash - Beginning of year Cash - End of year 194,606 (71,834) 330, , , ,402 The accompanying notes are an integral part of these financial statements.

8 Notes to Financial Statements March 31, Purpose of the organization Skate Ontario "the Organization" is incorporated without share capital. The Organization is a non-profit organization under subsection 149(1)(l) of the Income Tax Act and exempt from income taxes. The Organization purpose is to promote and develop figure skating in Ontario. 2 Significant accounting policies Use of estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expense during the year. Actual results could differ from those estimates. Computer equipment Computer equipment is initially recorded at cost and then amortized on a diminishing balance basis at a rate of 50% per year, based on its anticipated useful life. Revenue recognition The Organization follows the deferral method of accounting for contributions. Restricted grants are and recognized as revenue in the year in which the related expense occurs. Revenue from competitions sponsorship is recognized in when the event takes place. 1

9 Notes to Financial Statements March 31, Computer equipment Cost Accumulated amortization Net Net Computer equipment 3,673 2,296 1,377 2,754 Cost and accumulated amortization at March 31, 2015, amounted to 3,673 and 919, respectively. 4 Government remittances Government remittances of nil (2015- nil) are included in accounts payable and accrued liabilities. 5 Deferred contribution Balance - Beginning of year Funds received Amounts recognized as revenue Balance - End of year Trillium Foundation 142,547-75,525 67,022 6 Subsequent event Skate Ontario is expected to become the unified Ontario Section of Skate Canada, effective April 1, Activities are currently undertaken by four additional sections operating in Ontario. 2