Summary Financial Statements

Transcription

1 Summary Financial Statements Year ended March 31, 2017

2 KPMG LLP 150 Elgin Street, Suite 1800 Ottawa ON K2P 2P8 Canada Telephone Fax REPORT OF THE INDEPENDENT AUDITORS ON THE SUMMARY FINANCIAL STATEMENTS To the Fellows of The Royal College of Physicians and Surgeons of Canada The accompanying summary financial statements of The Royal College of Physicians and Surgeons of Canada, which comprise the summary statement of financial position as at March 31, 2017, the summary statements of operations and changes in net assets for the year then ended, and related notes, are derived from the audited financial statements prepared in accordance with Canadian accounting standards for not-for-profit organizations, of The Royal College of Physicians and Surgeons of Canada as at and for the year ended March 31, We expressed an unmodified audit opinion on those financial statements in our report dated September 18, The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations applied in the preparation of the audited financial statements of The Royal College of Physicians and Surgeons of Canada. Reading the summary financial statements, therefore, is not a substitute for reading the audited financial statements of The Royal College of Physicians and Surgeons of Canada. Management's Responsibility for the Summary Financial Statements Management is responsible for the preparation of the summary financial statements in accordance with the basis described in note 1. Auditors Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standard (CAS) 810, Engagements to Report on Summary Financial Statements. Opinion In our opinion, the summary financial statements derived from the audited financial statements of The Royal College of Physicians and Surgeons of Canada as at and for the year ended March 31, 2017 are a fair summary of those financial statements, in accordance with the basis described in note 1. Chartered Professional Accountants, Licensed Public Accountants September 18, 2017 Ottawa, Canada KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

3 Summary Statement of Financial Position March 31, 2017, with comparative information for 2016 Assets Current assets: Cash $ 23,215 $ 19,901 Short-term investments 2,168 2,158 Accounts receivable 2,043 1,980 Prepaid expenses ,144 24,751 Investments 47,250 41,277 Tangible capital and intangible assets 23,023 21,644 Employee future benefit asset 8,246 4,190 Liabilities and Net Assets $ 106,663 $ 91,862 Current liabilities: Accounts payable and accrued liabilities $ 3,542 $ 3,115 Deferred revenue 27,373 25,854 30,915 28,969 Long-term liabilities: Deferred contributions 5,200 5,039 Employee future benefit liability 5,807 5,134 11,007 10,173 Net assets: Unrestricted 16,499 12,951 Endowments 4,488 4,514 Investment in tangible capital and intangible assets 23,023 21,644 Internally restricted: Pension plan funding differential 8,246 4,190 Awards and grants 1,885 1,821 Building reserve 3,000 2,000 Strategic initiatives 4,000 3,000 Contingency 3,600 2,600 64,741 52,720 $ 106,663 $ 91,862 See accompanying notes to summary financial statements. Approved by: Françoise P. Chagnon, MDCM, FRCSC, FACS, CHE, ADM.A, C.Dir Andrew Padmos, BA, MD, FRCPC, FACP, CEO 2

4 Summary Statement of Operations Year ended March 31, 2017, with comparative information for 2016 Revenue: Fellowship dues $ 32,984 $ 31,500 Examination fees 13,201 12,135 Assessment fees 3,221 3,076 MOC program fees 1,815 1,644 External organizations 1,701 1,260 Investment - realized 1,439 1,330 Conference and course registrations 1,383 1,724 55,744 52,669 Expenses: Salaries and benefits 24,758 24,557 Operations 13,041 11,808 Committee and travel 7,269 7,290 Amortization of tangible capital and intangible assets 2,281 1,985 Strategic initiatives 1,489 1,508 48,838 47,148 Excess of revenue over expenses before unrealized gains (losses) on investments 6,906 5,521 Unrealized gains (losses) on investments 3,130 (845) Excess of revenue over expenses $ 10,036 $ 4,676 Summary Statement of Changes in Net Assets Year ended March 31, 2017, with comparative information for 2016 Balance, beginning of year $ 52,720 $ 50,696 Excess of revenue over expenses 10,036 4,676 Re-measurements and other items related to employee future benefits 1,985 (2,652) Balance, end of year $ 64,741 $ 52,720 See accompanying notes to summary financial statements. 3

5 Notes to Summary Financial Statements Year ended March 31, 2017 The Royal College of Physicians and Surgeons of Canada (the Royal College ) is the voice of specialty medicine in Canada. It ensures the highest standards for the medical education, professional standards and physician competence of medical and surgical specialists in 67 specialty disciplines of medical, surgical and laboratory medicine. The Royal College requires Fellows worldwide to maintain their competence throughout their careers; it acts and speaks out in support of the most appropriate context for the practice of specialty medicine and the best patient care. The Royal College is not a licensing or disciplinary body; its mission is educational and dedicated to setting standards. The Royal College is governed by an elected Council which sets strategic policy, makes decisions and monitors the implementation of policies and decisions. The Royal College is incorporated under the laws of Canada without share capital as a not-forprofit organization, is a registered charity under paragraph 149(1)(f) of the Income Tax Act of Canada and is exempt from income taxes. The Royal College was previously incorporated under the Canada Corporations Act and was continued under the Canada Not-for-profit Corporations Act in March Summary financial statements: The summary financial statements are derived from the complete audited financial statements, prepared in accordance with Canadian accounting standards for not-for-profit organizations, as at and for the year ended March 31, The preparation of these summary financial statements requires management to determine the information that needs to be reflected in the summary financial statements so that they are consistent, in all material respects, with or represent a fair summary of the audited financial statements. These summarized financial statements have been prepared by management using the following criteria: (a) whether information in the summary financial statements is in agreement with the related information in the complete audited financial statements; and (b) whether, in all material respects, the summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete audited financial statements, including the notes thereto. Management determined that the statement of cash flows does not provide additional useful information and as such has not included them as part of the summary financial statements. The complete audited financial statements of the Royal College of Physicians and Surgeons of Canada are available upon request by contacting the Royal College. 4