Year Ended March 31, 2016

Transcription

1 Financial Statements - MOORE CARGILL

2 Index to Financial Statements Page REVIEW ENGAGEMENT REPORT 1 FINANCIAL STATEMENTS Statement of Revenues and Expenditures 2 Statement of Changes in Net Assets 3 Statement of Financial Position 4 Statement of Cash Flow 5 Notes to Financial Statements 6-7 MOORE CARGILL -

3 Moore Cargill # Norwell Drive, Nanaimo, B.C. V9T 1X5 Chartered Professional Accountants Phone (250) Fax (250) REVIEW ENGAGEMENT REPORT To the Members of Harbour City Football Club We have reviewed the statement of financial position of Harbour City Football Club as at March 31, 2016 and the statements of revenues and expenditures, changes in net assets and cash flow for the year then ended. Our review was made in accordance with Canadian generally accepted standards for review engagements and, accordingiy, consisted primarily of inquiry, analytical procedures and discussion reiated to information supplied to us by the society. A review does not constitute an audit and, consequently, we do not express an audit opinion on these financial statements. Based on our review, nothing has come to our attention that causes us to believe that these financial statements are not, in ali material respects, in accordance with Canadian accounting standards for not-forprofit organizations. Nanaimo, British Coiumbia May 12, 2016 '^MOORE CARGILL Chartered Professional Accountants -A PARTNERSHIP OF PROFESSIONAL CORPORATIONS -

4 Statement of Revenues and Expenditures For the REVENUES Registration fees Grants Sponsorships Tournaments and special events Miscellaneous revenue Field paint Interest income Concession 486, ,350 36,916 26,565 10,448 2,890 2, ,662 99,550 29,949 1,700 6,511 3, EXPENSES Advertising and promotion 5,378 3,560 Amortization (Notes 2, 3) 5,841 6,526 Bad debts (recovery) (3,168) 6,544 Bursaries 1,500 2,500 Club management software 5,470 7,900 Coach clinics and workshops 8,423 6,394 Concession expenses 88 1,200 Equipment and uniforms 70,456 52,725 Field lining and paint 6,997 13,136 Field and gym rentals 58,085 56,621 Governance and planning 1,083 1,565 Insurance 1,821 1,879 Interest and bank charges 10,371 8,872 Office 5,640 4,190 Professional fees 10,765 12,393 Referees 39,298 28,697 Repairs and maintenance 3,536 2,640 Salaries and wages 157, ,450 Sub contracts 23,179 15,367 Team photos 7,531 6,004 Telephone and utilities 4,862 4,263 Tournaments and special events 34,264 3,650 Travel 1,459 1,291 Upper Island Soccer Association registration , , ,550 EXCESS OF REVENUES OVER EXPENSES FROM OPERATIONS OTHER INCOME (EXPENSES) Loss on disposal of tangible capital assets 145,269 (11.781) 112,620 EXCESS OF REVENUES OVER EXPENSES $ $ The accompanying notes are an integral part of these financial statements. - MOORE CARGILL -

5 Statement of Changes In Net Assets NET ASSETS - BEGINNING OF YEAR $ 572,075 $ 459,455 Excess of revenues over expenses 133, NET ASSETS - END OF YEAR $ 705,563 $ 572,075 The accompanying notes are an integral part of these financial statements. - MOORE CARGILL -

6 Statement of Financial Position March 31, ASSETS CURRENT Cash Accounts receivable Prepaid expenses $ 703,355 23,672 9,710 $ 592,970 7,940 2, , ,454 TANGIBLE CAPITAL ASSETS (Notes 2, 3) 31,297 32,253 $ 768,034 $ 635,707 LIABILITIES AND NET ASSETS CURRENT Accounts payable Wages payable Employee deductions payable Deferred income (Note 2) $ 8,734 5,843 3,811 44,083 $ 8,713 3,163 3,916 47,820 62,471 63,632 NET ASSETS (Note 4) 705, ,075 $ 768,034 $ 635,707 ON BEHALF OF THE BOARD Director Director The accompanying notes are an integral part of these financial statements. - MOORE CARGILL -

7 Statement of Cash Flow OPERATING ACTIVITIES Excess of revenues over expenses Items not affecting cash: Amortization of tangible capital assets Loss on disposal of tangible capital assets $ 133,488 $ 5,841 11, ,620 6, , ,146 Changes in non-cash working capital: Accounts receivable Accounts payable Deferred income Prepaid expenses Wages payable Employee deductions payable (15,732) 23 (3,737) (7,166) 2,660 (105) (4,440) (14,709) 26,369 11,920 1,968 2,621 (24,057) 23,729 Cash flow from operating activities 127, ,875 INVESTING ACTIVITY Purchase of tangible capital assets (16,668) (12,267) INCREASE IN CASH FLOW 110, ,608 Cash - beginning of year 592, ,362 CASH - END OF YEAR $ 703,355 $ 592,970 The accompanying notes are an integral part of these financial statements. - MOORE CARGILL -

8 Notes to Financial Statements 1. PURPOSE OF ORGANIZATION Harbour City Football Club was incorporated January 18, 1995 under the Society Act of British Columbia. The objectives of the Society are to foster, promote and govern the game of soccer within the Nanaimo area, to promote sportsmanship and emphasize fair play at all times, to promote respect for officials, coaches players and administrators and to develop players, coaches and teams. The Society is a club of the British Columbia Soccer Association. The Society is exempt from income tax as a not for profit organization. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements were prepared In accordance with Canadian accounting standards for notfor-profit organizations (ASNFPO). Contributed services The work of the Society is dependent on the service of many volunteers. Since these services are not normally purchased by the Society and because of the difficulty of determining the fair value, contributed services are not recognized in these statements. Measurement uncertainty The preparation of financial statements In conformity with Canadian accounting standards for not-forprofit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Such estimates are periodically reviewed and any adjustments necessary are reported in earnings in the period in which they become known. Actual results could differ from these estimates. Financial instruments The Society's financial instruments consist of cash, accounts receivable, accounts payable and accrued liabilities. Unless otherwise noted, it is management's opinion that the Society is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair value of these financial instruments approximate their carrying values, unless othenvise noted. Tangible capital assets Tangible capital assets are stated at cost less accumulated amortization. Tangible capital assets are amortized over their estimated useful lives at the following rates and methods: Computer equipment 55% declining balance method Equipment Leasehold improvements 20% 15 years declining balance method straight-line method The Society regularly reviews its tangible capital assets to eliminate obsolete items. (continues) ' MOORE CARGILL

9 Notes to Financial Statements SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenue recognition Harbour City Football Club follows the deferral method of accounting for contributions. All contributions received in advance of their intended use are reported as deferred contributions. Restricted contributions, such as gaming grants, are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Registration fees and sponsorships are recognized in the time period when the corresponding league play occurs. TANGIBLE CAPITAL ASSETS Cost Accumulated amortization 2016 Net book value 2015 Net book value Computer equipment $ 2,464 $ 1,944 $ 520 $ 1,156 Equipment 38,444 10,156 28,288 28,392 Leasehold improvements ,489 2,705 $ 44,154 $ 12,857 $ 31,297 $ 32, NET ASSETS - INTERNALLY RESTRICTED The board has placed the following internal restrictions on net assets: Future field development Operating reserve Special proiects $ 367,771 49,402 40,020 $ 457, COMPARATIVE FIGURES Some of the comparative figures have been reclassified to conform to the current year's presentation.. MOORE CARGILL