VANCOUVER island MEN S TRAUMA COUNSELLING SOCIETY Financial Statements Year Ended March 31, 20t6 (Unaudited)

Transcription

1 Financial Statements Year Ended March 31, 20t6

2 index to Financial Statements Year Ended March 31, 2016 Page MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING REVIEW ENGAGEMENT REPORT FINANCIAL STATEMENTS Statement of Financial Position Statement of Revenues and Expenditures Statement of Changes in Net Assets Statement of Cash Flow Notes to Financial Statements 6-8 Key Performance Indicators 9-10

3 MANAGEMENT S RESPONSiBiLiTY FOR FiNANCiAL REPORTING The financial statements of Vancouver Island Men s Trauma Counselling Society have been prepared in accordance with Canadian accounting standards for not-for-profit organizations. When alternative accounting methods exist, management has chosen those it deems most appropriate in the circumstances. These statements include certain amounts based on management s estimates and judgments. Management has determined such amounts based on a reasonable basis in order to ensure that the financial statements are presented fairly in all material respects. The integrity and reliability of Vancouver Island Men s Trauma Counselling Society s reporting systems are achieved through the use of formal policies and procedures, the careful selection of employees and an appropriate division of responsibilities. These systems are designed to provide reasonable assurance that the financial information is reliable and accurate. The Board of Directors is responsible for ensuring that management fulfills its responsibility for financial reporting and is ultimately responsible for reviewing and approving the financial statements. The Board meets periodically with management to review significant accounting, reporting and internal control matters. The Board also considers, for review and approval by the members, the engagement or reappointment of the external accountants. Paula Greene, Executive Director Ms. Kerry Patriarche, Chair Victoria, BC

4 REVIEW ENGAGEMENT REPORT To the Members of Vancouver Island Men s Trauma Counselling Society We have reviewed the statement of financial position of Vancouver Island Men s Trauma Counselling Society 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, accordingly, consisted primarily of inquiry, analytical procedures and discussion related 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 all material respects, in accordance with Canadian accounting standards for not-forprofit organizations. Victoria, BC August 9, 2016 CHARTERED PROFESSIONAL ACCOUNTANTS loll Johnson Street, Victoria, BC V8V 3N6 t f. 25o.92o.7o99 info@llbrougham.ca llbrougham.ca

5 Statement of Financial Position March 31, ASSETS CURRENT Cash $ 32,611 $ 21,961 Accounts receivable 14,375 18,196 Accounts receivable from employees Goods and services tax recoverable 1,178 1,353 Prepaid expenses 3,207 3,792 51,371 46,277 TANGIBLE CAPITAL ASSETS (Note 3) 3,231 1,454 $ 54,602 $ 47,731 LIABILITIES AND NET ASSETS CURRENT Accounts payable $ 4,600 $ 3,550 Wages payable 2,789 1,196 Employee deductions payable 934 1,046 Deferred income ,226 6,648 NET ASSETS 45,376 41,083 $ 54,602 $ 47,731 ON BEHALF OF THE BOARD Director Director

6 Statement of Revenues and Expenditures Year Ended March 31, TRADE SALES Client fees $ 96,318 $ 103,989 Donations and fundraising 6,952 11,178 Gaming Funds 16,700 16,706 Grants 81,120 71,120 National crime victims awareness 1,026 - Provincial employees community services fund Workshop fees 4, , ,847 EXPENSES Advertising and promotion Amortization Bad debts 4,243 1,035 Insurance 2,286 2,600 Interest and bank charges Office 6,680 7,614 Professional fees 6,920 6,611 Rental 24,269 24,263 Repairs and maintenance 567 1,175 Salaries and wages 81,789 78,197 Sub-contracts 70,416 77,099 Telephone 2,097 2,059 Training 1, , ,277 EXCESS OF TRADE SALES OVER EXPENSES $ 4,293 $ 1,570

7 Statement of Changes in Net Assets Year Ended March 31, 2016 General Restricted Third Fund Fund Fund NET ASSETS - BEGINNING OF YEAR Excess of trade sales over expenses NET ASSETS - END OF YEAR $ 41,083 $ $ $ 41,083 $ 39,513 4,293 4,293 1,570 $ 45,376 $ $ - $ 45,376 $ 41,083

8 Statement of Cash Flow Year Ended March 31, OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees Interest paid Goods and services tax Cash flow from operating activities INVESTING ACTIVITY Purchase of tangible capital assets INC~ASE IN CASH FLOW Cash - beginning of year CASH - END OF YEAR $ 206,781 $ 211,945 (194,521) (207,095) (43) (28) 175 (445) 12,392 4,377 (1,742) (1,303,,), 10,650 3,074 21,961 18,887 32,611 $ 21,961

9 Notes to Financial Statements Year Ended March 31, PURPOSE OF THE SOCIETY Vancouver Island Men s Trauma Counselling Society (the "society") is a not-for-profit organization incorporated provincially under the Society Act of British Columbia.As a registered charity the society is exempt from the payment of income tax under Section 149(1 ) of the Income Tax Act. The society provides psychological and practical support to males sixteen years and older who suffer from the effects of trauma, in order to facilitate their emotional healing. 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). Canadian accounting standards for not-for-profit organizations are part of Canadian GAAP. Fund accounting Vancouver Island Men s Trauma Counselling Society follows the deferral method of accounting for contributions. Revenues and expenses related to program delivery and administrative activities are reported in the Operating Fund. Tangible capital assets Tangible capital assets are stated at cost or deemed cost less accumulated amortization. Tangible capital assets are amortized over their estimated useful lives on a declining balance basis at the following rates and methods: Computer equipment 3 years Equipment 20% straight-line method declining balance method The society regularly reviews its tangible capital assets to eliminate items which are fully amortized and no longer in use. Goods and Services Tax Contributed materials and services are recoverable at 50% as a rebate. The unrecoverable portion is recorded as an expense with the rebate treated as a receivable. Revenue recognition The society follows the deferral method of accounting for contributions and recognizes revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Endowment contributions are recognized as direct increases in net assets. Government grants Government grants are recorded when there is a reasonable assurance that the society had complied with and will continue to comply with, all the necessary conditions to obtain the grants. (continues)

10 Notes to Financial Statements Year Ended March 3t, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Donated,qoods Donated goods are recorded at their fair market value at the time of the donation. During the year $1,000 in goods were donated ( $0). Contributed services The operations of the organization depend on both the contribution of time by volunteers and donated materials from various sources. The fair value of donated materials and services cannot be reasonably determined and are therefore not reflected in these financial 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 policy The Society s financial instruments consist of cash, accounts receivable, accounts payable, and accrued liabilities. The Society is not exposed to significant interest, currency, or credit risk arising from these financial instruments. Unless otherwise notes, the fair value of the financial instruments approximate their carrying value. 3. TANGIBLE CAPITAL ASSETS Computer equipment Furniture and fixtures Accumulated Net book Net book Cost amortization value value $ 4,045 $ 1,109 $ 2,936 $ 1,086 4,600 4, $ 8,645 $ 5,414 $ 3,231 $ 1, SHORT TERM DEBT The society has a $5,000 revolving line of credit of which $0 was used as at March 31, Bank advances on the credit line are payable on demand and bears interest at 3% over prime.

11 Notes to Financial Statements Year Ended March 3t, LEASE COMMITMENTS The society has a long term lease with respect to its premises. The lease contains renewal options and provides for payment of utilities, property taxes and maintenance costs. Future minimum lease payments as at March 31,2016, are as follows: 2017 $ 18, , ,185 $ 41,206 COMPARATIVE FIGURES Some of the comparative figures have been reclassified to conform to the current year s presentation.

12 VANCOUVER ISLAND MEN S TRAUMA COUNSELLING SOCIETY Key Performance Indicators Year Ended March 31, 2016 Income statement surnmary Total Revenue Salaries & wages Other expenses Net income (loss) " = ~3~ 204 8! Total Revenue Salaries & wages Oth~ expenses Net income (loss) Expenses as a percentage of total revenue 2.08% 39.67% Net mcem~ flc.~.~ 0~ ~xp~:~:

13 N~ber of days sales ~ accounts receivable Actual ] I A5... I