(Attachment 3) NORTHSTAR RAILS TO TRAILS SOCIETY. FINANCIAL STATEMENTS (Unaudited) DECEMBER 31,2014

Transcription

1 (Attachment 3) NORTHSTAR RAILS TO TRAILS SOCIETY FINANCIAL STATEMENTS (Unaudited) DECEMBER 31,2014

2 INDEX TO FINANCIAL STATEMENTS (Unaudited) DECEMBER 31,2014 Review Engagement Report Balance Sheet Statement of Revenue and Expenditures Statement of Surplus Statement of Cash Flow Notes to Financial Statements

3 HRYCIUK GALLINGER' CERT I FI ED GENERAL ACCOUN TAN TS REVIEW ENGAGEMENT REPORT TO THE MEMBERS NORTHSTAR RAILS TO TRAILS SOCIETY We have reviewed the balanoe sheet of NorthStar Rails to Trails Society as at December 31, 2014 and the statements of revenue and expenditures, surplus and cash flow for the year then ended. Our review was made in accordance with generally accepted standards for review engagements and, accordingly, consisted primarily of enquiry, 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. As is common with many not-for-profit organizations, the Society does not reflect the value of donated goods and services in 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-for-profit organizations (ASNPO). HRYCIUK GALLINGER Certified General Accountants Cranbrook, B.C. February 6, Baker Street, Cranbrook, BC V1 C la FAX: info@hg co.com WEB: ~ Denotes Professional Corporation

4 BALANCE SHEET AS AT DECEMBER 31, 2014 ASSETS CURRENT ASSETS Cash $ 36,71 5 $ 43,104 Due from government agencies Prepaid expenses PROPERTY, PLANT AND EQUIPMENT (Note 1) $ $ LIABILITIES CURRENT LIABILITIES Accounts payable $ $ 11 Accrued liabilities ,018 MEMBERS' EQUITY SURPLUS Internally restricted surplus (Note 2) 20,000 Unrestricted surplus $ $ APPROVED BY THE OFFICERS: The accompanying notes form an integral part of these financial statements. Page 2

5 NORTHSTA~ RAILS TO TRAILS SOCIETY STATEMENT OF REVENUE AND EXPENDITURES FOR THE YEAR ENDED DECEMBER 31,2014 Budget Actual Actual REVENUES Grants (Note 3) $ $ 54,609 $ Donations QQ 64,654 66,581 EXPENSES Administration: Accounting Administration and grant proposals 3, Bank charges and interest Computer and software amortization Insurance 1, Meetings and volunteer appreciation 2, Office and postage Memberships Trail Maintenance: Automotive 2, ,828 Equipment 3,400 1,890 3,882 Vegetation management 22,700 22,121 2,558 Wages and employee benefits 21,487 18,855 9,458 Washroom maintenance Trail Enhancement: Benches 2,845 Enhancement projects 22,700 Guide vests Signage 3, Vegetation purchases TOTAL EXPENSES 96, EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES $ '3~,433) $ (314) $ 461~~ The accompanying notes fonn an integral part of these fmancial statements. Page 3

6 STATEMENT OF SURPLUS FOR THE YEAR ENDED DECEMBER 31, 2014 BALANCE - Beginning (Deficiency) excess of revenues over expenditures for the year BALANCE - Ending $ 46,348 $ (314) $ $ Apportioned as follows: Internally restricted surplus Unrestricted surplus $ 20,000 $ 26,034 46,348 $ 46,034 $ The accompanying notes form an integral part of these financial statements. Page 4

7 STATEMENT OF CASH FLOW FOR THE YEAR ENDED DECEMBER 31, OPERATING ACTIVITIES (Deficiency) excess of revenues over expenditures $ (314) $ 46,348 Add: non cash items affecting operations Amortization 1, Prepaid expenses (167) (680) Accounts payable and accruals 130 1,018 Due from government agencies {51) INVESTING ACTIVITIES Additions to property, plant and equipment ( ) {3,953) (DECREASE) INCREASE IN CASH (6,389) 43,104 CASH, BEGINNING OF YEAR CASH, END OF YEAR $ $ The accompanying notes form an integral part of these financial statements. PageS

8 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements were prepared in accordance with Canadian accounting standards for notfor-profit organizations (ASNPO) and include the following significant accounting policies. Revenue Recognition Revenue is recognized when it is earned and, more specifically, when all the following conditions are met: - Services are provided or products are delivered to customers, - There is clear evidence that an arrangement exists, - Amounts are fixed or can be determined, - The ability to collect is reasonably assured, - There are no significant obligations for future performance, - The amount of future returns can be reasonably estimated. Property, Plant and Equipment All property, plant and equipment are stated at historical cost. Amortization is provided on the declining balance basis at the rates shown below, except for current additions, which are amortized at one-half the shown rate and in accordance with the number of days in use in the period Cost Accumulated Cost Accumulated Amortization Amortization Equipment 20% $ 3,352 $ 498 $ 2,755 $ % Computer hardware 672 Computer software 100% Automotive 30% $ $ $ $ 422 Net book value $ $ Use of Estimates The preparation of financial statements in accordance with Canadian accounting standards for notfor-profit organizations (ASNPO) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses and disclosure of contingent assets and liabilities. These assumptions are based on a number of factors including historical experience, current events and actions that the association may undertake in the future, and other assumptions believed reasonable in the circumstances. Actual results could differ from those estimates under different conditions and assumptions. Estimates are used when accounting for certain items such as useful lives of property, plant and equipment, impairment of long-lived assets, goodwill, employee future benefits, allowance for doubtful accounts, and provision for slow-moving inventories and income taxes. Page 6

9 NOTES TO FINANCIAL STATEMENTS (CONT' D) FOR THE YEAR ENDED DECEMBER 31, INTERNALLY RESTRICTED SURPLUS The Society has set aside a reserve for the future enhancement and repair of the trail system. 3. GRANTS The grants received for the year consist of: Columbia Basin Trust City of Kimberley City of Cranbrook Regional District of East Kootenay $ 26,659 10,000 10,000 7,950 $ 54, SOCIETY MISSION STATEMENT The society was incorporated as a Society under the laws of British Columbia on May 28, 2012 with the purpose to: a) develop, maintain and promote the 'NorthStar Rails to Trails' for primarily non-motorized uses; b) promote the advancement of education about the historical uses, regional economic benefits, natural history and health benefits of 'NorthStar Rails to Trails'; c) provide similar and related services as determined by the membership; and d) undertake the foregoing activities on a not-for-profit basis with any surplus to be reinvested in improving the provisions of service set out above. Page 7