Sail Canada – Financial Statements
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SAIL CANADA/VOILE CANADA FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2014 Independent Auditors' Report Statement of Financial Position Statement of Operations - General Fund - Restricted Funds Statement of Changes in Fund Balances Statement of Cash Flow Notes to Financial Statements INDEPENDENT AUDITORS' REPORT To the Members of Sail Canada/Voile Canada We have audited the accompanying financial statements of Sail Canada/Voile Canada which comprise the statement of financial position as at March 31, 2014, and the statements of operations, changes in fund balances and cash flow for the year then ended, and 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 to fraud or error. Auditors' 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 auditors' judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion In common with many not-for-profit organizations, Sail Canada/Voile Canada derives revenue from externally run fundraising activities, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of this revenue was limited to the amounts recorded in the records of the organization. Therefore, we were not able to determine whether any adjustments might be necessary to revenues, excess of revenues over expenses and cash flow from operations for the year ended March 31, 2014, accounts receivable at March 31, 2014, and fund balances as at April 1, 2013 and March 31, 2014. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, these financial statements present fairly, in all material respects the financial position of the Sail Canada/Voile Canada as at March 31, 2014 and the results of its operations and cash flow for the year then ended in accordance with Canadian accounting standards for not- for-profit organizations. Chartered Accountants Licensed Public Accountants Kingston, Ontario Date SAIL CANADA/VOILE CANADA STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2014 Financial General Assistance Sail Canada Endowment March 31, March 31, Fund Program Fund Funds 2014 2013 Assets Current Assets Cash (note 3) $ 78,879 $ 31,265 $ 69,048 $ 4,162 $ 183,354 $ 172,016 Short term investments (note 4) 81,379 1,163,044 223,239 1,467,662 1,393,313 Accrued interest on short-term investments 7,065 2,223 9,288 9,258 Accounts receivable 124,489 124,489 257,398 Inventory 106,028 106,028 124,961 Prepaid expenses 58,137 58,137 80,069 Interfund balances 102,770 (40,630) (50,298) (11,842) Current portion of loans receivable (note 5) 4,918 4,918 470,303 72,014 1,188,859 222,700 1,953,876 2,037,015 Loans Receivable (note 5) 4,918 4,918 Capital Assets (note 6) 543,423 543,423 529,808 Less accumulated amortization 499,645 499,645 498,394 43,778 43,778 31,414 $ 514,081 $ 72,014 $ 1,188,859 $ 227,618 $ 2,002,572 $ 2,068,429 Liabilities and Fund Balances Current Liabilities Accounts payable and accrued liabilities $ 115,486 $ 3,287 $ 118,773 $ 145,958 Deferred revenue (note 7) 67,276 67,276 83,068 182,762 3,287 186,049 229,026 Fund Balances Invested in capital assets (note 8) 43,778 43,778 31,414 Unrestricted surplus 287,541 287,541 347,355 Internally restricted $ 72,014 $ 1,188,859 • 1,260,873 1,240,323 Externally restricted $ 224,331 224,331 220,311 331,319 72,014 1,188,859 224,331 1,816,523 1,839,403 $ 514,081 $ 72,014 $ 1,188,859 $ 227,618 $ 2,002,572 $ 2,068,429 Commitments (note 12) Approved on behalf of the Board Member Member See accompanying notes to financial statements SAIL CANADA/VOILE CANADA STATEMENT OF OPERATIONS - GENERAL FUND YEAR ENDED MARCH 31, 2014 Flow- Total Total General Through 2014 2013 Revenues Membership and registration fees S 441,737 $ 441,737 $ Sport Canada 449,230 1,142,827 $ 95,000 1,237,827 Sport 1,644,923 Centre Ontario 55,913 Grants 55,913 25,840 64,851 64,851 Sale of merchandise (note 9) 193,144 133,850 133,850 Administration 158,808 fees 9,156 Sponsorship 9,156 15,928 and advertising 36,076 Donations 36,076 33,795 (note 11) 88,885 Athlete fees 88,885 134,011 28,430 National 28,430 57,180 competitions 59,742 Cansail 59,742 73,718 75,445 75,445 Investment income 35,611 1,563 Other 1,563 1,688 22,620 Gain realized on foreign exchange 22,620 43,721 4,816 4,816 2,165,911 95,000 2,260,911 2,867,597 Expenses General Salaries and benefits - personnel 524,208 Travel 524,208 442,519 47,788 Cost 47,788 56,545 of merchandise (note 9) 69,375 Insurance 69,375 96,183 97,864 97,864 Rent and cleaning (note 12) 110,865 39,780 39,780 Dues 39,724 and affiliation fees 25,085 Office 25,085 25,976 equipment 4,212 Telephone 4,212 4,564 20,329 20,329 Official languages 20,094 35,162 35,162 42,023 Resource materials and supplies (note II) 108,460 108,460 Postage and courier 174,597 4,341 4,341 Meetings - AGM 4,631 25,960 25,960 High Performance 24,493 Athlete support 161,710 161,710 Salaries and benefits - coaches 434,417 537,040 537,040 Canadian 436,905 Sports Centre coaches - Contract coaches 35,000 6,464 6,464 Sports Science 132,460 33,797 Equipment, repairs and maintenance 71,577 71,577 Travel 141,185 168,628 168,628 Programmes 141,103 Event costs 77,966 95,000 172,966 Volunteer 146,319 and delegate travel 39,650 Special initiatives 39,650 41,985 13,283 Training 13,283 69,850 65,069 65,069 Other 88,098 Consulting fees 19,235 19,235 Professional services 15,947 83,834 83,834 Miscellaneous 68,552 203 203 Amortization 10,563 16,436 16,436 Bank charges and interest 13,115 15,244 15,244 17,341 2,278,903 95,000 2,373,903 2,868,851 Deficiency of revenues over expenses before the undernoted item (112,992) (112,992) (1,254) Gain (loss) on sale of capital assets 4,500 4,500 (35,014) Deficiency of revenues over expenses $ (108,492) $ - $ (108,492) $ (36,268) See accompanying notes to financial statements. r.1 00 SI N N 00 S S en en tr) tr) M CD VD O N 00 00 V1 rn" .6 .6 00 CT' 1/46 1/40 O 0D 00 O 000 O ,a1 N 69 69 O cn O N N 0O 00 N kr) rn 00 N 00 v") 00 N O M N tr) (r) CT, 0 O C 00 75 N7 00 (n‘ O S- M 00 O O N N N 1/40 00 Fr " 69 69 (7, n 1/40 N O O N a N N O O O O O N 1/40 00 kr1 00 N 711. 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