SKATECANADA FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014 AND AUDITORS' REPORT TO THE MEMBERS
FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2014 SKATECANADA
AND AUDITORS' REPORT TO THE MEMBERS
TABLE OF CONTENTS
Auditors' Report
2
Statement of Financial Position - 2014 Fiscal Year
3
Statement of Financial Position - 2013 Fiscal Year
4
Statement of Operations
5
Statement of Changes in Funds
6
Statement of Cash Flow
7
Notes to the Financial Statements
8-15
1
Lo
io5 - 6 Gurdwara Road, Ottawa ON, K2E 8A3 Tel: 613.228.8282 Fax: 613.228.8284
aN kcitz
Email:
[email protected]
CHARTERED ACCOUNTANTS /
www.logankatz.com
AGN
an association of independent firms worldwide
INDEPENDENT AUDITORS' REPORT To the Members of SKATE CANADA: Report on the Financial Statements We have audited the accompanying financial statements of SKATE CANADA (the "Association"), which comprise the statements of financial position as at March 31, 2014, and the statements of operations, changes in fund balances and cash flows 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 ("ASNFPO"), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due 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' judgment, including the assessment of the 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 Association'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 Association'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 The Association, in common with many Registered Canadian Amateur Athletics Associations, derives some of its revenue from donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues were limited to the amounts recorded in the records of the Association and we were unable to determine whether any adjustments might be necessary to donation revenue, excess (deficiency) of revenue over expenditures, assets, and fund balances. Qualified Opinion In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Association as at March 31, 2014, and the results of its operations and its cash flows for the year then ended in accordance with ASNFPO.
Chartered Accountants Licensed Public Accountants Ottawa, Canada May 21, 2014
2
SKATE CANADA Statement of Financial Position as at March 31, 2014
Externally ASSETS
General Fund
Athlete
Hall of Fame
Invested In
Restricted
Fund
Fund
Capital Assets
Funds
Endowment March 31, 2014 Funds
Total
CURRENT ASSETS Cash Accounts receivable
$ Note 4,10
2,972,783
$
22,866
1,700,286
128 -
$
35,942
$
$
-
$
$
3,031,591 1,700,414
Unbilled contract revenue
Note 3
852,000
Merchandise inventory
Note 5
525,552
525,552
107,009
107,009 .
Prepaid expenses Due from Skate Canada Skater Trust Fund
852,000
-
Due from funds
Note 6
550,527
Skate Canada Skater Trust Fund
Note 7
842,455
INVESTMENTS
Note 8
CAPITAL ASSETS
Note 9
TOTAL ASSETS
550,527 -
842,455 7,609,548
7,550,612
22,994
35,942
10,122,268
7,592,019
1,416,971
209,998
186,567
19,527,823
1,923,709 $ 17,672,880
$
$
$
7,615,013
1,923,709
$ 1,452,913
$ 1,923,709
$ 209,998
$
$
$
$
$
186,567
$ 29,061,080
LIABILITIES LIABILITIES Accounts payable and accrued liabilities
Note 10
Due to funds
Note 6
74,460 412,279
Deferred revenue Skate Canada Skater Trust Fund
1,652,107
$
Note 7
316,270
842,455
Note 11
-
842,455
486,739
138,248
3,435,819
486,739
138,248
7,422,678
3,986,859
TOTAL LIABILITIES
1,726,567 550,527
316,270 2,810,832
DEFERRED CONTRIBUTIONS
138,248
3,986,859
6,797,691
FUND BALANCES Unrestricted
$
Internally restricted Invested in Capital Assets
10,875,189 -
$
7,128,274
$
1,314,665
$
-
$
10,875,189 8,442,939 1,923,709
1,923,709
Externally restricted
209,998
209,998
Endowment TOTAL FUND BALANCES
10,875,189
TOTAL LIABILITIES AND FUND BALANCES COMMITMENTS
$ 17,672,880
$
7,128,274
1,314,665
1,923,709
209,998
7,615,013
$ 1,452,913
$ 1,923,709
$ 209,998
Note 16
Approved on behalf of the Board of Directors
Leanna Caron - President
Bill Boland - Director of Finance
3 See accompanying notes to the financial statements.
$
186,567
186,567
186,567
21,638,402
186,567
$ 29,061,080
•
SKATE CANADA Statement of Financial Position as at M'arch 31, 2013
Externally ASSETS
General Fund
Athlete
Hall of Fame
Invested In
Restricted
Fund
Fund
Capital Assets
Funds
(Restated) Endowment March 31, 2013 Funds
Total
CURRENT ASSETS Cash
$
3,669,134
$
12,426
$
52,138
$
$
$
-
$
3,733,698
Accounts receivable
Note 4,10
Unbilled contract revenue
Note 3
770,000
770,000
Merchandise inventory
Note 5
486,895
486,895
5,390,561
Prepaid expenses
1,328
5,391,889
202,809
Due from Skate Canada Skater Trust Fund
202,809
86,245
Due from funds
Note 6
Skate Canada Skater Trust Fund
Note 7
INVESTMENTS
Note 8
CAPITAL ASSETS
Note 9
TOTAL ASSETS
-
86,245
172,651
172,651 -
768,197
11,373,841
768,197 186,405
52,138
11,612,384
9,715,224
7,151,855
1,319,351
227,447
191,146
18,605,023
2,117,628 $ 21,089,065
$
7,338,260
$
$
75,867
2,117,628
$ 1,371,489
$ 2,117,628
$ 227,447
$
$
$
$
$
191,146
$ 32,335,035
LIABILITIES LIABILITIES Accounts payable and accrued liabilities
Note 10
Due to funds
Note 6
129,255
Deferred revenue Skate Canada Skater Trust Fund
4,160,274
$
Note 7
121,877
768,197
Note 11
-
768,197
75,867
43,396
5,298,866
75,867
43,396
4,010,000
TOTAL LIABILITIES
4,236,141 172,651
121,877 5,179,603
DEFERRED CONTRIBUTIONS
43,396
4,010,000
9,189,603
9,308,866
FUND BALANCES Unrestricted Internally restricted Invested in Capital Assets
$ 11,899,462 -
$
7,262,393
$
1,328,093
$
-
$
2,117,628
Externally restricted
-
227,447
227,447
Endowment TOTAL FUND BALANCES
11,899,462
TOTAL LIABILITIES AND FUND BALANCES COMMITMENTS
11,899,462 8,590,486 2,117,628
$
$
21,089,065
$
7,262,393
1,328,093
2,117,628
227,447
7,338,260
$ 1,371,489
$ 2,117,628
$ 227,447
Note 16
4
See accompanying notes to the financial statements.
$
191,146
191,146
191,146
23,026,170
191,146
$ 32,335,035
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