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TECHNICAL TRAINING GROUP(STRATFORD & AREA)
FINANCIAL STATEMENTS
MARCH 3I,2AI2
Famme & Co.P r of e s s i o n a I Corpora t io tt CHARTERED ACCOUNTANTS
KEITH A. NEEB. B.Math.. C..{.
DA\ID v. BEAN. B.Math.. C.A.
BERNARD \1 LINSEMAN. B.Math.. C.A.
]EFFREY R SKUBOWTUS.8.A.. C.A.
FR.ANKLIN H. FAMME. B.B.A . C-I.M", FCIM.C-ABRADLEY J. w McNEIL.8.A.. M Acc . C.A
STEPHEN \AN DEN HENGEL. B,Acc .C A.
PETER D. BRICKMAN.8.A.. C.A.
STEPHEN I WARD. B.A.. M.Acc.. C A.
L\'NN BAST. B,B A.. C.A.
]\,IICHAEL P B, JAREMCHENKO. 8.A.. CFP. C A.
I25 ONTARIO STREETSTRATFORD. ONTARIO N5A 3HI
STRATFORD 5I9.2?I-758IFAX 519-27 t-2'137LONDON 519-432-1663FAX 5t9-432-7662ST.MARYS 519-284-1030FAX 519-284-4391
E-MAIL: office@fammeandco.on.caWEBSITE: www.fammeandco.on.ca
INDEPENDENT AUDITORS' REPORT
To the Members ofTechnical Training Group (Stratford & Area)
Stratford, Ontario
Report on the Financial Statements
we have audited the accompanying financial statements of Technical Training Group
(Stratford & Area), which comprise ihe statlment of financial position as at March 3l' 2012 and the
statement of operations, statement of surplus and statement of cash flows for the year then ended and a
,r**".y of significant accounting poticies 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 g"n",uily accepted accounting principles.and for such internal
control as management determines is necessary to enabli the preparation of frnancial statements that are
free from materi-al 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 ethiciii"q"i*ti*ts and plan-and perform-the audit to obtain
reasonable assurance about *h"ther the financial siatements are free from material misstatement'
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statementt. rn" p-cedures selected.depend on the auditors' judgment'
including the assessment of the risks of materi'al misstatement of the hnancial statements' whether due
to fraud or error. In making those risk assessments, the auditor considers internal contol relevant to the
entity,s preparation and fair presentation of the firrancial statements in order to design audit procedures
that are appropriate in the tircumstances' but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal connol. L audit also includes evaluiting the appropriateness of
accounting policies used'and the reasonableness of accounting estimates made by management' as well
asevaluatingtheoverallpresentationofthefinancialstatements.
we believe that th€ audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit oPinion.
INDEPENDENT AUDITORS' REPORT - continued
Basis for Qualified Opinion
In common with many not-for-profit organizations, the organization derives cash revenue, thecompleteness of which is not susceptible to satisfactory audit verification. Accordingly, ourverihcation of these revenues was limited to the amounts recorded in the records of the organizationand we were not able to determine whether any adjustrnents might be necessary to revenue, excess ofrevenue over expenses, assets and net assets.
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph, the financial statements present fairly, in all material respects, the financialposition of Technical Training Group (Stratford & Area) as at March 31,2012 and the results ofits operations and its cash flows for the year then ended in accordance with Canadian generally
accepted accounting principles.
f*,-'r L.
Professional CorporationChartered AccountantsAuthorized to practise public accounling by
The Institute of Chartered Accountants of Ontario
Stratford, OntarioMay 30,2012
Technical Training Group (Stratford & Area)Statement of Financial Position
As at March 3I,20I2
ASSETS
2012 20tt
$ 36,65228, I 5610,072I1,4818.842
$ 95.203
Current AssetsCashInvestment savings accounlAccounts receivableHST receivablePrepaid expenses
$ 34,63028,50828,24418,0782.948
s r12.408
LIABILITIES
Current LiabilitiesAccounts payable and accrued liabilitiesDeferred revenue
33,60728.743
22,51232.s0055.01262,350
SURPLUS
Unrestricted Surplus
Approved on Behalf of the Board:
50.058
$ 112.408:
40.191
$ 95.203'@
(See Accompanying Notes to the Financial Statements)
Technical Training Group (Stratford & Area)Statement of Surplus
For the year ended March 31,2012
2012 201 I
Balance - beginning ofyear $ 40'191 $ 40'177
Excess ofrevenues over expenditures for the year 9.867
Balance - end of year $-5ro.58 $-40,,!-9-L
(See Accompanying Notes to the Financial Statements)
Technical Training Group (Stratford & Area)Statement of Operations
For the year ended March 3I,2012
20t2
RevenuesWelding apprenticeship revenues (Schedule 1)
Pre-apprenticeship trainingApprenticeship enhancement fu ndingProgram revenueTuition revenueBooks and supplies revenueED tundingPerth Community Futures grant
Libro grantTown of St. MarysInterestMiscellaneous income
ExpendituresWelding apprenticeship expenditures (Schedule I )AdministrativeAdvertisingBookkeeping fees
Capital purchases
Co-ordinator feesProfessional feesInstructor feesInsuranceMeetingsOfficeFacilitySupplies, materials, toolsTravelWeb designProject supportInterestMiscellaneousBad debt (recovery)
Excess of revenues over expendituresfor the year
$ 126,965t634330,20743s0
102,6602,6606,ooo
10,0002,000
5687-997
119,47523,42E
3,0124,677
30"3192,6192,325
71,7791,8021,3525,0093,840
10,7032,938
16616,500
90
(r11)
$ 309,730
299.863
$ 9.867
201 i
$ 124,810
4,27069,9123,006
50,1 35
3,500
2,000454
--
258.087
109,84024,778
5,2337,112
5896,6153,750
39,6884,69',7
1,0437,9975,4109,8781,981
1,20326,000
691,840
900258.073
$_!4
(See Accompanying Notes to the Financial Statements)
Technical Training Group (Stratford & Area)Statement of Cash Flows
For the year ended March 31,2012
2012 201 1
Cash Provided By (Used In):Operating Activities
Excess ofrevenues over expenditures for the year
Net changes in non-cash current operating accountsDecrease (increase) in accounts receivableDecrease (increase) in HST receivableDecrease (increase) in prepaid expenses
Increase (decrease) in defened grants
Increase (decrease) in accounts payable
and accrued liabilities
@ecrease) in cash and cash equivalents
Cash and cash equivalents - beginning ofyear
$ 9,867 $ 14
(18,172) (3,007)(6,597) (7,505)
5,894 (6,623)(3,751) 2,500
11.09s (1.196)
$ (1,670) (1s,817)
64.808 80.625
Cash and cash equivalents - end of year $--63J38 5-64808
Cash and cash equivalents consist of cash on hand and balances with bank. Cash and cash
equivalents comprise the following balance sheet amounts:
CashInvestment savings account
34,630 36,65228.50E 28.156
$___63.138 $_64909
(See Accompanying Notes to the Financial Statements)
1.
2.
Technical Training Group (Stratford & Area)Notes to the Financial StatementsFor the year ended March 31,2012
Purpose
The Technical Training Group was incorporated by letters patent under the Ontario
Corporations Act on April 5,20b7 as a not-for-profit organization. The purpose of the organization
is to facilitate the delivery of local market-driven training to Stratford and area businesses.
Summary of Significant Accounting Policies
These financial statements have been prepared from information available within the
guidelines of Canadian generally accepted accounting principles summarized below'
(a) Capital ExpendituresUnder Canadian generally accepted accounting principles, purchases of a capital nature
are recorded ",
prop"tty, plant and-equipment and amortized over the useful lives of the
assets. Howevei "n """"pt"tte
alternitive for non-profit and charitable organizations with
revenues under $ 500,000, is to show the purchases of properfy, plant and equipment as
expenses in the year in which they are incurred. The organization follows this alternative
method of accounting for purchases of a capital nature.
In the year ended March 31,2012, the organization purchased and charged to expense
items of a capital nature totaling $ 30,3 l9 (201 I - $ 589).
(b) Revenue RecognitionThe defenal method of accounting is used for conffibutions. Restricted contributions
are recognized in the year in which the related expenses are incurred. Unrestricted
contributions "r"
,..ogoired as revenue when received or receivable if the amount can be
reasonably estimated and collection is reasonably assured.
(c) Use of Estimatespreparation of financial statements in conformity with Canadian generally accepted
accounting principles requires management to make estimates and assumptions that could
affect amounts reported as assets, liabilities, revenues and expenses. Due to measurement
uncertainty, results could differ from those estimates.
(d) Financial InstrumentsFinancial instruments are items which are cash, rights to receive cash or obligations to
pay cash at a future date. Unless otherwise noted, it is management's opinion that the
organization is not exposed to significant interest, curency or credit risks arising from
fin,ancial instruments. The fair value of these instruments approximate their carrying value.
Comparative Figures
Certain of the 2011 figures on the statement of financial position and the statement ofoperations have been reclassified to conform to the 2012 financial statement Presentation.
3.
(Schedule l)Technical Training Group (Stratford & Area)
Schedule of Operations for Welding Appreticeship ProgramsFor the year ended March 31,2012
2012 20r1
RevenuesMTCU grants
Tuition revenueBooks and supplies revenue
ExpendituresAdministrativeAdvertisingBookkeeping fees
Co-ordinator feesProfessional feesInstructor feesInsuranceMeetingsOfficeFacilitySupplies, materials, toolsTravelInterest
Excess of revenues over expendituresfor the year
$ 100,16515,70011.100
13,6441,1823,1249,4081,573
32,6321,220ttz
5,64421,43227,3522,152
$ 100,53015,6308-650
$ 126,965 12!.810
I 1,507443
9,380
zl,lgl
2084,443
22,01122,899
1,142
ll9i475 109.840
$-z4q 5-l-4.e70
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