VICTORIA BRAIN INJURY SOCIETY FINANCIAL STATEMENTS MARCH 31, 2025

FINANCIAL STATEMENTS

MARCH 31, 2025

TABLE OF CONTENTS

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INDEPENDENT PRACTITIONER'S REVIEW ENGAGEMENT REPORT

To the members of Victoria Brain Injury Society

We have reviewed the accompanying financial statements of Victoria Brain Injury Society that comprise the statement of financial position as at March 31, 2025, and the statements of operations, changes in net assets 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, 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.

Practitioner's Responsibility Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with Canadian generally accepted standards for review engagements, which require us to comply with relevant ethical requirements.

A review of financial statements in accordance with Canadian generally accepted standards for review engagements is a limited assurance engagement. The practitioner performs procedures, primarily consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained.

The procedures performed in a review are substantially less in extent than, and vary in nature from, those performed in an audit conducted in accordance with Canadian generally accepted standards. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects, the financial position of Victoria Brain Injury Society as at March 31, 2025, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Hughesman Morris Liversedge Chartered Professional Accountants

Sidney, BC August 5, 2025

9768 THIRD STREET, SIDNEY, B.C., V8L 3A4 MAIL@SIDNEYACCOUNTANTS.CA | WWW.SIDNEYACCOUNTANTS.CA

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VICTORIA BRAIN INJURY SOCIETY

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MARCH 31

(unaudited)

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VICTORIA BRAIN INJURY SOCIETY

STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31

(unaudited)

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VICTORIA BRAIN INJURY SOCIETY

STATEMENT OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED MARCH 31

(unaudited)

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VICTORIA BRAIN INJURY SOCIETY

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED MARCH 31

(unaudited)

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VICTORIA BRAIN INJURY SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

AS AT MARCH 31, 2025

(unaudited)

1. NATURE OF OPERATIONS

Victoria Brain Injury Society (the "Society") is registered under the British Columbia Societies Act. The Society operates a not-for-profit centre for individuals and their families suffering from brain injuries. The Society is a registered charity under the Income Tax Act and is exempt from tax.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations. The significant accounting policies are detailed as follows:

(a) Revenue recognition The Society follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are recognized as revenue when received, or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

The Society records revenue from fundraising when amounts are received.

The Society records interest income as it is earned.

The Society records revenue from advertising and memberships as services are performed.

(b) Contributed services Volunteers contribute a significant amount of time to assist the Society in carrying out its services. Because of the difficulty of determining their fair value, contributed services are not recognized in the financial statements.

(c) Financial instruments The Society initially measures its financial assets and liabilities at fair value, except for certain non-arm's length transactions. The company subsequently measures its financial assets and financial liabilities at amortized cost, except for securities quoted in an active market, which are subsequently measured at fair value.

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2. SIGNIFICANT ACCOUNTING POLICIES, continued

(c) Financial instruments, continued Financial assets measured at amortized cost include cash, restricted cash, accounts receivable and restricted investments. Financial liabilities measured at amortized cost include accounts payable and accrued liabilities, and wages payable.

(d) Property, plant and equipment Property, plant and equipment are recorded at cost. The Society provides for amortization using the straight-line method at rates designed to amortize the cost of the property, plant and equipment over their estimated useful lives. No amortization is recorded in the year of disposal. The annual amortization rates are as follows:

• Computer equipment: 3 years
• Office equipment: 5 years

(e) Intangible assets Intangible assets are recorded at cost. The Society provides for amortization using the straight-line method at rates designed to amortize the cost of the intangible assets over their estimated useful lives. The annual amortization rate is as follows:

• Organizational Management System: 5 years

(f) Use of estimates The preparation of financial statements in accordance with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses.

The main estimates relate to the useful lives of property, plant and equipment and intangible assets. Actual results could differ from those estimates, although management does not generally believe such differences would materially affect the financial statements in any individual year.

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3. GRANTS AND GOVERNMENT SUBSIDIES

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4. RESTRICTED INVESTMENTS

The Society has internally restricted funds for the future acquisition of land or a facility to support long-term service delivery. The use of these funds may include expansion into the West Shore or the establishment of a residence for brain injury survivors.

The restriction was approved by board motions on March 15, 2022 ($200,000) and March 15, 2023 ($125,000). These funds may not be used for any other purpose without board approval.

Restricted investments are comprised of a non-redeemable 18 month term deposit with an annual interest rate of 3.700%, maturing on March 28, 2026. The current balance of these restricted funds as of March 31, 2025, including interest earned, is $356,611.

5. PROPERTY, PLANT AND EQUIPMENT

Amortization for the year amounted to $6,048 (2024 - $11,225)

6. INTANGIBLE ASSETS

Amortization for the year amounted to $2,235 (2024 - $2,235)

7. DEFERRED CONTRIBUTIONS

Deferred contributions represent unspent funds with externally imposed restrictions on how the funds may be spent.

Changes in deferred contributions are as follows:

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7. DEFERRED CONTRIBUTIONS, continued

8. RELATED PARTY TRANSACTIONS

The Society incurred expenses of $13,777 (2024 - $10,766) for managed IT services (included in office expenses), which were provided by a business owned by the spouse of one of the Society's directors.

These transactions are in the normal course of operations and have been valued in these financial statements at the exchange amount which is the amount of consideration established and agreed to by the related parties.

9. REMUNERATION OF EMPLOYEES, CONTRACTORS AND DIRECTORS

The B.C. Societies Act requires the society to disclose the remuneration paid to employees and contractors whose remuneration during the year was at least $75,000, and all remuneration paid to directors.

For the fiscal year ending March 31, 2025, the Society paid total remuneration greater than $75,000 to one employee, in the amount of $89,726. No remuneration of $75,000 or greater was paid to any contractor, and no remuneration was paid to any of the directors.

10. FINANCIAL INSTRUMENTS

The Society is exposed to various financial risks through transactions in financial instruments. Unless otherwise noted, it is management's opinion that the Society is not exposed to significant currency, credit, liquidity, interest rate, market or other price risks.

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11. LEASE COMMITMENTS

At year end, the Society's total commitments under various operating leases, are as follows:

The above commitments include a property lease in effect from August 1, 2024 to July 3, 2029, with an option for renewal at the end of the term. The lease is comprised of basic rent of $2,784 per month plus estimated additional rent (proportionate share of operating costs, property taxes and insurance) of $3,227 per month (excluding tax).

12. FUNDS HELD AT THE VICTORIA FOUNDATION

In 2017 the Victoria Brain Injury Society Fund was established. Victoria Foundation matched Victoria Brain Injury Society's gift of $7,500, for a total of $15,000. The funds are being held in perpetuity by the Victoria Foundation, and are not included on the Statement of Financial Position.

As of March 31, 2025, there were funds of $1,045 available to grant.