Appendix: Financial Statements - THE EXTREME OUTREACH SOCIETY (December 31, 2013)
Audited/compiled financial statements for the Extreme Outreach Society for the 2013 fiscal year.
THE EXTREME OUTREACH SOCIETY
FINANCIAL STATEMENTS
DECEMBER 31, 2013
Unaudited - See Notice to Reader
NOTICE TO READER
On the basis of information provided by management, we have compiled the statement of financial position of The Extreme Outreach Society as at December 31, 2013 and the statement of operations and net assets for the year then ended. We have not performed an audit or a review engagement in respect of these financial statements and, accordingly, we express no assurance thereon. Readers are cautioned that these statements may not be appropriate for their purposes.
Victoria, B.C. April 9, 2014
Lee and Sharpe Chartered Accountants
THE EXTREME OUTREACH SOCIETY
STATEMENT OF OPERATIONS AND NET ASSETS
YEAR ENDED DECEMBER 31, 2013
| REVENUE | 2013 | 2012 |
|---|---|---|
| Donations - cash | $ 75,140 | $ 78,224 |
| Outreach & other contributions | 16,519 | 4,841 |
| Donations - other | 9,576 | 18,087 |
| 101,235 | 101,152 | |
| EXPENSES | ||
| Wages and benefits | 105,053 | 92,423 |
| Supplies | 40,780 | 68,931 |
| Advertising and promotion | 25,632 | 17,960 |
| Housing | 18,048 | 2,898 |
| Travel | 17,611 | 18,149 |
| Professional fees | 11,820 | 7,160 |
| Repairs and maintenance | 8,832 | - |
| Utilities | 6,871 | 6,679 |
| Licences and dues | 5,693 | - |
| Office and sundry | 5,334 | 4,831 |
| Insurance | 4,940 | 3,287 |
| Interest and bank charges | 1,660 | 887 |
| Bad debt | - | 3,800 |
| Amortization | 7,787 | 12,069 |
| 260,061 | 239,074 | |
| Income (loss) before other gains and losses | (158,826) | (137,922) |
| Gain (loss) on disposal of capital assets | - | (832) |
| Interest income | - | 785 |
| EXCESS (DEFICIENCY) REVENUE OVER EXPENSES | (158,826) | (137,969) |
| NET ASSETS, beginning of year | 560,618 | 698,587 |
| NET ASSETS, end of year | $ 401,792 | $ 560,618 |
THE EXTREME OUTREACH SOCIETY
(Incorporated under the laws of British Columbia)
STATEMENT OF FINANCIAL POSITION - DECEMBER 31, 2013
ASSETS
| Current | 2013 | 2012 |
|---|---|---|
| Cash | $ 344,856 | $ 500,058 |
| Accounts receivable | 21,536 | 13,577 |
| Inventory | 13,949 | 13,949 |
| Prepaid expenses | 3,152 | 2,829 |
| 383,493 | 530,413 | |
| Capital assets (Note 2) | 25,953 | 33,741 |
| $ 409,446 | $ 564,154 |
LIABILITIES AND NET ASSETS
| Current | 2013 | 2012 |
|---|---|---|
| Accounts payable and accrued liabilities | $ 7,654 | $ 3,536 |
| Net Assets | 401,792 | 560,618 |
| $ 409,446 | $ 564,154 |
Approved by the Directors
THE EXTREME OUTREACH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2013
Note 1 - Accounting Policy
Capital Assets and Amortization Capital assets are recorded at cost. Amortization is determined at rates which will reduce net book value to estimated residual value over the projected useful life of each asset. Annual rates used to compute amortization are as follows, with half-rates in the year of acquisition:
| Asset | Rate | Basis |
|---|---|---|
| Boat | 15% | declining balance basis |
| Furniture and equipment | 20% | declining balance basis |
| Vehicles | 30% | declining balance basis |
Note 2 - Capital assets
| Cost | Accumulated Amortization | Net Book Value 2013 | Net Book Value 2012 | |
|---|---|---|---|---|
| Boat | $ 15,000 | $ 8,843 | $ 6,157 | $ 7,243 |
| Furniture and equipment | 35,960 | 25,977 | 9,983 | 12,479 |
| Vehicles | 61,214 | 51,401 | 9,813 | 14,019 |
| $ 112,174 | $ 86,221 | $ 25,953 | $ 33,741 |