LifeCycles Project Society Financial Statements
Unaudited financial statements for the year ended March 31, 2024, prepared by Dusanj + Wirk.
LifeCycles Project Society
Financial Statements
Year Ended March 31, 2024
Compilation Engagement Report
To the Shareholders of LifeCycles Project Society
On the basis of information provided by management, we have compiled the statement of financial position of LifeCycles Project Society as at March 31, 2024, and the statements of revenues and expenditures and changes in net assets for the year then ended, and Note 2, which describes the basis of accounting applied in the preparation of the compiled financial statements ("financial information").
Management is responsible for the accompanying financial statements, including the accuracy and completeness of the underlying information used to compile it and the selection of the basis of accounting.
We performed this engagement in accordance with Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, which requires us to comply with relevant ethical requirements. Our responsibility is to assist management in the preparation of the financial statements.
We did not perform an audit engagement or a review engagement, nor were we required to perform procedures to verify the accuracy or completeness of the statements provided by management. Accordingly, we do not express an audit opinion or a review conclusion, or provide any form of assurance on the financial statements.
Readers are cautioned that the financial statements may not be appropriate for their purposes.
Victoria, British Columbia June 20, 2024
LifeCycles Project Society
Statement of Financial Position
March 31, 2024
| 2024 ($) | 2023 ($) | |
|---|---|---|
| Assets | ||
| Current | ||
| Cash | 66,833 | 115,497 |
| Restricted cash | 50,500 | 1,022 |
| Accounts receivable | 1,277 | 19,590 |
| Government remittances receivable | 513 | - |
| Prepaid expenses | 3,003 | 1,078 |
| 122,126 | 137,187 | |
| Capital assets (Note 3) | 4,720 | 6,639 |
| Prepaid rent | - | 1,050 |
| Total assets | 126,846 | 144,876 |
| Liabilities | ||
| Current | ||
| Accounts payable and accrued liabilities | 5,064 | 6,171 |
| Government remittances payable | - | 695 |
| Wages payable | - | 5,922 |
| Deferred contributions | 50,500 | 8,601 |
| Current portion of long term debt | - | 30,527 |
| Total liabilities | 55,564 | 51,916 |
| Net Assets | ||
| Unrestricted | 66,562 | 46,321 |
| Invested in capital assets | 4,720 | 6,639 |
| Internally restricted | - | 40,000 |
| 71,282 | 92,960 | |
| Total liabilities and net assets | 126,846 | 144,876 |
The accompanying notes are an integral part of these financial statements
LifeCycles Project Society
Statement of Revenues and Expenditures
Year Ended March 31, 2024
| 2024 ($) | 2023 ($) | |
|---|---|---|
| Revenues | ||
| Government funding | 37,096 | 126,332 |
| Foundations and other | 91,998 | 183,705 |
| Donations and memberships | 77,872 | 32,387 |
| Contracts and workshops | 25,717 | 41,129 |
| Product sales | 12,282 | 48,729 |
| Other income | 4,220 | 3,866 |
| 249,185 | 436,148 | |
| Expenses | ||
| Amortization | 1,919 | 2,715 |
| Audit and legal | 5,204 | 2,613 |
| Bad debts | - | 575 |
| Bank and financing costs | 1,130 | 2,426 |
| Computer support | 3,737 | 4,938 |
| Contracts | 7,311 | 24,224 |
| Equipment expense | 827 | 3,244 |
| Insurance | 3,652 | 3,756 |
| Materials and supplies | 3,459 | 21,962 |
| Office | 7,108 | 11,310 |
| Outreach | - | 2,461 |
| Professional development | 90 | 2,714 |
| Rent | 12,394 | 12,319 |
| Stipends | 100 | 4,886 |
| Transport and vehicle | 3,964 | 9,143 |
| Travel | 2,052 | 1,403 |
| Wages and benefits | 217,916 | 423,846 |
| 270,863 | 534,535 | |
| Deficiency of revenues over expenses | (21,678) | (98,387) |
The accompanying notes are an integral part of these financial statements
LifeCycles Project Society
Statement of Changes in Net Assets
Year Ended March 31, 2024
| Unrestricted ($) | Invested in capital assets ($) | Internally restricted ($) | 2024 Total ($) | 2023 Total ($) | |
|---|---|---|---|---|---|
| Net assets - beginning of year | 46,321 | 6,639 | 40,000 | 92,960 | 191,347 |
| Deficiency of revenues over expenses | (19,759) | (1,919) | - | (21,678) | (98,387) |
| Interfund transfers | 40,000 | - | (40,000) | - | - |
| Net assets - end of year | 66,562 | 4,720 | - | 71,282 | 92,960 |
The accompanying notes are an integral part of these financial statements
LifeCycles Project Society
Notes to Financial Statements
Year Ended March 31, 2024
1. Purpose of the Society
LifeCycles Project Society (the "Society") is a not-for-profit organization of British Columbia. The Society is a registered charitable organization and is exempt from the payment of income taxes under the Income Tax Act. The Society cultivates community health by connecting people with the food they eat and the land it comes from. The Society supports people in gaining the knowledge, skills and resources needed to access, grow and preserve local food in ways that foster biodiversity and enhance the urban environment.
2. Basis of accounting
The basis of accounting applied in the preparation of the statement of financial position of LifeCycles Project Society as at March 31, 2024, and the statements of revenues and expenditures and changes in net assets for the year then ended is the historical cost basis and reflects cash transactions with the addition of:
- Accounts receivable
- Capital assets are amortized over their useful lives
- Accounts payable and accrued liabilities
- Contributions recognized in accordance with the relevant terms
3. Capital assets
| Cost ($) | Accumulated amortization ($) | 2024 Net book value ($) | 2023 Net book value ($) | |
|---|---|---|---|---|
| Computer equipment | 26,278 | 26,278 | - | - |
| Furniture and fixtures | 8,452 | 7,867 | 585 | 731 |
| Trailer | 10,878 | 10,513 | 365 | 522 |
| Vehicles | 42,339 | 38,569 | 3,770 | 5,386 |
| Yard equipment | 5,411 | 5,411 | - | - |
| 93,358 | 88,638 | 4,720 | 6,639 |
4. Comparative figures
Some of the comparative figures have been reclassified to conform to the current year's presentation.
Document Images
(6)
