FED Urban Agriculture Society Financial Statements
Unaudited balance sheet and income statement for FED Urban Agriculture Society as of December 31, 2023.
FED Urban Agriculture Society
VICTORIA, BRITISH COLUMBIA
December 31, 2023
FINANCIAL STATEMENTS
(UNAUDITED -- SEE NOTICE TO READER)
Compilation Engagement Report: 2 Balance Sheet: 3 Statement of Income and Retained Earnings (Deficit): 4 Notes to Financial Statements: 5
TO THE SHAREHOLDERS OF
FED Urban Agriculture Society
On the basis of information provided by management, we have compiled the balance sheet of FED Urban Agriculture Society. at December 31, 2023, and the statement of earnings and retained earnings for the fiscal year then ended, and note 2, which describes the basis of account applied in the preparation of the compiled financial information ("financial information").
Mangement is responsible for the accompanying financial information, including the accuracy and comleteness of the underlying information used to compile it and the selection of the basis of accounting.
We performed this engagement in accordcance with Canadian Standard on Related Services (SRS) 4200, Compilation Engagements, which requires us to comply with relevant ethical requirements. Our responsibility is to assist management in the prepartion of the financial information.
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 information provided by management. Accordingly, we no not express an audit opinion or a reviw conclusion, or provide any form of assurance on the financial information.
Readers are cautioned that the financial information may not be appropriate for their purposes.
Victoria, B.C. 17-Jul-24
B. A. Sheahan & Associates Ltd.
BALANCE SHEET
(UNAUDITED -- SEE NOTICE TO READER) FED Urban Agriculture Society
December 31st
| ASSETS | 2023 | 2022 |
|---|---|---|
| CURRENT ASSETS | ||
| Cash and Cash Equivalent | $ 3,210 | $ 3,651 |
| Accounts Receivable | 3,150 | 1,500 |
| Caja Inventory | 3,494 | 4,174 |
| Prepaid Expense | 5 | 132 |
| GST | 188 | 54 |
| 10,047 | 9,511 | |
| PROPERTY AND EQUIPMENT (Note 1) | 44,881 | 53,972 |
| TOTAL ASSETS | 54,928 | 63,483 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2023 | 2022 |
|---|---|---|
| CURRENT LIABILITIES | ||
| Current Accounts Payable to Synergy Foundation | 13,583 | - |
| Vancity Visa | 79 | 99 |
| Deferred Grant Renevue | 3,500 | - |
| Federal taxes | 2,955 | 1,029 |
| 20,117 | 1,127 | |
| LONG TERM LIABILITY | ||
| Deferred Grant Revenue-Urban Learning Garden | 17,250 | 20,900 |
| Long-Term Administrative Services Payable-SSF | - | 24,903 |
| 17,250 | 45,803 | |
| EQUITY | ||
| Opening Balance Equity | (10,056) | (10,056) |
| Retained Earnings | 27,617 | 26,608 |
| 17,561 | 16,552 | |
| TOTAL LIABILITIES AND EQUITY | $ 54,928 | $ 63,483 |
Approved by Director:
See accompanying notes to the financial statements
STATEMENT OF INCOME AND RETAINED EARNINGS (DEFICIT)
(UNAUDITED -- SEE NOTICE TO READER) FED Urban Agriculture Society
For the Year Ending December 31st
| INCOME | 2023 | 2022 |
|---|---|---|
| Fundraiser-Caja Garden Kits | 1,050 | 3,060 |
| General Donations | 23,014 | 2,450 |
| Grants-Mobile Greenhouse | - | 31,392 |
| Grants-MyFEDFarms Program | 12,409 | 29,920 |
| Grants-Urban Learning Garden Program | 21,650 | 14,600 |
| In-Kind Donations | 10,325 | - |
| Services | 10,393 | 11,605 |
| Urban Farm Campaign | 16,813 | - |
| Wage Subsidy | 16,034 | 10,565 |
| 111,688 | 103,592 | |
| COST OF GOODS SOLD | 679 | 1,741 |
| EXPENSES | ||
| Administrative Expenses | 10,347 | - |
| Bank Charges | 53 | 78 |
| Contractors and Reimbursements | 771 | 2,039 |
| Dues and Subscriptions | 1,267 | 964 |
| Event Costs | - | 20 |
| Gifts | - | 311 |
| Insurance | 1,545 | 1,392 |
| Interest Expense | 3 | 50 |
| Legal and Professional fees | 14,426 | 604 |
| Marketing | 461 | 119 |
| Meals and Entertainment | 377 | 94 |
| Office expenses | 300 | - |
| Bonus | 250 | - |
| Cell Phone | 515 | 288 |
| Employee Benefits | 933 | 1,032 |
| Payroll Tax Expense | 4,494 | 4,522 |
| Wages | 60,157 | 61,879 |
| Professional Development | 332 | - |
| Program Costs-Mobile Greenhouse | 384 | 2,622 |
| Program Costs-MyFEDFarms | 3,245 | 14,916 |
| Program Costs-Urban Learning Garden Program | 1,658 | 217 |
| QuickBooks | 115 | 19 |
| Streetscape & Garden Maintenance | - | 134 |
| Supplies | 153 | 22 |
| Travel | 697 | 1,037 |
| Amortization | 7,516 | 11,166 |
| 110,679 | 105,265 | |
| INCOME (LOSS) FROM OPERATION | 1,009 | (1,673) |
| Corporate Tax Provision (Refund) | - | - |
| NET INCOME (LOSS) for the year | 1,009 | (1,673) |
| RETAINED EARNINGS (DEFICIT) Beginning of the year | 26,608 | 28,281 |
| LESS DIVIDENDS PAID | - | - |
| RETAINED EARNINGS (DEFICIT) End of the Year | $ 27,617 | $ 26,608 |
See accompanying notes to the financial statements
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED -- SEE NOTICE TO READER) FED Urban Agriculture Society December 31, 2023
Note 1 PROPERTY AND EQUIPMENT
The Company records its capital assets at cost and amortizes them on a declining balance method.
| Item | Cost | 2023 Accumulated Amortization | 2023 Net Book Value | 2022 Net Book Value |
|---|---|---|---|---|
| Mobile Greenhouse | 27,063 | 7,732 | 19,331 | 23,197 |
| Urban Learning Garden | 36,500 | 10,950 | 25,550 | 29,200 |
| MyFEDFarm | - | 0 | 0 | 1,575 |
| Total | $ 63,564 | $ 18,682 | $ 44,881 | $ 53,972 |
Note 2 BASIS OF ACCOUNTING
The basis of accounting to be applied in the preparation of the financial information is on the historical cost basis, reflecting cash transacitons with the addition of:
- Accounts receivable less an allowance for doubtful Accounts
- Property and equipment are recorded at historical cost and amortized on the same basis as income taxes.
- Accounts payable and accrued liabilities
- Current taxes payable as at the reporting date
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