Extreme Outreach Society Financial Statements 2017
Unaudited financial reports for the society for the year ending December 31, 2017.
THE EXTREME OUTREACH SOCIETY
FINANCIAL STATEMENTS
DECEMBER 31, 2017
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, 2017 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. June 26, 2018
THE EXTREME OUTREACH SOCIETY
STATEMENT OF OPERATIONS AND NET ASSETS
YEAR ENDED DECEMBER 31, 2017
| REVENUE | 2017 | 2016 |
|---|---|---|
| Outreach & other contributions | $ 169,721 | $ 105,113 |
| Donations - cash | 96,242 | 66,306 |
| Donations - other | 21,212 | 8,071 |
| Other income | 7,476 | 8,573 |
| 294,651 | 188,063 | |
| EXPENSES | ||
| Wages and benefits | 121,763 | 55,135 |
| Supplies | 48,601 | 33,406 |
| Housing | 27,455 | 29,873 |
| Advertising and promotion | 17,488 | 16,417 |
| Travel | 15,342 | 12,216 |
| Utilities | 7,191 | 5,593 |
| Office and sundry | 5,523 | 8,743 |
| Repairs and maintenance | 5,431 | 3,545 |
| Accounting and legal | 5,300 | 5,083 |
| Insurance | 3,594 | 4,425 |
| Interest and bank charges | 3,027 | 2,679 |
| Licences and dues | 1,270 | 1,030 |
| Amortization | 17,770 | 16,871 |
| 279,755 | 195,016 | |
| Income before other items | 14,896 | (6,953) |
| Gain on disposal of capital assets | 4,992 | 11 |
| EXCESS (DEFICIENCY) REVENUE OVER EXPENSES | 19,888 | (6,942) |
| NET ASSETS, beginning of year | 252,210 | 259,152 |
| NET ASSETS, end of year | $ 272,098 | $ 252,210 |
THE EXTREME OUTREACH SOCIETY
(Incorporated under the laws of British Columbia)
STATEMENT OF FINANCIAL POSITION - DECEMBER 31, 2017
| ASSETS | 2017 | 2016 |
|---|---|---|
| Current | ||
| Cash | $ 15,147 | $ 13,273 |
| Accounts receivable | 1,693 | 1,228 |
| Inventory | 500 | - |
| Prepaid expenses | 2,986 | 2,593 |
| 20,326 | 17,094 | |
| Capital assets (Note 2) | 268,657 | 266,241 |
| $ 288,983 | $ 283,335 | |
| LIABILITIES AND NET ASSETS | ||
| Current | ||
| Accounts payable and accrued liabilities | $ 16,885 | $ 31,125 |
| Net Assets | 272,098 | 252,210 |
| $ 288,983 | $ 283,335 |
THE EXTREME OUTREACH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2017
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:
- Building: 4% 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 2017 | Net Book Value 2016 | |
|---|---|---|---|---|
| Land | $ 30,000 | $ - | $ 30,000 | $ 30,000 |
| Building | 232,236 | 30,740 | 201,496 | 209,892 |
| Furniture and equipment | 57,002 | 37,593 | 19,409 | 16,968 |
| Computer | 3,703 | 1,018 | 2,685 | - |
| Vehicles | 45,330 | 30,263 | 15,067 | 9,381 |
| Total | $ 368,271 | $ 99,614 | $ 268,657 | $ 266,241 |
