THE EXTREME OUTREACH SOCIETY FINANCIAL STATEMENTS
Unaudited financial reports for the society including revenue, expenses, and net assets for the year 2015.
THE EXTREME OUTREACH SOCIETY
FINANCIAL STATEMENTS
DECEMBER 31, 2015
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, 2015 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 6, 2016
Lee and Sharpe Chartered Professional Accountants
201 - 4400 Chatterton Way (The Aspen) Victoria, B.C. V8X 5J2 Phone: 250-386-8834 Fax: 250-381-1667
THE EXTREME OUTREACH SOCIETY
STATEMENT OF OPERATIONS AND NET ASSETS
YEAR ENDED DECEMBER 31, 2015
| REVENUE | 2015 | 2014 |
|---|---|---|
| Outreach & other contributions | $ 95,358 | $ 37,319 |
| Donations - cash | 93,539 | 91,326 |
| Donations - other | 9,382 | 12,961 |
| Other income | 944 | - |
| 199,223 | 141,606 | |
| EXPENSES | ||
| Wages and benefits | 79,787 | 85,301 |
| Supplies | 49,889 | 48,854 |
| Housing | 35,606 | 27,016 |
| Advertising and promotion | 16,706 | 11,687 |
| Travel | 12,954 | 16,447 |
| Office and sundry | 11,690 | 10,511 |
| Utilities | 6,345 | 7,844 |
| Accounting and legal | 4,663 | 8,800 |
| Insurance | 4,651 | 4,889 |
| Interest and bank charges | 3,149 | 2,858 |
| Repairs and maintenance | 1,876 | 4,572 |
| Licences and dues | 726 | 735 |
| Amortization | 15,443 | 10,472 |
| 243,485 | 239,986 | |
| EXCESS (DEFICIENCY) REVENUE OVER EXPENSES | (44,262) | (98,380) |
| NET ASSETS, beginning of year | 303,414 | 401,794 |
| NET ASSETS, end of year | $ 259,152 | $ 303,414 |
(See accompanying notes) Unaudited - See Notice to Reader
THE EXTREME OUTREACH SOCIETY
(Incorporated under the laws of British Columbia)
STATEMENT OF FINANCIAL POSITION - DECEMBER 31, 2015
ASSETS
| 2015 | 2014 | |
|---|---|---|
| Current | ||
| Cash | $ 18,034 | $ 4,939 |
| Accounts receivable | 3,190 | 24,759 |
| Inventory | - | 28,449 |
| Prepaid expenses | 2,590 | 1,339 |
| 23,814 | 59,486 | |
| Capital assets (Note 2) | 275,834 | 275,831 |
| $ 299,648 | $ 335,317 |
LIABILITIES AND NET ASSETS
| 2015 | 2014 | |
|---|---|---|
| Current | ||
| Accounts payable and accrued liabilities | $ 40,496 | $ 31,903 |
| Net Assets | 259,152 | 303,414 |
| $ 299,648 | $ 335,317 |
Approved by the Directors
(See accompanying notes) Unaudited - See Notice to Reader
THE EXTREME OUTREACH SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2015
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 |
| 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 2015 | Net Book Value 2014 | |
|---|---|---|---|---|
| Land | $ 30,000 | $ - | $ 30,000 | $ 30,000 |
| Building | 230,350 | 13,637 | 216,713 | 225,743 |
| Boat | 7,550 | 5,311 | 2,239 | 5,233 |
| Furniture and equipment | 42,889 | 30,264 | 12,625 | 7,986 |
| Vehicles | 72,330 | 58,073 | 14,257 | 6,869 |
| $ 383,119 | $ 107,285 | $ 275,834 | $ 275,831 |
Unaudited - See Notice to Reader
Document Images
(5)
