St. Clair Township Crest
1155 Emily Street
Mooretown ON
N0N 1M0

Phone: (519) 867-2021
Email: webmaster@twp.stclair.on.ca

Office Hours
Monday to Friday 8:30 am - 4:30 pm
Menu

2018 – Moore Township Community and Recreational Foundation.PDF

2018 – Moore Township Community and Recreational Foundation.PDF

THE MOORE TOWNSHIP COMMUNITY AND
RECREATIONAL FOUNDATION
Financial Statements December 31, 2018

THE MOORE TOWNSHIP COMMUNITY AND RECREATIONAL FOUNDATION
Financial Statements
December 31, 2018

TABLE OF CONTENTS

PAGE
Independent Auditor’s Report 1-2
Statement of Financial Position 3
Statement of Operations 4
Statement of Changes in Net Financial Assets 5
Statement of Cash Flows 6
Notes to the Financial Statements 7-8

Independent Auditor’s Report

To the Council and Committee of The Moore Township Community and Recreational Foundation:

Opinion

We have audited the financial statements of The Moore Township Community and Recreational Foundation (the “Foundation”), which comprise the statement of financial position as at December 31, 2018, and the statements of operations, changes in net assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Foundation as at December 31, 2018. and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further descnbed in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit orgamzations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Foundation or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Foundation’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit We also:

• Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audrt procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Foundation’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basls of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Foundation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention m our auditor’s report to the related disclosures in the financial statements or, 1f such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,

future events or conditions may cause the Foundation to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

MN’?LLP

London, Ontario July 15, 2019

Chartered Professional Accountants Licensed Public Accountants

Statement of Financial Position
As at December 31, 2018

2018 2017

FINANCIAL ASSETS

Cash $ 12,244 $ 15,245
Guaranteed investment certificates (Note 4) 95,913 86,057
Account receivable 864 567

TOTAL FINANCIAL ASSETS $ 109,021 $ 101,869

FUND BALANCE AT END OF YEAR $ 109,021 $ 101,869

Approved on behalfof Council:

<3� Mayor c J Treasurer Statement of Operations Year ended December 31, 2018 2018 2017 REVENUES Donation s 10,000 $ 10,000 Interest 1,952 1,402 11,952 11,402 EXPENDITURES Donation 4,800 4,546 4,800 4,546 ANNUAL SURPLUS 7,152 6,856 FUND BALANCE AT BEGINNING OF YEAR 101,869 95,013 FUND BALANCE AT END OF YEAR $ 109,021 $ 101,869 Statement of Changes in Net Financial Assets Year ended December 31, 2018 2018 2017 ANNUAL SURPLUS $ 7,152 $ 6,856 INCREASE IN NET FINANCIAL ASSETS 7,152 6,856 NET FINANCIAL ASSETS, BEGINNING OF YEAR 101,869 95,013 NET FINANCIAL ASSETS, AT END OF YEAR $ 109,021 $ 101,869 THE MOORE TOWNSHIP COMMUNITY AND RECREATIONAL FOUNDATION Statement of Cash Flows Year ended December 31, 2018 2018 2017 NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES: OPERATING ACTIVITES Annual surplus $ 7,152 $ 6,856 Increase in account receivable (297) (61) INVESTING ACTIVITES Increase in Guaranteed investment certificates (9,856) (675) Cash (used) provided by operating transactions: (3,001) 6,120 CASH, BEGINNING OF YEAR 15,245 9,125 CASH, END OF YEAR $ 12,244 $ 15,245 I. NATURE OF FOUNDATION The Moore Township Community and Recreational Foundation ("the Foundation") was incorporated on December 31, 1990 and is funded through donations, bequest and other gifts. The Foundation has been established to act as a fiduciary for those who wish to tangibly express the pride they feel for this area through donations, bequests and other gifts. The Foundation will make grants to charitable, educational, cultural and other projects and activities which will enhance the excellence and quality of life in the community. 2. SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Foundation are the representation of management and have been prepared in accordance with Canadian accounting standards for not-for-profit organizations which include the following significant accounting policies: Revenue Recognition Donations are recognized as revenue when received by the Foundation using the deferral method accounting for contributions. Interest earned on surplus funds is recognized as revenue when earned. Financial instruments i. Measurement of financial instruments The Trust initially measures its financial assets and financial liabilities at fair value adjusted by, in the case of a financial instrument that will not be measured subsequently at fair value, the amount of transaction costs directly attributable to the instrument. The Trust subsequently measures its financial assets at amortized cost. Financial assets measured at amortized cost include cash and guaranteed investment certificates, accounts receivable and amounts due from the Township of St. Clair. ii. Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of possible impairment. When a significant adverse change has occurred during the period in the expected timing or amount of future cash flows from the financial asset or group of assets, a write-down is recognized in the statement of operations. The write down reflects the difference between the carrying amount and the higher of: a) the present value of the cash flows expected to be generated by the asset or group of assets; b) the amount that could be realized by selling the assets or group of assets; c) the net realizable value of any collateral held to secure repayment of the assets or group of assets. 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) ii. Impairment When the event occurring after the impairment confirm that a reversal is necessary, the reversal is recognized in the statement of operations up to the amount of the previously recognized impairment. 3. FINANCIAL INSTRUMENTS AND RISKS All financial instruments are considered current in nature and accordingly their value approximates fair value. Management has determined that the Foundation is not exposed to interest rate risk, credit risks, or liquidity risk 4. GUARANTEED INVESTMENT CERTIFICATES 2018 2017 GIC 1.50% due July 11, 2018 35,382 GIC 1.50% due September 10, 2018 50,675 GIC 1.50% due July 12, 2019 35,913 GIC 1.50% due September 10, 2019 60,000 95,913 86,057