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Pride Toronto audited financials 2013.pdf

Pride Toronto audited financials 2013.pdf

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Published by Daily Xtra
Approved at the Oct 24 AGM.
Approved at the Oct 24 AGM.

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Categories:Business/Law
Published by: Daily Xtra on Oct 25, 2013
Copyright:Attribution Non-commercial

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03/27/2014

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PRIDE TORONTOFINANCIAL STATEMENTSJULY 31, 2013
 
 1
 Independent Auditors’ Report
To the Directors of Pride TorontoWe have audited the accompanying financial statements of Pride Toronto, which comprise the balance sheets as atJuly 31, 2013, July 31, 2012 and August 1, 2011 and the statements of operations and changes in net assets andcash flows for the years ended July 31, 2013 and July 31, 2012, and a summary of significant accounting policiesand other explanatory information.
 Management’s Responsibility for the Financial Statements 
Management is responsible for the preparation and fair presentation of these
financial statements in accordancewith Canadian accounting standards for not-for-profit organizations
, and for such internal control asmanagement determines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.
Auditors’ Responsibility 
 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted ouraudit in accordance with
accordance with Canadian auditing standards
. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide for a basisfor our audit opinion.
Opinion 
In our opinion, the financial statements present fairly, in all material respects, the financial position of Pride Torontoas at July 31, 2013, July 31, 2012 and August 1, 2011 and the results of its operations, changes in net assets and itscash flows for the years ended July 31, 2013 and July 31, 2012 in accordance with Canadian accounting standardsfor not-for-profit organizations.

 
 Toronto Ontario Chartered Accountants
 
October 7, 2013
Licensed Public Accountants 
 
Marinucci & Company
Chartered Accountants
171 John StreetSuite 101Toronto Ontario M5T 1X3Tel 416 214 1555 Fax 416 596 1520E-mail sam@marinucci.ca
 
 2
PRIDE TORONTOBalance Sheets as at July 31, 2013, July 31, 2012 and August 1, 2011
 
 `
July 31 July 31 August 12013
 
2012 2011ASSETS
Current:Cash
$
 
313,279
$ 2,857 $ 25,853Amounts receivable (Note 9)
346,874
477,871 237,289Prepaid expenses
39,987
35,462 16,197
700,140
516,190
 
279,339Capital assets, net (Note 5)
26,870
41,172
 
51,466
$ 727,010
$ 557,362
 
$ 330,805
LIABILITIES
Current:Bank indebtedness (Note 4)
$
 
-
$ - $ 15,000Accounts payable and accrued liabilities
66,981
117,121 188,112Deferred in-kind sponsorships (Note 9)
7,732
31,753 -Current portion of capital lease obligations (Note 6)
-
5,729 19,291
74,713
154,603 222,403Capital lease obligations (Note 6)
-
- 6,303
74,713
154,603 228,706
Commitments (Note 7)
 
NET ASSETS
 Accumulated surplus (Note 10)
652,297
402,759 102,099
$ 727,010
$ 557,362 $ 330,805
 
Approved by the Board DirectorDirector
 
See accompanying Notes to Financial Statements

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