PRIDE TORONTO
Financial StatementsYear ended July 31, 2010
Adams
&
Miles LLP
Chartered Accountants
PRIDE TORONTOIndex to Financial StatementsJuly 31,2010PAGE
AUDITORS' REPORT..................................................................................................
1
STATEMENT OF FINANCIAL POSITION.........................................................................
2
STATEMENT OF CHANGES IN NET ASSETS.................................................................
3
STATEMENT OF OPERATIONS........
4
STATEMENT OF CASH FLOWS...................................................................................
5
NOTES TO FINANCIAL STATEMENTS...........................................................................
6 - 11
Adams
&
Miles
LLP
Chartered Accountants
ADAMS
&
MILES LLP
Chartered Accountants
AUDITORS' REPORT
To the Board of Directors ofPride Toronto
501-2550 Victoria Park Ave.Toronto, ON M2J5A9Tel 416502.2201Fax 416502.2210200-195 County Court Blvd.Brampton, ON L6W 4P7Tel 905 459.5605Fax 905 459.2893
We have audited the statement of financial position of Pride Toronto as atJuly 31, 2010 and the statements of changes in net assets, operations andcash flows for the year then ended. These financial statements are theresponsibility of the Organization's management and its Directors. Ourresponsibility is to express an opinion on these financial statements based onour audit.Except as noted in the following paragraph, we conducted our audit inaccordance with Canadian generally accepted auditing standards. Thosestandards require that we plan and perform an audit to obtain reasonableassurance whether the financial statements are free of material misstatement.An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates madeby the Organization's management and its Directors, as well as evaluating theoverall financial statement presentation.In common with many not-for-profit organizations, the Organization derivesrevenue from donations and fundraising. In addition, the Organization derivesrevenue from beverage sales. The completeness of this revenue is notsusceptible to satisfactory audit verification. Accordingly, verification of thisrevenue was limited to the amounts recorded in the records of theOrganization and we were not able to determine whether any adjustmentsmight be necessary to donation and fundraising revenue, beverage sales,excess of revenue over expenditures, assets, liabilities and net assets.In our opinion, except for the effect of adjustments, if any, which we mighthave determined to be necessary had we been able to satisfy ourselvesconcerning the completeness of donations referred to above, these financialstatements present fairly, in all material respects, the financial position of theOrganization as at July 31, 2010 and the results of its operations and its cashflows for the year then ended in accordance with Canadian generally acceptedaccounting principles.
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Chartered AccountantsLicensed Public AccountantsToronto, CanadaOctober 14,2010
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