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Pride_2008_Financial_Statements

Pride_2008_Financial_Statements

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Published by: Xtra Canada on Jan 25, 2011
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LESBIAN, GAY, BISEXUAL,TRANSSEXUAL AND TRANSGENDERPRIDE TORONTO
(operating as Pride Toronto)FINANCIAL STATEMENTSJULY 31, 2008
 
C H A R T E R E D A C C O U N T A N T S
AUDITORS' REPORT
To the Members, Pride TorontoWehave audited the statement of financial position of Lesbian, Gay, Bisexual, Transsexual andTransgender Pride Toronto(operating as Pride Toronto) as at July 31, 2008and the statements of operations and net assets and cash flows for the year then ended. These financial statements are theresponsibility of the organization's management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.Except as explained in the following paragraphs, we conducted our audit in accordance with Canadiangenerally accepted auditing standards. Those standards require that we plan and perform an audit toobtain reasonable assurance whether the financial statements are free of material misstatement. Anaudit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation.In common with many not-for-profit organizations, the organization derives revenue from donations andfundraising, the completeness of which is not susceptible of satisfactory audit verification. Accordingly,verification of this revenue was limited to the amounts recorded in the records of the organization and wewere not able to determine whether any adjustments might be necessary to donation and fundraisingrevenue, excess of revenue over expenses for the year, assets and net assets. The organizationaccounts for beverage sales on a cash basis. Accordingly, verification of beverage sales was limited tothe amounts recorded in the records of the organization and we were not able to determine whether anyadjustments might be necessary to beverage sales, excess of revenue over expenses for the year,assets and net assets.In our opinion, except for the effect of adjustments, if any, which we might have determined to benecessary had we been able to satisfy ourselves concerning the completeness of donation revenue,fundraising revenue and beverage sales referred to in the preceding paragraphs, these financialstatements present fairly, in all material respects, the financial position of the organization as at July 31,2008and the results of its operations and its cash flows for the year then ended in accordance withCanadian generally accepted accounting principles.Chartered AccountantsLicensed Public AccountantsOctober 7, 2008Toronto, Ontario
187 Gerrard Street East Toronto Canada M5A 2E5 Telephone 416/323-3200 Facsimile 416/323-9637
 
PRIDE TORONTO
STATEMENT OF FINANCIAL POSITIONAS AT JULY 31, 200820082007ASSETS
Current assetsCash$294,764$412,074Accounts receivable346,319159,740Prepaid insurance20,7747,870661,857579,684Capital assets(note 4)28,49210,219$690,349$589,903
LIABILITIES AND NET ASSETS
Current liabilitiesAccounts payable and accrued liabilities$229,337$170,863Net assetsInvested in capital assets28,49210,219Insurance reserve(note 5)50,00050,000Stabilization fund(note 5)250,000250,000Unrestricted132,520108,821461,012419,040$690,349$589,903Approved on behalf of the Board of Directors: ________________________________, Director  ________________________________, Director see accompanying notesPage 1

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