Royal Scottish Country Dance Society
The Royal Scottish Country Dance Society
Vancouver Branch
FINANCIAL STATEMENTS
(Unaudited - see Notice to Reader)
May 31, 2014
Index
Notice to Reader1
Statement of Financial Position 2
Statement of Operations3
Statement of Changes in Fund Balances 4
Notes to the Financial Statements 5-6
NOTICE TO READER
On the basis of information provided by the Treasurer, we have compiled the Statement of Financial Position of The Royal Scottish Country Dance Society – Vancouver Branch for the year ended May 31, 2014 and Statement of operations and Statement of Changes in Fund Balances 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.
MacKenzie Burgess Kilpatrick
Certified General Accountants
Vancouver, BC
August 18, 2014
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The Royal Scottish Country Dance Society – Vancouver Branch
STATEMENT OF FINANCIAL POSITION
(Unaudited –see Notice to Reader)
May 31, 2014
(with comparative figures for 2013)
ASSETS
20142013
Current Assets
Cash2,37820,900
Term Deposits (See Note 3)37,00025,000
Investments (See Note 3)56,74858,174
GST recovery9271753
Prepaid expenses2376500
Accrued Investment Income541695
99,970107,022
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and Accrued Liabilities7001,333
Deferred Revenue
Mary Wattum Betwixt & Between Fund (See Note 2)27,20228,138
Internally Restricted Funds
Pearl Holmberg Fund (See Note 2)33,18835,127
Mary Wattum Dance Fund (See Note 2)2,4205,524
35,60840,651
Fund for Demonstration Team attire802691
Deposit with Branch for Youth Weekend West500500
Unrestricted Member’s Equity35,15835,709
99,970107,022
Signed
J. Stewart Cunningham, TreasurerJennifer Shearman, Chair of the Board
The attached Notes form an Integral part of these Financial Statements
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The Royal Scottish Country Dance Society – Vancouver Branch
STATEMENT OF OPERATIONS
(Unaudited – see Notice to Reader)
for the year ended May 31, 2014
(with comparative figures for 2013)
20142013
Income
Membership Fees$ 11,010$ 11,144
Less dues remitted to RSCDS Edinburgh6,8415,386
4,1695,758
Dance Classes6,6276,592
Teacher Candidate Classes (See Note 5)03,040
Branch Events and Workshops32,47437,110
Demonstration Team3,2002,150
Other Events00
Book and CD Sales426597
Donations and Miscellaneous Income171545
Investment Income 2,1091,690
49,17657,482
Expenses
Newsletter preparation and distribution1,2861,711
Dance Class hall rental, teacher & other expenses6,3536,196
Teacher Candidate Class expenses (See Note 5)03,954
Branch Event and Workshop expenses33,01537,466
Demonstration Team expenses3,2903,448
Insurance1,6101,469
Publicity2,7501,067
Miscellaneous & Administrative expenses2,6335,562
CDs & Books1,123506
Net contribution to Dem. Team attire fund111691
HST/GST Paid9271,754
Donations Paid2,6082,174
55,706 65,998
Excess of Income over Expenses before allocation(6,530)(8,516)
Amount allocated to Funds (page 4) 5,979 3,910
Excess of Income over Expenses after allocation$ (551)$ (4,606)
The attached Notes form an Integralpart of these Financial Statements
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The Royal Scottish Country Dance Society - Vancouver Branch
STATEMENT OF CHANGES IN FUND BALANCES
for the year ended May 31, 2014
Mary WattumPearl HolmbergMary Wattum
Betwixt & BetweenFundDance
FundFund
Fund at beginning
of year$ 28,138$ 35,127$ 5,524
Investment Income
allocation57871999
Less excess of expenses
over income for the
Betwixt & Between Dance1,514------
Less excess of expenses
over income for 2013
Heather Ball------3,203
Less payment of
initial expensesfor 50th
Anniversary celebrations---750---
Less payment of expenses
for 50th Anniversary
Opening Event---1,140---
Less purchase of CDs and
books given to teachers in
appreciation of their
work and dedication---768---
Fund at end of year$ 27,202$ 33,188$ 2,420
The attached Notes form an Integralpart of these Financial Statements
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The Royal Scottish Country Dance Society - Vancouver Branch
Notes to the Financial Statements
for the year ended May 31, 2014
- Operations:
The Royal Scottish Country Dance Society – Vancouver Branch (the “Branch”) is a not-for-profit society incorporated under the Society Act of British Columbia and registered as a Charity under the Federal Income Tax Act. The Branch’s main activities are the preservation and practice of traditional Scottish Country Dances in accordance with the principles and standards laid down by the Royal Scottish Country Dance Society headquartered in Edinburgh, Scotland.
- Significant Accounting Policies:
Financial results of all the Branch’s activities are recorded in the accounts. From time to time, the Branch has received significant donations from members and these are then recorded in separate funds. If the use of these monies was left to the discretion of the Board, the Funds are disclosed as a restricted part of the Members’ Equity. If the amounts donated were covered by a specific mandate governing their use, the Fund is shown as a long term liability.
Separate assets are not held for each of these funds but an equitable allocation of the investment income from all assets is made at each year-end.
Where dates are necessary to calculate the amounts of income or expenses to be allocated to a fund, an appropriate date or dates has been established for a total of some or all of these income and expense amounts to be allocated
The following separate funds are held by the Branch:
a.The Mary Wattum Betwixt and Between Fund was established by a donation from Mary Wattum, a former member of the Branch, and its use is not within the control of the Board. The fund is to be used solely for the purpose of paying the amount (if any)by which the expenses exceed the income at the annual Betwixt and Between Dance.
b.The Pearl Holmberg Fund was established by a legacy left to the Branch by a former member, Pearl Holmberg. The Fund perpetuates the memory of Pearl Holmberg and the Board establishes criteria from time to time for distributing money from this Fund.
c.The Mary Wattum Dance Fund was established with money given to the Branch by a former member, Mary Wattum. The Board has decided thatthis fund is to be used to help to defray the costs of dance events organized by the Branch.
These Notes form an integralpart of the Financial Statements
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Revenue recognition:
- The Branch follows the deferral method of accounting for contributions and other restricted revenue. These amounts are recognized as revenue in the year the related expenses are incurred. Unrestricted contributions are recognized as revenue in the year they are received. Membership fees are fully recognized as revenue in the year they are received.
- Capital Assets: The Branch writes off capital assets against operations in the year of purchase.
- Donated services: The value of services donated by Branch members is not recorded in these financial statements due to the impracticality of determining fair values.
- Statement of cash flow: A statement of cash flows has not been prepared as it is not considered to provide additional meaningful information.
- Investments:
The investments held at 31st May 2014 with their current values on that date are as follows:
- Home Trust Guaranteed Investment Certificate guaranteed by the Canada Deposit Insurance Corporation bearing interest at 1.96% p.a. and due on September30, 2014. Current Value $25,000.00
- Phillips, Hager and North Total Return Bond Fund. Current Value $30,404.83
- Phillips, Hager and North Monthly Income Fund. Current Value $25,558.04
- VanCity Redeemable Term Deposit bearing interest at1.30% p.a.and due on March 28,2015. Current Value $7,000.00
The investments are shown in the financial statements at cost plus dividend allotments to the investments as they occur.
- Children’s Committee:
The Children’s Committee of the Branch operates a separate account that is not included in these financial statements, but is reported on separately. The accountant for the Children’s Committee states that the committee has a bank balance of $2,195.02 at May 31, 2013. This has been verified by an independent person with financial training but has not been otherwise inspected or verified for the purposes of this report.
- Teacher Candidate Classes
Teacher Candidate Classes are usually held every two years so no class was held in 2014.
These Notes form an integralpart of the Financial Statements
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