DocumentsAppendixJan 29, 2025Pages 55–63
Financial Statements: Big Brothers Big Sisters of Victoria Capital Region (Year ended June 30, 2024)
Audited financial statements (KPMG) for Big Brothers Big Sisters of Victoria Capital Region for the year ended June 30, 2024, included as supporting documentation in the Grant in Aid application package.
Key facts
- Audit firm: KPMG LLP; auditor's report dated September 24, 2024
- Statement of financial position (June 30, 2024): Total assets $551,975
- Cash at June 30, 2024: $403,491 (restricted/unrestricted split shown)
- Deficiency of revenue over expenses for year: $(258,038)
- Notes and schedules included: statements of operations, changes in net assets, cash flows and notes
Financial Statements: Big Brothers Big Sisters of Victoria Capital Region (Year ended June 30, 2024)
Independent Auditor's Report
KPMG LLP
St. Andrew's Square II
800-730 View Street
Victoria BC V8W 3Y7
Canada
Telephone (250) 480 3500
Fax (250) 480 3539
INDEPENDENT AUDITOR'S REPORT
To the Members of Big Brothers Big Sisters of Victoria Capital Region
Report on the Financial Statements
Opinion
We have audited the financial statements of Big Brothers Big Sisters of Victoria Capital Region (the Entity), which comprise:
- the statement of financial position as at June 30, 2024
- the statement of operations for the year then ended
- the statement of changes in net assets for the year then ended
- the statement of cash flows for the year then ended
- and notes to the financial statements, including a summary of significant accounting policies (hereinafter referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Entity as at June 30, 2024 and its results of 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 described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our auditor's report.
We are independent of the Entity 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.
KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.
Responsibilities of Management and Those Charged with Governance 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 organizations, 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 Entity'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 Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with Governance are responsible for overseeing the Entity'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 the 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 audit 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 Entity'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 basis 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 Entity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if 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 Entity 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.
- 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.
Report on Other Legal and Regulatory Requirements
As required by the Societies Act (British Columbia), we report that, in our opinion, the accounting policies applied in preparing and presenting the financial statements in accordance with Canadian accounting standards for not-for-profit organizations have been applied on a basis consistent with that of the preceding year.
Chartered Professional Accountants
Victoria, Canada
September 24, 2024
Statement of Financial Position
June 30, 2024, with comparative information for 2023
| 2024 | 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash (note 4) | $403,491 | $501,858 |
| Term deposits (note 2) | $72,511 | $219,135 |
| Accounts receivable | $24,480 | $16,616 |
| Prepaid expenses and deposits | $40,569 | $17,912 |
| Total current assets | $541,051 | $755,521 |
| Capital assets (note 3) | $10,924 | $12,854 |
| Total assets | $551,975 | $768,375 |
| Liabilities and Net Assets | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $124,047 | $64,855 |
| Deferred contributions (note 4) | $152,846 | $139,818 |
| Total current liabilities | $276,893 | $204,673 |
| Canada Emergency Business Account loan | $- | $30,000 |
| Deferred capital contributions (note 5) | $1,359 | $1,941 |
| Net assets: | ||
| Unrestricted | $100,869 | $234,808 |
| Internally restricted (note 6) | $163,289 | $286,040 |
| Invested in capital assets | $9,565 | $10,913 |
| Total net assets | $273,723 | $531,761 |
| Commitments (note 7) | ||
| Contingencies (note 14) | ||
| Total liabilities and net assets | $551,975 | $768,375 |
See accompanying notes to financial statements.
On behalf of the Board:
Director
Director
Statement of Operations
Year ended June 30, 2024, with comparative information for 2023
| Revenue / Expense | 2024 Social Operations | 2024 Enterprise | 2024 Total | 2023 Total |
|---|---|---|---|---|
| Revenue: | ||||
| Social enterprise revenue | $- | $704,430 | $704,430 | $815,482 |
| United Way contributions | $17,875 | $- | $17,875 | $23,215 |
| Grants and subsidies (note 8) | $426,935 | $9,240 | $436,175 | $520,789 |
| Fundraising and donations | $278,516 | $- | $278,516 | $144,511 |
| Interest and miscellaneous | $18,854 | $- | $18,854 | $11,324 |
| Amortization of deferred capital contributions | $582 | $- | $582 | $832 |
| Total revenue | $742,762 | $713,670 | $1,456,432 | $1,516,153 |
| Expenses: | ||||
| Advertising and promotion | $14,342 | $171 | $14,513 | $13,490 |
| Amortization | $2,483 | $2,036 | $4,519 | $5,306 |
| Building occupancy | $107,403 | $81,488 | $188,891 | $158,970 |
| Dues | $27,692 | $- | $27,692 | $15,162 |
| Fundraising and development | $32,432 | $- | $32,432 | $19,636 |
| Office | $15,344 | $1,540 | $16,884 | $13,282 |
| Professional | $58,816 | $4,509 | $63,325 | $24,821 |
| Program/Partnerships | $21,672 | $196,678 | $218,350 | $203,420 |
| Truck operating and rental | $- | $28,117 | $28,117 | $41,439 |
| Wages and personnel | $743,622 | $376,125 | $1,119,747 | $1,112,110 |
| Total expenses | $1,023,806 | $690,664 | $1,714,470 | $1,607,636 |
| Excess (deficiency) of revenue over expenses | $(281,044) | $23,006 | $(258,038) | $(91,483) |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
Year ended June 30, 2024, with comparative information for 2023
| 2024 Unrestricted | 2024 Internally restricted | 2024 Invested in capital assets | 2024 Total | 2023 Total | |
|---|---|---|---|---|---|
| Net assets, beginning of year | $234,808 | $286,040 | $10,913 | $531,761 | $623,244 |
| Deficiency of revenue over expenses | $(254,101) | $- | $(3,937) | $(258,038) | $(91,483) |
| Transfers: | |||||
| Purchases of capital assets | $(2,589) | $- | $2,589 | $- | $- |
| Vision 1000 reserve (note 6) | $122,751 | $(122,751) | $- | $- | $- |
| Net assets, end of year | $100,869 | $163,289 | $9,565 | $273,723 | $531,761 |
See accompanying notes to financial statements.
Statement of Cash Flows
Year ended June 30, 2024, with comparative information for 2023
| Cash provided by (used in): | 2024 | 2023 |
|---|---|---|
| Operations: | ||
| Deficiency of revenue over expenses | $(258,038) | $(91,483) |
| Amortization of deferred capital contributions | $(582) | $(832) |
| Amortization of capital assets | $4,519 | $5,306 |
| Net cash from operations before changes in working capital | $(254,101) | $(87,009) |
| Changes in non-cash operating working capital: | ||
| Accounts receivable | $(7,864) | $14,317 |
| Prepaid expenses and deposits | $(22,657) | $(2,980) |
| Accounts payable and accrued liabilities | $59,192 | $(54,898) |
| Deferred contributions | $13,028 | $(64,137) |
| Net cash provided by (used in) operating activities | $(212,402) | $(194,707) |
| Financing: | ||
| Repayment of Canada Emergency Business Account loan | $(30,000) | $- |
| Investing: | ||
| Purchase of capital assets | $(2,589) | $(2,157) |
| Decrease (increase) in term deposit | $146,624 | $(151,189) |
| Net cash used in investing activities | $144,035 | $(153,346) |
| Decrease in cash | $(98,367) | $(348,053) |
| Cash, beginning of year | $501,858 | $849,911 |
| Cash, end of year | $403,491 | $501,858 |
Supplemental cash flow information:
- Restricted cash (note 4): $121,700 (2024), $117,002 (2023)
- Unrestricted cash: $281,791 (2024), $384,856 (2023)
See accompanying notes to financial statements.
Notes to Financial Statements
Year ended June 30, 2024
Big Brothers Big Sisters of Victoria Capital Region (the "Society") is registered under the Societies Act of British Columbia and is a registered charity under the Income Tax Act.
The Society strives to recruit, screen and train volunteer mentors for children identified within the community who are vulnerable and in need of additional support. Mentored children have improved self-esteem, enhanced relationships within the classroom and community, improved social and academic development and increased ability to make healthy decisions. Risk and harm reduction is evident and the cost/benefit to community is significant. The intent is to spark a relationship that will endure while offering support and safety through a relationship based on friendship.
- Significant accounting policies:
The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations and include the following significant accounting policies:
(a) Basis of presentation:
Operations reports revenue and expenses related to program delivery and administrative activities.
The social enterprise reports revenue and expenses related to the coordination and pick up of donated items. All of the funds raised through this social enterprise are invested in support for mentoring programs.
(b) Contributed materials and service:
Donated materials and services are recognized in the financial statements when a fair value can be reasonably established and when the materials and services are used in the normal course of operations and would otherwise have been purchased.
Volunteers contribute time and expertise across the Society’s operations. Because of the difficulty of determining their fair value, contributed services are not recognized in the financial statements.