TRENTON MEMORIAL HOSPITAL FOUNDATION FINANCIAL …
[Pages:15]TRENTON MEMORIAL HOSPITAL FOUNDATION FINANCIAL STATEMENTS AS AT MARCH 31, 2018
June 6, 2018 3:49 PM
TRENTON MEMORIAL HOSPITAL FOUNDATION TABLE OF CONTENTS AS AT MARCH 31, 2018
INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS
Statement of Financial Position Statement of Operations and Changes in Fund Balances Statement of Cash Flows Notes to Financial Statements
Page 1-2
3 4 5 6 - 13
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors Trenton Memorial Hospital Foundation
Report on the Financial Statements
We have audited the accompanying financial statements of Trenton Memorial Hospital Foundation, which comprise the statement of financial position as at March 31, 2018 and the statements of operations and changes in fund balances and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material 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 financial statements 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Basis for Qualified Opinion
In common with many charitable organizations, Trenton Memorial Hospital Foundation derives revenue from donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these donations was limited to the amounts recorded in the records of the Trenton Memorial Hospital Foundation and we were not able to determine whether any adjustments might be necessary to donations revenue, excess of revenue over expenses, and cash flows from operations for the years ended March 31, 2018 and 2017, and net assets and fund balances as at March 31st for the 2018 and 2017 years.
2
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
paragraph, these financial statements present fairly, in all material respects, the financial position of Trenton Memorial Hospital Foundation as at March 31, 2018, and the results of its operations and its cash flows for the year ended March 31, 2018 in accordance with Canadian accounting standards for not-forprofit organizations.
TRENTON, Canada ?
Chartered Professional Accountants Licensed Public Accountants
TRENTON MEMORIAL HOSPITAL FOUNDATION STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2018
Community Healthcare Fund
Restricted Funds
Endowment Funds
CURRENT ASSETS Cash Accounts receivable Prepaid Amounts due from internal funds
TANGIBLE CAPITAL ASSETS - Note 4
LONG-TERM ASSETS Investments - Note 2(b)
2018
2017
$ (000's) $
93
56
20
6
4
-
-
-
117
62
74
83
2,842 3,033
3,007 3,152
2018 2017 $ (000's) $
180
331
16
9
5
5
68
35
269
380
-
-
9,543 9,812
9,036 9,416
2018 2017 $ (000's)$
-
-
-
-
-
-
-
-
-
-
-
-
2,771 2,771
2,740 2,740
CURRENT LIABILITIES Accounts payable and accrued liabilities Amounts due to Quinte Healthcare Corporation - Notes 5 & 8 Amounts due to Kay Stafford Funding Applicants - Note 8 Amounts due to internal funds
FUND BALANCES Externally restricted - Notes 6 & 7 Internally restricted - Note 6 Unrestricted
18 28 17
63
3,000
(30)
2,970 3,033
12 22 10
44
3,000
108
3,108
3,152
5
5
899 3,586
-
-
-
-
904 3,591
8,908 -
8,908
9,812
5,825 -
5,825
9,416
-
-
-
-
-
-
51
25
51
25
2,720 -
2,720
2,771
2,715 -
2,715
2,740
APPROVED ON BEHALF OF THE BOARD _____________________________ Director
_____________________________ Director
3
Total
2018 2017 $ (000's) $
273 387
36
15
9
5
68
35
386 442
74
83
15,156 14,783 15,616 15,308
23 927 -
68
1,018
17 3,608
35
3,660
11,628 8,540 3,000 3,000 (30) 108
14,598 11,648
15,616 15,308
The accompanying notes form an integral part of these financial statements
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