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

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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.

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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

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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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