International Care Ministries Foundation Inc. (A Nonstock ...

[Pages:33]International Care Ministries Foundation Inc. (A Nonstock, Nonprofit Corporation)

Financial Statements May 31, 2016 and 2015

and

Independent Auditor's Report

SyCip Gorres Velayo & Co. 6760 Ayala Avenue 1226 Makati City Philippines

Tel: (632) 891 0307 Fax: (632) 819 0872 ph

BOA/PRC Reg. No. 0001, December 14, 2015, valid until December 31, 2018

SEC Accreditation No. 0012-FR-4 (Group A), November 10, 2015, valid until November 9, 2018

INDEPENDENT AUDITORS' REPORT

The Board of Trustees International Care Ministries Foundation Inc.

Report on the Financial Statements

We have audited the accompanying financial statements of International Care Ministries Foundation Inc. (a nonstock, nonprofit corporation), which comprise the statements of financial position as at May 31, 2016 and 2015, and the statements of revenue and expenses, statements of changes in fund balance and statements of cash flows for the years 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 Philippine Financial Reporting Standards for Small and Medium-sized Entities, 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Philippine Standards on Auditing. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

A member firm of Ernst & Young Global Limited

*SGVFS019890*

- 2 -

Opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of International Care Ministries Foundation Inc. as at May 31, 2016 and 2015, and its financial performance and its cash flows for the years then ended in accordance with Philippine Financial Reporting Standards for Small and Medium-sized Entities.

Report on the Supplementary Information Required Under Revenue Regulation 15-2010

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information required under Revenue Regulation 15-2010 in Note 14 to the financial statements is presented for purposes of filing with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such information is the responsibility of the management of International Care Ministries Foundation Inc. The information has been subjected to the auditing procedures applied in our audit of the basic financial statements. In our opinion, the information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

SYCIP GORRES VELAYO & CO.

Dhonabee B. Se?eres Partner CPA Certificate No. 97133 SEC Accreditation No. 1196-AR-1 (Group A),

June 30, 2015, valid until June 29, 2018 Tax Identification No. 201-959-816 BIR Accreditation No. 08-001998-98-2015,

January 5, 2015, valid until January 4, 2018 PTR No. 5321694, January 4, 2016, Makati City

September 5, 2016

A member firm of Ernst & Young Global Limited

*SGVFS019890*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(A Nonstock, Nonprofit Corporation)

STATEMENTS OF FINANCIAL POSITION

ASSETS

Current Assets Cash Receivables (Note 4) Inventories (Note 5) Other current assets (Notes 6 and 13) Total Current Assets

Noncurrent Assets Property and equipment (Note 7) Security deposits (Note 13) Total Noncurrent Assets

TOTAL ASSETS

LIABILITIES AND FUND BALANCE

Current Liability Accounts payable and others (Note 8)

Noncurrent Liability Accrued retirement benefits (Note 12) Total Liabilities

Fund Balance General fund Accumulated excess of revenue over expenses Total Fund Balance

TOTAL LIABILITIES AND FUND BALANCE

See accompanying Notes to Financial Statements.

May 31 2016

2015

P=9,620,273 839,388

106,883,796 1,180,774

118,524,231

=P6,521,486 2,631,335

62,986,799 541,600

72,681,220

24,489,361 521,600

25,010,961

P=143,535,192

27,341,911 619,600

27,961,511

=P100,642,731

P=3,487,019

=P3,063,739

7,626,475 11,113,494

6,183,810 9,247,549

5,000 132,416,698 132,421,698

P=143,535,192

5,000 91,390,182 91,395,182

=P100,642,731

*SGVFS019890*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(A Nonstock, Nonprofit Corporation)

STATEMENTS OF REVENUE AND EXPENSES

Years Ended May 31

2016

2015

REVENUE Donations from ICM Hong Kong (Note 11) Donations of goods Donations from Australia Others

P=139,767,006 234,115,579 7,638,461 34,495,802 416,016,848

=P156,473,702 146,053,222 27,085,532 13,538,805 343,151,261

PROJECT COSTS (Note 9) Strategic Program Program Development Health Services Program Vision Trip Special Project Others

286,331,276 39,766,903 15,163,459 5,970,395 1,627,481 17,676,287

366,535,801

254,697,972 37,220,686 10,861,423

7,341,201 2,021,997 32,394,983 344,538,262

GENERAL AND ADMINISTRATIVE EXPENSES (Note 10)

8,393,077

6,402,653

OTHER INCOME (EXPENSE) Gain (loss) on disposal of property and equipment Foreign exchange gain Interest income

EXCESS (DEFICIT) OF REVENUE OVER EXPENSES

(106,260) 30,748 14,058 (61,454)

P=41,026,516

30,076 5,643 24,361 60,080

(=P7,729,574)

See accompanying Notes to Financial Statements.

*SGVFS019890*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(A Nonstock, Nonprofit Corporation)

STATEMENTS OF CHANGES IN FUND BALANCE

FOR THE YEARS ENDED MAY 31, 2016 AND 2015

BALANCES AT MAY 31, 2014 Deficit of revenue over expenses for the year

BALANCES AT MAY 31, 2015 Excess of revenue over expenses for the year

BALANCES AT MAY 31, 2016

See accompanying Notes to Financial Statements

General Fund

Accumulated Excess of

Revenue Over Expenses

Total

P=5,000 ?

=P99,119,756 (7,729,574)

P=99,124,756 (7,729,574)

5,000 -

91,390,182 41,026,516

91,395,182 41,026,516

P=5,000 P=132,416,698 P=132,421,698

*SGVFS019890*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC.

(A Nonstock, Nonprofit Corporation)

STATEMENTS OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES Excess of revenue over expenses Adjustments for:

Depreciation (Notes 7 and 10) Retirement benefits cost - net of payments (Note 12) Gain (loss) on disposal of property and equipment Foreign exchange gain Interest income Donation in kind (Note 7) Excess (deficit) of revenue over expenses before working capital changes Decrease (increase) in: Receivables Inventories Other current assets Increase in accounts payable and others Cash generated from (used in) operations Interest received Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (Note 7) Proceeds from sale of property and equipment Decrease in security deposits Net cash used investing activities

EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATE IN CASH

NET INCREASE (DECREASE) IN CASH

CASH AT BEGINNING OF YEAR

CASH AT END OF YEAR

See accompanying Notes to Financial Statements.

Years Ended May 31

2016

2015

P=41,026,516

5,010,005 1,442,665

106,260 (30,748) (14,058) (247,262)

47,293,378

1,791,947 (43,896,997)

(639,174) 423,280 4,972,434 14,058 4,986,492

(=P7,729,574)

5,088,400 1,108,032

(30,076) (5,643) (24,361)

-

(1,593,222)

65,155 (1,077,463)

145,366 1,192,811 (1,267,353)

24,361 (1,242,992)

(2,221,966) 205,513 98,000

(1,918,453)

(3,957,396) 310,000 43,050

(3,604,346)

30,748 3,098,787 6,521,486 P=9,620,273

5,643 (4,841,695) 11,363,181 =P6,521,486

*SGVFS019890*

INTERNATIONAL CARE MINISTRIES FOUNDATION INC. (A Nonstock, Nonprofit Corporation) NOTES TO FINANCIAL STATEMENTS

1. Corporate Information

International Care Ministries Foundation Inc, (the Foundation), is a nonstock, nonprofit corporation registered with the Philippine Securities and Exchange Commission (SEC) on July 5, 1993. The Foundation was organized to make available Christian services for the glory of God in all aspects of community development, provide livelihood activities, leadership and comprehensive training for the less privileged. The Foundation is part of the International Care Ministries (ICM), a nonstock, nonprofit organization incorporated in Hong Kong. Being part of the ICM organization, the Foundation receives support from sponsors to enable it to carry out its objectives and continue as a going concern entity.

The Foundation is exempt from payment of income tax under the 1997 National Internal Revenue Code, Section 30 (e), for non-stock corporation organized and operated exclusively for religious and charitable institutions.

The financial statements were approved and authorized for issue by the Foundation's Board of Trustees (BOT) on September 5, 2016.

2. Summary of Significant Accounting Policies

Basis of Preparation The accompanying financial statements were prepared under the historical cost convention and are presented in Philippine Peso (=P), which is the Foundation's functional and presentation currency. All amounts were rounded off to the nearest Peso, except when otherwise indicated.

Statement of Compliance The financial statements of the Foundation have been prepared in compliance with Philippine Financial Reporting Standards for Small and Medium-sized Entities (PFRS for SMEs).

Financial Instruments Cash Cash includes cash on hand and in banks.

Receivables Receivables pertain to advances to a related party, officers and employees and a third party which are subject for liquidation or refund. At the end of each reporting period, the carrying amounts of receivables are reviewed to determine whether there is any objective evidence that the amounts are not recoverable. If so, an impairment loss is recognized immediately in profit or loss.

The carrying amount of the receivable shall be reduced either directly or through the use of an allowance account. The amount of loss shall be recognized in the statement of revenue and expenses.

Security and Containers' Deposits Security deposits represent rental deposits to the lessor related to lease properties, while containers' deposits represent deposits to the shipping lines related to shipments of inventories. Deposits are measured at amortized cost.

*SGVFS019890*

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download