Enactus Canada - Annual Report

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2011 - 12 Annual Report Enactus Canada

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Enactus Canada - Annual Report

Transcript of Enactus Canada - Annual Report

Page 1: Enactus Canada - Annual Report

2011 - 12 Annual ReportEnactus Canada

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PRODUCTION AND LIVE MANAGEMENT INC.

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June 30 2012 2011

$ $w

ASSETS

Current

Cash 348,122 199,827

Accounts receivable [note 3] 307,249 369,351

Prepaid expenses 20,197 45,922

675,568 615,100

Long-term deposits 10,834 10,581

Capital assets [note 4] 17,336 21,316

703,738 646,997

LIABILITIES

Current

Accounts payable and accrued liabilities 260,724 111,463

Deferred revenue [note 5] 59,700 157,200

320,424 268,663

NET ASSETS

Unrestricted 383,314 378,334

703,738 646,997

Year ended June 30 2012 2011

$ $

Balance, beginning of year 378,334 463,520

Excess (deficiency) of revenue over expenses for the year 4,980 (85,186)

Balance, end of year 383,314 378,334

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Year ended June 30 2012 2011

$ $

OPERATING ACTIVITIES

Excess (deficiency) of revenue over expenses for the year 4,980 (85,186)

Add item not involving cash -

Amortization 6,767 3,444

11,747 (81,742)

Changes in non-cash working capital items -

(Increase) decrease in accounts receivable 62,102 (1,145)

(Increase) decrease in prepaid expenses 25,725 (14,533)

Increase (decrease) in accounts payable and accrued liabilities

149,261 (47,609)

Increase (decrease) in deferred revenue (97,500) 117,500

151,335 (27,529)

INVESTING ACTIVITIES

Purchase of capital assets (2,787) (21,378)

Net redemption (purchase) of term deposits (253) 170,242

(3,040) 148,864

Net change in cash during the year 148,295 121,335

Cash, beginning of year 199,827 78,492

Cash, end of year 348,122 199,827

Year ended June 30 2012 2011

$ $

Revenue

Corporate 1,053,228 902,291

Foundations 247,157 151,930

Individuals 137,396 101,009

Government [note 6] 31,485 30,480

Administration fees and other 22,640 6,901

1,491,906 1,192,611

Expenses

Program 1,039,287 890,169

Operations and administration 303,382 331,653

Development 144,257 55,975

1,486,926 1,277,797

Excess (deficiency) of revenue over expenses for the year 4,980 (85,186)

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of $206,331, all of which has been reported as current or deferred revenue.

4.CAPITAL ASSETS

Cost AccumulatedAmortization

Net Book Value

2012 2011

$ $ $ $

Leasehold improvements 20,944 5,266 15,678 18,646

Computer equipment 8,294 6,636 1,658 2,670

29,238 11,902 17,336 21,316

5. DEFERRED REVENUEDeferred revenue represents externally restricted operating funding received or pledged in the current year that relates to future years.

2012 2011

$ $

Balance, beginning of year 157,200 39,700

Less: amount recognized as revenue in the year (107,500) (7,500)

Add: amounts received or pledged relating to future years 10,000 125,000

Balance, end of year 59,700 157,200

6. GRANTSThe organization has received contributions from a regional federal government agency ($31,485) for the purpose of funding specific program activities. The organization has complied with all conditions and requirements of the contribution program agreement and no repayment is anticipated.

7. COMMITMENTSThe organization is committed under an operating lease for rental of premises to June 1, 2016. Future minimum annual commitments, including an estimate of the proportionate share of building operating costs, are as follows:

$

2013 34,275

2014 34,275

2015 34,275

2016 31,418

134,243

The organization is also committed to its share of utility costs.

8. REVOLVING DEMAND FACILITYThe organization has a revolving demand facility to a maximum of $100,000. The revolving demand facility bears interest at a Canadian chartered bank’s prime

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Enactus Canada266 King Street West, Suite 403

Toronto, ON M5V 1H81 800 766 8169

enactus.ca