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Victoria Freenet Association Financial Statements 1995 |
VICTORIA FREENET ASSOCIATION BALANCE SHEET
Unaudited - See Notice to Reader
Year ended Oct 31
ASSETS ---1995 $--- ---1994 $-(note 5)-- Current - Cash 20,862 19,562 Current - Inventory 1,866 191 Current - Prepaid expenses 4,725 - Total (a) 27,453 19,753 Capital, at cost (note 1) Computer 57,045 48,551 Software 850 850 57,895 49,401 Less accumulated amortization 43,243 35,407 Total (b) 14,652 13,994 TOTAL (a) plus (b) 42,105 33,747 LIABILITIES AND SURPLUS Current - Accounts payable 7,018 776 Surplus 35,087 32,971 Accounts payable plus surplus 42,105 33,747 See accompanying notes
VICTORIA FREENET ASSOCIATION STATEMENT OF SURPLUS
Unaudited - See Notice to Reader
Year ended Oct 31
---1995 $--- ---1994 $--- Surplus, opening 32,971 42,251 Excess (deficiency) revenue over expenses 2,116 ( 9,550) Surplus, closing 35,087 32,971 See accompanying notes
VICTORIA FREENET ASSOCIATION STATEMENT OF REVENUE AND EXPENSES
Unaudited - See Notice to Reader
Year ended Oct 31
----------------Revenue------------------- ---1995 $--- ---1994 $--- Donations 27,094 44,444 Membership dues 525 - Casino 34,062 - Interest 291 - Government grants/contracts 5,000 30,000 Sales: T-shirts 442 1,058 Sales: Freenet guides 2,570 1,613
--------------Expenses----------------- ---1995 $--- ---1994 $--- Advertising 159 224 Amortization 7,837 22,964 Bad debts 309 738 Bank charges and interest 188 162 Casino 18,116 - Commonwealth Games - 6,892 Computer 3,211 3,502 Donations - 100 Foreign Exchange - ( 633) Goods and Services Tax 2,907 3,425 Honorarium 500 1,000 Insurance 425 453 Management fees 1,500 15,907 Office 1,625 696 Professional fees 762 10,825 Purchases: T-shirts 213 1,934 Rent 6,058 950 Telephone: office 1,239 798 Telephone: network 17,568 16,068 Telecommunications show 5,251 - Travel and entertainment - 660 TOTALS 67,868 86,665 Excess (deficiency) revenue over expenses 2,116 ( 9,550) See accompanying notes
Notice to Reader
We have compiled the balance sheet of Victoria Freenet Assocation as at October 31, 1995 and the statements of revenue and expenses and surplus for the year then ended from information provided by the Board of Directors. We have not audited, reviewd o r otherwise attempted to verify the accuracy or completeness of such information. Readers are cautioned that these statements may not be appropriate for their purposes.
Hutcheson & Co.
Chartered Accountants
201-1006 Fort Street, Victoria, B.C.
Victoria, B.C. March 29, 1996
VICTORIA FREENET ASSOCIATION
Notes to the Financial Statements Unaudited - See Notice to Reader
Year ended Oct 31
1. Accounting policies
- a) Amortization Computer hardware is amortized on a 70% declining balance; full amortization prorated for the number of months owned, is taken in the year of acquisition. Computer software licence is amortized on a straight-line basis over 5 years.
- b)Donations Donated equipment is capitalized and amortized. U.S. dollar donations are translated at the rate of exchange when received.
2. Organization
The Victoria Freenet Association was incorported under the B.C. Society Act as of Novermber 4, 1992.
3. Income taxes
For purposes of income taxes this association is classified as a non-porofit society and as a result no income tax provisions are required.
4. Government grants/contracts
The funds received from governments are for specified contracts or projects.
5. Re-statement of 1994 figures.
The 1994 balance sheet and income statement has been increased by $2,424 to reflect items applicable to that year.