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    PHS COMMUNITY SERVICES SOCIETYFinancial Statements

    March3 1 ,2013

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    PHS COMMUNITY SERVICES SOCIETYFINANCIAL STATEMENTSMarch3 1 ,2013

    CONTENTS

    INDEPENDENT AUDITORS' REPORTSTATEMENT OF OPERATIONSSTATEMENT OF CHANGES IN FUND BALANCESSTATEMENT OF CASH FLOWSSTATEMENT OF FINANCIAL POSITIONNOTES TO THE FINANCIAL STATEMENTSSCHEDULE OF OPERATIONS

    - BC HOUSING FUND 2013- BC HOUSING FUND 2012

    STATEMENT

    STATEMENT2

    STATEMENT 3

    STATEMENT 4

    SCHEDULE1SCHEDULE 2

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    COQUITLAM

    2nd Floor Heron Centre566 Lougheed Highway

    Coquitiain.BC V3K3S3Telephone 604-936-4377

    Fax 604-936-8376www.eprcoq.com

    INDEPENDENT AUDITORS' REPORTTo The Members of PHS Community Services SocietyWe have audited the accompanying financial statements of PHS Community Services Society, which comprise thestatement of financial position as at March 3 1 , 201 3 , and the statements of operations, changes in fund balances andcash flows for the year then en ded, and a summary of significant accounting policies and other explanatory inform ation.Management's responsibi l i ty for the f inancia l statementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance withCanadian accounting standards for not-for-profit organizations, and for such internal control as management determinesis necessary to enable the preparation of financial statements that are free from material misstatement, whether due tofraud or error.Auditors ' responsibi l i tyOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with Canadian generaBy accepted auditing standards. Those standards require that we comply wfth ethicalrequirements and plan and perform the audit to obtain reasonable assurance about w hether the financial statements arefree from ma terial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall

    http://www.eprcoq.com/http://www.eprcoq.com/
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    PHS COMMUNITY SERVICES SOCIETYS T A T E M E N T O F O P E R A T I O N Sfm Ended M arch 31 ,20 18

    S T A T E M E N T 1

    G e n e r a l F u n dB C H o u s i n g

    F u n d O p o r a t l o n aCap ita lAsse ts

    Tota l Genera lF u n d row

    a.757.7198.319 7664 .122 ,5582 270.8331.273.6401.1B8.B752.221 214

    256 .11099.34490,000

    B C H o u s i n gF u n d

    (Schedule 2 )

    t 8 497.7652.800.755

    --10.745-

    O p e r a t i o n s

    8.815 9491.427 5342.285.621

    B38.3212.170.B81

    255,510104,443

    90 ,000

    Genera l FundCap ita lAsse ts

    S

    1.362.505

    .

    Tota l Genera lF u n d

    8 615 9491 427 5342.285 6211.362.505

    838 .3212.170 881

    255 .510104.443

    90 ,000

    R e v e n u eBC Hous ing M anagement Commiss ion gran tsVanco uver Coastal Health Authority grantsRantHea l th Canada grantsTransfer from deterred grants relating to capital iOther I ncomeOther servteo grantsVanco uver Coastal Health Authority grant - Unity HoustngDona t ions andfundraisingBC Gamma Comn sssron gran t

    (Schedule 1 )

    S 8.757 7192.928.317

    8 319.7661 194.2412.270.833

    1.182.8752.207 604

    256 ,11099 .34490 ,000

    ---1.273.640.00----

    8 319.7661.194.2412.270 8331.273 6401 182.8752 207.604

    256 ,11099,34490 ,000

    8.497.7658.615 9494.22B.2892.285 6211.362.505

    836.3212 181 626

    255.510104,443

    90 ,00011 .699 ,646 1.273 640 16 ,894 ,413 11,309.265 15,788.259 1 362 505 17 ,150 .764 26,460,029

    E i p e n a e aStaffing costsRepa irs and ma in tenanceBuild ing opera t iona l cos tsAmor t iza t ionResiden tial services op erational costsProgram supportInterest paid On long term debtWrite ofl of receivables hum related partyGen eral administrative costs note 13

    5 210.7022.407 5661.095.498

    774 ,697177 ,087611 ,169

    8 816.5121.266.8311.400.658

    2.768 545458 .428

    2 342.377

    1 104 62722,062

    1 657^940

    8 816.5121.266.8311.400 6582.342.3772 766 545

    458 ,42822 .062

    1 657 940

    14,027,2143 674 3972.496 1562 342 3773.541 242

    63S.515611 ,169

    22,0622 762.567

    4 ,637 ,2662 677.249

    987.615772.356168.934621.261

    1 159 038

    8.189 9531 313 4681 531 891

    2.673 575261,865

    63,9531.303 372

    2 268.574

    8.189 9531.313 4681.531 8912.268 5742 673 575

    261 .86563 ,953

    1 303 372

    12 .627 .2393 990 7372.519.S062566 ,5743 445 931

    450 ,799621 .261

    63 .9532 462.410

    11 ,381 ,346 16,368,976 16 ,731 ,353 30 ,112 ,699 11 ,043 .739 15.338,097 2 268.574 17,606.671 28 ,650 ,410Excess (de f ic iency ) o f r evenue over expen ses be fore

    t r a n s f er s a n d o t h e r p r e v i s i o n sP r o v i s i o n t o r e p a y B C H o u s i n g M a n a g e m e n t C o m m i s s i o nTrans fe r red to rep lacement reserveP r i n t t o U n i t y H o u s i n g S o c i e t y

    318 .30093.000

    244.060

    (766.203)

    214 .846

    (1 ,068 ,737 )--

    (1,068.737)6.000 000

    (1 ,836 ,940 )

    214 ,846

    (2,051,788)6 000 000

    (1 .518 ,640 )93,000

    244 .080214 ,646

    (2,070,566)6 000 000

    265,526100.500233 .280

    (68.254)

    450,162 (906,069) (455,907)

    214 ,246

    (190,381)100 .500233 .280214 ,246

    Excess (de f ic iency ) o t r evenue over expen ses be foreg a i n o n I n v e s t m en t

    G a i n o n d i s p o s a l o f I n v e s t m e n t(18 .780 ) (983 .049 ) 235,916 (906,069) (670,153) (738,407)

    Eaceee (de f ldency ) o t r evenue over eape naes l o r the year (18 .760 ) (983 .049 ) 4.931563 (68.254) 235.915 (906,069) (670,t53) (738 .407 )

    E Tha aooompanfy

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    VJ\

    PHS COMMUNITY SERVICES SOCIETYSTATEMENT O F CHANGES IN FUND BALANCESYear Ended March 31 , 2012

    STATEMENT 2

    2013 2012Replacement General FundBC Housing Reserve Capital Total

    Fund Fund Operat ion s Assets General Fund TotalReplacement General FundBC Housing Reserve Capital Total

    Fund Fund Operat ions Assets General Fund To talFund balan ces, begin ni ng ot year (1,262.640) 572,939 309,803 5 2,284,538 2,591,341 1,901,640 (845,260) 210.060 (102,323) 3,377,570 S 3.275.247 2.640.047Excess (deficiency) of revenues over

    expenses lor the yearInter-lund translers

    (18,780)(487,615) 243,827

    (983,049 ) 4.931,263 S 3.948.214 3.929.434(905.742) 1.149.530 t 243,788

    (68.254) - 235.916 (906.069) (670.153) (738.407)3 4 9 , 1 2 6 ) 3 6 2 . 8 7 9 1 7 3 . 2 1 0 1 8 6 . 9 6 3 ) 1 3 . 7 5 3 )

    Fund balanc es, end ol year (1,769,035) 816,766 (1,581.988) 8.365,331 6,783,343 5,631,074 (1.262.640) I 572.939 306 303 2.284.538 2.591,341 1.901,640

    ETha accompanying notes are an Integral part o these financial statements

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    PHS COMMUNITY SERVICES SOCIETY STATEMENTSTATEMENTOFCASH FLOWSYear Ended March 3 1 ,2013

    2013 2012Cash flo ws fro m (for) o p erating activities:Excess of revenue over expenses (expenses over revenue) for the year $ 3,929,43 4 $ (738,406) Items not requiring an outlay of cashAmortization 2,342,3 77 2,268,574Interest on capital leases 26,098 5,834_ Gain on disposal of investment (6,000,000) -

    f f 297,909 1,536,002/_ fv Changes in non-cash working capital Decrease (increase) in accounts receivable (1,1 16,645) 39,676g^ Decrease (increase) in government agencies recoverable (276,732) 731 ,623" Increase in inventory (20,803)4 Decrease (increase) in prepaid expenses 1,461 9,474Increase (decrease) in accounts payable and accrued liabilities 1,668,285 (1,643,469), \ Decrease in salaries and dues payable 77,019 75,712Increase (decrease) in damage deposits (223) 5,598Increase (decrease) in deferred grants (13 5,369) 387,865

    494,902 1,142,481cci Cash flow s fro m (fo r) finan cing activities:Capital lease payments (61,423 ) (24,891)f Net change in deferred grants relating to capital assets 3,082,93 3 281,944Repayment of long term debt (575,507) (454,269)" Proceeds from long-term debt 11,3 95 4,391,215_- Proceeds from bank indebtedness 1,319,505r 3,776,903 4,193 ,999

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    \ , \

    PHS COMMUNITY SERVICES SOC IETYSTATEMENT OF FINANCIAL PO SITIONYear Ended March31.2013

    BC HousingF u nd

    ReplacementReserve

    FundGeneral Fund

    Operat ionsCapitalAaaets

    TotalGeneral Fund

    ASSETSCurrent.Cash

    Restricted cashAccounts receivable note 2Government agencies recoverableinventoryPrepaid expenses

    investment - note 5Capital assets and assets under capital lease - note 6

    LIABILITIESCurrentBand overdraft - noie 3

    Bank indebtedness - note 4Accounts payable end accrued liabilitiesSalaries and dues payableDamage depositsDelorred grants note 7Current portion ol capital lease obligations - no te 8Scheduled repayments for callable an d lo n g term debt - note 9Current liabilities before callable debtCallable debt - note 9

    Capital lease obligation - no te 8Long term debt - note 9Deterred grants relating lo cap ital assets - no te 10FundOption lo acquire propertyandcontingent gain s - note 11Dental clnic endowment lund - n ote 12

    nttments note 14

    6.000 00049,773.205

    6.000 00049,773,205

    1 238.962 818,766 1 773 710 STfi*t.W

    2 186.974111,117729.906

    113.8431 205.662

    711,021413,219

    30.657881.305

    52.225588.434

    3.007.997 3 355 707 638.6591.990.569

    3 994 3661.990.569

    3.007 997 3.355.707 2.629 228103.775

    16.701.43827.973.433

    5.984.935103,775

    16,701.43827.973.433

    3 007 997 3.355.707 47.407,874 50,763.581(1.769,035) 816.766 (1.581.968) 8.365.331 6 783.3431 238 982 816,766 1 773 719 55,773,205 57,548,824

    Us\ T0 /(HA Met*t i T n a accompanyin g notes are an in tegral part ol these Imandal statements

    Dale

    6 000.00049.773.20559,602,852

    7.002 3631 990 5698.992 932

    103,77516.701,43827.973,43353,771,5785 831.07459,802,852

    STATEMENT 4

    J 935.923303.039

    1.238.982

    S816.766

    816,766

    s 25.2371 469 348

    182,07420.80376.257

    1.773.719

    s 25.237 S1.469 348

    182.07420,80376,257

    1.773.719

    25.237816.7662.405 271

    485.11320.80376,257

    3.829 447

    926,431572,9391 327 952

    208.38177,718

    3 113.42147.017,59450,131,015

    113.8431 205.662

    711.021413.219

    30.657881.305

    52.22S586.434

    113,8431.205 6622.877 995

    413,219141,774

    1 611 21152.225

    588.434

    .-1.209 711336.200141.997

    1.746 57922,150

    567.7104,024.3474,024,347

    39,88219.274.84624.890.50048,229,375

    1 901 64050,131,015

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 ,2013NATURE OF BUSINESSPHS Community Services Society( Society )is incorporated under the Society Act of British Columbia as anot-for-profit organization and is a registered charity under the Income Tax Act. The Society is exempt fromincome taxes under section 149 (1 ) (f) of the Act. The Society was established to provide housing supportand services, education and advocacy to individuals and their comm unities.1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    The accounting policies of the Society are in accordance w ith Canadian accounting standards for not-for-profit organzations. Outlined below are those policies considered particularly significant.Fund Accoun tingThe Society follows the restricted fund method of accounting for contributions.The General Fund is used for the Society's program delivery and administrative activities. This fundreports unrestricted resources and restricted operating grants. The General Fund includes a CapitalAsset Fund, which includes the assets, liabilities, revenues, and expenses related to the Society'stangible capital assets.The BC Housing Fund includes the assets, liabilities, revenues and expenses for operations andprograms funded by the BC Housing Management Commission ("BC Housing").The Replacement Reserve Fund includes funds that are restricted to capital asset repairs andimprovement expenditures in accordance with agreements w ith the funding agencies. All expendituresfrom this fund must be approved by the funding agencies du ring the annual budget process.

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 ,2013

    1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONT'DImpairmen t o f Lo n g-lived AssetsLong-lived assets are reviewed for impairment when events and circumstances indicate that cost maynot be recoverable. Impairment exists when the carrying value of an asset is greater than theundiscounted future cash flows expected to be provided by the asset. The amount of impairment loss,if any, is the excess of the carrying value over its fair value.Revenue Recogn itionThe Society receives grants from various sources as reflected in the statement of operations, andfollows the restricted fund method of accounting for contributions. Externally restricted contributions arerecognized in the fund corresponding to the purpose for which they were contributed when received orreceivable, if the amount to be received can be reasonably estimated and collection is reasonablyassured. Contributions not corresponding to any restricted fund are recognized as revenue in theGeneral Fund under the deferral method of accounting for contributions. Therefore, restrictedcontributions reported in the General Fund are accounted for in accordance with restrictions imposedon the contributions. Unrestricted contributions are recognized as revenue when they are received orreceivable if the amount to be received can be reasonably estimated and collection is reasonablyassured.Administrative charges and management fees are recognized as revenue based on services provided.Rental revenue from operating leases is recognized as income over the term of the lease as itbecomes due.

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    >

    IIiI

    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 ,2013SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTDAllocation of Expen ses

    ^ The Society engages in various low income housing and property management programs. The costs of^ each program include staffing costs, repairs and maintenance, building operational costs and other[ P expenses that are directly related to providing support services. The Society also incurs generalbfe expenses to support the administration of the organization and each of its programs.0 General and administrative expenses are allocated based on budgeted amounts approved by thefunding agencies.

    tI*l

    UseofEstimatesThe preparation of financial statements in accordance with Canadian accounting standards requiresmanagement to make estimates and assumptions that affect the reported amounts of assets andliabilities at the date of the financial statements and the reported amounts of revenues and expensesduring the reported period. Estimates are used for, but are not limited to, the accounting for doubtfulaccounts, amortization, impairment, accruals and contingencies. Actual results may differ from thoseestimates.

    2. ACCOUNTS RECEIVABLEA Accounts receivable includes $31 0,327 (2012 - $286,142) receivable from non-profit organizations withsignificant influence and control.

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March3 1 ,2013

    5. INVESTMENTThe investment represents an option to purchase real property. For further details, see Note 11Option to Acquire Property and Contingent Gains with respect to the MOA.

    CAPITAL ASSETS2013

    7. DEFERRED GRANTS

    2012

    AppliancesBuildingsComputer equipmentEquipment under capital leaseLandLeasehold propertyOffice furniture and equipmentVehicles

    Cost$ 52,61255,943,948

    61 ,392288,8662,244,8492,265,464198 ,210227,683

    $51,283,024

    AccumulatedAmortization$ 1 2 , 1 3 311,057,688

    57,56794,590-113 , 36 970,982103 ,490$11,509,819

    Net BookValue$ 40,47944,886,260

    3,825194,2762,244,8492,152,095127,228124 ,193

    $49,773,205

    Net BookValue$ 3,03342,344,302

    13 ,65169,9442,244,8492,128,23756,379157,199

    $47,017,594

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 ,2013

    8. CAPITAL LEASE OBLIGATIONS2013 2012

    MCAP Leasing - Phone Systems $ 28,424 $ 51,770RCAP Leasing - Copier / Printer 14,13 2 17,3 15Coast Capital - Pharmacy Dispenser 13 1,579 -

    174,135 69,085Less deferred interest 18,13 5 7,253

    156,000 61,832Less current portion 52,225 22,150

    103,775 39,682Phone systems leased for the Rainier Hotel and the Pennsylvania Hotel require monthly installments of$594 and $1,458 respectively, which include interest at 10.1 0% and 9.94%. The leases are due March2014 and July2014, respectively, with a purchase option of $10 for each.Copier / Printer leased for the Society require monthly installments of $267, which includes interest at3.94%. The lease is due March 2017 with a purchase option of $1,582.

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 , 2 0 13

    LONG TERM DEBT 2013 2012Mortgage - VancityMortgage - Bank of Nova ScotiaMortgage - Canada Mortgage and Housing CorporationMortgage - Royal Bank of CanadaMortgage - Royal Bank of C anadaVehicle Loan - Dueck Pontiac B uick GMC LimitedVehicle Loan - Richmon d Chrysler D odge Jeep LimitedVehicle Loans - Maple R idge Chrysler Jeep Dodge

    2,043,9255,572,6521 900 3283,557,4116,086,733

    42113,515

    103,456

    2,095,7345,749,3572,052,5073,619,4446,178,493

    5 48620,804

    120,731

    Less: scheduled repayments required within 12 months

    Less: callable debt

    19,278,441586,434

    18,692,0071,990,569

    19,842,556567,710

    19,274,846-

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended M arch 3 1 , 2013

    9. LONG TERM DEBT - CONT'DThe vehicle loan with Richmond Chrysler Dodge Jeep Limited is repayable in monthly installments of$665, which includes interest at 3.99%. The vehicle loan will mature on December 9, 201 4.The vehicle loans with Maple Ridge Chrysler Jeep Dodge are repayable in monthly installments of$991,$78 6, $786 and $495 which includes interest at 7.44%, 7.24%, 7 .24% and 0% respectively. Thevehicle loan will mature on December 22, 2016, November 3, 2016, November 3, 2016 and August 18,2014 respectively.The aggregate amount of principal payments required in each of the next five years on the aboveindebtedness is as follows:

    2014 586,4342015 9,233,2802016 355,1262017 2,180,0742018 1 343 550

    10. DEFERRED GRANTS RELATING TO CAPITAL ASSETSThe deferred revenue relating to capital assets are made up of grants received which may only be usedfor the purpose of building construction and purchase of capital assets.The deferred capital grants are restricted for the renovation of buildings. These grants are amortized on

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    PHS COMMUNITY SERVICES SOCIETYNOTES TO THE FINANCIAL STATEMENTSYear Ended March 3 1 ,2013

    12 . DENTAL CLINIC ENDOWMENT FUNDThe Society has an endowment fund established by the University of British Columbia (UBC) known asthe Portland Community Dental Clinic Endowment Fund. The income earned will be used to supportthe ongoing operations of the Portland Community Dental Clinic. The capital will be held and managedby UBC. The total capital balance of the fund at March 3 1 ,2013 was $990,000 with a market value of$1,028,709.

    13. ALLOCATION OF EXPENSESGeneral administrative costs of $2,762,567 (2012 - $2,462,41 0) have been allocated as follows:

    2013 2012BC Housing programs $1 ,1 04,627 $1 ,1 59,03 8Other programs 1,657,940 1,303,372

    $2,762,567 $2,462,410

    14. COMMITMENTSThe Society is committed to the completion of the Alexander St. construction project located at 111Princess Street, Vancouver, British Columbia. The total estimated capital cost to complete this project

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    PHS COMMUNITY SERVICES SOCIETYSCHEDULE OF OPERATIONS- BC HOUSING FUNDVar Ended Match31.2012SCHEDULE 2

    RevenueBC Housing Management Commission gramsRantOthar aarvlca grants

    PortlandHotel446,652347,224795.876

    WashingtonHotal574.992328.825903,816

    Sunrlsa

    S 556.535206,749763.284

    PennsylvaniaHotal1 601.920231.302

    833.222

    Woodwards'Singles Station SLBuildingS 1 156 500 S 141.493548,517 345.067

    1.705.017 486.560

    Station SLSuppo rt Service*1 949,043

    949,043

    BeaconHolel508,700165.383674,063

    ExpensesStalling costsRepairs and maintenanceBuilding operational costsResidential services operational costsProgram supportInterest paidon long-term debtGeneral and administrative costs

    394,363149,31215,55915,809173,71198,093

    353.592400,23672,09440.3929.073

    65,974

    298.910308,13969,89249.3048 806

    65,974

    328,639147.98678.56620.38415.325130.85982,247

    465.395456.091167,18868,4521t,238239.451171,900

    321,26070,18620.14935.200

    698.647

    159.802

    70,628

    300,468164,08320,53523,0448.541124,301

    846,848 941,362 804,006 1 599.715 446,795 929,076Eiceas (deficiency) of revenue over

    expenses betore transfers and other provisionsProvtalon to repay BC Housing Management Co mmission

    (50.972) (37.546) (37.741) 39,765 19,967 33.09232.500

    Transferred to rep lacement reserveExcess (deficiency) of revenue overexpenses for trie year (50.972) (37,546)

    31,680(37,741) (2,464)

    90.00015.302

    57.600(17,835) 19,967 592

    RevenueBC Housing Management Commission grantsRaniOther service grams

    RainierHotel150.812170,802321,614

    RainierSupport ServicesS 579.820

    579,820

    Molson's Bank Molaon'aBuilding Support Services% 107.255 550.977 J157,904

    285,160 550,977

    HousingTeem569.078

    569,078

    HutchinsonBlockS 84.033

    84,033

    New FountainShelter1 072.296

    10,7451.083 041

    TelllerTower445.659299,003744,662

    2012TOTAL8 497.7652.800 75510,745

    11.309.265ExpansesStalling costsRepairs and malntsfiancaBuiwtng operational costsResidential services operational costsProgram supportInterest paid on long-term debtGen eral and admtnhrtrattve costs

    .66.04431,50121.41921,754499.89634.772

    37.036.151.90349,010

    6.0297.515

    528,985

    17,8442.648

    453.43319.4081.87524,07213,052135,373 54,988

    67,567

    7,116

    502,36572,42181.82226B.14449,539107,232

    119.368140.542195.63611.5275.48577.240

    4 837.2682.677 249987,615772,356180.934821.2611 159 038

    349,829 549.477 568,829 84,033 1 081 523 549,817 11.043,739Excess (deficiency) of revenue overexpenses before transfers and Othar provisionsProvision to repay BC Housing Management CommissionTransferred to rep lacement reserve

    40.88423.000

    8,116 (84.669) 1.500 1.518 194.84545.00054.000

    265.526100.500233,280

    Excess (deficiency) of revenue overexpenses for the year 17,884 (84.669) 1,516 95,845 (65,254)

    E