2012-2013 ANNUAL REPORT (pdf) - Tafelmusik

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INDEPENDENT AUDITOR’S REPORT The accompanying summary financial statements, which comprise the summary statement of financial position as at June 30, 2013 and the summary statements of revenue and expenses - operating fund and changes in net assets for the year then ended, are derived from the audited financial statements of Tafelmusik for the year ended June 30, 2013. We expressed a qualified audit opinion on those financial statements in our report dated September 30, 2013 (see below). The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-forprofit organizations. Reading the summary financial statements therefore is not a substitute for reading the audited financial statements of Tafelmusik. Management’s Responsibility for the Summary Financial Statements Management is responsible for the preparation of a summary of the audited financial statements in accordance with Canadian accounting standards for not-for-profit organizations. Auditor’s Responsibility Our responsibility is to express an opinion on the summary financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS) 810, “Engagements to Report on Summary Financial Statements”. Opinion In our opinion, the summary financial statements derived from the audited financial statements of Tafelmusik for the year ended June 30, 2013 are a fair summary of those financial statements, in accordance with Canadian accounting standards for not-for-profit organizations. In our audit report dated September 30, 2013 on the audited financial statements, we expressed a qualified opinion. Our qualified audit opinion is based on the fact that in common with many similar organizations, Tafelmusik derives revenues from fund-raising events and donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of Tafelmusik and we were note able to determine whether any adjustments might be necessary to revenues, excess of revenues over expenses, assets and net assets. Our qualified opinion states that except for the possible effects of described matter, if any, those financial statements present fairly, in all material respects, the financial position of Tafelmusik as at June 30, 2013, and its financial performance and its cash flows for the year then ended in accordance with Canadian accounting standards for notfor-profit organizations. Toronto, Ontario September 30, 2013 CHARTERED ACCOUNTATS Licensed Public Accountants 14
SUMMARY STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2013 ASSETS 2013 2012 Current assets Cash and short-term investments $ 1,867,809 $ 1,761,859 Sundry receivables, inventory and prepaid expenses 433,240 337,940 2,301,049 2,099,799 Capital assets 381,898 75,305 Endowment fund - cash and marketable securities 254,382 180,682 2,937,329 2,355,786 LIABILITIES Current liabilities Accounts payable, accrued expenses and other obligations 301,636 274,539 Deferred revenue - subscriptions, grants and other 1,092,705 1,139,246 Obligations under capital leases 4,616 13,462 1,398,957 1,427,247 Deferred capital contributions 469,256 - 1,868,213 1,427,247 NET ASSETS Invested in capital assets 56,274 61,843 Operating fund 5,916 (85,846) Artistic fund 329,244 329,244 Creative Trust Working Capital for the Arts fund 402,100 400,000 Silvery anniversary fund 21,200 42,616 Endowment funds - Continuo - internally restricted 181,632 180,682 - Horst Dantz and Don Quick - externally restricted 72,750 - - Amounts held by the Ontario Arts Foundation (note 1) - - 1,069,116 928,539 $ 2,937,329 $ 2,355,786 15
Page 1 and 2: ANNUAL REPORT
Page 3 and 4: TABLE OF CONTENTS Report of the Cha
Page 5 and 6: Financial Health: A core responsibi
Page 7 and 8: MESSAGE FROM THE MUSIC DIRECTOR It
Page 9 and 10: vision to intensively train the bes
Page 11 and 12: DID YOU KNOW? Tafelscene, Tafelmusi
Page 13 and 14: developed by Réjean Tremblay, with
Page 15: education and programming initiativ
Page 19 and 20: SUMMARY STATEMENT OF CHANGES IN NET
Page 21 and 22: REPORT FROM THE NOMINATING COMMITTE
Page 23 and 24: PATRONS $600 to $999 Anonymous (1)
Page 25 and 26: Tony Easty & Beth Savan M.S. Easun
Page 27 and 28: TAFELMUSIK BAROQUE SUMMER INSTITUTE
Page 29 and 30: Margaret Eaton, Gwillym Willams & T
Page 31 and 32: VOLUNTEERS A special “thank you
Page 33 and 34: Jeanne Lamon Music Director Ivars T
Page 36: Tafelmusik Baroque Orchestra and Ch

2012-2013 ANNUAL REPORT (pdf) - Tafelmusik

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