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Deloitte & Touche LLP 1005 Skyview Drive Suite 200 Burlington ON L7P 5B1 Canada Tel: 905-315-6770 Fax: 905-315-6700 www.deloitte.ca
Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Organization as at December 31, 2011, and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.
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Expenses Advertising and promotion Amortization Bank charges Dues and subscriptions Entertainment Equipment rental Insurance Occupancy costs Office expenses Professional fees Audit Investment Salaries and benefits Settlement of damages Telephone Travel and conferences
18,468 20,637 8,278 1,824 2,620 2,795 10,992 23,100 20,489 279,944 127,000 (930) 4,545 519,762
28,863 22,642 6,955 1,333 20,628 1,342 23,284 37,636 21,131 2,205 298,634 10,612 4,383 479,648
Excess of expenses over revenues for the year before the undernoted Hamiltonian Tour Boat operations (Schedule 1) Williams Fresh Cafe operations (Schedule 2) Hamilton Harbour Queen operations (Schedule 3) Hamilton Scoops operations (Schedule 4) Hamilton Trolley operations (Schedule 5) Fishing Derby operations (Schedule 6) Wingfest operations (Schedule 7) Waterfront Grill operations (Schedule 8) Discovery Centre operations (Schedule 9) Outdoor Ice Rink operations (Schedule 10) Skate Rental operations (Schedule 11) Excess of expenses over revenues for the year before the GST audit adjustment GST adjustment Excess of expenses over revenues for the year
(327,762) 9,194 (33,010) 232 19,806 (28,940) (4,112) (3,023) (187,327) 14,950 2,487 (537,505) 63,301 (474,204)
(142,455) 1,491 37,969 (256,040) 27,127 (21,864) (8,479) (83,895) (6,294) (32,072) (484,512) (409,013) (893,525)
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Liabilities Current liabilities Accounts payable and accrued charges HST and GST payable (Note 8) Deferred revenue - Trillium Foundation Grant Current portion of deferred capital contributions (Note 9)
Deferred capital contributions (Note 9) Deferred capital contributions - Discovery Centre (Note 5)
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Investing activities Proceeds from redemption of investments Increase in deferred capital contributions Increase in construction in progress Adjustments and sales tax rebates for capital assets Increase in deferred revenue - Trillium Foundation Grant Purchase of capital assets
(3,046) 328,925 (94,451) 78,914 33,097 (9,312) 334,127 (241,683) 380,471 138,788
Increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
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The Organization was incorporated under the Ontario Corporations Act as a not-for-profit organization and is a registered charity under the Federal Income Tax Act. 2. Significant accounting policies The financial statements have been prepared in accordance with Canadian generally accepted accounting principles and reflect the following significant accounting policies: Financial instruments Financial assets and financial liabilities are initially recognized at fair value and their subsequent measurement is dependent on their classification as described below. Their classification depends on the purpose, for which the financial instruments were acquired or issued, their characteristics and the Organization's designation of such instruments. Settlement date accounting is used. Classification
Cash and cash equivalents and investments Accounts receivable and loans Accounts payable and accrued liabilities Held-for-trading Loans and receivables Other liabilities
Held for trading Held for trading financial assets are financial assets typically acquired for resale prior to maturity or that are designated as held for trading. They are measured at fair value at the balance sheet date. Fair value fluctuations including interest earned, interest accrued, gains and losses realized on disposal and unrealized gains and losses are included in other income. Loans and receivables Loans and receivables are accounted for at amortized cost using the effective interest method.
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Straight-line Straight-line Diminishing balance Diminishing balance Diminishing balance Diminishing balance Straight-line
Amortization for boats and automotive capital assets is prorated for months in use.
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Cost $ Automotive equipment Boats Computer equipment Dock Equipment Furniture Leasehold improvements 318,923 951,264 30,139 15,522 109,241 8,331 1,130,855 2,564,275
Accumulated amortization $ 75,378 216,248 28,396 4,764 81,855 7,363 389,916 803,920
2011 Net book value $ 243,545 735,016 1,743 10,758 27,386 968 740,939 1,760,355
2010 Net book value $ 335,833 756,155 2,104 11,324 24,191 1,210 845,336 1,976,153
5.
Construction in progress In 2011, the Hamilton Waterfront Trust recognized $94,451, excluding a 6% administration charge, of deferred capital contributions from the City of Hamilton in respect of project work completed in the year. The cumulative balances included in construction in progress are as follows:
2011 $ Designing Consulting Equipment rental Materials and labour Administration Signage Permits and licenses Miscellaneous 128 5,695 72,763 9,628 768 927 4,542 94,451
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2011 $ Balance, beginning of year Contributions received and interest earned during the year Deduct amortization of deferred contributions Less: current portion of deferred contributions Balance, end of year
10. Financial instruments Fair value
2010 $ -
The fair value of cash, accounts receivable and accounts payable and accrued charges approximate their carrying values due to their short maturity. The carrying value of investments is equal to their fair value. 11. Capital disclosures The Organizations capital is made up of net assets. The Organizations capital management objectives consist of ensuring that it continues as a going concern in order to fulfil its mission to improve and develop the Hamilton waterfront. The Organization manages its capital structure by preparing and monitoring its annual budgets to maintain a satisfactory level of capital.
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770 1,725 11,393 3,978 1,300 1,329 339 375 21,209 9,194
1,010 1,351 9,964 2,746 988 2,161 2,166 415 20,801 1,491
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Gross profit Expenses Advertising and promotion Amortization Capital assets Cleaning and maintenance Commercial tax Equipment Lease Insurance Office Rent Repairs and maintenance Royalties Supplies Telephone Uniforms Utilities
3,834 91,264 18,285 16,593 1,064 4,122 9,741 33,433 30,301 83,232 52,185 3,930 2,449 56,294 406,727 (33,010)
5,671 81,982 22,129 13,472 3,085 3,568 42,286 25,888 77,806 47,214 2,826 8,882 44,279 379,088 37,969
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Gross profit Expenses Administrative Advertising Amortization Entertainment expenses Fuel and utilities Insurance Inspections, licenses and permits Memberships and dues Rent for parking Repairs and maintenance Supplies Uniforms
12,579 30,594 20,039 12,802 12,283 11,006 851 20,461 3,972 2,553 127,140 232
16,298 26,728 20,044 7,579 11,571 20,329 6,943 3,042 3,691 201,120 4,494 1,193 323,032 (256,040)
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Gross profit Expenses Advertising Amortization Insurance Repairs and maintenance Supplies Uniforms
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Gross profit Expenses Advertising Insurance Office Repairs and maintenance Supplies Uniforms
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