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Auditors' Report on
Summarized Financial
Statements
The accompanying summarized statement of
financial position and statement of revenue and
expenditures are derived from the complete
financial statements of World Vision Canada as
at September 30, 2008, and for the year then
ended on which we expressed an opinion without
reservation in our report dated November 21,
2008. The fair summarization of the complete
financial statements is the responsibility of
management. Our responsibility, in accordance
with the applicable Assurance Guideline of The
Canadian Institute of Chartered Accountants, is to
report on the summarized financial statements.
In our opinion, the accompanying financial
statements fairly summarize, in all material
respects, the related complete financial
statements in accordance with the criteria
described in the Guideline referred to above.
These summarized financial statements
do not contain all the disclosures required
by Canadian generally accepted accounting
principles. Readers are cautioned that these
statements may not be appropriate for their
purposes. For more information on the Entity's
financial position, results of operations and cash
flows, reference should be made to the related
complete financial statements.
Chartered Accountants,
Licensed Public Accountants
Toronto, Ontario
November 21, 2008
Summarized Statement of Financial Position
As at September 30, 2008, with comparative figures for 2007
(in thousands of dollars)
| ASSETS |
2008 |
2007 |
| Current assets |
|
|
| Cash and short-term investments |
$ 33,862 |
$ 28,424 |
| Other current assets |
2,886 |
2,344 |
| |
36,748 |
30,768 |
| Investments |
4,369 |
4,844 |
| Due from affiliates |
140 |
160 |
| Capital assets |
20,890 |
21,467 |
| Total assets |
$ 62,147 |
$ 57,239 |
LIABILITIES AND NET ASSETS |
|
|
| Current liabilities |
|
|
| Accounts payable and other current liabilities |
$ 10,914 |
$ 13,748 |
| Deferred contributions |
23,865 |
10,195 |
| |
34,779 |
23,943 |
| Long-term debt |
140 |
140 |
| Deferred capital contributions |
3,330 |
3,447 |
| Net assets |
|
|
| Net investment in capital assets |
17,560 |
18,020 |
| Unrestricted |
5,415 |
10,766 |
| Endowments |
923 |
923 |
| |
23,898 |
29,709 |
| Total liabilities and net assets |
$ 62,147 |
$ 57,239 |
Financial Highlights
REVENUE
 |
Cash donations from the public
Donated goods from the public
Government grants
Investmenst and other |
EXPENDITURES
AS A PERCENTAGE OF REVENUE
 |
Programs
Fundraising
Administration |
Summarized Statement of Revenue and Expenditures
Year ended September 30, 2008, with comparative figures for 2007
(in thousands of dollars)
| REVENUE |
2008 |
2007 |
| Donations from the public |
|
|
| Cash |
$ 259,192 |
$ 245,193 |
| Donated goods |
72,243 |
57,935 |
| Government grants |
|
|
| Canadian government cash |
15,692 |
9,888 |
| International and multilateral cash |
3,048 |
3,656 |
| Donated goods |
29,490 |
33,175 |
| Investments and other |
2,167 |
2,411 |
| Total revenue |
$ 381,832 |
$ 352,258 |
EXPENDITURES |
|
|
| Programs |
|
|
| International programs |
$ 306,309 |
$ 274,262 |
| Canadian programs |
6,006 |
4,002 |
| Public awareness and education |
6,909 |
6,190 |
| Fundraising |
45,508 |
43,980 |
| Administration |
22,912 |
21,057 |
| Total expenditures |
387,644 |
349,491 |
| Excess (deficiency) of revenue over expenditures |
$ (5,812)* |
$ 2,767 |
*In 2008, by using funds raised in previous years,
we intentionally spent more on international
programs than we received in revenue. As
shown in the financial statements, this resulted in
expenditures exceeding revenue. The associated
pie chart does not reflect that additional
program spending. If the chart included all
program spending, it would instead show that
83.6% of 2008 revenue was spent on programs.
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