CVO Annual Report 2024 | 16
Report of the Independent Auditor on the Summary Financial Statements
To the Members , College of Veterinarians of Ontario
Opinion – The summary financial statements of the College of Veterinarians of Ontario , which comprise the summary statement of financial position as at September 30 , 2024 and the summary statement of operations for the year then ended , are derived from the audited financial statements of the College of Veterinarians of Ontario for the year ended September 30 , 2024 .
STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30 , 2024
2024 2023
|
ASSETS
Current Cash Investments
|
$ |
518,261
4,623,338
|
$ |
225,493
5,464,018
|
Accounts receivable |
|
61,202 |
|
13,640 |
HST receivable |
|
180,954 |
|
45,525 |
Prepaid expenses |
|
152,604 |
|
213,419 |
|
|
5,536,359 |
|
5,962,095 |
In our opinion , these accompanying summary financial statements are a fair summary of the audited financial statements , in accordance with the criteria disclosed in the summary financial statements .
TANGIBLE CAPITAL ASSETS
$ 1,566,032 $ 1,768,603
$ 7,102,391 $ 7,730,698
Summary financial statements – The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations . Reading the summary financial statements and the auditor ’ s report thereon , therefore , is not a substitute for reading the audited financial statements of the College of Veterinarians of Ontario and the auditor ’ s report thereon .
The audited financial statements and our report thereon – We expressed an unmodified audit opinion on the financial statements in our report dated December 4 , 2024 .
Management ’ s responsibilities for the summary financial statements – Management is responsible for the fair summarization of the audited financial statements in accordance with the criteria disclosed in the summary financial statements .
Auditor ’ s responsibility – Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the audited financial statements based on our procedures , which were conducted in accordance with Canadian Auditing Standard ( CAS ) 810 “ Engagements to Report on Summary Financial Statements ”.
|
LIABILITIES Current
Accounts payable and accrued liabilities
|
$ |
628,203 |
$ |
793,641 |
NET ASSETS
INVESTED IN TANGIBLE |
|
|
CAPITAL ASSETS |
1,566,032 |
1,768,603 |
UNRESTRICTED |
4,908,156 |
5,168,454 |
|
6,474,188 |
6,937,057 |
$ 7,102,391 $ 7,730,698
Guelph , Ontario December 4 , 2024
RLB Chartered Professional Accountants Licensed Public Accountants