SK Association for Safe Workplaces in Health 2014 Annual Report | Page 21

SASKATCHEWAN ASSOCIATION FOR SAFE
WORKPLACES IN HEALTH INC.

SASKATCHEWAN ASSOCIATION FOR SAFE
WORKPLACES IN HEALTH INC.

Notes to Financial Statements (continued)

Notes to Financial Statements (continued)

Year ended December 31, 2014

Year ended December 31, 2014

4.

8.

Investment:
The investment is comprised of a term deposit that has an effective interest rate of 1.10% (2014 –
0.80%) and maturity date of January 11, 2015 (2014 – January 11, 2014).

5.

Property, plant and equipment:

Cost
Office furniture and equipment
Leasehold improvements
Computer hardware
Computer software

$

$
6.

65,735 $
38,336
94,673
13,206
211,950 $

Accumulated
amortization
32,814 $
15,237
40,421
10,525
98,997 $

2014
Net book
value

2013
Net book
value

32,921 $
23,099
54,252
2,681
112,953 $

41,405
30,432
24,675
6,307
102,819

Financial risks and concentration of credit risk (continued):
(b) Credit risk:
Credit risk refers to the risk that a counterparty may default on its contractual obligations
resulting in a financial loss. The Corporation is exposed to credit risk with respect to the
accounts receivable, cash and investment. The Corporation assesses, on a continuous
basis, accounts receivable and provides for any amounts that are not collectible in the
allowance for doubtful accounts. There has been no change to the risk exposures from 2013.
(c) Interest rate risk:
The Corporation has limited exposure to interest rate risk on its investment due to its shortterm nature.

Accounts payable and accrued liabilities:
Included in accounts payable and accrued liabilities are government remittances payable of
$13,200, (2013 - $nil) which include amounts payable for PST and payroll related taxes.

7.

Commitments:
The Corporation is committed under leases for office space and vehicles over the next five years
as follows:

2015
2016
2017
2018
2019

8.

$

118,476
112,024
37,341
-

Financial risks and concentration of credit risk:
(a) Liquidity risk:
Liquidity risk is the risk that the Corporation will be unable to fulfill its obligations on a timely
basis or at a reasonable cost. The Corporation manages its liquidity risk by monitoring its
operating requirements. The Corporation prepares budget and cash forecasts to ensure it
has sufficient funds to fulfill its obligations. There has been no change to the risk exposures
from 2013.

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