Financials


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Nutrition for Learning Inc.

Statement of Financial Position

As at August 31, 2017

2017 2016
Assets
Current 336,998
Cash 404,103
Accounts receivable 161 20,184
Harmonized sales tax receivable 14,804 7,725
Prepaid expenses 37,428 33,997
Inventory (Note 3) 42,731 11,706
432,122 477,715
Capital assets (Note 4) 19,145 13,208
451,267 490,923
Liabilities
Current 29,371
Accounts payable and accruals 39,142
Deferred contributions (Note 5) 356,824 348,359
386,195 387,501
Net Assets 65,072 103,422
451,267 490,923
Approved on behalf of the Board of Directors
Director Director

The accompanying notes are an integral part of these  financial statements

Nutrition for Learning Inc.

Statement of Operations

For the year ended August 31, 2017

2017 2016
Revenues
Anchor Group 3,729
BLM Transportation Group / BLM Deck 44,748 41,019
Breakfast Club of Canada 36,750 36,750
Breakfast for Learning 31,600 31,600
Catholic Community Foundation of Waterloo Region 10,000
Donations 265,591 176,003
Fundraising 126,294 240,187
Grocery cards 47,940
Interest income 545 2,227
Kavelman-Fonn Foundation 100,000
Lyle Hallman Foundation 60,000
Manulife 18,000
Ministry of Children and Youth Services 602,358 622,492
Ontario Trillium Foundation 139,000
Other foundations 15,421 5,469
RBC Foundation / Royal Bank of Canada 42,400 35,500
Supplier rebates 6,369
The Kitchener and Waterloo Community Foundation 7,945 2,000
Tim Hortons 124,841 131,471
1,491,802 1,516,447
Expenses 1,190,446
Nutrition program costs (Schedule 1) 1,205,540
Wages, contracts and benefits, not included in nutrition program costs 188,858 165,640
Occupancy 56,889 56,235
Office and administration 53,036 60,390
Fundraising 18,968 17,483
Auditing and accounting fees 7,936 8,770
Amortization 5,237 5,115
Consulting 3,444 6,308
Insurance 3,324 2,726
Interest and bank charges 2,014 3,427
1,530,152 1,531,634
Deficiency of revenues over expenses (38,350) (15,187)

The accompanying notes are an integral part of these  financial statements

Nutrition for Learning Inc.

Statement of Changes in Net Assets

For the year ended August 31, 2017

2017 2016
Net assets, beginning of year 103,422 118,609
Deficiency of revenues over expenses (38,350) (15,187)
Net assets, end of year 65,072 103,422

The accompanying notes are an integral part of these  financial statements

Nutrition for Learning Inc.

Statement of Cash Flows

For the year ended August 31, 2017

2017 2016
Cash provided by (used for) the following activities
Operating (38,350)
Deficiency of revenues over expenses (15,187)
Amortization 5,237 5,115
Changes in working capital accounts (33,113) (10,072)
(7,079)
Harmonized sales tax receivable 25,914
Accounts payable and accruals (9,771) 13,286
Deferred contributions 8,465 2,992
Inventory (31,025) (8,032)
Prepaid expenses (3,431) (15,250)
Accounts receivable 20,023 (18,846)
Investing (55,931) (10,008)
(11,174)
Purchase of capital assets
Decrease in cash resources (67,105) (10,008)
Cash resources, beginning of year 404,103 414,111
Cash resources, end of year 336,998 404,103

 

The accompanying notes are an integral part of these  financial statements

Nutrition for Learning Inc.

Notes to the Financial Statements

For the year ended August 31, 2017

  1. Organization and operations

Nutrition for Learning Inc. (the “Organization”) is an organization dedicated to alleviating hunger and increasing the nutritional quality of food for children in Waterloo Region through the support of child nutrition programs, community development, and nutrition education. On November 1, 1997, the Organization became a registered charity under Section 149 of the Income Tax Act (Canada), and is therefore exempt from the payment of income taxes. On January 25, 2002, the Organization was incorporated under the laws of Ontario.

  1. Significant accounting policies

The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations set out in Part III of the CPA Canada Handbook – Accounting, as issued by the Accounting Standards Board in Canada, and include the following significant accounting policies:

Revenue recognition

The Organization uses the deferral method of accounting for revenues, whereby undesignated receipts are reflected as revenue when received or receivable, and designated receipts are reflected as deferred contributions until the related designated expenditures are made.

Cash and cash equivalents

Cash and cash equivalents include balances with banks and short-term investments with maturities of twelve months or less.

Inventory

Inventory is valued at cost. Cost is determined by the first in, first out method.

Capital assets

Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution if fair value can be reasonably determined.

Amortization is provided using the following methods and rates intended to amortize the cost of assets over their estimated

useful lives. Method Rate
Leasehold improvements straight-line 6 years
Computer equipment declining balance 30 %
Furniture and equipment declining balance 20 %

 

Measurement uncertainty (use of estimates)

The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.

Amortization is based on the estimated useful lives of capital assets.

Accruals are estimated based on payments to be made subsequent to year end.

Deferred contributions related to grants are based on the terms of the grant agreements.

These estimates and assumptions are reviewed periodically and, as adjustments become necessary they are reported in operations in the periods in which they become known.

Contributed materials and services

A large number of people have contributed significant amounts of time to the activities of the Organization without compensation, and from time to time goods are contributed. The financial statements do not reflect the value of those contributed services and goods unless a reliable basis exists for determining an appropriate amount to be recorded.

Nutrition for Learning Inc.

Notes to the Financial Statements

For the year ended August 31, 2017

  1. Significant accounting policies (Continued from previous page)

Allocation of expenses

The Organization engages in programs to provide school children with food they require for learning while at school. The cost of each program includes costs that are directly related to providing the program. The Organization also incurs a number of general support expenses that are common to the administration of the Organization and each of its programs.

The Organization allocates certain of its general support expenses by identifying the appropriate basis for allocating each component expense, and applying that basis consistently each year. Management allocates general support expenses to the programs when those costs are directly attributable to those programs.

Financial instruments

The Organization recognizes its financial instruments when the Organization becomes party to the contractual provisions of the financial instrument. All financial instruments are initially recorded at their fair value, including financial assets and liabilities originated and issued in a related party transaction with management.

At initial recognition, the Organization may irrevocably elect to subsequently measure any financial instrument at fair value. The Organization has not made such an election during the year.

With the exception of financial liabilities indexed to a measure of the Organization’s performance or value of its net assets, and those instruments designated at fair value, all other financial assets and liabilities are subsequently measured at amortized cost.

Transaction costs and financing fees directly attributable to the origination, acquisition, issuance or assumption of financial instruments subsequently measured at fair value are immediately recognized in operations for the current period. Conversely, transaction costs and financing fees are added to the carrying amount for those financial instruments subsequently measured at cost or amortized cost.

Financial asset impairment

The Organization assesses impairment of all of its financial assets measured at cost or amortized cost and groups assets for impairment testing when available information is not sufficient to permit identification of each individually impaired financial asset in the group, there are numerous assets affected by the same factors, or no asset is individually significant. Management considers whether the issuer is having significant financial difficulty or whether there has been a breach in contract, such as a default or delinquency in interest or principal payments, in determining if objective evidence of impairment exists. When there is an indication of impairment, the Organization determines whether it has resulted in a significant adverse change in the expected timing or amount of future cash flows during the year. If so, the Organization reduces the carrying amount of any impaired financial assets to the highest of: the present value of cash flows expected to be generated by holding the assets; the amount that could be realized by selling the assets; and the amount expected to be realized by exercising any rights to collateral held against those assets. Any impairment, which is not considered temporary, is recorded in current year operations.

The Organization reverses impairment losses on financial assets when there is a decrease in impairment and the decrease can be objectively related to an event occurring after the impairment loss was recognized. The amount of the reversal is recognized in operations in the year the reversal occurs.

  1. Inventory

Inventory held at year end is carried at cost and consists of the following:

2017 2016
Food 35,438 11,706
Mugs 7,293
42,731 11,706


Nutrition for Learning Inc.

Notes to the Financial Statements

For the year ended August 31, 2017

4. Capital assets
2017 2016
Accumulated Net book Net book
Cost amortization value value
Leasehold improvements 22,657 16,386 6,271 9,413
Computer equipment 15,942 14,412 1,530 2,185
Furniture and equipment 21,879 10,535 11,344 1,610
60,478 41,333 19,145 13,208
5. Deferred contributions
2017 2016
Ministry of Children and Youth Services 242,763 244,025
Grocery cards 12,150
Ontario Trillium Foundation 69,500 69,500
The Grocery Foundation 24,739 14,805
Manulife 10,000
Miscellaneous 9,822 7,879
356,824 348,359

 

  1. Financial instruments

The Organization, as part of its operations, carries a number of financial instruments. It is management’s opinion that the Organization is not exposed to significant interest, currency, credit, liquidity or other price risks arising from these financial instruments except as otherwise disclosed.

Liquidity risk

The operations of the Organization necessitates the management of liquidity risk. Liquidity risk is the risk of being unable to meet anticipated daily financial obligations and fund future operational requirements. The Organization’s objective is to ensure that it faces limited risk exposure in this area through requirements placed on the types and amounts of liquid assets that are to be maintained in order to meet its current and future obligations. The Organization achieves this objective through the preparation and monitoring of annual operational budgets to assess current and future funding requirements. As well, the Organization holds its funds with reputable financial institutions. There has been no change in this risk exposure or the above objective, and policies and procedures used to manage this exposure during the year.

  1. Commitments

The Organization has entered into the following lease commitments: a lease for its premises requiring monthly rental payments of $3,729 to September 2019, vehicle lease requiring monthly lease payments of $113 to January 2021, and vehicle lease requiring monthly lease payments of $1,730 to August 2021.

Nutrition for Learning Inc.

Schedule 1 – Schedule of Nutrition program costs

For the year ended August 31, 2017

2017 2016
Alpine Public School 1,264 2,044
Alternative Program Cambridge 500 609
AR Kaufman Public School 5,755 6,096
Avenue Road 2,858 2,294
Ayr Public School 2,116 3,398
Blair Road Public School 1,671 3,984
Blessed Sacrament School 500 2,280
Bluevale Collegiate Institute 3,041 7,211
Bridgeport Public School 4,443 3,495
Bridges North 840 406
Cameron Heights Collegiate 3,982 4,194
Carizon Kidslink Front Door 1,363 1,473
Cedar Creek Public School 300
Cedarbrae Public School 5,397 6,607
Centennial Public School – Cambridge 2,102 1,257
Centennial Public School – Waterloo 6,475 5,653
Central Public School 10,668 11,361
Chalmers Street Public School 14,514 9,348
Choices for Youth – Cambridge 1,000 1,042
Choices for Youth – KW 3,227 3,855
Christ The King 8,545 9,272
Coronation Public School 16,190 4,681
Country Hills Public School 11,063 10,597
Courtland Public School 1,653 2,018
Crestview Public School 3,025 2,935
Doon Public School 4,253 3,485
Driftwood Park Public School 1,425 3,055
Eastwood Collegiate Institute 11,504 8,947
Ecole L’Harmonie 2,569 4,000
Elgin St Public School 667 6,018
Elmira District Secondary School 3,334 3,124
Forest Heights Secondary School 3,270 4,033
Forest Hill Public School 21,192 12,051
Franklin Public School 10,411 2,878
Galt Collegiate Institute 2,111 3,499
Glencairn Public School 603
Glenview Park Secondary School 2,510 5,759
Grand River Collegiate 3,955 3,266
Grand View Public School 10,634
Hespeler Public School 8,699 3,036
Subtotal 188,092 180,798

 

Nutrition for Learning Inc.

Schedule 1 – Schedule of Nutrition program costs

For the year ended August 31, 2017

 

2017 2016
Amount carried forward 188,092 180,798
Highland Baptist Church/JF Carmichael Public School 1,332 3,810
Highland Public School 5,359 13,041
Hillcrest Public School 1,238 685
Holy Rosary Catholic School 6,369 8,107
Holy Spirit 367
Howard Robertson School 39,896 42,766
Huron Heights Secondary School 6,380 1,786
Immanuel Church 4,482 2,707
JF Carmichael Public School 20,516 19,411
Jacob Hespeler Secondary School 12,495
Jean Steckle Public School 15,764
King Edward Public School 11,750 12,285
Knox Preston Presbyterian Church/Preston Public School 439
Kitchener-Waterloo Collegiate 3,300 3,745
Langs Farm Village Ass’n 965
Lincoln Heights Public School 13,880 14,438
Linwood Public School 1,043 1,643
Lutherwood Alternative 500 967
MacGregor Senior Public School 1,825 3,809
Manchester Public School (Bulk/Non-Bulk) 3,254 6,152
Margaret Ave Public School 5,462 3,432
Mary Johnston Public School 12,060 8,984
Meadowlane Public School 2,500
Moffat Creek Public School 4,449 3,287
Monsignor Doyle C.S.S. 6,936 5,070
Monsignor Haller School 15,276 20,626
New Dawn 564 1,218
Our Lady of Grace Catholic School 10,304 12,416
Parkway Public School 9,076 9,166
Pioneer Park Public School 12,865 7,322
Preston High School 3,526
Prueter Public School 9,434 7,153
Queen Elizabeth Public School 2,472 1,742
Queensmount Senior Public School 7,371 8,743
Resurrection C.S.S. 9,458 7,327
Rockway Public School 13,764 10,920
Rosemount School 607
Subtotal 447,228 441,698

 


Nutrition for Learning Inc.

Schedule 1 – Schedule of Nutrition program costs

For the year ended August 31, 2017

2017 2016
Amount carried forward 447,228 441,698
Ryerson Public School 5,920
Sandowne Public School 11,197 8,369
Sheppard Public School 15,105 2,292
Silverheights 2,028
Sir Edgar Bauer Catholic School 23,320 21,018
Sir John A MacDonald Seconday School 3,556 2,950
Smithson Public School 2,097 3,839
Southridge Public School 11,141 10,483
Southwood Secondary School 1,841 2,588
St. Agatha Catholic Elementary School 2,907 3,216
St. Agnes School 12,842 11,754
St. Aloysius School 13,455 17,164
St. Andrews Public School 2,779 5,676
St. Anne School – Cambridge 9,068 15,538
St. Anne School – Kitchener 13,441 10,533
St. Benedict C.S.S. 5,726 5,835
St. Bernadette School 13,528 15,746
St. Clement School 7,610 9,238
St. Daniel School 6,713 9,222
St. David C.S.S. 3,988 8,325
St. Dominic Savio School 15,061 15,416
St. Don Bosco – Cambridge 1,455 2,229
St. Don Bosco – Kitchener 2,115 3,214
St. Don Bosco – SWAC 1,609
St. Elizabeth School 8,068 691
St. Francis School 7,424 2,621
St. Gabriel Catholic School 3,550 2,896
St. Gregory School 8,558 10,562
St. John School 10,180 5,308
St. Joseph Catholic School 9,627 10,629
St. Luke’s Church/Franklin Public School 2,893 2,145
St. Mary’s High School 6,407 14,222
St. Michael Catholic School 11,581 15,441
St. Paul School 8,575 7,517
St. Peter School 10,925 17,126
St. Teresa School-Elmira 3,649 2,667
St. Teresa School-Kitchener 5,757 6,336
St. Timothy School 14,307 15,473
St. Vincent de Paul School 7,471 10,135
Suddaby Public School 17,076 19,550
Subtotal 769,750 771,690

 

Nutrition for Learning Inc

Schedule 1 – Schedule of Nutrition program costs

For the year ended August 31, 2017

2017 2016
Amount carried forward 769,750 771,690
Sunnyside Public School 5,482 2,087
Stewart Avenue Public School 1,915 7,477
Tait Public School 2,050 2,095
Trillium Public School 4,302 1,733
U-Turn Program Cambridge 7,704 11,526
U-Turn Program Waterloo 5,505 7,743
W.T. Townshend 2,729 4,081
Waterloo Collegiate Institute 8,810 10,148
Waterloo Oxford District Seconday School 2,360 4,803
Wellesley Public School 14,257 5,688
Westvale Public School 8,816 9,157
William G. Davis Public School 967 3,609
Wilson Avenue Public School @ Holy Trinity 1,640 1,276
Wilson Avenue Public School 38,453 33,715
Winston Churchill Public School 1,903 12,069
Woodland Park Public School 8,044
Summer School 14,792
Returned Program Funds (2,746)
Non-Program related Adjustments (8,623)
Direct Program related – Bulk Program Supplies 18,634 4,999
Direct Program related – Infrastructure 12,201 22,269
Direct Program related – Wages 208,435 221,149
Direct Program related – Volunteer Costs 16,406 31,307
Direct Program related – Forklift 16,843 12,480
Direct Program related – Food Delivery Costs 35,115 19,141
Total nutrition program costs 1,190,446 1,205,540

 

Some of the locations offer more than one type of program.

Some of the schools offered a summer school program.