bl To the Chief Electoral Of?cer, Elections Canada 0 Ya PC GREEN PARTY or CANADA FUND Certified Genera] Accountants Independent Auditors? Report on Financial Transactions Return . . . . . . 1" ependem member?m of We have audited the accompanying Reglstered Party Financ1al Transactlons Return (the "Return") Porter Hetu of the Green Party of Canada Fund for the year ending December 31, 2013. The ?nancial information in the Return has been prepared by the Chief Agent of the Green Party of Canada Fund Professional Services Group based on the fmancial reporting provisions of Section 24 of the Canada Elections Act and in the Professional Strength Personal Service Practical Solutions BRITISH COLUMBIA ALBERTA MANITOBA ONTARIO QUEBEC NEW BRUNSWICK NOVA SCOTIA INTERNATIONAL Website corn Telephone (613) 256-6415 Fax (613) 256?7569 Toll Free (866) 259?2878 14 MILL STREET, 2ND FLOOR BOX 970 ALMONTE, 0N, KOA 1A0 prescribed form issued by Elections Canada. Chief Agent's Responsibility for the Return The Chief Agent is responsible for the preparation of the Return in accordance with the ?nancial reporting provisions of Section 424 of the Canada Elections Act and in the prescribed form issued by Elections Canada and for such internal control as the Chief Agent determines is necessary to enable the preparation of the Return that is free from material misstatement, whether due to fraud or error. Auditor?s Responsibility Our responsibility is to express an opinion on the Return based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements plan and perform an audit to obtain reasonable assurance whether the Return is ?ee from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Return. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Return, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity?s preparation and fair presentation of the Return in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the entity?s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Chief Agent, as well as evaluating the overall presentation of the Return. We believe that the audit evidence we have obtained is suf?cient and appropriate to provide a basis for our quali?ed audit opinion. Basis for Qualified Opinion In common with organizations of this type, the Green Party of Canada Fund derives revenue from contributions, the completeness of which is not susceptible of satisfactory audit veri?cation. Accordingly, our veri?cation of revenues ?'om contributions was limited to the amounts recorded in the records of the Green Party of Canada Fund and we were not able to determine whether any adjustments might be necessary to the amount of contributions, excess of revenue over expenditures for the year and net assets reported. Qualified Opinion In our Opinion, except for the effects of the matter described in the Basis for quali?ed opinion paragraph, the Return of the Green Party of Canada Fund for the year ending December 31, 2013 is prepared, in all material respects, in accordance with the ?nancial reporting provisions of Section 424 of the Canada Elections Act and in the prescribed form issued by Elections Canada. Basis of Accounting and Restriction of Use We draw your attention to the Note to the Return which describes the basis of accounting. The Return is prepared to assist the Chief Agent of the Green Party of Canada Fund to meet the requirements of the Canada Elections Act. As a. result, the Return may not be suitable for another purpose. Our report is intended solely for the Chief Agent of the Green Party of Canada Fund and the Chief Electoral Of?cer, and should not be used by parties other than the Chief Agent and the Chief Electoral Officer. Report on Other Legal and Regulatory Requirements As required by Subsection 426(1) of the Canada Elections Act, in our opinion, the Return presents the information contained in the ?nancial records on which it is based. COLBY MCGEACHY, PC CERTIFIED GENERAL ACCOUNTANTS Authorized to practice public accounting by the Certified General Accountants of Ontario June 12, 20 14 Almonte, Ontario I?ii/El COLBY MCGEACHY, PC CerLi ?ed General Accountants An Independent member ?rm of Porter H?tu International Professional Services Group GREEN PARTY OF CANADA FUND Note to the Registered Party Financial Transactions Return December 31, 2013 The Registered Party Financial Transactions Return has been prepared in accordance with the ?nancial reporting provisions of Section 424 of the Canada Elections Act and in the prescribed form issued by Elections Canada. The Return is prepared to assist the Chief Agent to meet the requirements of the Canada Elections Act. The Return is intended solely for the use of the Chief Agent and the Chief Electoral Of?cer. Accordingly, readers are cautioned that the Return may not be suitable for another purpose. The Canada Elections Act requires that the Return be made available for public inspection. COLBY Ccrli?ed General Acct-unlinlx An funny?witch: 01ran ?vm Porter He tu International Scrum.- Group GREEN PARTY OF CANADA FUND FINANCIAL STATEMENTS December 31, 2013 TABLE OF CONTENTS Independent Auditor's Report Statement I Statement of Financial Position Statement 11 Statement of Operations Statement Statement of Changes in Net Assets Statement IV Statement of Cash Flows Notes to Financial Statements Schedule 1 Schedule of Pre?election and Election Expenses COLBY Certified General Accountants An Independent member ?rm of Porter H?tu International Professional Services Group Professional Strength Personal Service Practical Solutions BRITISH COLUMBIA ALB ERTA MANITOBA ONTARIO QUEBEC NEW BRUNSWICK NOVA SCOTIA INTERNATIONAL Website pcrterhetu corn Telephone (613) 256?6415 Fax (613) 256?7569 Toll Free (866) 259?2878 14 MILL STREET, 2ND FLOOR BOX 970 ALMONTE, ON, KOA 1A0 Independent Auditor's Report To the Directors of Green Party of Canada Fund We have audited the accompanying ?nancial statements of GREEN PARTY OF CANADA FUND, which comprise the statement of ?nancial position as at December 31, 2013, and the statements of operations, changes in net assets and cash ?ows and a summary of signi?cant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these ?nancial statements in accordance with Canadian accounting standards for not-for-pro?t organizations, and for such internal control as management determines is necessary to enable the preparation of ?nancial statements that are free from material misstatement, whether due to ?aud or error. Auditor?s Responsibility Our responsibility is to express an opinion on these ?nancial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the ?nancial statements are free ?om material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the ?nancial statements. The procedures selected depend on the auditor?s judgment, including the assessment of the risks of material misstatement of the ?nancial statements, whether due to ?aud or error. In making those risk assessments, the auditor considers internal control relevant to the organization's preparation and fair presentation of the ?nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the organization's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the ?nancial statements. We believe that the audit evidence we have obtained is suf?cient and appropriate to provide a basis for our quali?ed audit opinion. Basis for Quali?ed Opinion In common with organizations of this type, the Fund derives revenue ?om contributions, the completeness of which is not susceptible to satisfactory audit veri?cation. Accordingly, our veri?cation of revenues ?om contributions is limited to the amounts recorded in the records of the Fund and we were not able to determine whether any adjustments might be necessary to the amount of contributions, excess of revenues over expenditures for the years, and net assets. Qualified Opinion In our opinion, except for the effects of the matter described in the Basis for Quali?ed Opinion paragraph, these ?nancial statements present fairly, in all material respects, the ?nancial position of the organization as at December 31, 2013, and the results of its operations and its cash ?ows for the year then ended in accordance with Canadian accounting standards for not-for-prc? organizations. 7.. I444, COLBY MCGEACHY, PC CERTIFIED GENERAL A CC OUNTANT Authorized to practice public accounting by the Certi?ed General Accountants of Ontario Alrnonte, Ontario May 23, 2014 GREEN PARTY OF CANADA FUND STATEMENT OF FINANCIAL POSITION As at December 31, 2013 Statement I The attached notes are an integral part of these ?nancial statements 2013 2012 ASSETS Current assets Cash and cash equivalents 2,084,848 1,170,731 Accounts receivable 457,613 282,886 Prepaid expenses 2,800 4,729 Loans receivable (Note 3) 23,624 42,000 2,568,885 1,500,346 Capital assets (Note 4) 13,528 4,855 Term deposit (Note 5) 400,000 Intangible assets (Note 6) 1,500 3,000 2,983,913 1,508,201 LIABILITY Current liability Accounts payable and accrued liabilities (Note 7) 363,844 256,792 NET ASSETS Unrestricted 2,606,541 1,246,554 Invested in capital assets 13,528 4,855 2,620,069 1,251,409 2,983,913 1,508,201 On behalf of the board I . r. Mentor - Dlrector GREEN PARTY OF CANADA FUND STATEMENT OF OPERATIONS For the year ended December 31, 2013 Statement II 2013 2012 Revenues Contributions 2,207,836 1 ,640,083 Government allowance 656,479 948,025 Rental income from sub?lease 83,677 38,450 Transfers 60,413 Other 32,983 73,803 3,041,388 2,700,361 Expenditures Wages and bene?ts 518,442 579,314 Transfers 260,902 374,309 Of?ce and general 246,393 204,418 Fundraising activities 134,651 256,403 Occupancy costs 128,015 1 15,627 Professional fees 109,656 1 81,374 Travel and promotion 82,337 66,057 Interest and bank charges 65,907 49,206 Pre?election and election expenses (Schedule 1) 58,678 30,030 Advertising 33,037 4,055 Amortization 32,157 9,467 Convention expenses 2,553 47,126 Interest on long-term debt - 544 1,672,728 1,917,930 Excess of revenues over expenditures 8 1,368,660 782.431 The attached notes are an integral part of these ?nancial statements mwsoqbp?m Ecumde 03% mo tam am an mBon @3933 BE. mov?mmq Sign a 936 $00.3 wow; whqwov mmBEE 33%; 13%? 3% - - 33? 32:85: So? $529895 8:3 5053 83mm #838 #858 Eu? *0 EB don?mm 56 83926? Hummus; we noum?tog Ho :oEmSwo/w we wagon mam Ho mmooxm 683mm @558.? 89%? 63% a G359 a ?ag a as?qu wnm? - - 3858 Ma?a mm? 33% 3&8 383 :umaoc? 805ch 9598 - - #36va as?? mohsawsoaxo ?23m a852? 3:98 38% Exam?. Eu? 3 can dong?am ~96 35:38 (Ewan; Ho noumnwtog Ho :oEm?swoxw we w?q?wg MEN we mmooxm 6233mm SN 4m Bug .80? 2: Sm HHZ ZH m0 azam ?54720 no FEE ZEEU 583m Statement IV GREEN PARTY OF CANADA FUND STATEMENT OF CASH FLOWS For the year ended December 31, 2013 2013 2012 Cash ?ows from operating activities Excess of revenues over expenditures 1,368,660 782,431 Adjustment for Amortization 32,157 9,467 1,400,817 791,898 Changes in non-cash working capital (47,372) (3 6.347) 1,353,445 755,551 Cash ?ows from investing activities Purchase of capital assets (39,328) (1,468) Term deposit (400,000) (439,328) (1,468) Cash ?ows from ?nancing activity Advances (repayment) of long term debt - (93,750) Increase in cash and cash equivalents 914,117 660,333 Cash and cash equivalents, beginning of year 510,398 Cash and cash equivalents, end of year 2,084,848 1.170,731 Cash and cash equivalents consists of: Cash and cash equivalents 1,684,848 1,170,731 Term deposit maturing in less than three months 400,000 - 2,084,848 1.170.731 The attached notes are an integral part of these ?nancial statements GREEN PARTY OF CANADA FUND NOTES TO FINANCIAL STATEMENTS December 31. 2013 1. ACTIVITIES OF THE FUND The Green Party of Canada is a Registered Political Party as de?ned by the Canada Elections Act. It has appointed the Green Party of Canada Fund to act as its Chief Agent in connection with the receipt of contributions and payment of expenses and all other ?nancial transactions of the Party as required by the Canada Elections Act. The Green Party of Canada Fund is exempt from income taxes. SUNIMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The ?nancial statements are prepared in accordance with Canadian accounting standards for not- for-pro?t organizations. Under the Canada Elections Act, local Electoral District Associations (EDAs) are registered separately with Elections Canada and must ?le separate ?nancial statements with Elections Canada. Accordingly, these ?nancial statements exclude the operations of EDAs. Revenue recognition The Green Party of Canada Fund follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue in the period in which the related expenses are incurred. Unrestricted contributions are recognized as revenue in the same year in which the related tax receipt is issued. The Government allowance is calculated based on the number of votes the Party received in the most recent general election at an approved rate per valid vote. The allowance is recognized when received or receivable if the amount can be reasonably estimated and collection is reasonably assured. Commencing April 1, 2012 the per year per vote allowance is being gradually reduced by .51 increments until it is completely eliminated by 2015/16. Membership revenue is recognized in the period to which it relates. Contributions and participant fees for conventions and annual general meetings are recognized as revenue when received by the Fund. Election rebates are recognized in the year of the election expenditure, when the amount is determinable and collection assured. The Party's claim for election rebates is based upon management's interpretation of the applicable regulations in the Canada Elections Act. These amounts are subject to review and acceptance by Elections Canada prior to collection. All other revenue is recognized when received or receivable, if the amount can be reasonably estimated and if collection is reasonably assured. GREEN PARTY OF CANADA FUND NOTES TO FINANCIAL STATEMENTS December 31, 2013 2. OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) Cash and cash equivalents The Green Party of Canada Fund's policy is to present bank balances under cash and cash equivalents with a maturity period of three months or less ?om the date of acquisition. Term deposits that cannot be used for current transactions because they are restricted as reserves are also excluded from cash and cash equivalents. Capital assets Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution. The Green Party of Canada Fund provides for amortization using the following methods at rates designed to amortize the cost of the capital assets over their estimated use?il lives. The annual amortization rates and methods are as follows: Computer equipment 3 years Furniture and ?xtures 5 years Computer software 100% Contributed services The Green Party of Canada Fund would not be able to carry out its activities without the services of the many volunteers who donate a considerable number of hours. Because of the dif?culty of compiling these hours, contributed services are not recognized in the ?nancial statements. Financial instruments The Green Party of Canada Fund's ?nancial instruments consist of cash, term deposits, accounts receivable, accounts payable and accrued liabilities. Unless otherwise noted it is management's opinion that the Green Party of Canada Fund is not exposed to signi?cant interest, currency or credit risks arising from these ?nancial instruments. The fair values of these ?nancial instruments approximate their carrying values, unless otherwise noted. Intangible assets Intangible assets are recorded at cost. Amortization is provided on a straight-line basis over a ten- year period, subject to an impairment test at the end of each year. Loans and receivables These ?nancial assets are measured at amortized cost using the effective interest rate method, less any impairment. GREEN PARTY OF CANADA FUND NOTES TO FINANCIAL STATEMENTS December 31, 2013 2. SUNIMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd) Measurement uncertainty The preparation of ?nancial statements in conformity with Canadian accounting standards for not? for-pro?t organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of the ?nancial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. LOANS RECEIVABLE Loans receivable represent amounts advanced for by?election and election campaigns, and are interest-?ee. 2013 2012 Calgary Centre, due December 31, 2013 17,681 33,000 Toronto?Danforth, due December 31, 2012 5,943 9.000 23,624 42.000 The Toronto?Danforth loan receivable was due at December 31, 2012 and is in default. The Calgary Centre loan receivable was due at December 31, 2013 and is in default. It is management's opinion that these funds are collectible. CAPITAL ASSETS 2013 2012 Accumulated Cost amortization Net book value Computer equipment 56,285 44,303 11,982 1,020 Furniture and ?xtures 79,266 77,720 1,546 3,835 Computer software 26,682 26,682 - 162,233 148,705 13.528 4.855 GREEN PARTY OF CANADA FUND NOTES TO FINANCIAL STATEMENTS December 31. 2013 5. TERM DEPOSIT 2013 2012 Term deposit, at a rate of 1.35% maturing in May 2014 400,000 INTANGIBLE ASSETS 20 13 20 12 Accumulated Cost amortization Net book value Rights to G4G logo 7,500 6,000 1,500 3,000 ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 2013 2012 Accounts payable and accrued liabilities 250,839 177,843 Amount payable in respect of government remittances 9,854 12,783 Deregistered riding account ?mds 103,151 66,166 363,844 256.792 CONIMITMENTS The Green Party of Canada Fund is committed under the terms of various operating leases and other agreements with various expiration dates for the rental of premises and equipment. Subsequent to the year-end the Fund re?negotiated their tenancy agreement. obligations have been updated to re?ect these new payment. Annual payments related to these commitments will be as follows: There is no option to renew the rental of premises at the end of the lease term. 2014 2015 39,773 4.449 44,222 The commitment Schedule 1 GREEN PARTY OF CANADA FUND SCHEDULE OF PRE-ELECTION AND ELECTION EXPENSES For the year ended December 31, 2013 2013 2012 National of?ce expenses - By?election 57,103 8,750 Election surveys and research 1,575 21,280 58,678 30,030