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  • CONSOLIDATED FINANCIAL STATEMENTS - TATS FINANCIERS CONSOLIDS

    For - pour

    CUSO INTERNATIONAL

    For the year ended - Pour l'exercice clos le

    MARCH 31, 2016 - 31 MARS 2016

    An Independent Member of BKR International

  • INDEPENDENT AUDITOR'S REPORT

    To the members of

    CUSO INTERNATIONAL

    We have audited the accompanying financialstatements of Cuso International, which comprisethe consolidated statement of financial position asat March 31, 2016 and the consolidated statementsof changes in net assets, operations and cash flowsfor the year then ended, and a summary ofsignificant accounting policies and other explanatoryinformation.

    Management's Responsibility for theFinancial Statements

    Management is responsible for the preparation andfair presentation of these financial statements inaccordance with Canadian accounting standards fornot-for-profit organizations, and for such internalcontrol as management determines is necessary toenable the preparation of financial statements thatare free from material misstatement, whether due tofraud or error.

    Auditor's Responsibility

    Our responsibility is to express an opinion on thesefinancial statements based on our audit. Weconducted our audit in accordance with Canadiangenerally accepted auditing standards. Thosestandards require that we comply with ethicalrequirements and plan and perform the audit toobtain reasonable assurance about whether thefinancial statements are free from materialmisstatement.

    RAPPORT DE L'AUDITEUR INDPENDANT

    Aux membres de

    CUSO INTERNATIONAL

    Nous avons effectu l'audit des tats financiers ci-joints de Cuso International, qui comprennent l'tatconsolid de la situation financire au 31 mars 2016ainsi que les tats consolids de l'volution de l'actifnet, des oprations et des flux de trsorerie pourl'exercice clos cette date, ainsi qu'un rsum desprincipales mthodes comptables et d'autresinformations explicatives.

    Responsabilit de la direction pour lestats financiers

    La direction est responsable de la prparation et dela prsentation fidle de ces tats financiersconformment aux Normes comptablescanadiennes pour les organismes sans but lucratif,ainsi que du contrle interne qu'elle considrecomme ncessaire pour permettre la prparationd'tats financiers exempts d'anomalies significativesrsultant de fraudes ou d'erreurs.

    Responsabilit de l'auditeur

    Notre responsabilit consiste exprimer uneopinion sur les tats financiers, sur la base de notreaudit. Nous avons effectu notre audit selon lesnormes d'audit gnralement reconnues duCanada. Ces normes requirent que nous nousconformions aux rgles de dontologie et que nousplanifiions et ralisions l'audit de faon obtenirl'assurance raisonnable que les tats financiers necomportent pas d'anomalies significatives.

    . . ./2

    Page 1 of/de 16

    Welch LLP - Chartered Professional Accountants123 Slater Street, 3rd floor, Ottawa, ON K1P 5H2T: 613 236 9191 F: 613 236 8258 W: welchllp.comAn Independent Member of BKR International

  • - 2 -

    An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in thefinancial statements. The procedures selected dependon the auditor's judgment, including the assessment ofthe risks of material misstatement of the financialstatements, whether due to fraud or error. In makingthose risk assessments, the auditor considers internalcontrol relevant to the entity's preparation and fairpresentation of the financial statements in order todesign audit procedures that are appropriate in thecircumstances, but not for the purpose of expressingan opinion on the effectiveness of the entity's internalcontrol. An audit also includes evaluating theappropriateness of accounting policies used and thereasonableness of accounting estimates made bymanagement, as well as evaluating the overallpresentation of the financial statements.

    We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for ourqualified audit opinion.

    Basis for Qualified Opinion

    In common with many charitable organizations, theorganization derives revenues from the general publicin the form of donations and other contributions, thecompleteness of which is not susceptible of satisfactoryaudit verification. Accordingly, our verification of thisrevenue was limited to the amounts recorded in theconsolidated records of Cuso International. Thereforewe were not able to determine whether anyadjustments might be necessary to donations andcontribution revenue, excess of expenses over revenueand cash flows from operations for the years endedMarch 31, 2016 and 2015, current assets as at March31, 2016 and 2015, and net assets as at April 1 andMarch 31 for both the 2016 and 2015 years. Our auditopinion on the financial statements for the year endedMarch 31, 2015 was modified accordingly because ofthe possible effects of this limitation in scope.

    Un audit implique la mise en uvre de procdures envue de recueillir des lments probants concernant lesmontants et les informations fournis dans les tatsfinanciers. Le choix des procdures relve dujugement de l'auditeur, et notamment de sonvaluation des risques que les tats financierscomportent des anomalies significatives rsultant defraudes ou d'erreurs. Dans l'valuation de ces risques,l'auditeur prend en considration le contrle interne del'entit portant sur la prparation et la prsentationfidle des tats financiers afin de concevoir desprocdures d'audit appropries aux circonstances, etnon dans le but d'exprimer une opinion sur l'efficacitdu contrle interne de l'entit. Un audit comportegalement l'apprciation du caractre appropri desmthodes comptables retenues et du caractreraisonnable des estimations comptables faites par ladirection, de mme que l'apprciation de laprsentation d'ensemble des tats financiers.

    Nous estimons que les lments probants que nousavons obtenus sont suffisants et appropris pourfonder notre opinion d'audit assortie d'une rserve.

    Fondement de l'opinion avec rserve

    Comme c'est le cas de nombreux organismes debienfaisance, l'organisme tire des produits de dons etautres apports dont il n'est pas possible de vrifierl'intgralit de faon satisfaisante. Par consquent,notre audit de ces produits s'est limit aux montantscomptabiliss dans les comptes de Cuso Internationalet nous n'avons pas pu dterminer si certainsredressements auraient d tre apports aux montantsdes dons et autres apports reus, de l'excdent desdpenses sur les revenus et des flux de trsorerie pourles exercices clos les 31 mars 2016 et 2015, de l'actif court terme aux 31 mars 2016 et 2015 et de l'actif netaux 1er avril et 31 mars 2016 et 2015. Par consquent,nous avons aussi exprim une opinion d'audit modifiesur les tats financiers de l'exercice clos le 31 mars2015 en raison des incidences possibles de cettelimitation de l'tendue des travaux.

    . . ./3

    Page 2 of/de 16

    An Independent Member of BKR International

  • - 3 -

    Qualified Opinion

    In our opinion, except for the possible effects of thematter described in the Basis for Qualified Opinionparagraph, the consolidated financial statementspresent fairly, in all material respects, the financialposition of the organization as at March 31, 2016 andthe results of its operations, the changes in its netassets, and its cash flows for the year then ended inaccordance with Canadian accounting standards fornot-for-profit organizations.

    Chartered Professional AccountantsLicensed Public Accountants

    Ottawa, OntarioJune 17, 2016.

    Opinion avec rserve

    notre avis, l'exception des incidences ventuellesdu problme dcrit dans le paragraphe du fondementde l'opinion avec rserve, les tats financiersprsentent, dans tous leurs aspects significatifs, uneimage fidle de la situation financire de l'organisme au31 mars 2016, ainsi que des rsultats de sonexploitation, de l'volution de son actif net et de sesflux de trsorerie pour l'exercice clos cette date,conformment aux Normes comptables canadiennespour les organismes sans but lucratif.

    Comptables professionnels agrsExperts-comptables autoriss

    Ottawa (Ontario)Le 17 juin 2016.

    Page 3 of/de 16

    An Independent Member of BKR International

  • CUSO INTERNATIONAL

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION - TAT CONSOLID DE LA SITUATION FINANCIRE

    MARCH 31, 2016 - LE 31 MARS 2016

    2016ASSETS

    CURRENTCash and cash equivalents $ 8,766,879Accounts receivable 581,181Prepaid expenses 347,606

    9,695,666

    MARKETABLE SECURITIES (note 4) 3,485,314

    CAPITAL ASSETS (note 5) 2,144,808

    $ 15,325,788

    LIABILITIES AND NET ASSETS

    CURRENT LIABILITIESAccounts payable and accrued liabilities $ 962,382Deferred contributions (note 7) 10,334,452

    11,296,834

    NET ASSETSInternally restricted

    Invested in capital assets 2,144,808Operational Reserve 1,096,882Strategic Opportunity Reserve 787,264

    4,028,954

    $ 15,325,788

    2015ACTIF

    COURT TERME$ 2,255,127 Encaisse et quivalents dencaisse

    558,446 Dbiteurs188,622 Frais pays d'avance

    3,002,195

    4,663,838 TITRES NGOCIABLES (note 4)

    2,505,694 IMMOBILISATIONS (note 5)

    $ 10,171,727

    PASSIF ET ACTIF NET

    PASSIF COURT TERME$ 1,123,686 Crditeurs et frais courus

    4,268,228 Apports reports (note 7)5,391,914

    ACTIF NETGrev d'affectations d'origine interne

    2,505,694 Investi dans les immobilisations1,486,855 Rserve d'oprations

    787,264 Rserve pour opportunits stratgiques4,779,813

    $ 10,171,727

    Signed by the Board:Sign par le Conseil d'administration:

    DAN WRIGHT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Director/Administrateur

    LLOYD AXWORTHY. . . . . . . . . . . . . . . . . . . . . . . . . . . .

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