Jhamtse Canada Financial Statements 2016

Independent auditor’s report

To the Members of Jhamtse Canada

We have audited the accompanying financial statements of Jhamtse Canada (the “Organization”), which comprise the statement of financial position as at December 31, 2016, the statements of financial activities and changes in capital and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, 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 financial 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 entity’s 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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our qualified audit opinion.

Basis for Qualified Opinion

In common with many charitable organizations, Jhamtse Canada derives revenue from fundraising activities and public donations, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these revenues was limited to the amounts recorded in the records of Jhamtse Canada. Therefore, we were not able to determine whether any adjustments might be necessary to donation and fundraising revenues, net surplus and cash flows from operations for the years ended December 31, 2016 and December 31, 2015, current assets as at December 31, 2016 and 2015, and changes in capital as at January 1, 2016, December 31, 2016, and December 31, 2015. Our audit opinion on the financial statements for the period ended December 31, 2015 was modified accordingly because of possible effects of this limitation in scope.

Qualified Opinion

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of Jhamtse Canada as at December 31, 2016, and the results of its operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Grant Thornton Signature

Chartered Professional Accountants
Licensed Public Accountants

Mississauga, Canada
March 13, 2017

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Jhamtse Canada Spring 2017 Newsletter

Spring 2017

Welcome to Jhamtse Canada’s newsletter. The word Jhamtse means love and compassion in Tibetan. Our mission to relieve poverty in developing nations by providing basic necessities of life, including food, clean water, clothing and/or shelter to children and families who are poor or in need.

In 2016 we sent over $35,000 of funds raised for relief, programming and to buy a school bus for the Jhamtse Gatsal Children’s Community located in the Himalayan foothills at the
“end of the road” in northeastern India. The Community is beside the Bhutan eastern border where India meets Tibet and Bhutan.


School Bus purchased by Jhamtse Canada donors

The school bus contributions were the goal of one generous family so we fundraised in late 2015 and 2016 to enable the purchase of the bus shown in the prior column. The mini-school bus seats 24 and has been key to moving lots of students to functions, competitions, high school and other events including to hear the Dalai Lama speak in early 2017.

Of special note is the $680 that our daughter Milaan raised at her birthday party. Her birthday wish was that her friends at Jhamtse Gatsal could enjoy pizza which is Milaan’s favourite food. Instead of gifts she asked that kids attending her party bring a contribution for this pizza event half way around the world.


Pizza party in the Himalayas

We were astonished with the result and the creativity of the administrators at Jhamtse Gatsal. As you can imagine there is not a local pizza delivery in the Himalayas. Above is a picture of the pizza party that was created at Jhamtse Gatsal and a photo cut out of Milaan with her best friend Tashi and others enjoying pizza and birthday cake in Milaan’s honour.

CURRENT STORIES

The reason the current newsletter is later in 2017 is that Adarsh and Jeff welcomed their new son Keval into the world. Both Milaan and Keval are doing well. Mom and Dad could use some more sleep :).

Jeff will be visiting India in the fall of 2017 to meet with Lobsang and staff along with the Directors of other entities that support Jhamtse Gatsal. Any sponsors of children should get their update packets to our office over the next few months and we will deliver these in late September.

Volunteers in Vancouver are having another Singin’ Round event in conjunction with the Synergy Collective. The event will be held on November 7th at the Vancouver rowing Club in Stanley Park. Last year’s event sold out so mark the date and don’t delay in buying your tables and tickets. Tickets this year are $60 per premium ticket and $35 for regular ticket and children under 12 are free. Tables can be reserved and are 10 seats each. The ticket purchaser will get a donation receipt for 100% of the ticket price.

It is a great evening with dinner and world class live music. Doors open at 6:00 pm, dinner completed by 7:30 and the show starts at 7:40 and wraps up around 10:00 pm. Our goal is to sell out the event again this year at 170 tickets so anyone interested in buying tickets and more importantly volunteering to help us with the general organization of the event please call Carol Evenchick at 604-985-2511.

FINANCIAL RESULTS

Jhamtse Canada completed its second year as a registered charity in 2016. On the following page is the summary of the audited financial statements for the year ended December 31, 2016. The complete audited financial statements are available to review on our website at jhamtsecanada.ca under the News/Events heading.

We raised over $86,000 while limiting administration expenses for the year to under $6,000 or 7% of revenues and program travel to 4% of revenues in 2016 (6% and 5% respectively in 2015).

During the year we provided over $35,000 to Jhamtse Gatsal in accordance with our three year commitment to support their capital and operational needs.

We have accumulated a surplus that allows us to remain committed to an additional two years of continued support to Jhamtse Gatsal up to $35,000 per annum.

With good fortune we will be able to find other worthwhile causes to bring to your attention in 2017.

Jhamtse Canada is a 100% volunteer organization with no paid staff. Administration costs are covered by contributions from Adarsh Mehta and Jeff Jenner. As a result 100% of your contributions goes to great causes and organizations.

DIRECTORS
The Board of Jhamtse Canada:

  • Linda Bertoldi, LLB Partner, Bordner Ladner Gervais
  • Mark Foley, President, Jhamtse International
  • Jeff Jenner, CA, CBV, CEO, Jenner Renewable Consulting
  • Adarsh Mehta, MSc, MBA, Vice President, JRC Inc.

DONATIONS & VOLUNTEERS
Donations can be made by cheque and sent to the address on the footer of this page or by Paypal or credit card from our website (http://jhamtsecanada.ca/donate/). f you are interested in volunteering or creating other events for Jhamtse Canada please call Adarsh Mehta at amehta@jhamtsecanada.ca or telephone 905-990-2464.

We thank you for your support and trust.
Jhamtse Children

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