Ayala Foundation Inc

Ayala Foundation Inc-Free PDF

  • Date:14 Apr 2020
  • Views:39
  • Downloads:0
  • Pages:49
  • Size:993.07 KB

Share Pdf : Ayala Foundation Inc

Download and Preview : Ayala Foundation Inc


Report CopyRight/DMCA Form For : Ayala Foundation Inc


Transcription:

Ayala Foundation Inc,A Non stock Non profit,Corporation. Financial Statements,December 31 2017 and 2016,Independent Auditor s Report. SyCip Gorres Velayo Co Tel 632 891 0307 BOA PRC Reg No 0001. 6760 Ayala Avenue Fax 632 819 0872 December 14 2015 valid until December 31 2018. 1226 Makati City ey com ph SEC Accreditation No 0012 FR 4 Group A. Philippines November 10 2015 valid until November 9 2018. INDEPENDENT AUDITOR S REPORT,The Board of Trustees. Ayala Foundation Inc,Report on the Audit of the Financial Statements. We have audited the accompanying financial statements of Ayala Foundation Inc a non stock. non profit corporation the Foundation which comprise the statements of financial position as at. December 31 2017 and 2016 and the statements of activities statements of changes in fund balances and. statements of cash flows for the years then ended and notes to the financial statements including a. summary of significant accounting policies, In our opinion the accompanying financial statements present fairly in all material respects the financial.
position of the Foundation as at December 31 2017 and 2016 and its financial performance and its cash. flows for the years then ended in accordance with Philippine Financial Reporting Standards PFRSs. Basis for Opinion, We conducted our audits in accordance with Philippine Standards on Auditing PSAs Our. responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit. of the Financial Statements section of our report We are independent of the Foundation in accordance. with the Code of Ethics for Professional Accountants in the Philippines Code of Ethics together with the. ethical requirements that are relevant to our audit of the financial statements in the Philippines and we. have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of. Ethics We believe that the audit evidence we have obtained is sufficient and appropriate to provide a. basis for our opinion, Responsibilities of Management and Those Charged with Governance for the Financial Statements. Management is responsible for the preparation and fair presentation of the financial statements in. accordance with PFRSs 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. In preparing the financial statements management is responsible for assessing the Foundation s ability to. continue as a going concern disclosing as applicable matters related to going concern and using the. going concern basis of accounting unless management either intends to liquidate the Foundation or to. cease operations or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Foundation s financial reporting. SGVFS027570,A member firm of Ernst Young Global Limited. Auditor s Responsibilities for the Audit of the Financial Statements. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are. free from material misstatement whether due to fraud or error and to issue an auditor s report that. includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an. audit conducted in accordance with PSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the. aggregate they could reasonably be expected to influence the economic decisions of users taken on the. basis of these financial statements, As part of an audit in accordance with PSAs we exercise professional judgment and maintain. professional skepticism throughout the audit We also. Identify and assess the risks of material misstatement of the financial statements whether due to fraud. or error design and perform audit procedures responsive to those risks and obtain audit evidence that. is sufficient and appropriate to provide a basis for our opinion The risk of not detecting a material. misstatement resulting from fraud is higher than for one resulting from error as fraud may involve. collusion forgery intentional omissions misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit 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 Foundation s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting. estimates and related disclosures made by management. Conclude on the appropriateness of management s use of the going concern basis of accounting and. based on the audit evidence obtained whether a material uncertainty exists related to events or. conditions that may cast significant doubt on the Foundation s ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor s. report to the related disclosures in the financial statements or if such disclosures are inadequate to. modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our. auditor s report However future events or conditions may cause the Foundation to cease to continue. as a going concern, Evaluate the overall presentation structure and content of the financial statements including the.
disclosures and whether the financial statements represent the underlying transactions and events in a. manner that achieves fair presentation, We communicate with those charged with governance regarding among other matters the planned scope. and timing of the audit and significant audit findings including any significant deficiencies in internal. control that we identify during our audit,SGVFS027570. A member firm of Ernst Young Global Limited, Report on the Supplementary Information Required Under Revenue Regulations 15 2010. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken. as a whole The supplementary information required under Revenue Regulations 15 2010 in Note 18 to. the financial statements is presented for purposes of filing with the Bureau of Internal Revenue and is not. a required part of the basic financial statements Such information is the responsibility of the. management of the Foundation The information has been subjected to the auditing procedures applied in. our audit of the basic financial statements In our opinion the information is fairly stated in all material. respects in relation to the basic financial statements taken as a whole. SYCIP GORRES VELAYO CO,Carlo Paolo V Manalang,CPA Certificate No 111947. SEC Accreditation No 1625 A Group A,March 28 2017 valid until March 27 2020.
Tax Identification No 210 730 804,BIR Accreditation No 08 001998 127 2017. February 9 2017 valid until February 8 2020,PTR No 6621287 January 9 2018 Makati City. March 22 2018,SGVFS027570,A member firm of Ernst Young Global Limited. AYALA FOUNDATION INC,A Non Stock Non Profit Corporation. STATEMENTS OF FINANCIAL POSITION,December 31,Current Assets.
Cash and cash equivalents Notes 4 13 and 16 P,124 659 286 117 523 532. Receivables Notes 5 13 and 16 15 672 174 15 074 676. Merchandise inventories net Note 6 12 864 398 13 341 772. Other current assets Note 7 9 734 402 10 703 290,Total Current Assets 162 930 260 156 643 270. Noncurrent Assets, Property and equipment Note 8 179 388 847 189 045 428. Software cost Note 9 75 001 690 833, Available for sale financial assets Notes 10 and 16 2 375 545 967 2 303 325 764. Pension asset net Note 12 12 972 766 4 630 596,Deferred tax asset Note 15 406 466 241 670.
Total Noncurrent Assets 2 568 389 047 2 497 934 291. 2 731 319 307 2 654 577 561,LIABILITIES AND NET ASSETS. Current Liabilities,Accounts and other payables Notes 11 13 and 16 P. 41 542 210 73 049 750,Net Assets Note 14,Unrestricted 102 995 744 133 123 341. Temporarily restricted 283 714 384 283 219 085, Permanently restricted 2 187 714 273 2 187 714 273. Net unrealized gain loss on available for sale,financial assets Note 10 99 679 439 28 497 128.
Remeasurement gain on defined benefit obligation Note 12 15 673 257 5 968 240. Total Net Assets 2 689 777 097 2 581 527 811,2 731 319 307 2 654 577 561. See accompanying Notes to Financial Statements,SGVFS027570. AYALA FOUNDATION INC,A Non Stock Non Profit Corporation. STATEMENTS OF ACTIVITIES,December 31 2017,Unrealized Remeasurement. Gain Loss on Gain on, Temporarily Permanently AFS Financial Defined Benefit.
Unrestricted Restricted Restricted Assets Obligation. Note 14 Note 14 Note 14 Note 10 Note 12 Total,Revenue gains and other supports. Public support Note 13 P,184 229 970 P,184 229 970. Investment and interest Notes 4 5 and 10 119 500 000 30 210 897 89 289 103. Net assets released from restrictions 151 167 776 151 167 776. Others 401 504 401 504,270 667 776 3 252 801 273 920 577. Expenses and losses,Project Notes 13 and 14 250 028 761 250 028 761. General and administrative Notes 14 50 766 612 50 766 612. Net loss from other activities Notes 13 and 17 2 757 502 2 757 502. 300 795 373 2 757 502 303 552 875, Excess deficit of revenue gains and other supports.
over expenses and losses 30 127 597 495 299 29 632 298. OTHER COMPREHENSIVE INCOME, Other comprehensive income that may be reclassified to profit or. loss in subsequent years, Net unrealized gain on available for sale financial assets Note 15 128 176 567 128 176 567. Other comprehensive income not to be reclassified to profit or. loss in subsequent years, Remeasurement gain on defined benefit obligation 9 705 017 9 705 017. Total other comprehensive income 128 176 567 9 705 017 137 881 584. CHANGES IN NET ASSETS 30 127 597 495 299 128 176 567 9 705 017 108 249 286. NET ASSETS AT BEGINNING OF YEAR 133 123 341 283 219 085 2 187 714 273 28 497 128 5 968 240 2 581 527 811. NET ASSETS AT END OF YEAR P,102 995 744 P,283 714 384 P. 2 187 714 273 P,99 679 439 P,15 673 257 P,2 689 777 097.
SGVFS027570,December 31 2016,Remeasurement,Unrealized Gain Loss on. Temporarily Permanently Loss on AFS Defined, Unrestricted Restricted Restricted Financial Assets Benefit Obligation. Note 14 Note 14 Note 14 Note 10 Note 12 Total,Revenue gains and other supports. Public support Note 13 P,P157 985 049 P,P157 985 049. Investment and interest Notes 4 5 and 10 100 000 000 83 966 192 183 966 192. Net assets released from restrictions 277 550 057 277 550 057. P4 852 377 4 852 377,377 550 057 30 746 439 346 803 618.
Expenses and losses,Project Notes 13 and 14 218 706 291 218 706 291. General and administrative Note 14 45 586 858 45 586 858. Net loss from other activities Notes 13 and 17 3 124 682 3 124 682. 264 293 149 3 124 682 267 417 831, Excess deficit of revenue gains and other supports. over expenses and losses 113 256 908 33 871 121 79 385 787. OTHER COMPREHENSIVE INCOME LOSS, Other comprehensive income loss that may be reclassified to profit or. loss in subsequent years, Net unrealized loss on available for sale financial assets 146 020 534 146 020 534. Fund reclassification 447 979 447 979, Other comprehensive income loss not to be reclassified to profit or.
loss in subsequent years, Remeasurement loss on defined benefit obligation 563 412 563 412. Total other comprehensive income loss 447 979 146 468 513 563 412 146 583 946. CHANGES IN NET ASSETS 113 704 887 33 871 121 146 468 513 563 412 67 198 159. NET ASSETS AT BEGINNING OF YEAR 19 418 454 317 090 206 2 187 714 273 117 971 385 6 531 652 2 648 725 970. NET ASSETS AT END OF YEAR,P133 123 341,P283 219 085. P2 187 714 273 P,28 497 128,P5 968 240,P2 581 527 811. See accompanying Notes to Financial Statements,SGVFS027570. AYALA FOUNDATION INC,A Non Stock Non Profit Corporation.
STATEMENTS OF CHANGES IN FUND BALANCES,Year Ended December 31 2017. Unrealized Remeasurement,Gain Loss on Gain on,Temporarily Permanently AFS Defined Benefit. Unrestricted Restricted Restricted Financial Assets Obligation Total. FUND BALANCES,Net assets at beginning of year 133 123 341. P 283 219 085,P 2 187 714 273,28 497 128 5 968 240. P 2 581 527 811, Excess deficit of revenue gains and other supports over expenses.
and losses 30 127 597 495 299 29 632 298, Net unrealized gain on available for sale financial assets 128 176 567 128 176 567. Remeasurement gain on defined benefit obligation 9 705 017 9 705 017. Net assets at end of year 102 995 744,P 283 714 384. P 2 187 714 273,P 99 679 439,P 15 673 257,P 2 689 777 097. Year Ended December 31 2016,Remeasurement,Unrealized Gain Loss on. Temporarily Permanently Gain on AFS Defined, Unrestricted Restricted Restricted Financial Assets Benefit Obligation Total.
FUND BALANCES,Net assets at beginning of year 19 418 454. P 317 090 206,P 2 187 714 273,P 117 971 385,P 6 531 652. P 2 648 725 970, Excess deficit of revenue gains and other supports over expenses. and losses 113 256 908 33 871 121 79 385 787, Net unrealized loss on available for sale financial assets 146 020 534 14. Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Ayala Foundation Inc a non stock non profit corporation the Foundation which comprise the statements of financial position as at December 31 2017 and 2016 and the statements of activities statements of changes in fund balances and statements of cash flows for the years

Related Books