Annual Business Report 2011

real people real life real God

2011 ANNUAL REPORTCALVARY PENTECOSTAL ASSEMBLY127 HESPELER RD CAMBRIDGE N1R 3G9519.621.6310calvarycambridge.com

time 365 days

8,760 hours

525,600 minutes

31,536,000 seconds

a year in

CALVARY’S STAFF

PASTORAL STAFFDavid Courey B.Sc., M.A., Ph.D.Graham KivellTim Hyjek B.R.E.Jamie Nelson, B.R.E.Paul Williams B.A.David Aide B.A., M.T.S.Maureen Grant, Ph.D.Hugo & Celia Gomez

BOARDGerry BuhrPhil CalberryDavid HattArthur MatosMax PurkissEyon RichardsDavid Schuetzkowski

TREASURERDavid Schuetzkowski

BOOK KEEPERVeda Newell

ADMINISTRATIONVeda NewellLiz Vanner

ENVELOPE SECRETARYVeda Newell

FACILITY MANAGERCraig Macher

PART-TIME CUSTODIANMaryanne BonnellGreg HeathJohn Shin

Board of CPA Charitable Property CorporationRick PotterHarley HattDavid Heath

Contents

1 A Year in Time

2 Ministry Reports

10 Business

11 Agenda

12 Minutes

15 Financial Report

A Year in Time

Five hundred twenty-five thousand six hundred minutes How do you measure, measure a year? In daylights, in sunsets In midnights, in cups of coffee In inches, in miles, in laughter, in strife In five hundred twenty-five thousand six hundred minutes How do you measure, a year in the life? How about love?

The lyrics of “Seasons of Love” from the musical Rent just about say it all. How do you measure a year in the life of a church?

In prayers? In sermons? In dollars and cents? Like most Annual Reports, this one tries to quantify the life of Calvary Assembly for the year 2011.

But the only metric that matters can’t really be put into words. It’s the spirit behind all the facts and figures, the attitude that animates all that we do. It’s love.

All we do at Calvary, we bathe in prayer. We seek God, and try to be imitators of Christ. We long to do it all in love. But let’s face it, sometimes we’re tired, tempted, and tried... sometimes it’s all we can do to show up. Sometimes we’re less than passionate, less than perfect, less than Christ-like.

So, where’s the love?

In five hundred twenty-five thousand six hundred minutes, the love is where it’s always been. It’s in Jesus. When we’re at our worst, just like when we’re at our best, the love, the life-change, the effort, and the results all rest in Christ.

So there’s little boasting in this report, but lots of rejoicing! Looking back at some of the great moments of 2011, it’s amazing how you’ll find Jesus lurking there in the numbers, and the pictures, and somewhere between the lines.Maybe the best way to measure a year in the life,

whether it’s the church or your own, really, is love. Not yours, or ours, but, when it’s all said and done, God’s love.

In His Love,David

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Top 5 Sermons watched

August 2011. But we shouldn’t be so quick to move on without a shout out to all the folks who helped in worship over those long months. Especially, we express profound gratitude to Chris Donahue, Leyla Gomez, and Corinne Storms for their commitment and excellent leadership. And a special word of thanks needs to go to Jamie Nelson who added a certain amount of worship oversight to his already busy schedule. This year also saw Paul Williams stepping up to responsibilities on the tech side of worship ministry.

Top 5 Worship Songs

sung on Sunday AM

1. Glorious Day (Living He Loved Me)2. Everlasting God (Strength will Rise)3. Your Name4. Hosanna (Hillsong)5. Hosanna (Baloche)

“Becoming true worshippers is the chief assignment God has given us in this lifetime.” John

Wimber’s words pretty much sum up our entire aim when it comes to worship. How can Calvary catalyze a wonder-filled encounter with God as it intersects with your everyday life? This guides our service design each week. It also leads our experience each Sunday. Graham Kivell, Calvary’s new Worship and Creative Arts Pastor explains, “Living a life of worship to God enables us to see beyond ourselves and our situations. Recognizing His character and attributes not only gives honour to God, but also reminds us of His greatness.” When asked how we can do that, he added, “Worship wherever you are with whatever you have!”

Bringing Graham and Lindsay to Calvary has been the single greatest change in our worship experience in the past few years. After going for seventeen

months without pastoral leadership, Graham has brought a freshness to worship since his arrival in

Worship

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Concerts at Calvary

Kari Loscher Natalie Grant Guy Penrod -Sold Out! Peter Furler - Sold Out! Building 429 Ali Matthews

It’s pretty obvious that while worship is an attitude of the heart, a state of mind, it also involves lots of hard work by a lot of people. Calvary’s Worship Team includes over 73 people who serve musically and technically both up front and behind the scenes.

These people not only serve on Sundays but put in extra time for Easter and Christmas! This year allowed us to experience the best Christmas Eve attendance we have ever seen. Looking toward Easter, we will be putting all our outreach eggs (to stretch a metaphor) in the Easter Sunday basket. Our strategy will be three services on Easter Sunday morning at 8:30, 10:00 and11:30.

One of the changes that this past year broughtwas the involvement of the worship team in thepre-service pastoral prayer time. “I’m a big believer in corporate prayer,” says lead pastor, David Courey. “It’s great to pray with the folks that leadus in worship each Sunday. I usually come out of

Volunteers on Sunday AM:

Worship: 22

Fellowship: 38

Disciplesship: 87

Total: 147

Attendance at Calvary

Easter sunday Christmas Eve 2011

2010

2009

2008

1342

1430

1149

1298

1770

1661

1362

1045

Issue 1 | October 2011

Changing for our Future

CAMPUS LAUNCH

New Worship LeaderThe Hole in our Gospel

that time pretty pumped.” The worship team havealso been enjoying a small group study during the first service, as well as attending the second service.

This year allowed us to transition our regular bulletin into a monthly magazine which promotes Calvary’s vision by underscoring the main events planned for each month. An editorial group led by Michelle Rickard, and including Rebel Storms, and Liz Vanner manages to make deadline monthly!

Each element combines to facilitate that “chief assignment” that God has given us: more and better worshippers who experience a real God in their real lives!

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Where can you find FELLOWSHIP at Calvary:

• Celebrate Recovery• Divorce Connection

• Primetimers 50+• Small Groups

• Widows Group• Fresh Start

• Indoor Playground

First Impression Ministry• 2 Baker

• 3 Welcome Host• 2 Medical Assistance• 4 Greeters/Hosts• 4 CAT Security

• 5 Cafe• 18 Ushers

• 135 cups of coffee served each week• 193(per year) New

Children checked in ECI• 293 (per year) Visitor

Welcome Cups • Handshakes & Hugs...

can’t keep count!

Connecting a thousand people to God and each other is a tall order. We try to create one environment that enhances the God connection (see Worship!) and another environment that catalyzes the “us” connection. That happens in several ways at Calvary.

It all begins in our Atrium where the First Impressions Ministry spreads love, warmth, and a hearty handshake or a hug. It takes about 80 volunteers to do that week in and week out. That includes a little known team that cares for Medical Assistance should it be needed and the general security needs of the church during services. Led by David Hatt and Amanda Griffin, these teams serve to make Calvary a safe place.

Fellow

ship

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Volunteer Appreciation• 1 bbq’d pig• 6 crock pots of Chili• 300 participants

Top 3 Primetimers Outings• Walters Dinner/Theatre• Credit Valley Train Ride• Christmas Dessert Night

Celebrate Recovery• 6 Groups• 12 Leaders• 100 Participants

Among the leaders of this essential FIM ministry are Len and Jean Sneath, who still after years, not only share their hospitality with all comers, but also head up Calvary Cares, our benevolent ministry. Arthur and Heidi Matos head up our Ushers and ECI (Electronic Check-In) respectively. Lynn Reinders has provided hugs and encouragement to numbers of folk over the last several years, particularly through our Cafe. She is stepping down to make room for Grandma chores. We’re grateful for her contribution.

But the fellowship connection is larger than the front door. Calvary provides several dimensions of care that meet people where they are. New Canadians have been receiving help through an Assistance Ministry started by Heidi Matos. Numbers of families have received substantial help at a time of crisis. Our Hispanic Ministry have assisted Spanish-speaking people in finding not only a church home, but places to stay and the necessities.

From Meals-in-Motion which has exchanged leadership from Cindy Wedzinga to Amanda Hyjek to newly organized Widows Group under Gloria Aide and Frances Jacques’ care, there are varying ways of finding care at Calvary.

Emmaus Counselling Centre continues to provide (often free) professional services, while Greg and Diane Palfrey oversee the Divorce Connections group.Celebrate Recovery is an important face of Calvary. It reminds us that all of us have hurts, habits, and hang-ups to overcome. CR does a remarkable job of creating a safe spot for people to share their journey with caring groups of fellow pilgrims. CR is made up of people just like the rest of us, who are finding healing and wholeness in Christ.

Calvary benefits from the service of hundreds of people who offer collectively tens of thousands of man-hours of servanthood. It’s a place where God commands a blessing when scores of people work together toward a common goal (Psalm 133). We celebrated all those servants at our Volunteer Appreciation Pig Roast in June. This year some 300 adults and kids shared a wonderful picnic themed evening complete with great

prizes, pony rides a chilli cook-off (won by Tim Hyjek –who may have cheated!—ed.).

The fellowship of real people who struggle with real life in the presence of a real God is what the life of the church is all about. We strive to be a people bound together by our connection with Christ.

Restored by Grace!

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Outreach

Our vision to reach Cambridge and the world took a

major turn in 2011. Justice became the lens through which we began to look at our call to outreach. The title of an old book by Harvie Conn says it all—Evangelism: Doing Justice and Preaching Grace. While we have been moving

in this direction for a few years, We genuinely believe God is calling us to a deeper engagement with His

concern for the world.

Outreach will continue to have a servant evangelism component, but our general

outlook was shaped by The Hole in Our Gospel, a six-week sermon series complete

with a book giveaway and small groups. Many have mentioned how they have been challenged by its compelling vision. Young adult, Kaelie Gray claimed, “It made me aware of the needs

of people not only in third world countries, but also right here in my own city. I want to make a difference wherever I can.”

The campaign involved a number of initiatives including a bake sale by Student Ministries that raised nearly $700 for Cambridge Pregnancy Resource Centre. The youth also participated in a 24-famine that raised $1200 for outreach programs in Costa Rica with missionary Alejandra Cetrulo and Cambridge’s own Trinity Table Soup Kitchen. A Volunteer Expo with 16 different community organizations represented in the Atrium led to 70 connections with

various agencies.

Soapbox Derby• 12 cars

• 65 Volunteers• 100 racers• 400 attendees

• 650 hotdogs

Opening our door to Our Community• Indoor Playground -serving 100’s of

families every week• Stomp Day Camp• Women’s Conference Spring Carnival• Area Schools’ Special Needs Program• Area Schools’ Graduation• Area Schools’ Spring & Christmas Concert• Festival Theatre Arts• Elections• Babcox & Wilcox Conference• Food Bank Backpack for Bookworms 100’s of school supplies to needy children • Food Bank Christmas Gift Hampers 778 families helped 238 teen stockings 585 Hampers given

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Opening our door to our World• Turkey, Mike & Kathy Martin • Ukraine, Aaron & Katya Pilon• Kenya, Gary & Marina Cymbaluk• Kenya, Felix & Cecilia Cheriseri• Costa Rica, Alejandro & Mercedes Cetrulo

Stomp Daycamp• 1 Director• 5 Leaders• 20 Leaders in Training• 378 Campers

Spring Carnival• 1 afternoon

• 6 outreaches• 150 volunteers

• 500 popcorn/candy floss• 1000 lives

touched

Going Into Our Community• St James Place• Argus House• Hilltop Manor• Fairview Mennonite Home• Greenway Chaplin• Trinity Community Table• Pregnancy Resource Centre• FreshCo• Elgin School Breakfast program• Early Years• Operation Christmas Child

In 2011 we continued to sponsor five missionaries. Our missions team involvement focussed on the Cetrulos in Costa Rica, and our Kisumu Village of Hope project in Kenya. A team of five Senior Highs went with Jamie and Michelle Nelson to experience the hard core outreach the Cetrulos carry out. Gerry and Karen Buhr led a team of ten to Kisumu and invested in the school and AIDs orphan ministry there.

Of course at Calvary reaching Cambridge means reaching kids. This year three major kids outreaches touched families across the community. Teaming with the Western Ontario District Women’s Conference meant we offered a Kids Fun Carnival on the summeriest April 9th Cambridge has ever seen! Our annual Soap Box Derby continues to attract more kids and this year we took our Harvest Party out to two neighbourhoods thanks to Jamie and Michelle Nelson and Thom and Lee Gray, calling it Lite the Nite.

At Calvary we are making reaching our community and our world a top value. After all, we’re all real people with real life situations. Why not share the real God we have discovered?

Our community involvement continues to grow. Both by opening our doors to the various groups and facilitating the use of our facility, as well as getting out of the church and making a difference in a dozen or more ways, Calvary is building bridges and forming partnerships. We want to bless those who are actively helping people and we also want to get in on the action! Along the way just maybe we get to show Christ in active compassion!

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Promiseland weekly

• 4 litres of Apple Juice• 42 Volunteers• 100 Bible Bucks earned • 165 Attendance• 600 Goldfish crackers • Outreach Drive - 873 lbs Promiseland Food drive

Discipleship

What is a disciple? According to Jesus, it’s someone who looks like Him: “All who are fully trained,” He said, “will be like their teacher (Luke 6:40).” So how does a church facilitate the kind of process that will be transformative and Christ-shaping? It’s harder than it sounds... and it sounds pretty tough.

Discipleship means engagement with the Bible. This year began with a goal of challenging people to read the Word. We called it Eat This Book and launched a blog and introduced people to the Bible through a Smartphone ap

called YouVersion. Promiseland got involved with a Memory Verse Challenge that led to 45 kids enjoying a Pizza Party for participating!

Promiseland has certainly undergone changes this year with the departure of Carolyn Burge. Her mantle has been successfully assumed

by Paul Williams who has catalyzed leadership development. Over 20 new volunteers have stepped up and a Junior Helper program involving over 30 Junior High kids has proven helpful. This year also saw a successful Kids Ministry Conference, Blown Away with 600 attending, in conjunction with the Western Ontario District of the PAOC with keynote speaker, Sue Miller. Kim Saunders was challenged by the axiom ”Kids (people) may forget what you say, but they won’t forget how you make them feel”. She claims, “It’s changed how I speak and act toward everyone I come in contact with.”

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Along with women’s groups that meet at Fresh Start, under Esther Schuetzkowski’s leadership, and those that meet at Celebrate Recovery, Calvary features 30 small groups. Always room for more, but we’re grateful for those who are committed to these ministries.

Student Ministries is a serious dimension of Calvary’s discipleship. This year Senior High ministries moved their primary service component to Sunday evening hoping to grab more of the kids who were working on Fridays. “The good news is that it’s really focussed our mission of connecting kids to a

relationship with God,” says Jamie Nelson, Student Ministries pastor.

Retreats have been a great catalyst for discipleship. Over 75 Junior Highs from Calvary and Gateway Church in London packed our building for a dynamic (and smelly) weekend. Senior Highs also enjoyed a powerful joint retreat with Brantford-Evangel, Freedom House in Brantford, and Cedarview in Paris. Meanwhile our Young Adult emphasis switched in September to our Conestoga outreach.

Making disciples is a lifelong project that involves connecting real people with a real God in the midst of real life. Calvary remains committed.

30 Small GroupsDiscipleship still happens primarily in small groups. It’s in these groups that people get together and actually talk about their relationship with Jesus and how He’s shaping them through His Word. This past fall we sent some 18 groups on a journey through The Hole in Our Gospel. Five hundred books by Richard Stearns, and 42-day Personal Action Journals were distributed. Along with the Sunday sermon series, everyone at Calvary was faced with God’s call to justice.

• 500 books & Journals• Promiseland ‘Kids for Kisumu’ gave 107 lbs - Pencils, crayons, toothbrushes & paste etc• Food Drive 100’s of lbs• Youth Bake Sale $700 for Pregnancy Resource Centre• Youth 24-Hour Famine $1200 Trinity Table/Costa Rica• Operation Christmas Child 600 boxes• Beans & Rice Challenge -350 packets, mmm, mmm

good!• Village of Hope Child Sponsorhips• Kisumu Team Spaghetti Dinner- $1000• Sam Grottis-Zimbabwe• Steve Stewart-Impact Nations• Filling the Hole Forum• Volunteer Expo

Student Ministries• 35% increase in Jr. High services• 1st Jr High Retreat• Joined 1200 students to launch ‘Epicentre’• Joined 2000 students at Overflow for

worship• Running 3 full worship teams in Fuel

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time

a year in

business

10

Calvary Pentecostal Assembly

ANNUAL BUSINESS MEETING

Chairman – Rev. David Courey

Agenda

1. Opening Prayer

2. Establishing of Voting Bar and Scrutineers

3. Determination of Quorum

4. Minutes of Previous Meeting

5. Commencement of Elections

6. Annual Reports

a.) Financial Statementsb.) Ministry Reports

7. New Business

8. Adjournment

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ANNUAL BUSINESS MEETING 2011Held Sun. Mar. 6, 2011

For year ending Dec. 31, 2010

1. The congregation gathered to sing “Great is Thy Faithfulness” and David Courey opened in prayer.

2. The voting bar was established as the centre two sections of the sanctuary.

3. A quorum was established with 111 people in attendance.

4. Pastor David made opening remarks regarding the annual report and the ministry that took place through out 2010.

5. The following people were put forth as scrutineers; Sharon Barnett, Darcy Edwards, David Hatt, Harley Hatt, Thom Gray, Len Sneath and Corinne Storms. MSC

6. A motion was made to accept Veda Newel as the recording secretary. MSC

7. A motion was made to adopt the minutes as published in the annual report. MSC

8. Pastor David explained the board member nomination process as laid out in our constitution and presented the following nominees; John Brown, Phil Calberry and Max Purkiss.

9. Pastor Chris read from scriptures 1 Tim. 3.

10. Pastor David prayed over the voting process.

11. The scrutineers distributed the ballots and once the voting process was complete the ballots were collected and the vote was declared closed.

12. David Schuetzkowski quoted Prov. 3:9,10 to begin the presentation of the financial reports. He put forth a motion to accept the financial statements as presented in the annual report. MSC

13. David Schuetzkowski presented the highlights from the financial reports and opened the floor up for any questions or comments. The questions put forth were as follows: Q. Do we have to support National Office overall? A. All missions money that is sent to National Office has 10% taken from it in order to support National Office.

Q. Does National Office mandate which missionaries we support or do we have a choice in the matter? A. A number of years ago a change was made in the way missions money was allocated. Each missionary is required to raise his or her own support within the PAOC. This has resulted in an increase in the missions money being raised and a more personal relationship between the missionaries and the churches that support them.

Q. What is included in the ‘Personnel’ line reported in the financial statement? A. This line includes salaries, benefits and employer costs to CPP and EI.

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Q. Were there any major items or anything significant that contributed to the income or expenses for 2010? A. The only significant item for 2010 that contributed to the financial statement would have been that we did not have to pay a worship pastor salary for a good portion of the year and this would have decreased the salary expenses.

Q. Are there any thoughts on increasing the budgets for the ministry workers to compensate for the lack of budget for 2010? A. Yes, it is always on the hearts of the board to provide the necessary dollars to accomplish ministry provided nothing crazy happens during the year that was unexpected. Q. What is the forecast for paying off the mortgage and are there any thoughts on making a lump sum payment in order to reduce the debt more quickly? A. We have chosen to make a flat principal payment of $18,750 every month with the intent of reducing the debt more quickly. At the end of the year we will look at the funds and see if a lump sum payment could be paid to reduce the mortgage even faster. Please keep in mind that it is the Property Corporation that pays the mortgage to the bank, Calvary simply transfers money every month to the Property Corporation.

20. A motion was made to accept the ministry report as distributed and there were no questions con-cerning these reports. MSC

21. The scrutineers returned with the results of the board member vote. The two people that were voted on to the Board were Phil Calberry and Max Purkiss.

22. David Hatt requested that a motion be made to destroy the ballots. MSC

23. Pastor David extended his thanks to Jimmy Erinoso for his work on the board , the staff, the board of the Property Corporation as well as the Board members for Calvary Assembly

26. All incoming and outgoing board members assembled around Pastor David to lay hands on him and pray for him and God’s guidance as he leads our church

27. The meeting was adjourned at 7:30 PM. MSC

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CALVARY PENTECOSTAL ASSEMBLY>

financial statements>YEAR ENDED DECEMBER 31, 2011

McClurkin Ahier & Company LLP

CHARTERED ACCOUNTANTS

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INDEPENDENT AUDITOR’S REPORT

To the Members of Calvary Pentecostal Assembly:

Report on the Financial Statements

We have audited the accompanying financial statements of Calvary Pentecostal Assembly, which comprise thestatement of financial position as at December 31, 2011, and the statement of operations and changes in fundbalances, and the statement of cash flows for the year then ended, and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordancewith Canadian generally accepted accounting principles and for such internal control as management determinesis necessary to enable the preparation of financial statements that are free from material misstatement, whetherdue to fraud or error.

Auditor's ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. Except as explainedin the following paragraph, we conducted our audit in accordance with Canadian generally accepted auditingstandards. Those standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from material misstatement.

In common with many similar charitable organizations, the organization derives revenue from donations frominterested persons, 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 the organization and wewere not able to determine whether any adjustments might be necessary to donation revenues, excess of revenuesover expenses, current assets and net assets.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor's judgment, including the assessment of therisks of material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates 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 ourqualified audit opinion.

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Basis for Qualified Opinion

In common with many similar charitable organizations, the organization derives revenue from donations frominterested persons, 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 the organization and wewere not able to determine whether any adjustments might be necessary to donation revenues, excess of revenuesover expenses, current assets and net assets.

Qualified Opinion

In our opinion, except for the effect of adjustments, if any, which we might have determined to be necessary hadwe been able to satisfy ourselves concerning the completeness of the donation revenues referred to above, thefinancial statements present fairly, in all material respects, the financial position of Calvary Pentecostal Assemblyas at December 31, 2011, and its financial performance and its cash flows for the year then ended in accordancewith Canadian generally accepted accounting principles.

Waterloo, Ontario LICENSED PUBLIC ACCOUNTANTSFebruary 22, 2012 CHARTERED ACCOUNTANTS

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CALVARY PENTECOSTAL ASSEMBLY>

statement of financial position>DECEMBER 31, 2011

2011 2010

assets

currentCash $ 106,101 $ 55,988Accounts receivable 11,477 8,584Prepaid expenses 8,712 3,008

126,290 67,580

capital assets (Note 4) 384,846 396,478

$ 511,136 $ 464,058

liabilities

currentAccounts payable and accrued liabilities $ 57,201 $ 148Government remittances payable 13,963 1,527Deferred contributions (Note 5) 26,271 20,548

97,435 22,223

commitments & contingencies (Notes 6 & 7)

fund balances

operating 28,855 38,771

restricted fundsStewardship/L.Y.F. - 6,586

invested in capital assets 384,846 396,478

413,701 441,835

$ 511,136 $ 464,058

Approved on behalf of the board:

Director Director

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CALVARY PENTECOSTAL ASSEMBLY>

statement of operations andchanges in fund balances

>YEAR ENDED DECEMBER 31, 2011

restricted invested

stewardship in capital 2011 2010

operating L.Y.F. assets total total

revenueDonations $ 1,259,595 $ 143,106 $ - $ 1,402,701 $ 1,241,920Missions donations 115,245 - - 115,245 121,433Departmental ministries 97,467 - - 97,467 96,347Other income 22,607 - - 22,607 20,631

1,494,914 143,106 - 1,638,020 1,480,331

expensesDepartmental ministries 169,463 - - 169,463 154,156Discipleship 11,870 - - 11,870 2,455Fellowship 26,141 - - 26,141 26,941Missions 125,656 - - 125,656 128,921Outreach 54,267 - - 54,267 43,157Office and administration 82,359 - - 82,359 68,182Personnel 558,606 - - 558,606 471,215Property 174,396 - - 174,396 114,164Worship 33,893 - - 33,893 22,189License agreement (Note 8) - 363,375 - 363,375 441,246Amortization - - 64,827 64,827 67,999Donation of capital assets - - 1,301 1,301 28,484

1,236,651 363,375 66,128 1,666,154 1,569,109

excess (deficiency) ofrevenue over expensesfor year $ 258,263 $ (220,269)$ (66,128)$ (28,134)$ (88,778)

fund balance,beginning of year 38,771 6,586 396,478 441,835 530,613

Investment in capital assets (54,496) - 54,496 - -

Interfund transfers (Note 9) (213,683) 213,683 - - -

fund balance, end of year $ 28,855 $ - $ 384,846 $ 413,701 $ 441,835

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CALVARY PENTECOSTAL ASSEMBLY>

statement of cash flows>YEAR ENDED DECEMBER 31, 2011

2011 2010

operating activitiesExcess (Deficiency) of Revenue over Expenses for Year $ (28,134) $ (88,778)

Adjustments for:Amortization 64,827 67,999

36,693 (20,779)

Changes in non-cash working capital:Increase in accounts receivable (2,893) 32,678Increase in prepaid expenses (5,704) 259Increase in accounts payable and accrued liabilities 57,053 2Increase in government remittances payable 12,436 (385)Increase in deferred contributions 5,723 651

103,308 12,426

investing activitiesPurchase of property, plant and equipment (53,195) (19,901)

Increase in cash 50,113 (7,475)

Cash Balance, beginning of year 55,988 63,463

cash balance, end of year $ 106,101 $ 55,988

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CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements >DECEMBER 31, 2011

1. organization

Calvary Pentecostal Assembly (the "Church") is an incorporated charitable organization for incometax purposes and operates a local church in Cambridge, Ontario.

2. significant accounting policies

Fund Accounting - The Church reports its activities using the following funds:

The Operating Fund reflects contributions received and expenses incurred towards the operation andadministration of the Church and its various ministries.

The Stewardship funds reflect revenues, expenditures, assets and liabilities related to the raising andexpenditure of funds for capital asset additions.

Revenue Recognition - The Church follows the deferral method of accounting for contributions.Unrestricted contributions are recognized as revenue when received. Restricted contributions arerecognized as revenue when the expense is incurred.

Capital Assets and Amortization - Capital assets are recorded at historical cost. Amortization,commencing in the year following acquisition, is provided in the accounts using the following methodsand annual rates:

Asset Method RateFurniture and equipment Declining balance 15 %Computer Equipment Declining balance 40 %

Contributed Services - The Church is dependent upon many hours contributed by volunteers. Becauseof the difficulty of determining their fair value, contributed services are not recognized in thesefinancial statements.

The Church receives contribution of materials, the fair value of which may or may not be reasonablydeterminable. Contributed materials are recognized as donations when fair values can be determined.No contributed materials were recognized as donation revenue during the year.

Disclosure and Use of Estimates - The preparation of financial statements in accordance withCanadian generally accepted accounting principles requires management to make estimates andassumptions that affect the reported amount of assets and liabilities and disclosure of contingent assetsand liabilities at the date of the financial statements and reported amounts of revenues and expensesduring the reporting period. These estimates are reviewed periodically, and as adjustments becomenecessary, they are reported in the statement of operations in the period in which they become known.

Estimates are used when accounting for certain items such as revenues, allowance for doubtfulaccounts, useful lives of capital assets and asset impairments.

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CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements >DECEMBER 31, 2011

Financial Instruments - The Church has classified its financial assets and financial liabilities asfollows:

Cash is classified as held for trading.

Accounts receivable are classified as loans and receivables.

Accounts payable and accrued liabilities are classified as other financial liabilities.

3. future accounting changes

The Canadian Institute of Chartered Accountants has approved a new framework for the sector that isbased on the existing Canadian GAAP and incorporates the 4400 series of standards. The newstandards are available as of December 1, 2010 as Part III of the CICA Handbook - Accounting andare effective January 1, 2012, with early adoption permitted. Organizations also have the option ofadopting International Financial Reporting Standards. Until the new standards are effective, allorganizations will continue to follow the existing accounting standards found in the CICA Handbook- Accounting. The Church is currently evaluating the impact of the adoption of these new standardson its financial statements. The Church intends to adopt these standards when effective.

4. capital assets

accumulated net netcost amortization 2011 2010

Furniture and equipment $ 1,108,147 $ 727,271 $ 380,876 $ 393,325Computer equipment 43,963 39,993 3,970 3,153

$ 1,152,110 $ 767,264 $ 384,846 $ 396,478

5. deferred contributions

Deferred contributions represents designated funds received during the year and not yet expended as atDecember 31, 2011.

2011 2010

Balance, beginning of year $ 20,548 $ 19,897

Amounts received during the year 156,377 172,115

Amounts recognized as revenue (150,654) (171,464)

$ 26,271 $ 20,548

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CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements >DECEMBER 31, 2011

6. commitments

The Church is obligated under leasing contracts for equipment which it operates. The leases expire in2017 and the future minimum lease payments are as follows:

2012 $ 29,0962013 28,0812014 25,0282015 15,7382016 14,021thereafter 3,505

$ 115,469

7. contingencies

The Church is contingently liable for the bank demand instalment loan of Calvary PentecostalAssembly Charitable Property Corporation. The assets of the charitable property corporation, whichhave fair market values exceeding the amounts of the obligation, are available to satisfy suchobligations.

8. license agreement

Under the terms of a license agreement made April 30, 2008 with Calvary Pentecostal AssemblyCharitable Property Corporation, the Church will have exclusive use of the license facilities for theactivities of the Church. This is a twenty year agreement with automatic renewals every five yearsthereafter at the option of either party. The license fee will be established annually in sufficientamount to enable the property corporation to cover its expense. The Church will be responsible forall the operating costs of the property.

9. interfund transfers

During the year, the governing board approved the transfer of $213,683 from the operating fund tothe stewardship fund to be used towards the monthly payments on the license agreement.

10. comparative figures

Certain of the comparative figures have been restated to conform to the presentation adopted for thecurrent year. The financial statements for the previous year were reported on by another auditor.

11. capital disclosures

The Church's objectives in managing its capital, which it defines as its net assets, are to maintain asufficient level to provide for normal operating requirements on an ongoing basis, to ensure internalrestrictions are sustained, and to continue its mission as disclosed in Note 1. The Church manages itscapital by ensuring it has sufficient funds before committing to expenditures.

As a Registered Charity, the Church is required to devote its resources to activities in pursuit of itsown charitable purposes. Failure to comply can lead to the revocation of the Church's charitable status.The Church was in compliance with these requirements for the current fiscal year.

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CALVARY PENTECOSTAL ASSEMBLY>

notes to financial statements >DECEMBER 31, 2011

12. financial instruments

Fair value - The fair value of financial assets and liabilities classified as loans and receivables and otherfinancial liabilities approximate their carrying value due to their short term maturity. Financial assetsand liabilities classified as held for trading are measured at fair value determined on the basis of marketvalue.

Risk management - It is management's opinion that the Church is not exposed to significant interestrate, currency or credit risks arising from its financial instruments.

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2011 World Missions Disbursement Summary(Combination of all Church Departments)

CHURCH MISSIONS FUNDSUndesignated PAOC Missions Alejandro Cetrulo 5,000 Cecilia & Felix Chiriseri 10,000 Gary Cymbaluk 5,000 Sam Grottis 1,000 Mike Martin 15,325 Aaron Pilon 14,143 Afghan shipping costs 257 50,725DESIGNATED MISSIONS DONATIONS Africa – airfare/accommodations 24,201 Africa – project 17,839 Cetrulo Breakfast Program 705 Cambridge Pregnancy Centre 894 Costa Rica – airfare/accommodations 9,466 Costa Rica - project 3,000 Cymbaluk – widows Christmas Gift project 500 Erdo – Haiti Response 247 Erdo – Japan Response 103 Loads of Love (a.k.a. Dorothy Fund) 435 Mike Martin 2,675 M.Martin – Designated Project (a.k.a. Dorothy Fund) 240 Mission to Haiti Canada 207 Aaron Pilon 2,857 Trinity Food Table 705 64,048CHURCH SUPPORTED MISSIONS Africa – Village of Hope 2,047 Costa Rica 3,296 Cambridge Self-Help Food Bank 1,200

Cambridge Pregnancy Centre 1,200Masters College & Seminary 2,200Miscellaneous Missions 940

10,883 TOTAL CHURCH MISSIONS FUNDS 125,656

OTHER CHURCH DEPARTMENTS Splash: Child Care Plus 408 WM: Child Care Plus 916 WM: Pennies 1,171 Promiseland – World Vision Farm 150

2,645

TOTAL COMMUNITY OUTREACH & WORLD MISSIONS 127,361

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