STATEMENT OF MANAGEMENT’S RESPONSIBILITY

FOR FINANCIAL STATEMENTS

The management ASIA HARVESTERS COLLEGE AND SEMINARY, INC

is responsible for all information and representations contained in the
financial statements for the year ended December 31, 207. The financial
statements have been prepared in conformity with generally accepted
accounting principles and reflect amounts hat are based on the best
estimates and informed judgement of management with an appropriate
consideration to materiality.

In this regard management maintains a system of accounting and reporting

which provides for the necessary internal controls to ensure that
transactions are properly authorized and recorded, assets are safeguarded
against unauthorized use or disposition and liabilities are recognized.

The Board of Directors reviews the financial statements before such

statements are approved and submitted to the stockholders of the
company.

Gina A. Duran, CPA, the independent auditor and appointed by the

stockholders has examined the financial statements of the company in
accordance with generally accepted auditing and has expressed its opinion
on the fairness of presentations upon completion of such examination, in its
report to stockholders of the company.

President\CEO\Chairman

Finance Officer Treasurer

 ASIA HARVESTERS COLLEGE AND SEMINARY, INC
STATEMENT OF INCOME
AS OF December 31, 2017
CURRENT ASSETS 2017
CASH ON HAND AND IN BANK 150,000

PROPERTY, PLANT AND EQUIPMENT

FURNITURE AND FIXTURES 20,000
OFFICE EQUIPMENT 49,060
TOTAL 69,060
LESS:ACCUMULATED DEPRECIATION 50,718
NET 18,342

TOTAL ASSETS 168, 342

CURRENT LIABILITIES
ACCONTS PAYABLE AND OTHERS 1,929,743

CAPITAL CONTRIBUTION 50,000

-
RETAINED EARNINGS 1,811,401

TOTAL LIABILITIES AND MEMBER'S EQUITY 168, 342

 ASIA HARVESTERS COLLEGE AND SEMINARY, INC
STATEMENT OF CASH FLOW
AS OF December 31, 2017

DONATIONS 2017
300,000.00
LESS: OPERATING EXPENSES;
PROFESSIONAL FEES 347,745.00
SALARIES 141,607.00
COMMUNICATION, LIGHT AND WATER 16,417.00
MEAL ALLOWANCE 35,264.00
STUDENT AND PROFESSOR ID 22,800.00
MISCELLENEOUS 150,000.00
OFFICE SUPPLIES 60,500.00
DEPRECIATION 6,906.00
TRANSPORTATION 6,000.00
SCHOOL PROMOTIONS 9,057.00
RENTAL
HONORARIUM 15,800.00
SCHOOL FOUNDATION 32,973.00
RETAINERS FEE 30,000.00
SCHOOL UNIFORM 1,800.00
SSS\PHILHEALTH CONTRIBUTION 13,200
REPAIRS AND MAINTENANCE 50,000.00
MEALS
940,069.00

NET LOSS -640,069

 ASIA HARVESTERS COLLEGE AND SEMINARY, INC
STATEMENT OF FINANCIAL POSITION
AS OF December 31, 2017
CASH FLOW FORM GENERATING ACTIVITIES 2017

-
RETAINED EARNINGS 1,811,401
ADJUSTMENTS
Depreciation 50,718
(increase) decrease in:
accounts
receivable
property and equipment -69,060
increase (decrease) in:
accounts payable 1,929,743

NET CASG GENERATED FROM OPERATIONS 100,000

Cash flow from financing activities

capital
contribution 50,000

Net Increase\ (decrease) in cash 50,000

cash balance, Beg 100,000

CASH BALANCE, ENDING 150,000

 STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS
AS OF December 31, 2017

1. CORPORATE INFORMATION

ASIA HARVESTERS COLLEGE AND SEMINARY, INC. –is a non-stock,

non-profit association duly organized and exiting under and by the
virtue of the Philippine laws and formed for the purpose of
administrating its affairs, properties and estate. Its principal office
is located at #30 Holy Spirit Drive Don Antonio Hts. Subd. Brgy. Holy
Spirit, Quezon City

2. SUMMARY OF SIGNIFICANT ACCOUTING POLICIES

The significant accounting policies that have been used in the

preparation of these Financial Statements are summarized below.

Basis of Preparation

The Financial statements hae been prepared in compliance with the

accounting principles generally accepted in the Philippines as set forth in the
Philippine Financial Reporting Standards (PFRS). PFRS are adopted by the
Financial Reporting Accounting Council (FRSC) from the pronouncements
issued by the International Accounting Standards Board(IASB).

Revenue and cost recognition

Receipts are recognized to the extent that is probable that the economic
benefits will flow to the Association and the revenue can be reliably
measured. The following specific criteria must also be met before revenue is
recognized.

 Internet is recognized on a time proportion that reflects the effective

yield on the assets
 Cost and expenses are recognized in the statement of income upon
utilization of service or the date they incurred.

Cash

Cash consists of cash on hand and deposits with banks.

Accounts Receivable

Accounts receivable are recognized and carried at outstanding balance

without allowance for doubtful accounts.

Advances and Equipments

Property and equipment are stated at cost less accumulated

depreciation.
Depreciation is computed using a straight line line-method over the
estimated useful lives of the assets.

The useful life, depreciation and amortization are received periodically to

ensure that the period and methods of depreciation and amortization are
consistent with the expected pattern of the company’s benefit from the
items of property and equipment.

Office Furniture, Fixture and Equipments Estimated useful Life in

Years

5 Years
Maintenance and repairs are charged to income as incurred, significant
renewals of betterments are capitalized. Upon retirement or disposals of the
assets the cost and the related accumulated depreciation and amortization
are removed from the accounts and any resulting gain or loss is credited or
charged to income for the period.