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THE NORTH OF SUPERIOR R.C.S.S. BOARD Financial Statement 1990 | AUDITORS' REPORT To The Trustees of The North of rior District Roman holi r hool Boar The North of Superior District REVENUE FUND Roman Catholic Separate School Board We have audited the consolidated balance sheet of The North of Superior District Roman Catholic Separate School Board as at December 31, 1990 Year en December 31 and the Revenue Fund and Capital Fund statements of operations for the 1990 1989 year then ended. These financial statements are the responsibility of the Expenditure 372.634 841.167 Board's management. Our responsibility is to express an opinion on these | | Instruction $4,372, $3,841, financial statements based on our audit. Plant Operation and maintenance he sr pro gy We conducted our audit in accordance with generally accepted auditing aedep pam Coplnlnens ieee : : Standards. Those standards require that we plan and perform an audit to (note 4) g 100,296 47,432 obtain reasonable assurance whether the financial statements are free of Business Administration 771,886 635,991 material misstatement. An audit includes examining, on a test basis, Other Operating Expenditure 58,413 254,994 evidence supporting the amounts and disclosures in the financial - Taxes written off 4,501 1,066 Statements. An audit also includes assessing the accounting principles Transfers to Capital Fund 848,061 1,785,754 used and significant estimates made by management, as well as Tuition Fees 71,028 _ 84,109 evaluating the overall financial statement presentation. Reserve for workin ital (n 225,000 = In our opinion, these financial statements present fairly, in all material Total expenditure 7.558.498 2.716.479 respects, the financial position of the Board as at December 31, 1990 and the results of its operations and the changes in its financial position for Recovery of Expenditure the year then ended in accordance with generally accepted accounting Government of Canada 625,680 575,999 principles. Government of Ontario 76,980 104,558 Thunder Bay, Canada, ; _ Ernst and Young | | Other revenue 'oan pd -Other School Boards March 8, 1991. Chartered Accountants Total - ft EX . 845,250 761.190 _Net Expenditure 6,713,248 6,955,289 Financing of Net Expenditure Government of Ontario General Legislative Grants Operating 5,111,185 4,914,506 Capital 594,651 1,723,359 Total Grant 5,705,836 §,637,865 Local Taxation Previous year's under requisition - as previously stated (164,917) (443,531) Adjustments to general legislative grants (47,781) CONSOLIDATED BALANCE SHEET As at December 31 1990 1989 Assets Current Cash on hand and in bank $1,127 $1,082 Accounts receivable Operating 583,771 416,274 Capital 37,486 277,394 Net under requisitions - (note 1) 10,492 164,917 Prepaid expenses 17.699 21,665 _Total current assets 650.575 881,332 Capital outlay to be recovered in future years (note 10) 12! 728.907 CAPITAL FUND 1,580,716 1,610,239 TEMENT OF OP 1ON Year ended December 31 Liabilities and Equity Current 1990 1989 Bank indebtedness 29.454 87.879 Overdraft ' ' CAPTIAL EXPENDITURE Demand loan (note 2) 300,000 413,000 Buildings, furniture and equipment $1,110,096 = $2,216,802 Accounts payable and accrued liabilities Operating 642,061 417,959 SOURCES OF RECOVERY OF CAPITAL Capital 143,643 390,042 EXPENDITURE Long-term liabiliti within on Transfers from Revenue Fund 848,061 1,785,754 year (note3) 182,310 234,268 Debenture and mortgage principal pay- eS ae io 1,543,148 | ments included : Long-Term liabilities (note 3) 34,748 63.591 in revenue Fund expenditure (note 4) 60.801 10.468 Equity : 908,862 1,796,222 Capital Reserve Funds Net increase in unrecovered capital Board equity 157 157 canes P 201,234 420,580 Ministry equity open 3,543 nrecover ital expenditur: in- 728.907 308,327 a I I inf 228.500 3.500 FECONEFER UIE 930.141 728,907 : 1,580,716 1,610,2 years See accompanying notes _ See accompanying notes On behalf of the Board; Chief Executive Officer : Chairman of the Board SCs iA toga eet 1. : ee A Se