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TERRACE BAY NEWS AUDITOR'S REPORT ON I974 REVENUE AND EXPENDITURES PAGE II In accordance with the Education Act, I974, Section 203 (8), the Auditor's Report on I974 Revenue and Expenditures, as received by The Lake May 29, 1975, is published herewith: CHARTERED ACCOUNTANTS AUDITORS" REPORT Superior Board of Education on WINSPEAR HIGGINS STEVENSON & CO. 36 Tonto Street, Toronto 1,,Canada - Telephone 364-8491 - Area 416 To The Lake Superior Board of Education We have examined the Balance. Sheet of The Lake Superior Board of Education as at December 31, 1974, and the statements of Revenue Fund - Operations, Revised Net Requirement and Source and Application of Capital Funds for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we considered necessary in the circumstances. In our opinion these Financial Statements present fairly the financial position of the Board as at December 31, 1974 and the results of its operations and the source and application of its capital funds for the year then ended, in accordance with accounting principles generally accepted for Ontario school boards applied on a basis consistent with that of the preceding year. Verespfons Municipal Auditor's Signature and License No. INTERNATIONAL FIRM HURDMAN AND CRANSTOUN, THORNTON BAKER stilts NAME OF BOARD The Lake Superior Board of Education BALANCE SHEET AS AT DECEMBER 31, 1974 ASSETS y UABILITIES Revenue Capital Reserve Revenue Capital Reserve Current Assets Fund Fund Fund Current Lisbilities Fund Fund Fund Cash 11,090 --_--o Bank or other short-term borrowing Investments at Cost 280,000 105, 500 Accounts Payable Accounts Receivable isi ag 87 23 Municipalities Other School Boards 770) Under-Requisitions 9) Government o Ontario ---- Oa, pe 9 Trades vom and Accruad Lisbilities I0L,795 Government of Ontario 149 A Debt Charges Due and Unpaid ie ---------- Government of Canada Other Due to Other Funds Due trom Other Funds Capital Capital 31,021 Revenue --21gVel ions Other Current Liabilities 9155 Prepaid Expenses em 200 800 rt acres 4,372 . 269 Total Current Liabilities ? Total Current Assets 492,198 Long-Term Liabilities : 1,820,367 Fixed Assets Unmatyred ture Debt a Eh Fray Head 191,21 Buildings PR Deferred Income 12,032 : Furniture and Equipment valued at amount of 1,931,211 Reserve for Working Funds 279,366 outstanding debenture Projects in Progress liability 2.36.6 57 105 ' 818 : r Equity In Reserve Funds . 6 6 ---------- uses dai on omer (Unexpended Capital Funds) =: S903 \ ther o-- Other Assets 492,198 1,967,868 105,818 invosiments in Fixed Assets HS 492,198 1,967,868 105,218 yi SIGNED ON BEHALF OF THE BOARD _~> ok, _ - AE eR AI ira Officer Torature.