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ASSETS Revenue assets: Cash Accounts receivable (note 1) Inventory of supplies, at cost Prepaid expenses Total revenue assets Capital assets: Buildings =~ Transmission and distribution system Equipment at Less accumulated depreciation - Equity in Hydro-Electric Power Commission of Ontario HYDRQ-ELECTRIC COMMISSION OF THE TOWNSHIP OF SCHREIBER 1974 $ 42,551 5,459 4,172 316 52,498 8,542 260,747 14,779 284,068 117,747 Eat Rind) $166,321 164,867 $383,686 HYDRO-ELECTRIC COMMISSION OF THE TOWNSHIP OF SCHREIBER STATEMENT OF OPERATING YEAR ENDED DECEMBER 31, 1974 (with comparative figures for the year 1973) ' Gross earnings: Residential services ) _ .. Commercial services ) Street lighting _Interest earned Pole rental Sundry revenue Less expenses: Operating - Distribution system - operation and maintedance Line transformer maintenance Meter maintenance Power purchased (note 1) Street lighting - operation and maintenance Depreciation Administrative - Customers' billing and collection Office and general Total expenses Earnings for year 1974 $109,274 76,041" 9,247 1,496 656 1,035 197,749 6,474 301 930 "146,595 1,480 9,427 165,207 7,053 7,591 14,644 179,851 $ 17,898 (See accompanying notes) HYDRO-ELECTRIC COMMISSION OF THE TOWNSHIP OF SCHREIBER HYDRO ---- NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1974 1. Accounting practice BALANCE SHEET © DECEMBER 31, 1974 (with comparative figures at December 31, 1973) * 8,542 251,669 14,653 274,864 108,200 166,664 153,788 $347,021 LIABILITIES AND CAPITAL Accounts payable (note 1) Reserve for equity in Hydro-Electric Power Commission of Ontario Capital: Debentures redeemed Contributed capital (note 2) Earned surplus - Balance at beginning of year Earnings for year Balance at end of year Total capital (See accompanying notes) Statement 2 '~ 1973 $100,015 66,560 9,642 385 689 820 178,111 wd 14715 648 1,461 131,481 1,877 8,871 152,053 10,430 8,240 18,670 170,723 $ 1.388 Under accounting procedures generally in use by Hydro-Electric Clarkson Gordon Go Chartored Hecountants » 210 Thunder Bay Hydro Bida.. 34 N. Cumberland Street, Thunder Bay (P), Canada. PIA 413 AUDITORS' REPORT Hydro-Electric Commission of the Township of Schreiber. ~ 1974 1973 $ 19,763 $ 12,075 164,867 153,788 \ : 50,000 50,000 8,497 8,497 122,661 115,273 17,898 7,388 140,559 122,661 . 199,056 181,158 $383,686 $347,021 St. John's Halifax Saint John Quebec Montreal Ottawa Toronto Hamilton Kitchener London Windsor Thunder Bay Winnipeg Regina Calgary . Edmonton Vancouver Victoria ; Arthur Young, Clarkson, Gordon & Co. United States--Brazil Teleghone 345-5417 (Area Code 807) We have examined the balance sheet of the Hydro-Electric Commission of the Township of Schreiber as at December 31, 1974 and the statement of operating for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting s 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 Commission at December 31, 1974 and the results of its operations for the year then ended, in accordarce with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Thunder Bay, Ontario, July 4, 1975. Chartered Accountants, Commissions in Ontario, the cost of power consumed and revenue from sales of power for the month of December is not recorded until the following fiscal year. 2. Contributed capital The contributed capital represents the portion of street lighting capital costs provided by the Ministry of Transportation and Communications. -