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AUDITOR'S REPORT ON'1975 REVENUE AND EXPENDITURES - --_------ In with the on Act, 1974, Section 203 (8) the Auditor's Report on 1975 Revenue and Expenditures, as received by The Lake Superior Board of Education on April 9, 1976, is published herewith: CHARTERED ACCOUNTANTS WINSPEAR HIGGINS STEVENSON & CO. 36 Toronto Street, Toronto 1, Canada - Telephone 364-8491 - Area 416 in AUDITORS ' REPORT To The Lake Superior Board of Education We have examined the Balance Sheet of The Lake Superior Board of Education as at December 31, 1975, and the statements of Revenue Fund - In our opinion these Financial Statements present fairly the position of the Board as a t December 31, 1975 and the results of its operations 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. INTERNATIONAL FIRM City....Tezonte. .. Operations, Revised Net Revenue Fund Requirement, Capital Fund Operations and AND h ¥ BAKER Reserve Fund Revenue and Expenditure for the year then ended. Our Date.March 19, 1976. Licence No. 358 examination included a general review of the accounting procedures and such if tests of accounting records and other supporting evidence as we considered - y in the cir ces. LIABILITIES Current Liabilities . po 3 Bank and other short-term borrowing . . i THE TAKE SUPERIOR BOARD OF EDUCATION | Accounts pavable and accrued liabilities : sg ZW "1975 taxes refundable for { N o reason of emplovees' withdrawal BATSNCE SurRP of services ~ (elementarv) . = as at December 31, 1975 ; 3 - (secondary) . . ; Over-requisition - (elementary) 51,212 ii 38,893 ASSETS TET 1974 = Over-recuisition - (secondary) . 70,850 } «48,337 % Other . 233,835 . 108,415 Current: Assets i i : Debt charges due and 'unpaid 5 Cash - : SA80, 751 ji 3 13,139 Other current liabilities 5,769 5,155 Investments at cost -+ 650,700 + 385,500 y dis ried : RE 120052 Sp ) . 126 in 511 it 1ns~Unmat .Deb.Debte (Note 4), 2,390,661 159241 Under=recsisitions; +: (elementary) : Reserve for working Funds (Note 5) 314.366 2791366 Under-reouisitions - (secondary) . vy ld the Se FhGIN in redeive funds - 168,837 + 105,818 8 . . Sets tote 2) BT v 4 i'manplied canital revenue (Note 6) + 16,230. Prepaid expense . : i \ 1 3,299,443 2,531,863 Other current assets (Note 3) SI 6,595 4, 6k 1,299,443 z # 908,782 566,995 Lity (Mote 7) Capital outlay to be recovered in future years(N1,ii]) +2,390,661 . Bio : ; JUNI 1 ON BEHALF OF THE . 3 57 7A ts = Work in Progress x y --4L : RR i E Lo 2.299.443 2,530,863 ft / / drafien tune of Chairman of the Board : 32 : 33 2p od aim aids 3 g3g¢ee £22 sg g Ef 2 SERES! SAREE i £ pik jiited; i iE sii Bigs Lok friigd SERENE ERS HP §° 2.28% PE A | 5: $ £zccgz 0p 8 5 DEY BRE 23 H BE o avi 3 i ¢ i's HR § 2% ¢ s § 2 H 530 : oof} i RE B S REN 148i 1: 32 Peps 1§§ : 59% 118i} Fi1e id AR 122497 Pil FE : : 1gfi ft RT FH] 3 : H zx z gi H g3 27% LI 3 z= Z 33 2 5 gt : 83 2.f% : i fs 2 §.1 i383 I 8 i ; 8 Eng H ¢ oF e HES if. 3 z v § 20% Flat Lg Ti z F5% a A 5 @ $5" gg a] H 13 i 2e a ER g 1d Ep EE gE 2 29 % Bis i H £3 20 Bs i £ 2 29 go g 3.3 39 5% 8 om 3g LS i 23 "43 i - G3 i : : 33 i i 2% : H EH : § g a = S = @ -- --~ 5 © |= N 2 2 5 EL Ell | telg] bole! Los ER ERB S| loB) BR pe 3 [3 0 | Oo (nO [0 [oo ol eS CE = @ 0 MS 3 fo Fa [fe elgk aa 9 i los [2 © {On [= [= Elva lo| [= vw RIgEh Sila! ZISR RIS I i BFE 5%: SEEEE EER B 3 - = J = i 5 3 oN [= : nN In nN i = " fe Eb | are BLE] bE 5 B| <3 fe Eg. b Blk eS) 8) Jeg E S los foo for a fie RGE' 22- BREYPEuREER'§ ¥ BESLE FERSEEERERE | sc = > oy or 7 2 3 => Eo rd 3 g I = EB 3 3 bE) 13 H 2 253% g g H f 2 RAE ¢ H :opszis SHERRIE. Mei ome s | LIRES IEG BE -9 a 33 8 FP : 2 85/8 oF ® 5 H g jo SE RE ELE EL & RHR Rh ol Fa sii ':11 PEs SiIgfr.., th CRb ORR ed 2s 323% 3 £ 1 ELI pags 111 Ed i go BRRR ey fj Nil IT} >» El g - e > ss 3 H 1 £1 Flitagl i : : dg fygigEe $70: 32% : }33%27E Begf 0 11} 8 {33,808 HR g TW 2g § 3 ER 28 § 3 ER g 2 NF E g & a 3 HE og H ck 8 |, a ° : i £. | g 8 a ff & H = g£ BES : gk B28 ik : Be G1 3 E 8 8 3 8 & i o S 3 - = Ed % 8 la [00 [i= wo on - - --~ fs £ ls 1.L oy 8 8 a 5 4 in f= 3 2 In 3 = [= = nN 2 - ot £2 o =~ |S 2 C $s 3 = i TEND § =] 8] : g 5 no o [i= fo - N |e ke 5 or [oo < = £ \ + po = = on w= os o . Nn 5 03 i= hn 3 g e 3 [8 I 1) 3 i 2 § * © nN nes hs AA] 3 . Ez gine. 8 3 SVE > < 3 S TUvOR 30 TNT