Financial Statements

Balance Sheet as at December 31, 2011

(in thousands of dollars)

  2011 2010
  $ $

Assets

Current assets (note 9)
   
Cash 338 1,740
Investments (note 5) 3,427 6,525
Accounts receivable 599 554
Deposits and prepaid expenses 363 108
4,727 8,927
Capital assets (note 3)
35,693 31,904
40,420 40,831

Liabilities

Current liabilities
   
Accounts payable and accrued liabilities 4,245 4,082
Deferred revenue 702 800
Mortgage payable (note 4) 251 -
5,198 4,882
Deferred capital contribution
- 117
Mortgage payable (note 4)
20,009 20,260
25,207 25,259

Members’ Equity

Invested in capital assets
15,433 11,527
Internally restricted
   
Reserve for working capital (220) 3,082
Reserve for fee stabilization - 963
15,213 15,572
40,420 40,831
Commitments and contingencies (notes 6 and 7)
   

Approved On behalf of the Council

Signature: Liz Papadopoulos

Liz Papadopoulos, OCT

Council Chair

Signature: Michael Salvatori

Michael Salvatori, OCT

Registrar and Chief Executive Officer

The accompanying notes are an integral part of these financial statements.