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
Liz Papadopoulos, OCT
Council Chair
Michael Salvatori, OCT
Registrar and Chief Executive Officer
The accompanying notes are an integral part of these financial statements.