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5 | - - loon Gordon ve, St. John's Halifax Saint John Quebec Montreal wl 4 3 Ottawa Toronto Hamilton Kitchener London was made in accordance with generally accepted auditing standards, and accordingly " Z Windsor Thunder Bay Winnipeg Regina Calgary Egmonkcn Venceuver Victoria included such tests and-other-procedures as we considered necessary in the 210 Thunder Bay Hydro Bidg., Arie Yeung, Sargon, Sorcnd Ce. : . 34 N. Cumberland Street, circumstances. Thunder Bay (P), Canada. Telephone 345-5417 (Area Code 807) PIA 43 = In our opinion, these financial statements present fairly the financial position of the Board as at December 31, 1977 and the results of its AUDITORS ' REPORT h operations and the changes in its financial position for the year then ended in To the Chairman and Members, bid The North of Superior District Roman - accordance with generally accepted accounting principles for Ontario school boards Catholic Separate School Board, 5 . . applied on a baSis consistent vu that of the preceding year. Schreiber, Ontario. lied basi ist with that of th di We have examined the Balance Sheet of The North of Superior District Roman Catholic Separate School Board as at December 31, 1977, and the Revenus Fund it dy Z.. t of Operations, the Statement of Revised Net Revenue Fund Requirement and 4 re Statement of Oper ' Thunder Bay, Canada, Chartered Accountants. # the Capital Fund Statement of Operations for the year then ended. Our examination February 20, 1978. Licence Number 534 { AME OF BOARD - > - Minvstry - 3 "n o| ~ al ® 2) « Ds THE NORTH OF SUPERIOR DISTRICT ROMAN n Qe 5 ol» el =o Education i CATHOLIC SEPARATE SHCOOL BOARD | N =o NEN - Lgl x aa = © oo o| o ~ 3 . a ~ oN ~N| © - E] - 8 | ~| ~ ~| w BALANCE SHEET i 2 i x - AS AT DECEMBER 31, 1977 ot oy 28 y ASSETS 1977 1976 Ea = : a3 g 38 g 2 8 Surrent Assets $ $ a3 5 © 3 a < ~ a . IN Cash : 185,717 66,748 fe 8 a 2S 3 2 2 Investments at cost ES 185,000 He - : iy Accounts receivable + a5 Under-requisitions -- (elementary) 4,183 417 5 gl Under-requisitions -- (secondary) Eg Bi 5 FH » Q = - - 3 Other 853,243 240,549 & 83 I an 3% ol 2 £2 - ig -: . Prepaid expense 5,474 4,456 N Eg g £ £3 £s H . © Other current assets : w s$ z 3: 2-2 is £ i § : 1,048,617 497,170 Z i 5 $= 3s £3 33% % oe © 3 53 2: B.sx 3 % : Capital outlay to be recovered in future years 2,058,245 1,462,945 k 5 : H B® gz | : 2 Hi Es : id neg - £8 2 Jther Assets 2,000 2,000 2 s E § H 2 i) 2 3 = g 2 Se $ 3,109,862 1,964,115 5.5 i 3 5.34 332 : 255d FoF gfx iz i," Fino ; £2 38 sof: 8 35 E32 3 £352 ast £3 3 2 LIABILITIES Current Liabilities ER RRR RR BS I BB PRE 1 Ee ( - To Be Sy opt th le Be al fa a Bank and other short-term borrowing 362,676 619 8 3 3 po] 2 Sl mi orf 2 b) 2 al ov 2 3 Accounts payable and accrued liabilities -- - Over-requisition -- (elementary) 20,933 17,587 h { Over-requisition -- (secondary) ! £3 / Debt Charges due and unpaid 3,700 H578 59 | 89 Ig] le gga gg dg Reserve for 1978 Tax Reductions -- (elementary) ihe. = N = | oy i -- (secondary) Other current liabilities i g . 686,370 302,308 [<} 8 ke ] Net long-term liabilities 2,058,200 1,462,900 £8 : be. Reserve for working funds 179,605 179,605 §€ 3 : H ie . wD = = gow 5H Equity in reserve funds c& 3 § 2 3 £ TB Unexpended capital funds 185,687 155300 £2 g EH 3 § 4 H H i : i 2 3 3,109,862 1,964,115 £3 i gg 3 3 3 L: i 5 ii 5 k 29 8 3: fc 8:3 £1 tl go %.|;8 c pe $i 3.3.8" J38 ¢ gol FEE oblige $ | 38 £13 gon 3 82 : gif fg, $1: fi 3% Fisast i y « z= 8 3 = 2 SiS ENE SIGNED ON BEHALF OF THE BOARD "ees i § 7258 $2 H > dd 25% 2% & A Toy wEu> EF: fs 2 ifzgeil: REREE 4/8 [30a $f Tr ise Freee Signature of Chiel Executive Officer Signature of Chairman of the Board zg g 5 z H H E £ H H 3 3 £ FH 5 3 i H § H i ME325-1 (1977)