CHARTERED ACCOUNTANTS Thorne Riddell & Co. To The Schreiber - Terrace Bay " pistrict R..C. S.US. Board, \ 1) Schreiber, Ontario. AUDITORS' REPORT We have examined the Balance Sheet of the Schreiber - Terrace Bay District R.C.S.S. Board as at December 31, 1975, and the Revenue Fund Statement of Operations, the Statement of Revised Net Revenue "Fund Requirement and the Capital Fund Statement of Operations for the year then ended. Our examination included a general review of the accounting procedures and such tests of accounting 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 Board as at December 31, 1975 and the results of its operations and. the source and "application of its capital funds 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. " Thorne Riddell & Co., zu : Chartered Accountants' Thunder Bay, Canada, May 7, 1976 Licence No. - 225 i 3 -- ~ SCHREIBER - TERRACE BAY DISTRICT R.C.S5.S. BOARD NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1975 1. ACCOUNTING POLICIES (a) Accrual Accounting. . The accrual method for reporting revenue and expenditure has been used with the exception of reporting of charges for net long-term liabilities. Principal and interest charges are not-accrued from the due date of payment to the end of the fiscal year. (b) Fixed assets Fixed assets are charged to current expenditure unless financed by long-term debt. Principal and interest charges on net long-term liabilities are included in expenditure in the period due. Fixed assets are included in the Balance Sheet only to the extent of the balances of the related net long-term liabilities outstanding and of the related temporary financing at the end of the fiscal year. For 1974 and prior years, fixed assets were reported at amount of insurance coverage. (c) Net Long-Term Liabilities Debentures are recorded as unmatured debenture debt in the year of sale. - 2. Prior Year's Adjustments Adjustments of the prior year's general legislative grants have been reflected in adjustments to the 1974 net over-requisition of municipal requirements applied to 1975 taxation revenue as follows: Net over-requisition December 31, 1974, as originally stated Deduct net reduction in 1974 grants 2: Net over-requisition December 31, 1974, as restated ; 3. Debt Charges The expenditure for debt charges reported in the revenue fund statement of operations includes principal and interest as ' follows: Principal payments on long-term liabilities $21,700 Interest payments on long-term liabilities 30,386 $52,086 4. Playground Trust Fund No transactions were recorded in the playground trust fund account for the year cnded December 31, 1975. The fund balance of $795 is held in a special hank account in the nam: of the Board. ] Neither the asset nor the trust fund balance are included in the attached statements. Cont'd - 5. 6. 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LJ ERIC EES @ vec d3-300 I=] : cwwoZ 200 oS 3 0 ow 3 ou HOO "I § IT 5° = oS © SCHREIBER - TERRACE BAY DISTRICT R.C.S.S. BOARD 4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1975 Contingent Liability An increase in chargé rates for services supplied, retroactive to July 1970, amounting to $3,519 has been claimed by a supplier. No provision has been made in the attached statements' for this potential expense. General:" Effective January 1, 1976, this Board has been combined with a new-Board under the name of the North of Superior Combined Roman Catholic Separate School Board. SCHRETBER-TERRACE BAY DISTRICT ROMAN CATHOLIC SEPARATE 'SCHOOL BOARD CAPITAL FUND STATEMENT OF OPERATIONS FOR_THE YEAR ENDED DECEMBER 31, 1975 (with comparative figures for 1974) 1975 1974 Capital expenditure: Fixed assets: Furniture & equipment $ 3,668 $ 13,118 Buildings - 2,786 §3.668 $15,904 Capital financing: : Capital expenditures from revenue fund $ 3,668 $ 8,566 Capital expenditures from reserve fund 5,945 Capital expenditures from Federal Sales Tax refund 1,393 ! i $3,668 § 15,904 cake