HomeMy WebLinkAboutThe Lucknow Sentinel, 1976-06-02, Page 10195.277
14,136
-683
215,192-
115,793
1,649
122,535
2.245,38E1 '2.356.6`74
• „. The Huron Perth County Roman Catholic Separate School Board Auditor's Report ::-,D oz ga 2 ..z 5:r 4'. of tr) °...,. '" -: ,cor' -4=. g .71. 1.....(111 :, iri...... 7_1w f: rr...-1::f(?;47.:. -!ri: flti.._-_fuLeb' 77,:a .74.;:.4,•,:e° .,-:- !°..m.H9-1-; cr"ci • 0.0 ,_,_c u, -4 .,(7). (7,?.§- ,r,,, F. a v,-...-.v t:3•.-Fr in .."*'Ag -c'•.z.•' • o. %''' to= cro...f.1...f f t; (-). tv.eD 1771), 0.,P §- i;,• ''` — ...A..), tr ri , ,,.] 17. , -n) -.(73, :=>',..5' .0 .,0 = v 0 . ......," . :. fo= 4 .H O. 2 :D .., m- .., -!,, rE, r iz ,, •-,- 0 • r. 0 -,-,FQ. --: ,c,.., ° S -. , • :5 = -1.,i 0 -in • a.. A) c • so A) =•-< c '.. -!--. ,,.. 9 ,2 ;::: 8 5. a: ,g) ,_,FI' il, r,:. . : .<,.1 go .:§g,,i::.,. .-3-, ""11 74- .4.1 • I— = -0 ...'• /imi •.•-• , 0Q . 10.-- ,-.0"., 0 • z- 'DI 0 :: ....!.. . ao<c1:5. .i ''';') . - ;. . g6L7p: 1 =:: .• 7,;(1): cm::: u!'—'1.: ,c7:. 1;.......;.::..c3.1.3.3;..77...1CA: loi."'W°- ifforDsclAi:...-!4.:>.;:l. c;: siof.-451(:!.1.!4,r)i-6:t;(1). ,t:0)t;i: •::: -70.2: OaPal.+.1:7 P.,;.t...:72F0..;:-..'pr:::(rii..h.:70.11:$:.149 ' ..' ..:007371i7;61::17:7. ::,.._CII...=:' '4''a2":7",VAI:)7. ,.::::::: 1- 0 ,,,, - • 1.4. ,D) rl • 1 Citz .< . O• • - ID ...•- I-'• t • Pi ': = - •-.0 0 0 . 0 cily_ fD ....7,1 ._ PO - fli A .:*.' P. - CD, (A p,A. •CA n° -7). 1-3 , CJ .:., = :9 CD=. w cl a (Do- ..,717 , g 4 ..,, Pp' 6 •-s° CO. 2'A) "2- ,S. .9 :°.g 71":- ;3:: 70° -;:C111:aT CII:7-i: it;7 730::::)-17::,..-1---•• ' • , 5.- = 0,-5 • = ...i. = cp rti .0, (1, ..., < ..., tt X ,„,, ,..,_ a a ..ty< atb ,_.....= ,. 2. u,— r, . 0 ...,- . . oar a .o., n rri • 0 ;, ot 8, c..4 = ..1 0 ,c, , 4 < — 4, .. - tu < ,- .0 ,,, ..,c .4„ „.... - .1 0 a I''' .....0 _ 0 — rA = 54 eD • = so cr sz = -, = " o n• n cr._ 0 * .C-' ,,," '-' = Cr 6•J 2 =:a) E.' .0 V.• 0 - 0 -..0 a. ..i.. = ,,,, ,-.. = • CD ; Lo M. 0. C CD `'.G .‘-7'`•< cry. 1:0 - 7 CDC a 0. 7" • tn't< . 9; 0 u2 = tge- -,--* 0 o- € = ° '"4 '" ' " C:rift2 To the Huron-Perth County Roman Catholic Separate School Board.
We have examined the Balance Sheet of the- Huron-Perth
Roman Catholic Separate School. Board as at December 31,
1975, the Revenue Fund Statement of Operations and the Capi=-
tal Fund Statement -of Operations for the year then-ended. Our
examination included a general review of the accounting proce-
dures and such tests of accounting records and other support-
ing evidence as We considered necessary in the circumstances.
1. Accounting Policies
(al- Accrual Accounting
The accrual method for reporting revenue and expendi-
ture has been used with the exception of reporting of
charges for net long-term liabilities. Principal and in-
terest ch'arges are not accrued from the due date of
payment to.-the end °Late 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 ex-
penditure 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 fi-
nancing at the end of the fiscal year.
(Statement ME 325J)
For 1974 and prior years, fixed assets were reported ,at
cost.
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 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 pre-
ceding year except for the -change in accounting for fixed assets
as described in note No. 1.
Monteith, Monteith & Company
License No. 284
The expenditure for debt charges and capital loan interest
reported in the Revenue Fund Statement of Operations in-
cludes principal and interest paymentS as follows:
Principal payments on long-term liabilities $158,961
Interest paYments on long-term liabilities 152;910 . - Interest payments on temporary financing of
capital projects .
(Statement Mg 325-2)
3. Contractual Obligations
As--at December 31st, 1975, the board has contracted for a
gymnasium addition to St. Patrick's school, Kinkora at a.
- cost of $225,504. Fingapproval was obtained for this project
on November 19th, 1975. There has, been no expenditure
eluded in the attached Financial Statements on this project.
Stratford, Ontario
April-20, 1976
NOTES TO FINANCIAL STATEMENTS -
lc) Net Long-Term Liabilities _
Def)entures are recorded as unmatured debenture debt
in the year of sale.
2. Debt Charges and Capital Loan Interest
: 821.
$312,692
1975
4,451
645
BALANCE SHEET . :
As at -December 31, 1975 •
1974 LIABILITIES
Current Liabilities. -
-Bank' and other. •
short-term borrowing
645 • Accounts payable and-
accrued- liabilities
1975 taxes refundable for
4,448 reason of employees' withdrawal,
of services - (elementary)..
- (secondary)
Over-requisition - lelementary)
- Over requisiti6n +secondary)
Other •
Debt charges due and.unplaid
-Other current liabilities.
ASSETS
Current Assets
Cash
_ Investments at cost •
Accounts receivable
Under-requisitions - (elementary)
Under-requisitions - (secondary)
Other
Prepaid expense:
• Other current assets
Capital outlay to. be
recovered in future years
OtAve-r assets
1975 1974
145,804 35,619
53,609 26,211„
11,149 46,377
4,630 14,32
215.192 122,535