HomeMy WebLinkAboutThe Lucknow Sentinel, 1984-05-23, Page 10c•
FINANCIAL. STATEMENTS
DECEMBER 3i, 1983
To the Supporters of The Huron
• .County Board of Education.
.We have
AUDITORS' REPORT
examined the balance sheet of The Huron County Board of
Education as at December 31, 1983 and the revenue fund statement of revenue and
and the capital fund statement of operations for the year then
ended. Our examination was'.made in 'accordance with generally accepted auditing
expenditures
standards, and
considered
accordingly :included such tests and other procedures as we
necessary in the circumstances.
,In, our
opinion, these financial statements present fairly, the
financial position of the Board as at December 31, 1983 and .the results of its
gpe;rations,for the year then ended in accordance.with the•ac.counting principles
described in note l to the financial' statements applied on a basis consistent with
that of the preceding year.
London, Canada.
March 13 1984,
Chartered Accountants.
License No. 641.
Cash
Accounts receivable:
Government of Ontario
Local taxation -
Outstanding 1982 Requisitions
Supplementary taxes
Other school boards
Sundry
THE HURON COUNTY BOARD OF EDUCATION
BALANCE 'SHEET
DECEMBER 31.1983
(with comparative amounts at December 31, 1982)
ASSETS
REVENUE FUND
1983 •
$ 866,749
1,471,628
200
101,221
23 351
3147!!5 .:,., .
dax
1982
$1,794.757
37,000.
1,464
397,985
37 397
THE HURON COUNTY BOARD OF EDUCATION
CAPITAL FUND STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1983
(with comparative amounts for 1982)
Sources, of recovery of capital expenditures:
Capital expenditures out of revenue fund
Debenture principal p yments included in
revenue fund expenditures
Capital expenditures:
Land and buildings
Furniture and equipment
Net rec.overy,of prior years' capital
expenditures
Unrecovered, capitalexpenditures, beginning.
of 'year
Unrecovered capital expenditures, end of year.
(See accompanying notes)
1
• 1983
• STATEMENT 3
1982
$ 647,095 $ 815,112
529,232 533 281
1.176;327 T.-373
371,546
275.549
647,095
510,466
304,646
815.112
529,232 533,2.81
2,533,762 3,067,043
$2.004.530 $2.531,762
LIABILITIES- AND' EQUITY
REVENUE FUND
Bank loan and overdraft
Accounts payable:
Local taxation - over requisition
(statement 2)
Trade accounts payable and accrued
charge•
Other school boards
.STATEMENT 1
1983
$ 425,730
1,169.548
197719
1982
$ 129,889
316,287
1,073,976 .
182,036
a
f •
1. Accounting policies
accordance
THE HURON COUNTY BOARD.OF EDUCATION
NOTES TO THE'FINANCIAL STATEMENTS
DECEMBER 31, 1983
The financial statements have .been prepared by the Board in
with principles that are considered appropriate for Ontario School
Boards on a, basis 'consistent with that of the preceding year. These principles
are in accordance with generally accepted accounting principles except as
prescribed by the Ministry of Education•and noted as follows:
(a) Accrual accounting
The accrual method •for reporting revenue and expenditure has been
used with the exception of reporting of charges for unmatured debenture debt and
expense relating to sick leave benefits. With regard to unmatured debenture debt,
principal' and interest charges are not accrued from the. due date of payment to the
end of the, fiscal year. Note 2, below setts out the "accounting followed for sick
leave benefits.
(b). Fixed assets and unmatured debenture debt
Fixed assets ,are charged to current expenditure unless financed by
long-term debt. Principal and interest charges on unmatured debenture debt are
included'in expen.diiture.in the period due.
Fixed assets, described as'capital outlay to be recovered in, future
years, are included on the balance sheet only' to
•
related unmatured debenture debt outstanding
financing at•the end of the fiscal year.
the extent of the balances uf the
and of any related temporary
2. :Retirement gratuity plan
Under the sick leave'5enefit plan, unused sick leave 'can accumulate,
and employees may. become entitled to a cash 'payaent when they leave the Board's
employment. To become, eligible for this benefit, an employee must have twelve
yearsof•service with The'Huron County Board of Education.
The amount of such benefits accumulated to December 31, 1983, to the'
extent that they can be claimed as cash payments by employees on retirement is
$6,561,000. This amount does not include any estimate .in respect of sick leave
accumulated by employees of the Board who do not yet' qualify to claim the
gratuity. No provision has been made in respect of this contingent liability in
these financial statements. During 1983, the Board paid $310,000 to employees who
left tha Board in 1982, ($112,000 paid in 1982).
3. Reserve for working funds.
' The reserve for working funds aE December 31 is applicable to the
elementary and 'Secondary school operations of the Board as follows
D
0
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