The Lucknow Sentinel, 1984-05-23, Page 11FINANCIAL STATEMENTS
DECEMBFR31, 1983
AUDITORS' REPORT
To the Supporters of The Huron
County Board of Education
We have examined the balance sheet of The Huron County Board ,of
Education•as at December 31, 1983 and the revenue fund statement of revenue and
expenditures and the capital fund ,statement of operations for the year then
a•
ended. Our examination was made in accordance with generally accepted auditing
standards, and accordingly included such tests and other procedures 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, 1983 and the results of its
operations for the year then ended in accordance with the accounting principles
described in note 1 to the financial statements applied on a basis consistent with
that of the preceding year.
Condon, Canada,
March 13, 1984. ,
Chartered Accountants.
Lic•nnse No. 641•.
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:
•C•apit.al expenditures out of. revenue fund
Debenture principal payments included in
revenue fund expenditures
Capital expenditures:
Land And buildings
Furniture and.equipment
Net recovery of prior years', capital
expenditures
Unrecovered capital expenditures, beginning
of year
Unrecovered capital expenditures, end of year
'(See accompanying notes)
t
1,983
STATEMENT 3
1982
$ 647,095 $ 815,112
529,232 533,281
1,176,327 1,148,393 .
•
371,546, 510,466
275,'549 304,646
647,095 815',112
529,232• 533,281
2,533,762 3,067,043
$2.004.530 $2.533.162
THE HURON COUNTY BOARD OF EDUCATION
BALANCE SHEET'
DECEMBER 31. 1983
(with comparative amounts at December 31, 1982)
ASSETS
C,a sh
Accounts receivable:
Government of Ontario
Local •taxation -
Outstanding 1982 Requisitions
Supplementary taxes
Other school boards
Sundry
REVENUE FUND
1983
1982
LIABILITIES AND•EQUITY
REVENUE FUND
$ 866,749 Dank loan and overdraft
1,471,628 $1,794,757 Accounts payable:
Local taxation - over requisition
37,000 (statement 2)
200 1,464 Trade accounts payable and accrued
101,221 397.985 charges
23 351 37 397 Other school b•ards
' STATEMENT .1
1983'
$ 425,730.
1,169,548
197 719
1982
$ 129,889
316,287
1,073,976
182.036
ri�I,r I.
THE HURON 'COUNTY BOARD OF EDUCATION
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1983
1. Accounting policies
The financial statements have been, prepared by the Board in
accordance 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'accountin8
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 sets out the accounting followed for sick
leave benefits.
(b) Fixed assets and unmatured debenture debt
Fixed assets are charged to current expenditure
long-term debt. Principal and interest charges on unmatured
included in expenditure in the period due.
•
unless financed by
debenture debt are
Fixed ,assets, described as capital outlay to be recovered in future
years, are included on the balance 'sheet only to the 'extent of the balances of the
related unmatured debenturedebt outstanding and of any related temporary
financing'at;tne end of the fiscal year.
2: Retirement gratuity plan
Under' the sick leave benefit plan, unused sick
leave•. can accumulate,
and employees maybecome entitled to a cash payment when they leave the Board's
employment. To become eligible for this benefit, an employee must"have twelve
years of service with The Huron County Board .of Education.
The amount of'sueh. benefits accumulated to December 31', 1983, to the
extent that they can be claimed as cash payments
$6,551,000. This amount does not include any
by employees on retirement is
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 the Board in 1982, ($112,000 paid in 1982).
3. Reserve for working funds
The reserve for working funds at December
elementary and secondary school operations of
31 is applicable to the •
the 8o:rd.as follows: