SCHOOL DISTRICT NUMBER AUDITED FINANCIAL STATEMENTS FISCAL YEAR

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1 SCHOOL DISTRICT AUDITED FINANCIAL STATEMENTS FISCAL YEAR SCHOOL DISTRICT NUMBER OFFICE LOCATION NAME OF SCHOOL DISTRICT 45 West Vancouver YEAR 28/29 TELEPHONE NUMBER st Street CITY/PROVINCE POSTAL CODE West Vancouver, British Columbia WEBSITE ADDRESS NAME OF SUPERINTENDENT Geoff Jopson NAME OF SECRETARY-TREASURER Ellen Forsyth V7V 4A9 DECLARATION AND SIGNATURES SCHOOL DISTRICT MANAGEMENTS RESPONSIBILITY FOR FINANCIAL REPORTING The financial statements and supporting schedules of The Board of Education of School District No. 45 (West Vancouver) ( the Board ) have been prepared by school district management which has responsibility for their preparation, integrity and objectivity. The financial statements and schedules, including notes, have been prepared in accordance with Canadian generally accepted accounting principles for not-for-profit organizations. In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed to provide reasonable assurance that the school district s assets are safeguarded, that transactions are executed in accordance with appropriate authorization and that the accounting records may be relied upon to properly reflect the school district s transactions. The effectiveness of the control systems is supported by the selection and training of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong budgetary system of control. The Board s Responsibility The ultimate responsibility for the financial statements lies with the Board. The Board has reviewed and approved the financial statements. ExternalAuditors The Board appoints external auditors to audit the financial statements. The external auditors have full and free access to school district records, and present their report to the Board. Declaration of Management and Board Chairperson To the best of our knowledge and belief, these financial statements and supporting schedules reflect, in all material respects, the financial position, revenue and expense, changes in fund balances, and cash flows for the year in accordance with Canadian generally accepted accounting principles for not-for-profit organizations. We, the undersigned, certify that the attached is a correct and true copy of the Audited Financial Statements of School District No. 45 (West Vancouver) for the year ended June 3, 29. SIGNATURE OF CHAIRPERSON OF THE BOARD OF EDUCATION DATE SIGNED SIGNATURE OF SUPERINTENDENT DATE SIGNED SIGNATURE OF SECRETARY-TREASURER DATE SIGNED DRAFT 9/1/291:25 AM

2 SCHOOL DISTRICT No.45 (WEST VANCOUVER) 28/29 AUDITED FINANCIAL STATEMENTS TABLE OF CONTENTS AUDITORS REPORT FINANCIAL STATEMENTS Statement of Financial Position Statement 1 Statement of Revenue and Expense Statement 2 Statement of Changes in Fund Balances Statement 3 Statement of Cash Flows Statement 4.1 Statement of Cash Flows Statement 4.2 NOTES TO FINANCIAL STATEMENTS SCHEDULES Operating Fund Surplus (Deficit) Schedule Al Comparative Schedule of Revenue by Source Schedule A2 Comparative Schedule of Expense by Object Schedule A3 Expense by Function, Program and Object Schedule A4.l Expense by Function, Program and Object Schedule A4.2 Changes in Deferred Contributions Schedule A5 Special Purpose Funds Summary of Changes Changes in Ministry of Education Designated Special Purpose Funds Changes in Other Special Purpose Funds Schedule Bl Schedule B2 Schedule B3 Capital Fund Capital Assets Capital Assets - Work In Progress Deferred Capital Contributions Changes in Deferred Contributions Changes in Fund Balances Schedule Cl Schedule C2 Schedule C3 Schedule C4 Schedule C5 Version:

3 T~.T WEST VANCOUVER I SCHOOL DISTRICT The premier place for learning. August 31, 29 Deloitte & Touche LLP P.O. Box Four Bentall Centre Dunsmuir Street Vancouver, B.C. V7X lp4 Dear Sirs: Subject: Financial statements for the year ended June This representations letter is provided in connection with the audit by Deloitte & Touche LLP ( Deloitte or you ) of the financial statements of The Board of Education of School District No. 45 (West Vancouver) for the year ended June 3, 29 (the Financial Statements ) for the purpose of expressing an opinion as to whether the Financial Statements present fairly, in all material respects, the financial position, results of operations, and cash flows of The Board of Education of School District No. 45 (West Vancouver) (the Board ) in accordance with Canadian generally accepted accounting principles ( GAAP ). Acknowledgements 1. The responsibilities of each of management and Deloitte with respect to the Financial Statements are described in the engagement letter between the Board and Deloitte dated July 31, 29. We acknowledge our responsibilities as outlined in that letter. 2. Certain representations in this letter are described as being limited to matters that are material. An item is considered material, regardless of its monetary value, if it is probable that its omission from or misstatement in the Financial Statements would influence the decision of a reasonable person relying on the Financial Statements. 3. We have reviewed and approved the year-end adjusting entries, including all related supporting schedules, and the financial statements and acknowledge our responsibility for their accuracy. While discharging our responsibility we may have requested your assistance or input in certain areas such as: a. Recording of transactions for which we have determined or approved the appropriate account classification; b. Posting transactions to the general ledger, c. Preparing financial statements; d. Posting journal entries to the trial balance; e. Performing non-custodial payroll services; f. Preparing taxations returns [insert other items as applicable]; and, we acknowledge our responsibility for the above listed items and confirm that we have authorized, reviewed and approved all of the above items. 1OTh 2lst Street, West Vancouver, BC V7V 4A9 Tel: (64) Fax: (64) Web:

4 We confirm, to the best of our knowledge and belief, as of August 3!, 29 the following representations: General 4. The Financial Statements above present fairly, in all material respects, the financial position ofthe Board as at June 3, 29 and the results of its operations and cash flows for the year then ended in accordance with GAAP. 5. The Board s accounting policies and their method ofapplication have been applied on a basis consistent with that of the audited financial statements as of and for the year ended June 3, In preparing the Financial Statements in accordance with GAAP, management uses estimates. The Board has appropriately disclosed in the Financial Statements the nature of measurement uncertainties that are material, including all estimates where it is reasonably possible that the estimate will change in the near term and the effect of the change could be material to the Financial Statements. There are no changes in management s method of determining significant estimates in the current year. 7. We have responded fully to all enquiries made to us and have made available to you all: a. financial records and related data; and, b. minutes (either final or draft) of the meetings of directors, and committees of directors. Ifdrafts are not available, we have provided summaries of all significant board and committee actions of recent meetings. Communications from taxation or regulatory authorities 8. There have been no communications from: a. taxation authorities concerning assessments or reassessments that could have a material effect on the Financial Statements; or b. regulatory agencies concerning noncompliance with or potential deficiencies in, financial reporting requirements. We are unaware of any known or probable instances of non-compliance with the requirements ofregulatory or governmental authorities, including their financial reporting requirements. Internal control over financial reporting 9. We have disclosed to you any change in the Board s internal control over financial reporting that occurred during the current year that has materially affected, or is reasonably likely to materially affect, the Board s internal control over financial reporting. Fraud and illegal acts 1. We have no knowledge of any: a. actual or suspected fraud affecting the Board involving (i) management, (ii) employees who have significant roles in the Board s internal control, or (iii) others, where the fraud could have a nontrivial effect on the Financial Statements; or b. allegations of fraud or suspected fraud, affecting the Financial Statements, communicated by employees, former employees, regulators, or others; or c. illegal or possibly illegal acts; or d. violations or possible violations of!aws or regulations [including the Corruption of Foreign Public Officials Act or similar Acts] that could have an effect on the Financial Statements. Financial statement misstatements and disclosures 11. The Financial Statements are free of material errors and omissions. a. Except as listed in Appendix A, all transactions have been properly recorded in the accounting records underlying the Financial Statements st Street, West Vancouver, B.C. V7V 4A9 Telephone: (64) Fax: (64)

5 b. We believe that the effects of any uncorrected Financial Statement misstatements aggregated by you (as summarized in Appendix A) and pertaining to the latest period presented, are immaterial, both individually and in the aggregate, to the Financial Statements taken as a whole Going concern 12. Management has completed its assessment of the ability of the Board to continue as a going concern and in making its assessment did not identify any material uncertainties related to events or conditions that may cast significant doubt upon the Board s ability to continue as a going concern, which would require disclosure in the Financial Statements. In assessing whether the going concern assumption is appropriate, management took into account all available information about the future, which is at least, but is not limited to, twelve months from the balance sheet date. Related Parties 13. We have disclosed to you all known related parties and related party transactions, including guarantees, non-monetary transactions and transactions for no consideration. All related party transactions (including associated amounts receivable and payable) have been measured and disclosed in the Financial Statements in accordance with GAAP. Title to assets 14. The Board has satisfactory title to all assets, and there are no liens or encumbrances on such assets. All assets that have been pledged as collateral have been disclosed in the Financial Statements. Plans or intentions affecting carrying value/classification of assets and liabilities 15. We have no plans or intentions that may materially affect the carrying value or classification ofassets and liabilities reflected in the Financial Statements. Claims and contingencies 16. We have disclosed to you all claims and possible claims, whether or not they have been discussed with our lawyers. Liabilities and contingencies 17. We have disclosed to you all liabilities and contingent gains or losses, including those associated with guarantees, whether written or oral, and they are appropriately reflected in the Financial Statements. Compliance with contractual agreements 18. We have disclosed to you, and the Board has complied with all aspects of contractual agreements that could have a material effect on the Financial Statements in the event of non-compliance, including all covenants, conditions or other requirements of all outstanding debt. Fair value measurements and disclosures 19. With regard to the fair value measurements and disclosures of certain assets and liabilities, we believe that: a. The measurement methods, including the related assumptions, used in determining fair value were appropriate, reasonable and consistently applied. b. The completeness and adequacy of the disclosures related to fair values are in accordance with GAAP. c. No events have occurred subsequent to June 3, 29 that require adjustment to the fair value measurements and disclosures included in the Financial Statements. d. They appropriately reflect management s intent and ability to carry out specific courses of action on behalf ofthe Board when relevant to the use of fair value measurements or disclosures st Street, West Vancouver, B.C. V7V 4A9 Telephone: (64) Fax: (64)

6 Subsequent events 2. We have completed our established subsequent events procedures as ofthe date of this letter and have determined that no events subsequent to June 3, 29 require disclosure in, or adjustment to, the Financial Statements, other than those already disclosed and, if appropriate, for which the Financial Statements are adjusted. Independence matters For purposes of paragraphs 22 & 23, Deloitte shall mean Deloitte & Touche LLP and Deloitte Touche Tohmatsu, its member firms and the affiliates of Deloitte & Touche LLP, Deloitte Touche Tohmatsu and its member firms. 21. Prior to the Board having any substantive employment conversations with a former or current Deloitte engagement team member the Board has held discussions with Deloitte and obtained approval from the Board of Directors. Adoption of a new accounting standard 22. The Board has adopted CICA Handbook Section 1535, Capital Disclosures, as ofjuly 1, 28 as discussed in Note 2(t). As a result, additional note disclosures have been included in the financial statements. Work ofspecialists 23. We agree with the work of specialists in evaluating the employee future benefits liability and have adequately considered the qualifications of the specialist in determining amounts and disclosures used in the Financial Statements and underlying accounting records. We did not give any, nor cause any, instructions to be given to specialists with respect to values or amounts derived in an attempt to bias their work, and we are not aware of any matters that have impacted the independence or objectivity of the specialists. Long-lived assets 24. The Board, using its best estimates based on reasonable and supportable assumptions and projections, reviews for impairment of long-lived assets in accordance with GAAP. The Financial Statements referred to above reflect all adjustments required as of June 3, 29. Environmental liabilities/contingencies 25. We have considered the effect of environmental matters on the Board and have disclosed to you all liabilities or contingencies arising from environmental matters. All liabilities, contingencies and commitments arising from environmental matters, and the effect of environmental matters on the carrying values ofthe relevant assets are recognized, measured and disclosed, as appropriate, in the Financial Statements. Employee future benefits 26. Employee future benefit costs, assets, and obligations have been properly recorded and adequately disclosed in the Financial Statements including those arising under defined benefit and defined contribution plans as well as termination arrangements. We believe that the actuarial assumptions and methods used to measure defined benefit plan assets, liabilities and costs for financial accounting purposes are appropriate in the circumstances. 27. We have no intention ofterminating any of our pension plans or withdrawing from the multiemployer plan, or taking any other action that could result in an effective termination or reportable event for any ofthe plans. We are not aware of any occurrences that could result in the termination of any of our pension or multi-employer plans to which we contribute st Street, West Vancouver, B.C. V7V 4A9 Telephone: (64) Fax: (&~4\QR1~iACH

7 28. We are unable to determine the possibility of a withdrawal liability in a multi-employer benefit plan. Various matters 29. The following have been properly recorded and, when appropriate, adequately disclosed and presented in the Financial Statements: a. economic dependence on another party; b.losses arising from sale and purchase commitments; c. agreements to buy back assets previously sold; d.provisions for future removal and site restoration costs; e. financial instruments with significant individual or group concentration of credit risk, and related maximum credit risk exposure; f. sales with recourse provisions; g. sales incentives, including cash consideration provided to customers and vendor rebates; h.arrangements with financial institutions involving compensating balances or other arrangements involving restriction on cash balances and line-of-credit or similar arrangements; i. all impaired loans receivable; j. loans that have been restructured to provide a reduction or deferral of interest or principal payments because ofborrower financial difficulties. Long-lived assets 3. With respect to the Board s long-lived assets, we have recognized and recorded the fair value of all legal obligations associated with the retirement of those related assets. Yours truly, The Board of Education of School District No. 45 (West Vancouver) Geoff Jopson, Superiii~tenden~f Schools & C.E.O. Ellen Forsyth, Secreta~yTreasurer & C.F.O st Street, West Vancouver, B.C. V7V 4A9 Telephone: (64) Fax: (64)

8 Ueloitte Dunsmuir Street 4 Bentall Centre P.O. Box Vancouver BC V7X 1P4 Canada Te : Fax: Auditors report To the Board of School Trustees of The Board of Education of School District No. 45 (West Vancouver) We have audited the statement of fmancial position of The Board ofeducation of School District No. 45 (West Vancouver) (the School District ) as at June 3, 29 and the statements of revenue and expense, changes in fund balances and cash flows for the year then ended. These financial statements are the responsibility of the School District s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of the School District as at June 3, 29 andthe results of its operations and its cash flows for the year then ended in accordance Canadian generally accepted accounting principles. D~Io ~1+e~~- ThLlch e~lj~p Chartered Accountants August 31, 29 Member of Deloitte Touche Tohmatsu

9 Deloitte Deloitte & Touche LLP 28-lo55Dunsmuir P.O. Box Street Vancouver BC V7X 1P4 Canada Tel: Fax: Comments on supplementary financial information We have reported to the Board of School Trustees of the Board of Education of School District No. 45 (West Vancouver) on our examination for the purpose of expressing an opinion on the financial statements of School District No. 45 (West Vancouver) for the year ended June 3, 29. We do not express an opinion on the following schedules since our examination did not extend to the detailed information therein. OeJdH+e~Th~d i~ LLY Chartered Accountants August 31, 29 Member of Deloitte Touche Tohmatsu

10 APPENDIX A The Board of Education of School District No. 45 (West Vancouver) Summary of uncorrected financial statement misstatements Year ended June 3, 29 Income Nature of misstatements Assets Liabilities Equity Statement Known errors To correct accounting for a 286,137 (343,365) 57,228 capital lease Total 286,137 (343,365) 57, st Street, West Vancouver, B.C. V7V 4A9 Telephone: (64) Fax: (64~9R1-11

11 SCHOOL DISTRICT No.45 (WEST VANCOUVER) STATEMENT OF FINANCIAL POSITION AS AT JUNE 3, 29 Statement I OPERATING FUND SPECIAL PURPOSE FUNDS CAPITAL TOTAL TOTAL FUND ASSETS Current Assets Cash and Cash Equivalents Short Term Investments Accounts Receivable Due from Province - Ministry of Education Other Receivables Interfund Loans Prepaid Expenses Capital Assets - Net TOTAL ASSETS LIABILITIES AND FUND BALANCES Current Liabilities Accounts Payable and Accrued Liabilities Other Interfund Loans Other Current Liabilities Deferred Revenue Deferred Contributions Ministry of Education Other Accrued Employee Future Benefits Deferred Capital Contributions TOTAL LIABILITIES Fund Balances Invested in Capital Assets Internally Restricted Unrestricted TOTAL FUND BALANCES TOTAL LIABILITIES AND FUND BALANCES 11,243,95 4,791,733 16,35,683 39,926 39, , , , ,184 12,51,153 4,791,733 63,23,928 16,668,957 63,23,928 12,51,153 4,791,733 63,23,928 79,692,885 1,189,619 1,189, ,929 2,196,275 2,196,275 3,385, ,929 3,385,894 6,848,41 6,848,41 72,986 1,537,196 3,254,537 1,329,465 11,636,746 4,791,733 35,577,255 36,21,184 1,61,182 3,254,537 1,329,465 35,577,255 52,5,734 26,822,744 26,822, ,47 864,47 864,47 26,822,744 27,687,151 12,51,153 4,791,733 63,23,928 79,692,885 11,596,989 4,988,1 4,54 558, ,71 17,377,921 62,988,526 8,366,447 1,496,26 2,2,28 3,498,54 6,969,92 879,251 3,48,687 1,421,619 37,115,97 53,293,483 25,248, ,196 1,37,141 27,72,964 8,366,447 Version: See accompanying notes to financial statements.

12 SCHOOL DISTRICT No.45 (WEST VANCOUVER) STATEMENT OF REVENUE AND EXPENSE YEAR ENDED JUNE 3, 29 Statement 2 OPERATING FUND SPECIAL PURPOSE FUNDS CAPITAL TOTAL TOTAL FUND REVENUE Provincial Grants - Ministry of Education Provincial Grants - Other Other Revenue Rentals and Leases Investment Income Amortization of Deferred Capital Contributions 47,584,365 1,913,9 5,877 1,287,258 1,54, , ,48 1,69 1,538,715 58,32,46 3,456,155 1,538,715 49,498,265 5,877 11,827, ,912 26,738 1,538, ,62,94 35,737 12,271, , ,299 1,552,335 61,737,385 EXPENSE Salaries Teathers Principals and VicePrincipals Educational Assistants Support Staff Other Professionals Substitutes Employee Benefits Services and Supplies Amortization of Capital Assets NET REVENUE (EXPENSE) 25,159,819 25,159,819 4,43,454 4,43,454 4,69,671 4,69,671 4,833,634 58,948 4,892,582 2,38,493 5,836 2,431,329 1, ,512 1,159,28 41,615,587 14,296 41,755,883 9,291,34 21,85 9,313,19 8,27,25 58,934,132 1,191,775 1,353,921 2,413,9 2,413,9 9,218,98 2,413,9 62,71,143 (613,672) 2,12,234 (874,375) 614,187 24,289,56 4,97,537 3,741,596 4,552,436 2,25,214 1,51,728 39,758,71 8,919,874 1,456,926 2,15,782 61,285, ,732 Version: See accompanying notes to financial statements.

13 SCHOOL DISTRICT No.45 (WEST VANCOUVER) STATEMENT OF CHANGES IN FUND BALANCES YEAR ENDED JUNE 3, 29 Statement 3 SPECIAL OPERATING PURPOSE CAPITAL TOTAL TOTAL FUND FUNDS FUND FUND BALANCES, BEGINNING OF YEAR 1,824,337 25,248,627 27,72,964 26,621,232 Changes for the Year Net Revenue (Expense) for the Year Interfund Transfers Capital Assets Purthased Net Changes forthe Year FUND BALANCES, END OF YEAR (613,672) (346,258) 2,12,234 (2,12,234) (874,375) 2,448, , ,732 (959,93) 1,574, , , ,47 26,822,744 27,687,151 27,72,964 Version: See accompanying notes to financial statements.

14 SCHOOL DISTRICT No.45 (WEST VANCOUVER) STATEMENT OF CASH FLOWS YEAR ENDED JUNE 3, 29 Statement 4.1 OPERA11NG FUND SPECIAL PURPOSE FUNDS CAPITAL TOTAL TOTAL FUND CASH PROVIDED BY (USED FOR) OPERATIONS Net Revenue (Expense) for the Year Changes in Non-Cash Working Capital Decrease (Increase) Accounts Receivable Prepaid Expenses Increase (Decrease) Accounts Payable/Accrued Liabilities Other Current Liabilities Deferred Revenue Deferred Contributions Accrued Employee Future Benefits Items Not Involving Cash Amortization of Capital Assets Amortization of Deferred Capital Contributions Interfund Transfers FINANCING INVESTING Capital Assets Purthased. Operating Capital Assets Purchased - Special Purpose Capital Assets Purchased. Local Capital (613,672) 2,12,234 (874,375) 614, , (61,483) (36,47) 194,247 (121,51) 72,986 (92,154) 53, ,41 (61,483) (36,47) 194,247 (121,51) 576,781 (92,154) (346,258) (346,258) (2,12,234) (2,12,234) (2,448,492) (2,448,492) 162,193 15,24 518,75 16,848 (711,144) 653,82 (63,745) (346,258) (1,53,21) (2,12,234) 53,795 2,413,9 (1,538,715) 2448,492 2,448,492 2,413,9 (1,538,715) 1 899,86 2,15,782 (1,552,335) ~ (1,391,913) (1593,22) (73,568) (3,58,53) NET INCREASE (DECREASE) IN CASH (1,53,21) 53,795 ~ (549,46) (1,273,181) Version: See accompanying notes to financial statements.

15 SCHOOL DISTRICT No.45 (WEST VANCOUVER) STATEMENT OF CASH FLOWS YEAR ENDED JUNE 3, 29 Statement 4.2 OPERATING FUND SPECIAL PURPOSE FUNDS CAPITAL FUND TOTAL 29 TOTAL 28 NET INCREASE (DECREASE) IN CASH (1,53,21) 53,795 (549,46) (1,273,181) Net Cash, Beginning of Year NET CASH, END OF YEAR 12,297,151 4,287,938 16,585,89 17,858,27 11,243,95 4,791,733 16,35,683 16,585,89 Cash Short Term Investments 11,243,95 4,791,733 16,35,683 11,596,989 4,988,1 NET CASH, END OF YEAR 11,243,95 4,791,733 16,35,683 16,585,89 Version: See accompanying notes to financial statements.

16 SCHOOL DISTRICT No.45 (WEST VANCOUVER) OPERATING FUND SURPLUS (DEFICIT) YEAR ENDED JUNE 3, 29 Schedule Al AMENDED ACTUAL ANNUALBUDGET 28 ACTUAL REVENUE Provincial Grants - Ministry of Education Provincial Grants - Other Other Revenue Rentals and Leases Investment tncome EXPENSE Salaries Teachers Principals and Vice Principals Educational Assistants Support Staff Other Professionals Substitutes Employee Benefits Services and Suppties NET REVENUE (EXPENSE), FOR THE YEAR INTERFUND TRANSFERS Capital Assets Purchased 47,584,365 47,232,689 45,423,686 5,877 5,876 35,737 1,287,258 1,276,71 1,628, , ,6 168, ,48 39, 643,644 58,32,46 58,82,335 56,9,497 25,159,819 25,546,175 24,288,69 4,43,454 4,38,913 4,9,337 4,69,671 4,19,829 3,738,212 4,833,634 4,958,957 4,552,436 2,38,493 2,417,956 2,21,614 1,128, ,546 1,43,12 41,615,587 42,39,376 39,734,22 9,291,34 9,266,598 8,919,748 8,27,25 8,33,557 8,789,372 58,934,132 59,69,531 57,443,34 (613,672) (1,527,196) (542,843) (346,258) (1,391,913) OTHER ADJUSTMENTS TO OPERATING FUND BALANCE BUDGETED ALLOCATION (RETIREMENT) OF SURPLUS (DEFICIT) 1,527,196 SURPLUS (DEFICIT), FOR THE YEAR (959,93) (1,934,756) SURPLUS (DEFICIT), BEGINNING OF YEAR 1,824,337 3,759,93 SURPLUS (DEFICIT), END OF YEAR (Section 156 (12) of School Act) 864,47 1,824,337 SURPLUS (DEFICIT), END OF YEAR Unrestricted 864,47 864,47 Version:

17 SCHOOL DISTRICT No.45 (WEST VANCOUVER) OPERATING FUND COMPARATIVE SCHEDULE OF REVENUE BY SOURCE YEAR ENDED JUNE 3, 29 Schedule A AMENDED 28 ACTUAL ANNUAL BUDGET ACTUAL PROVINCIAL GRANTS - MINISTRY OF EDUCATION Operating Grant, Ministry of Education Other Ministry of Education Grants Pay Equity Labour Market Adjustment Funding FSA Training Grant District Eariy Leaming Community Unk OLEP Second Language Grant Other MOE - LMA BCeS1S BC 15Calendar Carbon Tax PROVINCIAL GRANTS - OTHER FEDERAL GRANTS OTHER REVENUE Summer School Fees Continuing Education Offshore Tuition Fees Miscellaneous Elementary Band/Strings Sentinel Hockey School K+ Program Miscellaneous Sentinel Soccer Academy Summer Camps RENTALS AND LEASES INVESTMENT INCOME TOTAL OPERATING REVENUE 46,33,39 46,185,197 44,54, , , , ,12 33,94 7,2 7,2 6, 2, 228, , , ,88 133,88 163, , ,575 47,584,365 47,232,689 45,423,686 5,877 5,876 35,737 58,25 58,25 49, , , 168,68 8,715,42 8,699,1 9,135,673 64,52 64, 61,61 232,95 231,15 229,5 635,217 63, 574,153 36,217 35, 64,26 237, , 197, , , ,23 1,287,258 1,276,71 1,628, , ,6 168, ,48 39, 643,644 58,32,46 58,82,335 56,9,497 Version:

18 SCHOOL DISTRICT No.45 (WEST VANCOUVER) OPERATING FUND COMPARATIVE SCHEDULE OF EXPENSE BY OBJECT YEAR ENDED JUNE 3, 29 Schedule A AMENDED 28 ACTUAL ANNUAL BUDGET ACTUAL SALARIES Teachers Principals and Vice Principals Educational Assistants Support Staff OtherProfessionals Substitutes EMPLOYEE BENEFITS TOTAL SALARIES AND BENEFITS SERVICES AND SUPPLIES Services Student Transportation Professional Development and Travel Rentals and Leases Dues and Fees Insurance Suppties Utilities TOTAL SERVICES AND SUPPLIES TOTAL OPERATING EXPENSE 25,159,819 25,546,175 24,288,69 4,43,454 4,38,913 4,9,337 4,69,671 4,19,829 3,738,212 4,833,634 4,958,957 4,552,436 2,38,493 2,417,956 2,21,614 1,128, ,546 1,43,12 41,615,587 42,39,376 39,734,22 9,291,34 9,266,598 8,919,748 5,96,927 51,35,974 48,653,968 3,37,166 3,171,225 3,74,89 572, ,12 554, ,69 812,49 747,79 114, ,86 122,128 52, , ,367 17,843 16,392 89,825 1,657,762 2,1,818 2,122, ,493 89,37 937,488 8,27,25 8,33,557 8,789,372 58,934,132~ 59,69,531 57,443,34 Version:

19 SCHOOL DISTRICT No.45 (WEST VANCOUVER) OPERATING FUND EXPENSE BY FUNCTION, PROGRAM AND OBJECT YEAR ENDED JUNE 3, 29 Schedule A4.l TEACHERS SALARIES PRINCIPALS & VICE PRINCIPALS SALARIES EDUCATiONAL ASSISTANTS SALARIES SUPPORT STAFF SALARIES OTHER PROFESSIONALS SALARIES SUBSTiTUTES I INSTRUCTION 1.2 Regularlnstruction 16,Bal,763 1,757, ,616 1,71,448 48, ,633, CareerPrograms 213,78 11,89 56, , Library Services 687, ,99 88, Counselling 847,86 847,86 1,1 Special Education 2,55, ,329 3,211, ,92 19,533 6,41, EnglIsh as a Second Language 66,6-68, School Administration 152, ,281 76, ,6SummerSchoot 119, 3,613 9,79 8,35 14, Continuing Education 15,287 5,884 41,32 39,38 11,529 1,62 Off Shore Students 2,739, , ,833 98,546 3,289, Other 459, ,532 69,64 16,638 36,347 2,92 742,767 Total Function 1 25,159,819 3,988,985 4,69,671 1,849, ,39 1,43,948 36,771,83 4 DISTRICT ADMINISTRATION 4,11 Educational Administration ,49 35, School District Govemance 189, , Business Administration 54, , ,25 6,35 1,2415 Total FunctIon 4 54, ,a8 1,414,47 6, ,629 5 OPERATIONS AND MAINTENANCE 5.41 Operations and Maintenance Administration 44,511 3, , Maintenance Operations 5.52 Maintenance of Grounds SALARIES TOTAL SALARIES 2,486,55 78,263 2,564, , ,894 Total Function 5 2,723,955 3,355 78,263 3,12,573 7 TRANSPORTATION AND HOUSING 7.41 Transportation and Housing Administration 6,782 6,782 Total Function 7 6,782 6,782 9 DEBT SERVIç~jOPERATING) Total Function 9 TOTAL FUNCTIONS ,159,819 4,43,454 4,69,671 4,833,634 2,38,493 1,128,516 41,615,587 Version:

20 SCHOOL DISTRICT No.45 (WEST VANCOUVER) Schedule A4.2 OPERATING FUND EXPENSE BY FUNCTION, PROGRAM AND OBJECT YEAR ENDED JUNE 3, 29 TOTAL SERVICES 29 TOTAL SALARIES EMPLOYEE BENEFITS SALARIES AND BENEFITS AND SUPPLIES 29 ACTUAL AMENDED ANNUAL BUDGET 28 ACTUAL 21,633,115 4,94,939 26,538,54 1,68,91 28,218,964 28,91,546 27,937, ,11 64, ,823 5, , , ,468 28,94 1, ,423 1,28,795 1, ,214,28 847,86 184,57 1,31, ,917 1,15, ,1 6,41,562 1,433,722 7,835,284 13,237 7,965,521 7,939,495 7,518,981 Language 66,6 144,969 84,975 84, , ,64 1,791,84 14, ,761 23,99 2,159, ,73 12,951 2,316, ,722 2,253, ,944 2,269, ,486 11,529 21, ,23 15, , , ,589 3,289,71 715,853 4,5,563 1,398,664 5,44,227 5,586,684 5,225, , , , ,63 1,239,361 1,282, ,477 Total Furictionl 36,771,63 8,221,645 44,993,248 3,998,349 48,991,597 49,855,912 47,826,623 ADMINISTRATION 35,226 65,695 37,921 16, , , ,4 189,388 19,646 29,34 98,39 37, , ,622 1,24,16 234,653 1,474, ,459 1,767,127 1,761,843 1,55,317 Total Function 4 1,734, ,994 2,54, ,712 2,552,335 2,61,979 2,55,979 MAINTENANCE Maintenance Administration 344,866 74,12 418, , , ,694 2,564, ,147 3,19,96 1,469,546 4,66,56 4,569,34 4,449, ,894 47,841 24,735 44,55 68,79 51, ,18 943,18 888,87 936,333 Total Function 5 3,12, ,18 3,85,681 2,974, ,1 6,614,741 6,522,43 AND HOUSING Housing Administration 6,782 1,593 8,375 8,375 8, , , ,5 537,879 Total Function 7 6,782 1,593 8, , ,19 627, ,335 (OPERATING) Total Function ,615,587 9,291,34 5,96,927 8,27,25 58,934,132 59,69,531 57,443,34 Version:

21 SCHOOL DISTRICT No.45 (WEST VANCOUVER) OPERATING FUND CHANGES IN DEFERRED CONTRIBUTIONS YEAR ENDED JUNE 3, 29 Schedule A5 BALANCE, BEGINNING OF YEAR Changes for the Year Increase: Provincial Grants - Ministry of Education Decrease: Net Changes forthe Year ,986 BALANCE, END OF YEAR 72,986 Version:

22 SCHOOL DISTRICT No.45 (WEST VANCOUVER) SPECIAL PURPOSE FUNDS SUMMARY OF CHANGES YEAR ENDED JUNE 3, 29 Schedule BI MINISTRY OF EDUCA11ON DESIGNATED SCHOOL GENERATED FUNDS RELATED ENTiTIES OTHER TOTAL DEFERRED_CONTRIBUTIONS DEFERREDCONTRIBUTIONS,BEGINNINGOFYEAR 756,13 773,98 2,757,828 4,287,938 Add: Contributions Received Provincial Grants - Ministry of Education 2,362, ,27 2,614,818 Other 198,86 777, ,41 Investment Income 1,69 12,999 8,239 22,928 Donations 445, ,481 89, ,834 3,959,96 Less: Allocatedto Revenue 1,718, , DEFERRED CONTRIBUTIONS, END OF YEAR 1,42, , ,581 4,791,733 REVENUE AND EXPENSE REVENUE Provincial Grants.Ministry of Education 1,716, ,172 1,913,9 Other Revenue 672, ,81 1,54,565 Investment_Income 1,69 1,69 1,718, , , EXPENSE Salaries Support Staff 58,948 68,948 Other Professionals 5, Substitutes 3, ,296 14,296 Employee Benefits 21,85 21,85 Services and Supplies 8, , , ,775 8, ,91 868,81 1,353,921 NET REVEN~jp(PENSE)BEFORE INTERFUND TRANSFERS 1,79, ,565 2,12,234 INTERFUND TRANSFERS Capital Assets Purchased (1,79,669) (392,565) (2,12,234) (1,79,669) (392,565) (2,12234) NET REVENUE (EXPENSE) Version:

23 SCHOOL DISTRICT No.45 (WEST VANCOUVER) SPECIAL PURPOSE FUNDS CHANGES IN MINISTRY OF EDUCATION DESIGNATED SPECIAL PURPOSE FUNDS YEAR ENDED JUNE 3, 29 Schedule B2 27 Annual Facility Grant 25 Special Education Equipment DEFERRED CONTRIBUTIONS DEFERRED CONTRIBUTIONS, BEGINNING OF YEAR 746,733 9, ,13 Add: Contributions Received Provincial Grants - Ministry of Education 2,354,36 8,755 2,362,791 Investment Income 1,69 1,69 2,355,726 8,755 2,364,481 TOTAL L,ess: Allocated to Revenue DEFERRED CONTRIBUTIONS, END OF YEAR 1,79, ,749 S ,718,418 S 1,42,193 REVENUE AND EXPENSE REVENUE Provincial Grants - Ministry of Education 1,77,979 8,749 1,716,728 Investment Income 1,69 1,69 EXPENSE Salaries 1,79,669 8,749 1,718,418 Services and Supplies 8,749 8,749 8,749 8,749 NET REVENUE (EXPENSE) BEFORE INTERFUND TRANSFERS 1,79,669 1,79,669 INTERFUND TRANSFERS Capital Assets Purchased (1,79,669) (1,79,669 (1,79,669) (1,79669 NETREVENUE(EXPENSE) Version:

24 SCHOOL DISTRICT No. 45 (WEST VANCOUVER) SPECIAL PURPOSE FUNDS CHANGES IN OTHER SPECIAL PURPOSE FUNDS YEAR ENDED JUNE 3, 29 Schedule B3 Short Term BIlingual Exchg ScholarshIps Trusts Community School Trust FD Schools Fundralslng Literacy TOTAL DEFERRED CONTRIBUTIONS DEFERRED CONTRIBUTIONS, BEGINNING OF YEAR 346, , , Add: Contributions Received Provincial Grants - Ministry of Education 4, ,93 152,27 Other 2,19 19,338 2, 67, ,86 Investment Income 666 6, Donations 59,11 386, ,314 65,77 19, , Less: Allocated to Revenue 3,65 63,275 19, , DEFERRED CONTRIBUTIONS, END OF YEAR S 2, , , ,3 713,959 REVENUE AND EXPENSE REVENUE ProvinclalGrants-Ministryof Education 3,65 193, ,172 Other Revenue 63,275 19, ,873 9, ,484 3,65 63, ,873 23,3 869,656 EXPENSE Salaries Support Staff 2~337 35~l1 58,948 Other Professionals 5,836 6,836 Substitutes 14,56 16,456 3,512 88,229 52,67 14,296 Employee Benefits 21, ,85 Services and Supplies 3,65 63,275 97, ,945 3,65 63,275 19,658 97,38 23,3 477,91 NET REVENUE (EXPENSE) BEFORE INTERFUND TRANSFERS 392, INTERFUND TRANSFERS Capita) Assets Purchased (392,565) (392566) (392,565) (392,565) NET REVENUE (EXPENSE) S Version:

25 SCHOOL DISTRICT No.45 (WEST VANCOUVER) CAPITAL FUND CAPITAL ASSETS YEAR ENDED JUNE 3, 29 Schedule CI SITES BUILDINGS FURNITURE AND EQUIPMENT VEHICLES COMPUTER SOFTWARE COMPUTER HARDWARE TOTAL COST, BEGINNING OF YEAR Changes for the Year Increase: Psrctisses from: Operating Fsnd Special Psrpose Funds Decrease: Deemed Disposals COST, END OF YEAR WORK IN PROGRESS, END OF YEAR COST AND WORK IN PROGRESS, END OF YEAR ACCUMULATED AMORTIZATION, BEGINNING OF YEAR Changes for the Year Increase: Amortization forthe Year Decrease: Deemed Disposals ACCUMULATEDAMORTIZATION, END OF YEAR CAPITAL ASSETS-NET 7,721,557 83,53,854 2,922,179 43,893 1,278,298 95,496,781 95,788 1,79,669 1,85,457 18, ,79 154, ,658 27, ,54 255,658 27, ,54 7,721,557 85,336,311 2,82,684 43,893 25,935 1,713,839 97,662,219 7,721,557 85,336,311 2,82,684 43,893 25,935 1,713,839 97,662,219 25,935 25,935 26,81 256, ,937 31,375, ,787 9, ,241 1,86,82 292,22 4, , ,258 2,12,234 2,448,492 32,58,255 2,413,9 255,658 27, ,54 255,658 27, ,54 33,236,131 1,28,349 14,35 359,56 34,638,291 7,721,557 52,1,18 1,792,335 29,588 25,935 1,354,333 63,23,928 Version:

26 SCHOOL DISTRICT No.45 (WEST VANCOUVER) CAPITAL FUND CAPITAL ASSETS - WORK IN PROGRESS YEAR ENDED JUNE 3, 29 Schedule C2 FURNITURE AND EQUIPMENT COMPUTER SOFTWARE COMPUTER HARDWARE WORK IN PROGRESS, BEGINNING OF YEAR Changes for the Year Increase Decrease Net Changes for the Year WORK IN PROGRESS, END OF YEAR Os Version:

27 SCHOOL DISTRICT No.45 (WEST VANCOUVER) CAPITAL FUND DEFERRED CAPITAL CONTRIBUTIONS YEAR ENDED JUNE 3, 29 Schedule C3 BYLAW CAPITAL (NET) OTHER PROViNCIAL (NET) OTHER CAPITAL (NET) TOTAL CAPITAL DEFERRED CAPITAL CONTRIBUTIONS, BEGINNING OF YEAR 34,979,77 2,136,263 37,115,97 Changes for the Year Increase Decrease An,ortization of Deferred Capital Contributions Net Changes for the Year DEFERRED CAPITAL CONTRIBUTIONS, END OF YEAR 1,45, ,372 1,538,715 1,45, ,372 1,538,715 (1,45,343) (133,372) (1,538,715) 33,574,364 2,2,891 35,577,255 WORK IN PROGRESS, BEGINNING OF YEAR Changes for the Year Increase Decrease Net Changes for the Year WORK IN PROGRESS, END OF YEAR TOTAL DEFERRED CAPITAL CONTRIBUTIONS, END OF YEAR 33,574,364 2,2,891 35,577,255 Version:

28 SCHOOL DISTRICT No.45 (WEST VANCOUVER) CAPITAL FUND CHANGES IN DEFERRED CONTRIBUTIONS YEAR ENDED JUNE 3, 29 Schedule C4 BYLAW CAPITAL MINISTRY OF EDUCATION RESTRICTED CAPITAL OTHER PROViNCIAL CAPITAL LAND CAPITAL OTHER CAPITAL BALANCE, BEGINNING OF YEAR Changes for the Year Increase: Decrease: Net Changes forthe Year BALANCE, END OF YEAR Version:

29 SCHOOL DISTRICT No.45 (WEST VANCOUVER) CAPITAL FUND CHANGES IN FUND BALANCES YEAR ENDED JUNE 3, 29 Schedule C5 INVESTED IN CAPITAL LOCAL FUND ASSETS CAPITAL BALANCE BALANCE, BEGINNING OF YEAR Changes for the Year Amortization of Deferred Capital Contributions Interfund Transfers - Capital Assets Purchased Amortization of Capital Assets Net Changes forthe Year BALANCE, END OF YEAR 25,248,627 25,248,627 1,538,715 1,538,715 2,448,492 2,448,492 (2,413,9) (2,413,9) 1,574,117 1,574,117 26,822,744 26,822,744 Version:

30 -~. A WEST VANCOUVER SCHOOL DISTRICT Th~premier place for learning. West Vancouver School District SBO HEALTH AND SAFETY COMMITTEE Regular Meeting September 1 School Board Office (11:am Lunch Room) OLD BUSINESS September Agenda 1. First Aid Attendant alternate designate Julia 2. - Marina Additional distributed member a formal committee safety checklist, which committee members will use on NEW BUSINESS 1. September Inspection Update: Upstairs (Marina): Downstairs (Julia): 2. Monthly Inspection and Meeting Schedule: Month LOctober Inspection Date Upper Floor Lower Floor Meeting Date October 1 Corina October 1 a go forward basis when performing inspections Committee Membership: Bernadette Lebrun, Julia Leiterman, Manna McMaster, Corina Stan

31 SCHOOL DISTRICT #45 (WEST VANCOUVER) NOTES TO FINANCIAL STATEMENTS YEAR ENDED JUNE 3, 29 NOTE 1 AUTHORITY AND PURPOSE The School District operates under authority of the School Act of British Columbia as a corporation under the name of The Board of Education of School District No. 45 (West Vancouver), and operates as School District No. 45 (West Vancouver). A board of education (Board) elected for a three-year tenn governs the School District. The School District provides educational programs to students enrolled in schools in the district, and is principally funded by the Province of British Columbia through the Ministry of Education. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES The School District has elected to use the exemption provided by the Canadian Institute of Chartered Accountants ( CICA ) permitting not-for-profit organizations not to apply the following Sections of the CICA Handbook: 3862, Financial Instruments Disclosures, and 3863, Financial Instruments Presentation, which would otherwise have applied to the financial statements of the School District for the year ended June 3, 29. The School District applies the requirements of Section 3861 of the CICA Handbook. These principles are consistent with those used in prior years. - - The deferral method of accounting for contributions, which includes government grants, is used. Results are reported in the operating fund, special purpose funds and capital fund. Revenues and expenses are recorded on a gross and accrual basis. Statement 2 (Statement of Revenue and Expense), Statement 3 (Statement of Changes in Fund Balances) and Statement 4 (Statement of Cash Flows) present annual results of each fund, changes in fund balances and cash flows for the year. Statement 1 (Statement of Financial Position) presents the assets, liabilities and fund balances as at June 3th. Interfund transfers and loans are recognized in each fund and eliminated in the consolidated totals. a) Fund Accounting The resources and operations ofthe School District are segregated into various funds for accounting and fmancial reporting purposes based on the types ofrestrictions on the use of contributions by governments or other granting agencies, and appropriations or other internal restrictions by the Board. While separate accounts are maintained for each fund, for financial reporting purposes, funds with similar characteristics are grouped together: Operating fund reports assets, liabilities, revenues and expenses for general operations. Special purpose funds report assets, liabilities, revenues and expenses for: o Contributions restricted in use by the School Act or Ministryof Education. o Contributions restricted in use by other external bodies. o Endowment funds. o Funds collected and used at the school level (i.e. school-generated funds). o Controlled and/or related entities. Capital fund reports assets, liabilities, revenues and expenses for capital. Contributions of other funds used for capital purposes are transferred to the capital fund. Sd45 28/9 Financial Statements 4 Sept 29

32 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES (Continued) b) Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid securities with original terms to maturity of three months or less when purchased. c) Accounts Receivable Accounts receivable are shown net of allowance for doubtful accounts. (see Note 4) d) Prepaid Expenses Prepaid expenses are those memberships and purchases made for the following school year. At June 3, 29, School District #45 (West Vancouver) had prepaid expenses in the amount of 255,184. Operating Lease payments Licence Renewals Memberships & Subscriptions Other prepaid expenses 36,148 69,262 2, ,353 e) Capital Assets The following criteria apply: Capital assets acquired or constructed are recorded at cost. Donated capital assets are recorded at their fair market value on the date of donation. Work-in-progress is recorded as an acquisition to the applicable asset class at the date of substantial completion. Sites and buildings that no longer contribute to the ability of the District to provide services are written-down to residual value. Buildings that are demolished or destroyed are written-off. Amortization is recorded on a straight-line basis over the estimated useful life of the asset. Estimated useful lives are as follows: Buildings Furniture & Equipment Vehicles Computer Software Computer Hardware Sd45 28/9 Financial Statements 4 Sept years years years years years

33 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AN]) NOTE 2 REPORTING PRACTICES (Continued) f) Capital disclosures The School District adopted the recommendations of the CICA Handbook Section 1535, Capital Disclosures. The School District s objectives when managing capital are to safeguard its ability to continue as a going concern in order to fulfill its principal objectives. The School District manages its cash as capital and its investment policy is to hold excess cash in highly liquid, short-term or redeemable instruments. The School District is not subject to any external capital requirements. g) Revenue Recognition Unrestricted operating government grants are recognized as revenue when received. Such grants, if contributed for a future period, are deferred and reported as deferred contributions until that future period. Other unrestricted revenue, including tuition fees and sales of services/products, are reported as revenue when services are provided or products delivered. Externally restricted contributions, grants, and donations are reported as revenue depending on the nature of restrictions imposed on the use of the funds by the contributors: Non-capital contributions for specific purposes are recorded as deferred contributions and recognized as revenue in the year the related expenses are incurred. Contributions restricted for capital purposes are recorded as deferred contributions until the amount is invested in capital assets. o If the capital asset is a site, the amount invested is recorded as a direct increase to net assets invested in capital assets. o If the capital asset is not a site, the amount invested is recorded as a deferred capital contribution and amortized over the useful life of the asset. o Donated capital assets are recorded at fair market value and treated as a deferred capital contribution. Endowment contributions are reported as direct increases to net assets held as endowment principal. Investment income earned on endowment principal is recognized as a direct increase to net assets (endowment) to the extent required or agreed by donors. The remaining investment income earned on endowment principal is recorded as a deferred contribution and recognized as revenue in the year related expenses are incurred. h) Expenditures Categories of Salaries o o Principals, Vice Principals, and Directors ofinstruction employed under an administrative officer contract are categorized as Principals and Vice Principals. Superintendents, Assistant Superintendents, Secretary-Treasurers, Trustees and other employees excluded from union contracts are categorized as Other Professionals. Sd45 28/9 Financial Statements 4 Sept 29

34 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES (Continued) Allocation ofcosts o o o Operating expenses are reported by function, program, and object. Whenever possible, expenditures are determined by actual identification. Additional costs pertaining to specific instructional programs, such as special and aboriginal education, are allocated to these programs. All other costs are allocated to regular programs. Actual salaries of personnel assigned to two or more functions or programs are allocated based on the time spent in each function and program. School-based clerical salaries are allocated to school administration and partially to other programs to which they may be assigned. Principals and Vice-Principals salaries are allocated to school administration and may be partially allocated to other programs to recognize their other responsibilities. Employee benefits and allowances are allocated to the same programs, and in the same proportions, as the individuals salaries. Supplies and services are allocated based on the actual identities of programs. i) Financial Instruments Financial instruments consist of cash, cash equivalents, accounts receivable, accounts payable, accrued liabilities and other current liabilities. Unless otherwise noted, it is management s opinion that the School District is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values ofthese fmancial instruments approximate their carrying values, unless otherwise noted. The School District has classified its cash and cash equivalents as held-for-trading, accounts receivable as loans and receivables and accounts payable and accrued liabilities and other current liabilities as other liabilities. Financial instruments classified as held-for-trading are reported at fair value with realized and unrealized gains and losses reported in the statement ofrevenue and expense. Financial assets classified as loans and receivables and fmancial liabilities classified as other liabilities are reported at amortized cost. The School District has elected to use the exemption provided by the Canadian Institute of Chartered Accountants ( CICA ) permitting not-for-profit organizations not to apply the following Sections of the CICA Handbook: 3862, Financial Instruments Disclosures, and 3863, Financial Instruments Presentation, which would otherwise have applied to the financial statements of the School District for the year ended June 3, 29. The School District applies the requirements of Section 3861 of the CICA Handbook. - j) - Use of Estimates Preparation of financial statements in accordance with Canadian Generally Accepted Accounting Principles requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date ofthe financial statements, and revenues and expenses during the reporting periods. Significant areas requiring the use of management estimates relate to the potential impairment of assets, rates for amortization and estimated employee future benefits. Actual results could differ from those estimates. Sd45 28/9 Financial Statements 4 Sept 29