CALGARY ISLAMIC SCHOOL - MUSLIM COMMUNITY FOUNDATION OF CALGARY. Name of Private School and Legal Name of Organization Operating the Private School

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1 Private School Authority Code: School Code: AUDITED FINANCIAL STATEMENTS and Supporting Schedules for FUNDED PRIVATE SCHOOLS FOR THE YEAR ENDED AUGUST 31, 2013 [School Act, Sections 28(6); Private Schools Regulation 190/2000] CALGARY ISLAMIC SCHOOL - MUSLIM COMMUNITY FOUNDATION OF CALGARY Name of Private School and Legal Name of Organization Operating the Private School Avenue NE, Calgary, Alberta T1Y 5L2 Tel: (403) Fax: (403) Mailing Address Telephone and Fax Numbers KPMG LLP Name AUDITOR(S) 2700, 202-5th Avenue SW, Calgary, Alberta, T2P 4B9 Address PRIVATE SCHOOL MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING. Calgary Islamic School - Muslim Community Foundation of Calgary The financial statements and supporting schedules of (Name of Private School) presented to Alberta Education have been prepared by the private school's management which has responsibility for their preparation, integrity and objectivity. The financial statements and schedules, including notes, have been prepared in accordance with Canadian Accounting Standards for Not-For-Profit Organizations and Ministerial requirements for Alberta funded private schools. In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed to provide reasonable assurance that the private school's s assets are safeguarded, that transactions are executed in accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the private school'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 ultimate responsibility for the financial statements lies with the Board of Directors. The Board reviewed the financial statements with management in detail and the Board approved the financial statements for release. External Auditors The Board appoints external auditors to audit these financial statements and meets with the auditor to review their findings. The external auditors have full and free access to school authority's records. Declaration of Management and Board Chairman To the best of our knowledge and belief, these financial statements and supporting schedules reflect, in all material respects, the financial position as at August 31, 2013 and results of operations, cash flows, and changes in net assets for the year then ended in accordance with Canadian Accounting Standards for Not-For-Profit Organizations and Ministerial requirements for Alberta funded private schools. BOARD CHAIR Abdulrahman Abbas Moussa Ouarou Ayman Abdellatif Name Name Name SUPERINTENDENT / PRINCIPAL SECRETARY TREASURER OR TREASURER Signature Signature Signature November 27, 2013 Board-approved Release Date ALBERTA EDUCATION, Financial Reporting and Accountability, 8th Floor Commerce Place, Street, Edmonton, Alberta T5J 4L5 Maria.Clawson@gov.ab.ca Telephone: (780)

2 Private School Authority Code: School Code: TABLE OF CONTENTS Page AUDITOR'S REPORT AND NOTES TO THE 1 FINANCIAL STATEMENTS (Attach please) and Notes STATEMENT OF FINANCIAL POSITION 2 STATEMENT OF REVENUES AND EXPENSES 3 STATEMENT OF CASH FLOWS 4 STATEMENT OF CHANGES IN NET ASSETS 5 SCHEDULES SCHEDULE 1 Allocation of Revenues and Expenses to Programs 6 SCHEDULE 2 SCHEDULE 3 Analysis of Instruction (Grades 1 to 12) Revenues and Expenses Analysis of Early Childhood Services Revenues and Expenses 7 SCHEDULE 4 Analysis of Early Childhood Services Transportation Revenues and Expenses 8 SCHEDULE 5 Analysis of Early Childhood Services Program Unit Expenses

3 Financial Statements of CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Years ended August 31, 2013 and 2012

4 ABCD KPMG LLP Chartered Accountants 2700, 205-5th Avenue SW Calgary AB T2P 4B9 Telephone (403) Fax (403) Internet INDEPENDENT AUDITORS' REPORT To the Board of Directors of Calgary Islamic School Muslim Community Foundation of Calgary We have audited the accompanying financial statements of Calgary Islamic School Muslim Community Foundation of Calgary, which comprise the statements of financial position as at August 31, 2013, August 31, 2012 and September 1, 2011, the statements of revenues and expenses, changes in net assets and cash flows for the years ended August 31, 2013, and August 31, 2012, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our qualified audit opinion. Basis for Qualified Opinion In common with many not-for-profit organizations, Calgary Islamic School Muslim Community Foundation of Calgary derives part of its revenue from donations and fundraising activities, the completeness of which is not susceptible to satisfactory audit verification. Accordingly, verification of these revenues was limited to the amounts recorded in the records of Calgary Islamic School Muslim Community Foundation of Calgary. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

5 ABCD Therefore we were not able to determine whether, as at August 31, 2013, August 31, 2012, and September 1, 2011 and for the years ended August 31, 2013 and August 31, 2012, any adjustments might be necessary to revenues from donations and fundraising activities and deficiency of revenues over expenses reported in the statements of revenues and expenses, deficiency of revenues over expenses reported in the statements of cash flows and current assets and unrestricted net assets reported in the statements of financial position. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements present fairly, in all material respects, the financial position of the Calgary Islamic School Muslim Community Foundation of Calgary as at August 31, 2013, August 31, 2012 and September 1, 2011, and its results of operations and its cash flows for the years ended August 31, 2013 and August 31, 2012, in accordance with Canadian accounting standards for not-for-profit organizations. Other Matter Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included in Schedules 1 through 5 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole. The budget information provided in the statement of revenues and expenses has not been subject to any auditing procedures. Chartered Accountants November 27, 2013 Calgary, Canada

6 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 1 Years ended August 31, 2013 and Authority and purpose of the School: The Calgary Islamic School Muslim Community Foundation of Calgary (the School ) is operating as a branch of the Muslim Community Foundation of Calgary (the MCFC ). The MCFC was incorporated under the Societies Act of Alberta on October 3, The School delivers educational programs under the authority of the School Act, Chapter S-3, Revised Statutes of Alberta The School receives allocations from Alberta Education for instructional purposes under the Private Schools Regulation. For Canadian income tax purposes, the School is qualified as a not-for-profit organization, which is exempt from income tax under the Income Tax Act. On September 1, 2012, the School adopted Canadian accounting standards for not-for-profit organizations in Part III of the CICA Handbook. These are the first financial statements prepared in accordance with not-for-profit standards. In accordance with the transitional provisions in not-for-profit standards, the School has adopted the changes retrospectively, subject to certain exemptions allowed under these standards. The transition date is September 1, 2011 and all comparative information provided has been presented by applying not-for-profit standards. There were no transitional adjustments recorded to unrestricted net assets and excess of revenues over expenses as at September 1, 2011 and for the year ended August 30, 2012 on adoption of Canadian accounting standards for not-for-profit organizations. 2. Summary of significant accounting policies: The financial statements of the School have been prepared in accordance with Canadian accounting standards for not-for-profit organizations. The precise determination of many assets and liabilities is dependent on future events. As a result, the preparation of financial statements for a period involves the use of estimates and approximations, which have been made using careful judgment. Actual results could differ from those estimates and approximations. (a) Revenue recognition: The School follows the deferral method of accounting. Restricted contributions are deferred and recognized as revenue in the period in which the restriction is complied with. Contributions restricted for the purchase of property and equipment are deferred and amortized into revenue at a rate corresponding with the amortization rate for the related asset.

7 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 2 Years ended August 31, 2013 and Summary of significant accounting policies (continued): (a) Revenue recognition (continued): Instructions and support allocations are recognized in the year to which they are related. Fees for services, related to educational courses and programs are recognized as revenue when such services, courses and programs are delivered. Unrestricted contributions are recognized when received or receivable. Contributions of materials and services that would otherwise have been purchased are recorded at fair market value when this can be reasonably determined. (b) Capital assets: Items which provide services and benefits for more than one fiscal year are capitalized at cost. Repairs and maintenance costs are charged to expense. Betterments which extend the estimated life of an asset are capitalized. Capital assets are reviewed for impairment on a regular basis or whenever events or changes in circumstances indicate the carrying value may not be recoverable. When a capital asset no longer contributes to the School s ability to provide services, its carrying amount is written down to its residual value. Capital assets are recorded at cost and are amortized commencing the fiscal year following the year of acquisition on a declining balance basis using the following annual rates: Buses and Other Vehicles 20% Playground 20% Office Equipment 30% Furniture and Equipment 20% - 30% Classroom Equipment 30% (c) School generated funds: These are funds in the community, which come under the control and responsibility of the School s principal and are for school activities. These funds are usually collected and retained at the School for expenses paid at the school level. (e.g. yearbook sales, graduation fees, field trip fees, etc.). (d) Vacation pay: Vacation pay is accrued in the period in which the employee earns the benefit.

8 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 3 Years ended August 31, 2013 and Summary of significant accounting policies (continued): (e) Contributed services: Volunteers assist the School in carrying out certain activities. Because of the difficulty of determining the value and the fact such assistance is generally not otherwise purchased, contributed volunteer services are not recognized in the financial statements. (f) Prepaid expenses: Certain expenditures incurred before the close of the School year are for school supplies, which will be consumed subsequent to the year-end, and are accordingly recorded as prepaid expenses. (g) Deferred revenue: Deferred revenue is comprised of tuition fees received in advance for the following year s instruction. (h) Financial Instruments: The School s financial instruments consist of cash, accounts receivable, accounts payable and accrued liabilities. Financial instruments are recorded at fair value on initial recognition. Financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The School has elected not to carry any such instruments at fair value. Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expenses as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the effective interest rate method. Financial assets are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the School determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expected cash flows, the amount that could be realized from selling the financial asset or the amount the School expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value.

9 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 4 Years ended August 31, 2013 and Summary of significant accounting policies (continued): (i) Use of estimates and assumptions: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Significant items subject to such estimates and assumptions include the carrying amount of capital assets and accounts receivable. Actual results could differ from those estimates. 3. Capital Assets: Accumulated Net book August 31, 2013 Cost amortization value Buses and other vehicles $ 96,404 $ 96,404 $ Playground 73,194 35,134 38,060 Office equipment 47,618 47,618 Furniture and equipment 179, ,364 27,648 Classroom equipment 117,022 35,107 81,915 Buses under capital lease 32,800 6,560 26,240 $ 546,050 $ 372,187 $ 173,863 Accumulated Net book August 31, 2012 Cost amortization value Buses and other vehicles $ 96,404 $ 88,065 $ 8,339 Playground 73,194 20,494 52,700 Office equipment 47,618 45,487 2,131 Furniture and equipment 171,044 97,661 73,383 $ 388,260 $ 251,707 $ 136,553

10 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 5 Years ended August 31, 2013 and Capital Assets (continued): Accumulated Net book September 1, 2011 Cost amortization value Buses and other vehicles $ 88,634 $ 86,157 $ 2,477 Playground 73,194 73,194 Office equipment 47,618 45,169 2,449 Furniture and equipment 122,549 86,704 35,845 $ 331,995 $ 218,030 $ 113, Obligation under capital lease: As of August 31, 2013, minimum lease payments under fixed rate capital leases expiring February 28, 2014, amounted to $17,006 (2012 Nil; 2011 Nil) which includes $606 (2012 Nil) of interest expense at an average rate of 6.74% (2012 Nil; 2011 Nil). The lease obligation is secured against the assets leased. 5. Accounts receivable: August 31, August 31, September 1, Student Fees $ 163,447 $ 124,396 $ 110,805 Alberta Education ,097 Other 51,428 63,890 58, , , ,808 Less allowance for doubtful accounts 18,911 9,820 12,405 $ 196,698 $ 178,466 $ 187,403 Included in accounts receivable are government remittances receivable of $31,427 ( $61,475; $58,906), which include amounts receivable for goods and services taxes paid.

11 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 6 Years ended August 31, 2013 and Deferred revenue: The School has received some prepaid tuition instruction fees for the School term starting September 1, 2013 to August 31, These fees are recorded as deferred revenue and will be credited to the proper revenue accounts in the following fiscal year. 7. Pension: Pension costs included in these statements comprise the cost of employer contributions for current service of employees during the year. The School is contributing an employer s share to a private School Teachers Pension Plan for all of their accredited contract teachers under a defined contribution pension plan. This private School Teachers Pension Plan is administered by the Alberta Teachers Retirement Fund Board. The School is liable only for the employer s share of the pension plan and remits its share of payments to the Alberta Teachers Retirement Fund on a monthly basis. During the year, the School contributed $592,609 ( ,462; $307,701) to the Alberta Teachers Retirement Fund, and $157,820 ( $27,076; $91,181) is included in accounts payable at August 31, These are included under certified salaries on the statements of revenue and expenses in the financial statements. 8. Economic dependence and related party transactions: (a) Alberta Government Departments: The School s primary source of income is from the Alberta Government. The School s ability to continue viable operations is dependent on this funding. During the year ended August 31, 2013, the School received funding of $6,021,491 ( $4,619,746; $4,077,689) from Alberta Education. (b) MCFC: The School is being operated as a branch of the MCFC and the School s premises are owned by the MCFC. During the year, the MCFC did not charge the School any rent expense ( $nil; $240,000). As at August 31, 2013, $20,254 ( $83,466; $204,250) of rent expense is included in Other Payables and Accrued Liabilities, relating to rent charged in These charges are measured at the exchange amount of consideration established and agreed to by the related parties. During the year, $63,212 ( $nil; $nil) of expenses were incurred by the School on behalf of MCFC for third party contracted services.

12 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 7 Years ended August 31, 2013 and Statement of changes in net assets: Investment in Unrestricted Total capital assets net assets net assets September 1, 2011 $ 113,965 $ 171,620 $ 285,585 Deficit of revenues over expenses (109,350) (109,350) Capital asset acquisitions 56,266 (56,266) Amortization of capital assets (33,678) 33,678 August 31, ,553 39,682 $ 176, Budget information: The budget was prepared by the School and approved by the Board of Directors. It is presented for information purposes only and has not been audited. 11. Remuneration and monetary incentives: During the year, no remuneration, benefits and allowances or other expenses were paid to any members of the Board of Directors ( $nil; $nil). 12. Commitments: Non-cancellable operating lease rentals are payable as follows: August 31, $ 93, , ,704 $ 174,609 The School leases three photocopiers that expire in 2015 and 2016 and four bus leases that expire in 2014 and The School entered into a lease with a transportation company that expires in 2015.

13 CALGARY ISLAMIC SCHOOL MUSLIM COMMUNITY FOUNDATION OF CALGARY Note to Financial Statements, Page 8 Years ended August 31, 2013 and Financial instruments and related risks: The School is not exposed to any interest or foreign exchange risks. (a) Liquidity risk: Liquidity risk is the risk that the School will be unable to fulfill its obligations on a timely basis or at a reasonable cost. The School manages its liquidity risk by monitoring its operating requirements. The School prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations. There has been no change to the risk exposures from (b) Credit risk: Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a financial loss. The School is exposed to credit risk with respect to the accounts receivable. The School assesses, on a continuous basis, accounts receivable and provides for any amounts that are not collectible in the allowance for doubtful accounts. The carrying value of accounts receivable reflects management s assessment of associated credit risks. 14. Comparative figures: Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for the current year.

14 Private School Authority Code: School Code: STATEMENT OF FINANCIAL POSITION as at (in dollars) AFS AFS AFS August 31, 2013 August 31, 2012 September 1, 2011 ASSETS Current assets Cash and temporary investments $213,789 $67,453 $371,537 Accounts receivable (net after allowances) Province of Alberta $0 $0 $0 Federal Government and/or First Nations $0 $0 $0 Other accounts receivable (Note 5 ) $196,698 $178,466 $187,403 Prepaid expenses (Note 1 ) $200 $82,303 $0 Other current assets $0 $0 $0 Total current assets $410,687 $328,222 $558,940 School generated assets $0 $0 $0 Trust assets $0 $0 $0 Other assets $0 $0 $0 Capital assets Land at cost $0 $0 $0 Buildings at cost $0 Less: accumulated amortization $0 $0 $0 $0 Leasehold improvements at cost $0 Less: accumulated amortization $0 $0 $0 $0 Equipment at cost $416,846 Less: accumulated amortization $269,223 $147,623 $128,214 $111,487 Vehicles at cost $129,204 Less: accumulated amortization $102,964 $26,240 $8,339 $2,478 Total capital assets (Note 3 ) $173,863 $136,553 $113,965 TOTAL ASSETS $584,550 $464,775 $672,905 LIABILITIES Current liabilities Bank indebtedness $0 $0 $0 Accounts payable and accrued liabilities Province of Alberta $0 $0 $0 Federal Government and/or First Nations $0 $0 $0 Other payables and accrued liabilities $384,427 $201,493 $327,901 Capital payables $0 $0 $0 Deferred revenue (Note 6 ) $33,023 $87,047 $59,419 Deferred capital allocations $0 $0 $0 Current portion of long term debt $0 $0 $0 Total current liabilities $417,450 $288,540 $387,320 School generated liabilities $0 $0 $0 Trust liabilities $0 $0 $0 Other liabilities $0 $0 $0 Long term debt Debentures & Bonds $0 $0 $0 Capital loans $0 $0 $0 Capital leases (Note 4 ) $16,400 $0 $0 Mortgages $0 $0 $0 Other loans $0 $0 $0 Less: Current portion of long term debt $0 $0 $0 Unamortized capital allocations $0 $0 $0 Total long term liabilities $16,400 $0 $0 TOTAL LIABILITIES $433,850 $288,540 $387,320 NET ASSETS Unrestricted net assets ($23,162) $39,682 $171,620 Operating reserves $0 $0 $0 Total accumulated surplus (deficit) from operations ($23,162) $39,682 $171,620 Investment in capital assets $173,862 $136,553 $113,965 Capital reserves $0 $0 $0 Total capital funds $173,862 $136,553 $113,965 Total net assets $150,700 $176,235 $285,585 TOTAL LIABILITIES AND NET ASSETS $584,550 $464,775 $672,905 Page 2

15 Private School Authority Code: School Code: STATEMENT OF REVENUES AND EXPENSES for the Year Ended August 31 (in dollars) AFS Budget AFS Unaudited REVENUES Alberta Education (excluding Home Education) $6,021,491 $6,264,543 $4,619,746 Alberta Education - Home Education $0 $0 $0 Other Government of Alberta $0 $0 $0 Federal Government and/or First Nations $0 $0 $0 Other Alberta school authorities $0 $0 $0 Instructional fees/tuition fees $1,620,679 $1,280,435 $1,206,697 Non-instructional fees (O&M, Transportation, Admin, etc.) $349,112 $1,148,665 $268,626 Other sales and services $5,135 $112,900 $5,830 Interest on investments $0 $0 $0 Gifts and donations $30,836 $0 $20,000 Gross school generated funds $0 $0 $0 Amortization of capital allocations $0 $0 $0 Other $0 $0 $0 Total Revenues $8,027,253 $8,806,543 $6,120,899 EXPENSES Certificated salaries (excluding home education) $3,516,640 $3,228,953 $2,783,440 Certificated benefits $758,910 $387,475 $600,264 Non-certificated salaries and wages (excluding home education) $1,847,839 $2,315,449 $1,282,473 Non-certificated benefits $134,229 $277,854 $93,895 Services, contracts and supplies (excluding home education) Home Education: Certificated salaries Certificated benefits Non-certificated salaries & wages Non-certificated benefits $1,674,690 $2,613,490 $1,436,499 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Payments to parents who provided home education programs to students $0 $0 $0 Contracted services $0 $0 $0 Supplies and services $0 $0 $0 Gross school generated funds $0 $0 $0 Capital and debt services Amortization of capital assets: From restricted funds $0 $0 $0 From unrestricted funds $120,480 $25,000 $33,678 Total amortization of capital assets $120,480 $25,000 $33,678 Interest on capital debt $0 $0 $0 Other interest charges $0 $0 $0 Losses (gains) on disposal of capital assets $0 $0 $0 Other $0 $0 $0 Total Expenses $8,052,788 $8,848,221 $6,230,249 SURPLUS (DEFICIT) OF REVENUES OVER EXPENSES ($25,535) ($41,678) ($109,350) Page

16 Private School Authority Code: School Code: STATEMENT OF CASH FLOWS for the Year Ended August 31 (in dollars) AFS AFS CASH FLOWS FROM: A. OPERATING ACTIVITIES Surplus (deficit) of revenues over expenses for the year ($25,535) ($109,350) Add (Deduct) items not requiring cash: Amortization of capital allocations revenue $0 $0 Total amortization expense $120,480 $33,678 Add losses or deduct gains on disposal of capital assets $0 $0 Changes in accrued accounts: Accounts receivable ($18,232) $8,937 Prepaids and other current assets $82,103 ($82,303) Payables and accrued liabilities $182,934 ($126,408) Deferred revenue ($54,024) $27,628 Other (specify): $0 $0 Total sources (uses) of cash from operations $287,726 ($247,818) B. INVESTING ACTIVITIES Purchases of capital assets: Land $0 $0 Buildings $0 $0 Leasehold improvements $0 $0 Equipment ($124,990) ($48,495) Vehicles $0 ($7,771) Net proceeds from disposal of capital assets $0 $0 Other (specify): $0 $0 Total sources (uses) of cash from investing activities ($124,990) ($56,266) C. FINANCING ACTIVITIES Capital contributions received $0 $0 Issuance of long term debt $0 $0 Repayment of long term debt $0 $0 Other (specify): Obligations Under Capital Leases ($16,400) $0 Total sources (uses) from financing activities ($16,400) $0 Net sources (uses) of cash equivalents* * during year $146,336 ($304,084) Cash equivalents at the beginning of year $67,453 $371,537 Cash equivalents at the end of year $213,789 $213,789 $67,453 $67,453 * * Cash equivalents consist of cash and temporary investments net of bank indebtedness. Page 4

17 Private School Authority Code: School Code: STATEMENT OF CHANGES IN NET ASSETS for the Year Ended August 31, 2013 (in dollars) (1) (2) (3) (4) (5) (6) (7) (8) UNRESTRICTED TOTAL RESTRICTED NET ASSETS TOTAL INVESTMENT IN NET RESTRICTED NET OPERATING RESERVES CAPITAL RESERVES NET ASSETS CAPITAL ASSETS ASSETS ASSETS Grades External Grades External (Columns 2+3+4) ( +, - ) (Columns 5 to 8) K to 12 Services K to 12 Services Balance at August 31, 2012 Prior period adjustments (specify): $176,235 $136,553 $39,682 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Adjusted balance, August 31, 2012 Surplus(deficit) of revenues over expenses (from page 3) Capital asset acquisitions (less financed and/or less capital contributions received) Donations of non-amortizable assets $176,235 $136,553 $39,682 $0 $0 $0 $0 $0 ($25,535) ($25,535) $157,789 ($157,789) $0 $0 $0 $0 $0 $0 $0 Amortization of capital assets (expense) * ($120,480) $120,480 Amortization of capital allocations (revenue) * * $0 $0 Disposal of capital assets $0 $0 $0 $0 $0 Debt principal payments * * * $0 $0 Net transfers to/from operating reserves Net transfers to/from capital reserves Other transfers (specify): $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Balance at August 31, 2013 Note: $150,700 $173,862 ($23,162) $0 $0 $0 $0 $0 $150,700 $150,700 $173,862 ($23,162) $0 *Amortization of Capital Assets expense decreases the Investment in Capital Assets and increases Unrestricted Net Assets. * *Amortization of Capital Allocations revenue increases the Investment in Capital Assets and decreases Unrestricted Net Assets. * * *Principal payments increase Investment in Capital Assets and decreases Unrestricted Net Assets as the outstanding capital debt is paid down. Page 5

18 Private School Authority Code: School Code: SCHEDULE 1 ALLOCATION OF REVENUES AND EXPENSES TO PROGRAMS for the Year Ended August 31, 2013 Operations and Board and Early Maintenance System REVENUES TOTAL Home Childhood Instruction of Schools Transportation Administration External Education Services (Grades 1 to 12) (Grades 1 to 12) (Grades 1 to 12) (Grades 1 to 12) Services Alberta Education allocations (1) Instruction $5,104,532 $0 $883,884 $4,220,648 (2) Student Health (SH) $0 $0 $0 $0 (3) Alberta Initiative for School Improvement (AISI) $23,278 $0 $0 $23,278 (4) Other - Alberta Education $893,681 $0 $0 $492,218 $401,463 TOTAL ALBERTA EDUCATION ALLOCATIONS $6,021,491 $0 $883,884 $4,736,144 $401,463 (5) Other Government of Alberta $0 $0 $0 $0 $0 $0 $0 $0 (6) Federal Government and/or First Nations $0 $0 $0 $0 $0 $0 $0 $0 (7) Other Alberta school authorities $0 $0 $0 $0 $0 $0 $0 $0 (8) Instructional fees / tuition fees $1,620,679 $0 $177,218 $1,443,461 $0 (9) Non-instructional fees (O&M *, Transport, Admin, etc.) $349,112 $0 $18,492 $0 $0 $173,844 $156,776 $0 (10) Other sales and services $5,135 $0 $0 $0 $0 $0 $0 $5,135 (11) Interest on investments $0 $0 $0 $0 $0 $0 $0 $0 (12) Gifts and donations $30,836 $0 $0 $0 $0 $0 $30,836 $0 (13) Gross school generated funds $0 $0 $0 $0 $0 $0 $0 $0 (14) Amortization of capital allocations $0 $0 $0 $0 $0 $0 $0 $0 (15) Other (specify): $0 $0 $0 $0 $0 $0 $0 $0 TOTAL REVENUES $8,027,253 $8,027,253 $0 $1,079,594 $6,179,605 $401,463 $173,844 $187,612 $5,135 EXPENSES (16) Certificated salaries $3,516,640 $0 $336,048 $3,047,358 $133,234 $0 (17) Certificated benefits $758,910 $0 $83,062 $594,916 $80,932 $0 (18) Non-certificated salaries and wages $1,847,839 $0 $218,581 $1,307,528 $65,800 $167,107 $88,823 $0 (19) Non-certificated benefits $134,229 $0 $13,130 $73,544 $11,420 $25,829 $10,306 $0 SUB-TOTAL $6,257,618 $0 $650,821 $5,023,346 $77,220 $192,936 $313,295 $0 (20) Services, contracts & supplies $1,674,690 $0 $210,438 $1,030,121 $98,639 $236,730 $98,762 $0 (21) Gross school generated funds $0 $0 $0 $0 $0 $0 $0 $0 Capital and debt services Amortization of capital assets (22) From restricted funds $0 $0 $0 $0 $0 $0 $0 $0 (23) From unrestricted funds $120,480 $0 $0 $0 $120,480 $0 $0 $0 (24) Interest on capital debt $0 $0 $0 $0 $0 $0 $0 $0 (25) Other interest charges $0 $0 $0 $0 $0 $0 $0 $0 (26) Losses (gains) on disposal of capital assets $0 $0 $0 $0 $0 $0 $0 $0 (27) Other (specify): $0 $0 $0 $0 $0 $0 $0 $0 TOTAL EXPENSES $8,052,788 $8,052,788 $0 $861,259 $6,053,467 $296,339 $429,666 $412,057 $0 Surplus(deficit) of revenues over expenses ($25,535) ($25,535) $0 $218,335 $126,138 $105,124 ($255,822) ($224,445) $5,135 * (O&M) Operations & Maintenance of Schools. ($25,535) Page 6

19 Private School Authority Code: School Code: SCHEDULE 2 ANALYSIS OF INSTRUCTION (GRADES 1 TO 12) REVENUES AND EXPENSES for the Year Ended August 31, 2013 EXPENSES SUB-PROGRAM CLASSIFICATION REVENUES Classroom SAIS * * TOTAL NET NET 2012 Instruction and SIS EXPENSES 2013 Mild/Moderate Disabilities/Delays, Gifted and Talented * $0 $0 $0 $0 $0 $0 Severe Disabilities $0 $0 $0 $0 $0 $0 Education Programs in an Institution (EPI) $0 $0 $0 $0 $0 Learning Resource Credit (LRC) $0 $0 $0 $0 $0 Early Literacy (EL) $39,745 $106,064 $0 $106,064 ($66,319) ($64,243) English as a Second Language (ESL) $452,446 $90,564 $0 $90,564 $361,882 $197,704 Student Health (SH) $0 $0 $0 $0 $0 Alberta Initiative for School Improvement (AISI) $23,278 $60,904 $0 $60,904 ($37,626) ($69,119) Base Instruction and other (excluding all the above) $5,664,136 $5,795,935 $0 $5,795,935 ($131,799) $222,027 TOTAL* * * * $6,179,605 $6,053,467 $0 $6,053,467 $126,138 $286,369 $6,179,605 $6,053,467 $126,138 EXCLUDES the Early Childhood Services (ECS) and Home Education program. REVENUES and EXPENSES include funding and offsetting expenditures from sources other than just Alberta Education. * MILD/MODERATE DISABILITIES/DELAYS includes gifted & talented programs specific to Grades 1 to 12 students. * * (SAIS) School Administration and Instruction Support, (SIS) System Instruction Support (see page 13 of guidelines). * * * The total revenues and expenses of schedule 2 must agree with the Schedule 1 total revenues and expenses allocated under the Instruction (Grades 1 to 12) program. SCHEDULE 3 ANALYSIS OF EARLY CHILDHOOD SERVICES REVENUES AND EXPENSES for the Year Ended August 31, 2013 AFS AFS REVENUES Alberta Education * Base Instruction $475,722 $281,363 Student Health (SH) $0 $0 Alberta Initiative for School Improvement (AISI) $0 $4,304 Mild/Moderate Disabilities/Delays, Gifted & Talented $101,957 $48,760 Program Unit (PU) $0 $21,405 English as a Second Language (ESL) $85,412 $48,510 Transportation - special needs $0 $0 Transportation - regular $9,333 $13,988 Plant Operations and Maintenance $57,661 $35,087 Administration $43,805 $27,216 Equity of Opportunity $109,994 $0 SuperNet Services $0 $0 Other-Alberta Education $0 $0 Total Alberta Education Revenues $883,884 $883,884 $480,633 Instruction fees $177,218 $100,219 All other revenues $18,492 $0 TOTAL REVENUES* * * $1,079,594 $1,079,594 $580,852 EXPENSES Instruction $650,821 $421,320 Parent resources, coordination and teacher in-service $0 $0 Food services program $0 $0 Administration $146,566 $57,972 Operations & maintenance $21,819 $73,713 Transportation $42,053 $32,499 Alberta Initiative for School Improvement (AISI) $0 $0 Student Health (SH) $0 $0 All other expenses $0 $0 TOTAL EXPENSES* * * $861,259 $861,259 $585,504 SURPLUS (DEFICIT) OF REVENUES OVER EXPENSES $218,335 $218,335 ($4,652) *Alberta Education Revenues as per Funding for School Authorities in the 2012/2013 School Year manual under the Early Childhood Services section. * * The total revenues and expenses on this schedule must agree with the Schedule 1 total revenues and expenses allocated under the ECS program. Page 7

20 Private School Authority Code: School Code: SCHEDULE 4 ANALYSIS OF EARLY CHILDHOOD SERVICES TRANSPORTATION REVENUES AND EXPENSES for the Year Ended August 31, 2013 Sub-Program Classification Revenues Expenses Net Children with Mild/Moderate Disabilities/Delays To-and-from school $0 $0 $0 Home visits $0 $0 $0 Field trips $0 $0 $0 Children with Severe Disabilities (Program Unit) To-and-from school $0 $0 $0 Home visits $0 $0 $0 Field trips and in-program transportation $0 $0 $0 Children with No Disabilities (Regular) To-and-from school $9,333 $21,027 ($11,694) Field trips $0 $0 $0 Other (specify): $18,492 $21,027 ($2,535) TOTAL $27,825 $42,054 ($14,229) SCHEDULE 5 (Note *) ANALYSIS OF EARLY CHILDHOOD SERVICES PROGRAM UNIT EXPENSES for the Year Ended August 31, 2013 AFS AFS Instruction Salaries & wages (non-certificated) $25,033 $22,688 Benefits (non-certificated) $3,755 $1,526 Specialized services and supports $81,400 $7,000 Supplies and materials $0 $0 Parent and staff in-service $0 $0 Transportation Total Program Unit transportation costs (from schedule 4) $0 Less transportation revenues (from schedule 4) $0 Total $0 Program Unit Transportation costs in excess of transportation funding * * $0 $0 * * If transportation revenues exceed transportation costs (i.e. negative number as total), then 0 will be entered. Specialized equipment & furniture (child specific) $0 $0 Total $110,188 $31,214 Note: * Designated Special Education ECS Programs do not need to complete this schedule. Costs for these programs will be determined using Schedule 3. Page 8