First Nations / Mississaugas of Scugog Island First Nation / 2024-2025
Audited consolidated financial statementsFY 2024-2025
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Statements as published · FY 2024-2025
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CONSOLIDATED FINANCIAL POSITION
FY 2024-2025 · PDF page 7
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| FINANCIAL ASSETS | ||
| Cash (note 2)n2 | $ 1,609,691 | $ -⚑ |
| Due from government and accounts receivable (note 4)n4 | 5,341,770 | 4,457,622 |
| Notes receivable (note 3)n3 | 138,820 | 138,820 |
| Inventories for resale (note 6)n6 | 490,710 | 399,218 |
| Restricted cash (note 7)n7 | 424,496 | 414,583 |
| [total financial assets] | 8,005,487 | 5,410,243 |
| LIABILITIES | ||
| Bank overdraft (note 2)n2 | -⚑ | 244,808 |
| Accounts payable and accrued liabilities (note 9)n9 | 253,952 | 543,462 |
| Due to government/other government organizations (note 10)n10 | 312,081 | 297,220 |
| Trust funds held by ISC (note 5)n5 | 861 | 833 |
| Deferred revenue (note 11)n11 | 5,730,385 | 2,450,211 |
| Long-term debt (note 12)n12 | 2,858,380 | 2,862,480 |
| [total liabilities] | 9,155,659 | 6,399,014 |
| NET DEBT | (1,150,172) | (988,771) |
| NON FINANCIAL ASSETS | ||
| Prepaid expenses (note 16)n16 | 475,534 | 360,558 |
| Tangible capital assets (note 13)n13 | 18,576,227 | 14,569,181 |
| Intangible assets (note 15)n15 | 1,000,000 | 1,000,000 |
| Construction in progress (note 14)n14 | 163,454 | 1,741,960 |
| [total non-financial assets] | 20,215,215 | 17,671,699 |
| ACCUMULATED SURPLUS | $ 19,065,043 | $ 16,682,928 |
CONSOLIDATED OPERATIONS AND CHANGES IN ACCUMULATED SURPLUS
FY 2024-2025 · PDF page 8
Rev − Exp = Surplus: matched
| 2025 Budget (Unaudited)(budget) | 2025 Actual | 2024 Actual | |
|---|---|---|---|
| REVENUE | |||
| Federal government transfers for operating (note 23)n23 | $ 5,512,369 | $ 3,998,876 | $ 4,743,608 |
| Federal government transfers for capital (note 23)n23 | 5,502,804 | 2,160,324 | 2,829,686 |
| Provincial government transfers for operating (note 23)n23 | 648,360 | 642,728 | 489,647 |
| Provincial government transfers for capital (note 23)n23 | 2,948,105 | 2,948,105 | 843,567 |
| Rental income | 125,000 | 124,823 | 130,190 |
| Fisheries | 1,742,000 | 1,701,318 | 1,563,704 |
| Aquaculture | 119,000 | 121,379 | 320,548 |
| Tobacco sales | 200,000 | 207,057 | 208,643 |
| Fuel and food sales | 850,000 | 836,350 | 886,800 |
| Boat shop and consulting income | 30,000 | 2,645 | 530,306 |
| Gain on disposal of tangible capital assets | 30,000 | 112,041 | -⚑ |
| Other | 2,253,206 | 985,077 | 506,888 |
| [total revenue] | 19,960,844 | 13,840,723 | 13,053,587 |
| EXPENSES | |||
| Economic Development | 1,324,500 | 1,372,331 | 1,360,410 |
| Education | 1,107,901 | 929,536 | 973,961 |
| Income Assistance | 619,823 | 558,595 | 700,723 |
| Assisted Living | 33,497 | 36,440 | 43,200 |
| Facilities - Operations and maintenance | 116,583 | 169,793 | 169,235 |
| Other Capital | 454,101 | 546,665 | 733,190 |
| Indian Government Support | 4,605,763 | 2,213,963 | 1,744,398 |
| Health | 576,624 | 568,772 | 637,051 |
| Aquaculture | 85,844 | 44,998 | 855,605 |
| Fisheries | 1,909,000 | 2,220,213 | 1,725,415 |
| Natural Resources | 50,000 | 46,141 | 57,565 |
| Consulting | 22,500 | 7,039 | 411,221 |
| Amortization | 1,549,020 | 1,549,020 | 1,192,602 |
| Loss on disposal of tangible capital assets | -⚑ | -⚑ | 67,454 |
| Impairment loss of tangible capital assets | -⚑ | 1,195,100 | -⚑ |
| [total expenses] | 12,455,156 | 11,458,606 | 10,672,030 |
| ANNUAL SURPLUS | 7,505,688 | 2,382,117 | 2,381,557 |
| ACCUMULATED SURPLUS, BEGINNING OF PERIOD | 16,682,928 | 16,682,928 | 14,301,371 |
| ACCUMULATED SURPLUS, END OF PERIOD | $ 24,188,616 | $ 19,065,045 | $ 16,682,928 |
CONSOLIDATED CHANGES IN NET DEBT
FY 2024-2025 · PDF page 9
| 2025 Budget (Unaudited)(budget) | 2025 Actual | 2024 Actual | |
|---|---|---|---|
| ANNUAL SURPLUS | $ 7,505,688 | $ 2,382,117 | $ 2,381,557 |
| Tangible capital assets | |||
| Acquisition of tangible capital assets | (8,450,909) | (5,694,256) | (5,277,304) |
| Amortization of tangible capital assets | 1,549,020 | 1,549,020 | 1,192,602 |
| Loss (gain) on disposal of tangible capital assets | -⚑ | (112,041) | 67,454 |
| Impairment loss of tangible capital assets | -⚑ | 1,195,100 | -⚑ |
| Proceeds on disposal of tangible capital assets | -⚑ | 250,232 | 48,142 |
| [subtotal tangible capital assets] | (6,901,889) | (2,811,945) | (3,969,106) |
| Other non-financial assets | |||
| Variation of construction in progress | -⚑ | 383,405 | 627,627 |
| Increase of prepaid expense | -⚑ | (114,977) | 87,592 |
| [subtotal other non-financial assets] | -⚑ | 268,428 | 715,219 |
| CHANGE IN NET DEBT | 603,799 | (161,400) | (872,330) |
| NET DEBT, BEGINNING OF YEAR | (116,441) | (988,771) | (116,441) |
| NET DEBT, END OF YEAR | $ 487,358 | $ (1,150,171) | $ (988,771) |
CONSOLIDATED CASH FLOWS
FY 2024-2025 · PDF page 10
| 2025 | 2024 | |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Annual surplus | $ 2,382,117 | $ 2,381,557 |
| Add (deduct) non-cash items : | ||
| Amortization of tangible capital assets | 1,549,020 | 1,192,602 |
| Loss (gain) on disposal of tangible capital assets | (112,041) | 67,454 |
| Impairment loss of tangible capital assets | 1,195,100 | -⚑ |
| [subtotal] | 5,014,196 | 3,641,613 |
| Net change in non-cash working capital items | ||
| Due from government and accounts receivable | (884,148) | (1,355,275) |
| Prepaid | (114,976) | 87,592 |
| Inventories | (91,492) | 424,094 |
| Accounts payable and accrued liabilities | (289,510) | (938,814) |
| Due to government and other government organizations | 14,861 | (44,583) |
| Deferred revenue | 3,280,174 | 588,388 |
| [total operating activities] | 6,929,105 | 2,403,015 |
| FINANCING ACTIVITIES | ||
| Increase of long-term debt | 187,195 | 1,347,346 |
| Repayment of long-term debt | (191,296) | (144,570) |
| Transfer to the operating replacement reserve fund | (9,828) | (11,034) |
| Transfer from (to) the replacement reserve fund | (57) | 75,254 |
| [total financing activities] | (13,986) | 1,266,996 |
| CAPITAL ACTIVITIES | ||
| Addition to capital assets | (5,694,256) | (5,277,304) |
| Proceeds from disposal of capital assets | 250,232 | 48,142 |
| Notes receivable | -⚑ | 50,000 |
| Net decrease in construction in progress | 383,405 | 627,627 |
| [total capital activities] | (5,060,619) | (4,551,535) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,854,500 | (881,524) |
| CASH (BANK OVERDRAFT), BEGINNING | (244,808) | 636,716 |
| CASH (BANK OVERDRAFT), ENDING | $ 1,609,692 | $ (244,808) |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 1SIGNIFICANT ACCOUNTING POLICIES (continued) c) Tangible capital assets
| Rate | |
|---|---|
| Buildings | |
| Roads and paving | |
| Equipment and boat | |
| Vehicule | |
| Windtower | |
Note 2CASH (BANK OVERDRAFT)
| 2025 | 2024 | |
|---|---|---|
| Cash (bank overdraft) in operating accounts | $ 1,609,691 | $ (244,808) |
Note 4DUE FROM GOVERNMENT AND ACCOUNTS RECEIVABLE
| 2025 | 2024 | |
|---|---|---|
| Due from Government and Other Government Organizations | ||
| Fisheries and Oceans Canada | $ 2,788,824 | $ 190,764 |
| Indigenous Services Canada | 483,232 | 2,497,189 |
| Minister of Environment | 246,000 | -⚑ |
| Sales tax | 21,704 | -⚑ |
| Provincial Government | 255,993 | 872,699 |
| [total due from government and other government organizations] | 3,795,753 | 3,560,652 |
| Accounts receivable | ||
| Clients | 76,359 | 66,973 |
| Lease receivable (a) | 125,000 | 189,000 |
| Other receivables | 1,344,658 | 640,997 |
| [total accounts receivable] | 1,546,017 | 896,970 |
| [total] | $ 5,341,770 | $ 4,457,622 |
Note 5OTTAWA TRUST MONEYS
| Beginning balance | Additions(other) | Withdrawals(other) | Ending balance(other) | |
|---|---|---|---|---|
| Trust - capital | $ 142 | $ -⚑ | $ -⚑ | $ 142 |
| Trust - revenue | 691 | 28 | -⚑ | 719 |
| Total | $ 833 | $ 28 | $ -⚑ | $ 861 |
Note 6INVENTORIES FOR RESALE
| 2025 | 2024 | |
|---|---|---|
| Tobacco | $ 39,556 | $ 37,478 |
| Fuel | 9,974 | 17,662 |
| Oysters | 424,585 | 327,637 |
| Other | 16,595 | 16,441 |
| [total] | $ 490,710 | $ 399,218 |
Note 7RESTRICTED CASH
| 2025 | 2024 | |
|---|---|---|
| Cash in Ottawa Trusts | $ 861 | $ 833 |
| Operating reserve fund | 67,531 | 57,703 |
| Replacement reserve fund | 356,104 | 356,047 |
| [total] | $ 424,496 | $ 414,583 |
Note 9ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| 2025 | 2024 | |
|---|---|---|
| Suppliers | $ 195,926 | $ 417,228 |
| Payroll deductions | 11,325 | 15,625 |
| Sales tax | -⚑ | 64,467 |
| Accrued expenses | 46,701 | 46,142 |
| [total] | $ 253,952 | $ 543,462 |
Note 10DUE TO GOVERNMENT AND OTHER GOVERNMENT ORGANIZATIONS
| 2025 | 2024 | |
|---|---|---|
| Provincial government | $ 312,081 | $ 297,220 |
Note 11DEFERRED REVENUE
| Balance Beginning of year | Amount of funding received(other) | Amount recognized as revenue(other) | Balance end of year(other) | |
|---|---|---|---|---|
| Federal Government | ||||
| ISC - On-Res O&M Housing | $ -⚑ | $ 122,277 | $ 2,680 | $ 119,597 |
| ISC - Renovation | 202,296 | 123,934 | 320,772 | 5,458 |
| ISC - Skill Link Prog | 33,122 | 99,178 | 73,321 | 58,979 |
| ISC - Response | -⚑ | 38,317 | 37,530 | 787 |
| ISC - Capacity Building | -⚑ | 60,000 | 30,000 | 30,000 |
| ISC - Recovery | 127,209 | -⚑ | 782 | 126,427 |
| ISC - ESE Implen/Expan AD EDU | 61,684 | 49,138 | -⚑ | 110,822 |
| ISC - Capacity Enhancement | 9,989 | 45,250 | 41,454 | 13,785 |
| ISC - Construction | -⚑ | 600,000 | 599,046 | 954 |
| ISC - Health Canada | -⚑ | 7,853 | -⚑ | 7,853 |
| ISC - Roads and bridges | 773,250 | -⚑ | 773,250 | -⚑ |
| ISC - Planning Design & Constr | 21,992 | 100,000 | 121,879 | 113 |
| ISC - FNCFS Renovation | 122,866 | -⚑ | 122,866 | -⚑ |
| ISC - Fire protection | 5,600 | -⚑ | -⚑ | 5,600 |
| ISC - Other protection | 82,746 | -⚑ | 69,052 | 13,694 |
| ISC - Cap Planning Proj-Infra | 79,117 | 50,000 | 102,650 | 26,467 |
| ISC - Prov/Priv Service Mapping | 17,375 | -⚑ | -⚑ | 17,375 |
| CMHC - RRAP | 55,632 | -⚑ | 37,534 | 18,098 |
| CMHC - HAF | 83,110 | 100,000 | 67,500 | 115,610 |
| CMHC - IGO | 134,864 | -⚑ | 134,864 | -⚑ |
| DFO - Trust Agreement | -⚑ | 2,700,000 | -⚑ | 2,700,000 |
| Minister of the Environment | -⚑ | 246,000 | -⚑ | 246,000 |
| Employment and Social Development Canada | 215,668 | 423,573 | 108,482 | 530,759 |
| Total Federal Government (subtotal carried forward) | $ 2,026,520 | $ 4,765,520 | $ 2,643,662 | $ 4,148,378 |
| Balance Beginning of year | Amount of funding received(other) | Amount recognized as revenue(other) | Balance end of year(other) | |
|---|---|---|---|---|
| Subtotal from previous page | $ 2,026,520 | $ 4,765,520 | $ 2,643,662 | $ 4,148,378 |
| Other | ||||
| Mi'gmaq Child and Family Services of New Brunswick | 351,168 | -⚑ | 21,500 | 329,668 |
| The Four Pillars Society | -⚑ | 1,202,000 | 76,928 | 1,125,072 |
| Other | 72,523 | 324,857 | 270,113 | 127,267 |
| Total Other | 423,691 | 1,526,857 | 368,541 | 1,582,007 |
| Total | $ 2,450,211 | $ 6,292,377 | $ 3,012,203 | $ 5,730,385 |
Note 12LONG-TERM DEBT
| 2025 | 2024 | |
|---|---|---|
| Loan paid during the year | $ -⚑ | $ 2,591 |
| Demande loan, not secured, repayable by monthly instalments of $9,672 including capital and interest at the rate of prime plus 1.5% | 932,924 | 984,424 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $268 including capital and interest at the rate of 0.69%, maturing in 2030, renewable in June 2025, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 16,343 | 19,440 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $422 including capital and interest at the rate of 0.69%, maturing in 2035, renewable in June 2025, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 49,648 | 54,347 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $766 including capital and interest at the rate of 0.69%, maturing in 2035, renewable in June 2025, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 90,979 | 99,516 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $414 including capital and interest at the rate of 0.68%, maturing in 2035, renewable in October 2025, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 47,209 | 51,838 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $260 including capital and interest at the rate of 1.30%, maturing in January 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 2,589 | 5,659 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $470 including capital and interest at the rate of 0.74%, maturing in 2041, renewable in February 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 84,574 | 89,564 |
| Subtotal carried forward | $ 1,224,266 | $ 1,307,379 |
| 2025 | 2024 | |
|---|---|---|
| Subtotal from previous page | $ 1,224,266 | $ 1,307,379 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $295 including capital and interest at the rate of 1.30%, maturing in 2031, renewable in April 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 20,712 | 23,964 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $409 including capital and interest at the rate of 1.22%, maturing in 2040, renewable in May 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 68,002 | 72,062 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $426 including capital and interest at the rate of 1.13%, maturing in 2036, renewable in June 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 54,355 | 58,827 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $829 including capital and interest at the rate of 1.51%, maturing in 2036, renewable in November 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 106,313 | 114,591 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $527 including capital and interest at the rate of 1.57%, maturing in 2041, renewable in December 2026, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 93,103 | 97,931 |
| Loan secured by a first mortgage on buidings, repayable by monthly instalments of $455 including capital and interest at the rate of 1.50%, maturing in 2037, renewable in January 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 59,180 | 63,720 |
| Subtotal carried forward | $ 1,625,931 | $ 1,738,474 |
| 2025 | 2024 | |
|---|---|---|
| Subtotal from previous page | $ 1,625,931 | $ 1,738,474 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $479 including capital and interest at the rate of 1.50%, maturing in 2042, renewable in January 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 85,566 | 90,007 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $322 including capital and interest at the rate of 1.88%, maturing in 2032, renewable in February 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 24,735 | 28,098 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $482 including capital and interest at the rate of 2.27%, maturing in 2037, renewable in April 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 60,740 | 65,100 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $515 including capital and interest at the rate of 2.27%, maturing in 2042, renewable in April 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 87,448 | 91,600 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $340 including capital and interest at the rate of 3.04%, maturing in 2032, renewable in June 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 25,974 | 29,216 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $312 including capital and interest at the rate of 3.29%, maturing in September 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 8,965 | 12,352 |
| Subtotal carried forward | $ 1,919,359 | $ 2,054,847 |
| 2025 | 2024 | |
|---|---|---|
| Subtotal from previous page | $ 1,919,359 | $ 2,054,847 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $690 including capital and interest at the rate of 3.70%, maturing in 2042, renewable in December 2027, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 107,875 | 112,119 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $361 including capital and interest at the rate of 3.81%, maturing in 2033, renewable in March 2028, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 29,350 | 32,512 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $630 including capital and interest at the rate of 3.52%, maturing in 2038, renewable in May 2028, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on on housing unit. | 79,712 | 84,404 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $1,194 including capital and interest at the rate of 3.96%, maturing in 2038, renewable in July 2028, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 148,582 | 156,859 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $321 including capital and interest at the rate of 5.00%, maturing August 2028, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 12,087 | 15,257 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $1,427 including capital and interest at the rate of 4.66%, maturing in 2038, renewable in November 2028, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 173,263 | 182,180 |
| Subtotal carried forward | $ 2,470,228 | $ 2,638,178 |
| 2025 | 2024 | |
|---|---|---|
| Subtotal from previous page | $ 2,470,228 | $ 2,638,178 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $441 including capital and interest at the rate of 3.58%, maturing in 2033, renewable in January 2029, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 39,090 | 42,922 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $296 including capital and interest at the rate of 3.84%, maturing in February 2029, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 12,909 | 15,922 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $974 including capital and interest at the rate of 3.84%, maturing in 2034, renewable in April 2029, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on on housing unit. | 89,585 | 97,776 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $497 including capital and interest at the rate of 4.08%, maturing in 2039, renewable in May 2029, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 64,276 | 67,682 |
| Loan secured by a first mortgage on buildings, repayable by monthly instalments of $1,318 including capital and interest at the rate of 3.30%, maturing in 2039, renewable in September 2029, secured by a ministerial guarantee from Indigenous Services Canada and a first mortgage on one housing unit | 182,292 | -⚑ |
| [total] | $ 2,858,380 | $ 2,862,480 |
| Amount | |
|---|---|
| 2026 | 1,077,355 |
| 2027 | 145,485 |
| 2028 | 147,369 |
| 2029 | 146,728 |
| 2030 | 145,492 |
Note 13TANGIBLE CAPITAL ASSETS
| Land and Buildings | Roads and Paving(other) | Equipment and boat(other) | Vehicule(other) | Total 2025(other) | Total 2024(other) | |
|---|---|---|---|---|---|---|
| Cost | ||||||
| Opening balance | $ 15,813,881 | $ 1,783,750 | $ 3,820,824 | $ 577,089 | $ 21,995,544 | $ 17,112,077 |
| Additions | 3,437,773 | 1,789,980 | 148,117 | 318,386 | 5,694,256 | 5,277,304 |
| Disposals | (168,258) | -⚑ | (212,258) | (101,488) | (482,004) | (393,837) |
| Closing balance | 19,083,396 | 3,573,730 | 3,756,683 | 793,987 | 27,207,796 | 21,995,544 |
| Accumulated Amortization | ||||||
| Opening balance | 4,668,997 | 336,793 | 2,109,015 | 311,558 | 7,426,363 | 6,512,001 |
| Amortization | 714,199 | 303,267 | 452,662 | 78,892 | 1,549,020 | 1,192,602 |
| Accumulated amortization on disposals | (68,745) | -⚑ | (208,341) | (66,728) | (343,814) | (278,240) |
| Closing balance | 5,314,451 | 640,060 | 2,353,336 | 323,722 | 8,631,569 | 7,426,363 |
| Net book value | $ 13,768,945 | $ 2,933,670 | $ 1,403,347 | $ 470,265 | $ 18,576,227 | $ 14,569,181 |
| Opening net book value | 11,144,884 | 1,446,957 | 1,711,809 | 265,531 | 14,569,181 | 10,600,076 |
| Closing net book value | 13,768,945 | 2,933,670 | 1,403,347 | 470,265 | 18,576,227 | 14,569,181 |
| Increase in net book value | $ 2,624,061 | $ 1,486,713 | $ (308,462) | $ 204,734 | $ 4,007,046 | $ 3,969,105 |
Note 15INTANGIBLE ASSETS
| 2025 | 2024 | |
|---|---|---|
| Intangible assets not subject to amortization | ||
| Lobster licences | $ 1,000,000 | $ 1,000,000 |
Note 16PREPAID EXPENSES
| 2025 | 2024 | |
|---|---|---|
| Tuition fees | $ 173,874 | $ 178,332 |
| Insurance | 286,960 | 148,121 |
| Lease | 14,700 | 20,100 |
| Other | -⚑ | 14,005 |
| [total] | $ 475,534 | $ 360,558 |
Note 21EXPENSES BY OBJECT
| 2025 | 2024 | |
|---|---|---|
| Wages & employee benefits | $ 1,844,068 | $ 1,482,247 |
| Fees and contract services | 1,375,968 | 1,650,504 |
| Insurance | 213,486 | 140,876 |
| Interest | 179,812 | 137,503 |
| Office supplies and equipment | 11,702 | 128,098 |
| Professional services | 52,916 | 42,582 |
| Repairs & maintenance | 333,669 | 716,511 |
| Supplies & services | 1,692,459 | 1,902,344 |
| Telephone | 16,740 | 21,693 |
| Travel | 44,792 | 83,418 |
| Tuition | 554,315 | 591,468 |
| Utilities | 469,468 | 389,383 |
| Other | 1,925,091 | 2,192,801 |
| Impairment loss | 1,195,100 | -⚑ |
| Amortization | 1,549,020 | 1,192,602 |
| [total] | $ 11,458,606 | $ 10,672,030 |
Note 22RECONCILIATION OF INDIGENOUS SERVICES CANADA (ISC) FUNDING
| Amount | |
|---|---|
| ISC funding per consolidated financial statements | $ 5,223,030 |
| Less: Deferred revenue - Capacity Enhancement | 9,989 |
| Deferred revenue - Skill Link Prog | 33,122 |
| Deferred revenue - Planning Design & Constr | 21,992 |
| Deferred revenue - Recovery | 127,209 |
| Deferred revenue - Road and Bridges | 773,250 |
| Deferred revenue - Renovation | 202,296 |
| Deferred revenue - Other protection | 82,746 |
| Deferred revenue - FNCS Renovation | 122,866 |
| Deferred revenue - Fire protection | 5,600 |
| Deferred revenue - ESE IMPLEN/EXPAN AD EDU | 61,684 |
| Deferred revenue - Prov/Priv Service Mapping | 17,375 |
| Deferred revenue - Cap Planning Proj-Infra | 79,117 |
| Accounts receivable - Recovery | 107,767 |
| Accounts receivable - Response | 441 |
| Accounts receivable - Special needs (Amendment #104) | 45,004 |
| Subtotal carried forward | $ 1,690,458 |
| Amount | |
|---|---|
| Subtotal from previous page | $ 1,690,458 |
| Plus: Deferred revenue - ESE IMPLEN/EXPAN AD EDU | 110,822 |
| Deferred revenue - Skill Link Prog | 58,979 |
| Deferred revenue - Capacity Enhancement | 13,785 |
| Deferred revenue - Planning Design & Constr | 113 |
| Deferred revenue - On-Res O&M Housing | 119,597 |
| Deferred revenue - Renovation | 5,458 |
| Deferred revenue - Construction | 954 |
| Deferred revenue - Other protection | 13,694 |
| Deferred revenue - Response | 787 |
| Deferred revenue - Fire protection | 5,600 |
| Deferred revenue - Prov/Priv Service Mapping | 17,375 |
| Deferred revenue - Capacity Building | 30,000 |
| Deferred revenue - Recovery | 126,427 |
| Deferred revenue - Health | 7,853 |
| Deferred revenue - Cap Planning Proj-Infra | 26,467 |
| Accounts receivable prior year - Prov School Tuition | 212,634 |
| Accounts receivable prior year - Response (Amendment #79) | 706,307 |
| Accounts receivable prior year - Response (Amendment #76) | 36,912 |
| [total plus items] | 1,493,764 |
| Funding per ISC revenue confirmation | $ 5,026,336 |
Note 23GOVERNMENT TRANSFERS
| Operating(budget) | Capital | 2025 Total | |
|---|---|---|---|
| Federal government transfers | |||
| Indigenous Services Canada | $ 3,403,904 | $ 1,819,126 | $ 5,223,030 |
| Canada Mortgage and Housing Corporation | 373,955 | -⚑ | 373,955 |
| Department of Fisheries and Oceans | 221,017 | 341,198 | 562,215 |
| [total federal government transfers] | 3,998,876 | 2,160,324 | 6,159,200 |
| Provincial government transfers | 642,728 | 2,948,105 | 3,590,833 |
| [total] | $ 4,641,604 | $ 5,108,429 | $ 9,750,033 |
| Operating(budget) | Capital | 2024 Total | |
|---|---|---|---|
| Federal government transfers | |||
| Indigenous Services Canada | $ 4,024,245 | $ 1,526,864 | $ 5,551,109 |
| Innovation in Education | 16,729 | -⚑ | 16,729 |
| Canada Mortgage and Housing Corporation | 428,490 | 25,388 | 453,878 |
| Department of Fisheries and Oceans | 274,144 | 1,277,434 | 1,551,578 |
| [total federal government transfers] | 4,743,608 | 2,829,686 | 7,573,294 |
| Provincial government transfers | 489,647 | 843,567 | 1,333,214 |
| [total] | $ 5,233,255 | $ 3,673,253 | $ 8,906,508 |
Note 24SEGMENT DISCLOSURE
| Economic Development 2025 | Economic Development 2024(other) | Education 2025(other) | Education 2024(other) | Social Assistance 2025(other) | Social Assistance 2024(other) | Health 2025(other) | Health 2024(other) | |
|---|---|---|---|---|---|---|---|---|
| Revenues | ||||||||
| Federal Government | $ -⚑ | $ -⚑ | $ 615,210 | $ 933,330 | $ 945,232 | $ 1,104,633 | $ 568,771 | $ 609,417 |
| Provincial Government | 162,105 | 186,911 | 150,360 | 161,602 | -⚑ | -⚑ | -⚑ | -⚑ |
| Other revenue | 1,163,529 | 1,176,913 | 112,322 | 77,279 | 134,881 | 130,190 | -⚑ | -⚑ |
| Total revenue | 1,325,634 | 1,363,824 | 877,892 | 1,172,211 | 1,080,113 | 1,234,823 | 568,771 | 609,417 |
| Expenses | ||||||||
| Salaries and benefits | 183,044 | 137,351 | 176,044 | 148,719 | 143,806 | 88,185 | 206,371 | 283,789 |
| Amortization | 55,627 | 52,886 | -⚑ | -⚑ | 53,470 | 56,307 | -⚑ | -⚑ |
| Debt servicing | -⚑ | -⚑ | -⚑ | -⚑ | 48,894 | 37,562 | -⚑ | -⚑ |
| Other expenses | 1,189,287 | 1,223,059 | 753,492 | 825,242 | 881,402 | 1,193,766 | 362,400 | 353,261 |
| Total expenses | 1,427,958 | 1,413,296 | 929,536 | 973,961 | 1,127,572 | 1,375,820 | 568,771 | 637,050 |
| Annual surplus (deficit) | $ (102,324) | $ (49,472) | $ (51,644) | $ 198,250 | $ (47,459) | $ (140,997) | $ -⚑ | $ (27,633) |
| Public Works 2025 | Public Works 2024(other) | Band Government 2025(other) | Band Government 2024(other) | Other 2025(other) | Other 2024(other) | Total 2025(other) | Total 2024(other) | |
|---|---|---|---|---|---|---|---|---|
| Revenues | ||||||||
| Federal Government | $ 116,583 | $ 116,573 | $ 3,351,189 | $ 3,257,762 | $ 562,215 | $ 1,551,579 | $ 6,159,200 | $ 7,573,294 |
| Provincial Government | -⚑ | -⚑ | 3,236,105 | 941,259 | 42,263 | 43,442 | 3,590,833 | 1,333,214 |
| Other revenue | -⚑ | -⚑ | 641,258 | 263,808 | 2,038,699 | 2,498,889 | 4,090,689 | 4,147,079 |
| Total revenue | 116,583 | 116,573 | 7,228,552 | 4,462,829 | 2,643,177 | 4,093,910 | 13,840,722 | 13,053,587 |
| Expenses | ||||||||
| Salaries and benefits | 16,911 | 17,858 | 830,974 | 520,053 | 286,918 | 286,292 | 1,844,068 | 1,482,247 |
| Amortization | -⚑ | -⚑ | 965,585 | 593,277 | 474,338 | 490,132 | 1,549,020 | 1,192,602 |
| Debt servicing | -⚑ | -⚑ | -⚑ | -⚑ | 74,544 | 74,200 | 123,438 | 111,762 |
| Other expenses | 152,883 | 151,377 | 1,450,586 | 1,452,230 | 3,152,030 | 2,686,484 | 7,942,080 | 7,885,419 |
| Total expenses | 169,794 | 169,235 | 3,247,145 | 2,565,560 | 3,987,830 | 3,537,108 | 11,458,606 | 10,672,030 |
| Annual surplus (deficit) | $ (53,211) | $ (52,662) | $ 3,981,407 | $ 1,897,269 | $ (1,344,653) | $ 556,802 | $ 2,382,116 | $ 2,381,557 |