First Nations / Mushuau Innu First Nation / 2023-2024
Audited consolidated financial statementsFY 2023-2024
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Statements as published · FY 2023-2024
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Consolidated Statement of Financial Position As at March 31, 2024
FY 2023-2024 · PDF page 6
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2024 | 2023 | |
|---|---|---|
| [Financial assets] | ||
| Cash and cash equivalents | 15,089,437 | 12,187,749 |
| Funds held in trust (Note 4)n4 | 320,943 | 249,630 |
| Accounts receivable (Note 5)n5 | 4,019,605 | 4,141,564 |
| Portfolio investments (Note 6)n6 | 17,230,905 | 17,169,585 |
| Due from governments (Note 7)n7 | 31,075,370 | 12,318,006 |
| Inventory for resale (Note 8)n8 | 321,115 | 732,362 |
| Investments in partnerships and Nation business entities (Note 9)n9 | 32,498,442 | 29,648,499 |
| Total financial assets | 100,555,817 | 76,447,395 |
| [Financial liabilities] | ||
| Accounts payable and accruals (Note 10)n10 | 6,631,332 | 5,443,147 |
| Due to governments (Note 11)n11 | 5,217,799 | 2,823,222 |
| Deferred revenue (Note 12)n12 | 40,096,372 | 20,422,085 |
| Advances from related parties (Note 13)n13 | 5,322,244 | 3,740,258 |
| Long-term debt (Note 14)n14 | 3,179,094 | 3,726,427 |
| Settlement obligations (Note 15)n15 | 2,125,000 | -⚑ |
| Total financial liabilities | 62,571,841 | 36,155,139 |
| Net financial assets | 37,983,976 | 40,292,256 |
| [Non-financial assets] | ||
| Tangible capital assets (Schedule 1) | 85,786,869 | 85,918,477 |
| Inventory for consumption (Note 8)n8 | 2,051,425 | 2,257,708 |
| Prepaid expenses | 2,131,995 | 922,925 |
| Total non-financial assets | 89,970,289 | 89,099,110 |
| Accumulated surplus (Note 17)n17 | 127,954,265 | 129,391,366 |
Consolidated Statement of Operations and Accumulated Surplus For the year ended March 31, 2024
FY 2023-2024 · PDF page 7
Rev − Exp = Surplus: matched
| 2024 Budget (Note 20)(budget) | 2024 | 2023 | |
|---|---|---|---|
| [Revenue] | |||
| Federal government operating transfers (Note 18)n18 | 26,928,123 | 27,632,488 | 30,226,438 |
| Federal government capital transfers (Note 18)n18 | 954,400 | 7,642,535 | 7,935,204 |
| Provincial government operating transfers (Note 18)n18 | 3,375,032 | 2,817,495 | 2,449,222 |
| Provincial government capital transfers (Note 18)n18 | -⚑ | 6,159 | 39,259 |
| [Subtotal] | 31,257,555 | 38,098,677 | 40,650,123 |
| Earnings from investment in Nation business entities (Note 9)n9 | -⚑ | 5,005,886 | 5,239,208 |
| Sheshatshiu Innu and Mushuau Innu First Nations Trust | 3,376,070 | 3,225,399 | 3,771,372 |
| Facilities management | 943,104 | 1,960,108 | 1,470,039 |
| Innu Nation | 375,000 | 1,628,863 | 1,381,945 |
| Infrastructure park | 612,000 | 395,875 | 612,000 |
| Interest | 75,000 | 1,213,447 | 407,935 |
| Rental | 250,000 | 190,291 | 213,489 |
| Innu Development Limited Partnership donations | 1,600,000 | 233,827 | 100,000 |
| Miscellaneous | -⚑ | 349,820 | 69,704 |
| Postal | 85,000 | 95,356 | 66,149 |
| Labrador Innu Round Table Secretariat | -⚑ | 1,608,779 | 10,000 |
| Sheshatshiu Innu First Nation | -⚑ | 84,249 | -⚑ |
| [Total Revenue] | 38,573,729 | 54,090,577 | 53,991,964 |
| [Expenses (Note 19)] | |||
| Band support | 5,427,428 | 4,840,502 | 4,046,716 |
| Economic development | 106,919 | 686,505 | 371,377 |
| Education and training | 1,692,738 | 1,598,758 | 2,616,457 |
| Health Commission | 9,121,786 | 9,856,977 | 8,162,940 |
| Mushuau EPH and Group Home Inc. | 2,050,032 | 1,839,733 | 1,960,735 |
| Natuashish Housing Authority | 6,171,440 | 5,003,324 | 6,805,478 |
| Operations and maintenance | 16,951,216 | 18,135,296 | 17,010,264 |
| Outpost, gatherings and traditional skills | 2,526,412 | 2,472,402 | 3,411,941 |
| Recreation and community events | 1,715,037 | 1,983,697 | 2,213,907 |
| Safety and security | 555,910 | 538,469 | 637,427 |
| Social programs | 4,186,900 | 4,458,259 | 4,754,837 |
| [Total Expenses] | 50,505,818 | 51,413,922 | 51,992,079 |
| Annual surplus (deficit) before other items | (11,932,089) | 2,676,655 | 1,999,885 |
| [Other income (expenses)] | |||
| Provision for write-down of investment (Note 9)n9 | -⚑ | (1,085,369) | (495,449) |
| Insurance proceeds | -⚑ | 35,000 | 307,500 |
| Settlement costs | -⚑ | (2,909,000) | -⚑ |
| Loss attributed to theft | -⚑ | (30,467) | -⚑ |
| Funding repayments | -⚑ | (123,920) | -⚑ |
| Annual surplus (deficit) | (11,932,089) | (1,437,101) | 1,811,936 |
| Accumulated surplus, beginning of year | 129,391,366 | 129,391,366 | 127,579,430 |
| Accumulated surplus, end of year | 117,459,277 | 127,954,265 | 129,391,366 |
Consolidated Statement of Change in Net Financial Assets For the year ended March 31, 2024
FY 2023-2024 · PDF page 8
| 2024 Budget (Note 20)(budget) | 2024 | 2023 | |
|---|---|---|---|
| Annual surplus (deficit) | (11,932,089) | (1,437,101) | 1,811,936 |
| Acquisition of tangible capital assets | -⚑ | (7,661,317) | (10,002,160) |
| Amortization of tangible capital assets | -⚑ | 7,792,925 | 10,792,517 |
| Consumption of supplies inventory, net | -⚑ | 206,283 | (1,442,351) |
| Acquisition of prepaid expenses, net | -⚑ | (1,209,070) | (131,953) |
| Increase (decrease) in net financial assets | (11,932,089) | (2,308,280) | 1,027,989 |
| Net financial assets, beginning of year | 40,292,256 | 40,292,256 | 39,264,267 |
| Net financial assets, end of year | 28,360,167 | 37,983,976 | 40,292,256 |
Consolidated Statement of Cash Flows For the year ended March 31, 2024
FY 2023-2024 · PDF page 9
| 2024 | 2023 | |
|---|---|---|
| [Cash provided by (used for) the following activities] | ||
| [Operating activities] | ||
| Annual surplus (deficit) | (1,437,101) | 1,811,936 |
| [Non-cash items] | ||
| Earnings from investment in Nation business entities | (5,005,886) | (5,239,208) |
| Impairment loss on investment in First Nation business entities | 1,085,369 | 495,449 |
| Amortization of tangible capital assets | 7,792,925 | 10,792,517 |
| [Subtotal] | 2,435,307 | 7,860,694 |
| [Changes in working capital accounts] | ||
| Accounts receivable | 121,960 | (1,510,992) |
| Prepaid expenses | (1,209,070) | (131,963) |
| Accounts payable and accruals | 1,188,185 | 1,272,872 |
| Deferred revenue | 19,674,287 | 4,851,478 |
| Due to governments | 2,394,577 | 893,164 |
| Inventories | 617,530 | (1,911,032) |
| Due from governments | (18,757,364) | (7,600,558) |
| Settlement obligation | 2,125,000 | -⚑ |
| [Total Operating activities] | 8,590,412 | 3,723,663 |
| [Financing activities] | ||
| Repayment of debt | (547,333) | (594,519) |
| Net advances from related parties | 1,581,986 | 1,045,210 |
| [Total Financing activities] | 1,034,653 | 450,691 |
| [Capital activities] | ||
| Acquisition of tangible capital assets | (7,661,317) | (10,002,160) |
| [Investing activities] | ||
| Purchase of portfolio investments | (61,320) | (17,169,585) |
| Funds held in trust | (71,313) | (65,406) |
| Withdrawals from First Nation business entities | 2,155,943 | 2,999,940 |
| Contributions to Natuashish Shipping Limited Partnership | (1,085,370) | (495,449) |
| [Total Investing activities] | 937,940 | (14,730,500) |
| Increase (decrease) in cash resources | 2,901,688 | (20,558,306) |
| Cash resources, beginning of year | 12,187,749 | 32,746,055 |
| Cash resources, end of year | 15,089,437 | 12,187,749 |
Schedule 2 - Statements of Segmented Revenue and Expenses March 31, 2024
FY 2023-2024 · PDF page 25
| Education Budget 2024(budget) | Education Actual 2024 | Education Actual 2023 | Health Budget 2024(budget) | Health Actual 2024(other) | Health Actual 2023(other) | Economic Development Budget 2024(budget) | Economic Development Actual 2024(other) | Economic Development Actual 2023(other) | |
|---|---|---|---|---|---|---|---|---|---|
| [Revenue] | |||||||||
| Federal government operating transfers | 861,668 | 582,439 | 995,297 | 7,893,523 | 8,282,415 | 7,616,060 | 65,440 | 418,976 | 94,808 |
| Federal government capital transfers | -⚑ | 208,224 | 4,677,838 | -⚑ | 305,705 | 2,992,461 | -⚑ | -⚑ | -⚑ |
| Government of NL operating transfers | 1,325,000 | -⚑ | 275,000 | -⚑ | -⚑ | 1,000 | -⚑ | -⚑ | -⚑ |
| Government of NL capital transfers | |||||||||
| Other revenue | 421,070 | 76,622 | 106,496 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ |
| Share of income in business enterprises | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 5,005,886 | 3,941,708 |
| Total Revenue | 2,607,738 | 867,285 | 6,054,632 | 7,893,523 | 8,588,120 | 10,609,521 | 65,440 | 5,424,862 | 4,036,516 |
| [Expenditures] | |||||||||
| Wages and benefits | 183,800 | 219,021 | 369,890 | 4,992,338 | 3,882,363 | 3,698,735 | 85,219 | 227,437 | 85,605 |
| Interest expense | |||||||||
| Other expense | 1,508,938 | 1,056,664 | 1,006,903 | 4,129,448 | 5,418,987 | 3,710,582 | 21,701 | 191,615 | 18,509 |
| Total expenses before amortization | 1,692,738 | 1,275,684 | 1,376,793 | 9,121,786 | 9,301,349 | 7,409,317 | 106,919 | 419,052 | 104,114 |
| Amortization | -⚑ | 323,074 | 1,239,664 | -⚑ | 555,628 | 753,623 | -⚑ | 267,453 | 267,263 |
| Total Expenses | 1,692,738 | 1,598,758 | 2,616,457 | 9,121,786 | 9,856,977 | 8,162,940 | 106,919 | 686,505 | 371,377 |
| Provision for write down of investment in First Nation business entities | |||||||||
| Insurance proceeds | |||||||||
| Settlement costs | |||||||||
| Loss attributed to theft | |||||||||
| Funding repayments | |||||||||
| Annual Surplus (deficit) | 915,000 | (731,473) | 3,438,174 | (1,228,262) | (1,268,857) | 2,446,581 | (41,479) | 4,738,357 | 3,665,139 |
Schedule 2 - Statements of Segmented Revenue and Expenses March 31, 2024 (Continued)
FY 2023-2024 · PDF page 26
| Housing Budget 2024(budget) | Housing Actual 2024 | Housing Actual 2023 | Community Services Budget 2024(budget) | Community Services Actual 2024(other) | Community Services Actual 2023(other) | Band Support Budget 2024(budget) | Band Support Actual 2024(other) | Band Support Actual 2023(other) | |
|---|---|---|---|---|---|---|---|---|---|
| [Revenue] | |||||||||
| Federal government operating transfers | 4,212,879 | 1,047,920 | 3,569,068 | 12,699,522 | 15,567,791 | 16,110,024 | 1,195,091 | 1,732,946 | 1,841,180 |
| Federal government capital transfers | -⚑ | 3,742,334 | 2,055 | 954,400 | 3,293,650 | 262,850 | -⚑ | 92,622 | -⚑ |
| Government of NL operating transfers | -⚑ | -⚑ | -⚑ | 2,050,032 | 2,783,694 | 2,113,280 | -⚑ | 33,801 | 59,942 |
| Government of NL capital transfers | -⚑ | -⚑ | -⚑ | -⚑ | 6,159 | 39,259 | -⚑ | -⚑ | -⚑ |
| Other revenue | 250,000 | 190,291 | 511,989 | 3,462,767 | 5,704,845 | 4,952,668 | 3,182,337 | 5,014,256 | 2,531,480 |
| Share of income in business enterprises | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 1,297,500 | -⚑ | -⚑ | -⚑ |
| Total Revenue | 4,462,879 | 4,980,545 | 4,083,112 | 19,166,721 | 27,356,140 | 24,775,581 | 4,377,428 | 6,873,625 | 4,432,602 |
| [Expenditures] | |||||||||
| Wages and benefits | 1,391,368 | 993,321 | 932,818 | 5,625,451 | 5,489,728 | 5,413,717 | 3,156,471 | 2,074,899 | 2,173,611 |
| Interest expense | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 792,000 | 199,854 | 216,858 |
| Other expense | 4,780,072 | 1,265,791 | 1,999,973 | 19,911,856 | 20,083,639 | 20,156,144 | 1,478,957 | 2,517,680 | 1,416,215 |
| Total expenses before amortization | 6,171,440 | 2,259,112 | 2,932,792 | 25,537,307 | 25,573,367 | 25,569,861 | 5,427,428 | 4,792,433 | 3,806,683 |
| Amortization | -⚑ | 2,744,212 | 3,872,686 | 2,448,200 | 3,854,489 | 4,419,249 | -⚑ | 48,069 | 240,033 |
| Total Expenses | 6,171,440 | 5,003,324 | 6,805,478 | 27,985,507 | 29,427,856 | 29,989,110 | 5,427,428 | 4,840,502 | 4,046,716 |
| Provision for write down of investment in First Nation business entities | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (1,085,369) | (495,449) |
| Insurance proceeds | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 35,000 | 307,500 |
| Settlement costs | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (2,909,000) | -⚑ |
| Loss attributed to theft | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (30,467) | -⚑ |
| Funding repayments | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (123,920) | -⚑ |
| Annual Surplus (deficit) | (1,708,561) | (22,779) | (2,722,366) | (8,818,786) | (2,071,717) | (5,213,529) | (1,050,000) | (2,080,633) | 197,937 |
Schedule 2 - Statements of Segmented Revenue and Expenses March 31, 2024 (Continued)
FY 2023-2024 · PDF page 27
| Total Budget 2024(budget) | Total Actual 2024 | Total Actual 2023 | |
|---|---|---|---|
| [Revenue] | |||
| Federal government operating transfers | 26,928,123 | 27,632,488 | 30,226,438 |
| Federal government capital transfers | 954,400 | 7,642,535 | 7,935,204 |
| Government of NL operating transfers | 3,375,032 | 2,817,495 | 2,449,222 |
| Government of NL capital transfers | -⚑ | 6,159 | 39,259 |
| Other revenue | 7,316,174 | 10,986,014 | 8,102,633 |
| Share of income in business enterprises | -⚑ | 5,005,886 | 5,239,208 |
| Total Revenue | 38,573,729 | 54,090,577 | 53,991,964 |
| [Expenditures] | |||
| Wages and benefits | 15,434,647 | 12,886,768 | 12,674,375 |
| Interest expense | 792,000 | 199,854 | 216,858 |
| Other expense | 31,830,972 | 30,534,375 | 28,308,328 |
| Total expenses before amortization | 48,057,618 | 43,620,997 | 41,199,560 |
| Amortization | 2,448,200 | 7,792,925 | 10,792,518 |
| Total Expenses | 50,505,818 | 51,413,922 | 51,992,078 |
| Provision for write down of investment in First Nation business entities | -⚑ | (1,085,369) | (495,449) |
| Insurance proceeds | -⚑ | 35,000 | 307,500 |
| Settlement costs | -⚑ | (2,909,000) | -⚑ |
| Loss attributed to theft | -⚑ | (30,467) | -⚑ |
| Funding repayments | -⚑ | (123,920) | -⚑ |
| Annual Surplus (deficit) | (11,932,089) | (1,437,101) | 1,811,937 |
Schedules as published
Schedule 1 - Consolidated Schedule of Tangible Capital Assets For the year ended March 31, 2024PDF p. 23
| Building | Housing(other) | Equipment(other) | Infrastructure(other) | Transportation equipment(other) | Subtotal(other) | |
|---|---|---|---|---|---|---|
| [Cost] | ||||||
| Balance, beginning of year | 85,015,441 | 87,880,559 | 7,075,736 | 56,790,228 | 2,347,905 | 239,109,869 |
| Acquisition of tangible capital assets | -⚑ | -⚑ | 173,182 | -⚑ | 723,377 | 896,559 |
| Construction-in-progress | 1,956,180 | 4,808,578 | -⚑ | -⚑ | -⚑ | 6,764,758 |
| Disposal of tangible capital assets | -⚑ | -⚑ | (56,200) | -⚑ | -⚑ | (56,200) |
| Balance, end of year | 86,971,621 | 92,689,137 | 7,192,718 | 56,790,228 | 3,071,282 | 246,714,986 |
| [Accumulated amortization] | ||||||
| Balance, beginning of year | 63,024,142 | 59,961,233 | 5,828,628 | 24,617,352 | 1,444,504 | 154,875,859 |
| Annual amortization | 2,110,170 | 2,740,911 | 572,163 | 1,419,756 | 388,434 | 7,231,434 |
| Accumulated amortization on disposals | -⚑ | -⚑ | (56,200) | -⚑ | -⚑ | (56,200) |
| Balance, end of year | 65,134,312 | 62,702,144 | 6,344,591 | 26,037,108 | 1,832,938 | 162,051,093 |
| Net book value of tangible capital assets | 21,837,309 | 29,986,993 | 848,127 | 30,753,120 | 1,238,344 | 84,663,893 |
| Net book value of tangible capital assets 2023 | 21,991,299 | 27,919,326 | 1,247,108 | 32,172,876 | 903,401 | 84,234,010 |
Schedule 1 - Consolidated Schedule of Tangible Capital Assets For the year ended March 31, 2024 (Continued)PDF p. 24
| Subtotal | Wharf(other) | 2024(other) | 2023(other) | |
|---|---|---|---|---|
| [Cost] | ||||
| Balance, beginning of year | 239,109,869 | 11,229,814 | 250,339,683 | 240,337,523 |
| Acquisition of tangible capital assets | 896,559 | -⚑ | 896,559 | 10,002,160 |
| Construction-in-progress | 6,764,758 | -⚑ | 6,764,758 | -⚑ |
| Disposal of tangible capital assets | (56,200) | -⚑ | (56,200) | -⚑ |
| Balance, end of year | 246,714,986 | 11,229,814 | 257,944,800 | 250,339,683 |
| [Accumulated amortization] | ||||
| Balance, beginning of year | 154,875,859 | 9,545,347 | 164,421,206 | 153,628,689 |
| Annual amortization | 7,231,434 | 561,491 | 7,792,925 | 10,792,517 |
| Accumulated amortization on disposals | (56,200) | -⚑ | (56,200) | -⚑ |
| Balance, end of year | 162,051,093 | 10,106,838 | 172,157,931 | 164,421,206 |
| Net book value of tangible capital assets | 84,663,893 | 1,122,976 | 85,786,869 | 85,918,477 |
| Net book value of tangible capital assets 2023 | 84,234,010 | 1,684,467 | 85,918,477 | ⚑ |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 3Significant accounting policies (Amortization)
| Rate | |
|---|---|
| Buildings | |
| Housing | |
| Equipment | |
| Infrastructure | |
| Transportation equipment | |
| Wharf | |
Note 4Funds held in trust by the Federal Government
| 2024 | 2023 | |
|---|---|---|
| [Revenue Trust] | ||
| Balance, beginning of year | 249,630 | 184,224 |
| Additions | 71,313 | 65,406 |
| [Total] | 320,943 | 249,630 |
Note 5Accounts receivable
| 2024 | 2023 | |
|---|---|---|
| Members | 70,176 | 54,207 |
| Non members | 4,040,462 | 4,142,636 |
| [Subtotal] | 4,110,638 | 4,196,843 |
| Less: Allowance for doubtful accounts | 91,033 | 55,279 |
| [Total] | 4,019,605 | 4,141,564 |
Note 7Due from governments
| 2024 | 2023 | |
|---|---|---|
| First Nations and Inuit Health Branch | 984,227 | 1,137,433 |
| Indigenous Services Canada | 27,807,329 | 8,892,559 |
| Canada Revenue Agency - Harmonized Sales Tax | 855,836 | 1,399,703 |
| Service Canada | 100,000 | -⚑ |
| Public Safety Canada | 1,314,228 | 642,678 |
| Royal Canadian Mounted Police | -⚑ | 11,104 |
| Labrador-Grenfell Health | -⚑ | 13,391 |
| Government of Newfoundland and Labrador | 13,750 | 221,138 |
| [Total] | 31,075,370 | 12,318,006 |
Note 8Inventories
| 2024 | 2023 | |
|---|---|---|
| Fuel for resale | 306,535 | 717,782 |
| Post office | 14,580 | 14,580 |
| Total inventory for resale | 321,115 | 732,362 |
| Inventories for consumption | 2,051,425 | 2,257,708 |
| [Total] | 2,372,540 | 2,990,070 |
Note 9Investments in partnerships and First Nation business entities
| Investment cost 2024 | Cumulative share of earnings 2024(other) | Drawings 2024(other) | Total investment 2024(other) | |
|---|---|---|---|---|
| [Business Partnerships – Modified Equity:] | ||||
| Innu Development Limited Partnership - 49.99% | 20,750,873 | 4,102,649 | (2,155,943) | 22,697,579 |
| Mushuau Camp and Catering Limited Partnership - 99.99% | 8,873,552 | 904,647 | -⚑ | 9,778,199 |
| Mushuau Innu Camp and Catering Inc. - 100% | 24,074 | (1,410) | -⚑ | 22,664 |
| [Total 2024] | 29,648,499 | 5,005,886 | (2,155,943) | 32,498,442 |
| Investment cost 2023 | Cumulative share of earnings (loss) 2023(other) | Withdrawals 2023(other) | Total investment 2023(other) | |
|---|---|---|---|---|
| [Business Partnerships – Modified Equity:] | ||||
| Innu Development Limited Partnership - 49.99% | 18,115,070 | 5,635,743 | (2,999,940) | 20,750,873 |
| Mushuau Camp and Catering Limited Partnership - 99.99% | 9,268,547 | (394,995) | -⚑ | 8,873,552 |
| Mushuau Innu Camp and Catering Inc. - 100% | 25,614 | (1,540) | -⚑ | 24,074 |
| [Total 2023] | 27,409,231 | 5,239,208 | (2,999,940) | 29,648,499 |
| Innu Development Limited Partnership - 49.995% As at March 31, 2024(budget) | Mushuau Camp and Catering Limited Partnership - 99.99% As at March 31, 2024 | Mushuau Innu Camp and Catering Inc. - 100% As at March 31, 2024 | |
|---|---|---|---|
| [Assets] | |||
| Cash and cash equivalents | 15,297,032 | -⚑ | -⚑ |
| Trade and other receivables | 944,135 | -⚑ | -⚑ |
| Inventory | 72,282 | -⚑ | -⚑ |
| Harmonized sales tax recoverable | 168,109 | -⚑ | -⚑ |
| Prepaid expenses | 130,299 | -⚑ | -⚑ |
| Property and equipment | 3,530,745 | -⚑ | -⚑ |
| Intangible assets | 4,516,828 | -⚑ | -⚑ |
| Long-term investments | 21,802,321 | 8,007,653 | 1,489 |
| Due from related parties | 129,779 | 1,835,533 | 39,670 |
| Total assets | 46,591,530 | 9,843,186 | 41,159 |
| [Liabilities] | |||
| Accounts payable and accruals | 815,573 | 5,000 | 6,515 |
| Deferred revenue | 851,619 | -⚑ | -⚑ |
| Due to related parties | 900 | 39,769 | 12,000 |
| Total liabilities | 1,668,092 | 44,769 | 18,515 |
| Equity/Partners' Capital | 44,923,438 | 9,798,417 | 22,644 |
| Total revenue | 17,799,061 | 904,828 | 90 |
| Total expenses | 9,682,044 | 2,500 | 1,500 |
| [Subtotal] | 8,117,017 | 902,328 | (1,410) |
| Other comprehensive income | 89,922 | 21,140 | -⚑ |
| Comprehensive income (loss) | 8,206,939 | 923,468 | (1,410) |
Note 10Accounts payable and accruals
| 2024 | 2023 | |
|---|---|---|
| Trade payables | 4,736,947 | 2,805,476 |
| Accrued liabilities | 1,665,051 | 2,500,596 |
| Accrued salary and benefits payable | 108,518 | 87,221 |
| Innu Trust | 120,816 | 49,854 |
| [Total] | 6,631,332 | 5,443,147 |
Note 11Due to governments
| 2024 | 2023 | |
|---|---|---|
| Indigenous Services Canada | 1,392,774 | 986,510 |
| First Nations and Inuit Health Branch | 3,819,841 | 1,831,603 |
| Service Canada | 5,000 | 5,000 |
| Canada Revenue Agency - employee deductions payable | 184 | 109 |
| [Total] | 5,217,799 | 2,823,222 |
Note 12Deferred revenue
| Balance, beginning of year | Recognized in revenue(other) | Contributions received(other) | Contributions repayable(other) | Balance, end of year(other) | |
|---|---|---|---|---|---|
| Indigenous Services Canada | 14,979,539 | (25,967,249) | 42,784,629 | (282,399) | 31,514,520 |
| First Nations and Inuit Health Branch | 4,798,011 | (8,112,951) | 11,411,430 | (2,774,374) | 5,322,116 |
| Service Canada | -⚑ | (557,385) | 665,586 | -⚑ | 108,201 |
| Canada Mortgage and Housing Corporation | -⚑ | (458,288) | 3,451,079 | -⚑ | 2,992,791 |
| Other | 644,535 | (2,390,277) | 1,904,486 | -⚑ | 158,744 |
| [Total] | 20,422,085 | (37,486,150) | 60,217,210 | (3,056,773) | 40,096,372 |
Note 13Advances from (to) related entities
| 2024 | 2023 | |
|---|---|---|
| Advances from Mushuau Innu General Store Inc. | 5,931,783 | 3,956,524 |
| Advances from Dobson Contracting Labrador Inc. | -⚑ | (6,245) |
| Advances to Labrador Innu Round Table | (352,999) | (9,548) |
| Advances to Innu Development Limited Partnership | (256,540) | (200,473) |
| [Total] | 5,322,244 | 3,740,258 |
Note 14Long-term debt
| 2024 | 2023 | |
|---|---|---|
| Royal Bank of Canada ("RBC") loan bearing interest at RBC Prime + 1% per annum, interest payment are due monthly. The loan matures on May 26, 2024, and on maturity the payment terms are expected to be renewed. | 3,179,094 | 3,342,555 |
| RBC loan bearing interest at 2.32% per annum, repayable in monthly blended payments of $48,180. The loan matured on November 20, 2023. | -⚑ | 383,872 |
| [Total] | 3,179,094 | 3,726,427 |
| Principal | |
|---|---|
| 2025 | 166,810 |
| 2026 | 157,296 |
| 2027 | 147,258 |
| 2028 | 136,667 |
| 2029 | 125,491 |
| [Subtotal] | 733,522 |
| Thereafter | 2,445,572 |
| [Total] | 3,179,094 |
Note 17Accumulated surplus
| 2024 | 2023 | |
|---|---|---|
| Equity in Ottawa Trust Funds | 320,943 | 249,630 |
| Equity in tangible capital assets | 82,607,775 | 82,192,050 |
| Investment in First Nation business entities | 32,498,442 | 29,648,499 |
| Surplus in operating funds | 12,527,105 | 17,301,187 |
| [Total] | 127,954,265 | 129,391,366 |
Note 18Government transfers
| 2024 | 2023 | |
|---|---|---|
| [Federal government operating transfer:] | ||
| Women's Shelter Canada | -⚑ | 235,000 |
| Public Safety Canada | 668,507 | 613,720 |
| Indigenous Services Canada | 18,594,657 | 23,056,817 |
| First Nations and Inuit Health Branch | 7,811,939 | 5,681,715 |
| Service Canada | 557,385 | 639,186 |
| [Total Federal government operating transfer] | 27,632,488 | 30,226,438 |
| [Federal government capital transfer:] | ||
| Indigenous Services Canada | 6,875,499 | 7,687,167 |
| First Nations and Inuit Health Branch | 305,705 | 237,947 |
| Public Safety Canada | 3,043 | 10,090 |
| Canada Mortgage and Housing Corporation | 458,288 | -⚑ |
| [Total Federal government capital transfer] | 7,642,535 | 7,935,204 |
| [Provincial government capital transfer:] | ||
| Government of Newfoundland and Labrador | 6,159 | 39,259 |
| [Provincial government operating transfer:] | ||
| Government of Newfoundland and Labrador | 2,817,495 | 2,449,222 |
| [Total] | 38,098,677 | 40,650,123 |
Note 19Consolidated expenses by object
| 2024 | 2023 | |
|---|---|---|
| Amortization | 7,792,925 | 10,792,518 |
| Salaries and wages | 12,886,767 | 12,674,375 |
| Supplies | 10,373,233 | 9,779,574 |
| Travel | 5,065,632 | 5,560,103 |
| Other | 4,461,891 | 5,122,272 |
| Professional fees | 6,392,191 | 3,561,254 |
| Repairs and maintenance | 3,295,035 | 3,376,943 |
| Community payouts | 614,000 | 595,500 |
| Interest | 199,854 | 216,858 |
| Telephone | 332,394 | 312,682 |
| [Total] | 51,413,922 | 51,992,079 |