First Nations / Athabasca Chipewyan 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 Statement of Financial Position
FY 2024-2025 · PDF page 5
FA − FL = Net FA: context neededNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| Cash and cash equivalents (Note 3)n3 | 8,501,964 | 9,147,491 |
| Accounts receivable (Note 4)n4 | 3,720,008 | 2,985,365 |
| Tax receivable | 2,031,840 | 2,097,270 |
| Marketable securities | 454,562 | 429,102 |
| Inventory for resale | 689,885 | 673,404 |
| Investments (Note 5)n5 | 16,081,176 | 14,626,770 |
| Investment in Nation business entities (Note 6)n6 | 67,238,965 | 64,465,489 |
| Funds held in trust and restricted investments (Note 7)n7 | 104,155,908 | 91,098,367 |
| Investment in Cree Chip Development Corporation (Note 8)n8 | 2,950,350 | 2,639,350 |
| Investment in joint venture and partnership (Note 9)n9 | 559,357 | 554,818 |
| Total of assets | 206,384,015 | 188,717,426 |
| Bank indebtedness (Note 10)n10 | 25,000 | 500,000 |
| Accounts payable and accruals (Note 11)n11 | 7,368,705 | 7,050,244 |
| Deferred revenue (Note 12)n12 | 6,612,493 | 6,001,080 |
| Advances from related First Nation entities & departments | 59,720 | 798,162 |
| Long-term debt (Note 13)n13 | 21,235,341 | 22,318,335 |
| Distributions due to minors (Note 17)n17 | 3,194,870 | 3,349,756 |
| Total of financial liabilities | 38,496,129 | 40,017,577 |
| Net financial assets | 167,887,886 | 148,699,849 |
| Tangible capital assets (Schedule 1) | 42,092,020 | 42,549,116 |
| Prepaid expenses | 159,864 | 141,889 |
| Total non-financial assets | 42,251,884 | 42,691,005 |
| Accumulated surplus | 210,139,770 | 191,390,854 |
| Accumulated surplus | 193,086,014 | 179,210,455 |
| Accumulated remeasurement gains | 17,053,753 | 12,180,401 |
| [Total] | 210,139,767 | 191,390,856 |
Consolidated Statement of Operations and Accumulated Surplus
FY 2024-2025 · PDF page 6
Rev − Exp = Surplus: matched
| Budget 2025(budget) | 2025 | 2024 | |
|---|---|---|---|
| Department of Indigenous Services Canada | -⚑ | 9,678,681 | 7,971,265 |
| Other revenue | -⚑ | 507,603 | 344,364 |
| Industry grants and other revenue | -⚑ | 3,283,726 | 929,122 |
| First Nations Development Fund | -⚑ | 685,287 | 1,359,700 |
| Store revenue | -⚑ | 6,532,332 | 5,762,212 |
| Canada Mortgage and Housing Corporation | -⚑ | 841,013 | 351,655 |
| Nutrition North Canada | -⚑ | 807,222 | 838,830 |
| Income from joint venture and partnership (Note 9)n9 | -⚑ | 2,426,328 | 2,709,427 |
| Industry contributions | 18,820,539 | 21,839,838 | 17,697,851 |
| Investment income | 1,350,000 | 4,957,529 | 3,480,226 |
| Indigenous skills and employment training | -⚑ | 137,800 | 188,115 |
| Rental income | -⚑ | 666,824 | 536,044 |
| Earnings from investment in Nation business entities (Note 6)n6 | 1,000,000 | 8,985,008 | 7,021,947 |
| Deferred revenue - current year | -⚑ | (1,607,859) | (1,735,583) |
| Deferred revenue - prior year | -⚑ | 1,735,583 | 6,318,283 |
| [Total Revenue] | 21,170,539 | 61,476,915 | 53,773,458 |
| Administration | 18,641,069 | 18,131,361 | 18,097,867 |
| Social Development | 1,101,154 | 960,075 | 939,096 |
| Education and Training | 2,392,133 | 2,585,327 | 2,429,875 |
| Housing | 446,820 | 3,401,863 | 4,016,027 |
| Entity Funds | -⚑ | 44,266 | 181,239 |
| 1497161 Alberta Ltd. | -⚑ | 1,603,684 | 1,046,794 |
| Agriculture Benefits Settlement Trust | -⚑ | 440,293 | 489,941 |
| K'aitaile Market Ltd. | -⚑ | 7,903,951 | 7,042,148 |
| Settlement Funds | -⚑ | 3,899,529 | 3,705,651 |
| K'aitaile Denesoline Trust | -⚑ | 322,619 | 222,110 |
| ACFN Dene Lands and Resources Management | -⚑ | 9,668,685 | 8,010,966 |
| ACFN Commercial Properties | -⚑ | 1,212,680 | 531,566 |
| Total expenditures | 22,581,176 | 50,174,333 | 46,713,280 |
| Surplus (deficit) before other items | (1,410,637) | 11,302,582 | 7,060,178 |
| Gain on disposal of investments (Note 5), (Note 7)n5n7 | -⚑ | 2,576,340 | 1,182,914 |
| Gain (loss) on disposal of tangible capital assets | -⚑ | (3,363) | 20,115 |
| [Total Other income (expense)] | -⚑ | 2,572,977 | 1,203,029 |
| Surplus (deficit) | (1,410,637) | 13,875,559 | 8,263,207 |
| Accumulated surplus, beginning of year | 179,210,455 | 179,210,455 | 170,947,248 |
| Accumulated surplus, end of year | 177,799,818 | 193,086,014 | 179,210,455 |
Consolidated Statement of Remeasurement Gains and Losses
FY 2024-2025 · PDF page 7
| 2025 | 2024 | |
|---|---|---|
| Accumulated remeasurement gains, beginning of year | 12,180,401 | 3,983,322 |
| Trust and restricted investments (Note 7)n7 | 3,754,663 | 7,201,371 |
| Investments (Note 5)n5 | 1,106,815 | 977,824 |
| Marketable securities | 11,874 | 17,884 |
| Change in remeasurement gains, for the year | 4,873,352 | 8,197,079 |
| Accumulated remeasurement gains, end of year | 17,053,753 | 12,180,401 |
Consolidated Statement of Changes in Net Financial Assets
FY 2024-2025 · PDF page 8
| Budget 2025(budget) | 2025 | 2024 | |
|---|---|---|---|
| Annual surplus | (1,410,637) | 13,875,559 | 8,263,207 |
| Purchases of tangible capital assets | -⚑ | (1,462,461) | (8,795,338) |
| Amortization of tangible capital assets | -⚑ | 1,916,199 | 1,764,927 |
| Gain on sale of tangible capital assets | -⚑ | 3,363 | (20,115) |
| Proceeds of disposal of tangible capital assets | -⚑ | -⚑ | 34,000 |
| Net change of tangible capital assets | -⚑ | 457,101 | (7,016,526) |
| Acquisition of prepaid expenses | -⚑ | (17,975) | (36,239) |
| Change in remeasurement losses for the year | -⚑ | 4,873,352 | 8,197,079 |
| Net change of prepaids and remeasurement gains | -⚑ | 4,855,377 | 8,160,840 |
| Change in net financial assets | (1,410,637) | 19,188,037 | 9,407,521 |
| Net financial assets, beginning of year | 148,699,849 | 148,699,849 | 139,292,328 |
| Net financial assets, end of year | 147,289,212 | 167,887,886 | 148,699,849 |
Consolidated Statement of Cash Flows
FY 2024-2025 · PDF page 9
| 2025 | 2024 | |
|---|---|---|
| Surplus (deficit) | 13,875,559 | 8,263,207 |
| Amortization (Schedule 1) | 1,916,199 | 1,764,927 |
| Bad debts | 489,295 | 40,147 |
| Gain on disposal of portfolio investments | (2,576,340) | (1,182,914) |
| Loss (gain) on disposal of tangible capital assets | 3,363 | (20,115) |
| Earnings from investment in First Nation business entities (Note 6)n6 | (8,985,008) | (7,021,947) |
| Non-cash expenses paid by First Nation business entities (Note 6)n6 | 4,760,647 | 3,593,903 |
| Earnings net of distributions from investment in joint venture and partnership | (4,539) | (101,739) |
| Net non-cash investment income earned on restricted investments (Note 7)n7 | (3,240,744) | (2,217,355) |
| Net non-cash investment income earned on investments (Note 5)n5 | (494,917) | (360,350) |
| [Total Operating activities before changes in working capital] | 5,743,515 | 2,757,764 |
| Accounts receivable | (245,348) | (1,675,673) |
| Tax receivable | 65,430 | (680,119) |
| Inventory | (16,480) | 132,052 |
| Prepaid expenses | (17,975) | (36,239) |
| Accounts payable and accruals | 318,461 | 1,646,160 |
| Deferred revenue | 611,413 | (4,204,434) |
| Distributions due to minors (Note 17)n17 | (154,886) | (45,033) |
| [Total Operating activities] | 6,304,130 | (2,105,522) |
| Advances of long-term debt | 31,644,000 | 47,201,000 |
| Repayment of long-term debt | (32,726,995) | (45,167,978) |
| Net advances (repayments) from related First Nation entities and departments | (738,442) | 830,341 |
| Advance (repayment) of bank indebtedness | (475,000) | 500,000 |
| Net advances (repayments) to Cree Chip Development Corporation | (311,000) | -⚑ |
| [Total Financing activities] | (2,607,437) | 3,363,363 |
| Purchases of tangible capital assets (Schedule 1) | (1,462,461) | (8,795,338) |
| Proceeds of disposal of tangible capital assets | -⚑ | 34,000 |
| [Total Capital activities] | (1,462,461) | (8,761,338) |
| Distributions from investment in First Nation business entities | 1,470,885 | 6,343,896 |
| Net proceeds on sale and disposal of restricted investments | (4,325,191) | (1,862,130) |
| Purchase (sale) of marketable securities | (25,451) | (24,268) |
| [Total Investing activities] | (2,879,757) | 4,457,498 |
| Decrease in cash resources | (645,525) | (3,045,999) |
| Cash resources, beginning of year | 9,147,489 | 12,193,488 |
| Cash resources, end of year (Note 3)n3 | 8,501,964 | 9,147,489 |
| Interest paid | 1,215,696 | 1,174,092 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 2Amortization
| Method | Rate | |
|---|---|---|
| Buildings | ||
| Vehicles | ||
| Computer equipment | ||
| Infrastructure | ||
| Leasehold improvements | ||
Note 3Cash and cash equivalents
| 2025 | 2024 | |
|---|---|---|
| Cash and cash equivalents | 8,230,500 | 7,875,392 |
| Restricted cash | 262,393 | 262,393 |
| GIC | 9,071 | 1,009,706 |
| [Total] | 8,501,964 | 9,147,491 |
Note 4Accounts receivable
| 2025 | 2024 | |
|---|---|---|
| Accounts receivable | 4,555,847 | 4,776,892 |
| Less: allowance for doubtful accounts | 835,839 | 1,791,527 |
| [Total] | 3,720,008 | 2,985,365 |
Note 5Investments
| 2025 | 2024 | |
|---|---|---|
| Cash and cash equivalents | 564,455 | 871,223 |
| Equities | 11,133,788 | 9,856,362 |
| Fixed income | 4,382,933 | 3,899,185 |
| [Total] | 16,081,176 | 14,626,770 |
Note 6Investments in First Nation business entities (2025)
| Opening net investment | Current draws(other) | Advances to business enterprises(other) | Current earnings (loss)(other) | Total investment(other) | |
|---|---|---|---|---|---|
| Acden Companies Limited Partnership | 57,688,110 | (4,760,647) | -⚑ | 2,362,237 | 55,289,700 |
| 2160415 Alberta Ltd. | 175,881 | (25,000) | -⚑ | (26,796) | 124,085 |
| 2216328 Alberta Ltd. | 4,216,530 | -⚑ | -⚑ | (20,541) | 4,195,989 |
| ACFN Industry Investments Limited Partnership | 2,404,968 | (1,445,885) | -⚑ | 6,670,108 | 7,629,191 |
| [Total] | 64,485,489 | (6,231,532) | -⚑ | 8,985,008 | 67,238,965 |
| Opening net investment | Current draws(other) | Advances to business enterprises(other) | Current earnings(other) | Total investment(other) | |
|---|---|---|---|---|---|
| Acden Companies Limited Partnership | 61,985,654 | (3,593,903) | -⚑ | (723,481) | 57,668,270 |
| 2160415 Alberta Ltd. | 152,602 | -⚑ | -⚑ | 23,279 | 175,881 |
| 2216328 Alberta Ltd. | 4,249,012 | -⚑ | -⚑ | (32,482) | 4,216,530 |
| ACFN Industry Investments Limited Partnership | 994,073 | (6,343,896) | -⚑ | 7,754,631 | 2,404,808 |
| [Total] | 67,381,341 | (9,937,799) | -⚑ | 7,021,947 | 64,465,489 |
| Acden Companies Limited Partnership As at March 31, 2025 | 2160415 Alberta Ltd. As at March 31, 2025(other) | 2216328 Alberta Ltd. As at March 31, 2025(other) | ACFN Industry Investments Limited Partnership As at March 31, 2025(other) | |
|---|---|---|---|---|
| Assets | 101,669,553 | 2,089,126 | 27,980,727 | 49,021,962 |
| Total assets | 101,669,553 | 2,089,126 | 27,980,727 | 49,021,962 |
| Liabilities | 46,400,446 | 1,958,321 | 23,794,937 | 42,429,168 |
| Total liabilities | 46,400,446 | 1,958,321 | 23,794,937 | 42,429,168 |
| Net Assets (debt) | 55,269,107 | 130,805 | 4,185,790 | 6,592,794 |
| Total revenue | 76,572,095 | 158,350 | 1,684,513 | 11,168,298 |
| Total expenses | 74,209,858 | 185,146 | 1,705,054 | 4,498,190 |
| Net income | 2,362,237 | (26,796) | (20,541) | 6,670,108 |
Note 7Funds held in trust and restricted investments
| 2025 | 2024 | |
|---|---|---|
| Ottawa Trust - Funds held in trust: Balance, beginning of year | 6,843 | 6,843 |
| [Total Ottawa Trust - Funds held in trust] | 6,843 | 6,843 |
| Agricultural Benefits Trust - Restricted Investments: Equities | 34,863,677 | 32,154,989 |
| Agricultural Benefits Trust - Restricted Investments: Fixed income | 22,583,328 | 20,724,290 |
| [Total Agricultural Benefits Trust - Restricted Investments] | 57,447,005 | 52,879,279 |
| K'ai Taile Denesoline Trust - Restricted investments: Cash and cash equivalents | 2,842,264 | 2,628,950 |
| K'ai Taile Denesoline Trust - Restricted investments: Equities | 19,805,473 | 14,064,716 |
| K'ai Taile Denesoline Trust - Restricted investments: Fixed income | 24,054,323 | 21,518,579 |
| [Total K'ai Taile Denesoline Trust - Restricted investments] | 46,702,060 | 38,212,245 |
| [Grand Total] | 104,155,908 | 91,098,367 |
Note 10Bank indebtedness
| 2025 | 2024 | |
|---|---|---|
| Royal Bank of Canada - Operating line of credit | 25,000 | 500,000 |
Note 11Accounts payable and accruals
| 2025 | 2024 | |
|---|---|---|
| Accounts payable and accruals | 7,047,934 | 6,790,168 |
| Government remittances | 235,398 | 174,703 |
| Holdbacks payable | 85,373 | 85,373 |
| [Total] | 7,368,705 | 7,050,244 |
Note 12Deferred revenue
| 2025 | 2024 | |
|---|---|---|
| ACFN Dene Land & Resource Management | 4,902,068 | 4,137,980 |
| Indigenous Services Canada | 1,582,908 | 1,814,046 |
| Social Development | 82,986 | 4,523 |
| Education and Training | 44,531 | 44,531 |
| [Total] | 6,612,493 | 6,001,080 |
Note 13Long-term debt
| 2025 | 2024 | |
|---|---|---|
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $1,402 including interest at 0.76%, renewing December 2025. | 2,270,279 | 2,502,990 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $829 including interest at 1.12%, renewing July 2026. | 13,179 | 22,935 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $989 including interest at 3.81%, renewing March 2028. | 33,722 | 44,141 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $865 including interest at 0.76%, renewing December 2025. | 57,581 | 67,489 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $315 including interest at 1.12%, renewing October 2026. | 23,680 | 27,174 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $2,212 including interest at 0.76%, renewing December 2025. | 259,742 | 284,229 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $2,434 including interest at 3.74%, renewing June 2028. | 306,279 | 323,878 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $3,851 including interest at 1.01%, renewing August 2026. | 699,565 | 738,569 |
| CMHC mortgage secured by property disclosed below and a guarantee from the Minister of the Department of Indigenous Services Canada, payable in monthly installments of $6,515 including interest at 4.66%, renewing November 2028. | 980,617 | 1,013,109 |
| Royal Bank of Canada term loan, secured by $550,000 guarantee from ACFN and first ranking security interest in all personal property of ACFN, payable in monthly installments of $3,760 at prime plus 1.25%, renewing September 2025. | 448,824 | 467,674 |
| Royal Bank of Canada term loan, secured by $14,650,000 guarantee by ACFN Agricultural Benefits Settlement Trust, 850450 Alberta Ltd., and 2216328 Alberta Ltd. and first ranking security interest in all personal property of 850450 Alberta Ltd. and 2216328 Alberta Ltd. payable in quarterly bankers' acceptances | 10,450,000 | 10,840,000 |
| Royal Bank of Canada letter of credit, monthly installments of $nil (2024 - monthly installments $nil), and an interest rate of 0.00% (2024 - 0.00%). | 100,000 | 100,000 |
| Royal Bank of Canada non-revolving term loan, secured by the real property of K'ai Taile Market Ltd. and a full coverage guarantee from Athabasca Chipewyan First Nation, payable in monthly installments of $21,186 including interest at prime rate plus 1.25%, renewing April 2024. | 2,402,098 | 2,656,330 |
| Loan repaid in the year. | -⚑ | 91,139 |
| Royal Bank of Canada first mortgage loan, secured by the real property at 300 MacKenzie Blvd, Fort McMurray, AB, T9H 4C4 owned by ACFN Commercial Properties GP Inc. and several unconditional guarantee from Athabasca Chipewyan First Nation, payable in monthly installments of $21,660 including interest at 6.34%, maturing in July 2048. | 3,189,775 | 3,138,679 |
| [Total] | 21,235,341 | 22,318,336 |
| Amount | |
|---|---|
| 2026 | 1,783,258 |
| 2027 | 1,159,486 |
| 2028 | 1,160,502 |
| 2029 | 1,153,017 |
| 2030 | 1,156,966 |
| Thereafter | 14,822,112 |