First Nations / Miawpukek / 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 7
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| Financial assets | ||
| Cash | 55,076,770 | 43,080,480 |
| Receivables | 18,210,100 | 13,674,091 |
| Portfolio investments | 3,310,343 | 3,581,171 |
| Promissory note receivablenreceivable | 16,830,498 | 17,090,440 |
| Due from First Nations Fisheries Interest Group | 1,081,893 | 1,686,952 |
| Debt reserve fund | 2,205,246 | 1,043,830 |
| Investment | 1 | 1 |
| Inventories held for resale | 1,521,612 | 1,520,098 |
| Restricted funds | 727,495 | 705,575 |
| Loans and advances to Band members | 627,186 | 853,449 |
| [total financial assets] | 99,591,144 | 83,236,087 |
| Liabilities | ||
| Payables and accruals | 5,471,819 | 6,595,693 |
| Deferred revenue | 16,927,267 | 15,080,849 |
| Demand loans | 6,817,299 | 7,432,807 |
| CMHC replacement reserve | 505,706 | 469,489 |
| Miawpukek First Nations maintenance reserve | 290,943 | 255,943 |
| Term loan | 1,019,280 | -⚑ |
| Long-term debt | 28,920,990 | 20,789,888 |
| Derivative financial liability | 738,182 | -⚑ |
| [total liabilities] | 60,691,486 | 50,624,669 |
| Net financial assets | 38,899,658 | 32,611,418 |
| Non-financial assets | ||
| Tangible capital assets | 78,552,882 | 72,379,694 |
| Fishing licenses | 23,100,325 | 15,237,825 |
| Prepaid expenses | 230,900 | 201,262 |
| [total non-financial assets] | 101,884,107 | 87,818,781 |
| Contingencies | ||
| Accumulated surplus - unappropriated | 107,192,776 | 95,618,856 |
| Accumulated surplus - appropriated | 34,329,171 | 24,811,343 |
| Accumulated remeasurement loss | (738,182) | -⚑ |
| Total accumulated surplus | 140,783,765 | 120,430,199 |
Consolidated statement of operations
FY 2024-2025 · PDF page 8
Rev − Exp = Surplus: matched
| Budget (Unaudited)(budget) | 2025 | 2024 | |
|---|---|---|---|
| Revenue | |||
| Federal government operating transfers | 21,154,002 | 42,997,821 | 39,281,806 |
| Federal government capital transfers | -⚑ | 3,451,283 | 3,395,887 |
| Provincial government operating transfers | -⚑ | 2,430,240 | 2,362,785 |
| Economic activities | -⚑ | 25,579,159 | 17,285,371 |
| Other revenue | 12,311,105 | 8,445,834 | 5,991,886 |
| [total revenue] | 33,465,107 | 82,904,337 | 68,317,735 |
| Expenses | |||
| Amortization | -⚑ | 5,097,481 | 4,189,690 |
| Band government | 3,062,330 | 5,492,917 | 4,580,143 |
| Capital land and housing | 2,237,920 | 2,475,966 | 1,374,231 |
| Community services | 1,923,570 | 3,552,528 | 3,594,904 |
| Economic development | 8,348,019 | 17,289,639 | 12,340,268 |
| Education | 6,022,042 | 6,465,492 | 6,671,777 |
| Employment programs | 3,784,487 | 1,090,260 | 1,127,028 |
| Health | 10,450,278 | 12,173,345 | 13,439,330 |
| Land claims (Natural Resource) | 731,990 | 3,452,218 | 3,750,294 |
| MAMKA | 928,511 | 1,573,274 | 1,049,433 |
| Public works | -⚑ | 3,149,469 | 2,516,761 |
| [total expenses] | 37,489,147 | 61,812,589 | 54,633,859 |
| Annual surplus before appropriations | (4,024,040) | 21,091,748 | 13,683,876 |
| Transfers from appropriated equity during the year | -⚑ | 2,383,729 | 4,769,434 |
| Transfers to appropriated equity during the year | -⚑ | (11,901,557) | (8,736,622) |
| Annual surplus after appropriations | (4,024,040) | 11,573,920 | 9,716,688 |
Consolidated statement of accumulated surplus
FY 2024-2025 · PDF page 9
| 2025 | 2024 | |
|---|---|---|
| Accumulated surplus - unappropriated, beginning of year | 95,618,856 | 85,902,168 |
| Annual surplus | 11,573,920 | 9,716,688 |
| Accumulated surplus - unappropriated, end of year | 107,192,776 | 95,618,856 |
| Accumulated surplus - appropriated, beginning of year | 24,811,343 | 20,844,155 |
| Transfers to appropriated equity during the year | 11,901,557 | 8,736,622 |
| Transfers from appropriated equity during the year | (2,383,729) | (4,769,434) |
| [net transfers] | 9,517,828 | 3,967,188 |
| Accumulated surplus - appropriated, end of year | 34,329,171 | 24,811,343 |
Consolidated statement of changes in remeasurement loss
FY 2024-2025 · PDF page 10
| 2025 | 2024 | |
|---|---|---|
| Accumulated remeasurement loss, beginning of year | ||
| Unrealized loss on derivative financial liability | (738,182) | -⚑ |
| Accumulated remeasurement loss, end of year | (738,182) | -⚑ |
Consolidated statement of accumulated surplus - appropriated
FY 2024-2025 · PDF page 11
| Accumulated Surplus Appropriated April 1, 2023 | Transfers from Equity(other) | Transfers to Operations(other) | Accumulated Surplus Appropriated March 31, 2024(other) | Transfers from Equity(other) | Transfers to Operations(other) | Accumulated Surplus Appropriated March 31, 2025(other) | |
|---|---|---|---|---|---|---|---|
| Capital Lands and Housing | |||||||
| Administration | 356,598 | -⚑ | 1,308 | 355,290 | 15,369 | -⚑ | 370,659 |
| Arena fund | 14,980 | -⚑ | -⚑ | 14,980 | -⚑ | -⚑ | 14,980 |
| CMHC emergency roof repairs | 25,406 | -⚑ | 25,406 | -⚑ | -⚑ | -⚑ | -⚑ |
| Elder's program | 6,166 | -⚑ | 2,092 | 4,074 | -⚑ | -⚑ | 4,074 |
| FNLMA | 1,451 | -⚑ | -⚑ | 1,451 | -⚑ | -⚑ | 1,451 |
| FNLMA-Q30P | -⚑ | -⚑ | -⚑ | -⚑ | 55,946 | -⚑ | 55,946 |
| Housing - special | 415,000 | -⚑ | -⚑ | 415,000 | -⚑ | -⚑ | 415,000 |
| Housing construction | 444,408 | 355,269 | -⚑ | 799,677 | 320,256 | -⚑ | 1,119,933 |
| Land and environmental | 121,931 | -⚑ | -⚑ | 121,931 | -⚑ | -⚑ | 121,931 |
| Land management | 23,104 | -⚑ | -⚑ | 23,104 | -⚑ | -⚑ | 23,104 |
| Ocean management | 25,443 | 15,963 | -⚑ | 41,406 | 557 | -⚑ | 41,963 |
| Rapid housing | 1,453,353 | -⚑ | 639,972 | 813,381 | -⚑ | 329,839 | 483,542 |
| School construction | 450,684 | -⚑ | 155,455 | 295,229 | -⚑ | -⚑ | 295,229 |
| Subsidized housing | 38,144 | -⚑ | -⚑ | 38,144 | -⚑ | -⚑ | 38,144 |
| Veteran's monument | 6,676 | -⚑ | -⚑ | 6,676 | -⚑ | -⚑ | 6,676 |
| Waste management modernization | 34,639 | -⚑ | -⚑ | 34,639 | -⚑ | -⚑ | 34,639 |
| [total Capital Lands and Housing] | 3,417,983 | 371,232 | 824,233 | 2,964,982 | 392,128 | 329,839 | 3,027,271 |
| Conne River Health and Social Services | |||||||
| Aboriginal diabetes initiative | 21,342 | 63,723 | -⚑ | 85,065 | 49,173 | 85,065 | 49,173 |
| Agriculture & Agrifood Canada (LIF) | -⚑ | 7,943 | -⚑ | 7,943 | -⚑ | -⚑ | 7,943 |
| Assisted living - Seniors complex | 315,593 | -⚑ | 2,033 | 313,560 | -⚑ | 179,690 | 133,870 |
| Brighter futures | 220,539 | -⚑ | 182,581 | 37,958 | -⚑ | 37,958 | -⚑ |
| Building healthy communities | 13,428 | 12,050 | -⚑ | 25,478 | -⚑ | 25,478 | -⚑ |
| Capital investments and renovations | -⚑ | -⚑ | -⚑ | -⚑ | 206,468 | -⚑ | 206,468 |
| Child and Family - Capacity Development | -⚑ | 348,630 | -⚑ | 348,630 | 239,500 | -⚑ | 588,130 |
| Child and family - foster homes | 115,572 | 31,167 | -⚑ | 146,739 | 42,659 | -⚑ | 189,398 |
| Child and family - operations | 711,640 | 627,355 | -⚑ | 1,338,995 | 215,860 | -⚑ | 1,554,855 |
| Child and family - preventative | 1,323,698 | 1,674,236 | -⚑ | 2,997,934 | 1,832,414 | -⚑ | 4,830,348 |
| Child and welfare law development | 133,943 | -⚑ | -⚑ | 133,943 | -⚑ | -⚑ | 133,943 |
| Child care initiative | 745,345 | 52,909 | -⚑ | 798,254 | 140,958 | 624 | 938,588 |
| Climate change adaption | 39,791 | -⚑ | 27,802 | 11,989 | -⚑ | 11,989 | -⚑ |
| Communicable disease control | 217,563 | -⚑ | 21,418 | 196,145 | 74,946 | -⚑ | 271,091 |
| Community based addictions wrap around support | 116,922 | -⚑ | 92,125 | 24,797 | -⚑ | 24,797 | -⚑ |
| Community gardens | -⚑ | -⚑ | -⚑ | -⚑ | 15,908 | -⚑ | 15,908 |
| E-Health solutions | 56,551 | -⚑ | -⚑ | 56,551 | -⚑ | -⚑ | 56,551 |
| Employment services | 1,265,925 | -⚑ | -⚑ | 1,265,925 | -⚑ | -⚑ | 1,265,925 |
| Family violence initiative | 43,056 | -⚑ | 43,056 | -⚑ | -⚑ | -⚑ | -⚑ |
| Federal tobacco control strategy | -⚑ | 10,600 | -⚑ | 10,600 | 13,250 | -⚑ | 23,850 |
| Food, environment, health, and nutrition of FN child/youth | 13,475 | -⚑ | 12,217 | 1,258 | -⚑ | -⚑ | 1,258 |
| Forge ahead | 5,325 | -⚑ | -⚑ | 5,325 | -⚑ | 5,325 | -⚑ |
| Generated revenues | 823,534 | 299,672 | 80,087 | 1,043,119 | 188,416 | 568,340 | 663,195 |
| Genetic testing | 13,360 | -⚑ | -⚑ | 13,360 | -⚑ | -⚑ | 13,360 |
| Government engagement mechanisms | 157,713 | -⚑ | 106,295 | 51,418 | -⚑ | 51,181 | 237 |
| Health services - clinical | 31,690 | -⚑ | 31,690 | -⚑ | -⚑ | -⚑ | -⚑ |
| Health services integrated funding | -⚑ | 121,176 | -⚑ | 121,176 | 56,310 | -⚑ | 177,486 |
| Health transfer agreement | 120,694 | -⚑ | 91,225 | 29,469 | -⚑ | 29,469 | -⚑ |
| Home and community care | 227,245 | -⚑ | 203,310 | 23,935 | -⚑ | 23,935 | -⚑ |
| Institute of fiscal studies and democracy | 22,824 | 25,000 | -⚑ | 47,824 | -⚑ | 38,458 | 9,366 |
| Jordan's principle | 245,327 | -⚑ | 25,608 | 219,719 | -⚑ | 32,579 | 187,140 |
| Jordan's principle - approval | 2,024,640 | -⚑ | 2,024,640 | -⚑ | 14,439 | -⚑ | 14,439 |
| Land based mental health and addictions | 66,974 | -⚑ | 66,974 | -⚑ | 34,148 | -⚑ | 34,148 |
| Lunch and learn series (WPO) | -⚑ | 13,176 | -⚑ | 13,176 | 117,821 | -⚑ | 130,997 |
| Maternal child health | -⚑ | -⚑ | -⚑ | -⚑ | 25,502 | -⚑ | 25,502 |
| Mental health traditional healer | -⚑ | -⚑ | -⚑ | -⚑ | 27,155 | -⚑ | 27,155 |
| Mental wellness team | 386,761 | 888,324 | 13,981 | 1,261,104 | 653,092 | 171,608 | 1,742,588 |
| Moveable capital asssets | 7,576 | 37,142 | -⚑ | 44,718 | -⚑ | -⚑ | 44,718 |
| Native national alcohol and drug abuse program | 95,551 | -⚑ | 95,551 | -⚑ | -⚑ | -⚑ | -⚑ |
| Patient advocate/navigator | 41,638 | -⚑ | 5,734 | 35,904 | -⚑ | 35,139 | 765 |
| Prenatal nutrition program | 11,002 | -⚑ | -⚑ | 11,002 | 31,676 | -⚑ | 42,678 |
| Trailways Canada - trails | -⚑ | 10,000 | -⚑ | 10,000 | -⚑ | 10,000 | -⚑ |
| Walkway of knowledge - Healthy communities | 87,950 | -⚑ | 3,303 | 84,647 | -⚑ | -⚑ | 84,647 |
| [total Conne River Health and Social Services] | 9,724,187 | 4,223,103 | 3,129,630 | 10,817,660 | 3,979,695 | 1,331,635 | 13,465,720 |
| Economic Development and Training | |||||||
| Administration | -⚑ | -⚑ | -⚑ | -⚑ | 60,000 | -⚑ | 60,000 |
| Canoe construction | 23,384 | -⚑ | -⚑ | 23,384 | -⚑ | -⚑ | 23,384 |
| Conne River building supplies | -⚑ | -⚑ | -⚑ | -⚑ | 50,000 | -⚑ | 50,000 |
| Conne River gas bar | 51,038 | -⚑ | 51,038 | -⚑ | 90,000 | -⚑ | 90,000 |
| Exploits Motel | 2,274 | -⚑ | -⚑ | 2,274 | -⚑ | -⚑ | 2,274 |
| Indigenous engagement procurement | -⚑ | 59,087 | -⚑ | 59,087 | -⚑ | 59,087 | -⚑ |
| Labour market initiative | 60,492 | 17,465 | -⚑ | 77,957 | -⚑ | 54,846 | 23,111 |
| Mariner training project | 232,819 | -⚑ | -⚑ | 232,819 | -⚑ | -⚑ | 232,819 |
| Miawpukek human resources - ASETS | 138,159 | -⚑ | -⚑ | 138,159 | -⚑ | -⚑ | 138,159 |
| Off-reserve post secondary | 167,322 | 173,544 | -⚑ | 340,866 | 137,366 | -⚑ | 478,232 |
| On-reserve post secondary | 1,000,258 | 31,570 | -⚑ | 1,031,828 | 162,023 | -⚑ | 1,193,851 |
| On-reserve post secondary student support | 884,168 | 9,023 | -⚑ | 893,191 | -⚑ | 105,263 | 787,928 |
| Outfitters | 556,462 | -⚑ | 22,500 | 533,962 | -⚑ | -⚑ | 533,962 |
| Post-secondary - COVID-19 | 40,333 | -⚑ | -⚑ | 40,333 | -⚑ | -⚑ | 40,333 |
| Urban reserve | 12,499 | -⚑ | -⚑ | 12,499 | -⚑ | -⚑ | 12,499 |
| [total Economic Development and Training] | 3,169,208 | 290,689 | 73,538 | 3,386,359 | 499,389 | 219,196 | 3,666,552 |
Consolidated statement of accumulated surplus - appropriated (continued)
FY 2024-2025 · PDF page 12
| Accumulated Surplus Appropriated April 1, 2023 | Transfers from Equity(other) | Transfers to Operations(other) | Accumulated Surplus Appropriated March 31, 2024(other) | Transfers from Equity(other) | Transfers to Operations(other) | Accumulated Surplus Appropriated March 31, 2025(other) | |
|---|---|---|---|---|---|---|---|
| Education | |||||||
| Education department | 713,205 | 491,557 | -⚑ | 1,204,762 | 517,379 | -⚑ | 1,722,141 |
| Education department - Food program block Q2Q1 | -⚑ | -⚑ | -⚑ | -⚑ | 32,519 | -⚑ | 32,519 |
| [total Education] | 713,205 | 491,557 | -⚑ | 1,204,762 | 549,898 | -⚑ | 1,754,660 |
| Governance | |||||||
| Drinking water settlement (Class Action) | 428,400 | -⚑ | 27,062 | 401,338 | 1,823,871 | -⚑ | 2,225,209 |
| Emergency management assistance | 78,580 | -⚑ | 52,283 | 26,297 | -⚑ | 26,297 | -⚑ |
| Emergency relief | 3,050 | -⚑ | -⚑ | 3,050 | -⚑ | -⚑ | 3,050 |
| Finance | 287,484 | 180,896 | -⚑ | 468,380 | -⚑ | -⚑ | 468,380 |
| Fuel charge funds (carbon tax) | -⚑ | -⚑ | -⚑ | -⚑ | 1,102,000 | -⚑ | 1,102,000 |
| Heritage fund | 400,000 | -⚑ | -⚑ | 400,000 | -⚑ | -⚑ | 400,000 |
| Human resources | -⚑ | 30,100 | -⚑ | 30,100 | -⚑ | 24,459 | 5,641 |
| Major projects | 30,387 | -⚑ | 30,387 | -⚑ | -⚑ | -⚑ | -⚑ |
| Planning and risk management | 33,960 | -⚑ | -⚑ | 33,960 | -⚑ | -⚑ | 33,960 |
| Repartriation | 401 | -⚑ | 16 | 385 | -⚑ | -⚑ | 385 |
| Surf clam | 167,000 | -⚑ | -⚑ | 167,000 | 164,764 | -⚑ | 331,764 |
| [total Governance] | 1,429,262 | 210,996 | 109,748 | 1,530,510 | 3,090,635 | 50,756 | 4,570,389 |
| Miscellaneous | |||||||
| AAROM - MUN | 28,011 | -⚑ | -⚑ | 28,011 | -⚑ | -⚑ | 28,011 |
| Aquatic Invasive Species | -⚑ | -⚑ | -⚑ | -⚑ | 38,052 | -⚑ | 38,052 |
| ATP - DFO | -⚑ | 400,000 | -⚑ | 400,000 | -⚑ | -⚑ | 400,000 |
| Audubon - Gross Morne | -⚑ | -⚑ | -⚑ | -⚑ | 1,016 | -⚑ | 1,016 |
| Canadian coast guard | 49,968 | 126,056 | -⚑ | 176,024 | 110,637 | -⚑ | 286,661 |
| Chantel John memorial park | 2,746 | -⚑ | -⚑ | 2,746 | -⚑ | -⚑ | 2,746 |
| Church repairs | 100,000 | -⚑ | -⚑ | 100,000 | -⚑ | -⚑ | 100,000 |
| Coastal environmental baseline | -⚑ | 37,990 | -⚑ | 37,990 | -⚑ | 6,237 | 31,753 |
| Community center | 23,374 | -⚑ | -⚑ | 23,374 | 25,000 | -⚑ | 48,374 |
| Community ice rink | -⚑ | 16,971 | -⚑ | 16,971 | -⚑ | 12,143 | 4,828 |
| Ecosystem and ocean science | -⚑ | 14,175 | -⚑ | 14,175 | -⚑ | -⚑ | 14,175 |
| Equity fund | 400,089 | 45,399 | -⚑ | 445,488 | 47,050 | -⚑ | 492,538 |
| Healing and sentencing | 38,533 | 35,359 | -⚑ | 73,892 | -⚑ | 16,253 | 57,639 |
| IK capacity | 36,522 | -⚑ | 28,195 | 8,327 | 28,495 | -⚑ | 36,822 |
| Interest fund | 520,000 | 1,281,697 | -⚑ | 1,801,697 | 1,272,197 | -⚑ | 3,073,894 |
| Justice department | 87,239 | -⚑ | -⚑ | 87,239 | 20,000 | -⚑ | 107,239 |
| Greig Site | -⚑ | -⚑ | -⚑ | -⚑ | 57,130 | -⚑ | 57,130 |
| MAMKA | 32,822 | -⚑ | 32,822 | -⚑ | -⚑ | -⚑ | -⚑ |
| MAMKA - AFSAR | 1,927 | -⚑ | -⚑ | 1,927 | -⚑ | -⚑ | 1,927 |
| MAMKA - Explorer | -⚑ | -⚑ | -⚑ | -⚑ | 62,446 | -⚑ | 62,446 |
| Mamka - IK Systems | -⚑ | -⚑ | -⚑ | -⚑ | 4,842 | -⚑ | 4,842 |
| MAMKA - Indigenous Habitat participation | -⚑ | -⚑ | -⚑ | -⚑ | 27,957 | -⚑ | 27,957 |
| MAMKA - Indigenous Marine Co-ordinator | -⚑ | -⚑ | -⚑ | -⚑ | 71,436 | -⚑ | 71,436 |
| MAMKA - Metcalf Foundation | -⚑ | -⚑ | -⚑ | -⚑ | 2,078 | -⚑ | 2,078 |
| MAMKA - Polar Prince | -⚑ | -⚑ | -⚑ | -⚑ | 2,709 | -⚑ | 2,709 |
| Mi'kmaq cultural revitalization | -⚑ | -⚑ | -⚑ | -⚑ | 49,177 | -⚑ | 49,177 |
| MFN Consultations | -⚑ | -⚑ | -⚑ | -⚑ | 44,700 | -⚑ | 44,700 |
| MSP | 57,335 | 8,363 | -⚑ | 65,698 | -⚑ | 9,506 | 56,192 |
| Pow wow | -⚑ | -⚑ | -⚑ | -⚑ | 51,334 | -⚑ | 51,334 |
| [total Miscellaneous] | 1,378,566 | 1,966,010 | 61,017 | 3,283,559 | 1,916,256 | 44,139 | 5,155,676 |
| Natural Resources | |||||||
| Coastal marine | 261,661 | -⚑ | 113,893 | 147,768 | -⚑ | 48,169 | 99,599 |
| Environmental DNA | -⚑ | -⚑ | -⚑ | -⚑ | 177,622 | -⚑ | 177,622 |
| Indigenous capacity support program | 18,620 | 104,257 | -⚑ | 122,877 | -⚑ | 10,077 | 112,800 |
| Indigenous marine conservation | -⚑ | 54,250 | -⚑ | 54,250 | 134,654 | -⚑ | 188,904 |
| Indigenous natural resources partnership | -⚑ | 441,074 | -⚑ | 441,074 | 498,195 | -⚑ | 939,269 |
| Indigenous protected areas - WWF | -⚑ | -⚑ | -⚑ | -⚑ | 98,700 | -⚑ | 98,700 |
| Limestone landscapes | -⚑ | 80,000 | -⚑ | 80,000 | -⚑ | 3,495 | 76,505 |
| MAMKA - indigenous-led conservation - CPAWS | -⚑ | -⚑ | -⚑ | -⚑ | 10,689 | -⚑ | 10,689 |
| Natural resources management | 176,492 | 100,000 | 171 | 276,321 | -⚑ | 274,941 | 1,380 |
| Offshore wind development | -⚑ | 45,000 | -⚑ | 45,000 | -⚑ | 45,000 | -⚑ |
| Siliviculture | 4,226 | -⚑ | 4,226 | -⚑ | -⚑ | -⚑ | -⚑ |
| South coast fjords | -⚑ | 157,000 | -⚑ | 157,000 | 204,028 | -⚑ | 361,028 |
| Traditional protected areas | 274,017 | -⚑ | 176,250 | 97,767 | 349,668 | -⚑ | 447,435 |
| [total Natural Resources] | 735,016 | 981,581 | 294,540 | 1,422,057 | 1,473,556 | 381,682 | 2,513,931 |
| Public Works | |||||||
| Fire department | -⚑ | 32,008 | -⚑ | 32,008 | -⚑ | 26,482 | 5,526 |
| Public works water testing | 276,728 | -⚑ | 276,728 | -⚑ | -⚑ | -⚑ | -⚑ |
| Water system maintenance - laterals | -⚑ | 169,446 | -⚑ | 169,446 | -⚑ | -⚑ | 169,446 |
| [total Public Works] | 276,728 | 201,454 | 276,728 | 201,454 | -⚑ | 26,482 | 174,972 |
| [total] | 20,844,155 | 8,736,622 | 4,769,434 | 24,811,343 | 11,901,557 | 2,383,729 | 34,329,171 |
Consolidated statement of change in net assets
FY 2024-2025 · PDF page 13
| 2025 | 2024 | |
|---|---|---|
| Annual surplus | 21,091,748 | 13,683,876 |
| Changes due to tangible capital assets | ||
| Acquisition of tangible capital assets | (11,316,239) | (13,486,387) |
| Amortization of tangible capital assets | 5,097,481 | 4,189,690 |
| Proceeds on disposal of tangible capital assets | 34,000 | 40,000 |
| Loss on disposal of tangible capital assets | 11,570 | 1,686,410 |
| Change due to tangible capital assets | (6,173,188) | (7,570,287) |
| Changes due to fishing licenses | ||
| Acquisition of fishing licenses | (7,862,500) | (3,900,000) |
| Proceeds on disposal of fishing licenses | -⚑ | 700,000 |
| Change due to fishing licenses | (7,862,500) | (3,200,000) |
| [total changes due to tangible capital assets and fishing licenses] | 7,056,060 | 2,913,589 |
| Change due to other non-financial assets | ||
| Net change due to prepaid expenses | (29,638) | 80,098 |
| Net remeasurement loss | (738,182) | -⚑ |
| Increase in net financial assets | 6,288,240 | 2,993,687 |
| Net financial assets, beginning of year | 32,611,418 | 29,617,731 |
| Net financial assets, end of year | 38,899,658 | 32,611,418 |
Consolidated statement of cash flows
FY 2024-2025 · PDF page 14
| 2025 | 2024 | |
|---|---|---|
| Operating transactions | ||
| Annual surplus before appropriations | 21,091,748 | 13,683,876 |
| Items not affecting cash | ||
| Amortization of tangible capital assets | 5,097,481 | 4,189,690 |
| Loss on disposal of tangible capital assets | 11,570 | 1,686,410 |
| Non-cash economic activities | (296,415) | (312,034) |
| [subtotal operating transactions] | 25,904,384 | 19,247,942 |
| Changes in other | ||
| Receivables | (4,536,009) | (3,172,312) |
| Inventories | (1,514) | (191,882) |
| Prepaid expenses | (29,638) | 80,098 |
| Payables and accruals | (1,123,874) | (629,612) |
| Deferred revenue | 1,846,418 | (75,541) |
| [total operating transactions] | 22,059,767 | 15,258,693 |
| Capital transactions | ||
| Acquisition of tangible capital assets | (11,316,239) | (13,486,387) |
| Acquisition of fishing licenses | (7,862,500) | (3,900,000) |
| Proceeds from disposal of tangible capital assets | 34,000 | 40,000 |
| Proceeds from disposal of fishing licenses | -⚑ | 700,000 |
| [total capital transactions] | (19,144,739) | (16,646,387) |
| Financing transactions | ||
| Repayment of demand loans | (615,508) | (434,768) |
| Proceeds from demand loans | -⚑ | 3,189,924 |
| Repayment of long-term debt | (729,249) | (756,412) |
| Proceeds from long-term debt | 8,860,351 | 488,940 |
| Proceeds from term loan | 1,019,280 | -⚑ |
| Increase in CMHC replacement reserve | 36,217 | 62,573 |
| Increase in Miawpukek First Nations maintenance reserve | 35,000 | 50,000 |
| [total financing transactions] | 8,606,091 | 2,600,257 |
| Investing portfolio | ||
| Net disposition (purchase) of investments | 270,828 | (907,841) |
| Net decrease (increase) in loans and advances to Band members | 226,263 | (91,218) |
| Net (increase) decrease in restricted funds | (21,920) | 790,070 |
| [total investing portfolio] | 475,171 | (208,989) |
| Net increase in cash | 11,996,290 | 1,003,574 |
| Cash, beginning of the year | 43,080,480 | 42,076,906 |
| Cash, end of the year | 55,076,770 | 43,080,480 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 5Receivables
| 2025 | 2024 | |
|---|---|---|
| Atlantic Canada Opportunities Agency | 270,115 | 87,206 |
| Coast of Bays Contracting | 5,714 | 16,636 |
| Department of Fisheries and Oceans | 969,493 | 1,018,049 |
| Environment Canada | 904,899 | 1,675,316 |
| Federation of Newfoundland Indians | 547,227 | 1,030,335 |
| Indigenous Services Canada (Note 6)n6 | 10,896,571 | 6,447,791 |
| Government of Newfoundland and Labrador | 1,030 | 607,773 |
| Gray's Aquaculture | 280 | 280 |
| HST receivable | 196,952 | 171,617 |
| Justice Canada | 112,243 | 134,400 |
| Miscellaneous | 4,072,912 | 3,004,452 |
| NSF cheques | 338 | 338 |
| Parks Canada | 260,750 | 35,000 |
| [total] | 18,238,524 | 14,229,193 |
| Less: Allowance for doubtful accounts | (28,424) | (555,102) |
| [net receivables] | 18,210,100 | 13,674,091 |
Note 6Reconciliation of ISC receivable
| 2025 | 2024 | |
|---|---|---|
| Balance as confirmed by ISC March 31, 2025 | 6,821,405 | 5,046,089 |
| Adjustments | ||
| Prior year amounts not received - 2020-2021 | -⚑ | 6,419 |
| Prior year amounts not received - 2021-2022 | -⚑ | 10,000 |
| Prior year amounts not received - 2022-2023 | 869,731 | 1,385,283 |
| Prior year amounts not received - 2023-2024 | 3,205,435 | -⚑ |
| Ending balance | 10,896,571 | 6,447,791 |
Note 7Inventories held for resale
| 2025 | 2024 | |
|---|---|---|
| Cannabis boutique | 95,075 | 61,267 |
| Conne River building supplies | 870,553 | 891,060 |
| Conne River garage | 14,870 | 16,118 |
| Conne River gas bar | 382,155 | 405,124 |
| Miawpukek wholesalers | 103,890 | 98,632 |
| Micmac arts and crafts | 55,069 | 47,897 |
| [total] | 1,521,612 | 1,520,098 |
Note 9Loans and advances to Band members
| 2025 | 2024 | |
|---|---|---|
| Loans and advances to Band members | 1,119,862 | 1,354,605 |
| Less: Allowance for doubtful accounts | (492,676) | (501,156) |
| [net loans and advances] | 627,186 | 853,449 |
Note 10Payables and accruals
| 2025 | 2024 | |
|---|---|---|
| Accrued salaries and benefits payable | 230,942 | 83,830 |
| ISC | -⚑ | 2,104,458 |
| Other accrued liabilities | 1,440,181 | 2,010,834 |
| Severance payable | 1,749,690 | 2,152,259 |
| Trade payables | 2,051,006 | 244,312 |
| [total] | 5,471,819 | 6,595,693 |
Note 11Deferred revenue
| Balance March 31, 2024 | Funding received 2025(other) | Revenue recognized 2025(other) | Balance March 31, 2025(other) | |
|---|---|---|---|---|
| ISC | 11,450,064 | 8,112,876 | 5,481,473 | 14,081,467 |
| Other | 3,630,785 | -⚑ | 784,985 | 2,845,800 |
| Total | 15,080,849 | 8,112,876 | 6,266,458 | 16,927,267 |
Note 15Long-term debt
| 2025 | 2024 | |
|---|---|---|
| First Nations Finance Authority 1.90% repayable in monthly instalments of $35,679 plus interest | 16,949,226 | 17,412,410 |
| 1.83% mortgage, repayable in monthly instalments of $996 including interest, repaid during the year (#19042944001) | -⚑ | 6,931 |
| 1.13% mortgage, repayable in monthly instalments of $884 including interest, maturing March 1, 2026 (#1904294403) | 10,536 | 20,954 |
| 0.76% mortgage, repayable in monthly instalments of $624 including interest, maturing May 1, 2030 (#19042944007) | 37,937 | 45,110 |
| 2025 | 2024 | |
|---|---|---|
| Canada Mortgage and Housing Corporation (continued) 3.74% mortgage, repayable in monthly instalments of $396 including interest, maturing April 1, 2033 (#19042944011) | 33,139 | 36,594 |
| 5.00% mortgage, repayable in monthly instalments of $3,839 including interest, maturing March 1, 2033 (#19042944010) | 303,726 | 333,971 |
| 3.74% mortgage, repayable in monthly instalments of $1,019 including interest, maturing April 1, 2028 (#19042944005) | 35,576 | 46,271 |
| 5.37% mortgage, repayable in monthly instalments of $645 including interest, maturing May 1, 2029 (#1904294406) | 28,740 | 34,951 |
| 0.65% mortgage, repayable in monthly instalments of $956 including interest, repaid during the year (#19042944002) | -⚑ | 9,535 |
| 3.04% mortgage, repayable in monthly instalments of $642 including interest, maturing May 1, 2027 (#19042944004) | 16,141 | 23,244 |
| 1.01% mortgage, repayable in monthly instalments of $636 including interest, maturing July 1, 2031 (#19042944008) | 46,812 | 53,936 |
| 3.04% mortgage, repayable in monthly instalments of $1,384 including interest, maturing May 1, 2032 (#19042944009) | 106,876 | 120,043 |
| 1.75% mortgage, repayable in monthly instalments of $844 including interest, maturing July 1, 2034 (#19042944012) | 87,388 | 95,712 |
| 0.74% mortgage, repayable in monthly instalments of $1,042 including interest, maturing August 1, 2035 (#19042944013) | 125,312 | 136,846 |
| 3.74% mortgage, repayable in monthly instalments of $435 including interest, maturing April 1, 2038 (#19042944014) | 54,083 | 57,241 |
| 5.57% mortgage, repayable in monthly instalments of $493 including interest, maturing Nov 1, 2038 (#19042944015) | 56,437 | 59,419 |
| 2025 | 2024 | |
|---|---|---|
| Canada Mortgage and Housing Corporation (continued) 1.75% mortgage, repayable in monthly instalments of $363 including interest, maturing September 1, 2039 (#19042944016) | 55,832 | 59,056 |
| 1.22% mortgage, repayable in monthly instalments of $367 including interest, maturing July 1, 2041 (#19042944017) | 65,147 | 68,733 |
| 3.29% mortgage, repayable in monthly instalments of $505 including interest, maturing September 1, 2042 (#19042944019) | 80,691 | 84,061 |
| 2.02% mortage, repayable in monthly instalments of $2,592 including interest, maturing March 1, 2037 (#19042944022) | 331,327 | 355,592 |
| 2.02% mortage, repayable in monthly instalments of $2,170 including interest, maturing March 1, 2037 (#19042944024) | 277,476 | 297,730 |
| 2.02% mortage, repayable in monthly instalments of $501 including interest, maturing March 1, 2047 (#19042944020) | 106,767 | 110,591 |
| 2.02% mortage, repayable in monthly instalments of $509 including interest, maturing March 1, 2047 (#19042944021) | 108,576 | 112,466 |
| 3.7% mortgage, repayable in monthly instalments of $2,315 including interest, maturing December 1, 2037 (#19042944023) | 282,432 | 299,519 |
| 3.95% mortgage, repayable in monthly instalments of $1,472 including interest, maturing June 1, 2039 (#26766873) | 192,580 | -⚑ |
| 3.3% mortgage, repayable in monthly instalments of $1,472 including interest, maturing September 1, 2039 (#26861609) | 203,597 | -⚑ |
| Unlooweg Development Group Inc. 8.00% loan with Ulnooweg Development Group Inc., repayable in annual payments of $51,896 including interest, maturing November 2025 | 244,669 | 275,671 |
| Atlantic Canada Opportunities Agency Interest free loan with ACOA, repayable in monthly payments of $1,459, maturing June 2032 | 126,853 | 144,361 |
| Interest free loan with ACOA, repayable in monthly payments of $4,989, maturing February 2033 | 816,543 | 488,940 |
| 2025 | 2024 | |
|---|---|---|
| Bank of Nova Scotia non-revolving facility bearing interest at CORRA rate + 2.7% per annum, repayable in monthly instalments of $17,778 plus interest, maturing May 2027 | 8,136,571 | -⚑ |
| [total] | 28,920,990 | 20,789,888 |
| Amount | |
|---|---|
| 2026 | 1,075,910 |
| 2027 | 1,077,617 |
| 2028 | 1,091,323 |
| 2029 | 1,086,351 |
| 2030 | 1,049,146 |
| Thereafter | 23,540,643 |
| [total] | 28,920,990 |
Note 17Tangible capital assets
| Amortization rate % | Cost(other) | Accumulated amortization(other) | 2025 Net book value(other) | 2024 Net book value(other) | |
|---|---|---|---|---|---|
| Buildings | 4 | 76,600,364 | 29,165,631 | 47,434,733 | 45,358,819 |
| Equipment | 20 | 19,279,111 | 13,966,161 | 5,312,950 | 3,960,780 |
| Motor vehicles | 30 | 5,228,341 | 4,437,355 | 790,986 | 673,469 |
| Roads | 3 | 9,999,739 | 3,113,817 | 6,885,922 | 4,766,359 |
| Sports facilities | 4 | 1,320,913 | 294,254 | 1,026,659 | 1,069,437 |
| Subdivision | 3 | 1,206,899 | 425,103 | 781,796 | 801,842 |
| Vessel | 15 | 12,136,685 | 5,751,176 | 6,385,509 | 4,730,167 |
| Water and sewer | 3 | 14,177,762 | 4,694,979 | 9,482,783 | 9,474,156 |
| Construction in progress | ⚑ | 284,330 | -⚑ | 284,330 | 1,377,451 |
| Land | ⚑ | 167,214 | -⚑ | 167,214 | 167,214 |
| [total] | ⚑ | 140,401,358 | 61,848,476 | 78,552,882 | 72,379,694 |
Note 18Revenue
| 2025 | 2024 | |
|---|---|---|
| Indigenous Services Canada | ||
| Grant | 12,921,775 | 12,800,517 |
| Block | 6,643,748 | 5,333,810 |
| Flexible | 391,185 | 614,464 |
| Fixed | 13,003,548 | 11,466,075 |
| Net funding for fiscal year | 32,960,256 | 30,214,866 |
| Health Canada | ||
| Block | 3,101,732 | 3,511,580 |
| Set | 745,835 | 786,220 |
| Flexible | 4,038,725 | 3,038,087 |
| Fixed | 37,114 | 57,342 |
| Net funding for fiscal year | 7,923,406 | 7,393,229 |
| CMHC | -⚑ | 26,049 |
| Other | 42,020,675 | 30,683,591 |
| [total] | 82,904,337 | 68,317,735 |
Note 20Reconciliation of Service Canada funding
| 2025 | 2024 | |
|---|---|---|
| Consolidated Revenue Funds ("CRF") | ||
| Carry forward from previous year | 252,385 | 254,356 |
| Used in current year | (252,385) | (254,356) |
| Surplus CRF regular funding | 133,351 | 131,467 |
| Surplus EI regular funding | 49,983 | 66,109 |
| Surplus Skills and Partnership Funding regular funding | -⚑ | 54,809 |
| Unexpended balance forward to 2025/2026 | 183,334 | 252,385 |