First Nations / McLeod Lake / 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: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| Financial assets | ||
| Cash (Note 3)n3 | 109,902,297 | 88,684,867 |
| Accounts receivable and accruals (Note 4)n4 | 2,890,597 | 10,805,437 |
| Guaranteed investment certificate | 19,532 | 19,532 |
| Inventory for resale | 72,120 | 79,203 |
| Advances to related party (Note 5)n5 | 26,283 | -⚑ |
| Investment in Band business entities (Note 6)n6 | 87,939,222 | 68,823,803 |
| Funds held in trust (Note 7)n7 | 48,273 | 48,308 |
| Total financial assets | 200,898,324 | 168,461,150 |
| Liabilities | ||
| Accounts payable and accruals (Note 8)n8 | 4,268,106 | 5,983,969 |
| Deferred revenue (Note 9)n9 | 851,475 | 536,381 |
| Advances from related party (Note 10)n10 | -⚑ | 44,010 |
| Total financial liabilities | 5,119,581 | 6,564,360 |
| Net financial assets | 195,778,743 | 161,896,790 |
| Non-financial assets | ||
| Tangible capital assets (Schedule 1) | 32,199,370 | 31,647,934 |
| Prepaid expenses and deposits (Note 13)n13 | 166,519 | 4,218,576 |
| Total non-financial assets | 32,365,889 | 35,866,510 |
| Accumulated surplus (Note 14)n14 | 228,144,632 | 197,763,300 |
Consolidated Statement of Operations and Accumulated Surplus
FY 2024-2025 · PDF page 6
Rev − Exp = Surplus: matched
| Schedules(other) | 2025 Budget (Note 20)(budget) | 2025 | 2024 | |
|---|---|---|---|---|
| Revenue | ||||
| Province of British Columbia (Note 15)n15 | ⚑ | 44,663,640 | 25,522,552 | 55,328,544 |
| Earnings from investment in band business entities (Note 6)n6 | ⚑ | -⚑ | 12,808,658 | 10,640,454 |
| Trust revenue | ⚑ | 11,108,527 | 6,196,667 | 5,585,544 |
| Other revenue | ⚑ | 6,367,835 | 6,054,650 | 4,647,375 |
| Interest income | ⚑ | 1,264,150 | 5,265,590 | 4,234,161 |
| Indigenous Services Canada (Note 16)n16 | ⚑ | 9,806,803 | 4,568,187 | 9,891,479 |
| Sale of goods and services | ⚑ | -⚑ | 1,724,567 | 1,796,902 |
| First Nations Health Authority | ⚑ | 1,543,224 | 1,246,662 | 1,794,766 |
| Contract revenue | ⚑ | 700,000 | 602,316 | 1,313,568 |
| BC Hydro | ⚑ | 271,000 | 536,850 | 379,628 |
| Housing and other rental revenue | ⚑ | 158,900 | 188,865 | 179,100 |
| Prince George Nechako Aboriginal Employment & Training Association | ⚑ | 208,000 | 178,989 | 164,817 |
| Donations | ⚑ | 165,500 | 133,200 | 156,668 |
| First Nation Education Steering Committee | ⚑ | 66,500 | 45,085 | 126,917 |
| Loss on sale of tangible capital assets | ⚑ | -⚑ | (1,232,342) | (41,125) |
| Debt forgiveness (recovery) | ⚑ | -⚑ | (935,901) | -⚑ |
| Government of Canada (recovery) | ⚑ | 325,000 | (25,200) | 177,327 |
| Canada Mortgage and Housing Corporation | ⚑ | -⚑ | -⚑ | 1,209 |
| [Total revenue] | ⚑ | 76,649,079 | 62,879,395 | 96,377,334 |
| Expenses | ||||
| Administration | 3 | 14,404,248 | 14,503,148 | 16,667,467 |
| Education | 4 | 1,778,661 | 1,896,128 | 1,087,573 |
| Social Development | 5 | 1,901,549 | 1,741,419 | 1,175,182 |
| Public Works & Capital | 6 | 2,132,519 | 2,201,234 | 3,074,045 |
| Own Source | 7 | 13,181,285 | 7,679,665 | 14,401,545 |
| Health & Wellness | 8 | 2,393,918 | 2,000,831 | 1,398,157 |
| Lands & Resources | 9 | 2,969,018 | 1,529,349 | 1,603,928 |
| Housing | 10 | 1,170,642 | 946,289 | 861,424 |
| [Total expenses] | ⚑ | 39,931,840 | 32,498,063 | 40,269,321 |
| Annual surplus | ⚑ | 32,061,654 | 30,381,332 | 56,108,013 |
| Accumulated surplus, beginning of year | ⚑ | 197,763,300 | 197,763,300 | 141,655,287 |
| Accumulated surplus, end of year | ⚑ | 229,824,954 | 228,144,632 | 197,763,300 |
Consolidated Statement of Changes in Net Financial Assets
FY 2024-2025 · PDF page 7
| 2025 Budget (Note 20)(budget) | 2025 | 2024 | |
|---|---|---|---|
| Annual surplus | 32,061,654 | 30,381,332 | 56,108,013 |
| Purchases of tangible capital assets | -⚑ | (4,558,565) | (11,679,870) |
| Amortization of tangible capital assets | -⚑ | 1,264,547 | 1,465,337 |
| Loss on disposal of tangible capital assets | -⚑ | 1,232,342 | 41,125 |
| Proceeds on disposal of purchased intangibles | -⚑ | -⚑ | 1,341,340 |
| Impairment on tangible capital assets | -⚑ | -⚑ | 560,167 |
| Adjustments to tangible capital assets | -⚑ | (130,660) | -⚑ |
| Proceeds on disposal of tangible capital assets | -⚑ | 1,640,900 | -⚑ |
| Acquisition of prepaid expenses | -⚑ | -⚑ | (898,386) |
| Use of prepaid expenses | -⚑ | 4,052,057 | -⚑ |
| Increase in net financial assets | 32,061,654 | 33,881,953 | 46,937,726 |
| Net financial assets, beginning of year | 161,896,790 | 161,896,790 | 114,959,064 |
| Net financial assets, end of year | 193,958,444 | 195,778,743 | 161,896,790 |
Consolidated Statement of Cash Flows
FY 2024-2025 · PDF page 8
| 2025 | 2024 | |
|---|---|---|
| Cash provided by (used for) the following activities | ||
| Operating activities | ||
| Annual surplus | 30,381,332 | 56,108,013 |
| Non-cash items | ||
| Amortization of tangible capital assets | 1,264,547 | 1,465,337 |
| Proceeds on disposal of purchased intangibles | -⚑ | 1,341,340 |
| Loss on disposal of tangible capital assets | 1,232,342 | 41,125 |
| Bad debt expense (recovery) | (4,939) | 264,442 |
| Forgiveness of debt between Band-owned entities | -⚑ | 8,614,133 |
| Earnings from investment in Band business entities (Note 6)n6 | (12,808,658) | (10,640,454) |
| Loss on disposal of partnership units (Note 6)n6 | 1,211,545 | -⚑ |
| Transfer of partnership units (Note 6)n6 | 538,455 | -⚑ |
| Impairment on tangible capital assets | -⚑ | 560,167 |
| Ottawa Trust funds | 35 | (69) |
| [Total operating activities] | 21,814,659 | 57,754,034 |
| Changes in working capital accounts | ||
| Accounts receivable and accruals | 7,919,779 | (6,955,797) |
| Restricted cash | -⚑ | 218,134 |
| Accounts payable and accruals | (1,715,863) | 2,566,048 |
| Inventory for resale | 7,083 | 38,936 |
| Deferred revenue | 315,094 | (5,553,025) |
| Prepaid expenses | 4,052,057 | (898,386) |
| Guaranteed investment certificates | -⚑ | (7,500) |
| [Total changes in working capital] | 32,392,809 | 47,162,444 |
| Financing activities | ||
| Repayment of debt | -⚑ | (5,587,423) |
| Net advances from related parties | -⚑ | (6,742,255) |
| [Total financing activities] | -⚑ | (12,329,678) |
| Capital activities | ||
| Purchases of tangible capital assets | (4,558,565) | (11,679,870) |
| Proceeds on disposal of tangible capital assets | 1,640,900 | -⚑ |
| Adjustments to tangible capital assets | (130,660) | -⚑ |
| [Total capital activities] | (3,048,325) | (11,679,870) |
| Investing activities | ||
| Advances to related Band business entities | (3,615,951) | -⚑ |
| Advances from related party | (70,293) | -⚑ |
| Distributions from Band business entities | 3,047,645 | 250,000 |
| Contribution to Band business entities | (7,488,455) | (3,000) |
| [Total investing activities] | (8,127,054) | 247,000 |
| Increase in cash | 21,217,430 | 23,399,896 |
| Cash, beginning of year | 88,684,867 | 65,284,971 |
| Cash, end of year | 109,902,297 | 88,684,867 |
Schedules as published
Schedule 1 - Consolidated Tangible Capital AssetsPDF p. 23
| Land | Land Improvements(other) | Buildings(other) | Housing(other) | Machinery and Equipment(other) | Vehicles(other) | Infrastructure(other) | Construction in Progress(other) | Total(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Cost, beginning of year | 8,951,177 | 584,540 | 2,473,652 | 3,954,375 | 1,571,086 | 664,964 | 2,931,818 | 1,401,924 | 22,533,536 |
| Additions | 507,242 | 3,121,584 | 3,716,695 | 3,297,495 | 583,181 | 129,306 | 9,325 | 731,224 | 12,096,052 |
| Disposals | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (41,979) | -⚑ | -⚑ | (41,979) |
| Capitalized construction | -⚑ | 733,391 | 668,533 | -⚑ | -⚑ | -⚑ | -⚑ | (1,401,924) | -⚑ |
| Cost, end of year | 9,458,419 | 4,439,515 | 6,858,880 | 7,251,870 | 2,154,267 | 752,291 | 2,941,143 | 731,224 | 34,587,609 |
| Accumulated amortization, beginning of year | -⚑ | 319,372 | 1,227,985 | 1,918,209 | 721,403 | 295,394 | 2,005,472 | -⚑ | 6,487,835 |
| Amortization | -⚑ | 432,548 | 171,222 | 177,204 | 92,752 | 71,485 | 54,308 | -⚑ | 999,519 |
| Disposals | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (23,788) | -⚑ | -⚑ | (23,788) |
| Accumulated amortization, end of year | -⚑ | 751,920 | 1,399,207 | 2,095,413 | 814,155 | 343,091 | 2,059,780 | -⚑ | 7,463,566 |
| Net carrying amount, end of year | 9,458,419 | 3,687,595 | 5,459,673 | 5,156,457 | 1,340,112 | 409,200 | 881,363 | 731,224 | 27,124,043 |
Schedule 1 - Consolidated Tangible Capital Assets (2024 comparative figures)PDF p. 24
| Land | Land Improvements(other) | Buildings(other) | Housing(other) | Machinery and Equipment(other) | Vehicles(other) | Infrastructure(other) | Construction in Progress(other) | Total(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Cost, beginning of year | 8,951,177 | 584,540 | 1,832,238 | 3,954,375 | 1,050,114 | 607,953 | 2,931,818 | 326,320 | 20,238,535 |
| Additions | -⚑ | -⚑ | 315,094 | -⚑ | 520,972 | 57,011 | -⚑ | 1,401,924 | 2,295,001 |
| Disposals | |||||||||
| Capitalized construction | -⚑ | -⚑ | 326,320 | -⚑ | -⚑ | -⚑ | -⚑ | (326,320) | -⚑ |
| Cost, end of year | 8,951,177 | 584,540 | 2,473,652 | 3,954,375 | 1,571,086 | 664,964 | 2,931,818 | 1,401,924 | 22,533,536 |
| Accumulated amortization, beginning of year | -⚑ | 272,322 | 1,166,394 | 1,823,442 | 658,674 | 233,148 | 1,950,994 | -⚑ | 6,104,974 |
| Amortization | -⚑ | 47,050 | 61,591 | 94,767 | 62,729 | 62,246 | 54,478 | -⚑ | 382,861 |
| Disposals | |||||||||
| Accumulated amortization, end of year | -⚑ | 319,372 | 1,227,985 | 1,918,209 | 721,403 | 295,394 | 2,005,472 | -⚑ | 6,487,835 |
| Net carrying amount, end of year | 8,951,177 | 265,168 | 1,245,667 | 2,036,166 | 849,683 | 369,570 | 926,346 | 1,401,924 | 16,045,701 |
Schedule 2 - Consolidated Segment DisclosurePDF p. 25
| Community and Membership | Education(other) | Infrastructure & Asset Management - Shop and Public Works(other) | Health and Social Services(other) | Administration and Governance(other) | Housing(other) | Enterprises and Economic Development(other) | Other(other) | Consolidated Total(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Indigenous Services Canada | 13,457 | -⚑ | 2,327,533 | 2,078,089 | 3,209,638 | 180,335 | 208,497 | 139,197 | 8,156,746 |
| Canada | 12,478 | -⚑ | 130,300 | 75,290 | -⚑ | 102,833 | 29,975 | -⚑ | 350,876 |
| Ontario | -⚑ | 36,806 | 156,221 | 164,324 | 219,532 | -⚑ | 624,626 | -⚑ | 1,201,509 |
| Ontario First Nations (2008) Limited Partnership | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 1,333,785 | 1,333,785 |
| Trust income | 695,610 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 695,610 |
| Aboriginal organizations | 55,569 | 2,476,827 | 31,183 | 1,150,676 | 3,172 | -⚑ | -⚑ | 64,732 | 3,782,159 |
| Interest, rentals and other | 1,066,377 | 60,959 | 1,229,936 | 14,808 | 304,155,762 | 112,473 | 1,289,821 | 6,330,214 | 314,260,350 |
| Transfers between segments | 1,333,785 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (1,333,785) | -⚑ |
| [Total revenue] | 3,177,276 | 2,574,592 | 3,875,173 | 3,483,187 | 307,588,104 | 395,641 | 2,152,919 | 6,534,143 | 329,781,035 |
| Expenses | |||||||||
| Salaries, wages and benefits | 96,880 | 447,416 | 558,216 | 1,666,108 | 981,012 | 178,971 | 925,419 | 66,883 | 4,920,905 |
| Materials and supplies | (2,888) | 42,179 | 194,748 | 394,227 | 194,266 | 68,448 | 108,143 | 72,857 | 1,071,980 |
| Contracted services | 735 | 8,911 | 620,220 | 468,632 | 4,113,485 | 106,349 | 439,937 | 1,358,351 | 7,116,620 |
| Rents and financial expenses | 3,705 | 1,100 | 73,940 | 121,498 | 108,950 | 39,471 | 80,186 | 43,748 | 472,598 |
| External transfers | 2,465,180 | 1,744,336 | -⚑ | 6,097 | -⚑ | -⚑ | -⚑ | -⚑ | 4,215,613 |
| Amortization | 4,591 | 1,534 | 330,670 | 5,043 | 28,504 | 565,302 | 63,873 | -⚑ | 999,517 |
| Transfers between segments | 241,027 | 336,592 | (336,303) | 347,141 | (833,481) | 48,374 | 178,858 | 17,792 | -⚑ |
| [Total expenses] | 2,809,230 | 2,582,068 | 1,441,491 | 3,008,746 | 4,592,736 | 1,006,915 | 1,796,416 | 1,559,631 | 18,797,233 |
| Excess (deficiency) of revenue over expenses | 368,046 | (7,476) | 2,433,682 | 474,441 | 302,995,368 | (611,274) | 356,503 | 4,974,512 | 310,983,802 |
Schedule 2 - Consolidated Segment Disclosure (2024 comparative figures)PDF p. 26
| Community and Membership | Education(other) | Infrastructure & Asset Management - Shop and Public Works(other) | Health and Social Services(other) | Administration and Governance(other) | Housing(other) | Enterprises and Economic Development(other) | Other(other) | Consolidated Total(other) | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Indigenous Services Canada | 48,879 | -⚑ | 1,283,864 | 1,782,525 | 702,566 | 878,829 | 126,595 | 96,044 | 4,919,302 |
| Canada | 9,603 | -⚑ | -⚑ | 77,874 | -⚑ | 32,556 | 118,591 | 6,000 | 244,624 |
| Ontario | -⚑ | 13,903 | 93,361 | 154,724 | -⚑ | -⚑ | 402,478 | -⚑ | 664,466 |
| Ontario First Nations (2008) Limited Partnership | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 1,072,282 | 1,072,282 |
| Trust income | 826,308 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 826,308 |
| Aboriginal organizations | 30,392 | 2,180,036 | -⚑ | 1,136,388 | -⚑ | -⚑ | -⚑ | 6,736 | 3,353,552 |
| Interest, rentals and other | 68,181 | 73,214 | 296,763 | -⚑ | 1,127,654 | 238,602 | 1,516,161 | 9,991,296 | 13,311,871 |
| Transfers between segments | 740,343 | -⚑ | -⚑ | -⚑ | 331,939 | -⚑ | -⚑ | (1,072,282) | -⚑ |
| [Total revenue] | 1,723,706 | 2,267,153 | 1,673,988 | 3,151,511 | 2,162,159 | 1,149,987 | 2,163,825 | 10,100,076 | 24,392,405 |
| Expenses | |||||||||
| Salaries, wages and benefits | 61,308 | 356,470 | 526,072 | 1,359,454 | 758,492 | 100,415 | 540,856 | 20,407 | 3,723,474 |
| Materials and supplies | 145,036 | 25,384 | 169,604 | 257,127 | 96,068 | 28,442 | 47,205 | 44,238 | 813,104 |
| Contracted services | 33,245 | 46,466 | 532,790 | 501,009 | 1,170,273 | 243,838 | 621,099 | 1,056,195 | 4,204,915 |
| Rents and financial expenses | 7,309 | 1,000 | 65,267 | 75,532 | 239,197 | 26,292 | 20,994 | 6,515 | 442,106 |
| External transfers and other | 1,722,739 | 1,529,840 | -⚑ | 44,425 | -⚑ | -⚑ | -⚑ | 10,000 | 3,307,004 |
| Amortization | 4,591 | 1,534 | 210,316 | 20,349 | 28,504 | 95,175 | 22,392 | -⚑ | 382,861 |
| Transfers between segments | 138,253 | 309,448 | (64,953) | 360,783 | (1,022,275) | 49,149 | 219,992 | 9,603 | -⚑ |
| [Total expenses] | 2,112,481 | 2,270,142 | 1,439,096 | 2,618,679 | 1,270,259 | 543,311 | 1,472,538 | 1,146,958 | 12,873,464 |
| Excess (deficiency) of revenue over expenses | (388,775) | (2,989) | 234,892 | 532,832 | 891,900 | 606,676 | 691,287 | 8,953,118 | 11,518,941 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 3Cash
| 2025 | 2024 | |
|---|---|---|
| Operations Fund | 107,017,291 | 87,769,895 |
| Social Housing Fund | 2,666,980 | -⚑ |
| Duz Cho Forest Products Limited Partnership | 130,383 | 760,799 |
| Tse'Khene Food & Fuel Ltd. | 87,643 | 154,173 |
| [Total] | 109,902,297 | 88,684,867 |
Note 4Accounts receivable and accruals
| 2025 | 2024 | |
|---|---|---|
| Trade and accrued receivables | 2,218,341 | 1,780,766 |
| Indigenous Services Canada | 500,393 | -⚑ |
| First Nations Health Authority | 116,430 | -⚑ |
| Province of British Columbia | 34,985 | 8,614,202 |
| First Nations Education Steering Committee | 23,348 | 28,609 |
| Government of Canada | 300 | 139,463 |
| BC Hydro | -⚑ | 173,848 |
| Oil and Gas Commission | -⚑ | 125,000 |
| Prince George Nechako Aboriginal Employment & Training Association | -⚑ | 33,475 |
| [Subtotal] | 2,893,797 | 10,895,363 |
| Less: Allowance for doubtful accounts | (3,200) | (89,926) |
| [Total] | 2,890,597 | 10,805,437 |
Note 5Advances to related party
| 2025 | 2024 | |
|---|---|---|
| McLeod Lake Indian Band Treaty 8 Trust | 26,283 | -⚑ |
Note 6Investments in Band business entities
| Balance, beginning of year | Loans / advances / note receivable(other) | Share of earnings (loss)(other) | Net contribution (distributions)(other) | Disposal(other) | Total investment(other) | |
|---|---|---|---|---|---|---|
| Portfolio Investments: | ||||||
| Mackenzie Fibre Management Corporation | 400 | -⚑ | -⚑ | -⚑ | -⚑ | 400 |
| Dlezeh Industrial Park LP | 125,000 | -⚑ | -⚑ | -⚑ | (125,000) | -⚑ |
| Dlezeh NGL LP | 125,000 | -⚑ | -⚑ | -⚑ | (125,000) | -⚑ |
| Mixt Energy Exports LP | 1,500,000 | -⚑ | -⚑ | -⚑ | (1,500,000) | -⚑ |
| BC First Nations Gaming Revenue Sharing LP | 110 | -⚑ | -⚑ | -⚑ | -⚑ | 110 |
| Defence Metals Corporation | 137,037 | -⚑ | -⚑ | -⚑ | -⚑ | 137,037 |
| [Total Portfolio Investments] | 1,887,547 | -⚑ | -⚑ | -⚑ | (1,750,000) | 137,547 |
| Wholly-owned Businesses: | ||||||
| DCL Ltd. | (8,579) | 3,414,200 | (2,277) | -⚑ | -⚑ | 3,403,344 |
| DCC Ltd. | (4,887) | -⚑ | 583 | -⚑ | -⚑ | (4,304) |
| DCGC Ltd. | (6,475) | -⚑ | 604 | -⚑ | -⚑ | (5,871) |
| TGP Ltd. | (1,475) | -⚑ | (419) | -⚑ | -⚑ | (1,894) |
| SFP Ltd. | (3,061) | 2,999 | (928) | -⚑ | -⚑ | (990) |
| [Total Wholly-owned Businesses] | (24,477) | 3,417,199 | (2,437) | -⚑ | -⚑ | 3,390,285 |
| Band Business Partnerships and Enterprises – Modified Equity: | ||||||
| DCGC LP (99.99%) | 50,513,785 | 543,361 | 10,815,934 | 1,490,811 | -⚑ | 63,363,891 |
| MLMCF LP (50%) | 4,169,832 | -⚑ | 492,662 | (400,000) | -⚑ | 4,262,494 |
| MLMCF Corp (50%) | 52,971 | -⚑ | 9,920 | -⚑ | -⚑ | 62,891 |
| Three Feathers Limited Partnership (33.33%) | (16,873) | -⚑ | (63,701) | -⚑ | -⚑ | (80,574) |
| Three Feathers GP Ltd. | 16,461 | -⚑ | 2,260 | -⚑ | -⚑ | 18,721 |
| TD LP (99.99%) | 12,081,167 | (467,049) | 837,043 | -⚑ | -⚑ | 12,451,161 |
| SFP LP (99.99%) | 143,390 | 122,439 | 716,977 | 3,350,000 | -⚑ | 4,332,806 |
| [Total Modified Equity] | 66,960,733 | 198,751 | 12,811,095 | 4,440,811 | -⚑ | 84,411,390 |
| [Total] | 68,823,803 | 3,615,950 | 12,808,658 | 4,440,811 | (1,750,000) | 87,939,222 |
| Balance, beginning of year | Loans / advances(other) | Share of earnings (loss)(other) | Net contribution (distributions)(other) | Note receivable(other) | Total investment 2024(other) | |
|---|---|---|---|---|---|---|
| Portfolio Investments: | ||||||
| Mackenzie Fibre Management Corporation | 400 | -⚑ | -⚑ | -⚑ | -⚑ | 400 |
| Dlezeh Industrial Park LP | 125,000 | -⚑ | -⚑ | -⚑ | -⚑ | 125,000 |
| Dlezeh NGL LP | 125,000 | -⚑ | -⚑ | -⚑ | -⚑ | 125,000 |
| Mixt Energy Exports LP | 1,500,000 | -⚑ | -⚑ | -⚑ | -⚑ | 1,500,000 |
| BC First Nations Gaming Revenue Sharing LP | 110 | -⚑ | -⚑ | -⚑ | -⚑ | 110 |
| Defence Metals Corporation | -⚑ | -⚑ | -⚑ | 137,037 | -⚑ | 137,037 |
| [Total Portfolio Investments] | 1,750,510 | -⚑ | -⚑ | 137,037 | -⚑ | 1,887,547 |
| Wholly-owned Businesses: | ||||||
| DCL Ltd. | (7,568) | -⚑ | (1,011) | -⚑ | -⚑ | (8,579) |
| DCC Ltd. | (4,098) | -⚑ | (789) | -⚑ | -⚑ | (4,887) |
| DCGC Ltd. | (5,333) | (1) | (1,141) | -⚑ | -⚑ | (6,475) |
| TGP Ltd. | (414) | 3,650 | (4,711) | -⚑ | -⚑ | (1,475) |
| SFP Ltd. | -⚑ | -⚑ | (3,061) | -⚑ | -⚑ | (3,061) |
| [Total Wholly-owned Businesses] | (17,413) | 3,649 | (10,713) | -⚑ | -⚑ | (24,477) |
| Band Business Partnerships and Enterprises – Modified Equity: | ||||||
| DCGC LP (99.99%) | 40,668,901 | 43,029 | 9,801,855 | -⚑ | -⚑ | 50,513,785 |
| MLMCF LP (50%) | 3,437,445 | -⚑ | 982,387 | (250,000) | -⚑ | 4,169,832 |
| MLMCF Corp (50%) | 45,490 | -⚑ | 7,481 | -⚑ | -⚑ | 52,971 |
| Three Feathers LP (33.33%) | (10,260) | -⚑ | (6,613) | -⚑ | -⚑ | (16,873) |
| Three Feathers GP Ltd. (33.33%) | (2,422) | 18,890 | (7) | -⚑ | -⚑ | 16,461 |
| TD LP (99.99%) | 4,649,314 | 475,584 | 397,457 | -⚑ | 6,558,812 | 12,081,167 |
| SFP LP (99.99%) | 660,919 | 7,906 | (525,435) | -⚑ | -⚑ | 143,390 |
| [Total Modified Equity] | 49,449,387 | 545,409 | 10,657,125 | (250,000) | 6,558,812 | 66,960,733 |
| [Total] | 51,182,484 | 549,058 | 10,646,412 | (112,963) | 6,558,812 | 68,823,803 |
| Duz Cho Group of Companies Limited Partnership As at October 31, 2024 | Sekani Forest Products Limited Partnership As at December 31, 2024(other) | McLeod Lake Mackenzie Community Forest Limited Partnership As at December 31, 2024(other) | Three Feathers Limited Partnership As at April 30, 2025(other) | |
|---|---|---|---|---|
| Assets | ||||
| Cash | 112,675 | 1,103,010 | 891,125 | 1,414,190 |
| Accounts receivable | 439,356 | 14,446 | 242,842 | 59,748 |
| Investments | 62,589,882 | -⚑ | 9,004,593 | -⚑ |
| Advances to related parties | 25,310 | -⚑ | -⚑ | -⚑ |
| Property, plant and equipment | 3,549 | 3,888,000 | 259,647 | -⚑ |
| Prepaid expenses and deposits | 50,961 | 130,057 | 52,295 | 13,200 |
| Intangible assets | -⚑ | 22,700,000 | -⚑ | -⚑ |
| Total assets | 63,221,733 | 27,835,513 | 10,450,502 | 1,487,138 |
| Liabilities | ||||
| Accounts payable and accruals | 440,004 | 4,000 | 528,434 | 151,471 |
| Deferred revenue | ||||
| Advances from related parties | -⚑ | 23,686 | 108,308 | -⚑ |
| Current portion of long-term debt | -⚑ | 1,200,000 | -⚑ | -⚑ |
| Long-term debt | -⚑ | 22,400,000 | -⚑ | -⚑ |
| Other long-term liabilities | -⚑ | -⚑ | 1,288,772 | 1,577,166 |
| Total liabilities | 440,004 | 23,627,686 | 1,925,514 | 1,728,637 |
| Equity/Partners' Capital | 62,781,729 | 4,207,827 | 8,524,988 | (241,499) |
| Total revenue | 22,131,229 | 2,000,473 | 3,717,778 | 1,049,897 |
| Total expenses | 2,699,218 | 1,283,425 | 2,732,455 | 1,241,004 |
| Comprehensive income (loss) | 19,432,011 | 717,048 | 985,323 | (191,107) |
| Duz Cho Group of Companies Limited Partnership As at October 31, 2024 | Duz Cho Logging Ltd. As at October 31, 2024(other) | Duz Cho Construction Ltd. As at October 31, 2024(other) | Sekani Forest Products Ltd. As at March 31, 2025(other) | |
|---|---|---|---|---|
| Assets | ||||
| Cash | ||||
| Accounts receivable | ||||
| Investments | 4,228 | 3,413,816 | 6,835 | 12 |
| Advances to related parties | 1 | -⚑ | -⚑ | -⚑ |
| Property, plant and equipment | ||||
| Prepaid expenses and deposits | ||||
| Intangible assets | ||||
| Total assets | 4,229 | 3,413,816 | 6,835 | 12 |
| Liabilities | ||||
| Accounts payable and accruals | 1,000 | 1,365 | 1,000 | 1,000 |
| Deferred revenue | ||||
| Advances from related parties | 9,099 | 3,423,307 | 10,139 | 3,000 |
| Current portion of long-term debt | ||||
| Long-term debt | ||||
| Other long-term liabilities | ||||
| Total liabilities | 10,099 | 3,424,672 | 11,139 | 4,000 |
| Equity/Partners' Capital | (5,870) | (10,856) | (4,304) | (3,988) |
| Total revenue | 1,943 | -⚑ | 1,869 | 72 |
| Total expenses | 1,339 | 1,416 | 1,286 | 1,000 |
| Comprehensive income (loss) | 604 | (1,416) | 583 | (928) |
| Three Feathers General Partner Ltd. As at April 30, 2025 | McLeod Lake Mackenzie Community Forest Corporation As at December 31, 2024(other) | Tse'Khene Development Limited Partnership As at December 31, 2024(other) | Tse'Khene General Partner Ltd. As at March 31, 2025(other) | |
|---|---|---|---|---|
| Assets | ||||
| Cash | -⚑ | 69,872 | 4,396,302 | -⚑ |
| Accounts receivable | 300 | -⚑ | 792,756 | -⚑ |
| Investments | 225 | 1 | -⚑ | 707 |
| Advances to related parties | -⚑ | 108,308 | 100,617 | -⚑ |
| Property, plant and equipment | -⚑ | -⚑ | 7,802,750 | -⚑ |
| Prepaid expenses and deposits | -⚑ | 4,536 | 58,599 | -⚑ |
| Intangible assets | ||||
| Total assets | 525 | 182,717 | 13,151,024 | 707 |
| Liabilities | ||||
| Accounts payable and accruals | -⚑ | 19,735 | 179,694 | 1,300 |
| Deferred revenue | -⚑ | 37,000 | -⚑ | -⚑ |
| Advances from related parties | -⚑ | -⚑ | 7,086,803 | 4,851 |
| Current portion of long-term debt | ||||
| Long-term debt | ||||
| Other long-term liabilities | ||||
| Total liabilities | -⚑ | 56,735 | 7,266,497 | 6,151 |
| Equity/Partners' Capital | 525 | 125,982 | 5,884,527 | (5,444) |
| Total revenue | 3 | 444,000 | 2,734,983 | 81 |
| Total expenses | 7,500 | 423,961 | 1,897,814 | 500 |
| Comprehensive income (loss) | (7,497) | 20,039 | 837,169 | (419) |
Note 7Funds held in trust
| 2025 | 2024 | |
|---|---|---|
| Capital Trust | ||
| Balance, beginning and end of year | 47,492 | 47,492 |
| Revenue Trust | ||
| Balance, beginning of year | 816 | 747 |
| Interest | 1,582 | 1,606 |
| Transferred out to cash | (1,617) | (1,537) |
| Balance, end of year | 781 | 816 |
| [Total] | 48,273 | 48,308 |
Note 8Accounts payable and accruals
| 2025 | 2024 | |
|---|---|---|
| Accounts payable general | 2,351,412 | 4,393,686 |
| Accrued liabilities | 66,800 | 73,117 |
| Reforestation accrual | 1,252,068 | 1,155,900 |
| Wages payable | 237,825 | 184,093 |
| Government remittances | 321,932 | 107,582 |
| Other | 38,069 | 69,591 |
| [Total] | 4,268,106 | 5,983,969 |
Note 9Deferred revenue
| Balance, beginning of year | Contributions received(other) | Revenue recognized(other) | Balance, end of year(other) | |
|---|---|---|---|---|
| Indigenous Services Canada - Q2KR-001 - CWJI Retro Funding | 536,381 | -⚑ | 536,381 | -⚑ |
| Indigenous Services Canada - FNCFS Post-Majority Care | -⚑ | 336,020 | 51,078 | 284,942 |
| Indigenous Services Canada - JP Child/Life Necessities | -⚑ | 553,891 | 14,116 | 539,775 |
| Indigenous Services Canada - Q2FY-002 - JP Service Coordination | -⚑ | 414,154 | 387,396 | 26,758 |
| [Total] | 536,381 | 1,304,065 | 988,971 | 851,475 |
Note 10Advances from related party
| 2025 | 2024 | |
|---|---|---|
| McLeod Lake Indian Band Treaty 8 Trust | -⚑ | 44,010 |
Note 13Prepaid expenses and deposits
| 2025 | 2024 | |
|---|---|---|
| Timber license deposit | -⚑ | 3,000,000 |
| Mackenzie Project deposit | -⚑ | 1,000,000 |
| Other prepaid expenses and deposits | 166,519 | 218,576 |
| [Total] | 166,519 | 4,218,576 |
Note 14Accumulated surplus
| 2025 | 2024 | |
|---|---|---|
| Equity in Ottawa Trust Funds | 48,273 | 48,308 |
| Equity in tangible capital assets | 32,199,370 | 31,647,934 |
| Investment in Band business entities (enterprise fund) | 87,939,222 | 68,823,803 |
| Surplus in operating fund | 107,957,767 | 97,243,255 |
| [Total] | 228,144,632 | 197,763,300 |
Note 15Province of British Columbia revenue
| 2025 | 2024 | |
|---|---|---|
| Forest Consultation and Revenue Sharing Agreement | 6,404,074 | 6,015,257 |
| Revenue Sharing Agreement | 5,000,000 | 12,500,000 |
| Revenue Sharing Agreement | 5,000,000 | 16,361,382 |
| Capacity Funding | 2,000,000 | -⚑ |
| Economic and Community Development Agreement | 3,457,933 | -⚑ |
| Other Province of British Columbia revenue | 3,660,545 | 13,701,905 |
| Mackenzie Project - Finlay Forest Service Road | -⚑ | 6,750,000 |
| [Total] | 25,522,552 | 55,328,544 |
Note 16Indigenous Services Canada ("ISC") funding reconciliation
| 2025 | 2024 | |
|---|---|---|
| Direct Band Funding | ||
| Revenue per confirmation | 4,883,281 | 4,401,454 |
| Add: Deferred revenue recognized as revenue | 988,971 | 5,490,025 |
| Less: Amounts recognized as deferred revenue | (1,304,065) | -⚑ |
| [Total] | 4,568,187 | 9,891,479 |