First Nations / Campbell River / 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 6

FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
20252024
FINANCIAL ASSETS: Cash and Cash Equivalents (Note 2)n235,835,74327,729,012
FINANCIAL ASSETS: Trust Funds Held by Federal Government (Note 3)n3214,824214,824
FINANCIAL ASSETS: Accounts Receivable (Note 4)n42,029,0201,538,640
FINANCIAL ASSETS: Inventory (Note 5)n5389,014363,947
FINANCIAL ASSETS: Portfolio Investment (Note 6)n6110110
FINANCIAL ASSETS: Investments in Government Business Partnerships (Note 7)n762,189,29957,139,663
FINANCIAL ASSETS: Loan to Related Party (Note 8)n81,055,000-
[total FINANCIAL ASSETS]101,713,01086,986,196
LIABILITIES: Accounts Payable and Accrued Liabilities (Note 9)n91,338,0341,253,380
LIABILITIES: Asset Retirement Obligation (Note 10)n10772,992736,533
LIABILITIES: Deferred Revenue (Note 11)n1113,365,69810,279,569
LIABILITIES: Long Term Debt (Note 12)n121,096,2301,151,989
[total LIABILITIES]16,572,95413,421,471
NET FINANCIAL ASSETS85,140,05673,564,725
NON-FINANCIAL ASSETS: Prepaid Expenses-9,006
NON-FINANCIAL ASSETS: Tangible Capital Assets (Note 13)n1314,317,35214,643,105
[total NON-FINANCIAL ASSETS]14,317,35214,652,111
ACCUMULATED SURPLUS (Note 15)n1599,457,40888,216,836

Consolidated Statement of Operations and Accumulated Surplus

FY 2024-2025 · PDF page 7

Rev − Exp = Surplus: matched
2025 Actual2025 Budget(budget)2024
Revenue: Federal Government: Indigenous Services Canada4,851,4325,170,3565,701,195
Revenue: Ottawa Trust Funds3,622-9,249
Revenue: CMHC136,09083,53590,245
Revenue: First Nations Health Authority1,143,75413,9531,126,189
Revenue: Province of British Columbia5,437,4422,078,90412,145,307
Revenue: School District 7225,49424,85729,857
Revenue: Taxation1,704,8531,722,8801,720,880
Revenue: Income from Government Business Partnerships6,814,665-6,553,285
Revenue: Rent and Land Leases925,55733,600723,101
Revenue: Sales3,034,3531,996,6743,118,317
Revenue: Other7,687,4126,103,2237,282,940
[total Revenue]31,764,67417,227,98238,500,565
Expenditures (Note 19): Band Governmentn195,211,9326,093,1293,960,880
Expenditures (Note 19): Educationn192,648,4152,091,5602,141,418
Expenditures (Note 19): Healthn1930,12922,95321,849
Expenditures (Note 19): Economic Developmentn198,259,8546,453,8504,388,224
Expenditures (Note 19): Housing and Landsn192,394,0392,040,2632,048,637
Expenditures (Note 19): Community and Social Servicesn191,950,2302,339,8701,928,558
Expenditures (Note 19): Employment Programsn1929,50375,00064,900
[total Expenditures]20,524,10219,116,62514,554,466
Annual Surplus11,240,572(1,888,643)23,946,099
Accumulated Surplus - Beginning of Year88,216,836-64,270,737
Accumulated Surplus - End of Year99,457,408-88,216,836

Consolidated Statement of Changes in Net Financial Assets

FY 2024-2025 · PDF page 8

2025 Actual2025 Budget(budget)2024
Annual Surplus (Deficit)11,240,572(1,888,643)23,946,099
Purchase of Tangible Capital Assets(331,477)-(1,160,934)
Amortization of Tangible Capital Assets657,230-566,260
Disposal of Tangible Capital Assets--2,869
[subtotal]325,753-(591,805)
Use of Prepaid Asset9,006-17,544
Increase (Decrease) in Net Financial Assets11,575,331(1,888,643)23,371,838
Net Financial Assets - Beginning of Year73,564,725-50,192,887
Net Financial Assets - End of Year85,140,056-73,564,725

Consolidated Statement of Cash Flows

FY 2024-2025 · PDF page 9

20252024
Cash Flows From Operating Activities: Cash Flows from Government and Other Sources25,963,10935,133,922
Cash Flows From Operating Activities: Cash Paid to Suppliers and Employees(19,731,025)(13,944,014)
Cash Flows From Operating Activities: Interest Received1,527,6491,886,227
Cash Flows From Operating Activities: Interest Paid(30,795)(26,755)
[subtotal Cash Flows From Operating Activities]7,728,93823,049,380
Cash Flows From Investing Activities: Investment in Government Business Partnerships(448,474)(18,618,805)
Cash Flows From Investing Activities: Distributions from Government Business Partnerships2,213,5034,626,350
Cash Flows From Investing Activities: Purchase of Tangible Capital Assets(331,477)(1,160,934)
Cash Flows From Investing Activities: Disposal of Tangible Capital Assets-2,869
Cash Flows From Investing Activities: Loan to Related Party(1,000,000)-
[subtotal Cash Flows From Investing Activities]433,552(15,150,520)
Cash Flows From Financing Activities: Repayment of Long Term Debt(55,759)(70,362)
Increase in Cash and Cash Equivalents8,106,7317,828,498
Cash and Cash Equivalents - Beginning of Year27,729,01219,900,514
Cash and Cash Equivalents - End of Year35,835,74327,729,012
Cash is Represented by: Cash on Hand and Held in Banks (Note 2)n235,456,79927,367,666
Cash is Represented by: Restricted Cash (Note 2)n2378,944361,346
[total Cash is Represented by]35,835,74327,729,012

Notes to the financial statements

Verbatim, as published. Statement lines above link to their notes.

Note 2Cash and Cash Equivalents

20252024
Externally Restricted: Social Housing Replacement Reserve267,761255,326
Externally Restricted: Social Housing Operating Reserve111,183106,020
[subtotal Externally Restricted]378,944361,346
Unrestricted: Operating35,456,79927,367,666
[total]35,835,74327,729,012
Note 3Trust Funds Held by Federal Government

2024Additions(other)Withdrawals(other)2025(other)
Capital214,824--214,824
Note 4Accounts Receivable

20252024
Due from Discovery Harbour Authority108,316108,316
Due from Canada Mortgage and Housing Corporation6,7666,711
Due from Taxpayers447,309419,181
Due from Others2,093,2191,630,796
Due from Members151,994152,220
[subtotal]2,807,6042,317,224
Less: Allowance for Doubtful Accounts(778,584)(778,584)
[total]2,029,0201,538,640
Note 5Inventory

20252024
We Wai Kum House of Treasures323,116318,710
Cigarettes65,89845,237
[total]389,014363,947
Note 7Investments in Government Business Partnerships

20252024
CRIBCO Limited Partnership (99.99%)15,160,61213,577,933
CRIBCO Forest Products Limited Partnership (99.99%)5,934,5374,983,234
A-tlegay Fisheries Limited Partnership (23.50%)3,405,4903,053,571
Laich-Kwil-Tach Environmental Assessments LP (50.00%)1,768,6581,543,798
Discovery Harbour Shopping Centre (55.00%)19,967,04619,091,220
Discovery Crescent Shopping Centre (50.00%)(1,175,063)(1,241,947)
Discovery Residential Holdings Ltd. (Lot 4) Joint Venture (50.00%)228,038228,859
Discovery Joint Venture (51.00%)231,779-
WWKum Holding LLP (99.99%)2,479,505-
Laich-Kwil-Tach Way Key Sand & Gravel Joint Venture (45.00%)41,22042,113
Nanwakolas Offset Limited Partnership (26.18%)525,746981,793
Nanwakolas Timber Limited Partnership (17.31%)2,828,2662,871,178
Knight Inlet Grizzly Tours Ltd. - Indirect Ownership (17.31%)(503,718)(482,088)
La-kwa sa muqw Forestry Limited Partnership (11.52%)11,020,92012,162,920
TFL 64 Limited Partnership (11.52%)276,263327,079
[total]62,189,29957,139,663
Natural Resource BusinessesReal Estate Businesses(other)Commercial and Tourism Businesses(other)Total 2025(other)Total 2024(other)
Total Assets160,675,51247,229,41726,135,377234,040,306120,665,666
Total Liabilities21,652,86333,628,0748,022,87563,303,81252,601,960
Total Equity139,022,64913,601,34318,112,502170,736,49468,063,706
Total Liabilities and Equity160,675,51247,229,41726,135,377234,040,306120,665,666
Revenue90,093,4458,835,51233,951,261132,880,21845,502,618
Expenses94,332,7636,952,05129,105,648130,390,46233,285,776
Net Income(4,239,318)1,883,4614,845,6132,489,75612,216,842
Note 9Accounts Payable and Accrued Liabilities

20252024
Government Remittances Payable37,42918,499
City of Campbell River52,688264,710
School District #72269,734229,974
Other Trade Payables978,183740,197
[total]1,338,0341,253,380
Note 11Deferred Revenue

2024Funding Received(other)Revenue Recognized(other)ISC Recovery(other)2025(other)
Indigenous Services Canada (ISC): ISC - Fixed Funding3,724,5547,321,935(4,032,429)-7,014,060
Indigenous Services Canada (ISC): ISC - Flexible Funding1,923,796---1,923,796
Indigenous Services Canada (ISC): ISC - Grant Funding-819,003(819,003)--
[subtotal Indigenous Services Canada (ISC)]5,648,3508,140,938(4,851,432)-8,937,856
Prepaid Rent: Home Depot - Prepaid Rent1,413,522-(42,671)-1,370,851
Prepaid Rent: Walmart - Prepaid Rent2,586,634-(75,469)-2,511,165
[subtotal Prepaid Rent]4,000,156-(118,140)-3,882,016
Other: BC Hydro457,500---457,500
Other: MakeWay - Indigenous Watersheds173,563-(85,237)-88,326
[subtotal Other]631,063-(85,237)-545,826
[total]10,279,5698,140,938(5,054,809)-13,365,698
Note 12Long Term Debt

20252024
All Nations Trust Company (Social Housing): Repayable at $1,609 per month including interest at 4.02% per annum; guaranteed by Canada Mortgage and Housing Corporation; due March 1, 2029146,334159,064
All Nations Trust Company (Social Housing): Repayable at $577 per month including interest at 3.21% per annum; guaranteed by Canada Mortgage and Housing Corporation; due November 1, 202989,01993,817
All Nations Trust Company (Social Housing): Repayable at $1,808 per month including interest at 1.01% per annum; guaranteed by Canada Mortgage and Housing Corporation; due August 1, 2026328,549346,572
All Nations Trust Company (Social Housing): Repayable at $3,519 per month including interest at 3.12% per annum; guaranteed by Canada Mortgage and Housing Corporation; renewed until April 1, 2028532,328552,536
Total Long Term Debt1,096,2301,151,989
Principal
202662,612
202764,313
202866,047
202967,968
2030 and Thereafter835,290
Note 13Tangible Capital Assets

Cost OpeningCost Additions(other)Cost Disposals(other)Cost Closing(other)Accumulated Amortization Opening(other)Accumulated Amortization Amort(other)Accumulated Amortization Disposals(other)Accumulated Amortization Closing(other)Net Book Value 2025(other)Net Book Value 2024(other)
Land4,626,402--4,626,402----4,626,4024,626,402
Buildings9,859,313--9,859,3133,756,599238,470-3,995,0695,864,2446,102,714
Community Infrastructure5,641,199--5,641,1992,191,324119,370-2,310,6943,330,5053,449,875
Furniture, Equipment and Vehicles1,541,339331,477-1,872,8161,077,225299,390-1,376,615496,201464,114
Total21,668,253331,477-21,999,7307,025,148657,230-7,682,37814,317,35214,643,105
Note 16Accumulated Surplus

20252024
Internally Restricted: Equity in Tangible Capital Assets13,221,12213,491,116
Externally Restricted: Equity in Ottawa Trust214,824214,824
Unrestricted: Operating Surplus86,021,46274,510,896
Total Accumulated Surplus99,457,40888,216,836
Note 19Schedule of Expenses by Object

20252024
Administration26,32412,570
Advertising50,73940,782
Amortization657,230566,260
Bad Debt Expense-208,442
Computers and Technology99,57381,465
Cost of Goods Sold1,362,0191,436,073
Direct Member Benefit872,700840,750
Donations48,420223,433
Honoraria364,253308,862
Insurance278,562222,093
Interest on Long Term Debt30,79526,755
Material and Supplies691,077184,540
Office and Sundry106,542129,971
Payment Processing Fees62,62458,422
Professional Fees2,158,2991,482,653
Programs3,684,055576,397
Repairs and Maintenance793,234561,313
Security56,69121,093
Subcontract421,128427,491
Social Programs999,269828,098
Taxation401,726544,754
Tuition1,496,1561,222,047
Training106,499371,546
Travel331,561139,370
Utilities and Telephone472,384495,242
Wages and Benefits4,952,2423,544,044
[total]20,524,10214,554,466
Note 21Prior Period Adjustment

Balance at March 31, 2024 as Previously Stated(budget)AdjustmentBalance at March 31, 2024 as Restated
Investments in Government Business Partnership56,440,258699,40557,139,663
Income from Government Business Partnerships6,305,025248,2606,553,285
Accumulated Surplus - Beginning of Year63,819,592451,14564,270,737
Accumulated Surplus - End of Year87,517,431699,40588,216,836
Note 22Segment Disclosure 2025

Band GovernmentEducation(other)Health(other)Economic Development(other)Housing and Lands(other)Community and Social Services(other)Employment Program(other)Consolidated Totals(other)
Revenues: Indigenous Services Canada847,1742,004,995-39,5282,856,3052,392,936-8,140,938
Revenues: Ottawa Trust Funds---3,622---3,622
Revenues: Canada Mortgage and Housing Corporation----136,090--136,090
Revenues: First Nations Health Authority - Set Contribution-1,129,76513,989----1,143,754
Revenues: Income from Government Business Partnerships---6,814,665---6,814,665
Revenues: Province of British Columbia1,056,5005,280-4,375,662---5,437,442
Revenues: Taxation1,704,853------1,704,853
Revenues: Other Revenue638,898379,053-8,441,7411,034,7751,168,34910,00011,672,816
[total Revenues]4,247,4253,519,09313,98919,675,2184,027,1703,561,28510,00035,054,180
Deferred Revenue Adjustment-------(3,289,506)
[subtotal]4,247,4253,519,09313,98919,675,2184,027,1703,561,28510,00031,764,674
Expenses: Wages and Benefits973,580814,564-1,639,871474,940708,573-4,611,528
Expenses: Interest and Bank Charges13,552--49,07230,796--93,420
Expenses: Amortization332,760--268,71055,760--657,230
Expenses: Other Expenses3,892,0401,833,85130,1296,302,2011,832,5431,241,65729,50315,161,924
[total Expenses]5,211,9322,648,41530,1298,259,8542,394,0391,950,23029,50320,524,102
Annual Surplus (Deficit)(964,507)870,678(16,140)11,415,3641,633,1311,611,055(19,503)11,240,572
Band GovernmentEducation(other)Health(other)Economic Development(other)Housing and Lands(other)Community and Social Services(other)Employment Program(other)Consolidated Totals(other)
Revenues: Indigenous Services Canada1,126,1411,545,371-39,5281,479,2801,510,875-5,701,195
Revenues: Ottawa Trust Funds---9,249---9,249
Revenues: Canada Mortgage and Housing Corporation----90,245--90,245
Revenues: First Nations Health Authority - Set Contribution-1,112,23613,953----1,126,189
Revenues: Income from Government Business Partnerships---6,553,285---6,553,285
Revenues: Province of British Columbia---11,879,872-265,435-12,145,307
Revenues: Taxation1,720,880------1,720,880
Revenues: Other Revenue578,674470,808-8,336,0851,298,520470,128-11,154,215
[total Revenues]3,425,6953,128,41513,95326,818,0192,868,0452,246,438-38,500,565
Expenses: Wages and Benefits841,514741,522-1,149,689464,480346,839-3,544,044
Expenses: Interest and Bank Charges11,5353-46,28127,358--85,177
Expenses: Amortization345,160--150,74070,360--566,260
Expenses: Other Expenses2,762,6711,399,89321,8493,041,5141,486,4391,581,71964,90010,358,985
[total Expenses]3,960,8802,141,41821,8494,388,2242,048,6371,928,55864,90014,554,466
Annual Surplus (Deficit)(535,185)986,997(7,896)22,429,795819,408317,880(64,900)23,946,099