First Nations / Mamalilikulla 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: matchedNet FA + NFA = Acc. surplus: matched
| 2025 | 2024 | |
|---|---|---|
| Financial assets | ||
| Cash and cash equivalents | 4,360,036 | 1,946,754 |
| Guaranteed investment certificates (Note 3)n3 | 4,353,890 | 3,650,773 |
| Accounts receivable (Note 4)n4 | 846,675 | 576,331 |
| Funds held in trust (Note 5)n5 | 95,763 | 91,675 |
| Advances to related party (Note 6)n6 | 81,168 | 106,235 |
| Investment in First Nation business enterprises (Note 7)n7 | 4,574,874 | 4,433,373 |
| Investments in First Nation partnerships (Note 7)n7 | 3,897,813 | 4,405,056 |
| Total financial assets | 18,210,219 | 15,210,197 |
| Liabilities | ||
| Accounts payable and accruals | 74,447 | 52,220 |
| Advances from related parties (Note 8)n8 | 2,069,248 | 2,073,915 |
| Deferred revenue (Note 9)n9 | 352,772 | 227,635 |
| Total liabilities | 2,496,467 | 2,353,770 |
| Net financial assets | 15,713,752 | 12,856,427 |
| Contingent liabilities (Note 10) | ||
| Non-financial assets | ||
| Tangible capital assets (Schedule 1) | 5,372,138 | 5,109,298 |
| Prepaid expenses | 5,998 | 5,998 |
| Total non-financial assets | 5,378,136 | 5,115,296 |
| Accumulated surplus (Note 13)n13 | 21,091,888 | 17,971,723 |
Consolidated Statement of Operations and Accumulated Surplus
FY 2024-2025 · PDF page 6
Rev − Exp = Surplus: matched
| Schedules(other) | 2025 Budget (Note 14)(budget) | 2025 | 2024 | |
|---|---|---|---|---|
| Revenue | ||||
| Other revenue | ⚑ | 365,117 | 3,406,373 | 1,866,804 |
| Province of British Columbia | ⚑ | 69,295 | 1,026,759 | 476,471 |
| First Nation Health Authority | ⚑ | 84,559 | 941,472 | 68,598 |
| Indigenous Services Canada (Note 15)n15 | ⚑ | 702,599 | 836,306 | 987,348 |
| Gaming revenue | ⚑ | 731,364 | 594,374 | 731,700 |
| Earnings from investments in First Nation business partnerships | ⚑ | -⚑ | 561,674 | 1,143,974 |
| Interest income | ⚑ | 50,899 | 346,919 | 189,622 |
| Earnings from investments in First Nation business enterprises | ⚑ | 91,771 | 134,159 | 625,886 |
| Indigenous Protected and Conserved Areas | ⚑ | -⚑ | 122,710 | 147,058 |
| Contribution of tangible capital asset | ⚑ | -⚑ | -⚑ | 37,970 |
| [total revenue] | ⚑ | 2,095,604 | 7,970,746 | 6,275,431 |
| Expenses | ||||
| Band Government | 3 | 2,284,859 | 2,664,990 | 2,730,419 |
| Economic Development | 4 | 1,092,672 | 1,922,615 | 1,737,586 |
| Housing | 5 | -⚑ | 17,486 | 18,406 |
| Land & Resources | 6 | -⚑ | 232,826 | -⚑ |
| Culture | 7 | -⚑ | 12,664 | -⚑ |
| [total expenses] | ⚑ | 3,377,531 | 4,850,581 | 4,486,411 |
| Surplus (deficit) before other items | ⚑ | (1,281,927) | 3,120,165 | 1,789,020 |
| Other items | ||||
| Loss on disposal of tangible capital assets | ⚑ | -⚑ | -⚑ | (10,327) |
| Annual surplus (deficit) | ⚑ | (1,281,927) | 3,120,165 | 1,778,693 |
| Accumulated surplus, beginning of year | ⚑ | -⚑ | 17,971,723 | 16,193,030 |
| Accumulated surplus, end of year | ⚑ | (1,281,927) | 21,091,888 | 17,971,723 |
Consolidated Statement of Change in Net Financial Assets
FY 2024-2025 · PDF page 7
| 2025 Budget (Note 14)(budget) | 2025 | 2024 | |
|---|---|---|---|
| Annual surplus (deficit) | (1,281,927) | 3,120,165 | 1,778,693 |
| Purchases of tangible capital assets | -⚑ | (595,084) | (755,653) |
| Amortization of tangible capital assets | -⚑ | 332,244 | 264,814 |
| Loss on sale of tangible capital assets | -⚑ | -⚑ | 10,327 |
| Proceeds of disposal of tangible capital assets | -⚑ | -⚑ | 8,000 |
| Use of prepaid expenses | -⚑ | -⚑ | 150,000 |
| Increase (decrease) in net financial assets | (1,281,927) | 2,857,325 | 1,456,181 |
| Net financial assets, beginning of year | 12,856,427 | 12,856,427 | 11,400,246 |
| Net financial assets, end of year | 11,574,500 | 15,713,752 | 12,856,427 |
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 | 3,120,165 | 1,778,693 |
| Non-cash items | ||
| Amortization | 332,244 | 264,814 |
| Loss on disposal of tangible capital assets | -⚑ | 10,327 |
| Earnings from investments in First Nation business partnerships | (561,674) | (1,143,974) |
| Earnings from investments in First Nation business enterprises | (134,159) | (625,886) |
| [subtotal] | 2,756,576 | 283,974 |
| Changes in working capital accounts | ||
| Accounts receivable | (270,344) | (376,838) |
| Prepaid expenses | -⚑ | 150,000 |
| Accounts payable and accruals | 22,227 | 10,523 |
| Deferred revenue | 125,137 | (5,859) |
| [total operating activities] | 2,633,596 | 61,800 |
| Capital activities | ||
| Purchases of tangible capital assets | (595,084) | (755,653) |
| Proceeds of disposal of tangible capital assets | -⚑ | 8,000 |
| [total capital activities] | (595,084) | (747,653) |
| Investing activities | ||
| Purchase of guaranteed investment certificates | (4,353,890) | (3,650,773) |
| Redemption of guaranteed investment certificates | 3,650,773 | 3,030,719 |
| Distributions from First Nation business partnerships | 1,068,917 | 863,438 |
| Increase in funds held in trust | (4,088) | (3,981) |
| Advances to related parties | 13,058 | (6,093) |
| [total investing activities] | 374,770 | 233,310 |
| Increase (decrease) in cash and cash equivalents | 2,413,282 | (452,543) |
| Cash and cash equivalents, beginning of year | 1,946,754 | 2,399,297 |
| Cash and cash equivalents, end of year | 4,360,036 | 1,946,754 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 1Tangible capital assets
| Method | Rate | |
|---|---|---|
| Buildings | ||
| Automotive equipment | ||
| Equipment | ||
| Boats | ||
| Social Housing | ||
| Docks | ||
| Leasehold improvements | ||
Note 2Guaranteed investment certificates
| 2025 | 2024 | |
|---|---|---|
| Measured at cost | ||
| GIC - matured during the year | -⚑ | 1,055,073 |
| GIC - matured during the year | -⚑ | 1,043,700 |
| GIC - matured during the year | -⚑ | 1,052,000 |
| GIC - matured during the year | -⚑ | 500,000 |
| GIC 1, matures July 22, 2025 interest at 5.05% | 1,103,699 | -⚑ |
| GIC 2, matures January 12, 2026 interest at 3.80% | 1,108,964 | -⚑ |
| GIC 3, matures December 18, 2025 interest at 3.70% | 500,000 | -⚑ |
| GIC 4, matures October 3, 2025 interest at 4.25% | 530,082 | -⚑ |
| GIC 5, matures April 6, 2026, interest at 5.45% | 1,111,145 | -⚑ |
| [total] | 4,353,890 | 3,650,773 |
Note 3Accounts receivable
| 2025 | 2024 | |
|---|---|---|
| Province of British Columbia | 324,624 | 91,164 |
| Interfor Corporation | 226,569 | -⚑ |
| Indigenous Services Canada | 138,825 | -⚑ |
| First Nations Health Authority | 90,259 | 13,856 |
| Goods and Services Tax | 36,398 | 20,514 |
| Nanwakolas Council Society | 30,000 | -⚑ |
| 'Namgis First Nation | -⚑ | 320,797 |
| Coast Claims | -⚑ | 130,000 |
| [total] | 846,675 | 576,331 |
Note 4Funds held in trust
| 2025 | 2024 | |
|---|---|---|
| Capital Trust | ||
| Balance, beginning and end of year | 30,122 | 30,122 |
| Revenue Trust | ||
| Balance, beginning of year | 61,553 | 57,572 |
| Interest | 4,088 | 3,981 |
| Balance, end of year | 65,641 | 61,553 |
| [total] | 95,763 | 91,675 |
Note 5Advances to related party
| 2025 | 2024 | |
|---|---|---|
| DMT Fisheries Society | 81,168 | 106,235 |
Note 6Investments in First Nation business enterprises and partnerships
| 2025 Investment cost | 2025 Loans / advances(other) | 2025 Share of earnings (loss)(other) | 2025 Contributions (draws)(other) | 2025 Total investment(other) | |
|---|---|---|---|---|---|
| First Nation Business Enterprises: | |||||
| Mamalilikulla Economic Development Corporation - 100% | 371,321 | 3,803 | (17) | -⚑ | 375,107 |
| Mamalilikulla Economic Development LP - 99% | 4,062,052 | 3,539 | 134,176 | -⚑ | 4,199,767 |
| [subtotal] | 4,433,373 | 7,342 | 134,159 | -⚑ | 4,574,874 |
| First Nation Business Partnerships: | |||||
| Nanwakolas Offset LP - 26% | 980,201 | -⚑ | 394,000 | (850,047) | 524,154 |
| Nanwakolas Timber LP - 21% | 3,424,853 | -⚑ | 167,674 | (218,870) | 3,373,657 |
| Nanwakolas Business Corporation - 17% | 1 | -⚑ | -⚑ | -⚑ | 1 |
| Gwabalis Fisheries Society - 25% | 1 | -⚑ | -⚑ | -⚑ | 1 |
| [subtotal] | 4,405,056 | -⚑ | 561,674 | (1,068,917) | 3,897,813 |
| [total] | 8,838,429 | 7,342 | 695,833 | (1,068,917) | 8,472,687 |
| 2024 Investment cost | 2024 Loans / advances(other) | 2024 Share of earnings (loss)(other) | 2024 Contributions (draws)(other) | 2024 Total investment(other) | |
|---|---|---|---|---|---|
| First Nation Business Enterprises: | |||||
| Mamalilikulla Economic Development Corporation - 100% | 365,777 | 1,015 | 4,529 | -⚑ | 371,321 |
| Mamalilikulla Economic Development LP - 99% | 3,436,870 | 3,825 | 621,357 | -⚑ | 4,062,052 |
| [subtotal] | 3,802,647 | 4,840 | 625,886 | -⚑ | 4,433,373 |
| First Nation Business Partnerships: | |||||
| Nanwakolas Offset LP - 26% | 478,702 | -⚑ | 964,283 | (462,784) | 980,201 |
| Nanwakolas Timber LP - 21% | 3,645,816 | -⚑ | 179,691 | (400,654) | 3,424,853 |
| Nanwakolas Business Corporation - 17% | 1 | -⚑ | -⚑ | -⚑ | 1 |
| Gwabalis Fisheries Society - 25% | 1 | -⚑ | -⚑ | -⚑ | 1 |
| [subtotal] | 4,124,520 | -⚑ | 1,143,974 | (863,438) | 4,405,056 |
| [total] | 7,927,167 | 4,840 | 1,769,860 | (863,438) | 8,838,429 |
| Nanwakolas Business Corporation As at March 31, 2025 | Nanwakolas Offset Limited Partnership As at March 31, 2025(other) | Nanwakolas Timber Limited Partnership As at March 31, 2025(other) | Mamalilikulla Economic Development Limited Partnership As at December 31, 2024(other) | |
|---|---|---|---|---|
| Assets | ||||
| Cash | 6 | 1,486,121 | 6,001,402 | -⚑ |
| Accounts receivable | -⚑ | 177,190 | -⚑ | -⚑ |
| Inventory | -⚑ | 125,922 | -⚑ | -⚑ |
| Investments | 20 | -⚑ | 5,406,509 | 4,251,909 |
| Prepaids | -⚑ | -⚑ | 1,426 | -⚑ |
| Deposits | -⚑ | -⚑ | 74,400 | -⚑ |
| Promissory note receivablenreceivable | -⚑ | 222,667 | -⚑ | -⚑ |
| Due from related parties | -⚑ | 510 | 4,887,121 | 1 |
| Total assets | 26 | 2,012,410 | 16,370,858 | 4,251,910 |
| Liabilities | ||||
| Accounts payable and accruals | -⚑ | 7,500 | 41,649 | 3,751 |
| Due to related parties | 20 | 4,554 | 33 | 28,177 |
| Total liabilities | 20 | 12,054 | 41,682 | 31,928 |
| Retained earnings | 6 | 2,000,356 | 16,329,176 | 4,219,982 |
| Total revenue | -⚑ | 1,671,161 | 1,067,697 | 139,070 |
| Total expenses | -⚑ | 166,198 | 255,632 | 3,539 |
| Net Income (loss) | -⚑ | 1,504,963 | 812,065 | 135,531 |
| Mamalilikulla Economic Development Corporation As at December 31, 2024 | |
|---|---|
| Assets | |
| Cash | 1 |
| Accounts receivable | |
| Inventory | |
| Investments | 38,293 |
| Prepaids | |
| Deposits | |
| Promissory note receivable | |
| Due from related parties | 338,087 |
| Total assets | 376,381 |
| Liabilities | |
| Accounts payable and accruals | 1,275 |
| Due to related parties | 347,520 |
| Total liabilities | 348,795 |
| Retained earnings | 27,586 |
| Total revenue | 1,355 |
| Total expenses | 1,372 |
| Net Income (loss) | (17) |
Note 7Advances from related parties
| 2025 | 2024 | |
|---|---|---|
| Mamalilikulla Forestry Limited Partnership | 1,294,086 | 1,297,678 |
| Mamalilikulla Forestry Corporation | 775,162 | 776,237 |
| [total] | 2,069,248 | 2,073,915 |
Note 8Deferred revenue
| Balance, beginning of year | Contributions received(other) | Amortization(other) | Balance, end of year(other) | |
|---|---|---|---|---|
| First Nations Health Authority | 125,969 | -⚑ | -⚑ | 125,969 |
| Province of British Columbia | 20,412 | 99,470 | 20,412 | 99,470 |
| Environment Funders Canada | 81,254 | -⚑ | 81,254 | -⚑ |
| Indigenous Services Canada | -⚑ | 127,333 | -⚑ | 127,333 |
| [total] | 227,635 | 226,803 | 101,666 | 352,772 |
Note 9Accumulated surplus
| 2025 | 2024 | |
|---|---|---|
| Equity in Ottawa Trust Funds | 95,763 | 91,675 |
| Equity in operating fund | 7,151,300 | 3,932,321 |
| Equity in tangible capital assets | 5,372,138 | 5,109,298 |
| Investment in First Nation business entities | 8,472,687 | 8,838,429 |
| [total] | 21,091,888 | 17,971,723 |
Note 10Budget information
| [value] | |
|---|---|
| Budget annual surplus approved by Chief and Council | 11,216,640 |
| Less: accumulated surplus included in budget | (12,498,567) |
| Budgeted annual deficit per Statement of Operations and Accumulated Surplus | (1,281,927) |
Note 11Indigenous Services Canada funding reconciliation
| 2025 | 2024 | |
|---|---|---|
| Revenue per confirmation | 963,639 | 987,348 |
| Funding deferred | (127,333) | -⚑ |
| [total] | 836,306 | 987,348 |
Note 12Schedule 1 - Consolidated Schedule of Tangible Capital Assets
| Buildings | Automotive equipment(other) | Equipment(other) | Boats(other) | Social Housing(other) | Docks(other) | Subtotal(other) | |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| Balance, beginning of year | 601,956 | 105,715 | 78,592 | 823,066 | 519,967 | 442,024 | 2,571,320 |
| Acquisition of tangible capital assets | 81,850 | 197,438 | -⚑ | 245,522 | -⚑ | -⚑ | 524,810 |
| Disposal of tangible capital assets | |||||||
| Balance, end of year | 683,806 | 303,153 | 78,592 | 1,068,588 | 519,967 | 442,024 | 3,096,130 |
| Accumulated amortization | |||||||
| Balance, beginning of year | 130,211 | 74,879 | 50,372 | 243,338 | 170,255 | 68,537 | 737,592 |
| Annual amortization | 25,633 | 38,867 | 5,644 | 105,373 | 17,486 | 11,639 | 204,642 |
| Accumulated amortization on disposals | |||||||
| Balance, end of year | 155,844 | 113,746 | 56,016 | 348,711 | 187,741 | 80,176 | 942,234 |
| Net book value of tangible capital assets | 527,962 | 189,407 | 22,576 | 719,877 | 332,226 | 361,848 | 2,153,896 |
| 2024 Net book value of tangible capital assets | 471,747 | 30,836 | 28,220 | 579,726 | 349,712 | 373,487 | 1,833,728 |
| Subtotal | Land(other) | Leasehold improvements(other) | Artwork(other) | 2025(other) | 2024(other) | |
|---|---|---|---|---|---|---|
| Cost | ||||||
| Balance, beginning of year | 2,571,320 | 2,849,422 | 638,011 | -⚑ | 6,058,753 | 5,330,522 |
| Acquisition of tangible capital assets | 524,810 | -⚑ | -⚑ | 70,274 | 595,084 | 755,653 |
| Disposal of tangible capital assets | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (27,422) |
| Balance, end of year | 3,096,130 | 2,849,422 | 638,011 | 70,274 | 6,653,837 | 6,058,753 |
| Accumulated amortization | ||||||
| Balance, beginning of year | 737,592 | -⚑ | 211,863 | -⚑ | 949,455 | 693,736 |
| Annual amortization | 204,642 | -⚑ | 127,602 | -⚑ | 332,244 | 264,814 |
| Accumulated amortization on disposals | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (9,095) |
| Balance, end of year | 942,234 | -⚑ | 339,465 | -⚑ | 1,281,699 | 949,455 |
| Net book value of tangible capital assets | 2,153,896 | 2,849,422 | 298,546 | 70,274 | 5,372,138 | 5,109,298 |
| 2024 Net book value of tangible capital assets | 1,833,728 | 2,849,422 | 426,148 | -⚑ | -⚑ | 5,109,298 |
Note 13Schedule 2 - Schedule of Consolidated Expenses by Object
| 2025 Budget (Note 14)(budget) | 2025 | 2024 | |
|---|---|---|---|
| Consolidated expenses by object | |||
| Administration | 8,387 | 39,555 | 12,131 |
| Amortization | -⚑ | 332,244 | 264,814 |
| Bank charges and interest | 9,289 | 5,024 | 7,987 |
| Contracted services | 194,889 | 387,201 | 315,960 |
| Contribution to endowment fund | -⚑ | -⚑ | 75,000 |
| Cultural and community | 450,675 | 221,213 | 350,605 |
| Distribution to Band Members | 288,800 | 277,200 | 288,700 |
| Food and crisis security | -⚑ | 154,217 | 161,875 |
| Honouraria | 90,000 | 115,251 | 114,277 |
| Insurance | 57,761 | 85,211 | 56,671 |
| Living allowance | 173,079 | 199,524 | 204,966 |
| Materials and supplies | 93,440 | 166,068 | 91,371 |
| Meeting expenses | 48,632 | 16,620 | 41,867 |
| Miscellaneous | 925 | -⚑ | -⚑ |
| Office expense | 85,228 | 77,668 | 98,475 |
| Professional fees | 335,285 | 788,559 | 873,458 |
| Insurance proceeds transfer | -⚑ | 130,000 | -⚑ |
| Property tax | 11,663 | 11,752 | 10,952 |
| Rent | 87,019 | 99,791 | 122,002 |
| Repairs and maintenance | 91,500 | 197,611 | 100,596 |
| Salaries and benefits | 566,380 | 726,866 | 577,853 |
| Surveying and licenses | -⚑ | 16,382 | 4,152 |
| Training | 328,515 | 298,532 | 208,422 |
| Travel | 307,030 | 385,989 | 418,299 |
| Tuition | 128,634 | 81,223 | 58,180 |
| Utilities and telephone | 20,400 | 36,880 | 27,798 |
| [total] | 3,377,531 | 4,850,581 | 4,486,411 |