First Nations / Beecher Bay / 2024-2025
Audited consolidated financial statementsFY 2024-2025
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Statements as published · FY 2024-2025
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STATEMENT OF FINANCIAL POSITION
FY 2024-2025 · PDF page 7
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2025 Actual $ | 2024 Actual $ | |
|---|---|---|
| Cash and cash equivalents (Note 3)n3 | 10,085,308 | 12,979,083 |
| Trust funds held by federal government (Note 4)n4 | 15,334 | 14,772 |
| Accounts receivable (Note 5)n5 | 1,339,891 | 3,673,830 |
| Advances to related parties (Note 6)n6 | 7,875,944 | 4,808,753 |
| Investment in government business enterprises (Note 7)n7 | 2,339,675 | 2,268,346 |
| Investment in limited partnership (Note 7)n7 | 70,630 | 70,630 |
| Loans receivable (Note 9)n9 | 30,000 | 30,000 |
| [Total Financial assets] | 21,756,782 | 23,845,414 |
| Accounts payable and accrued liabilities (Note 10)n10 | 2,779,898 | 2,946,699 |
| Demand loans (Note 11)n11 | 1,457,039 | 1,519,717 |
| Long-term debt (Note 12)n12 | 203,095 | 268,226 |
| [Total Liabilities] | 4,440,032 | 4,734,642 |
| Net financial assets | 17,316,750 | 19,110,772 |
| Tangible capital assets (Note 14)n14 | 15,074,087 | 9,263,851 |
| Prepaid Expenses | 159,554 | 183,695 |
| [Total Non-financial assets] | 15,233,641 | 9,447,546 |
| Accumulated surplus (Note 16)n16 | 32,550,391 | 28,558,318 |
STATEMENT OF OPERATIONS
FY 2024-2025 · PDF page 8
Rev − Exp = Surplus: matched
| Budget(budget) | 2025 | 2024 | |
|---|---|---|---|
| Indigenous Services Canada (ISC) | 3,531,374 | 3,531,374 | 3,264,670 |
| First Nations Health Authority | 1,511,274 | 1,511,274 | 2,926,911 |
| Fisheries and Oceans Canada | 1,387,124 | 1,390,270 | 877,470 |
| Government of Canada | 948,486 | 978,486 | 2,640,705 |
| BC Gaming Funds | 312,885 | 312,885 | 413,192 |
| Province of B.C. | 166,300 | 166,300 | 248,300 |
| Rental revenue | 97,875 | 104,959 | 206,555 |
| Other revenue | 3,434,240 | 3,582,888 | 2,377,148 |
| Deferred revenue (ISC) | -⚑ | -⚑ | 5,439,245 |
| [Total Revenue] | 11,389,558 | 11,578,436 | 18,394,196 |
| Administration | 1,180,303 | 685,795 | 347,254 |
| Education | 169,377 | 228,433 | 173,756 |
| Social Development | 1,288,555 | 856,109 | 737,510 |
| Land Management | 851,749 | 790,979 | 748,242 |
| Economic Development | 4,612,675 | 2,578,973 | 3,577,786 |
| Health, Day Care and Youth Group | 527,909 | 520,381 | 630,035 |
| Ottawa Trust Fund | 1,050 | 493 | 1,633 |
| Reserves – Social Housing | -⚑ | 17,686 | 69,888 |
| Community Infrastructure | 2,757,940 | 7,782,881 | 2,988,834 |
| [Total Expenses] | 11,389,558 | 13,461,730 | 9,274,938 |
| Surplus/(Deficit), before capital acquisition adjustment | -⚑ | (1,883,294) | 9,119,258 |
| Adjustment for capital acquisitions, Note 15n15 | -⚑ | 5,875,367 | 3,986,399 |
| Annual surplus | -⚑ | 3,992,073 | 13,105,657 |
| Accumulated surplus, beginning of year | -⚑ | 28,558,318 | 15,452,661 |
| Accumulated surplus, end of year | -⚑ | 32,550,391 | 28,558,318 |
STATEMENT OF CHANGE IN NET FINANCIAL ASSETS
FY 2024-2025 · PDF page 9
| 2025 Actual $ | 2024 Actual $ | |
|---|---|---|
| Annual surplus | 3,992,073 | 13,105,657 |
| Acquisition of tangible capital assets | (6,080,372) | (4,201,897) |
| Amortization of tangible capital assets | 270,136 | 306,608 |
| [Total] | (1,818,163) | 9,210,368 |
| Acquisition of prepaid expenses | (159,554) | (183,695) |
| Use of prepaid expenses | 183,695 | 118,417 |
| [Total] | 24,141 | (65,278) |
| Change in Net Financial Assets | (1,794,022) | 9,145,090 |
| Net Financial Assets, at beginning of year | 19,110,772 | 9,965,682 |
| Net Financial Assets, end of year | 17,316,750 | 19,110,772 |
STATEMENT OF CASH FLOW
FY 2024-2025 · PDF page 10
| 2025 Actual $ | 2024 Actual $ | |
|---|---|---|
| Annual surplus | 3,992,073 | 13,105,657 |
| Amortization of tangible capital assets | 270,135 | 306,608 |
| [Total Operating Activities] | 4,262,208 | 13,412,265 |
| Accounts receivable | 2,333,939 | (1,003,147) |
| Prepaid expenses | 24,141 | (65,278) |
| Accounts payable and accrued liabilities | (166,801) | 2,082,046 |
| Deferred revenue | -⚑ | (5,439,245) |
| [Total Change in non-cash items on statement of financial position] | 6,453,487 | 8,986,641 |
| Cash used to acquire tangible capital assets | (6,080,371) | (4,201,897) |
| Investment in GBE | (71,329) | (79,378) |
| Advances to related parties | (3,067,191) | (2,560,280) |
| [Total Investing Activities] | (3,138,520) | (2,639,658) |
| Demand loans additions | -⚑ | 1,519,717 |
| Repayment of demand loans | (62,678) | (726,497) |
| First Nations debt repayment | (65,131) | (86,591) |
| [Total Financing Activities] | (127,809) | 706,629 |
| Increase in cash and cash equivalents | (2,893,213) | 2,851,715 |
| Cash and equivalents – Beginning of year | 12,993,855 | 10,142,140 |
| Cash and equivalents – End of year | 10,100,642 | 12,993,855 |
| REPRESENTED BY: Cash and cash equivalents | 10,085,308 | 12,979,083 |
| REPRESENTED BY: Trust Funds held by federal government | 15,334 | 14,772 |
| [Total REPRESENTED BY] | 10,100,642 | 12,993,855 |
Schedules as published
23. SEGMENTED DISCLOSURE: Schedule of Segmented OperationsPDF p. 25
| Administration | Education(other) | Social Development(other) | Lands Management(other) | Economic Development(other) | Health, Youth and Daycare(other) | Ottawa Trust Fund(other) | Reserve Funds Housing(other) | Community Infrastructure(other) | Equity Capital Assets(other) | 2025 Total(other) | 2024 Total(other) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue: ISC | 319,418 | 167,377 | 1,129,373 | 365,662 | -⚑ | -⚑ | -⚑ | -⚑ | 1,549,545 | -⚑ | 3,531,375 | 3,264,670 |
| Revenue: Deferred revenue | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 5,439,245 |
| Revenue: Other | 901,361 | 2,000 | 159,182 | 482,875 | 4,756,796 | 534,331 | 1,057 | 25,005 | 1,184,454 | -⚑ | 8,047,061 | 9,579,211 |
| Revenue: GBE's net income (loss) | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 0 | 111,070 |
| [Total Revenue] | 1,220,779 | 169,377 | 1,288,555 | 848,537 | 4,756,796 | 534,331 | 1,057 | 25,005 | 2,733,999 | -⚑ | 11,578,436 | 18,394,196 |
| Expenses: Salaries, wages & benefits | 304,310 | 25,137 | 177,562 | 189,124 | 747,878 | 151,463 | -⚑ | -⚑ | 144,248 | -⚑ | 1,739,722 | 1,612,856 |
| Expenses: Social Development | -⚑ | -⚑ | 492,008 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 492,008 | 542,308 |
| Expenses: Amortization | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 270,135 | 270,135 | 306,608 |
| Expenses: Other Program Expenses | 381,485 | 203,296 | 186,539 | 601,858 | 1,831,095 | 368,918 | 493 | 17,686 | 7,638,633 | -⚑ | 11,230,003 | 7,119,775 |
| Expenses: Equity Capital - Note 15n15 | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (6,145,505) | (6,145,505) | (4,293,007) |
| [Total Expenses] | 685,795 | 228,433 | 856,109 | 790,982 | 2,578,973 | 520,381 | 493 | 17,686 | 7,782,881 | (5,875,370) | 7,586,363 | 5,288,540 |
| Annual surplus (deficit) | 534,984 | (59,056) | 432,446 | 57,555 | 2,177,823 | 13,950 | 564 | 7,319 | (5,048,882) | 5,875,370 | 3,992,073 | 13,105,656 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 2Amortization
| Rate | |
|---|---|
| Housing | |
| Office building | |
| Furniture and equipment | |
| Water system chlorinator | |
| Vehicle | |
| Sewer systems | |
| Marina equipment | |
| Application software | |
| Boat and Canoe | |
Note 3CASH AND CASH EQUIVALENTS
| 2025 $ | 2024 $ | |
|---|---|---|
| Operating Reserve – CMHC Housing | 90,773 | 88,445 |
| Replacement Reserve – CMHC Housing | 292,900 | 284,723 |
| Property Taxation Contingency Reserve | 82,331 | 57,700 |
| [Total Externally restricted] | 466,004 | 430,868 |
| Cash and banks | 9,619,304 | 12,548,215 |
| Total Cash and Cash Equivalents | 10,085,308 | 12,979,083 |
Note 4TRUST FUNDS HELD BY FEDERAL GOVERNMENT
| Opening Balance $ | Additions $(other) | Withdrawals $(other) | 2025 Total $(other) | 2024 Total $(other) | |
|---|---|---|---|---|---|
| Revenue | 250 | 1,057 | 495 | 812 | 250 |
| Capital | 14,522 | -⚑ | -⚑ | 14,522 | 14,522 |
| [Total] | 14,772 | 1,057 | 495 | 15,334 | 14,772 |
Note 5ACCOUNTS RECEIVABLE
| 2025 $ | 2024 $ | |
|---|---|---|
| Due from members: Members advances | 4,078 | 6,532 |
| Due from others: Others receivable | 460,088 | 308,133 |
| Due from funding organizations: CSETS | 66,426 | 92,730 |
| Due from funding organizations: Canada Ltd. Partnership | 172,140 | 172,140 |
| Due from funding organizations: Department of Fisheries and Oceans | 13,231 | 438,640 |
| Due from funding organizations: Environment and Climate Change Canada | 100,000 | 100,000 |
| Due from funding organizations: Govt of Canada Natural Resources | 22,855 | 1,922,855 |
| Due from funding organizations: Indigenous Services Canada | 280,632 | -⚑ |
| Due from funding organizations: Nil’To Child and Family Services | -⚑ | 300,000 |
| Due from funding organizations: Transport Canada PEMSA | 551,800 | 332,800 |
| [Total Due from funding organizations] | 1,207,084 | 3,359,165 |
| Less: allowance for funding recoveries | (331,359) | -⚑ |
| [Total] | 1,339,891 | 3,673,830 |
Note 6ADVANCES TO RELATED PARTIES
| 2025 $ | 2024 $ | |
|---|---|---|
| 1106670 BC Ltd (Centre Mountain Joint Venture) | 2,526,346 | 546,492 |
| CMBP Project Management Ltd. | 954,379 | 954,379 |
| Sc’ianew Development Corporation | 141,534 | 117,309 |
| Spirit Bay Development LLP | 1,948,103 | 1,534,006 |
| Spotiel Marine Services | 2,305,582 | 1,633,498 |
| M’inuw’ilum Marina LP | -⚑ | 23,069 |
| [Total] | 7,875,944 | 4,808,753 |
Note 7INVESTMENT IN GOVERNMENT BUSINESS ENTERPRISES AND LIMITED PARTNERHIPS
| 2025 $ | 2024 $ | |
|---|---|---|
| Government Business Enterprise: Salish Strait Seafood Ltd. | 796,024 | 724,695 |
| Government Business Enterprise: 1106670 B.C. Ltd. | 507,197 | 507,197 |
| Government Business Enterprise: Sc’ianew Development Corporation | 1,036,454 | 1,036,454 |
| [Total Government Business Enterprise] | 2,339,675 | 2,268,346 |
| Limited Partnership: M’inuw’ilum Marina LP | 70,630 | 70,630 |
Note 8INVESTMENT IN GOVERNMENT BUSINESS ENTERPRISES
| Assets | Liabilities(other) | Revenues(other) | Expenses(other) | Capital(other) | |
|---|---|---|---|---|---|
| Year ended Mar 31/25 | 4,711,827 | 731,709 | 1,802,106 | 1,328,118 | 3,980,118 |
Note 9LOANS RECEIVABLE
| 2025 $ | 2024 $ | |
|---|---|---|
| Spirit Bay Developments Limited Partnership | 3,200,000 | 3,200,000 |
| Less: Allowance for loan impairment | (3,200,000) | (3,200,000) |
| [Total Spirit Bay Developments Limited Partnership] | ||
| Sc’ianew Development Corporation | 30,000 | 30,000 |
| [Total] | 30,000 | 30,000 |
Note 10ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| 2025 $ | 2024 $ | |
|---|---|---|
| Accounts payable and accrued liabilities | 1,827,905 | 2,827,348 |
| Due to MMLP (flow-through from Kotug Canada) | 312,461 | -⚑ |
| Holdbacks | 609,080 | 76,118 |
| Due to government agencies | 30,452 | 43,233 |
| [Total] | 2,779,898 | 2,946,699 |
Note 11DEMAND LOANS
| 2025 $ | 2024 $ | |
|---|---|---|
| Vancity operating loan is payable at $6,700 per month including interest at prime plus 1.5% per annum and is secured by a general security agreement. | 690,872 | 716,392 |
| Vancity operating loan is payable at $8,200 per month including interest at prime plus 1.5% per annum and is secured by a general security agreement. | 766,167 | 803,325 |
| [Total] | 1,457,039 | 1,519,717 |
Note 12LONG TERM DEBT
| 2025 $ | 2024 $ | |
|---|---|---|
| CMHC Phase 1 housing loan is secured by a guarantee from ISC, payable at $1,918 per month including principal and interest at .76% per annum, matures on November 1, 2025 | 15,310 | 38,132 |
| CMHC Phase 2 housing loan is secured by a guarantee from ISC, payable at $2,146 per month including principal and interest at 3.58% per annum, matures on December 1, 2028 and is renewable on December 1, 2028 | 90,543 | 112,731 |
| CMHC Phase 3 housing loan is secured by a guarantee from ISC, payable at $2,792 per month including principal and interest at 1.69% per annum, matures on July 1, 2024 and is renewable on July 1, 2024 | -⚑ | 11,141 |
| CMHC Phase 4 housing loan is secured by a guarantee from ISC, payable at $806 per month including principal and interest at .68% per annum, matures on August 1, 2035 and is renewable on August 1, 2025 | 97,242 | 106,222 |
| [Total] | 203,095 | 268,226 |
| Amount | |
|---|---|
| 2026 | 47,545 |
| 2027 | 32,784 |
| 2028 | 33,777 |
| 2029 | 28,409 |
| 2030 | 9,288 |
Note 14TANGIBLE CAPITAL ASSETS
| Opening Balance | Additions(other) | Closing Balance(other) | Opening Balance(other) | Amortization(other) | Closing Balance(other) | 2025 Balance(other) | 2024 Balance(other) | |
|---|---|---|---|---|---|---|---|---|
| Housing | 2,612,632 | -⚑ | 2,612,632 | 2,451,240 | 43,759 | 2,494,999 | 117,633 | 161,392 |
| Community Bldgs | 2,918,391 | 6,086,393 | 9,004,784 | 189,174 | 32,601 | 221,775 | 8,783,009 | 2,729,217 |
| Furniture & equip | 441,539 | -⚑ | 441,539 | 190,956 | 42,656 | 233,612 | 207,927 | 250,583 |
| Water chlorinator | 101,621 | -⚑ | 101,621 | 70,423 | 3,387 | 73,810 | 27,811 | 31,198 |
| Vehicle | 310,155 | -⚑ | 310,155 | 138,040 | 28,855 | 166,895 | 143,260 | 172,115 |
| Infrastructure dev | 2,298,108 | 31,521 | 2,329,629 | -⚑ | -⚑ | -⚑ | 2,329,629 | 2,298,108 |
| Subdivision dev | 164,675 | 416,737 | 581,412 | -⚑ | -⚑ | -⚑ | 581,412 | 164,675 |
| Water system dev | 1,117,472 | 230,268 | 1,347,740 | -⚑ | -⚑ | -⚑ | 1,347,740 | 1,117,472 |
| Sewer systems | 1,334,235 | -⚑ | 1,334,235 | 1,334,235 | -⚑ | 1,334,235 | -⚑ | -⚑ |
| Marina equipment | 523,293 | -⚑ | 523,293 | 285,452 | 30,643 | 316,095 | 207,198 | 237,841 |
| Marine equipment | 231,876 | -⚑ | 231,876 | -⚑ | -⚑ | -⚑ | 162,312 | 185,500 |
| Application software | 191,591 | -⚑ | 191,591 | 126,558 | 30,176 | 156,734 | 34,857 | 65,033 |
| Boat and canoe | 2,066,525 | (684,549) | 1,381,976 | 215,808 | 34,870 | 250,678 | 1,131,298 | 1,850,717 |
| TOTALS | 14,312,113 | 6,080,370 | 20,392,483 | 5,048,262 | 270,135 | 5,318,397 | 15,074,086 | 9,263,851 |
Note 16ACCUMULATED SURPLUS
| 2025 $ | 2024 $ | |
|---|---|---|
| Operation surplus | 16,971,415 | 18,867,028 |
| Reserve Funds | 593,196 | 580,877 |
| Investment in Tangible Capital Assets | 14,985,780 | 9,110,413 |
| [Total] | 32,550,391 | 28,558,318 |
Note 22EXPENSES BY OBJECT
| 2025 $ | 2024 $ | |
|---|---|---|
| Amortization | 270,135 | 306,608 |
| Band member support | 959,063 | -⚑ |
| Community gatherings/luncheons | 26,450 | 28,452 |
| Culture awareness | 7,266 | 18,505 |
| Education | 181,378 | 132,964 |
| Funding recovery (ISC vessel purchase prior year) | 521,359 | -⚑ |
| Honoraria | 172,343 | 223,268 |
| Insurance | 68,295 | 60,253 |
| Interest, principal repayment and bank charges | 79,937 | 103,694 |
| Materials, supplies and equipment | 163,212 | 78,120 |
| Other | 347,023 | 681,488 |
| Professional fees | 921,632 | 657,802 |
| Repairs and maintenance | 31,093 | 50,906 |
| Salaries and wages | 1,739,772 | 1,612,856 |
| Social development | 492,008 | 542,308 |
| Sub-contracts | 1,115,646 | 337,848 |
| Training | 12,819 | 23,350 |
| Travel | 135,719 | 108,316 |
| Utilities (hydro, water, sewer) | 341,213 | 321,801 |
| [Total] | 7,586,363 | 5,288,539 |