First Nations / Lyackson / 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 Restated (Note 15)(other) | |
|---|---|---|
| Financial assets | ||
| Cash and cash equivalents | 11,642,387 | 7,258,985 |
| Accounts receivable (Note 3)n3 | 1,281,823 | 534,898 |
| Portfolio investments (Note 4)n4 | 600,000 | 3,600,000 |
| Advances to related Nation entities (Note 5)n5 | 916 | -⚑ |
| Funds held in trust (Note 6)n6 | 1,376,430 | 1,312,298 |
| Total financial assets | 14,901,556 | 12,706,181 |
| Financial liabilities | ||
| Accounts payable and accruals (Note 7)n7 | 658,113 | 517,181 |
| Deferred revenue (Note 8)n8 | 3,965,366 | 4,000,000 |
| Total financial liabilities | 4,623,479 | 4,517,181 |
| Net financial assets | 10,278,077 | 8,189,000 |
| Contingencies (Note 9) | ||
| Non-financial assets | ||
| Tangible capital assets (Schedule 1) | 3,899,920 | 1,326,701 |
| Prepaid expenses | 20,735 | 47,528 |
| Total non-financial assets | 3,920,655 | 1,374,229 |
| Accumulated surplus (Note 10)n10 | 14,198,732 | 9,563,229 |
Consolidated Statement of Operations and Accumulated Surplus
FY 2024-2025 · PDF page 6
Rev − Exp = Surplus: matched
| Schedules(other) | 2025 Budget (Note 13)(budget) | 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|---|---|
| Revenue | ||||
| Indigenous Service Canada | ⚑ | 522,527 | 480,063 | 427,761 |
| Indigenous Coastal Water Stewardship Society | ⚑ | 1,000,000 | 1,000,000 | -⚑ |
| Ministry of Transport and Transit (Fraser River Tunnel Project) | ⚑ | -⚑ | 746,373 | -⚑ |
| Department of Fisheries and Oceans | ⚑ | 475,884 | 577,768 | 1,478,805 |
| BC Gaming | ⚑ | 575,000 | 532,831 | 662,608 |
| Other revenue | ⚑ | 580,209 | 485,199 | 704,986 |
| Interest income | ⚑ | 378,000 | 415,860 | 322,434 |
| Other First Nations organizations (Note 16)n16 | ⚑ | 367,842 | 354,167 | 1,175 |
| Province of BC | ⚑ | 4,133,291 | 334,121 | 180,987 |
| Hul'qumi'num Treaty Group | ⚑ | 239,950 | 239,950 | 244,950 |
| Child and Family Development (Early Childhood) | ⚑ | 30,000 | 130,000 | 115,800 |
| Parks Canada | ⚑ | 120,000 | 110,701 | 109,660 |
| Coast Salish Employment and Training | ⚑ | 85,477 | 101,877 | 82,111 |
| Port Metro Vancouver | ⚑ | 100,000 | 100,000 | 118,750 |
| FN Health Authority | ⚑ | -⚑ | 52,884 | 10,000 |
| Kwumut Lelum Child & Family | ⚑ | -⚑ | 25,000 | 72,783 |
| Cultural records | ⚑ | -⚑ | 12,254 | 23,856 |
| BC Special | ⚑ | -⚑ | 478 | 482 |
| Declaration act | ⚑ | -⚑ | -⚑ | 260,000 |
| [total revenue] | ⚑ | 8,608,180 | 5,699,526 | 4,817,148 |
| Program expenses | ||||
| Hul'qumi'num Treaty Group | 3 | 239,449 | 240,129 | 244,950 |
| Service Programs and Administration | 4 | 780,799 | 919,709 | 902,226 |
| Governance and Economic Development | 5 | 924,629 | 465,349 | 353,438 |
| Stewardship and Traditional Foods | 6 | 917,493 | 1,202,915 | 566,712 |
| Title Rights and Treaty | 7 | 317,802 | 336,646 | 516,174 |
| Trust | 8 | 63,000 | 49,275 | 6,800 |
| Total expenditures (Schedule 2) | ⚑ | 3,243,172 | 3,214,023 | 2,590,300 |
| Operating surplus before other items | ⚑ | 5,365,008 | 2,485,503 | 2,226,848 |
| Other items | ||||
| Contribution of Skutz Falls land (Note 17)n17 | ⚑ | -⚑ | 2,150,000 | -⚑ |
| Loss on disposal of tangible capital assets | ⚑ | -⚑ | -⚑ | (4,201) |
| Annual surplus | ⚑ | 5,365,008 | 4,635,503 | 2,222,647 |
| Accumulated surplus, beginning of year, as originally stated | ⚑ | 7,417,334 | 7,417,334 | 5,693,795 |
| Prior period adjustments (Note 15)n15 | ⚑ | -⚑ | 2,145,895 | 1,646,787 |
| Accumulated surplus, beginning of year, as restated | ⚑ | 7,417,334 | 9,563,229 | 7,340,582 |
| Accumulated surplus, end of year (Note 10)n10 | ⚑ | 12,782,342 | 14,198,732 | 9,563,229 |
Consolidated Statement of Change in Net Financial Assets
FY 2024-2025 · PDF page 7
| 2025 Budget (Note 13)(budget) | 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|---|
| Annual surplus | 5,365,008 | 4,635,503 | 2,222,647 |
| Purchases of tangible capital assets | -⚑ | (593,783) | (505,823) |
| Amortization of tangible capital assets | -⚑ | 170,563 | 148,594 |
| Contribution of land | -⚑ | (2,150,000) | -⚑ |
| Loss on sale of tangible capital assets | -⚑ | -⚑ | 4,201 |
| Acquisition of prepaid expenses | -⚑ | (27,192) | (47,528) |
| Use of prepaid expenses | -⚑ | 53,986 | 237,310 |
| Increase in net financial assets | 5,365,008 | 2,089,077 | 2,059,401 |
| Net financial assets, beginning of year | 8,189,000 | 8,189,000 | 6,129,599 |
| Net financial assets, end of year | 13,554,008 | 10,278,077 | 8,189,000 |
Consolidated Statement of Cash Flows
FY 2024-2025 · PDF page 8
| 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|
| Cash provided by (used for) the following activities | ||
| Operating activities | ||
| Annual surplus | 4,635,503 | 2,222,647 |
| Non-cash items | ||
| Amortization | 170,563 | 148,594 |
| Contribution of land | (2,150,000) | -⚑ |
| Loss on disposal of tangible capital assets | -⚑ | 4,201 |
| [subtotal] | 2,656,066 | 2,375,442 |
| Changes in working capital accounts | ||
| Accounts receivable | (746,925) | 751,899 |
| Prepaid expenses | 26,794 | 189,782 |
| Trust assets | (64,132) | (35,107) |
| Accounts payable and accruals | 140,932 | 164,535 |
| Deferred revenue | (34,634) | 2,108,550 |
| [total operating activities] | 1,978,101 | 5,555,101 |
| Capital activities | ||
| Purchases of tangible capital assets | (593,783) | (505,823) |
| Investing activities | ||
| Purchase of term investments | -⚑ | (3,600,000) |
| Redemption of term investments | 3,000,000 | 1,600,000 |
| Advances to related Nation entities | (916) | -⚑ |
| Change in investments | -⚑ | 281,683 |
| [total investing activities] | 2,999,084 | (1,718,317) |
| Increase in cash and cash equivalents | 4,383,402 | 3,330,961 |
| Cash and cash equivalents, beginning of year | 7,258,985 | 3,928,024 |
| Cash and cash equivalents, end of year | 11,642,387 | 7,258,985 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 1Significant accounting policies
| Method | Rate | |
|---|---|---|
| Boats | ||
| Furniture and equipment | ||
| Computer software | ||
| Computer equipment | ||
| Housing and trailers | ||
| Vehicles | ||
| Yurts | ||
| Water and sewer systems | ||
| Roads | ||
| Mobile application | ||
Note 2Accounts receivable
| 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|
| Ministry of Transport and Transit (Fraser River Tunnel Project) | 746,373 | -⚑ |
| Other receivables | 297,906 | 401,151 |
| Fortis BC | 140,173 | -⚑ |
| Indigenous Services Canada | 79,390 | -⚑ |
| Province of BC | 12,632 | -⚑ |
| Interest | 2,762 | 123,333 |
| Goods and Services Tax | 2,587 | 10,414 |
| [total] | 1,281,823 | 534,898 |
Note 3Portfolio investments
| 2025 | 2024 | |
|---|---|---|
| GIC maturing January 6, 2026, bearing interest at 2.00% | 600,000 | 600,000 |
| Redeemed during the year | -⚑ | 1,000,000 |
| Redeemed during the year | -⚑ | 1,000,000 |
| Redeemed during the year | -⚑ | 1,000,000 |
| [total] | 600,000 | 3,600,000 |
Note 4Advances to related Nation entities
| 2025 | 2024 | |
|---|---|---|
| 1489826 B.C. Ltd. | 458 | -⚑ |
| 1490868 B.C. Ltd. | 458 | -⚑ |
| [total] | 916 | -⚑ |
Note 5Funds held in trust
| 2025 | 2024 | |
|---|---|---|
| Capital Trust | ||
| Balance, beginning of year | 998,200 | 973,831 |
| Royalties | 19,279 | 24,369 |
| Balance, end of year | 1,017,479 | 998,200 |
| Revenue Trust | ||
| Balance, beginning of year | 314,098 | 303,360 |
| Interest | 44,375 | 43,456 |
| British Columbia special distribution | 478 | 482 |
| [subtotal] | 358,951 | 347,298 |
| Less: distributions | -⚑ | 33,200 |
| Balance, end of year | 358,951 | 314,098 |
| [total] | 1,376,430 | 1,312,298 |
Note 6Accounts payable and accruals
| 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|
| Trade payables | 536,888 | 407,415 |
| Wages and benefits payable | 121,225 | 109,766 |
| [total] | 658,113 | 517,181 |
Note 7Deferred revenue
| Balance, beginning of year Restated (Note 15)(other) | Contributions received | Revenue recognized(other) | Balance, end of year(other) | |
|---|---|---|---|---|
| Province of BC - community development | 4,000,000 | -⚑ | 34,634 | 3,965,366 |
Note 8Contingent assets
| Outstanding portion of contingent payments | Total agreement | |
|---|---|---|
| Trans Mountain Pipeline LP | 800,000 | 1,000,000 |
| Vancouver Fraser Port Authority | 905,000 | 1,125,000 |
| [total] | 1,705,000 | 2,125,000 |
Note 9Accumulated surplus
| 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|
| Equity in Ottawa Trust funds | 1,376,430 | 1,312,298 |
| Equity in tangible capital assets | 3,899,920 | 1,326,701 |
| Surplus in operating fund | 8,922,382 | 6,924,230 |
| [total] | 14,198,732 | 9,563,229 |
Note 10Budget information
| [value] | |
|---|---|
| Budgeted surplus per the Consolidated Statement of Operations and Accumulated Surplus | 5,428,008 |
| Adjusted for: | |
| Acquisitions of tangible capital assets | (1,139,200) |
| Amortization | (110,000) |
| Budgeted use of prior year surplus carry forwards | 4,931,093 |
| Reserved for future years initiatives and funding restrictions | (7,192,431) |
| Budgeted surplus per Hereditary Chief and Council approved budget | 1,917,470 |
Note 11Four Pillars funding
| [value] | |
|---|---|
| Four Pillars funding | 200,000 |
Note 12Contribution of Skutz Falls land
| [value] | |
|---|---|
| Contribution of Skutz Falls land | 2,150,000 |
Note 13Schedule 1 - Consolidated Schedule of Tangible Capital Assets
| Boats | Furniture and equipment(other) | Computer software(other) | Computer equipment(other) | Buildings(other) | Vehicles(other) | Subtotal(other) | |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| Balance, beginning of year | 718,662 | 248,175 | 59,867 | 164,586 | 494,242 | 174,204 | 1,859,736 |
| Acquisition of tangible capital assets | 27,000 | 108,462 | 23,065 | 9,049 | -⚑ | -⚑ | 167,576 |
| Construction-in-progress | |||||||
| Disposal of tangible capital assets | |||||||
| Balance, end of year | 745,662 | 356,637 | 82,932 | 173,635 | 494,242 | 174,204 | 2,027,312 |
| Accumulated amortization | |||||||
| Balance, beginning of year | 200,351 | 141,209 | 48,390 | 137,139 | 207,877 | 123,583 | 858,549 |
| Annual amortization | 79,772 | 30,523 | 2,459 | 17,584 | 23,143 | 15,186 | 168,667 |
| Balance, end of year | 280,123 | 171,732 | 50,849 | 154,723 | 231,020 | 138,769 | 1,027,216 |
| Net book value of tangible capital assets | 465,539 | 184,905 | 32,083 | 18,912 | 263,222 | 35,435 | 1,000,096 |
| Net book value of tangible capital assets 2024 | 518,311 | 98,385 | 3,107 | 35,817 | 294,946 | 50,621 | 1,001,187 |
| Subtotal | Roads(other) | Water and sewer systems(other) | Guardian station(other) | Land(other) | 2025(other) | 2024(other) | |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| Balance, beginning of year | 1,859,736 | 32,655 | 26,121 | -⚑ | 281,941 | 2,200,453 | 1,698,832 |
| Acquisition of tangible capital assets | 167,576 | -⚑ | -⚑ | -⚑ | 2,150,000 | 2,317,576 | 505,823 |
| Construction-in-progress | -⚑ | -⚑ | -⚑ | 426,207 | -⚑ | 426,207 | -⚑ |
| Disposal of tangible capital assets | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | (4,201) |
| Balance, end of year | 2,027,312 | 32,655 | 26,121 | 426,207 | 2,431,941 | 4,944,236 | 2,200,454 |
| Accumulated amortization | |||||||
| Balance, beginning of year | 858,549 | 9,252 | 5,952 | -⚑ | -⚑ | 873,753 | 725,159 |
| Annual amortization | 168,667 | 1,089 | 807 | -⚑ | -⚑ | 170,563 | 148,594 |
| Balance, end of year | 1,027,216 | 10,341 | 6,759 | -⚑ | -⚑ | 1,044,316 | 873,753 |
| Net book value of tangible capital assets | 1,000,096 | 22,314 | 19,362 | 426,207 | 2,431,941 | 3,899,920 | 1,326,701 |
| Net book value of tangible capital assets 2024 | 1,001,187 | 23,403 | 20,170 | -⚑ | 281,941 | -⚑ | 1,326,701 |
Note 14Schedule 2 - Consolidated Schedule of Expenses by Object
| 2025 Budget (Note 13)(budget) | 2025 | 2024 Restated (Note 15)(other) | |
|---|---|---|---|
| Consolidated expenses by object | |||
| Amortization | -⚑ | 170,563 | 148,594 |
| Bank charges and interest | 3,000 | 4,478 | 3,581 |
| Boat expense | 43,000 | 50,015 | 26,206 |
| Consulting | 899,289 | 742,184 | 576,505 |
| Donations | 12,100 | 5,848 | 1,094 |
| Education recognition | 14,500 | 14,625 | 13,750 |
| Elections | -⚑ | -⚑ | 22,456 |
| Equipment | -⚑ | 5,152 | 300 |
| Events | 32,675 | 16,326 | 10,269 |
| Funeral | -⚑ | -⚑ | 5,000 |
| Honouraria | 159,300 | 100,760 | 142,435 |
| Insurance | 37,704 | 47,601 | 40,642 |
| Licenses, dues and fees | 1,400 | 1,561 | 3,494 |
| Materials and supplies | 63,928 | 78,159 | 55,475 |
| Meeting | 85,787 | 75,141 | 22,328 |
| Office | 45,000 | 79,437 | 50,873 |
| Per capita distributions | 63,000 | 49,275 | 6,800 |
| Professional fees | 168,380 | 134,812 | 122,476 |
| Rent | 38,600 | 36,408 | 32,223 |
| Repairs and maintenance | 20,312 | 17,101 | 6,580 |
| Salaries and benefits | 941,867 | 1,028,011 | 841,126 |
| Traditional food expense | 20,500 | 13,093 | 7,916 |
| Training | 122,500 | 67,098 | 77,251 |
| Travel | 136,644 | 140,345 | 106,487 |
| Tuition, books and student living allowances | 234,289 | 308,821 | 242,424 |
| Utilities and telephone | 21,397 | 13,472 | 12,534 |
| Vehicle | 15,000 | 13,737 | 11,481 |
| [total] | 3,180,172 | 3,214,023 | 2,590,300 |