2015 Gwa'sala 'nakwaxda'xw consolidated financial statements by Gwa'sala-'Nakwaxda'xw Nation

Gwa'Sala-'Nakwaxda'xw Nation Consolidated Financial Statements March 31, 2015

Gwa'Sala-'Nakwaxda'xw Nation Contents For the year ended March 31, 2015 Page Management's Responsibility Independent Auditors' Report Consolidated Financial Statements

..................................................................................................................................................................................................................................... Consolidated Statement of Financial Position 1

Independent Auditors' Report

To the Members of Gwa'Sala-'Nakwaxda'xw Nation: We have audited the accompanying consolidated financial statements of Gwa'Sala-'Nakwaxda'xw Nation, which comprise the consolidated statement of financial position as at March 31, 2015, and the consolidated statements of operations and accumulated surplus, changes in net financial assets and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Managementâ&#x20AC;&#x2122;s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian public sector accounting standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditorsâ&#x20AC;&#x2122; judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entityâ&#x20AC;&#x2122;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entityâ&#x20AC;&#x2122;s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly in all material respects the financial position of Gwa'Sala'Nakwaxda'xw Nation as at March 31, 2015 and the results of its operations, changes in net financial assets and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Nanaimo, British Columbia July 27, 2015

96 Wallace Street, Nanaimo, British Columbia, V9R 0E2, Phone: (250) 753-8251

Chartered Accountants

Gwa'Sala-'Nakwaxda'xw Nation Consolidated Statement of Operations and Accumulated Surplus For the year ended March 31, 2015 Schedules

2015

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada (Note 17) First Nation Health Authority Other revenue Fisheries and Oceans Canada First Nations Education Steering Committee Canada Mortgage and Housing Corporation Investment income Province of BC Marine services and fisheries Earnings from investment in Nation partnerships Earnings from investment in Nation business entities School District 85 Coast Opportunity Fund Forest and Range Agreement Rental income British Columbia Treaty Commission Fishing income

2014 Restated (Note 22)

3,499,604 -

3,913,691 1,041,436 315,165 210,265 159,371 88,295 3,577,829 1,387,312 288,978 814,544 1,661,995 220,346 768,750 223,014 164,639 144,680 502,590

4,649,568 994,341 380,330 366,163 147,628 96,372 1,128,452 912,529 326,241 904,037 228,642 225,000 222,951 221,673 141,680 85,393

3,499,604

15,482,900

11,031,000

956,908 994,716 1,074,776 45,353 84,952 136,942 -

1,762,454 900,677 574,967 2,255,114 1,722,217 183,502 720,512 213,666 715,236 1,039,369 195,498 758,577

1,208,815 914,105 658,991 2,111,484 564,789 202,758 566,003 483,978 786,202 969,285 259,506 553,053

3,293,647

11,041,789

9,278,969

Expenses Administration Income Assistance Education Gwa'Sala-'Nakwaxda'xw School Economic Development Community Infrastructure Natural Resources Capital Projects Community Health CMHC Social Housing Trust

3 5 6 7 8 9 10 11 12 13 14 15

Annual surplus before other items Provision for distribution to Partner nations

205,957 -

4,441,111 (289,784)

1,752,031 -

Annual surplus

205,957

4,151,327

1,752,031

33,660,346

33,000,752

Accumulated surplus, beginning of year Correction of an error (Note 22)

904,037

Distribution to members

(232,450)

Accumulated surplus, end of year

33,866,303

The accompanying notes are an integral part of these financial statements 2

38,483,260

(188,400) 34,564,383

Gwa'Sala-'Nakwaxda'xw Nation Consolidated Statement of Change in Net Financial Assets For the year ended March 31, 2015 2015

2015

2014

4,151,327 (636,663) 497,443 (232,450) (4,464) 904,037

1,752,031 (1,247,720) 459,416 (188,400) 125,059 -

Budget (Note 21)

Annual surplus Purchases of tangible capital assets Amortization of tangible capital assets Distribution to members Acquisition of prepaid expenses Use of prepaid expenses Correction of an error (Note 22)

205,957 -

Increase in net financial assets Net financial assets, beginning of year

205,957 25,357,193

4,679,230 25,357,193

900,386 25,360,844

Net financial assets, end of year

25,563,150

30,036,423

26,261,230

The accompanying notes are an integral part of these financial statements 3

Gwa'Sala-'Nakwaxda'xw Nation Consolidated Statement of Cash Flows For the year ended March 31, 2015 2015

Cash provided by (used for) the following activities Operating activities Annual surplus Non-cash items Amortization Earnings from investment in Nation partners Withdrawal from investment in Nation partnerships Earnings from investment in Nation business

4,151,327 497,443 (814,544) 473,088 (1,661,995) 2,645,319

Changes in working capital accounts Accounts receivable Prepaid expenses Accounts payable and accruals Deferred revenue Inventory for resale Provision for distribution to partner Nations

445,261 (4,464) (418,475) 136,677 157,654 289,784 3,251,756

Financing activities Advances of First Nation loan agreement Repayment of long-term debt Distribution to members

Capital activities Purchases of tangible capital assets Investing activities Purchase of temporary investments Proceeds on disposition of temporary investment Advances to related Nation entities & departments Funds held in Ottawa trust Restricted cash Investment in Treaty (Purchase) sale of portfolio investments Withdrawals from investment in Nation partnerships

Decrease in cash resources

2014

1,752,031 459,416 (904,037) 1,307,410 (242,815) 125,059 445,953 (26,526) (157,654) 1,451,427

558,720 (99,412) (232,450)

576,003 (117,769) (188,400)

226,858

269,834

(636,663)

(1,247,720)

100,000 (388,978) (107,653) (17,799) (805,408) (2,825,216) 918,441

(2,000) (7,306) (77,021) (711,889) 74,559 -

(3,126,613)

(723,657)

(284,662)

(250,116)

Cash resources, beginning of year

1,451,791

1,701,907

Cash resources, end of year

1,167,129

1,451,791

The accompanying notes are an integral part of these financial statements 4

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Operations The Gwa'Sala-'Nakwaxda'xw Nation (the "Nation") is located in the province of British Columbia, and provides various services to its members. Gwa'Sala-'Nakwaxda'xw Nation includes the Nation's members, government and all related entities that are accountable to the Nation and are either owned or controlled by the Nation.

Change in accounting policy Effective April 1, 2014, the First Nation adopted the recommendations relating to PS 3260, Liability for Contaminated Sites, as set out in the Canadian public sector accounting standards. Pursuant to the recommendations, the change was applied prospectively, and prior periods have not been restated. Previously, no accounting policy existed to account for a liability for contaminated sites. Under the new recommendations, the First Nation is required to recognize a liability for contaminated sites when economic benefits will be given up, as described in Note 3 Significant Accounting Policies. There was no effect on the First Nation's financial statements of adopting the above-noted change in accounting policy.

Significant accounting policies These consolidated financial statements are the representations of management, prepared in accordance with Canadian public sector accounting standards and including the following significant accounting policies: Reporting entity The financial statements consolidate the financial activities of all entities and departments comprising the Nation reporting entity, except for Nation's business entities. Trusts administered on behalf of third parties by Gwa'Sala-'Nakwaxda'xw Nation are excluded from the Nation reporting entity. The Nation has consolidated the assets, liabilities, revenue and expenses of the following entities and departments: - Gwa'Sala-'Nakwaxda'xw School - CMHC Housing - Gwa'Sala-'Nakwaxda'xw Treaty - Gwa'Sala-'Nakwaxda'xw Band Trust All inter-entity balances have been eliminated on consolidation. Gwa'Sala-'Nakwaxda'xw Nation business entities, owned or controlled by the Nation's Council but not dependent on the Nation for their continuing operations, are included in the financial statements using modified equity method. Under the modified equity method, the equity method of accounting is modified only to the extent that the business entity accounting principles are not adjusted to conform to those of the Nation. Thus, the Nation's investment in these entities is recorded at acquisition cost and is increased for the proportionate share of post acquisition earnings and decreased by post acquisition losses and distributions received. Entities accounted for by the modified equity basis include: - k'awat'si Economic Development Limited Partnership - k'awat'si Economic Development General Partner Corporation - Nanwakolas Forestry Limited Partnership - Nanwakolas Carbon Credit Limited Partnership

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Significant accounting policies (Continued from previous page) Basis of presentation Sources of revenue and expenses are recorded on the accrual basis of accounting. The accrual basis of accounting recognizes revenue as it becomes available and measurable; expenses are recognized as they are incurred and measurable as a result of the receipt of goods or services and the creation of a legal obligation to pay. Short-term investments Short-term investments includes balances in guaranteed investment certificates with maturities over three months, but under one year. Short-term investments are recorded at cost, less any provision for other than temporary impairment. Portfolio investments Portfolio investments in entities that are not owned, controlled or influenced by the First Nation reporting entity are accounted for using the cost method. They are recorded at cost, less any provision for other than temporary impairment. The intent of these investments is to be held in order to generate income for the purpose of funding the Trust's administrative expenditures and distributing funds to the Nation's members. Inventory Inventory is valued at the lower of cost and net realizable value. Cost is determined by the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated selling costs. Tangible capital assets Tangible capital assets are recorded at cost less accumulated amortization. Contributed tangible capital assets are recorded at fair value at the date of contribution. All intangibles, and items inherited by right of the Nation, such as reserve lands, forests, water and mineral resources, are not recognized in the Nation's financial statements. Amortization Tangible capital assets are amortized annually using the following methods at rates intended to amortize the cost of the assets over their estimated useful lives. Land and work-in-progress are not amortized. In the year of acquisition amortization is taken at one-half the rates. Method Rate Buildings Paving Bridges Computer and IT hardware Computer software Furniture and fixtures Boats Vehicles CMHC Housing Infrastructure Docks and wharfs

straight-line straight-line straight-line straight-line straight-line straight-line straight-line straight-line straight-line straight-line straight-line

40 years 25 years 40 years 4 years 10 years 10 years 10 years 10 years 25 years 40 years 20 years

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Significant accounting policies (Continued from previous page) Funds held in Ottawa trust Funds held in trust on behalf of Nation members by the Government of Canada in the Ottawa Trust Fund are reported on the statement of financial position with an offsetting amount in accumulated surplus. Trust moneys consist of: ď&#x201A;ˇ

Capital trust moneys derived from non-renewable resource transactions on the sale of land or other Nation tangible capital assets; and

ď&#x201A;ˇ

Revenue trust moneys generated primarily through land leasing transactions or interest earned on deposits held in trust.

Investment in Treaty The Nation is in negotiations with the Government of Canada to negotiate a treaty. Both funding and interest free loans are received from the federal government to assist in the process. Expenses pertaining to the negotiation are capitalized to reflect the amount of investment the Nation has made in the treaty process. The loan will be repaid as outlined in Note 8. Net financial assets The Nationâ&#x20AC;&#x2122;s consolidated financial statements are presented so as to highlight net financial assets as the measurement of financial position. The net financial assets of the Nation is determined by its financial assets less its liabilities. Net financial assets is comprised of two components, non-financial assets and accumulated surplus. Asset classification Assets are classified as either financial or non-financial. Financial assets are assets that could be used to discharge existing liabilities or finance future operations. Non-financial assets are acquired, constructed or developed assets that do not normally provide resources to discharge existing liabilities, but are employed to deliver government services, may be consumed in normal operations and are not for resale in the normal course of operations. Non-financial assets include tangible capital assets and prepaid expenses.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Significant accounting policies (Continued from previous page) Revenue recognition i)

Government Funding The First Nation recognizes a government transfer as revenue when the transfer is authorized and all eligibility criteria, if any, have been met. A government transfer with stipulations giving rise to an obligation that meets the definition of a liability is recognized as a liability. In such circumstances, the First Nation recognizes revenue as the liability is settled. Transfers of non-depreciable assets are recognized in revenue when received or receivable.

ii)

First Nation Capital and Revenue Trust Funds The First Nation recognizes revenues of the Ottawa Trust Fund at the time income is earned.

iii)

Canada Mortgage and Housing Corporation ("CMHC") CMHC revenue is recognized as it becomes receivable under the terms of the applicable funding agreements. Funding received under funding arrangements that relate to a subsequent fiscal period are reflected as deferred revenue on the statement of financial position in the year of receipt.

iv)

Housing Rental Income Rental revenue is recorded in the year it is earned. At the end of each year management evaluates whether rent revenue is collectible and records a bad debt expense and allowance for doubtful accounts for those amounts designated as unlikely to be collected.

Own Source Revenue Revenue from own sources is recognized when performance is achieved, amounts can be reasonably estimated and collectibility is reasonably assured.

vi)

Investment Income Investment income is recognized by the Nation when the investment income is earned.

Financial instruments The Nation's financial instruments consist of cash, restricted cash, funds held in Ottawa trust, accounts receivable, advances to related Nation entities, short-term investments, portfolio investments, accounts payable and accruals, longterm debt, First Nation loan agreement and due to partner Nations. Unless otherwise noted, it is management's opinion that the Nation is not exposed to significant interest, credit on currency risks arising from these financial instruments. The portfolio investments are exposed to market risk as the investments are in capital markets as identified in Note 5.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Significant accounting policies (Continued from previous page) Measurement uncertainty The preparation of consolidated financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Accounts receivable are stated after evaluation as to their collectibility and an appropriate allowance for doubtful accounts is provided where considered necessary. Provisions are made for slow moving and obsolete inventory. Amortization is based on the estimated useful lives of tangible capital assets. Liabilities for contaminated sites are estimated based on the best information available regarding potentially contaminated sites that the First Nation is responsible for. These estimates are reviewed periodically and, as adjustments become necessary, they are reported in surplus in the periods in which they become known. Liability for contaminated site Expenditures that relate to on-going environmental and remediation programs are charged against surplus (deficit) as incurred. A liability for a contaminated site reflects managementâ&#x20AC;&#x2122;s best estimate of the amount required to remediate the contaminated site. The best estimate of the liability is based upon assumptions and estimates related to the amount and timing of costs for future site remediation. Changes to the underlying assumptions and estimates or legislative changes in the near term could have a material impact on the provision recognized. Long-lived assets Long-lived assets consist of tangible capital assets with finite useful lives. Long-lived assets held for use are measured and amortized as described in the applicable accounting policies. The Nation performs impairment testing on long-lived assets held for use whenever events or changes in circumstances indicate that the carrying amount of an asset, or group of assets, may not be recoverable. The carrying amount of a longlived asset is not recoverable if the carrying amount exceeds the sum of the undiscounted future cash flows from its use and disposal. Impairment is measured as the amount by which the asset's carrying amount exceeds its fair value. Fair value is measured using prices for similar items. Any impairment is included in surplus for the year. The Nation does not perform impairment testing on its long-lived assets that are held for public administration and situated on its reserve land as it is not possible to determine their fair market value.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Significant accounting policies (Continued from previous page) Segments The Nation conducts its business through a number of reportable segments as described in Note 20. These operating segments are established by senior management to facilitate the achievement of the Nation's long-term objectives to aid in resource allocation decisions, and to assess operational performance. For each reported segment, revenue and expenses represent both amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. The accounting policies used in these segments are consistent with those followed in the preparation of the consolidated financial statements. Recent accounting pronouncements Financial instruments In June 2011, the Public Sector Accounting Board (PSAB) issued PS 3450 Financial Instruments to establish standards for recognition, measurement, presentation and disclosure of financial assets, financial liabilities and non-financial derivatives. As a result of issuance of PS 3450, there have been numerous consequential amendments made to other Sections. PS 3450 is effective for fiscal years beginning on or after April 1, 2019. Earlier adoption is permitted. PS 3450 is applied prospectively in the fiscal year of initial adoption; therefore, financial statements of prior periods, including comparative information, are not restated. This will result in both short-term investments and long-term portfolio investments recorded at fair value instead of cost.

Accounts receivable 2015 Aboriginal Affairs and Northern Development Canada Province of BC CMHC subsidy assistance receivable Fisheries and Oceans Canada Social housing rent Members Marine Harvest Accrued trust investment income Other accounts receivable

2014

39,412 204,429 7,135 96,909 2,761 47,338 118,036 213,884 38,615

195,183 8,008 149,174 20,261 43,218 763,849 34,088

768,519

1,213,781

Portfolio investments Portfolio investments are held in the following investments within Scotia Trust accounts: 2015

Bentall Kennedy Prime Can Property Fund Fiera Capital - Fiera Active Fixed Income Fund (202) Mawer Canadian Equity Pooled Fund (112) Mawer Global Equity Fund (220)

2014

2,528,475 7,230,856 11,477,990 5,078,726

2,405,970 6,240,768 14,844,093 -

26,316,047

23,490,831

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Funds held in Ottawa trust Capital and revenue trust moneys are transferred to the Nation on the authorization of the Minister of Aboriginal Affairs and Northern Development Canada, with consent of the Nation's Council. 2015 2014 Capital Trust Balance, beginning and end of year Transfer - release to capital

94,133 44,025

94,133 -

138,158

94,133

91,249 8,662 54,966

83,943 7,306 -

Balance, end of year

154,877

91,249

Total

293,035

185,382

Balance, end of year Revenue Trust Balance, beginning of year Interest Transfer - release to revenue account

Restricted cash 2015 Replacement reserve Operating reserve

2014

157,578 57,060

160,235 36,604

214,638

196,839

Under the terms of the agreement with Canada Mortgage and Housing Corporation, the replacement reserve account is to be credited in the amount of $26,268 (2014 - $30,115) annually. These funds, along with accumulated interest, must be held in a separate bank account and/or invested only in accounts or instruments insured by the Canada Deposit Insurance Corporation or as may otherwise be approved by CMHC from time to time. The funds in the account may only be used as approved by CMHC. At year end, these reserves were underfunded by $6,490 (2014 - adequately funded). Under the terms of the agreements with CMHC, excess revenues over expenditures for the Post 1996 phases may be retained in an Operating Reserve. These funds, along with accumulated interest, must be held in a separate bank account and/or invested only in accounts or instruments insured by the Canada Deposit Insurance Corporation or as may otherwise be approved by CMHC from time to time. At year end, the operating reserve was adequately funded (2014 - underfunded by $22,309).

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

First Nation loan agreement Gwa'Sala-'Nakwaxda'xw First Nation receives interest free advances from Aboriginal Affairs and Northern Development Canada pursuant to an agreement with the British Columbia Treaty Commission and the Minister of Aboriginal Affairs and Northern Development Canada. Under the terms of the agreement the Nation receives both loaned and contributed funds. During the year the Nation received $144,680 (2014 - $141,680) contributed funds and loans in the amount of $558,720 (2014 - $566,720) resulting in a cumulative loan balance of $6,360,794 (2014 - $5,802,074). The funds are to be used solely for the purposes of treaty negotiations. The loan proceeds are non-interest bearing and become due and payable upon the earlier of: a) the date a treaty signed by the Negotiating Parties takes effect unless otherwise agreed in the treaty; b) the later of; - the twelfth anniversary of the date of the first Loan Advance by Canada to the First Nation under the earliest First Nation Funding Agreement; or - the Extended Due Date; and c) the date the Federal Minister demands payment of the Loan due to an event of default under the agreement or under any First Nation Funding Agreement. The Nation capitalizes all expenses related to the Treaty process as management expects the future settlement to exceed the investment in treaty balance. During the year, the Nation capitalized $805,409 (2014 - $711,889). The Nation is in Stage 4 of treaty negotiation, which is the Negotiation of an Agreement in Principle stage.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 9.

Investments in First Nation partnerships and business entities Summary financial information for each First Nation business entity, accounted for using the modified equity method, for their respective year-end is as follows: The First Nation has investments in the following entities: Investment Share of cost earnings (loss)

Wholly-owned Businesses: k'awat'si Economic Development General Partner Corporation k'awat'si Economic Development Limited Partnership

First Nation Business Partnerships â&#x20AC;&#x201C; Modified Equity: Nanwakolas Forestry Limited Partnership - 40.278% Nanwakolas Carbon Credit Limited Partnership 33.98%

(102,984) 9,999

(1,820) 1,663,815

(104,804) 1,673,814

(92,985)

1,661,995

1,569,010

362,325

712,404

(918,441)

156,288

541,712

102,140

(473,088)

170,764

904,037

814,544

(1,391,529)

327,052

811,052

2,476,539

(1,391,529)

1,896,062

Investment cost

First Nation Business Partnerships â&#x20AC;&#x201C; Modified Equity: Nanwakolas Forestry Limited Partnership - 40.278% Nanwakolas Carbon Credit Limited Partnership 33.98%

Withdrawals

2015 Total investment

Share of earnings (loss)

Withdrawals

2014 Total investment

362,325

541,712

904,037

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015

Investments in First Nation partnerships and business entities (Continued from previous page) The First Nationâ&#x20AC;&#x2122;s investment in k'awat'si Economic Development General Partner Corporation was established for the purposes of running the economic activities of various business endeavours for the First Nation. It owns investments in Gwa'Nak Resources Ltd., 0997211 B.C. Ltd., 0997328 B.C. Ltd., 0997329 B.C. Ltd., 0997330 B.C. Ltd.. k'awat'si Economic Development Limited Partnership was established for the purposes of running the economic activities of various business endeavours for the First Nation. It owns investments in Gwa'Nak Resources Limited Partnership, 09973211 Fisheries Limited Partnership, 0997328 Marine Services Limited Partnership, 0997329 Tourism Services Limited Partnership, and 0997330 Contracting Limited Partnership. The Nation holds units of Nanwakolas Forestry Limited Partnership equal to 40.278% of the total partnership units outstanding. The investment in Nanwakolas Forestry Limited Partnership was established for the purpose of developing profitable forestry based activities within the Partners collective territories. The Nation holds units of Nanwakolas Carbon Credit Limited Partnership equal to 33.98% of the total partnership units outstanding. The investment in Nanwakolas Carbon Credit Limited Partnership was established to develop profitable carbon credit projects within the South Central Coast Region of the area commonly known as the Great Bear Rainforest in British Columbia. Summary financial information for each First Nation business partnership, accounted for using the modified equity method, for their respective year-end is as follows: k'awat'si Economic Development Limited Partnership As at December 31, 2014

k'awat'si Economic Development General Partner Corporation As at December 31, 2014

Nanwakolas Forestry Limited Partnership As at March 31, 2015

Nanwakolas Carbon Credit Limited Partnership As at March 31, 2015

Assets Cash Accounts receivable Prepaid expenses and deposits Investments Inventory Property, plant and equipment Intangible asset Advances to related parties Total assets

975,710 326,511 65,865 156,960 276,660 1,801,706

186 6 192

270,124 31,060 72,205 373,389

368,703 41,851 1,025 84,693 85,190 581,462

Liabilities Accounts payable and accruals Deferred revenue Advances from related parties Total liabilities

70,880 112,500 644,410 827,790

2,000 102,996 104,996

10,848 10,848

79,573 79,573

973,916

(104,804)

362,541

501,889

1,769,898 805,987 963,911 963,911

180 2,000 (1,820) (1,820)

6,682,777 4,842,726 1,840,051 1,840,051

853,901 553,313 300,588 300,588

Total revenue Total expenses Net income (loss) Comprehensive income (loss)

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 10.

Advances to related First Nation entities Advances to related Nation entities are unsecured, non-interest bearing and due on demand.

11.

Long-term debt 2015

2014

Post 96 - Phase 2 - All Nations Trust - repayable at $4,972 per month including interest at 1.62% per annum; secured by a N. H. A. and Ministerial Guarantee. Matures March 1, 2033 and renewing on March 1, 2018.

931,521

975,760

Post 96 - Phase 1 - All Nations Trust - repayable at $2,656 per month including interest at 1.80% per annum; secured by a N. H. A. and Ministerial Guarantee. Matures October 1, 2031 and renewing on October 1, 2016.

456,876

480,324

Post 96 - Phase 5 - All Nations Trust - repayable at $976 per month including interest at 1.71% per annum; secured by a N. H. A. and Ministerial Guarantee. Matures September 1, 2037 and renewing on September 1, 2017.

218,796

226,708

23,432

37,796

Pre 97 - Phase 9 - All Nations Trust - repayable at $1,250 (2014 - $1,261) per month including interest at 2.57% (2014 - 1.58%) per annum; secured by a N. H. A. and Ministerial Guarantee. Matures October 1, 2016. Pre 97 - Phase 10 - All Nations Trust - repayable at $2,102 per month including interest at 1.80% per annum; secured by a N. H. A. and Ministerial Guarantee. Matured July 1, 2014.

1,630,625

8,377 1,728,965

Principal repayments on long-term debt in each of the next five years, assuming long-term debt subject to refinancing is renewed, are estimated as follows:

2016 2017 2018 2019 2020

Principal 91,477 86,842 79,421 80,770 82,142 420,652

12.

Interest

Total 26,915 25,248 23,834 22,485 21,113

118,392 112,090 103,255 103,255 103,255

119,595

540,247

Due to partner Nations During the prior year, the Nation made the decision to withdraw from the Gwabalis Fisheries Group and are currently holding funds on behalf of the group. There is no formal agreement in place that describes how these funds are to be distributed between the five member Nations.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 13.

Loan guarantees As at March 31, 2015, the First Nation has guaranteed credit facilities for the following Nation government business enterprises: 0997211 B.C. Ltd $100,000 (2014 - $nil) credit facility revolving line of credit and $800,000 (2014 - $nil) credit facility demand loan, up to a maximum amount of $900,000 (2014 - $nil) that bears interest at prime plus 1.5% and is secured by a general security agreement. As at March 31, 2015 $800,000 (2014- $nil) has been drawn on the credit facility demand loan. 0997329 B.C. Ltd $1,000,000 ( - $nil) credit facility demand loan, up to a maximum amount of $1,000,000 ( - $nil) that bears interest at prime plus 1.5% and is secured by a general security agreement. As at March 31, 2015 $1,000,000 (2014 - $nil) has been drawn on the credit facility demand loan. 0997329 Tourism Services Limited Partnership $5,550,000 (2014 - $nil) credit facility demand loan, $250,000 (2014 - $nil) overdraft lending facility and $50,000 credit cards (2014 - $nil), up to a maximum amount of $5,850,000 (2014 - $nil) that bears interest at prime plus 0.5% and is secured by a general security agreement. As at March 31, 2015 $nil (2014 - $nil) has been drawn on the credit facility demand loan.

As at March 31, 2015, no liability has been recorded associated with the above noted guarantees. 14.

Accumulated surplus

Accumulated surplus consists of the following: 2015

Equity in Gwa'Sala-'Nakwaxda'xw Band Trust Equity in Treaty Equity in Ottawa Trust Fund Operating surplus Equity in tangible capital assets Social Housing Replacement and Operating Reserves Investment in Nation business entities

15.

2014

26,968,111 1,422,152 293,035 917,414 6,752,734 233,752 1,896,062

24,547,699 1,175,464 185,382 1,018,656 6,515,174 217,971 904,037

38,483,260

34,564,383

Economic dependence Gwa'Sala-'Nakwaxda'xw Nation receives a significant portion of its revenue from Aboriginal Affairs and Northern Development Canada (AANDC) as a result of agreements entered into with the Government of Canada. These agreements are administered by AANDC under the terms and conditions of the Indian Act. The ability of the Nation to continue operations is dependent upon the Government of Canada's continued financial commitments as guaranteed by these agreements.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 16.

Trust Funds held in trust on behalf of the Nation's members by the Gwa'Sala-'Nakwaxda'xw Band Trust are reported on the consolidated statement of financial position and consolidated statement of operations and accumulated surplus as follows: 2015 2014

Financial Assets Liabilities

27,023,116 (55,405)

24,611,504 (64,205)

Net Financial Assets Non Financial Assets

26,967,711 400

24,547,299 400

Revenues Expenses

3,563,176 (1,030,264)

1,111,387 (741,453)

2,532,912

369,934

Surplus

17.

Aboriginal Affairs and Northern Development Canada funding reconciliation 2015

AANDC revenue per confirmation Difference between estimated and actual recoveries

18.

2014

3,898,919 14,772

4,647,789 1,779

3,913,691

4,649,568

Contingent liabilities The First Nation is involved in a dispute over outstanding invoices for services. The resolution of this claim is not determinable at the date of this report. The maximum potential loss is $65,000. The financial results of the CMHC Social Housing program are subject to review by CMHC. It is possible that adjustments could be made based on the results of their review.

19.

Comparative figures Certain comparative figures have been reclassified to conform with current year's presentation.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 20.

Segments The Nation receives revenues and incurs expenses from many different projects and sources. For management and reporting purposes, the revenues, expenses and surplus or deficits are organized by segments. Schedules 3 to 15 disclose the details of the Nation's revenues and expenses by segment. The Nation is organized into the following segments: Administration Includes general operations, support, and financial management of the Nation. Treaty Includes revenues and expenditures related to the negotiation of treaty. Income Assistance Includes revenues and expenses relating to the social assistance of the members of Gwa'Sala-'Nakwaxda'xw First Nation. Education Includes revenues and expenses related to primary, secondary and post secondary education of the members. Gwa'Sala-'Nakwaxda'xw School Includes the operation of the school. Economic Development Includes activities related to the growth of revenue producing projects with the Nation. Community Infrastructure Includes the maintenance of infrastructure owned by the Nation. Natural Resources Includes revenues and expenditures related to conservation and stewardship of the Nation's land and resources. Capital Projects Includes revenue and expenditures related to capital projects. Community Includes revenues and expenditures related to the delivery of programs that support the Gwa'Sala-'Nakwaxda'xw First Nation community. Health Includes activities related to the provision of health services within the Nation. CMHC social housing Includes rent collection and maintenance related to the mortgaged homes owned by the Nation. Trust Includes revenues and expenditures related to the financial settlement arising out the relocation of the Nation.

Gwa'Sala-'Nakwaxda'xw Nation Notes to the Consolidated Financial Statements For the year ended March 31, 2015 21.

Budget information The disclosed budget information has been approved by the Chief and Council of the Gwa'Sala-'Nakwaxda'xw Nation at the Chief and Council meeting held on July 29, 2014. Approved budgets were not prepared for all programs of the Nation. As such, the budget figures in the Statement of Operations and Accumulated Surplus are not presented for the same scope of activities as the actual results. Budget figures on the Statement of Operations are presented using the same basis of accounting as the actual results. A reconciliation of these amounts to the Chief and Council approved budget is as follows:

22.

Budgeted annual surplus per the Statement of Operations

$205,957

Adjusted for: Contingency Capital purchases

($ 27,699) ($437,845)

Budgeted deficit approved by Chief and Council

($259,587)

Correction of an error During the year, information became available that determined that the First Nation holds an investment in Nanwakolas Forestry Limited Partnership and Nanwakolas Carbon Credit Limited Partnership. The impact of this correction has resulted in an increase in the prior year investment in Nation partnerships of $904,037 and increase in the prior year earnings from an investment in Nation partnerships of $904,037.

Gwa'Sala-'Nakwaxda'xw Nation Schedule 1 - Consolidated Schedule of Tangible Capital Assets For the year ended March 31, 2015

Schedule 1 Land

Cost Balance, beginning of year

719,224

Acquisition of tangible capital assets

Disposal of tangible capital assets

Transfers

Balance, end of year Accumulated amortization Balance, beginning of year

719,224

Buildings

Paving

8,505,580

301,792

430,067

31,000

282,743

Bridges

1,404,461

Computers and IT hardware

Computer Software

933,007

34,436

11,898,500

48,869

509,936

Subtotal

282,743

9,218,390

332,792

1,404,461

933,007

83,305

12,691,179

5,791,941

234,989

957,066

847,153

34,436

7,865,585

Annual amortization

225,084

12,691

35,111

30,629

2,443

305,958

Accumulated amortization on disposals

Transfers

136,017

Balance, end of year

6,153,042

247,680

992,177

877,782

36,879

8,307,560

46,426

4,383,619

Net book value of tangible capital assets

719,224

3,065,348

85,112

412,284

55,225

2014 Net book value of tangible capital assets

719,224

2,713,639

66,803

447,395

85,854

136,017

4,034,929

Gwa'Sala-'Nakwaxda'xw Nation Schedule 1 - Consolidated Schedule of Tangible Capital Assets For the year ended March 31, 2015

Subtotal

Cost Balance, beginning of year Acquisition of tangible capital assets Disposal of tangible capital assets Transfers Balance, end of year Accumulated amortization Balance, beginning of year Annual amortization Accumulated amortization on disposals Transfers Balance, end of year

11,898,500

Furniture & Fixtures

1,104,562

509,936 282,743

Boats

386,875

Vehicles

166,380

CMHC Housing

3,376,027 -

Infrastructure

1,235,838

Subtotal

18,168,182

509,936

(12,300)

(282,743)

12,691,179

1,104,562

386,875

166,380

3,080,984

1,235,838

18,665,818

7,865,585

968,551

88,366

147,983

614,624

238,934

9,924,043

305,958

22,181

38,688

16,521

81,657

29,270

494,275

136,017

(12,300)

(136,017)

(12,300) -

8,307,560

990,732

127,054

164,504

547,964

268,204

10,406,018

Net book value of tangible capital assets

4,383,619

113,830

259,821

1,876

2,533,020

967,634

8,259,800

2014 Net book value of tangible capital assets

4,034,929

136,011

298,509

18,397

2,761,403

996,904

8,246,153

Gwa'Sala-'Nakwaxda'xw Nation Schedule 1 - Consolidated Schedule of Tangible Capital Assets For the year ended March 31, 2015

Subtotal

Cost Balance, beginning of year

18,168,182

Acquisition of tangible capital assets

509,936

Disposal of tangible capital assets

(12,300)

Transfers

Balance, end of year

18,665,818

Accumulated amortization Balance, beginning of year

9,924,043

Docks and wharfs

126,727 126,727

2014

18,168,182

16,932,762

636,663

1,247,720

(12,300) -

18,792,545

18,168,182

9,924,043

9,476,926

Annual amortization

494,275

3,168

497,443

459,416

Accumulated amortization on disposals

(12,300)

(12,299)

Transfers

Balance, end of year Net book value of tangible capital assets

2015

10,406,018

3,168

10,409,186

9,924,043

8,259,800

123,559

8,383,359

8,244,139

2014 Net book value of tangible capital assets 8,246,153

8,244,139

Gwa'Sala-'Nakwaxda'xw Nation Schedule 2 - Schedule of Consolidated Expenses by Object For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Consolidated expenses by object Administration Advertising Amortization Audit fees Bad debts Bank charges and interest Contracted services Funeral Furniture and equipment GST and Sales tax Honouraria Insurance Interest on long-term debt Legal settlement Miscellaneous Office equipment lease Office supplies Professional fees Program expense Property tax Rent Repairs and maintenance Salaries and benefits Social assistance Subcontracts Supplies Telephone Training Transfers to Economic Development business entities Travel Trust management fees Tuition User fees Utilities

21,483 43,420 126,588 15,041 168,833 44,208 23,424 53,203 1,444,103 727,666 300,350 149,876 26,706 18,258 118,968 11,520

2,384 6,024 497,443 25,422 35,715 8,048 22,551 27,757 262,223 298,541 134,119 28,288 73,672 62,256 59,360 506,339 329,544 91,038 53,792 139,404 3,772,317 627,309 837,826 282,901 68,473 44,763 1,695,483 260,512 311,035 235,573 49,224 192,453

393 5,536 459,416 31,650 77,180 7,889 8,496 18,613 376,646 10,719 197,614 136,263 30,277 28,030 66,016 109,405 84,164 693,348 346,628 90,304 63,071 178,036 3,666,813 661,618 624,016 225,756 80,335 52,008 239,652 220,950 242,740 54,497 190,890

3,293,647

11,041,789

9,278,969

Gwa'Sala-'Nakwaxda'xw Nation Administration Schedule 3 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada Department of Fisheries and Oceans Other revenue Rental income Interest income Coast Opportunity Fund

Expenses Administration (recovery) Advertising Amortization Audit fees Bank charges and interest Contracted services Funeral Furniture and equipment GST and Sales tax Honoraria Insurance Legal settlement Miscellaneous Office equipment lease Office supplies Professional fees Program expense Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Training Transfers to Economic Development Travel User fees Utilities

736,068 -

582,898 153,841 6,600 14,235 250,000

494,610 150,000 239,961 21,803 15,778 225,000

736,068

1,007,574

1,147,152

21,483 43,420 126,588 15,041 44,208 452,019 211,021 14,880 16,728 11,520 956,908

(73,610) 2,320 84,723 19,422 2,562 6,761 25,583 54,808 184,041 22,648 9,417 9,816 6,642 120,743 15,856 16,716 21,936 432,157 37,635 22,670 28,626 605,466 67,186 4,640 33,690 1,762,454

(120,967) 1,551 80,162 23,650 1,414 2,661 18,613 44,156 10,719 85,401 3,507 28,030 6,526 7,348 2,163 328,653 6,768 4,152 38,766 496,717 20,605 6,414 20,448 6,128 38,912 13,035 33,283 1,208,815

Annual surplus (deficit) before other items Provision for distribution to Partner nations

(220,840) -

(754,880) (289,784)

(61,663) -

Annual deficit before transfers Transfers between programs

(220,840) -

(1,044,664) (5,258)

(61,663) 5,089

Annual deficit

(220,840)

(1,049,922)

(56,574)

Gwa'Sala-'Nakwaxda'xw Nation Treaty Schedule 4 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue British Columbia Treaty Commission

144,680

141,680

Annual surplus

144,680

141,680

Gwa'Sala-'Nakwaxda'xw Nation Income Assistance Schedule 5 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada

995,147

945,343

948,792

Expenses Bank charges and interest Contracted services Furniture and equipment Miscellaneous Office equipment lease Office supplies Program expense Rent Repairs and maintenance Salaries and benefits Social assistance Supplies Telephone Training Travel Tuition

183 6,144 115,269 727,666 121,968 11,826 11,660

1,645 2,555 8,950 17,200 1,526 2,032 12,896 1,454 4,868 111,854 627,309 72,565 2,491 28,422 4,910

331 1,751 2,880 10,319 2,701 5,614 2,511 260 106,425 661,618 70,279 8,207 28,005 1,544 11,660

994,716

900,677

914,105

Annual surplus (deficit) before transfers Transfers between programs

431 -

44,666 -

34,687 11,656

Annual surplus (deficit)

431

44,666

46,343

Gwa'Sala-'Nakwaxda'xw Nation Education Schedule 6 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada First Nations Education Steering Committee Other revenue School District 85

1,102,481 -

386,563 11,390 5,015 220,346

413,602 11,251 5,000 228,642

1,102,481

623,314

658,495

168,650 17,280 752,100 27,908 1,530 107,308 -

15,007 6 745 2,033 150 15,778 5,314 3,900 6,141 1,926 248,596 4,777 25,926 11,727 230,663 2,278

12,088 94 458 23,394 1,250 9,012 18,268 31,042 4,939 4,765 264,257 1,766 41,839 1,100 10,350 231,080 3,289

1,074,776

574,967

658,991

Annual surplus (deficit) before transfers Transfers between programs

27,705 -

48,347 -

(496) (16,746)

Annual surplus (deficit)

27,705

48,347

(17,242)

Expenses Amortization Bank charges and interest Contracted services Furniture and equipment Honouraria Insurance Miscellaneous Office supplies Program expense Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Travel Tuition Utilities

Gwa'Sala-'Nakwaxda'xw Nation Gwa'Sala-'Nakwaxda'xw School Schedule 7 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada First Nations Education Steering Committee Other revenue Province of BC

Expenses Amortization Bank charges and interest Furniture and equipment Honoraria Insurance Miscellaneous Office supplies Professional fees Program expense Rent Repairs and maintenance Salaries and benefits Supplies Telephone Utilities

Annual surplus (deficit)

1,158,436 147,981 62,445 959,285

1,170,041 136,377 41,954 742,421

2,328,147

2,090,793

187,233 258 30,397 19,255 2,481 (7,579) 19,548 4,701 58,892 21,504 32,501 1,793,224 44,431 10,284 37,984

187,233 201 59,641 20,685 2,442 8,139 11,175 473 77,953 14,404 41,186 1,609,683 29,689 10,744 37,836

2,255,114

2,111,484

73,033

(20,691)

Gwa'Sala-'Nakwaxda'xw Nation Economic Development Schedule 8 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada Other revenue Earnings from investment in Nation partnerships Earnings from investment in Nation business entities Coast Opportunity Fund Marine services and fisheries Fishing income

Expenses Administration Advertising Amortization Bank charges and interest Furniture and equipment Honouraria Miscellaneous Office equipment lease Office supplies Professional fees Program expense Property tax Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Training Transfers to Economic Development Travel Utilities

Annual surplus

45,353 -

45,353 46,011 814,544 1,661,995 518,750 31,044 502,590

173,235 66,727 904,037 17,773 85,393

45,353

3,620,287

1,247,165

45,353 -

2,242 4,699 1,206 88,503 1,700 476 630 2,849 146,584 1,933 1,824 2,332 11,472 69,510 575,592 13,492 773,088 7,068 17,017

9,000 3,886 132 1,940 66,134 10,200 7,500 14,352 175,071 12,434 55 5,382 32,510 65,231 116,952 11,541 1,142 1,006 21,155 9,166

45,353

1,722,217

564,789

1,898,070

682,376

Gwa'Sala-'Nakwaxda'xw Nation Community Infrastructure Schedule 9 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada Rental income

Expenses Amortization Contracted services Furniture and equipment Insurance Miscellaneous Office supplies Property tax Rent Repairs and maintenance Subcontracts Travel User fees Utilities

Annual deficit

53,398 40,429

52,953 49,874

93,827

102,827

70,065 23,156 56,472 2,757 1,320 16,554 6,233 1,372 5,573

61,841 120 4,849 86,555 440 288 20,738 11,177 9,006 5,526 24 1,851 343

183,502

202,758

(89,675)

(99,931)

Gwa'Sala-'Nakwaxda'xw Nation Natural Resources Schedule 10 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Fisheries and Oceans Canada Other revenue Interest income Forest and Range Agreement Marine services and fisheries

Expenses Advertising Amortization Bank charges and interest Contracted services Funeral Furniture and equipment Honoraria Insurance Miscellaneous Office equipment lease Office supplies Professional fees Program expense Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Training Transfers to Economic Development Travel User fees Utilities

Annual surplus (deficit)

210,265 10,953 101 223,014 257,934

216,163 (31,612) 558 222,951 308,468

702,267

716,528

157 14,569 123 275 2,174 35,380 6,694 3,200 6,310 7,140 97 84,752 27,957 3,934 28,775 169,009 28,643 31,955 4,261 6,486 204,429 13,759 1,564 38,869

7,285 5 19,841 8,128 14,276 1,462 82,251 310 46,263 48,474 911 29,967 178,093 39,355 11,209 5,314 4,507 20,505 47,847

720,512

566,003

(18,245)

150,525

Gwa'Sala-'Nakwaxda'xw Nation Capital Projects Schedule 11 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada

Expenses Administration Amortization Furniture and equipment Insurance Office supplies Professional fees Property tax Rent Repairs and maintenance Salaries and benefits Subcontracts Telephone Travel User fees Utilities

Annual surplus

522,797

643,942

1,290,631

53,203 17,130 14,619 -

8,554 34,782 1,067 700 88,956 29,731 4,200 3,883 41,648 145

22,279 16,971 23,176 905 29,131 69,510 7,665 589 31,207 234,387 2,318 629 36,773 8,438

84,952

213,666

483,978

437,845

430,276

806,653

Gwa'Sala-'Nakwaxda'xw Nation Community Schedule 12 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Aboriginal Affairs and Northern Development Canada Other revenue Rental income Province of BC

97,758 -

97,758 36,900 250 428,027

105,704 58,300 460 170,108

97,758

562,935

334,572

62,232 74,710 -

3,840 1,305 1,042 7,053 13,046 4,950 3,511 (4) 30,796 7,567 37,620 5,107 258 783 2,206 394,338 7,225 36,316 527 7,030 112,500 11,273 26,947

30,654 50 1,042 805 116,827 11,250 4,330 410 918 17,735 18,000 22,830 6,771 6,011 427,476 65,165 5,178 10,254 10,513 7,013 2,740 20,230

136,942

715,236

786,202

Deficit before transfers Transfers between programs

(39,184) -

(152,301) 1,424

(451,630) -

Annual deficit

(39,184)

(150,877)

(451,630)

Expenses Administration Advertising Amortization Contracted services Furniture and equipment Honoraria Insurance Miscellaneous Office equipment lease Office supplies Professional fees Program expense Property tax Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Training Transfers to Economic Development Travel User fees Utilities

Gwa'Sala-'Nakwaxda'xw Nation Health Schedule 13 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue First Nation Health Authority

1,041,436

994,341

Expenses Administration Advertising Amortization Contracted services Furniture and equipment Honoraria Insurance Miscellaneous Office equipment lease Office supplies Professional fees Program expense Rent Repairs and maintenance Salaries and benefits Subcontracts Supplies Telephone Training Travel User fees Utilities

61,129 3,667 5,161 4,882 200 11,187 5,140 12,348 11,769 83,389 25,113 150 18,739 523,899 70,509 35,547 18,401 2,826 136,771 8,542

57,990 50 2,680 2,703 15,746 1,650 3,667 3,926 11,388 13,656 60,103 16,913 10,409 487,724 69,483 49,606 20,809 1,850 131,514 99 7,319

1,039,369

969,285

2,067

25,056

Annual surplus

Gwa'Sala-'Nakwaxda'xw Nation CMHC Social Housing Schedule 14 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Canada Mortgage and Housing Corporation Rental income Interest income

Expenses Administration Amortization Audit fees Bad debts (recovery) Bank charges and interest Insurance Interest on long-term debt Miscellaneous Repairs and maintenance Utilities

88,295 117,360 318

96,372 149,536 729

205,973

246,637

Annual surplus (deficit)

2,471 81,657 6,000 35,715 752 18,842 28,288 (60) 430 21,403

1,437 89,985 8,000 77,180 1,809 20,581 30,277 2,540 4,566 23,131

195,498

259,506

10,475

(12,869)

Gwa'Sala-'Nakwaxda'xw Nation Trust Schedule 15 - Consolidated Schedule of Revenue and Expenses For the year ended March 31, 2015 2015

2015

2014

Budget (Note 21)

Revenue Interest income

3,563,176

1,111,387

Expenses Bank charges and interest Honouraria Miscellaneous Office supplies Professional fees Program expense Rent Subcontracts Travel Trust management fees

1,496 81,550 37,458 1,500 28,551 175,647 5,600 103,012 12,728 311,035

2,094 59,050 23,243 3,515 35,656 124,601 5,160 70,777 8,007 220,950

758,577

553,053

2,804,599

558,334

Annual surplus