PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
FINANCIAL STATEMENTS
MARCH 31, 2016
1
PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
FINANCIAL STATEMENTS
MARCH 31, 2016
CONTENTS
Page
Auditor’s Report
1
Statement of Financial Position
2
Statement of Revenues, Expenses and Fund Balance
3
Statement of Changes in Financial Position
4
Notes to Financial Statements
5
2
3
AUDITOR’S REPORT
To the Members of the Legislative Assembly; and
To the Minister of Natural Resources
I have audited the statement of financial position of the Nova Scotia Primary Forest Products
Marketing Board as at March 31, 2007 and the statements of revenues, expenses and fund
balance, and changes in financial position for the year then ended. These financial statements
are the responsibility of the Board's management. My responsibility is to express an opinion on
these financial statements based on my audit.
I conducted my audit in accordance with Canadian generally accepted auditing standards.
Those standards require that I plan and perform an audit to obtain reasonable assurance
whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation.
In my opinion, these financial statements present fairly, in all material respects, the financial
position of the Board as at March 31, 2007 and the results of its operations and the changes in
its financial position for the year then ended in accordance with Canadian generally accepted
accounting principles.
Jacques R. Lapointe, CA$CIA
Auditor General
Halifax, Nova Scotia
4
PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2016
ASSETS
2007
2006
Current
Cash
Advance on grant payment
Due from processors
Due from Province of Nova Scotia (Note 5)
$
200
30,443
508,896
$
200
65,000
11,503
511,895
$ 539,539
$
588,598
$
250
390
361
1,001
LIABILITIES AND FUND BALANCE
Current
Accounts payable
Due to bargaining agents
Due to Board members
Fund Balance
$ 3,632
17,053
512
21,197
518,342
$ 539,539
Commitments (Note 3)
The accompanying notes are an integral part of these statements
Approved on behalf of the Board:
_______________________________________
Chair
_______________________________________
Member
587,597
$
588,598
5
PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
STATEMENT OF REVENUES, EXPENSES AND FUND BALANCE
FOR THE YEAR ENDED MARCH 31, 2007
2007
Budget
2006
Actual
Actual
Revenues
Charges against suppliers (Note 1)
Less: Bargaining agents funding
204,232
60,685
Charges for funding of Board operations $ 155,000
Interest on fund balance
24,000
179,000
Expenses
$
210,619
68,111
143,547
29,314
172,861
142,508
24,822
167,330
30,000
20,000
2,000
80,000
2,000
21,500
3,200
3,500
57,500
7,800
30,100
257,600
28,700
19,803
2,889
65,000
1,704
20,740
1,812
2,081
57,301
9,142
32,944
242,116
23,162
16,417
3,718
64,981
1,589
20,740
1,200
750
58,232
5,127
20,359
216,275
$ (78,600)
(69,255
(48,945)
Fund balance, beginning of year
587,597
636,542
Fund balance, end of year
$518,342
Board member per diems
Consulting fees (Note 3)
Equipment and maintenance (Note 2)
Grants
Lease payments – equipment
Lease payments – office space
Legal fees
Other expenses
Salaries
Supplies and services
Travel
Excess (Deficiency) of revenues over
expenses
The accompanying notes are an integral part of these statements
$
587,597
6
PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED MARCH 31, 2007
2007
Cash derived from operations
Excess (Deficiency) of revenues over expenses
$ (69,255
Changes in non-cash operating working capital items
Advance on grant payment
Due from processors
Due from Province of Nova Scotia
Accounts payable
Due to bargaining agents
Due to Board members
$
65,000
(18,940)
2,999
3,382
16,663
151
69,255
Increase (decrease) in cash
-
Cash, beginning of year
200
Cash, end of year
2006
$
200
(48,945)
(19)
13,596
47,371
(1,450)
(10,914)
361
48,945
200
$
The accompanying notes are an integral part of these statements
200
7
PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2016
1.
Authority
The Nova Scotia Primary Forest Products Marketing Board was established by the
Primary Forest Products Marketing Act.
The objectives of the Board are: to provide for the organization and funding of
bargaining agents, to provide for the registration of bargaining agents, to provide for the
resolution of bargaining disputes, to facilitate and support the continued development of
the forest resources held by private woodlot owners, and to enable private woodlot
owners to have a fair share of the available market and receive a reasonable return for
the sale of primary forest products.
The Board imposes separate charges against producers of primary forest products for
the purpose of providing funding of bargaining agents, and for funding the operations of
the Board.
2.
Accounting Policies
These financial statements have been prepared in accordance with Canadian generally
accepted accounting principles. The following accounting policies are used.
a) In common with many small, not-for-profit organizations, the Board charges furniture
and equipment acquisitions and leasehold improvements to expenses in the year of
purchase.
b) Payments of grants are recorded as expenses by the Board when the grant recipient
incurs eligible expenditures.
3.
Commitments
The Board remits monthly payments of $1,728 to the Department of Transportation and
Public Works for the rental of office space procured by the Department on the Board’s
behalf. The current lease expires November 30, 2009
The Board engaged a consultant to survey and report prices for standing timber sales in
Nova Scotia. As of March 31, 2007, the Board has paid $85,353 to the consultant. This
contract has now been paid in full.
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PROVINCE OF NOVA SCOTIA
NOVA SCOTIA PRIMARY FOREST
PRODUCTS MARKETING BOARD
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2016
4.
Pensions and Post-retirement Benefits
All full-time employees of the Board are entitled to receive pension benefits pursuant to
the provisions of a pension plan established under the Public Service Superannuation
Act. The plan is funded by equal employee and employer contributions. The employer’s
contributions are included in the Board’s operating expenses. The Public Service
Superannuation Fund is administered by the Government of Nova Scotia and any
unfunded liability, as well as other obligations related to post-retirement benefits, are the
responsibility of the Province.
5.
Related Party Transactions
The Board is related to other departments, agencies, commissions and boards of the
Province of Nova Scotia. Transactions with Provincial entities were entered into in the
normal course of business.
All funds received by the Board are deposited into an account of the Province of Nova
Scotia and all expenditures are made out of the same account. The balance of funds
held by the Province on behalf of the Board are presented as a receivable in the
statement of financial position.