2001-2002 Annual Report - Public Guardian and Trustee of British ...

Public Guardian and Trustee of British Columbia
Estates and Trusts Administered
Notes to Financial Statements
For the Year Ended March 31, 2002
($ in thousands)
1. Reporting Entity
The Public Guardian and Trustee operates under the Public Guardian and Trustee Act and other provincial
statutes to uphold the legal rights and safeguard the financial interests of adults who are not capable of
managing their own affairs, deceased persons’ estates who have no other person willing and able to act for
them, the estates of missing persons and children in receipt of settlement funds, insurance policy proceeds or
money from estates.
These statements reflect the financial position and activity for the estates and trusts administered by the
Public Guardian and Trustee. Separate financial statements are prepared for the Public Guardian and
Trustee Operating Account which include the financial, administrative and operating expenses of the Public
Guardian and Trustee.
2. Significant Accounting Policies
(a) Basis of Accounting
Management has prepared these financial statements in accordance with Canadian generally accepted
accounting principles.
(b) Client Asset Valuations
Client assets, excluding other financial assets and other assets, are valued at fair value.
Fair value is defined as “the amount of consideration that would be agreed upon in an arm’s length
transaction between knowledgeable, willing parties who are under no compulsion to act”.
The fair value at year end for premium money market fund, balanced income fund, balanced growth fund
and other investments and securities is determined from information obtained from investment service
providers.
The fair value at year end for real property is based on the most recent British Columbia Assessment
Authority property assessment. Where this value is not available or management believes that it does
not reflect market value, fair value may be determined from professional appraisals.
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