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June 15, 2009 - District of Mission

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<strong>15</strong>9<br />

Municipal Forest - 50th Year Anniversary<br />

DISTRICT OF MISSION DEVELOPMENT CORPORATION<br />

Balance Sheet<br />

Financial Statements<br />

As at December 31, 2008, with comparative figures for 2007<br />

2008 2007<br />

Assets<br />

Cash $ 26,879 $ 37,219<br />

Receivables 426 335<br />

Portfolio and Mortgage Investments (Notes 1 & 2) 991,286 1,014,888<br />

Inventory <strong>of</strong> Property Held for Sale (Note 1) 2,587 2,587<br />

Due from <strong>Mission</strong> Heritage Association (Note 4) 14,620 20,080<br />

Liabilities, Surplus and Share Capital<br />

$ 1,035,798 $ 1,075,109<br />

Liabilities<br />

Accounts Payable $ 5,850 $ 5,000<br />

Dividends Payable 25,000<br />

5,850 $ 30,000<br />

Surplus<br />

Balance, Beginning <strong>of</strong> Year 1,035,109 1,039,787<br />

Net Income (10,484) 20,322<br />

Dividends Declared (25,000) (25,000)<br />

Balance, End <strong>of</strong> Year 999,625 1,035,109<br />

Share Capital<br />

Authorized:<br />

10,000 Common shares with a par value <strong>of</strong> 1 dollar each<br />

Issued:<br />

10,000 Common shares 10,000 10,000<br />

$ 1,0<strong>15</strong>,475 $ 1,075,109<br />

Approve<br />

P. Directors:<br />

Jam<br />

I Horn, Vice-President<br />

See accompanying notes to financial statements<br />

2008 Annual Report - <strong>District</strong> <strong>of</strong> <strong>Mission</strong><br />

67

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