NAC Annual Report 1997-1998 - National Arts Centre

14National Arts Centre Corporation 97-98 National Arts Centre Corporation 97-98As at August 31, 1998balance sheetauditor’s reportTo the Chair of the Board of TrusteesNational Arts Centre Corporation> I have audited the balance sheet of the National Arts Centre Corporation as at August 31, 1998 and the statements ofoperations, equity and cash flows for the year then ended. These financial statements are the responsibility of theCorporation’s management. My responsibility is to express an opinion on these financial statements based on my audit.> I conducted my audit in accordance with generally accepted auditing standards. Those standards require that I planand 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 financialstatements. 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 theCorporation as at August 31, 1998 and the results of its operations and its cash flows for the year then ended in accordancewith generally accepted accounting principles.1998 1997(Restated-Note 3)ASSETSCurrentCash and short-terminvestments (Note 4) $ 4,115,569 $ 6,507,631Accounts receivable (Note 5) 2,874,919 1,883,349Restricted cash and investments(Note 6) 128,243 131,762Parliamentary appropriationreceivable 195,686 199,353Inventories 284,041 271,724Programmes in progress 1,551,388 1,069,397Prepaid expenses 200,828 1,494,7479,350,674 11,557,963Contributions receivable (Note 7) 800,000 -Capital assets (Note 8) 7,664,998 7,773,305$ 17,815,672 $ 19,331,2681998 1997(Restated-Note 3)LIABILITIESCurrentAccounts payable andaccrued liabilities $ 4,964,673 $ 4,685,626Deferred revenue 4,825,379 4,356,5559,790,052 9,042,181Deferred contributions (Note 9) 894,968 98,487Deferred capital funding (Note 10) 7,664,998 7,773,305Long-term portion ofprovision for employeetermination benefits 1,096,412 992,62419,446,430 17,906,597Endowment Fund (Note 11) 33,275 33,275EQUITY OF CANADAAccumulated (deficit) surplus (1,664,033) 1,391,396$ 17,815,672 $ 19,331,268Approved by Management:Approved by the Board of Trustees:Richard Flageole, FCAAssistant Auditor General for the Auditor General of CanadaDeputy Chief Executive OfficerChairOttawa, CanadaOctober 30, 1998Chief Financial OfficerMember of Board & Chair of Audit Committee15