2007 Annual Report - Manitoba Pork Council

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auditors’ reportAuditors’ ReportTo the Members of Manitoba Pork Council,We have audited the balance sheet of Manitoba Pork Council as at December 31, 2007 and the statements of revenue andexpenses, changes in net assets and cash flows for the year then ended. These financial statements are the responsibility ofthe Council’s management. Our responsibility is to express an opinion on these financial statements based on our audit.Manitoba Pork Council 2007 Annual Report18We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that weplan 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 asevaluating the overall financial statement presentation.In our opinion, these financial statements present fairly, in all material respects, the financial position of the Council as atDecember 31, 2007 and the results of its operations and its cash flows for the year then ended in accordance with Canadiangenerally accepted accounting principles.Winnipeg, CanadaMarch 7, 2008.Chartered Accountants
alance sheetAs at December 31Balance Sheet2007 2006$ $ASSETSCurrentCash 225,546 999,850Short-term investments [notes 2 and 3] 2,827,731 2,563,970Accounts receivable [notes 5, 8 and 9] 650,487 454,003Prepaid expenses 27,394 11,568Total current assets 3,731,158 4,029,391Capital assets, net [note 4] 292,108 304,656Investment [note 5] 30,626 35,1054,053,892 4,369,152LIABILITIES AND NET ASSETSCurrentAccounts payable and accrued liabilities [note 6] 341,926 414,851Commitments [note 13]Net assetsInvested in capital assets 292,108 304,656Crisis Management Fund 150,000 300,000Closure Fund 550,000 550,000Unrestricted 2,719,858 2,799,645Total net assets 3,711,966 3,954,3014,053,892 4,369,152Manitoba Pork Council 2007 Annual Report19See accompanying notesOn behalf of the Board:DirectorDirector
Page 1 and 2: Manitoba Pork Council2007 Annual Re
Page 3 and 4: table of contentsTable of ContentsC
Page 5 and 6: general managers’s letterAndrew D
Page 7 and 8: delegates 2007/delegates serving on
Page 9 and 10: oard of directors/manitoba pork cou
Page 11 and 12: manitoba initiativesProducer & Indu
Page 13 and 14: manitoba initiativesCommunity Relat
Page 15 and 16: manitoba initiativesResearch & Envi
Page 17 and 18: national initiativesPork Marketing
Page 19: fi nancial statementsManitoba Pork
Page 23 and 24: statement of revenue and expensesYe
Page 25 and 26: schedule of administration expenses
Page 27 and 28: notes to fi nancial statementsDecem
Page 29 and 30: notes to fi nancial statementsDecem
Page 31 and 32: the end

2007 Annual Report - Manitoba Pork Council

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