The Pierre Elliott Trudeau Foundation Annual Report 2014–2015

Independent Auditor’s Report
To the Directors of La Fondation Pierre Elliott Trudeau/
The Pierre Elliott Trudeau Foundation
We have audited the accompanying financial statements of La Fondation Pierre Elliott
Trudeau/The Pierre Elliott Trudeau Foundation, which comprise the statement of
financial position as at August 31, 2015 and the statements of changes in net assets,
revenues and expenses and cash flows for the year then ended, and the related
notes, which comprise a summary of significant accounting policies and other explanatory
information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with Canadian accounting standards for not-for-profit
organizations, and for such internal control as management determines is necessary
to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with Canadian generally accepted auditing
standards. Those standards require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the
financial position of La Fondation Pierre Elliott Trudeau/The Pierre Elliott Trudeau
Foundation as at August 31, 2015 and its results of operations and its cash flows
for the year then ended in accordance with Canadian accounting standards for notfor-profit
organizations.
Montréal, Quebec, November 16, 2015
1 1 CPA auditor, CA,
public accountancy
permit Nº A111799
Statement of Financial Position
As at August 31, 2015
Assets
Current assets
2015 2014
$ $
Cash and cash equivalents 585,694 593,685
Short-term investment (note 4) 299,755 1,775,680
Investments at fair value (note 5) 12,172,998 12,423,797
Interest receivable 939,920 1,226,721
Prepaid expenses and other receivables 595,712 215,953
14,594,079 16,235,836
Investments at fair value (note 5) 141,275,710 136,023,453
Property and equipment (note 6) 801,927 903,540
Intangible assets (note 7) 11,385 13,177
Liabilities
Current liabilities
156,683,101 153,176,006
Accounts payable and accrued liabilities 1,900,616 700,868
Current portion of fellowships payable (note 9 a)) 780,849 557,959
Current portion of scholarships payable (note 9 b)) 1,348,751 1,336,985
Mentorships payable (note 9 c)) 82,965 90,000
Deferred donations (note 8) 104,241 105,734
4,217,422 2,791,546
Fellowships payable (note 9 a)) 425,292 209,768
Scholarships payable (note 9 b)) 2,009,915 2,208,862
Mentorships payable (note 9 c)) 42,871 –
Net Assets
2,478,078 2,418,630
6,695,500 5,210,176
Net assets restricted for endowment purposes (note 3 and 10) 125,000,000 125,000,000
Net assets invested in property and equipment and intangible assets 814,138 917,543
Internally restricted net assets (notes 3 and 11) 22,500,000 20,625,000
Unrestricted net assets (note 3 and 12) 1,673,463 1,423,287
149,987,601 147,965,830
156,683,101 153,176,006
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