2005/2006 Annual Report - Manitoba Film and Music

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FINANCIAL STATEMENTS MANITOBA FILM AND SOUND RECORDING DEVELOPMENT CORPORATION Management’s Responsibility To the Board of Directors of Manitoba Film and Sound Recording Development Corporation: Management has the responsibility for preparing the accompanying fi nancial statements and ensuring that information in the annual report is consistent with the statements. This responsibility includes selecting appropriate accounting principles and making objective judgments and estimates in accordance with Canadian generally accepted accounting principles. In discharging its responsibility for the integrity and fairness of the fi nancial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and proper records are maintained. The Board of Directors and the Finance and Planning Committee are composed entirely of directors who are neither management nor employees of the Company. The Finance and Planning Committee also undertakes the responsibilities of an Audit Committee. The Finance and Planning Committee is appointed by the Board to review the fi nancial statements in detail with management and to recommend them to the Board prior to their approval of the fi nancial statements for publication. External auditors are appointed to audit the fi nancial statements and report directly to the Finance and Planning Committee; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the management and the Finance and Planning Committee to discuss their audit fi ndings. Carole Vivier, CEO Winnipeg, Manitoba April 26, 2006 Auditors’ Report To the Board of Directors of Manitoba Film and Sound Recording Development Corporation: We have audited the balance sheet of Manitoba Film and Sound Recording Development Corporation as at March 31, 2006 and the statements of revenues and expenses and net assets and cash fl ows for the year then ended. These fi nancial statements are the responsibility of the Corporation’s management. Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the fi nancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accounting principles used and signifi cant estimates made by management, as well as evaluating the overall fi nancial statement presentation. In our opinion, these fi nancial statements present fairly, in all material respects, the fi nancial position of the Corporation as at March 31, 2006 and the results of its operations and cash fl ows for the year then ended in accordance with Canadian generally accepted accounting principles. The prior year’s fi nancial statements were audited by another fi rm of chartered accountants. Chartered Accountants Winnipeg, Manitoba April 26, 2006
Balance Sheet As at March 31, 2006 ASSETS Current 2006 2005 Cash (Note 3) $ 1, 695,134 $ 1, 390,981 Notes receivable - 13,673 Accounts receivable 13,078 19,253 Prepaid expenses 21,507 13,899 Inventory 3,049 8,506 1, 732,768 1, 446,312 Capital Assets (Note 4) 65,436 57,274 LIABILITIES $ 1,798,204 $ 1, 503, 586 Current Accounts payable $ 42,678 $ 60,074 Deferred revenue (Note 5) 145,000 390,679 Carry-over commitments (Note 6) 1, 296,986 736,342 Term loans payable - 13,673 $ 1, 484,664 $ 1, 200,768 Net Assets (Note 7) Invested in capital assets $ 65,436 $ 57,274 Unrestricted 248,104 245,544 313,540 302,818 On behalf of the Board of Directors: Director Director $ 1, 798,204 $ 1, 503,586 25
Page 3 and 4: Letter of Transmittal July 31, 2006
Page 5 and 6: Five Oscar Nominations THE CORPORAT
Page 7 and 8: Photo: Charles Shilliday First Stor
Page 9 and 10: Carole Vivier and Premier Gary Doer
Page 11 and 12: Alana Langelotz (Board Member) and
Page 13 and 14: OTHER DOLLARS LEVERED FILM Financin
Page 15 and 16: FILM PROJECTS SUPPORTED IN FISCAL Y
Page 17 and 18: Access to Markets Program, Professi
Page 19 and 20: SOUND PROJECTS SUPPORTED IN FISCAL
Page 21 and 22: Music Video Fund This program is de
Page 23: INTERACTIVE MEDIA PROJECTS SUPPORTE
Page 27 and 28: Statement of Cash Flows For the yea

2005/2006 Annual Report - Manitoba Film and Music

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