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Ontario Innovation Trust - Financial Statements Highlights - 2003
Balance Sheet as at March 31
ASSETS
2003
2002
Current assets
    Cash $ 471,083 $ 259,887
    Accounts receivable 14,766 83,923
    Prepaid expenses 22,415 5,560
    Short-term investments 478,589,376 576,606,751
    Current portion of due from Innovation Institute of Ontario 80,000 80,000
479,177,640
577,036,121
Due from Innovation Institute of Ontario
240,000
320,000
Capital assets
23,451
81,878
Due from the Government of Ontario
300,000,000
-
$ 779,441,091 $ 577,437,999
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable and accrued liabilities
$ 126,850
$ 115,391
Due to Innovation Institute of Ontario
472,298
481,955
599,148
597,346
Capital
    Invested in capital assets 23,451 81,878
    Restricted for approved grants (internally restricted) 325,718,808 204,311,548
    Unrestricted 453,099,684 372,447,227
778,841,943 576,840,653
779,441,091 $ 577,437,999
Non-Consolidated Statement of Operations and Capital
Year Ended March 31
2003
2002
Revenue
    Interest income $ 14,722,737 $ 25,561,058
Expenses
Cancer Initiative Working Group 819,810 -
Structural Genomics Consortium 65,252 -
    Service fees paid to Innovation Institute of Ontario 668,750 666,192
    Consulting and management services 654,527 989,433
    Investment and custody services 425,952 399,504
    Salaries and benefits 364,223 365,933
    Office and general 95,515 68,188
Amortization 67,309 66,073
    Professional fees 34,260 50,940
    Travel 23,615 43,336
Board and committee 20,804 14,570
    Contribution to Innovation Institute of Ontario - 250,000
3,240,017
2,914,169
Excess of revenue over expenses 11,482,720 22,646,889
Sponsor contribution from the Government of Ontario,
    Ministry of Energy, Science and Technology		 300,000,000 -
Eligible project disbursements (109,481,430) (120,511,588)
Increase (decrease) in capital during the year 202,001,290 (97,864,699)
Capital, beginning of year 576,840,653 674,705,352
Capital, end of year $ 778,841,943 $576,840,653
Non-Consolidated Statement of Changes in Capital
Year Ended March 31
2003
2002
Invested
in Capital Assets
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
$81,878
 204,311,548 372,447,227 $ 578,840,653 $674,705,352
Excess (deficiency) of revenue over expenses (67,309) - 11,550,029 11,482,720 22,646,889
Sponsor contribution - - 300,000,000 300,000,000 -
Purchase of capital assets 8,882 - (8,882) - -
Eligible project disbursements - (120,511,588) - (120,511,588) (116,597,201)
Grants approved - 230,888,690 (230,888,690) - -
Capital, end of year $ 23,451 325,718,808 453,099,684 778,841,943 $576,840,653
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