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Ontario Innovation Trust - Financial Statements - 2004
Balance Sheet as at March 31
ASSETS
2004
2003
Current assets
    Cash $ 83,609 $ 471,083
    Accounts receivable 9,058 14,766
    Prepaid expenses 28,194 22,415
    Short-term investments 348,818,042 478,589,376
    Due from Innovation Institute of Ontario 80,000 80,000
349,018,903
479,177,640
Due from Innovation Institute of Ontario
160,000
240,000
Property and equipment
53,239
23,451
Due from the Government of Ontario
-
300,000,000
$ 349,232,142 $ 779,441,091
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable and accrued liabilities
$ 130,641
$ 126,850
Due to Innovation Institute of Ontario
275,702
472,298
406,343
599,148
Capital
    Invested in property and equipment 53,239 23,451
    Restricted for approved grants (internally restricted) 217,471,535 325,718,808
    Unrestricted 131,301,025 453,099,684
348,825,799 778,841,943
349,232,142 $ 779,441,091
Non-Consolidated Statement of Operations and Capital
Year Ended March 31
2004
2003
Revenue
    Interest income $ 12,792,442 $ 14,722,737
Expenses
    Service fees paid to Innovation Institute of Ontario 668,750 668,750
    Consulting and management services 521,626 654,527
Cancer Initiative Working Group 517,135 819,810
    Salaries and benefits 440,911 364,223
    Investment and custody services 350,198 425,952
    Office and general 36,514 95,515
    Professional fees 35,116 34,260
Board and committee 32,171 20,804
    Travel 20,803 23,615
Amortization 11,740 67,309
Equipment and computer 3,100 -
Structural Genomics Consortium - 65,252
2,638,064
3,240,017
Excess of revenue over expenses 10,154,378 11,482,720
Sponsor contribution from the Government of Ontario,
    Ministry of Energy, Science and Technology		 (300,000,000) 300,000,000
Eligible project disbursements (140,170,522) (109,481,430)
Increase (decrease) in capital during the year (430,016,144) 202,001,290
Capital, beginning of year 778,841,943 576,840,653
Capital, end of year $ 348,825,799 $778,841,943
Non-Consolidated Statement of Changes in Capital
Year Ended March 31
2004
2003
Invested
in Property and Equipment
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
$23,451
 325,718,808 453,099,684 $ 778,841,943 $578,840,653
Excess (deficiency) of revenue over expenses (11,740) - 10,166,118 10,154,378 11,482,720
Sponsor contribution - - (300,000,000) (300,000,000) 300,000,000
Purchase of property and equipment 41,528 - (41,528) - -
Eligible project disbursements - (140,170,522) - (140,170,522) (109,481,430)
Grants approved - 31,923,249 (31,923,249) - -
Capital, end of year $ 53,239 217,471,535 131,301,025 348,825,799 $778,841,943
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