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Ontario Innovation Trust - Financial Statement Highlights - 2006
Balance Sheet as at March 31
ASSETS
2006
2005
Current assets
    Cash and prepaid expenses $ 57,440 $ 92,026
    Short-term investments 56,619,622 273,523,466
    Due from Innovation Institute of Ontario 80,000 -
56,757,062
273,615,492
Long-term investments
104,069,344
-
Due from Innovation Institute of Ontario
80,000
160,000
Property and equipment
97,787
138,401
$ 161,004,193 $ 273,913,893
LIABILITIES AND CAPITAL
Current liabilities
Accounts payable and accrued liabilities
$ 111,102
$ 115,224
Due to Innovation Institute of Ontario
203,072
176,364
314,174
291,588
Capital
    Invested in property and equipment 97,787 138,401
    Restricted for approved grants (internally restricted) 153,899,435 271,664,617
    Unrestricted 6,692,797 1,819,287
160,690,019 273,622,305
$ 161,004,193 $ 273,913,893
Statement of Operations and Capital
Year Ended March 31
2006
2005
Revenue
    Interest income $ 7,595,309 $ 7,730,308
Expenses
    Service fees paid to Innovation Institute of Ontario 687,475 615,250
    Consulting and management services 665,030 559,107
    Salaries and benefits 480,678 456,653
    Investment and custody services 175,678 303,788
    Office and general 79,627 129,726
    Amortization 48,806 11,032
    Travel 47,684 10,326
2,184,978
2,085,882
Excess of revenue over expenses 5,410,331 5,644,426
Eligible project disbursements (118,342,617) (80,847,920)
Increase (decrease) in capital during the year (112,932,286) (75,203,494)
Capital, beginning of year 273,622,305 348,825,799
Capital, end of year $ 160,690,019 $ 273,622,305
Statement of Changes in Capital
Year Ended March 31
2006
2005
Invested
in Property and Equipment
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
$138,401
 271,664,617 1,819,287 $ 273,622,305 $ 348,825,799
Excess (deficiency) of revenue over expenses (48,806) - 5,459,137 5,410,331 5,644,426
Purchase of property and equipment 8,192 - (8,192) - -
Eligible project disbursements - (118,342,617) - (118,342,617) (80,847,920)
Grants approved - 577,435 (577,435) - -
Capital, end of year $ 97,787 153,899,435 6,692,797 $ 160,690,019 $ 273,622,305
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