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Ontario Innovation Trust - Financial Statement Highlights - 2007
Balance Sheet as at March 31
ASSETS
2007
2006
Current assets
    Cash and prepaid expenses $ 114,124 $ 57,440
    Short-term investments 27,745,822 56,217,603
    Due from Innovation Institute of Ontario 80,000 80,000
27,939,946
56,355,043
Long-term investments
76,406,081
103,560,581
Due from Innovation Institute of Ontario
-
80,000
Property and equipment
87,442
138 401
$ 104,433,469 $ 160,093,411
LIABILITIES AND CAPITAL
Current liabilities
    Accounts payable and accrued liabilities
$ 216,995
$ 111,102
    Due to Innovation Institute of Ontario
79,169
203,072
296,164
314,174
Capital
    Invested in property and equipment 87,442 97,787
    Restricted for approved grants (internally restricted) 95,886,679 153,899,435
    Unrestricted 8,163,184 5,782,015
104,137,305 159,779,237
$ 104,433,469 $ 160,093,411
Statement of Operations and Capital
Year Ended March 31
2007
2006
Revenue
    Interest income $ 4,722,983 $ 6,684,527
Expenses
    Consulting and management services 662,707 665,030
    Service fees paid to Innovation Institute of Ontario 620,619 687,475
    Salaries and benefits 411,719 480,678
    Investment and custody services 124,451 175,678
    Office and general 103,756 79,627
    Amortization 54,224 48,806
    Travel 24,405 47,684
2,001,881
2,184,978
Excess of revenue over expenses 2,721,102 4,499,549
Loss on sale of investments 350,278 -
Eligible project disbursements 58,012,756 118,342,617
Deficiency of revenue over expenses (55,641,932) (113,843,068)
Capital, beginning of year
    As previously stated 160,960,019 273,622,305
    Adjustment (note 1) (910,782) -
    As restated
159,779,237
273,622,305
Capital, end of year $ 104,137,305 $ 159,779,237
Statement of Changes in Capital
Year Ended March 31
2007
2006
Invested
in Property and Equipment
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
    As previously reported
$ 97,787
 153,899,435 6,692,797 $ 160,690,019 $ 273,622,305
    Adjustment (note 1)
-
-
 (910,782) (910,782) -
    As restated
97,787
 153,899,435 5,782,015 159,779,237 273,622,305
Deficiency of revenue over expenses (54,224) (59,012,756) 2,425,048 (55,641,932) (113,843,068)
Purchase of property and equipment 43,879 - (43,879) - -
Capital, end of year $ 87,442 95,886,679 8,163,184 $ 104,137,305 $ 159,779,237
Summarized Note to Financial Statements
Year Ended March 31, 2007

1. Adjustment to Capital, Beginning of Year
The financial statements for March 31, 2006 have been corrected for an accounting error made relating to amortizing premiums paid on bonds over the term of the bond from acquisition to maturity. This adjustment relates only to 2006.

This change has been applied on a retroactive basis, and accordingly the comparative figures and the opening unrestricted capital fund balance have been restated. The effect of this change is to decrease the opening unrestricted capital fund balance by $910,782. Short-term investments decreased by $402,019 and long-term investments decreased by $508,763 at March 31, 2006. Interest income decreased by $910,782.
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