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Ontario Innovation Trust - Financial Statement Highlights - 2008
Summarized Balance Sheet as at March 31
ASSETS
2008
2007
Current assets
    Cash and prepaid expenses $ 156,957 $ 114,124
    Short-term investments (2007 market value - $27,634,709) 82,249,145 27,745,822
    Due from Innovation Institute of Ontario - 80,000
82,406,102
27,939,946
Long-term investments (2007 market value - $76,120,884)
-
76,406,081
Property and equipment
35,891
87,442
$ 82,441,993 $ 104,433,469
LIABILITIES AND CAPITAL
Current liabilities
    Accounts payable and accrued liabilities
$ 320,977
$ 216,995
    Due to Innovation Institute of Ontario
129,082
79,169
450,059
296,164
Capital
    Invested in property and equipment 35,891 87,442
    Restricted for approved grants (internally restricted) 66,620,973 95,886,679
    Unrestricted 15,335,070 8,163,184
81,991,934 104,137,305
$ 82,441,993 $ 104,433,469
Summarized Statement of Operations and Changes in Capital
Year Ended March 31
2008
2007
Revenue
    Interest income $ 4,408,152 $ 4,722,983
Expenses
    Consulting and management services 657,660 662,707
    Service fees paid to Innovation Institute of Ontario 568,406 620,619
    Salaries and benefits 380,080 411,719
    Investment and custody services 97,180 124,451
    Office and general 84,370 103,756
    Amortization 77,778 54,224
    Travel 11,130 24,405
1,876,604
2,001,881
Excess of revenue over expenditures before undernoted item 2,531,548 2,001,881
Eligible project disbursements 24,280,612 58,012,756
Deficiency of revenue over expenditures (21,749,064) (55,641,932)
Capital, beginning of year
    As previously stated 104,137,305 160,960,019
    Changes in accounting policy (note 1) (396,307) -
    Correction of accounting for investment income - (910,782)
    As restated
103,740,998
159,779,237
Capital, end of year $ 81,991,934 $ 104,137,305
Summarized Statement of Changes in Capital
Year Ended March 31
2008
2007
Invested
in Property and Equipment
Restricted
for Approved Grants
(Internally Restricted)
Unrestricted
Total
Total
Capital, beginning of year
    As previously reported
$ 87,442
 95,886,679 8,163,184 $ 104,137,305 $ 160,690,019
    Change in accounting policy (note 1)
-
-
 (396,307) (396,307) -
    Correction of accounting for investment income - - - - (910,782)
    As restated
87,442
 95,886,679 7,766,877 103,740,998 159,779,237
Deficiency of revenue over expenditures (77,778) (24,280,612) 2,609,326 (21,749,064) (55,641,932)
Purchase of property and equipment 26,227 - (26,227) - -
Transfer (note 3) - (4,985,094) 4,985,094 - -
Capital, end of year $ 35,891 66,620,973 15,335,070 $ 81,991,934 $ 104,137,305
Summarized Note to Financial Statements
Year Ended March 31, 2008


1. Change in accounting policy
Effective April 1, 2007, the Trust adopted the provisions of CICA Section 3855, Financial Instruments -- Recognition and Measurement and CICA Section 3861, Financial Instruments -- Disclosure and Presentation which address the presentation, classification, recognition and measurement of financial instruments. As a result of adopting these changes, all financial instruments, previously measured at cost, are now measured at fair value.

The new standard has been applied retroactively, without restatement of prior year balances. The adoption of the provisions resulted in an increase in investments at March 31, 2008 of $965,862, comprised of an unrealized loss of $396,307 at April 1, 2007 and an unrealized gain of $1,362,169 for the year ended March 31, 2008.


2. Going concern
Notwithstanding the expected discontinuance of operations after March 31, 2009, the Trust has continued to use generally accepted accounting principles applicable to a going concern. Management believes that the asset carrying values are realizable. Costs associated with the wind down of the Trust will be recognized at March 31, 2009.


3. Transfer
In 2008, $4,985,094 was transferred from the restricted for approved grants fund to the unrestricted fund, after a review of project commitments revealed that a number of projects were finalized at an amount lower than the initial Board approval.
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