Navigating an Extraordinary Year
When the province announced a state of emergency and we all went into lockdown, the work of the College began remotely. Operationally, we were well prepared with a Business Continuity Plan, including a Pandemic Plan completed a few years previous. Our transition to a virtual organization was smooth, with considerable thanks to our IT Team for the seamless changeover.
We enjoyed another clean audit for 2020. The financial statements approved by Council reflect the unusual year of 2020 and the ongoing realities we must navigate through 2021. The operating surplus of $267,792 for 2020 reflects a mix of effects caused by the pandemic.
Although the office space was available for staff who needed it throughout the year, many routine costs of running an office were reduced. In addition, a range of projects, initiatives, training, and hiring were put on hold, as all hands focused on the immediate challenges of the pandemic.
The combination of reduced and deferred costs resulted in savings of more than $500,000 for 2020. While we hope to apply some of the efficiencies learned from 2020 going forward, the surplus can only be seen as a temporary effect of COVID-19.
Financial
Statements
2020 Financial Summary
View moreThe financial statements approved by Council reflect the unusual year of 2020 and the ongoing realities we must navigate through 2021.
update on Investments
The outbreak of COVID-19 and related global responses caused material disruptions to businesses around the world. At the time of writing our annual report last year, the fair value of the College’s investments during 2020 had declined by approximately $600,000. We are happy to report that at present, our investments have almost fully recovered, providing income of $185,100 for 2020.
We ensure our investments are invested in a way that promotes the short and long-term sustainability of our operations. Preservation and the safety of principal is the overriding consideration in investment decisions. An objective included in the College’s Statement of Investment Policy and Goals ensures investments are in accordance with socially responsible investing as follows: To invest funds in a responsible manner with a specific focus on Socially Responsible Investing (SRI), with direct investments in the following areas excluded: gambling, tobacco, alcohol, cannabis, and weapons.
2020 Financial Statements
Financial statements
Report of the Independent
Auditor on the Summary
Financial Statements
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To the members of the College of Physicians & Surgeons of Nova Scotia
Opinion
The summary financial statements, which comprise the summary statement of financial position as of December 31, 2020, and the summary statements of operations, changes in net assets and cash flows for the year then ended, and related note, are derived from the audited financial statements of the College of Physicians and Surgeons of Nova Scotia for the year ended December 31, 2020.
In our opinion, the accompanying summary financial statements are a fair summary of the audited financial statements, in accordance with the criteria disclosed in Note 1.
Summary Financial Statements
The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon.
The Audited Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated March 26, 2021.
Management’s Responsibility for the Summary Financial Statements
Management is responsible for the preparation of the summary financial statements in accordance with the criteria disclosed in Note 1.
Auditor’s Responsibility
Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the audited financial statements based on our procedures, which were conducted in accordance with the Canadian Auditing Standard (CAS) 810, Engagements to Report on Summary Financial Statements.
Halifax, Canada
March 26, 2021
Chartered Professional Accountants
2020 Financial Statements
College of Physicians & Surgeons of Nova Scotia
Summary statement of financial position | December 31
| 2020 | 2019 | |
|---|---|---|
| Assets Current | ||
| Cash, short term investments and other assets | $6,852,901 | $6,476,329 |
| Investments | 4,363,083 | 4,052,983 |
| Capital assets | 923,919 | 1,079,064 |
| $12,139,903 | $11,608,376 | |
| Liabilities Current | ||
| Payables and accruals | $5,951,197 | $ 5,872,562 |
| Net Assets Internally restricted | 4,363,083 | 4,052,983 |
| Unrestricted | 1,825,623 | 1,682,831 |
| $12,139,903 | $ 11,608,376 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of operations | Year ended December 31
| Unrestricted | Reserve Capital & Special Projects Fund | 2020 | 2019 | |
|---|---|---|---|---|
| Revenues | $6,567,650 | $185,100 | $6,752,750 | $6,999,708 |
| Expenditures | 6,299,858 | – | 6,299,858 | 5,976,358 |
| Excess of revenues over expenditures | $267,792 | $185,100 | $452,892 | $1,023,350 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of changes in net assets | Year ended December 31
Internally Restricted
Unrestricted
| Reserve | Capital & Special Projects | 2020 Total | 2019 Total | ||
|---|---|---|---|---|---|
| Net assets, beginning of year | $4,052,841 | $142 | $1,682,831 | $5,735,814 | $4,712,464 |
| Transfers during the year | 124,792 | 208 | (125,000) | – | – |
| Excess of revenues over expenditures | 185,450 | (350) | 267,792 | 452,892 | 1,023,350 |
| Net assets, end of year | $4,363,083 | – | $1,825,623 | $6,188,706 | $5,735,814 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of cash flows | Year ended December 31
| 2020 | 2019 | |
|---|---|---|
| Increase (decrease) in cash and cash equivalents | ||
| Operating | $281,011 | $416,254 |
| Investing | (282,173) | (285,289) |
| Net (decrease) increase in cash and cash equivalents | (1,162) | 130,965 |
| Cash and cash equivalents | ||
| Beginning of year | 197,280 | 66,315 |
| End of year | $196,118 | $197,280 |
College of Physicians & Surgeons of Nova Scotia
Note to summary financial statements
December 31, 2020
1. Basis of presentation:
These summary financial statements of the College of Physicians and Surgeons of Nova Scotia are derived from the complete financial statements as at and for the year ended December 31, 2020, prepared in accordance with Canadian accounting standards for not-for-profit organizations, of the College of Physicians and Surgeons of Nova Scotia.
Management is responsible for the preparation of the summary financial statements. The summary financial statements are comprised of the summary statement of financial position and the summary statements of operations changes in net assets and cash flows, and do not include any other schedules, a summary of significant accounting policies or the notes to the financial statements. The summary statements of financial position, operations, changes in net assets and cash flows are presented with the same amounts as the audited financial statements, but certain balances have been combined and all note referencing has been removed.
The preparation of these summary financial statements requires management to determine the information that needs to be reflected in them so that they represent a fair summary of the complete financial statements.
The summary financial statements contain the information from the complete financial statements dealing with matters having a pervasive or otherwise significant effect on the summary financial statements. The full set of annual audited financial statements is available on the College of Physicians & Surgeons of Nova Scotia’s website.
