Operations & Financial Statements
Managing Change in Changing Times
With the tremendous support of our staff, the College’s operations over the last year have been smooth and largely virtual. The College’s Council and its committees have not missed a beat, meeting virtually, carrying out their responsibilities and guiding the work of the College forward.
With the lifting of the State of Emergency, the College has moved to a hybrid model of work for 2022. With all staff working both virtually and in the office, this new working mode has been undertaken and smoothly facilitated by the leadership of our IT Department.
We enjoyed another clean audit, with an unmodified opinion from our auditors for 2021. The financial statements approved by Council reflect another unusual year and the ongoing realities we must continue to navigate through 2022. The operating surplus of $630,393 for 2021 reflects a mix of effects caused by the pandemic. The surplus is derived from operations of $114,787 (2020 – $267,792) and a combined investment income and a recovery in the fair market value of our investments of $515,606 (2020 – $185,100).
Update on Investments
We continue to 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.
One of our objectives, included in the College’s Statement of Investment Policy and Goals Policy, is to ensure 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.
Equity, Diversity & Inclusion (EDI)
The coming year will bring a sharpened focus on equity, diversity, and inclusion. The professional development curriculum for all staff will be focused primarily on EDI and cultural competence.
We await the final report and recommendations from the Anti-Black Racism Task Force chaired by Douglas Ruck, QC, which will be posted on our website when it is available.
2021 Financial Statements
Grant Thornton LLP
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www.GrantThornton.ca
Report of the Independent Auditor
on the Summary Financial Statements
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 at December 31, 2021, 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, 2021.
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 25, 2022.
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 25, 2022
College of Physicians & Surgeons of Nova Scotia
Summary statement of financial position | December 31
| 2021 | 2020 | |
|---|---|---|
| Assets Current | ||
| Cash, short term investments and other assets | $7,338,181 | $6,852,901 |
| Investments | 4,878,689 | 4,363,083 |
| Capital assets | 790,224 | 923,919 |
| $13,007,094 | $12,139,903 | |
| Liabilities Current | ||
| Payables and accruals | $6,187,995 | $5,951,197 |
| Net Assets Internally restricted | 4,878,689 | 4,363,083 |
| Unrestricted | 1,940,410 | 1,825,623 |
| $13,007,094 | $12,139,903 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of operations | Year ended December 31
| Unrestricted | Reserve Fund | 2021 Total | 2020 Total | |
|---|---|---|---|---|
| Revenues | $6,653,311 | $515,606 | $7,168,917 | $6,752,750 |
| Expenditures | $6,538,524 | – | $6,538,524 | $6,299,858 |
| Excess of revenues over expenditures | $114,787 | $515,606 | $630,393 | $452,892 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of changes in net assets | Year ended December 31
| Unrestricted | Reserve Fund | 2021 Total | 2020 Total | |
|---|---|---|---|---|
| Net assets, beginning of year | $1,825,623 | $4,363,083 | $6,188,706 | $5,735,814 |
| Excess of revenues over expenditures | $114,787 | $515,606 | $630,393 | $452,892 |
| Net assets, end of year | $1,940,410 | $4,878,689 | $6,819,099 | $6,188,706 |
College of Physicians & Surgeons of Nova Scotia
Summary statement of cash flows | Year ended December 31
| 2021 | 2020 | |
|---|---|---|
| Increase (decrease) in cash and cash equivalents | ||
| Operating | $278,006 | $281,011 |
| Investing | (170,021) | (282,173) |
| Net increase (decrease) in cash and cash equivalents | 107,985 | (1,162) |
| Cash and cash equivalents | ||
| Beginning of year | 196,118 | 197,280 |
| End of year | $304,103 | $196,118 |
College of Physicians & Surgeons of Nova Scotia
Note to summary financial statements
December 31, 2021
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, 2021, 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.