Report of the Independent Auditor on the Summary Financial Statements
Grant Thornton LLP Nova Centre, North Tower Suite 1000, 1675 Grafton Street Halifax, NS B3J 0E9 T +1 902 421 1734 F +1 902 420 1068 GrantThornton.ca
2023 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, 2023, 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, 2023.
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 22, 2024.
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 22, 2024
Chartered Professional Accountants
Summary Statement of Financial Position | December 31, 2023
2023
2022
ASSETS
Current
Cash, short term investments and other assets
$10,040,463
$7,562,079
Investments
4,847,428
4,423,812
Capital assets
767,272
742,624
$15,655,163
$12,728,515
LIABILITIES
Current
Payables and accruals
$8,964,166
$6,434,916
NET ASSETS
Internally restricted
4,847,429
4,423,812
Unrestricted
1,843,568
1,869,787
$15,655,163
$12,728,515
Summary Statement of Operations | December 31, 2023
Unrestricted
Reserve Fund
2023 Total
2022 Total
Revenues
$7,728,478
$423,617
$8,152,095
$6,383,763
Expenditures
7,754,697
–
7,754,697
6,909,263
Excess (deficiency) of revenues over expenditures
$(26,219)
$423,617
$397,398
$(525,500)
Summary Statement of Changes in Net Assets | December 31, 2023
Unrestricted
Reserve Fund
2023 Total
2022 Total
Net assets, beginning of year
$1,869,787
$4,423,812
$6,293,599
$6,819,099
Excess (deficiency) of revenues over expenditures
(26,219)
423,617
397,398
(525,500)
Net assets, end of year
$1,843,568
$4,847,429
$6,690,997
$6,293,599
Summary Statement of Cash Flows | December 31, 2023
2023
2022
Increase (decrease) in cash and cash equivalents
Operating
$(599,014)
$200,383
Investing
1,050,724
(180,991)
Net increase in cash and cash equivalents
451,710
19,392
Cash and cash equivalents
Beginning of year
323,495
304,103
End of Year
$775,205
$323,495
Note to Summary Financial Statements
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, 2023, 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.
