Stethoscope Sitting On Financial Statements

2024 Financial Statements

Report of the Independent Auditor on the Summary Financial Statements

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2024 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 at December 31, 2024, 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, 2024.

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 21, 2025.

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 21, 2025

Chartered Professional Accountants

Summary Statement of Financial Position

December 31, 2024

	2024	2023
ASSETS
Current
Cash, short term investments and other assets	$12,029,705	$10,040,463
Investments	6,174,715	4,847,428
Capital assets	763,147	767,272
	$18,967,567	$15,655,163
LIABILITIES
Current
Payables and accruals and deferred revenue	$9,175,305	$8,964,166
Funds held for Physician Assessment Centre of Excellence	2,383,516	-
	$11,558,821	$8,964,166
NET ASSETS
Unrestricted	$470,883	$1,843,568
Internally restricted
Reserve fund	6,174,716	4,847,429
Invested in capital assets	763,147	-
	$18,967,567	$15,655,163

Summary Statement of Operations

Year ended December 31, 2024

	Unrestricted	Internally Restricted	2024 Total	2023 Total
Revenues	$9,064,471	$627,287	$9,691,758	$8,152,095
Expenditures	8,794,909	179,100	8,974,009	7,754,697
Excess of revenues over expenditures	$269,562	$448,187	$717,749	$397,398

Summary Statement of Changes in Net Assets

Year ended December 31, 2024

	Unrestricted	Internally Restricted		2024 Total	2023 Total
	Unrestricted	Reserve Fund	Capital Assets	2024 Total	2023 Total
Net assets, beginning of year	$1,843,568	$4,847,429	$ -	$6,690,997	$6,293,599
Transfers during the year	(1,467,272)	700,000	767,272	-	-
Purchase of capital assets, net	(174,975)	-	174,975	-	-
Excess (deficiency) of revenues over expenditures	269,562	627,287	(179,100)	717,749	397,398
Net assets, end of year	$470,883	$6,174,716	$763,147	$7,408,746	$6,690,997

Summary Statement of Cash Flows

Year ended December 31, 2024

	2024	2023
Increase (decrease) in cash and cash equivalents
Operating	$813,503	$(599,014)
Investing	1,355,141	1,050,724
Net increase in cash and cash equivalents	2,168,644	451,710
Cash and cash equivalents
Beginning of year	775,205	323,495
End of Year	$2,943,849	$775,205

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, 2024, 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.