2025 Financial Statements
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2025 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, 2025, 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, 2025.
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 27, 2026.
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 27, 2026
Chartered Professional Accountants
Summary Statement of Financial Position
December 31, 2025
| 2025 | 2024 | |
|---|---|---|
| ASSETS | ||
| Current | ||
| Cash, short term investments and other assets | $11,304,429 | $12,029,705 |
| Investments | 6,870,833 | 6,174,715 |
| Capital assets | 772,280 | 763,147 |
| $18,947,542 | $18,967,567 | |
| LIABILITIES | ||
| Current | ||
| Payables and accruals and deferred revenue | $9,134,550 | $9,175,305 |
| Funds held for Physician Assessment Centre of Excellence | 1,546,296 | 2,383,516 |
| 10,680,846 | 11,558,821 | |
| NET ASSETS | ||
| Unrestricted | 627,948 | 470,883 |
| Internally restricted | ||
| Reserve fund | 6,866,468 | 6,174,716 |
| Invested in capital assets | 772,280 | 763,147 |
| $18,947,542 | $18,967,567 | |
Summary Statement of Operations
Year ended December 31, 2025
| Unrestricted | Internally Restricted | 2025 Total | 2024 Total | |
|---|---|---|---|---|
| Revenues | $9,936,846 | $691,752 | $10,628,598 | $9,691,758 |
| Expenditures | 9,549,468 | 221,180 | 9,770,648 | 8,974,009 |
| Excess of revenues over expenditures | $387,378 | $470,572 | $857,950 | $717,749 |
Summary Statement of Changes in Net Assets
Year ended December 31, 2025
| Unrestricted | Internally Restricted | 2025 Total | 2024 Total | ||
|---|---|---|---|---|---|
| Reserve Fund | Capital Assets | ||||
| Net assets, beginning of year | $470,883 | $6,174,716 | $763,147 | $7,408,746 | $6,690,997 |
| Purchase of capital assets, net | (230,313) | - | 230,313 | - | - |
| Excess (deficiency) of revenues over expenditures | 387,378 | 691,752 | (221,180) | 857,950 | 717,749 |
| Net assets, end of year | $627,948 | $6,886,468 | $772,280 | $8,266,696 | $7,408,746 |
Summary Statement of Cash Flows
Year ended December 31, 2025
| 2025 | 2024 | |
|---|---|---|
| Increase (decrease) in cash and cash equivalents | ||
| Operating | $1,339,279 | $813,503 |
| Investing | (1,223,129) | 1,355,141 |
| Net increase in cash and cash equivalents | 116,150 | 2,168,644 |
| Cash and cash equivalents | ||
| Beginning of year | 2,943,849 | 775,205 |
| End of Year | $3,059,999 | $2,943,849 |
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, 2025, 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 [PDF, 401 KB] is available on the College of Physicians & Surgeons of Nova Scotia’s website.
The College acknowledges that we are in Mi’kma’ki, the ancestral and unceded territory of the Mi’kmaq people. This territory is covered by the Treaties of Peace and Friendship. We also acknowledge that people of African descent have been in Nova Scotia for over 400 years, and we honour and offer gratitude to those ancestors.