Torch - Fall 2014

Financial Information

Havergal College Consolidated Statement of Financial Position

Havergal College Foundation Balance Sheet

AS AT JUNE 30

2014

AS AT JUNE 30

2014

2013*

2013

$

$

$

$

ASSETS Current Cash and cash equivalents Tuition fees receivable Other accounts receivable

ASSETS Cash and cash equivalents

1,181,549

895,014 25,090

29,623,849 1,592,846

-

25,351,901 1,732,362

Grant receivable Other investments

20,503,936

17,666,725

106,433 361,713

134,320 449,175

21,685,485

18,586,829

Other

FUND BALANCES General Fund

Total current assets Deferred pension asset

31,684,841 1,443,089 26,935,456

27,667,758

585,753

936,065

388,772

2,274,277 18,825,455

Capital assets, net

27,659,333

Restricted Fund Endowment Fund

2,045,758 16,152,299

60,063,386

56,263,156

TOTAL ASSETS

21,685,485

18,586,829

LIABILITIES AND NET ASSETS Current Accounts payable and accrued liabilities

3,066,561 21,713,461

3,213,710 21,175,074

Grants fromThe Havergal College Foundation to Havergal College During the year The Havergal College Foundation made grants to Havergal College for the following purposes:

Prepaid tuition fees

Total current liabilities Working capital deposits

24,780,022

24,388,784

-

-

11,047,198

Deferred capital contributions

11,294,557

Total liabilities

35,827,220

35,683,341

AS AT JUNE 30

2014

2013

$

$

Net assets Unrestricted

17,962,966 6,273,200

15,758,759 5,092,800

395,000 168,670 241,330

Student assistance Program enrichment Capital asset acquisitions

375,000 380,717 46,753

Internally restricted

Total net assets

24,236,166

20,851,559

60,063,386

805,000

56,534,900

802,470

TOTAL LIABILITIES AND NET ASSETS

*Havergal College elected for early adoption of Section 3463 with respect to its reporting of The Havergal College Pension Plan. Fiscal 2013 statements have been restated to reflect this change.

40  HAVERGAL COLLEGE