The Catholic Children’s Aid

Society of Toronto
Non-consolidated financial statements
March 31, 2021
 Independent auditor’s report

To the Members of
The Catholic Children’s Aid Society of Toronto

Opinion
We have audited the non-consolidated financial statements of The Catholic Children’s Aid Society of Toronto
[the “Society”], which comprise the non-consolidated balance sheet as at March 31, 2021, and the non-
consolidated statement of operations, non-consolidated statement of changes in net assets, non-consolidated
statement of accumulated remeasurement gains (losses) and non-consolidated statement of cash flows for the
year then ended, and notes to the non-consolidated financial statements, including a summary of significant
accounting policies.

In our opinion, the accompanying non-consolidated financial statements present fairly, in all material respects, the
non-consolidated financial position of the Society as at March 31, 2021, its non-consolidated results of operations,
its non-consolidated remeasurement gains (losses), and its non-consolidated cash flows for the year then ended
in accordance with Canadian public sector accounting standards.

Basis for opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the non-consolidated
financial statements section of our report. We are independent of the Society in accordance with the ethical
requirements that are relevant to our audit of the non-consolidated financial statements in Canada, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of management and those charged with governance for the non-consolidated financial
statements
Management is responsible for the preparation and fair presentation of the non-consolidated financial statements
in accordance with Canadian public sector accounting standards, and for such internal control as management
determines is necessary to enable the preparation of non-consolidated financial statements that are free from
material misstatement, whether due to fraud or error.

In preparing the non-consolidated financial statements, management is responsible for assessing the Society’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Society or to cease
operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Society’s financial reporting process.

Auditor’s responsibilities for the audit of the non-consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the non-consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Canadian generally accepted auditing standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these non-consolidated financial statements.
 –2–

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the non-consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Society’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Society’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
non-consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Society to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the non-consolidated financial statements,
including the disclosures, and whether the non-consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

Toronto, Canada Chartered Professional Accountants

June 21, 2021 Licensed Public Accountants
The Catholic Children’s Aid Society of Toronto

Non-consolidated balance sheet

[In thousands of dollars]

As at March 31

2021 2020
$ $
Assets
Current
Cash 5,868 5,139
Cash and investments held for children in care [note 4] 878 871
Accounts receivable 350 779
Government remittances receivable 1,497 3,326
Prepaid expenses and other assets 1,591 1,194
Investments [note 6] 30 25,267
Due from related party [note 5] 340 —
Total current assets 10,554 36,576
Cash and investments held for children in care [note 4] 4,706 4,288
Investments [note 6] — 1,702
Capital assets, net [note 7] 13,002 16,141
28,262 58,707

Liabilities and net assets

Current
Accounts payable and accrued liabilities 6,248 6,673
Deferred contributions [note 8] 932 1,055
Current portion of loan payable [note 9] 2,451 —
Total current liabilities 9,631 7,728
Employee future benefits 2,809 2,809
In trust for children in care [note 4] 4,706 4,288
Other accrued liabilities 743 743
Loan payable [note 9] 5,882 —
Deferred capital contributions [note 11] 27 28
Total liabilities 23,798 15,596
Commitments and contingencies [notes 14 and 15]

Net assets
Accumulated remeasurement gains (losses) — (556)
Internally restricted [note 13] — 31,305
Unrestricted 4,464 10,660
Endowment — 1,702
Total net assets 4,464 43,111
28,262 58,707

See accompanying notes

On behalf of the Board:

President Treasurer
The Catholic Children’s Aid Society of Toronto

Non-consolidated statement of operations

[In thousands of dollars]

Year ended March 31

2021 2020
$ $

Revenue
Province of Ontario 83,354 84,111
Government of Canada children’s special allowances 1,527 1,746
Investment income and other revenue 2,688 2,229
Donations general — 634
Amortization of deferred capital contributions 1 49
87,570 88,769

Expenses
Boarding rate payments 21,091 21,184
Child and family services
Salaries and employee benefits [note 12] 41,017 41,216
Financial assistance, scholarships and special programs 2,429 2,845
Travel 679 1,465
Personal needs 864 1,044
Purchased services 532 481
Health and related 483 770
46,004 47,821
Administrative and infrastructure
Salaries and employee benefits [note 12] 6,851 6,116
Building occupancy 4,191 3,877
Office administration and other 2,142 2,863
Information, technology and purchased services 1,802 1,602
Amortization of capital assets 1,531 1,071
Promotion and publicity 25 33
Training and recruitment 197 116
16,739 15,678
83,834 84,683
Excess of revenue over expenses for the year, before the following 3,736 4,086
Contributions to The Catholic Children's Aid Foundation [note 3] 41,113 —
Excess (deficiency) of revenue over expenses for the year (37,377) 4,086

See accompanying notes

The Catholic Children’s Aid Society of Toronto

Non-consolidated statement of accumulated remeasurement gains (losses)

[in thousands of dollars]

Year ended March 31

2021 2020
$ $

Accumulated remeasurement gains (losses), beginning of year (556) 1,517

Realized gains attributable to a balanced pooled fund recognized
to income in the year 556 (883)
Unrealized gains (losses) attributable to a balanced pooled fund — (1,190)
Accumulated remeasurement gains (losses), end of year — (556)
46,838
See accompanying notes
The Catholic Children’s Aid Society of Toronto

Non-consolidated statement of cash flows

[In thousands of dollars]

Year ended March 31

2021 2020
$ $

Operating activities
Excess (deficiency) of revenue over expenses for the year (37,377) 4,086
Add (deduct) items not involving cash
Amortization of capital assets 1,531 1,071
Realized loss on investments 556 —
Amortization of deferred capital contributions (1) (49)
Non-cash transfer to deferred contributions — (73)
Contributions of endowments to The Catholic Children's Aid Foundation (1,826) —
Contributions of capital assets to The Catholic Children's Aid Foundation 2,126 —
Loss on disposal of capital assets — 357
(34,991) 5,392
Changes in non-cash working capital balances related to operations 959 (755)
Cash provided by (used in) operating activities (34,032) 4,637

Investing activities
Advances to related party (340) —
Redemption of investments 26,939 3,521
Cash provided by investing activities 26,599 3,521

Capital activities
Purchase of capital assets (171) (12,095)
Cash used in capital activities (171) (12,095)

Financing activities
Proceeds from long-term debt 10,818 —
Repayment of long-term debt (2,485) —
Endowment donations received — 135
Cash provided by financing activities 8,333 135

Net increase (decrease) in cash during the year 729 (3,802)

Cash, beginning of year 5,139 8,941
Cash, end of year 5,868 5,139

See accompanying notes

The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

1. Incorporation and corporate activities

The Catholic Children’s Aid Society of Toronto [the “Society”] was incorporated in October 1894 and operates as
a corporation without share capital under the Corporations Act (Ontario). On behalf of the Catholic Community of
Toronto, the Society is committed to provide social services that protect children and youth and strengthen family
life. The Society provides these services in fulfillment of its mandate under the Child and Family Services Act. The
Society derives substantially all of its funding from the Province of Ontario.

The Society is a registered charity under the Income Tax Act (Canada) and is, therefore, exempt from income
taxes.

2. Summary of significant accounting policies

The non-consolidated financial statements of the Society are prepared in accordance with the CPA Canada Public
Sector Accounting Handbook, which sets out generally accepted accounting principles for government not-for-
profit organizations in Canada. The Society has chosen to use the standards for not-for-profit organizations that
include sections PS 4200 to PS 4270. The significant accounting policies are summarized below.

Basis of presentation
These non-consolidated financial statements include the assets, liabilities and activities of the Society. The Society
controls The Catholic Children’s Aid Foundation [the “Foundation”]. The Society has chosen the accounting policy
option to note disclose the required information for the controlled Foundation in note 18.

Use of estimates
The preparation of non-consolidated financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and
liabilities at the date of the non-consolidated financial statements and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those estimates. Significant estimates that
are made by management are used for, but not limited to, the estimated useful life of capital assets, vacation
accrual, accumulated and non-vesting sick leave and contingent losses.

Financial instruments
Financial instruments are classified in one of the following categories: [i] fair value or [ii] cost or amortized cost.
The Society determines the classification of its financial instruments at initial recognition.

Portfolio investments reported at fair value consist of equity instruments that are quoted in an active market as well
as investments in pooled funds, derivative contracts and any other investments where the investments are
managed on a fair value basis and the fair value option is elected. Transaction costs are recognized in the non-
consolidated statement of operations in the period during which they are incurred. Investments at fair value are
remeasured at their fair value at the end of each reporting period. Any revaluation gains and losses are recognized
in the non-consolidated statement of accumulated remeasurement gains (losses) and are reclassified to the non-
consolidated statement of operations upon disposal or settlement.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

All investment transactions are recorded on a trade date basis.

A write-down in portfolio investments is recognized in the non-consolidated statement of operations for a portfolio
investment in either category when there has been a loss in the value of the investment considered as an ‘other
than temporary’ decline. Subsequent changes to remeasurement of portfolio investments in the fair value category
are reported in the non-consolidated statement of accumulated remeasurement gains (losses). If the loss in value
subsequently reverses, the write-down to the non-consolidated statement of operations is not reversed until the
investment is sold.

Other financial instruments, including accounts receivable and accounts payable, are initially recorded at their fair
value and are subsequently measured at cost, net of any provisions for impairment.

Revenue recognition
The Society follows the deferral method of accounting for contributions, which include grants and donations. Grants
and bequests are recognized when received or receivable if the amount to be received can be reasonably
estimated and collection is reasonably assured. Other donations are recorded when received, since pledges are
not legally enforceable claims. Unrestricted contributions are recognized as revenue when initially recorded in the
accounts. Externally restricted contributions, except endowment contributions, are deferred when initially recorded
in the accounts and recognized as revenue in the year in which the related expenses are recognized. Externally
restricted endowment contributions are recognized as direct increases in net assets when recorded in the
accounts.

Contributions externally restricted for capital assets are recorded as deferred capital contributions and are
amortized to operations on the same basis as the related asset is amortized.

Investment income recorded in the non-consolidated statement of operations consists of interest, dividends,
income distributions from pooled funds, and realized gains and losses, net of related fees. Unrealized gains and
losses are recorded in the non-consolidated statement of accumulated remeasurement gains (losses), except to
the extent they relate to deferred contributions, in which case they are added to the deferred contributions balance,
or to the extent they relate to investment income allocated to the endowment capital in which case they are added
to endowments through net assets.

Capital assets
Capital assets are carried at cost less accumulated amortization. Amortization is provided on a straight-line basis
over the estimated useful lives of the assets as follows:

Buildings 25 years
Furniture and equipment 4 to 10 years
Computer hardware 3 years
Vehicles 5 years
Leasehold improvements Over the term of the lease

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

Pension plan
Contributions to multi-employer defined benefit pension plans are expensed on an accrual basis.

Employee future benefits

Sick leave benefits that accumulate but do not vest are recorded as a liability.

3. Contribution to The Catholic Children’s Aid Foundation

On April 1, 2020, as part of a restructuring, the Society transferred endowments and scholarship funds for the
children in care, as well as other related assets and liabilities to the Foundation. This was done for the Foundation
to assume the operations of the charitable components for the children that were previously administered under
the Society. The following items were transferred:

Investments 1,826
Endowment fund (1,826)
Net liabilities, scholarship and other funds (167)
(167)

On September 30, 2020, as part of the restructuring, the Society and the Foundation entered into a gift agreement
where the Society contributed the real estate function and operations as well as the related assets to the
Foundation. The following items were contributed:

Assets contributed
Land 2,074
Buildings 52
Investments 39,154
41,280

Total contributions to the Catholic Children’s Aid Foundation 41,113

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

4. Cash and investments held for children in care

The Society holds cash and investments for children in care as directed by the Ministry of Children and Youth
Services. The cash and investments held for children in care consist of the following:

2021 2020
$ $

Cash 3,062 2,824

Pooled fund – RBC Target 2025 Education Balanced Fund 2,522 2,335
5,584 5,159

The pooled fund investment represents amounts that the Society has invested in Registered Education Savings
Plans for children in care.

These amounts were received by the Society from the following government programs:

2021 2020
$ $

Child Tax Benefit 4,706 4,288

Ontario Child Benefit equivalent program [note 8 [a]] 777 761
Other 101 110
5,584 5,159

5. Related party transactions

The Foundation is affiliated to the Society and relies on it to provide services related to Human Resources, Finance,
and IT. The Society and the Foundation exchange goods and services as determined by a service level agreement.
These transactions occur in the normal course of business and are recorded at their exchange amounts, which is
the amount agreed upon by the parties.

Administrative
Included in other revenue of the Society are charges for these services in the amount of $112.

Use of the Foundation’s properties

The Society pays the Foundation for the right to use the properties to provide services to children in care. During
the year, $247 was paid for the use of properties.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

6. Investments
Investments consist of the following:

Fair value 2021 2020

hierarchy
level
$ $

Short-term investments balanced pooled funds Level 2 — 25,267

Long-term investments balanced pooled funds Level 2 — 1,702
Other investments Level 2 30 —
30 26,969

The Society also holds investments for children in care as described in note 4, all of which are Level 2 investments.

Investments measured at fair value are classified according to a fair value hierarchy that reflects the importance
of the data used to perform each valuation. The fair value hierarchy is made up of the following levels:

Level 1 – Valuation based on quoted prices [unadjusted] in active markets for identical assets or liabilities;

Level 2 – Valuation techniques based on inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly; and

Level 3 – Valuation techniques using inputs for the asset or liability that are not based on observable market data
[unobservable inputs].

The fair value hierarchy requires the use of observable data in the market each time such data exists. A financial
instrument is classified at the lowest level of hierarchy for which significant input has been considered in measuring
fair value.

As described in note 3, certain investments were transferred to the Foundation.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

7. Capital assets
Capital assets consist of the following:

2021 2020
Accumulated Accumulated
Cost amortization Cost amortization
$ $ $ $

Land 1,354 — 3,081 —

Buildings 3,039 2,989 3,212 2,987
Furniture and equipment 1,742 584 1,742 436
Computer hardware 1,492 826 1,585 537
Leasehold improvements 10,941 1,167 10,869 388
Vehicles 40 40 40 40
18,261 5,606 20,529 4,388
Less accumulated amortization 5,606 4,388
Net book value 13,002 16,141

During the year, as described in note 3, land and buildings with a net book value of $2,074 and $52, respectively,
were gifted to the Foundation.

8. Deferred contributions
Deferred contributions consist of the following:

2021 2020
$ $

Ontario Child Benefit equivalent program [a] 777 761

Other deferred contributions [b] 155 294
932 1,055

[a] The Ontario Child Benefit equivalent program provides opportunities to children and youth in care to participate
in recreational, educational, cultural and social activities and establishes a savings program for youth in care
with an objective to achieve better outcomes in higher education, a higher degree of resiliency and a smoother
transition to adulthood.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

The activity of the program is as follows:

2021 2020
$ $

Balance, beginning of year 761 759

Amounts received during the year 383 437
Disbursements during the year (367) (435)
Balance, end of year [note 4] 777 761

[b] Other deferred contributions represent unspent externally restricted funding for various programs. The
changes in the other deferred contributions balance are as follows:

2021 2020
$ $

Balance, beginning of year 294 285

Amounts received during the year 53 446
Amounts recognized in revenue during the year — (437)
Amounts transferred out from the endowment fund (192) —
Balance, end of year 155 294

9. Loan payable
On October 1, 2020, the Foundation issued a loan to the Society for the principal amount of $10,818. The loan is
due on demand and bears interest at the rate of 3.3% per annum. Unless demand is made earlier, the loan shall
be repaid no later than October 1, 2035.

During the year, a repayment in the amount of $2,636 was made by the Society for the loan and interest. The
Foundation has waived its right to demand repayment of $5,882 of the loan prior to April 1, 2022.

Interest expense of $151 is recognized on the non-consolidated statement of operations.

10. Credit facility

As at March 31, 2021, the Society has an unsecured demand line of credit of $8,000. This line of credit has not
been drawn upon as of March 31, 2020 or March 31, 2021.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

11. Deferred capital contributions

Deferred capital contributions represent the unamortized amount of contributions received for the purchase of
capital assets. The changes in the deferred capital contributions balance are as follows:

2021 2020
$ $

Balance, beginning of year 28 77

Less amortization of deferred capital contributions 1 49
Balance, end of year 27 28

12. Pension plan

Substantially all employees of the Society are eligible to be members of the Ontario Municipal Employees’
Retirement Plan [the “Plan”], which is a multi-employer defined benefit pension plan. The most recent actuarial
valuation of the Plan as of December 31, 2020 indicates that the Plan has an unfunded liability of $7,600,000. The
Plan is accounted for as a defined contribution plan since the Society has insufficient information to apply defined
benefit plan accounting. Employer contributions made to the Plan for the year ended March 31, 2021 amounted to
$3,937 [2020 – $3,929] and are included in salaries and employee benefits expense in the non-consolidated
statement of operations.

13. Internally restricted

Internally restricted net assets consist of amounts that are discretionary in nature and, with approval of the Board
of Directors, may be used to fund items that are either capital or non-capital in nature.

14. Commitments
The Society has entered into certain operating lease agreements for its premises and office equipment. The future
minimum annual lease payments under these agreements are as follows:

2022 1,044
2023 1,044
2024 1,081
2025 1,194
2026 1,194
Thereafter 10,133
15,690

In addition to minimum rentals, property leases generally provide for the payment of various operating costs.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

15. Contingencies
The Society has been named as a co-defendant in lawsuits, some of which are not covered by insurance. Some
of these actions remain at the preliminary stages and, therefore, management and counsel are unable to provide
estimates as to the outcomes of these claims. When a reasonable estimate can be determined regarding the
outcome of a case, an appropriate reserve, if required, is reflected in the non-consolidated financial statements.
Should the Society be found liable for any amount in addition to what has been determined by management as a
result of such claims, such loss would be recorded in the period in which it is incurred. The Society has insurance
to cover the majority of legal claims.

16. Financial instruments and risk management

The Society’s activities expose it to a range of financial risks. These risks include market risk [comprising foreign
currency risk, interest rate risk and other price risk], credit risk and liquidity risk.
Market risk
Market risk is the risk that the fair value or future cash flows of an investment will fluctuate because of changes in
market prices.

Market risk comprises the following:

Foreign currency risk

Foreign currency risk arises from investments that are denominated in foreign currencies. Fluctuations in the
relative value of foreign currencies against the Canadian dollar can result in a positive or negative effect on the fair
value of investments. The Society is exposed to foreign currency risk with respect to its investments.

Interest rate risk

Interest rate risk refers to the effect on the fair value or future cash flows of the Society’s assets and liabilities due
to fluctuations in interest rates. The Society is exposed to interest rate risk with respect to its investments and bank
loan because the fair value will fluctuate due to changes in market interest rates.

Other price risk

Other price risk is the risk that the value of investments will fluctuate as a result of changes in market prices, other
than those arising from foreign currency risk, interest rate risk and other price risk, whether caused by factors
specific to an individual investment, its issuer or all factors affecting all instruments traded in a market or market
segment. The Society is exposed to other price risk through its investments.

Credit risk
Credit risk is the risk associated with the inability of a third party to fulfill payment obligations. The Society is
exposed to credit risk in connection with its accounts receivable and grants receivable from the Province of Ontario
because of the risk that one party to the financial instrument may cause a financial loss for the other party by failing
to discharge an obligation.

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

Liquidity risk
Liquidity risk refers to the Society’s ability to meet financial obligations as they come due. The Society is exposed
to the risk that it will encounter difficulty in meeting obligations associated with its financial liabilities. The Society
derives a significant portion of its operating revenue from the Ontario government with no firm commitment of
funding amounts in future years.

17. COVID-19 pandemic

Over the last year, the outbreak of the coronavirus disease resulted in governments worldwide enacting emergency
measures to combat the spread of the virus. These measures, which include the implementation of travel bans,
self-imposed quarantine periods, physical distancing and vaccinations, have caused material disruption to the
services provided by the Society. For the period ending March 31, 2021, the Society received funding and incurred
expenditures in the amount of $249 for various measures relating to COVID-19. The duration and impact of the
COVID-19 outbreak is unknown at this time, nor is the efficacy of the government and fiscal interventions designed
to stabilize economic conditions. As a result, it is not possible to reliably estimate the length and severity of these
developments nor the impact on the financial position and financial results of the Society in future periods.

18. The Catholic Children’s Aid Foundation

The Foundation is an organization with a purpose to raise funds for the exclusive benefit of financial aid in the form
of grants to the Society and partners, in addition to support for educational, enrichment and prevention programs
for children, youth and families known to the Society.

The Foundation became a registered charity on May 15, 2019 and began operations on April 1, 2020. As the
Foundation is a registered charity, it is exempt from income taxes under the Income Tax Act (Canada). Control is
exercised over the Foundation through a governance structure managed by the Society.

For the year ended March 31, 2021, the summarized assets, liabilities, and results of operations for the Foundation
are as follows:
2021
$

Financial position
Total assets 46,153

Total liabilities 903

Accumulated remeasurement gains 1,443
Unrestricted 41,688
Endowment 2,119
Total net assets 45,250
Total liabilities and net assets 46,153

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The Catholic Children’s Aid Society of Toronto

Notes to non-consolidated financial statements

[In thousands of dollars]

March 31, 2021

2021
$

Results of operations
Total revenues 42,782
Total expenses 1,094
Excess of revenue over expenses for the year 41,688

Total revenues include $41,113 in contributions from the Society.

2021
$

Cash flows
Operating activities 154
Financing activities (340)
Investing activities (115)
Net increase in cash flows for the year 379

19. Comparative figures

Certain reclassification of March 31, 2020 amounts have been made to facilitate comparison with the current year.

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