2015
ANNUAL
REPORT
|
Workplace
Safety
&
Prevention
Services
24
Ahead of the Curve | WSPS.CA/AnnualReport
Workplace Safety & Prevention Services
Notes to Financial Statements
December 31, 2015
4. INVESTMENT IN CHSI
CHSI is a not-for-profit organization, incorporated under the laws of the province of Ontario on September 8, 2004,
whose purpose is to create a focal point for innovation and applied learning in the prevention of workplace injuries and
illnesses and to act as a key resource for employers, employees and others seeking expertise and direction on how to
make workplaces safer. CHSI is exempt from income taxes under Section 149(1)(I) of the Income Tax Act (Canada).
The most recent audited financial statements at December 31, 2015 of CHSI as reported on by another firm of accountants
with a report date of April 22, 2016 reflect the following:
CHSI WSPS
74.36% share
Assets $ 4,601,019
$
3,421,318
Liabilities 1,064,580 791,621
Net assets
$
3,536,439 $ 2,629,697
Operating results (year ended December 31, 2015)
Revenue
$
5,518,333 $ 4,103,433
Expenses (operating) 5,105,107 3,796,158
Excess of revenue over expenses 413,226 307,275
Increase in net assets
$
413,226 $ 307,275
Cash flows
Operating
$
434,723 $ 323,260
Financing (884,448) (657,676)
Investing (439,871) (327,088)
Decrease in cash during year $
(889,596) $ (661,504)
2015 2014
Investment consists of
Balance – Beginning of year $ 2,322,422
$
2,204,033
Proportionate share of excess of revenue over expenses 307,275 118,389
Balance – End of year $ 2,629,697 $
2,322,422
