Workplace Safety & Prevention Services 2012 Annual Report
29
December 31, 2012
Workplace Safety & Prevention Services
Notes to Financial Statements
6. Investment in Centre for Health and Safety Innovation
The Centre for Health and Safety Innovation (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. The organization is exempt from income taxes under Section 149(1)(I) of the Income
Tax Act.
In addition to the Association, CHSI's members include Infrastructure Health and Safety Association.
The Workplace Safety and Prevention Services maintains a 74.36% share in CHSI while the Infrastructure
Health and Safety Association maintains a 25.64% share.
The most recent audited financial statements at December 31, 2012 of Centre for Health & Safety
Innovation as reported on by another firm of accountants with a report date of March 4, 2013 reflect
the following:
CHSI WSPS
74.36% share
Assets $ 3,012,373 $ 2,240,001
Liabilities 557,995 414,925
Net assets $ 2,454,378 $ 1,825,076
Operating results (year ended December 31, 2012):
Revenue $ 4,638,733 $ 3,449,362
Expenses 4,257,941 3,166,204
Excess of revenue over expenses $ 380,792 $ 283,158
Cash Flows:
Operating $ 1,099,113 $ 817,300
Investing (101,120) (75,193)
Decrease in cash during year $ 997,993 $ 742,107
Investment consists of: 2012 2011
Balance, beginning of year $ 1,541,918 $ 1,339,227
Proportionate share of excess of revenue over expenses 283,158 202,691
Balance, end of year $ 1,825,076 $ 1,541,918
