Statements
The corporate restructuring of RCFC now requires the preparation of two sets of Audited Financial Statements. In the interest of saving on printing costs and providing meaningful and easy to understand financial information, we have internally produced the following statements using the information provided by the audited statements. The audited statements of Revelstoke Community Forest Corporation and of RCFC Holding Company Ltd. area available at our office in City Hall, should anyone wish to view them.
|
STATEMENT OF OPERATIONS & RETAINED EARNINGS |
| For the year ended April 30 | RCFC
Holding
Company Ltd.
Consolidated
2000 | Revelstoke
Community
Forest
Corporation
1999 | | Revenue | | | | Timber Sales | 6,415,990 | 6,384,535 | | Amortization of deferred revenue | 39,605 | 39,605 | | Other | 31,975 | 26,894 | | |
| | | $6,487,570 | $6,451,034 | | | | | | Cost of Goods Sold | | | | Opening Log Inventory | - | 63,897 | | Logs | 3,535,426 | 3,526,191 | | Operating Expenses | 1,853,287 | 1,548,423 | | Tree Farm Management | 155,947 | 152,034 | | |
| | | 5,544,660 | 5,290,545 | | |
| | Gross Profit | $942,910 | $1,160,489 | | | | | | Logyard Operations | 248,890 | 340,446 | | Administrative Expenses | 615,937 | 538,618 | | |
| | Income from Operations | 78,083 | 281,425 | | | | | | Other Revenue | | | | Gain on Disposal | 300 | - | | Gain on Disposal | 93,202 | 65,681 | | |
| | Net Income for the Year | 171,585 | 347,106 | | | | | | Retained Earnings, Beginning of Year | 2,623,235 | 2,353,129 | | | | | | Dividends | (50,141) | (77,000) | | |
| | Retained Earnings, End of Year | $2,744,679 | $2,623,235 |
|
| April 30 | RCFC
Holding
Company Ltd.
Consolidated
2000 | Revelstoke
Community
Forest
Corporation
1999 | | Assets | | Current | | | | Cash and short term deposit | 1,173,052 | 1,615,476 | | Accounts receivable | 179,323 | 161,175 | | Inventories | 213,957 | 314,784 | | Prepaid expenses | 507,793 | 304,061 | | Current portion of agreement receivable | 39,462 | 37,186 | | |
| | | $2,113,587 | $2,432,682 | | | | | | Agreement receivable | 347,565 | 389,878 | | Capital assets | 1,789,487 | 1,833,628 | | Deferred charges | 679,818 | 837,000 | | Other | 2,475,000 | 2,550,000 | | |
| | | $7,405,457 | $8,043,188 | | | | | | Liabilities and Shareholder's Equity | | Current | | | | Accounts payable | 711,545 | 1,024,153 | | Corporation Capital Taxes Payable | 19,726 | 0 | | Current portion of long-term debt | 67,658 | 63,107 | | |
| | | $798,929 | $1,087,260 | | | | | | Due to Shareholder | 500,000 | - | | Accrued silviculture | 1,429,042 | 1,293,087 | | Deferred revenue | 1,310,275 | 1,349,880 | | Long-term debt | 622,531 | 689,726 | | |
| | | $4,660,777 | $4,419,953 | | | | | | Shareholder's equity | | | Share capital | 1 | 1,000,000 | | Retained earnings | 2,744,679 | 2,623,235 | | |
| | | $2,744,680 | $3,623,235 | | |
| | | $7,405,457 | $8,043,188 |
|
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