Page 32 - SDTC 2012 Annual Report_V38_140813_Single_FB

This is a SEO version of SDTC 2012 Annual Report_V38_140813_Single_FB. Click here to view full version

« Previous Page Table of Contents Next Page »

2 . Change in accounting policy:

On January 1, 2012, the Foundation adopted Canadian public sector accounting standards PS 3450 - Financial Instruments and PS 2601 - Foreign Currency Translation. The standards were adopted prospectively from the date of adoption. The new standards provide comprehensive requirements for the recognition, measurement, presentation and disclosure of financial instruments and foreign currency transactions.

Under PS 3450, all financial instruments, including derivatives, are included on the statement of financial position and are measured either at fair value or amortized cost based on the characteristics of the instrument.

There were no adjustments required as at January 1, 2012 as a result of the adoption of these new standards.

3. Inter-fund balance and transactions:

The inter-fund balance receivable/payable bears no interest and is not governed by terms of repayment. During the year, $565 (December 31, 2011 - $167; January 1, 2011 - $208) of NextGen Biofuels Fund operating expenses and allocated staff costs were incurred by the SD Tech Fund.

4. Investments:

December 31, 2012 December 31, 2011 January 1, 2011 Fair Amortized Fair Amortized Fair Amortized SD Tech Fund Level Value Cost Value Cost Value Cost

Money market funds 2 $ 19,129 $ 19,129 $ 4,029 $ 4,029 $ 13,421 $ 13,421 Fixed income securities 1 193,411 193,754 290,055 287,784 367,508 364,450

$ 212,540 $ 212,883 $294,084 $ 291,813 $380,929 $ 377,871

December 31, 2012 December 31, 2011 January 1, 2011 Fair Amortized Fair Amortized Fair Amortized NextGen Biofuels Level Value Cost Value Cost Value Cost

Money market funds 2 $ 13,416 $ 13,416 $ 12,640 $ 12,640 $ 11,879 $ 11,879 Fixed income securities 1 45,078 44,935 45,152 45,173 45,203 45,516 $ 58,494 $ 58,351 $ 57,792 $ 57,813 $ 57,082 $ 57,39 5

There were no transfers between Level 1 and Level 2 for the years ended December 31, 2012 and 2011. There were also no transfers in or out of Level 3.

Fixed income securities have coupon rates from 0.95% to 8.50% (2011 – 0.95% to 10.25%) and mature between January 2013 and June 2017.

30 SDTC 2012 Annual Report

Auditors’ Report & Financials

Page 32 - SDTC 2012 Annual Report_V38_140813_Single_FB

This is a SEO version of SDTC 2012 Annual Report_V38_140813_Single_FB. Click here to view full version

« Previous Page Table of Contents Next Page »