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PROVINCE OF NOVA SCOTIA

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PROVINCE OF NOVA SCOTIA

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    FINANCIAL STATEMENTS

    MARCH 31, 2010

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    FINANCIAL STATEMENTS

    MARCH 31, 2010

     CONTENTS

     Page

Auditor’s Report 1

Balance Sheet 2

Statement of Continuity of Assets 3

Notes to Financial Statements 4

     1

     1888 Brunswick Street, Suite #302, Halifax, Nova Scotia B3J 3J8 ? Telephone 902 424-5907 ? Fax 902 424-4350 ? www.gov.ns.ca/audg

     AUDITOR’S REPORT

To the Members of the Legislative Assembly; and

    To the Minister of Justice

    I have audited the balance sheet of the Public Trustee Trust Funds as at March 31, 2007 and the statement of continuity of assets for the year then ended. These financial statements are the responsibility of the Public Trustee. My responsibility is to express an opinion on these financial statements based on my audit.

    I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

    In common with many trust funds, it is not possible to verify by audit procedure that all the assets of any given trust or income earned on trust assets came under the administration of or were recorded by the Public Trustee. Accordingly, my verification of trust assets was limited to those recorded in the records.

    In my opinion, except for the effect of adjustments, if any, which I might have determined to be necessary had I been able to verify the completeness of assets of the trust funds, these financial statements present fairly, in all material respects, the financial position of the Public Trustee Trust Funds as at March 31, 2007 and the continuity of assets for the year then ended in accordance with Canadian generally accepted accounting principles.

Jacques R. Lapointe, CA$CIA

    Auditor General

Halifax, Nova Scotia

    May 28, 2007

     2

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    BALANCE SHEET

    AS AT MARCH 31, 2010

    ASSETS

     2007 2006 Estates and Trusts

     Cash $ 1,408,356 $ 1,444,803

     Securities, real estate and other assets (Note 3) 28,315,061 25,249,251

     Common Fund securities (Note 4) 2,159,017 1,995,464

     Accrued interest 400,488 311,084

     32,282,922 29,000,602 Special Reserve Fund (Note 5)

     Cash and securities 1,854,130 1,735,981

     Accrued interest 41,144 40,059

     1,895,274 1,776,040

     $ 34,178,196 $ 30,776,642

    LIABILITIES

    Estates and Trusts

     Estates and trusts balances $ 32,282,922 $ 29,000,602

    Special Reserve Fund (Note 5)

     Restricted funds 1,816,397 1,700,981

     Funds transferable to Province of Nova Scotia 78,877 75,059

     1,895,274 1,776,040

     $ 34,178,196 $ 30,776,642

    The accompanying notes are an integral part of these statements

Approved:

_______________________________________

    Public Trustee

    M. Estelle Theriault, Q.C.

     3

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    STATEMENT OF CONTINUITY OF ASSETS

    FOR THE YEAR ENDED MARCH 31, 2010

    Estates and Special 2007 2006

    Trusts Reserve Fund Fees Earned Total Total

    Balance, beginning of year $ 29,000,602 $ 1,776,040 $ - $ 30,776,642 $ 27,960,968

    Add: Assets acquired during the year 13,981,729 - - 13,981,729 13,007,964

     Net Income earned 730,263 - - 730,263 824,623

     Fees earned - - 582,492 582,492 550,034

     Interest earned on Special Reserve Fund

     investments - 79,962 - 79,962 78,644

     Excess interest transferred from

     Common Fund - 114,331 - 114,331 98,666

     14,711,992 194,293 582,492 15,488,777 14,559,931

    Less: Distributions of estates and trusts 11,420,616 - - 11,420,616 11,111,487

     Transfers to the Province

     Fees - - 582,492 582,492 550,034

     Undistributable estates and trusts

     (per Section 28) 9,056 - - 9,056 18,601

     Investment income earned on

     Special Reserve Fund - 75,059 - 75,059 64,135

     11,429,672 75,059 582,492 12,087,223 11,744,257

    Balance, end of year $32,282,922 $ 1,895,274 $ - $ 34,178,196 $ 30,776,642

    The accompanying notes are an integral part of these statements

     4

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    NOTES TO FINANCIAL STATEMENTS

    MARCH 31, 2007

1. Authority

    The Office of the Public Trustee was established pursuant to the Public Trustee Act.

    The Public Trustee is empowered to perform the duties of a guardian, custodian, trustee,

    and executor or administrator of an estate. All investments by the Public Trustee are to

    be made in accordance with the Trustee Act.

    2. Accounting Policies

    These financial statements have been prepared in accordance with Canadian generally

    accepted accounting principles, modified by the following policies.

    a) The Office of the Public Trustee uses a modified cash basis of accounting. These

    financial statements do not include certain receivables and payables.

3. Securities, Real Estate and Other Assets

    Securities consist of deposit certificates, bonds, debentures and stocks. Securities are

    valued in a manner which approximates market value at March 31, 2007.

    The Public Trustee is responsible for administering certain other assets such as real

    estate, personal effects and chattels. Real estate is valued at estimated market value

    based on annual assessments for municipal tax purposes. Personal effects and chattels

    are valued at estimated market value as at the date control is assumed. If market value

    is not readily ascertainable, they are each recorded at a nominal value of $1.

    4. Common Fund Securities

    Section 30 of the Public Trustee Act permits the Public Trustee to invest monies, not

    subject to any express trust or direction for investment thereof, in a Common Fund.

    Investments of the Common Fund are valued at market value as of March 31, 2007.

     5

    PROVINCE OF NOVA SCOTIA

    PUBLIC TRUSTEE TRUST FUNDS

    NOTES TO FINANCIAL STATEMENTS

    MARCH 31, 2007

5. Special Reserve Fund

    Section 32 of the Public Trustee Act provides for the establishment of a Special Reserve

    Fund. The purposes of the Fund are to provide for any deficiencies between income

    earned on investments of the Common Fund and interest required to be paid to estates

    comprising the Common Fund; and also to provide for any deficiency between the

    aggregate amount of sums invested and the realized value of investments of the

    Common Fund.

    The Fund consists of investment income earned on Common Fund securities in excess

    of interest paid to Common Fund estates. Income earned on securities held in the

    Special Reserve Fund also forms part of the Fund.

    Income earned on securities held in the Special Reserve Fund is eligible for transfer to

    the Province. The remainder of the Fund is restricted to the purposes described above.

6. Operating Costs

    Operating costs of the Office of the Public Trustee are absorbed by the Nova Scotia

    Department of Justice and are not reflected in the statement of continuity of assets.

    These costs are offset by fees charged for administering estates and by investment

    income.

     2007 2006

     Department of Justice

    - Salaries and benefits $ 915,066 $ 754,379

    - Other operating costs 139,010 292,322

    - Rent 73,162 56,839

     1,127,238 1,103,540

     Less transfers to Province

    - Fees 582,492 550,034

    - Special Reserve Fund income 75,059 64,135

     657,551 614,169

     Net cost to the Province $ 469,687 $ 489,371

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