21|WSPS.CA/AnnualReport
Workplace Safety & Prevention Services
Notes to Financial Statements
March 31, 2019
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 of CHSI are for the fiscal year January 1 to December 31, 2018,
audited by another firm of accountants with a report date of May 31, 2019. The information below reflects the
financial results in the audited financial statements as well as the internal financial information for the period
from January 1, 2019 to March 31, 2019, as reported by CHSI's management.
CHSI
$
WSPS
74.36% share
$
Assets 4,564,955 3,394,500
Liabilities 490,011 364,372
Net assets 4,074,944 3,030,128
Operating results (period from April 1, 2018 to March 31, 2019)
Revenue 5,394,594 4,011,420
Expenses
(operating) 5,922,020 4,403,614
Shortfall of revenue over expenses (527,426) (392,194)
Decrease in net assets (527,426) (392,194)
Cash flows
Operating
(740,934) (550,959)
Investing 78,162 58,121
Decrease in cash during the period (662,772) (492,838)
2019
$
2018
$
Investment consists of
Balance
– Beginning of year 3,422,322 2,877,665
Proportionate share of excess (shortfall) of revenue over
expenses for the
year (392,194) 544,657
Balance – End of year 3,030,128 3,422,322
