L' Association des Francophones de Nanaimo Statement of Changes in Net Assets For the year ended March 31, 2008 Investment in Capital Unrestricted Assets Net Assets 2008 2007 Balance at beginning of year 15,718 54,005 69,723 69,807 Excess (shortfall) of revenue over expenses (4,956) 7,392 2,436 (84) Capital asset purchases funded by operations | 5,334 (5,334) - - Balance at end of year 16,096 56,063 72,159 69,723 The accompanying notes are an integral part of the financial statements , 7 MP