L'ASSOCIATION DES FRANCOPHONES DE NANAIMO
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED MARCH 31, 2003

2003 2002
INVESTMENT IN CAPITAL ASSETS
BALANCE AT BEGINNING OF YEAR $ 50,065 $ 37,570
Capital asset additions funded by operations 3,900 12,495
Capital asset additions externally funded by Industry Canada 4.500 -
BALANCE AT END OF YEAR $ 58.465 $ 50,065
UNRESTRICTED NET ASSETS
BALANCE AT BEGINNING OF YEAR $ 64,695 «$ 64,330
Excess (deficiency) of revenues over expenses (1,144) 12.860
63,551 77,190
Capital asset purchases (3.900) (12.495)
BALANCE AT END OF YEAR $ 59,651 $ 64,695
See notes to financial statements
-3-
FABESTWICK&

PARTNERS’

CHARTERED ACCOUNTANTS © MANAGEMENT CONSULTANTS