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&

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