GI Audited Financial Statements

The Gilbertine Institute of Catholic Studies Financial Statements August 31, 2025

Independent School Authority Code:

2238

AUDITED FINANCIAL STATEMENTS and Supporting Schedules for

FUNDED INDEPENDENT SCHOOLS

FOR THE YEAR ENDED AUGUST 31, 2025

Education Act, Section 29 Independent Schools Regulation, Alberta Regulation 127/2022

The Gilbertine Institute of Catholic Studies Name of Independent School and Legal Name of Organization Operating the Independent School 541005 Range Rd 72, PO Box 153, Derwent, Alberta, T0B 1C0 Mailing Address 866-361-3650, Fax: 866-361-3650

Telephone and Fax Numbers

These Financial Statements and Supporting Schedules are Audited by: RSM Canada LLP 2200, 112 4th Avenue SW Calgary, AB T2P 0H3

Name and Address of the Audit Firm

Auditor's Signature

INDEPENDENT SCHOOL MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING.

The financial statements and supporting schedules of

The Gilbertine Institute of Catholic Studies

(Name of Independent School)

presented to Alberta Education and Childcare have been prepared by the independent school's management which has responsibili their preparation, integrity and objectivity. The financial statements and schedules, including notes, have been prepared in accordance with Canadian Accounting Standards for Not-For-Profit organizations and Ministerial requirements for Alberta funded independent schools.

In fulfilling its reporting responsibilities, management has maintained internal control systems and procedures designed to provide reasonable assurance that the independent school's assets are safeguarded, that transactions are executed in accordance with appropriate authorization and that accounting records may be relied upon to properly reflect the independent school's transactions. The effectiveness of the control systems is supported by the selection and training of qualified personnel, an organizational structure that provides an appropriate division of responsibility and a strong budgetary system of control.

The ultimate responsibility for the financial statements lies with the Board of Directors. The Board reviewed the financial statements with management in detail and the Board approved the financial statements for release.

External Independent Auditors The Board appoints external independent auditors to audit these financial statements and meets with the auditor to review their findings. The external independent auditors have full and free access to school authority's records.

Declaration of Board Chair and Treasurer, Secretary-Treasurer To the best of our knowledge and belief, these financial statements and supporting schedules reflect, in all material respects, the financial position as at August 31, 2025 and results of operations, cash flows, and changes in net assets for the year then ended in accordance with Canadian Accounting Standards for Not-For-Profit Organizations and Ministerial requirements for Alberta funded independent schools.

BOARD CHAIR / PRESIDENT

Fr. Robert Bengry

Name

Signature HEAD OF SCHOOL / PRINCIPAL

Mr. Kenneth Noster

Name

Signature TREASURER OR SECRETARY - TREASURER

Mr. Vic Wiens

Name

November 26, 2025 Board-approved Release Date

ALBERTA EDUCATION AND CHILDCARE, Financial Reporting and Accountability, 10th Floor 44 Capital Boulevard, 10044 108th Street NW, Edmonton, Alberta T5J 5E6 E-mail: edc.fra-private@gov.ab.ca Telephone: (780) 422-0314

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Classification: Protected A

Signature

Independent School Authority Code:

2238

TABLE OF CONTENTS Page INDEPENDENT AUDITOR'S REPORT (Attach please)

1

STATEMENT OF FINANCIAL POSITION

2

STATEMENT OF OPERATIONS

3

STATEMENT OF OPERATIONS ALBERTA

4

STATEMENT OF CASH FLOWS

5

STATEMENT OF CHANGES IN NET ASSETS

6

SCHEDULES SCHEDULE 1

Allocation of Revenues and Expenses to Programs

7

SCHEDULE 2

Analysis of Early Childhood Services Program Unit Expenses

8

SCHEDULE 3

Remuneration and Monetary Incentives

9

SCHEDULE 4

Related Party Transactions

10

SCHEDULE 5

Analysis of Home Education Funding Balances

11

SCHEDULE 6

Salary Disclosure

12

NOTES TO THE FINANCIAL STATEMENTS (Attach please)

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Classification: Protected A

INDEPENDENT AUDITOR'S REPORT To the Board of Directors of The Gilbertine Institute of Catholic Studies Opinion We have audited the financial statements of The Gilbertine Institute of Catholic Studies (the "Institute"), which comprise the statement of financial position as at August 31, 2025, and the statement of operations, statement of operations - segment disclosure, statement of cash flows, and statement of changes in net assets and the schedules of allocation of revenues and expenses to programs, analysis of early childhood services (ECS) program unit expenses, remuneration and monetary incentives, related party transactions, analysis of home education funding balances and salary disclosure for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Institute as at August 31, 2025, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.

Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Institute in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Matter The budgeted amounts included in the statement of operations for the year ended August 31, 2025 are unaudited.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Institute's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Institute or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Institute's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: 

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.



Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute's internal control.



Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.



Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Institute's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Institute to cease to continue as a going concern.



Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants November 26, 2025 Calgary, Alberta

2238

Independent School Authority Code:

STATEMENT OF FINANCIAL POSITION as at August 31

ASSETS Current assets Cash and cash equivalents Accounts receivable (net after allowances) Province of Alberta Federal Government and/or First Nations Other accounts receivable Prepaid expenses Other current assets Total current assets School generated assets Trust assets Other assets Capital assets Land at cost Buildings at cost Less: accumulated amortization Leasehold improvements at cost Less: accumulated amortization Equipment at cost Less: accumulated amortization Vehicles at cost Less: accumulated amortization Total capital assets

Note 4

$0 $0 $43,233 ($23,574) $0 $0 $0 $0

TOTAL ASSETS

LIABILITIES Current liabilities Bank indebtedness Accounts payable and accrued liabilities Province of Alberta Federal Government and/or First Nations Other payables and accrued liabilities Capital payables Deferred contributions Deferred capital allocations Current portion of long term debt Total current liabilities

Schedule 5

Note 5

School generated liabilities Trust liabilities Other liabilities Long term debt Debentures & Bonds Capital loans Capital leases Mortgages Other loans Less: Current portion of long term debt Unamortized capital allocations Total long term liabilities TOTAL LIABILITIES

NET ASSETS Unrestricted net assets Operating reserves Total accumulated surplus (deficit) from operations Investment in capital assets Capital reserves Total capital funds Total net assets TOTAL LIABILITIES AND NET ASSETS

$2,048,464

$2,129,802

$0 $0 $159,015 $71,582 $0 $2,279,061 $0 $0 $0

$0 $0 $127,671 $71,582 $0 $2,329,055 $0 $0 $0

$0

$0

$0

$0

$19,659

$27,723

$0

$0

$0 $19,659 $2,298,720

$0 $27,723 $2,356,778

$0

$0

$110,202 $0 $160,403 $0 $1,295,258 $0 $0 $1,565,863

$107,298 $0 $88,573 $0 $1,175,278 $0 $0 $1,371,149

$0 $0 $0

$0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $1,565,863

$0 $0 $0 $0 $0 $0 $0 $0 $1,371,149

$713,198 $0 $713,198 $19,659 $0 $19,659 $732,857 $2,298,720

$957,906 $0 $957,906 $27,723 $0 $27,723 $985,629 $2,356,778

Note: * Audited Financial Statements (AFS) as submitted to Alberta Education and Childcare pursuant to Section 29 of the Education Act; Independent Schools Regulation, Alberta Regulation 127/2022 or as restated.

Input "(Restated)" in 2024 column heading where not taken from the finalized 2023/2024 Audited Financial Statements.

Classification: Protected A

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Page 2

AFS 2024 (NOTE *)

AFS 2025

(in dollars)

2238

Independent School Authority Code:

STATEMENT OF OPERATIONS for the Year Ended August 31 (in dollars)

AFS 2025

Budget

AFS

2025 (NOTE *)

2024 (NOTE *)

Unaudited (note 11)

REVENUES Alberta Education and Childcare (excluding Home Education)

$605,819

$285,282

$566,459

$9,873,911

$10,626,917

$9,511,268

$10,479,730

$10,912,199

$10,077,727

Other Government of Alberta

$0

$0

$0

Federal Government and/or First Nations

$0

$0

$0

Other Alberta school authorities

$0

$0

$0

$554,608

$518,020

$508,433

Non-instructional fees (O&M, Transportation, Admin, etc.)

$0

$0

$0

Other sales and services

$0

$0

$0

Interest on investments

$42,152

$0

$54,516

Gifts and donations

$30,796

$0

$2,746

$0

$0

$0

$183,987

$183,987

$262,098

$11,291,273

$11,614,206

$10,905,520

Home Education

$9,983,633

$11,120,678

$9,510,180

Instruction - ECS

$0

$0

$0

$1,380,918

$180,702

$1,160,333

$4,753

$3,802

$3,803

$0

$0

$0

Board and System Administration

$174,741

$199,516

$205,687

External services Total Expenses

$0 $11,544,045

$0 $11,504,698

$0 $10,880,003

($252,772)

$109,508

$25,517

Alberta Education and Childcare - Home Education Total Alberta Education and Childcare Revenues

Instructional fees/Tuition fees

Amortization of capital allocations Other Total Revenues

EXPENSES

Instruction - Grades 1 to 12 Operations and maintenance Transportation

SURPLUS (DEFICIT) OF REVENUES OVER EXPENSES

Note:

#

* Input "(Restated) in Budget 2025 and/or AFS 2024 column headings where comparatives are not taken from the respective finalized 2024/2025 Budget Report and/or finalized 2023/2024 Audited Financial Statements.

Classification: Protected A

Page 3

Independent School Authority Code:

2238

STATEMENT OF OPERATIONS - Segment Disclosure for the Year Ending August 31 (in dollars) Alberta Education Funding and Expenses Only AFS 2025

AFS 2024

REVENUES Alberta Education and Childcare Revenues Less: Childcare Revenues TOTAL ALBERTA EDUCATION REVENUES ONLY

$10,479,730

$10,077,727

$0

$0

$10,479,730

$10,077,727

$9,967,159

$9,510,180

$0

$0

$333,077

$358,057

$4,753

$3,803

$0

$0

$174,741

$205,687

$0

$0

$10,479,730

$10,077,727

$0

$0

EXPENSES Home Education Instruction ECS Instruction Grades 1 to 12 Operations and Maintenance Transportation Board and System Administration Other (specify): TOTAL ALBERTA EDUCATION EXPENSES ONLY Government of Alberta Funds Balance*

*Balance represents the difference between revenue received and expenses incurred from Government of Alberta funds. A positive balance represents unspent amounts. This schedule only reports expenditures from the funds received from GOA and therefore the expenses cannot be greater than revenue.

Classification: Protected A

Page 4

2238

Independent School Authority Code:

STATEMENT OF CASH FLOWS for the Year Ended August 31 (in dollars)

AFS 2025

AFS 2024 (NOTE *)

CASH FLOWS FROM: A. OPERATING ACTIVITIES Surplus (deficit) of revenues over expenses for the year

($252,772)

$25,517

$0

$0

$8,064

$8,064

$0

$0

($31,344)

($78,002)

$0

($71,582)

Payables and accrued liabilities

$74,734

($72,341)

Deferred contributions

$119,980

$22,628

$0

$0

($81,338)

($165,716)

Land

$0

$0

Buildings

$0

$0

Leasehold improvements

$0

($26,365)

Equipment

$0

$0

Vehicles

$0

$0

Net proceeds from disposal of capital assets

$0

$0

Other (specify):

$0

$0

$0

($26,365)

Capital contributions received

$0

$0

Issuance of long term debt

$0

$0

Repayment of long term debt

$0

$0

Other (specify):

$0

$0

$0

$0

($81,338)

($192,081)

$2,129,802

$2,321,883

$2,048,464

$2,129,802

Add (Deduct) items not requiring cash: Amortization of capital allocations revenue Total amortization expense Add losses or deduct gains on disposal of capital assets Changes in accrued accounts: Accounts receivable Prepaids and other current assets

Other (specify): Total sources (uses) of cash from operations B. INVESTING ACTIVITIES Purchases of capital assets:

Total sources (uses) of cash from investing activities C. FINANCING ACTIVITIES

Total sources (uses) from financing activities Net sources (uses) of cash equivalents* * during year Cash equivalents at the beginning of year Cash equivalents at the end of year

NOTE:

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$2,048,464

* Input "(Restated)" in 2024 column heading where not taken from the finalized 2023/2024 Audited Financial Statements.

* * Cash equivalents consist of cash and temporary investments net of bank indebtedness.

Classification: Protected A

Page 5

$2,129,802

2238

Independent School Authority Code:

STATEMENT OF CHANGES IN NET ASSETS for the Year Ended August 31, 2025 (in dollars)

(1)

(2)

(3)

(4)

UNRESTRICTED

TOTAL

(6)

(7)

(8)

RESTRICTED NET ASSETS OPERATING RESERVES

CAPITAL RESERVES

TOTAL

INVESTMENT IN

NET

RESTRICTED NET

NET ASSETS

CAPITAL ASSETS

ASSETS

ASSETS

Grades

External

Grades

External

( +, - )

(Columns 5 to 8)

K to 12

Services

K to 12

Services

(Columns 2+3+4)

Balance at August 31, 2024

(5)

$985,629

$27,723

$957,906

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$985,629

$27,723

$957,906

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Prior period adjustments (specify):

Adjusted balance, August 31, 2024 Surplus(deficit) of revenues over expenses (from page 3)

($252,772)

Capital asset acquisitions (less financed and/or less capital contributions received) Donations of non-amortizable assets

$0 $0

Amortization of capital assets (expense) *

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$732,857

$19,659

$713,198

Debt principal payments * * *

Other transfers (specify):

Balance at August 31, 2025

Note:

$0 $8,064

Disposal of capital assets

Net transfers to/from capital reserves

$0

($8,064)

Amortization of capital allocations (revenue) * *

Net transfers to/from operating reserves

($252,772)

*Amortization of Capital Assets expense decreases the Investment in Capital Assets and increases Unrestricted Net Assets. * *Amortization of Capital Allocations revenue increases the Investment in Capital Assets and decreases Unrestricted Net Assets. * * *Principal payments increase Investment in Capital Assets and decreases Unrestricted Net Assets as the outstanding capital debt is paid down.

Classification: Protected A

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Page 6

$0

$0

$0

$0

$0

$0

REVENUES Alberta Education and Childcare allocations (1) ECS Base Instruction

Instruction

Home Education and Shared Responsibility

TOTAL

Early Childhood Services (ECS)

$0

(2)

Grades 1 to 12 Base Instruction (including Distance Education Primary and Non-Primary, Summer School)

(3)

Home Education and Shared Responsibility

(4)

Program Supports and Services

(5)

Operations and Maintenance Grant

(6)

Transportation Grant

(7)

System Administration

$267,989

(8)

Other - Alberta Education and Childcare

$17,099

Instruction (Grades 1 to 12)

Operations and Maintenance of Schools

Transportation

Board and System External Services Administration

$0

$315,978 $9,873,911

2238

Independent School Authority Code:

SCHEDULE 1 ALLOCATION OF REVENUES AND EXPENSES TO PROGRAMS for the Year Ended August 31, 2025

$315,978 $9,873,911

$0

$0

$0

$4,753

$0

$0

$4,753

$0

$0 $0

$0

$0

$0

$267,989

$0

$0

$17,099

$0

$0

$0

$0

$10,479,730

$9,873,911

$0

$333,077

$4,753

$0

$267,989

$0

$0

$0

$0

$0

$0

$0

$0

$0

(10) Federal Government and/or First Nations

$0

$0

$0

$0

$0

$0

$0

$0

(11) Other Alberta school authorities

$0

$0

$0

$0

$0

$0

$0

$0

$554,608

$0

$0

$554,608

(13) Non-instructional fees (O&M, Transport, Admin, etc.)

$0

$0

$0

$0

$0

$0

$0

$0

(14) Other sales and services

$0

$0

$0

$0

$0

$0

$0

$0

(15) Interest on investments

$42,152

$0

$0

$0

$0

$0

$42,152

$0

(16) Gifts and donations

$30,796

$0

$0

$0

$0

$0

$30,796

$0

$0

$0

$0

$0

$0

$0

$0

$0

$183,987

$0

$0

$183,987

$0

$0

$0

$11,291,273

$9,873,911

$0

$1,071,672

$4,753

$340,937

$0

(19) Certificated salaries

$2,322,214

$1,710,332

$0

$579,123

$32,759

$0

(20) Certificated benefits

$234,337

$174,085

$0

$59,186

$1,066

$0

$1,809,463

$1,652,392

$0

$125,516

$0

$0

$31,555

$0

$203,148

$187,441

$0

$13,767

$0

$0

$1,940

$0

$4,569,162

$3,724,250

$0

$777,592

$0

$0

$67,320

$0

$6,814,115

$6,200,172

$0

$506,522

$0

$0

$107,421

$0

$0

$0

$0

$0

$0

$0

$0

$0

$145,557

$44,000

$0

$96,804

$4,753

$0

$0

$0

$7,147

$7,147

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$8,064

$8,064

$0

$0

$0

$0

$0

$0

TOTAL ALBERTA EDUCATION AND CHILDCARE ALLOCATIONS (9)

Other Government of Alberta

(12) Instructional fees / tuition fees

(17) Amortization of capital allocations (18) Other (specify):

Utilized funding transferred from parents

TOTAL REVENUES

$0

$0

EXPENSES

(21) Non-certificated salaries and wages (22) Non-certificated benefits

SUB-TOTAL Services, contracts & supplies - other than Consulting fees / (23) Management fees, and leases (24) Consulting / Management Fees Leases - Building

(25)

Leases - Other Capital and debt services (27) Amortization of capital assets from restricted funds

(26)

(28)

Amortization of capital assets from unrestricted funds

(29)

Interest on capital debt

$0

$0

$0

$0

$0

$0

$0

$0

(30)

Other interest charges

$0

$0

$0

$0

$0

$0

$0

$0

(31)

Losses (gains) on disposal of capital assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$11,544,045

$9,983,633

$0

$1,380,918

$4,753

$0

$174,741

$0

($252,772)

($109,722)

$0

($309,246)

$0

$0

$166,196

$0

(32) Other (specify):

TOTAL EXPENSES Surplus(deficit) of revenues over expenses

Classification: Protected A

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Page 7

Independent School Authority Code:

2238

SCHEDULE 2 ANALYSIS OF EARLY CHILDHOOD SERVICES (ECS) PROGRAM UNIT EXPENSES for the Year Ended August 31, 2025

ECS ECS Program Unit Moderate (excluding Language Moderate Delay Grant Language Delay code 48 only Grant)

Instruction Certificated salaries

$0

$0

Certificated benefits

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Parent and staff in-service

$0

$0

Other (specify)

$0

$0

Specialized equipment & furniture (child specific). Please specify:

$0

$0

$0

$0

Non-certificated salaries and wages Non-certificated benefits Specialized services and supports Supplies and materials

Total

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Classification: Protected A

Page 8

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Independent School Authority Code:

2238

Schedule 3 Remuneration and Monetary Incentives for the Year Ended August 31, 2025

Name

Position

Full Time Equivalent (FTE)

Remuneration

Benefits and Allowances

Other Accrued Unpaid Benefits

Other Expenses

Board Chair:

Fr. Robert Bengry

0.00

$0

$0

$0

$0

Secretary-Treasurer:

Vic Wiens

0.00

$0

$0

$0

$0

Secretary:

0.00

$0

$0

$0

$0

Treasurer:

0.00

$0

$0

$0

$0

1 Sean Hedley

0.00

$0

$0

$0

$0

2 John Armstrong

0.00

$0

$0

$0

$0

3 Dustin Engel

0.00

$0

$0

$0

$166

4 Michelle Leigh

0.00

$0

$0

$0

$0

5 Cameron Regehr

0.00

$0

$0

$0

$888

6 Jason Reid

0.00

$0

$0

$0

$0

7 Patrick Sontrop

0.00

$0

$0

$0

$0

8

0.00

$0

$0

$0

$0

9

0.00

$0

$0

$0

$0

10

0.00

$0

$0

$0

$0

11

0.00

$0

$0

$0

$0

12

0.00

$0

$0

$0

$0

13

0.00

$0

$0

$0

$0

0.00

$0

$0

$0

$1,054

1.00

$163,695

$2,505

$0

$24,129

1 Simon Noster (Assoc. Principal Home Ed)

1.00

$144,109

$9,379

$0

$20,069

2 Mark Ingram (Assoc. Principal Campus)

1.00

$106,017

$8,864

$0

$2,057

3 Yvan Beaudoin (Assoc. Principal Campus)

0.60

$74,325

$6,065

$0

$948

4

0.00

$0

$0

$0

$0

5

0.00

$0

$0

$0

$0

6

0.00

$0

$0

$0

$0

7

0.00

$0

$0

$0

$0

8

0.00

$0

$0

$0

$0

9

0.00

$0

$0

$0

$0

2.60

$324,451

$24,308

$0

$23,074

0.50

$63,110

$2,513

$0

$23,095

1.00

$123,915

$9,220

$0

$18,551

2 Saul Noster (Development Director)

1.00

$80,499

$6,234

$0

$26,531

3 Jennifer Fast (Academic Dean)

0.50

$35,115

$4,804

$0

$1,478

4

0.00

$0

$0

$0

$0

5

0.00

$0

$0

$0

$0

6

0.00

$0

$0

$0

$0

Management/Executives - Total

2.50

$239,529

$20,258

$0

$46,560

Total Certificated staff (excluding Home Education)

5.26

$611,882

$60,252

$0

$8,895

Total Non-Certificated staff (excluding Home Education)

1.09

$157,071

$15,707

$0

$46,202

Total Certificated contract staff (excluding Home Education)

0.00

$0

$0

$0

$0

Total Non-Certificated contract staff (excluding Home Education)

0.00

$0

$0

$0

$0

Total Certificated staff (Home Education)

21.45

$1,710,332

$174,085

$0

$599,260

Total Non-Certificated staff (Home Education)

23.30

$1,652,392

$187,441

$0

$42,922

Total Certificated Contract staff (Home Education)

0.00

$0

$0

$0

$0

Total Non-Certificated Contract staff (Home Education)

0.00

$0

$0

$0

$0

Board of Directors:

Board of Directors - Total Head of School Principals:

Deacon Kenneth Noster

Principals - Total Chief Financial Officer:

Vic Wiens

Management/Executives:1. TobyLauren Burgess (COO)

Contracted Services for Senior Management and Director's Position Only: Position

Name

FTE 2025

Consulting / Management fees: 1

Allowances 2025

Other Expenses 2025

Bonuses 2025

0.00

$0

$0

$0

$0

2

0.00

$0

$0

$0

$0

3

0.00

$0

$0

$0

$0

4

0.00

$0

$0

$0

$0

0.00

$0

$0

$0

$0

Consulting / Management fees - Total

Classification: Protected A

Contract Amount 2025

Page 9

2238

Independent School Authority Code:

Schedule 4 Related Party Transactions for the Year Ended August 31, 2025 (in dollars)

DETAILS OF TRANSACTION

DETAILS AND NATURE OF RELATIONSHIP

2025

2024

Revenues Rental

$0

$0

Sale of Capital Assets

$0

$0

Other (specify)

$0

$0

Other (specify)

$0

$0

$0

$0

$152,991

$155,650

$55,108

$47,955

$26,252

$0

$122,837

$129,015

$0

$0

$6,370

$3,264

$42,840

$42,840

Other (specify)

$0

$0

Other (specify)

$0

$0

Other (specify)

$0

$0

$406,398

$378,724

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Total Revenues Expenses Salary and Benefits (Position) Salary and Benefits (Position)

Salaries and Benefits to Marlane Noster (spouse of Ken Noster, head of school) and Nicole Noster (spouse of Simon Noster) Salary and benefits to Jim Burgess (Spouse of TobyLauren Burgess, COO)

Salary and Benefits (Position)

Salaries for Aline Beaudoin (Spouse of Yvan Beaudoin, Headmaster)

Rental

Rent paid to St John the Evangelist Church (Board Chair is the parish priest) & Living Water Arts Foundation (Ken Noster & Marlane Noster are board members)

System Support Snow removal and grass cutting fees to Lone Spruce Farm Incorporated (company controlled by Ken Noster, head of school) Fees for development director training paid to VK Ventures Inc. (company controlled by Vic Wiens, CFO)

Other (specify) Other (specify)

Total Expenses Receivable from/ Payable to

Other Contractual Obligations/ Contingencies

Note: - Describe the nature of different fees and charges and segregate if significant.

- Group with other if not significant.

- Describe the nature of transactions included in Other.

- If applicable, include loans, payables, and receivables.

#

Classification: Protected A

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2238

Independent School Authority Code:

Schedule 5 Analysis of Home Education Funding Balances for the Year Ended August 31, 2025 (in dollars)

Full Time Equivalent (FTE) Enrolled Students

DETAILS OF TRANSACTION Home Education Funding Received from Alberta Education and Childcare Eligible 50% parent portion

5837

2024/2025

2023/2024

$10,188,499 $5,094,225

$9,773,508 $4,886,754

$4,684,480 $1,044,085 $0 $223,779

$4,508,028 $968,321 $0 $183,987

Alberta Education and Childcare Home Education Funding*: Paid to parents Unclaimed by parents (deferred) Declined by parents (deferred) Parents transferred parental portion to school (per signed Parent Declaration** form) Accounts Payable to Alberta Education and Childcare Prior year deferred Unclaimed and Declined balances Less: reimbursements to parents for 2023/2024 expenses Less: 2023/2024 parent portion transferred to school Total Accounts Payable to Alberta Education and Childcare

$968,321 ($634,340) ($223,779) $110,202

Note: * An accredited funded independent school must offer to the parents of a home education student 50 per cent of the home education funding for the purchase of instructional materials. Parents have up to two years to access the parental portion of home education funding. Alberta Education and Childcare will recover the unclaimed/declined portion, the year following the previous two year period. ** Declaration forms must be made available upon request by Alberta Education and Childare.

Parents who were eligible to receive 50% funding in 2023/24 had until the end of 2024/25 to claim expenses and/or transfer to school per signed Parent Declaration form. Any unclaimed/declined amounts remaining are payable to Alberta Education and Childcare.

Classification: Protected A

#

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2238

Independent School Authority Code:

Schedule 6 Salary Disclosure for the Year Ended August 31, 2025

Total Compensation/Contract Range $1 to $49,999 $50,000 to $99,999 $100,000 to $129,999 $130,000 to 159,999 160,000 to 189,999 190,000 to 197,000 $197,001 to 229,999 over $230,000

Number of Individuals (Part time)

Number of Individuals (Full time) 1 2

Part time specification: For example: the three individuals reported under Part time are the equivalent of 0.70 FTE, 0.5 FTE and 0.25 FTE. You would still report 3 under part time.

No individual should be counted more than once; report based on full compensation even if received for multiple roles Total compensation includes salary, wage, benefits, and allowances including other unpaid accrued benefits

Classification: Protected A

Page 12

1 1 2 1

The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025 1.

Nature of operations The Gilbertine Institute of Catholic Studies ("the Institute") operates a private school that facilitates a shared responsibility program and supervision of home education for children in grades one to twelve. The Institution operates under the authority of the Education Act, Private Schools Regulation, Alberta Regulation 127/2022.

The Institute was incorporated as a not-for-profit organization pursuant to the Societies Act of Alberta and is exempt from income taxes under Paragraph 149(1)(f) of the Income Tax Act.

2.

Accounting policies The financial statements were prepared in accordance with Canadian generally accepted accounting standards for not-for-profit organizations and include the following accounting policies: (a)

Revenue recognition The Institute follows the deferral method of accounting for contributions.

Home education, instruction and support revenue are recognized in the year to which they relate. Fees related to workshops and online programs are recognized as revenue when such workshops and programs are delivered.

Government funding from Alberta Education consists of the Home Education and Shared Responsibility Grant. For each home education student, the Institute is provided 50 per cent of the funding to support the home education student, and 50 per cent of the funding is provided for purposes of reimbursing the parent and/or guardian ("parent") for instructional materials and services that support the instructional program at home. Parents have up to two years to access their portion of the funding by submitting approved expenses. To the extent that the parent does not request reimbursement for all or part of the available funding, they may transfer their portion to the Institute, or the Institute will be required to return the unclaimed portion of the grant to Alberta Education. Revenue and expenses are reduced by the unspent parent portion of funding to align with Alberta Education guidelines.

Restricted contributions are deferred and recognized as revenue in the year in which the related expenses are incurred.

Unrestricted contributions are recognized as revenue in the year received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.

(b)

Contributed materials and services Contributed materials are recorded in the accounts only when a fair value can reasonably be estimated, and where the materials are normally purchased and would be paid for if not donated. Volunteers contribute significant amounts of time to the activities of the Institute.

Because of the difficulty of determining the fair value, contributed services are not recognized in the financial statements.

(c)

Cash and cash equivalents Cash and cash equivalents consist of cash held at financial institutions and cashable guaranteed investment certificates that are readily convertible into known amounts of cash.

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The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025 (d)

Capital assets Purchased capital assets are recorded at cost. Contributed capital assets are recorded at fair market value at the date of contribution, if reasonably determinable.

Amortization on capital assets is provided using the straight-line method at the following annual rates: Leasehold improvements

over the lease term

When conditions indicate a capital asset is impaired, the carrying value of the capital asset is written down to the asset’s fair value or replacement cost. The write-down of the capital assets is recorded as an expense in the statement of operations. A write-down is not reversed. (e)

Software services During the year, the Institute adopted Accounting Guideline AcG-20, "Customer's Accounting for Cloud Computing Arrangements" which is effective for fiscal years beginning on or after January 1, 2024. The guideline was adopted retrospectively. There was no impact on the adoption of this guideline as there were no changes in the recording of software service fees and other expenses related to cloud computing arrangements on adoption.

The Institute applies the simplification approach and software service fees and other expenses related to cloud computing arrangements are expensed as incurred.

(f)

Financial instruments Measurement The Institute initially measures its financial assets and liabilities at fair value, except for certain non-arm’s length transactions that are measured at the exchange amount.

The Institute subsequently measures all its financial assets and financial liabilities at amortized cost.

Financial assets measured at amortized cost include cash and cash equivalents and accounts receivable.

Financial liabilities measured at amortized cost include accounts payable and accrued liabilities.

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The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025 Impairment Financial assets measured at cost or amortized cost are tested for impairment, at the end of each year, to determine whether there are indicators that the asset may be impaired. The amount of the write-down, if any, is recognized in excess of revenue over expenses. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account. The reversal may be recorded provided it is no greater than the amount that had been previously reported as a reduction in the asset and it does not exceed original cost. The amount of the reversal is recognized in excess of revenue over expenses.

3.

Related party transactions The Institute entered into related party transactions during the year which are disclosed in schedule 4 of the financial statements.

These transactions are in the normal course of operations and are measured at the exchange amount which is the amount of consideration established and agreed to by the related parties.

4.

Cash equivalents Included in cash and cash equivalents are cashable guaranteed investment certificates totaling $1,294,886 (2024 - $1,266,758), bearing interest at rates ranging from 2.75% to 3.35% per annum (2024 - 4.00% to 5.00% per annum) and maturing between October 2025 and May 2028 (2024 October 2024 and February 2025). Subsequent to year-end, $994,421 of the guaranteed investment certificates matured in October 2025 and were reinvested in a cashable guaranteed investment certificate bearing interest at a rate of 2.75% per annum and maturing in October 2028.

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The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025

5.

Deferred contributions

Unclaimed parental portion of home education supports (Schedule 5) Parental portion of home education supports transferred to the Institute (Schedule 5) Online courses and other Total

Unclaimed parental portion of home education supports (Schedule 5) Parental portion of home education supports transferred to the Institute (Schedule 5) Online courses and other Total

Beginning balance, September 1, 2024

Contributions

$

$

968,321

5,094,225

183,987 22,970 $

1,175,278

223,779 41,148 $

5,359,152

Beginning balance, September 1, 2023

Contributions

$

$

880,880

4,886,754

262,098 9,672 $

1,152,650

$

5,093,711

-16-

4,684,480

$

183,987 36,724 $

$

183,987 22,970 $

Utilized

Transfer by parents to the Institute

4,905,191

$

Utilized

Transfer by parents to the Institute

4,508,028

$

4,779,798

Amounts repayable $

-

262,098 9,672 $

223,779

223,779

183,987

183,987

110,202

$

$

110,202

$

107,298

$

107,298

1,295,258 Closing balance, August 31, 2024

$

$

1,044,085 223,779 27,394

Amounts repayable

$

Closing balance, August 31, 2025

968,321 183,987 22,970

$

1,175,278

The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025 6.

Shared responsibility grant Home Education and Shared Responsibility revenue includes $104,985 (2024 - $114,553) related to the shared home education portion of the Shared Responsibility grant. The parental portion of this funding that was signed over by parents to the Institute during the year is $52,493 (2024 - $57,277).

7.

Software services During the year, the Institute incurred $32,108 (2024 - $28,477) of software service fees which are included in home education services, contracts and supplies expense.

8.

Lease commitments The Institute is committed under two leases on campus for future minimum rental payments exclusive of occupancy costs as follows: St. John the Evangelist Church

Holy House Edmonton 2026 9.

$

22,200

$

43,808

Total $

66,008

Financial instruments The Institute is exposed to the following significant financial risks: (a)

Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The financial instruments that potentially subject the company to a significant concentration of credit risk consist primarily of cash and cash equivalents.

The Institute mitigates its exposure to credit loss by placing cash and cash equivalents with major financial institutions.

(b)

Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Institute is exposed to interest rate risk to the extent that its holds guaranteed investment certificates at fixed interest rates.

(c)

Liquidity risk Liquidity risk is the risk that the Institute will encounter difficulty in meeting obligations associated with financial liabilities. The financial liabilities on its statement of financial position consist of accounts payable and accrued liabilities. Management closely monitors cash flow requirements to ensure that it has sufficient cash on demand to meet operational and financial obligations.

There have been no changes in any significant risk exposures from the previous year-end.

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The Gilbertine Institute of Catholic Studies Notes to Financial Statements August 31, 2025 10.

Economic dependence The Institute's primary source of income is from the Alberta Government. The Institute's ability to continue viable operations is dependent on this funding.

11.

Budget amounts The 2025 budget was prepared by the Institute and approved by the Board of Directors. It has been reported in the financial statements for information purposes only and has not been audited.

12.

Subsequent event Subsequent to year-end, the Institute received a donation of land and a building with a fair value totaling $502,210.

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