SaskCulture Financials

MANAGEMENT’S RESPONSIBILITY

To the Members of SaskCulture Inc.:

Management is responsible for the preparation and presentation of the accompanying summarized financial statements, including responsibility for significant accounting judgments and estimates in accordance with Canadian accounting standards for not for profit organizations. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.

In discharging its responsibilities for the integrity and fairness of the financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of financial statements .

The Board of Directors is composed of Directors who are neither management nor employees of SaskCulture. The Board is comprised of community volunteers elected by the membership who review the financial statements in detail with management prior to their publication. The Board is also responsible for recommending the appointment of SaskCulture’s external auditors.

MNP LLP is appointed by the members to audit the financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the Audit Committee and management to discuss their audit findings.

May 15, 2021

Dean Kush, CEO

INDEPENDENT AUDITORS’ REPORT

To the Members of SaskCulture Inc.:

Opinion

The summary financial statements, which comprise the summary statement of financial position as at March 31, 2021, and the summary statements of operations for the year then ended, and related notes, are derived from the audited financial statements of SaskCulture Inc. for the year ended March 31, 2021.

In our opinion, the accompanying summary financial statements are a fair summary of the audited financial statements, in accordance with the basis described in Note 1.

Summary Financial Statements

The summary financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon. The summary financial statements and the audited financial statements do not reflect the effects of events that occurred subsequent to the date of our audit report of the audited financial statements.

The Audited Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited financial statements in our report dated May 15, 2021.

Management’s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of the complete financial statements in accordance with the basis described in Note 1.

Auditor’s Responsibility

Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the audited financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS) 810, Engagements to Report on Summary Financial Statements.

Regina, Saskatchewan May 15, 2021

Chartered Professional Accountants

Assets

Cash and short-term investments Accounts receivable Prepaid expenses and deposits GST receivable Due from Sask Lotteries Trust Fund – Programs

Intangible assets Capital assets

Liabilities

Accounts payable and accruals Due to Sask Lotteries Trust Fund – Operations Current portion of lease inducements Holdbacks payable Due to Sask Lotteries Trust Fund – Programs Deferred revenue

Net Assets Invested in capital and intangible assets Unrestricted March 31, 2021 March 31, 2020

3,003,521 2,840 4,524 3,779

2,146,185 99,717 4,450 7,059 -

3,014,664

2,257,411

215,504

232,801 119,130 155,501

3,349,298

2,645,713

448,880 323,731 862,323 384,161 -

2,019,095

95,588 80,666 14,927 1,020,718 127,114 15.490 1,354,503

334,634 995,569 1,330,203 3,349,298

388,302 902,908 1,291,210 2,645,713

SASKCULTURE INC. | SUMMARY STATEMENT OF OPERATIONS | For the year ended March 31, 2021

Revenue

Grants from Sask Lotteries Trust Fund for Sport, Culture and Recreation Grants – other Self-generated

Expenses

Operations Program initiatives

Excess of revenue over expenses March 31, 2021 March 31, 2020

6,987,049 20,490 38,993 7,046,532

2,164,082 4,843,457 7,007,539 38,993

7,708,024 20,000 106,342 7,834,366

2,624,557 5,132,690 7,757,247 77,119

Approved on behalf of the board

__________________________ Director __________________________ Director

SASKCULTURE INC. | NOTE TO THE SUMMARY FINANCIAL STATEMENTS | For the year ended March 31, 2021

1. Basis of the summary financial statements

Management has prepared the summary financial statements from the March 31, 2021 audited financial statements, which are in conformity with the Canadian accounting standards for not-for-profit organizations. The audited financial statements can be obtained from SaskCulture Inc. The detailed notes included in the audited financial statements are not included in these summary financial statements. The criteria developed by management for the preparation of the summary financial statements is as follows: that the information included in the summary financial statements is in agreement with the related information in the complete financial statements, and that the summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete financial statements, including the notes thereto, in all material respects.