Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32AUDITED FINANCIAL STATEMENTS Ontario Electronic Stewardship Statement of Changes in Net Assets For the year ended December 31, 2015 Invested in Capital Contingency 2015 Assets Unrestricted Reserve Total Balance, beginning of year $ 224,719 $ - $ 31,213,637 $ 31,438,356 Excess (deficiency) of revenue over expenses for the year (156,487) 4,351,046 - 4,194,559 Investment in capital assets 16,945 (16,945) - - Transfer to contingency reserve (Note 5) - (4,334,101) 4,334,101 - Balance, end of year $ 85,177 $ - $ 35,547,738 $ 35,632,915 For the year ended December 31, 2014 Invested in Capital Contingency 2014 Assets Unrestricted Reserve Total Balance, beginning of year $ 624,983 $ 13,195,837 $ - $ 13,820,820 Excess (deficiency) of revenue over expenses for the year (400,264) 18,017,800 - 17,617,536 Transfer to contingency reserve (Note 5) - (31,213,637) 31,213,637 - 6 5 3 , 8 3 4 , 1 3 $ 7 3 6 , 3 1 2 , 1 3 $ - $ 9 1 7 , 4 2 2 $ r a e y f o d n e , e c n a l a B The accompanying notes are an integral part of these financial statements. 4 Ontario Electronic Stewardship 2015 Annual Report 23