Independent auditor’s report

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To the Director of Research of: Agricultural Research and Innovation Ontario

Opinion

We have audited the accompanying financial statements of Agricultural Research and Innovation Ontario, which comprise the statement of financial position as at March 31, 2025 and the statements of revenues and expenditures and changes in fund balances, remeasurement gains (losses) and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, these financial statements present fairly, in all material respects, the financial position of Agricultural Research and Innovation Ontario as at March 31, 2025 and the results of its operations and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Basis of 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 Agricultural Research and Innovation Ontario 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.

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 public sector accounting standards 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 organization's ability to continue as a going concern, disclosing, as applicable, matters related to a going concern and using the going concern basis of accounting unless management either intends to liquidate the organization or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the organization'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 judgement 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 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 organization’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 organization’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 organization 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.

RLB signature

Chartered Professional Accountants
Licensed Public Accountants
July 7, 2025
Guelph, Ontario

Assets
Asset2025 (schedule 1)
$
2024
$
Cash12,503,8492,036,368
Investments10,793,72623,668,007
Accounts receivable2,051,7703,828,957
Total current assets25,349,34529,533,332
TCAs under construction250,00025,000
TCAs (note 5)121,705,292125,545,579
Total assets147,304,637155,103,911
Liabilities
Liability2025 (schedule 1)
$
2024
$
Accounts payable and accruals1,475,9357,233,649
Unclaimed expenditures0949,805
Total current liabilities1,475,9358,183,454
Asset retirement obligations (note 12)3,323,7363,289,833
Deferred capital funded contributions (notes 6, 9, and 11)103,174,911104,992,688
Deferred capital contributions (note 7)5,605,6896,727,745
Total liabilities113,580,271123,193,720
Net assets
Net assets2025 (schedule 1)
$
2024
$
Fund balances27,295,80425,427,813
Accumulated remeasurement gains (losses)(2,884)50,932
Contributed assets (note 4)6,431,4466,431,446
Total net assets33,724,36631,910,191

 

 
Total liabilities and net assets
Liabilities and net assets2025 (schedule 1)
$
2024
$
Total liabilities and net assets147,304,637155,103,911

Statement of revenues and expenditures and changes in fund balances for year ended March 31, 2025

Research revenues
Revenue2025 (schedule 2)
$
2024
$
Grants — provincial — Sustainable CAP (note 9)3,083,0004,442,000
Intellectual property (note 8)545,013631,869
Total research revenues3,628,0135,073,869
Property revenues
Revenue2025 (schedule 2)
$
2024
$
Grants — provincial — minor capital (note 9)4,500,0004,500,000
Rental income — provincial311,598283,300
Rental income — private industry190,877144,311
Grants — provincial — payments in lieu of taxes (note 9)1,250,0001,250,000
Payments in lieu of taxes177,696153,107
Amortization of deferred capital contributions3,804,8323,548,951
Total property revenues10,235,0039,879,669
Other revenues
Revenue2025 (schedule 2)
$
2024
$
Other income065,771
Realized loss on sale of investment140,868(114,393)
Investment income975,4481,099,330
Total other revenues1,116,3161,050,708
Total revenues
Revenue2025 (schedule 2)
$
2024
$
Total research revenues3,628,0135,073,869
Total property revenues10,235,0039,879,669
Total other revenues1,116,3161,050,708
Total revenues14,979,33216,004,246
Research expenditures
Expenditure2025 (schedule 2)
$
2024
$
Research projects101,05436,566
Intellectual property (note 8)38,97528,167
Total research expenditures140,02964,733
Property expenditures
Expenditure2025 (schedule 2)
$
2024
$
Payments in lieu of taxes1,376,1901,246,562
Minor capital8,414,9227,886,821
Management consulting expense14,5000
Operations and maintenance207,402179,207
Accretion expense95,112123,701
Amortization of TCAs3,836,7523,619,099
Total property expenditures13,944,87813,055,390
Total expenditures
Expenditure2025 (schedule 2)
$
2024
$
Total research expenditures140,02964,733
Total property expenditures13,944,87813,055,390
Total expenditures14,084,90713,120,123
Excess of revenues over expenditures (expenditures over revenues) for the year
Item2025 (schedule 2)
$
2024
$
Excess of revenues over expenditures (expenditures over revenues) for the year894,4252,884,123
Net amount transferred from unclaimed expenditures973,566265,811
Net excess of revenues over expenditures for the year1,867,9913,149,934
Net assets
Net assets2025 (schedule 2)
$
2024
$
Net excess of revenues over expenditures for the year1,867,9913,149,934
Net assets, beginning of year31,910,19128,641,986
Net remeasurement gains for the year(53,816)118,271
Net assets, end of year33,724,36631,910,191

Statement of remeasurement gains (losses) for year ended March 31, 2025

Remeasurement losses2025
$
2024
$
Accumulated remeasurement losses, beginning of year50,932(67,339)
Unrealized gains attributable to investments(194,684)232,664
Amounts reclassified to the statement of revenues and expenditures and changes in fund balances: realized loss on sale of investments140,868(114,393)
Net remeasurement (losses) gains for the year(53,816)118,271
Accumulated remeasurement losses, end of year(2,884)50,932

Statement of cash flows for year ended March 31, 2025

Cash provided by (used in) operating activities
Operating activity2025
$
2024
$
Excess of (expenditures over revenues) revenues over expenditures for the year894,4252,884,123
Items not requiring an outlay of cash
Operating activity2025
$
2024
$
Amortization of TCAs3,836,7523,619,099
Accretion expense95,112123,701
Deferred capital funded contributions recognized(2,682,777)(2,409,027)
Deferred capital funded contributions expensed as minor capital23,7600
Deferred capital contributions recognized(1,122,056)(1,139,924)
Net remeasurement (losses) gains(53,816)118,271
Total items not requiring an outlay of cash96,975312,120
Changes in non-cash working capital
Operating activity2025
$
2024
$
Accounts receivable1,777,187(2,380,159)
Accounts payable and accruals(5,757,714)(1,057,197)
Holdbacks payable0(69,850)
Deferred revenue0(128,532)
Total cash provided by (used in) operating activities(3,980,527)(3,635,738)
Cash provided by (used in) investing activities
Capital activity2025
$
2024
$
Investments12,874,281(514,928)
Total cash provided by (used in) investing activities12,874,281(514,928)
Cash provided by (used in) capital activities
Capital activity2025
$
2024
$
Additions to TCAs(57,673)0
TCAs under construction(225,000)(8,282,087)
Deferred capital funded contributions865,0002,125,000
Total cash provided by (used in) capital activities582,327(6,157,087)
Net change in cash for the year
Cash2025
$
2024
$
Net (decrease) increase in cash for the year10,467,481(7,111,510)
Cash, beginning of the year2,036,3689,147,878
Cash end of the year12,503,8492,036,368

Notes to the financial statements

Note 1 — Nature of organization

Under the province of Ontario Agencies and Appointments Directive, the Agricultural Research and Innovation Ontario (ARIO) is classified as a Board Governed Operational Service Agency reporting to the Ministry of Agriculture, Food and Agribusiness (OMAFA). In addition, ARIO is a non-profit organization within the meaning of the Income Tax Act (Canada) and is exempt from income taxes. It was created by the ARIO Act with specific responsibilities for the co-ordination and direction of agri-food research programs and research infrastructure in Ontario. These activities relate to a broad range of commodities and disciplines, covering all aspects of the agri-food system.

Funding for programs supported by ARIO is available from various sources. The Ontario government, through OMAFA, is the primary source of funding. The Ontario Government also provides funding for open research programs. Under the ARIO Act, ARIO may accept grants and donations for research. Other funds usually come from commercial sources (such as agri-business, marketing boards and producer associations) and can be either designated for specific projects or non-designated. In addition, ARIO reinvests royalties earned from Ministry funded research.

All receipts are held in trust by the managing director and are allocated in accordance with the terms of the funds. Transactions between OMAFA and the below programs are recorded at the exchange value.

The current research trust funds managed by the secretariat to ARIO are as follows:

  • Agricultural Research and Innovation Ontario (ARIO)
  • Open Competitive Research (includes New Directions, Food Safety, other)
  • Infrastructure

Note 2 — Summary of significant accounting policies

The financial statements have been prepared in accordance with Canadian public sector accounting standards for government not for profit organizations, including the 4200 series of standards, as issued by the Public Sector Accounting Board (PSAB for Government NPOs) and include the following significant accounting policies:

Basis of accounting

OMAFA follows the deferral method of accounting for contributions. Restricted contributions are recognized as revenue of the appropriate research trust fund in the year in which the related expenses are incurred. Unrestricted contributions and all other revenues are recognized as revenue of the appropriate research trust fund when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Investment income is accrued in the period the investment returns are earned.

Financial instruments
Measurement of financial instruments

The organization initially measures its financial assets and liabilities at fair value, except for certain non-arm’s length transactions.

The organization subsequently measures all its financial assets and financial liabilities at amortized cost, except for investments, which are measured at fair value. Changes in fair value are recognized in the statement of remeasurement gains (losses).

Impairment

Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. If an impairment has occurred, the carrying amount of financial assets measured at amortized cost is reduced to the greater of the discounted future cash flows expected or the proceeds that could be realized from the sale of the financial asset. The amount of the write-down is recognized in the statement of revenues and expenditures. The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in the statement of revenues and expenditures.

Transaction costs

The organization recognizes its transaction costs in expenditures in the period incurred. However, financial instruments that will not be subsequently measured at fair value are adjusted by the transaction costs that are directly attributable to their origination, issuance or assumption.

Unclaimed expenditures

Unclaimed expenditures are defined as the total approved budget for open research projects less expenses incurred to date.

Tangible capital assets

Tangible capital assets are recorded at cost and are amortized using the following annual rates and method:

  • buildings and components — 25 to 40 years straight line

Tangible capital assets under construction (new buildings) are not amortized.

Impairment of long-lived assets

Long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. An impairment loss is recognized when the carrying value exceeds the total undiscounted cash flows expected from their use and eventual disposition. The amount of the impairment loss is determined as the excess of the carrying value of the asset over its fair value.

Deferred capital contributions

Deferred capital contributions are recognized in the same period as the related expenditure and amortized at the same rate as the buildings to which they relate.

Restrictions on the expenditure of funds

The purpose, funding, terms and conditions and duration of each research trust fund are stipulated in the relevant Order-in-Council, memorandum of understanding or ministry correspondence.

Use of estimates

The preparation of financial statements in accordance with PSAB for Government NPOs requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Significant areas requiring the use of management estimates and assumptions relate to the valuation of accounts payable and accruals and the useful life of tangible capital assets (TCAs). Actual results could differ from those estimates.

Asset retirement obligations

ARIO records asset retirement obligations when there is a legal obligation associated with the retirement of the TCA that results from the acquisition, construction, development, and/or normal use of a TCA. Such obligation justifies recognition of a liability and can result from existing legislation, regulation, agreement, contract or a promise and an expectation of performance. The estimate of the liability includes costs directly attributable to asset retirement activities, such as post-retirement operation, maintenance, and monitoring that are an integral part of the retirement of the TCA. Estimated retirement costs are capitalized to the carrying value of the associated assets and amortized on a straight-line basis over the asset's estimated useful life. The amortization of the asset retirement costs follows the same method of amortization as the associated TCA.

Note 3 – Financial instruments

Fair value

PS3450, Financial Instruments — Disclosures requires disclosures about the inputs to fair value measurements, including their classification within a hierarchy that prioritizes the inputs to fair value measurement. The 3 levels of the fair value hierarchy are:

  • Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
  • Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
  • Level 3: Inputs that are not based on observable market data.

ARIO’s financial instruments are classified as Level 2 except for cash which is classified as Level 1 as at March 31, 2025 and 2024.

There were no transfers in or out of Level 1 or Level 2 for the years ended March 31, 2025 and 2024.

Associated risks

Market price risk

Market price risk is the risk that the value of an instrument will fluctuate because of changes in market prices, whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. As all of ARIO’s financial instruments are carried at fair value with fair value changes recognized in the statement of remeasurement gains (losses), all changes in market conditions will directly affect the increase (decrease) in accumulated remeasurement gains (losses). Market price risk is managed by the investment manager through construction of a diversified portfolio of instruments traded on various markets and across various industries.

A 1% increase (decrease) in the value of the investments would increase (decrease) the asset value and the change in unrealized gains in investments by $107,937 (2024 — $236,680). The price of the investments is affected by changes in market values, foreign exchange rates and interest rates impacting the underlying financial instruments held within the individual investments managed by the investment manager.

Interest rate risk

Interest rate risk refers to the adverse consequences of interest rate changes on the organization’s cash flows, financial position and income. Interest rate changes have an indirect impact on the investment assets in ARIO. ARIO uses investment diversification to manage this risk.

Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities.

All of ARIO’s fixed income securities are considered to be readily realizable as they can be quickly liquidated at amounts close to their fair value in order to meet liquidity requirements.

Foreign currency risk

Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. ARIO is not exposed to significant foreign currency risk.

Credit risk

Credit risk is the risk that a customer or counterpart may be unable or unwilling to meet a commitment that it has entered into with ARIO. ARIO is not exposed to significant credit risk.

Note 4 — Contributed assets

Contributed assets of $6,431,446 (2024 — $6,431,446) are recorded in the Infrastructure Fund and represent the cost of the land transferred to ARIO from the Government of Ontario. During the year, there were no reductions.

Note 5 — Tangible capital assets

Land assets
LandCost
$
Accumulated amortization
$
Net 2025
$
Net 2024
$
Regional campuses718,6980718,698718,698
Research stations19,419,546019,419,54619,419,546
Total land assets20,138,244020,138,24420,138,244
Building assets
BuildingCost
$
Accumulated amortization
$
Net 2025
$
Net 2024
$
Regional campuses28,667,33112,705,79015,961,54116,858,562
Research stations109,630,68724,025,18085,605,50788,548,773
Total building assets138,298,01836,730,970101,567,048105,407,335
Total land and building assets
Land and buildingCost
$
Accumulated amortization
$
Net 2025
$
Net 2024
$
Total land assets20,138,244020,138,24420,138,244
Total building assets138,298,01836,730,970101,567,048105,407,335
Total assets158,436,26236,730,970121,705,292125,545,579

As at March 6, 2007, the titles for tangible capital assets (land and buildings) with a carrying value of approximately $60.9 million were transferred to ARIO from the Government of Ontario. Carrying value is being used as the transfer value since the transfer took place between non‑arm's length parties, is non‑monetary in nature and does not have commercial substance. As an agency of the Government of Ontario, ARIO reports these tangible capital assets (and other assets and liabilities) in consolidation with OMAFA on an annual basis.

Note 6 — Deferred capital funded contributions

Deferred capital funded contributions relating to construction of capital funded projects represents the amount of grants and other restricted funding received by ARIO for construction projects.

Balance2025
$
2024
$
Balance, beginning of the year104,992,688105,276,715
Less amortization for the year(2,682,777)(2,409,027)
Less amounts expensed as minor capital00
Add contributions received for capital purposes865,0002,125,000
Balance, end of the year103,174,911104,992,688
Funding sources
Funding source2025
$
2024
$
Federal927,500962,500
Provincial87,897,57989,938,900
Industry14,349,83214,091,288
Total funding sources103,174,911104,992,688

Note 7 — Deferred capital contributions

Deferred capital contributions represent the unamortized amount of the net book value of the buildings transferred to ARIO from the Government of Ontario in 2007. The amortization of capital contributions is recorded as revenue in the statement of revenues and expenditures. The changes in the deferred capital contributions are as follows:

Balance2025
$
2024
$
Balance, beginning of the year6,727,7457,867,669
Less amortization for the year(1,122,056)(1,139,924)
Balance, end of the year5,605,6896,727,745

Note 8 — ARIO research fund

Revenue
RevenueSeed royalty
$
Technology royalty
$
Other
$
Total 2025
$
Total 2024
$
Intellectual property459,49585,5180545,013631,869
Investment income207,155142,62017,200366,975304,849
Total revenue666,650228,13817,200911,988936,718
Expenses
ExpenseSeed royalty
$
Technology royalty
$
Other
$
Total 2025
$
Total 2024
$
Expenses16,84520,4841,64638,97528,167
Fund balances
Fund balancesSeed royalty
$
Technology royalty
$
Other
$
Total 2025
$
Total 2024
$
Net surplus (deficit) for the year649,805207,65415,554873,013908,551
Remeasurement gains (losses)(9,985)(6,874)(829)(17,688)36,381
Fund balance, end of year639,820200,78014,725855,325944,932

During 2019, the University of Guelph began program administration for the above intellectual property fund.

Note 9 — Grants received from the provincial government

The following grants, recorded at the exchange value, have been received from OMAFA and successor ministries:

Research programs and other grants
Other grants2025
$
2024
$
Minor capital4,500,0004,500,000
Sustainable Canadian Agricultural Partnership3,308,0004,717,000
Payments in lieu of taxes1,250,0001,250,000
Total other grants9,058,00010,467,000

The following provincial government capital transfer payment grants have been partially capitalized as deferred capital funded contributions and partially recognized as revenues as follows:

Minor capital
Minor capital2025
$
2024
$
Funding received4,500,0004,500,000
Capitalized — Deferred capital funding contributions00
Net revenue4,500,0004,500,000
Canadian Agricultural Partnership
Canadian Agricultural Partnership2025
$
2024
$
Funding received0850,000
Capitalized — Deferred capital funding contributions0(750,000)
Net revenue0100,000
Sustainable Canadian Agricultural Partnership
Sustainable Canadian Agricultural Partnership2025
$
2024
$
Funding received3,308,0004,717,000
Capitalized — Deferred capital funding contributions(225,000)(275,000)
Net revenue3,083,0004,442,000

Note 10 — Asset retirement obligation

ARIO records asset retirement obligations related to the legal obligations where the organization is obligated to incur costs to retire a tangible capital asset. A total liability of $33,903 (2024 — $82,782) has been recorded for activities to fulfill the obligation based on estimations for the extent and cost of activities to fulfill the requirements of the obligation, plus an estimated amount for inflationary costs up to the retirement date.

The change in the year, resulting from a passage of time, was $95,112 (2024 — $123,701) and no revision to cash flows were recorded. There were no obligations settled in the fiscal year.

ARIO discounts significant obligations where there is a high degree of confidence on the amount and timing of cash flows. As of March 31, 2025, the obligations have been recorded at their net present value, based on remaining useful lives and discount rates provided by the province.

Schedule 1 – research trust funds: financial position as at March 31, 2025

Assets
AssetsARIO 
$
Infrastructure
$
New directions
$
Food safety
$
Eliminations
$
2025
$
Cash12,503,849000012,503,849
Investments10,793,726000010,793,726
Due from ARIO07,205,2303,327,779864,995(11,398,004)0
Accounts receivable10,0002,041,7700002,051,770
Total current assets23,307,5759,247,0003,327,779864,995(11,398,004)25,349,345
Tangible capital assets under construction0250,000000250,000
Tangible capital assets (note 5)0121,705,292000121,705,292
Total tangible capital assets0121,955,292000121,955,292
Total assets23,307,575131,202,2923,327,779864,995(11,398,004)147,304,637
Liabilities
LiabilitiesARIO 
$
Infrastructure
$
New directions
$
Food safety
$
Eliminations
$
2025
$
Due to other research trust funds11,398,004000(11,398,004)0
Accounts payable and accruals01,475,9350001,475,935
Total current liabilities11,398,0041,475,93500(11,398,004)1,475,935
Asset retirement obligations (note 10)03,323,7360003,323,736
Deferred capital funded contributions (notes 6 and 9)0103,174,911000103,174,911
Deferred capital contributions (note 7)05,605,6890005,605,689
Total asset retirement obligation and deferred capital0112,104,336000112,104,336
Total liabilities11,398,004113,580,27100(11,398,004)113,580,271
Fund balances
Fund balancesARIO 
$
Infrastructure
$
New directions
$
Food safety
$
Eliminations
$
2025
$
Fund balances12,105,12910,995,1293,330,072865,474027,295,804
Accumulated remeasurement (losses) gains(195,558)195,446(2,293)(479)0(2,884)
Contributed assets (note 4)06,431,4460006,431,446
Total fund balances11,909,57117,622,0213,327,779864,995033,724,366
Total liabilities and net assets23,307,575131,202,2923,327,779864,995(11,398,004)147,304,637

Schedule 2 – research trust funds: revenues and expenditures and changes in fund balances for the year ended March 31, 2025

Research revenue
RevenueARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Grants — provincial — Sustainable CAP (note 9)03,083,000003,083,000
Intellectual property (note 8)545,013000545,013
Total research revenues545,0133,083,000003,628,013
Property revenue
RevenueARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Grants — provincial — minor capital (note 9)04,500,000004,500,000
Rental income — provincial0311,59800311,598
Rental income — private industry0190,87700190,877
Grants — provincial — payments in lieu of taxes (note 9)01,250,000001,250,000
Payments in lieu of taxes0177,69600177,696
Amortization of deferred capital contributions03,804,832003,804,832
Total property revenues010,235,0030010,235,003
Other revenue
RevenueARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Realized loss on sale of investment46,30077,60913,8633,096140,868
Investment income320,675537,31796,01521,441975,448
Total other revenue366,975614,926109,87824,5371,116,316
Total revenue
RevenueARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Total research revenue545,0133,083,000003,628,013
Total property revenue010,235,0030010,235,003
Other revenue366,975614,926109,87824,5371,116,316
Total revenues911,98813,932,929109,87824,53714,979,332
Research expenditures
Research ExpendituresARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Research projects00100,551503101,054
Intellectual property (note 8)38,97500038,975
Total research expenditures38,9750100,551503140,029
Property expenditures
Property expendituresARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Payments in lieu of taxes01,376,190001,376,190
Minor capital08,414,922008,414,922
Management and consulting expense014,5000014,500
Operations and maintenance0207,40200207,402
Accretion expense095,1120095,112
Amortization of tangible capital assets03,836,752003,836,752
Total property expenditures013,944,8780013,944,878
Total expenditures
ExpendituresARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Total research expenditures38,9750100,551503140,029
Total property expenditures013,944,8780013,944,878
Total expenditures38,97513,944,878100,55150314,084,907
Excess of revenue over expenditures for the year
Net surplus for the yearARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Excess of revenues over expenditures for the year873,013(11,949)9,32724,034894,425
Net amount transferred from unclaimed expenditures630,6240224,396118,546973,566
Total net surplus for the year1,503,637(11,949)233,723142,5801,867,991
Net assets
Net assetsARIO 
(note 8)
$
Infrastructure
$
New directions
$
Food safety
$
2025
$
Total net surplus for the year1,503,637(11,949)233,723142,5801,867,991
Net assets, beginning of year10,423,62217,663,6193,099,352723,59831,910,191
Net remeasurement losses for the year(17,688)(29,649)(5,296)(1,183)(53,816)
Net assets, end of year11,909,57117,622,0213,327,779864,99533,724,366