Species Conservation Action Agency 2024–2025 annual report
An overview of activities and financial performance for the Species Conservation Action Agency from when it was established on September 16, 2021 up to March 31, 2025.
Message from the chair
I would like to begin by sincerely thanking my fellow board members, the Minister of the Environment, Conservation and Parks (minister), the staff of the Ministry of the Environment, Conservation and Parks (ministry) and our own agency staff for their support and enthusiasm this past year. Their collective efforts have contributed to the fulfillment of key deliverables as outlined in the letter of direction for the fiscal year 2024–2025 (Appendix A) from the minister to the Species Conservation Action Agency (SCAA/agency).
This year, the agency made several key advancements. We hired our first permanent CEO along with a senior program lead, developed and implemented the inaugural 2024–2027 business plan, made strides towards operational and financial independence from the ministry, completed species-specific funding plans for Butternut and Bobolink and Eastern Meadowlark and ensured full transparency of the agency’s activities. I am also proud that we launched the Species at Risk Conservation Fund Grant Program with an invitational grant round made available to a small pool of applicants who strongly aligned with the agency’s funding priorities.
Although we had been looking forward to the upcoming year to be able to share the agency’s funding plans and release funds through the grant program, our efforts were paused when on April 17, 2025, the Honorable Todd J. McCarthy, Minister of the Environment, Conservation and Parks, sent the agency a letter directing all work to be halted related to the development of agreements to fund species-specific conservation projects. Subsequently, on June 5, 2025, the Protect Ontario by Unleashing our Economy Act, 2025 (Bill 5) was passed. As a result, amendments to the Endangered Species Act, 2007 (ESA), including the provisions to wind-up and dissolve the agency took effect, ultimately impeding the agency’s ability to move forward on its mandate to support species at risk protection and recovery activities and improve outcomes for conservation fund species.
Ian Barrett, Chair
Species Conservation Action Agency
Agency overview
SCAA, legally known as the Species at Risk Conservation Trust, is a board-governed provincial agency responsible for administering and managing the Species at Risk Conservation Fund (fund).
In 2019, amendments to the ESA, for which the Minister of the Environment, Conservation and Parks is responsible, established the framework that provided proponents the ability to pay a species conservation charge into the fund rather than complete beneficial activities themselves. The money accumulated in the fund would then be used to fund activities that are reasonably likely to protect or recover conservation fund species.
The agency was established in 2021 and operations were initiated in 2022 to operationalize the agency. The agency operates in accordance with the ESA, Ontario Regulation 651/21 (Agency Regulation), O. Reg. 656/21 (Five-year Report by the Agency Regulation), its Memorandum of Understanding (MOU) between the minister and the SCAA Chair of the Board of Directors, applicable government directives, and other requirements.
On April 29, 2022, Ontario Regulation 829/21 (Species Conservation Charges) and Ontario Regulation 830/21 (Exemptions — Species Subject to Species Conservation Charges) came into effect, which set out which species at risk are conservation fund species, which registrations and authorizations are eligible for the fund option (in lieu of requirements to carry out beneficial activities), and how species conservation charges are to be calculated and paid.
The agency’s purpose, as established in the ESA, is to manage the fund to fulfill its purpose of funding activities that protect or recover conservation fund species or support their protection and recovery by:
- receiving species conservation charges and any other revenue enabled by the ESA
- determining activities eligible for support from the fund based on legislative, regulatory and other requirements
- entering into funding agreements for eligible projects
- administering and managing the fund
- paying money out of the fund in accordance with the fund’s purpose and legislative, regulatory, and other requirements.
The agency’s Board of Directors established that the vision of the agency is to undertake species protection and recovery activities that deliver long term measurable results and that benefit from a pooled funding approach.
The agency pools funds from the species conservation charges paid into the fund and determines how best to fund protection and recovery activities that generate benefits for conservation fund species beyond what would otherwise be achieved by a proponent acting alone.
The fund option was made available for four species that were anticipated to benefit from a strategic and coordinated approach to enhance protection and recovery. These conservation fund species are the Butternut (tree), Bobolink (bird), Eastern Meadowlark (bird) and populations of Blanding’s Turtle in the Ontario shield ecozone. The Eastern-Whip-poor-will (bird) and Barn Swallow (bird), which were originally included as conservation fund species, were down-listed to species of special concern and are no longer eligible.
On April 17, 2025, the minister sent the agency a letter directing all work to pause related to the development of agreements to fund species-specific conservation projects. On June 5, 2025, Bill 5 was passed. As a result, amendments to the ESA, including the provisions to wind-up and dissolve the agency, took effect. On July 18, 2025, the agency’s board received further direction to prepare and submit to the minister for approval, a plan to wind-up the agency transferring its assets, rights, and obligations to the Crown in accordance with the Agencies and Appointment Directive (AAD) and within the plan’s key dates, agreed upon by the agency and the ministry.
Summary of activities and achievements
In fiscal year 2024–2025, the agency hired its first permanent staff members including the CEO and senior program lead to continue operational and administrative start-up operations. A major achievement in this fiscal year was the creation of funding plans for Butternut and Bobolink and Eastern Meadowlark. In addition, the agency piloted the Species at Risk Conservation Fund Grant Program with an invitational round of funding available to a targeted pool of applicants whose objectives strongly aligned with the agency’s funding priorities; evaluation and risk assessment work occurred to select projects to fund in 2025–2026.
Following the minister’s directive to pause work and wind-up the agency, SCAA paused all activities related to the development of agreements to fund species-specific conservation projects, effectively halting progress on the funding of projects.
Below is a list of specific activities and achievements related to the priorities in the letter of direction for fiscal year 2024–2025.
Become fully operational and financially independent
- A permanent CEO was hired in June 2024 and a Senior Program Lead was hired in September 2024. An interim CEO supported the transition until July 2024, while two experienced temporary part-time staff supported the completion of key deliverables until November 2024.
- A human resources plan was included in the 2024–2027 Business Plan that reflected a lean, nimble and scalable organizational structure.
- An operational policy was included in the 2024–2027 Business Plan that minimized spending on administrative and operational costs.
- A risk management framework and plan was included in the 2024–2027 Business Plan that identified possible risks and associated mitigation measures.
- Various activities related to the ongoing set-up of the agency were completed including setting up payroll and information technology systems.
Increase revenues for conservation fund
- The agency collaborated with the ministry to understand uptake of the fund by proponents.
- The agency collaborated with partners to explore reasons why the fund option may not be chosen by proponents.
- Mechanisms were explored to be able to accept donations and increase fund revenues through a Canada Helps account.
- A donations policy was approved by the board.
Develop and implement species-specific funding plans
- Funding plans for Butternut and Bobolink and Eastern Meadowlark were developed and will be published before funds are released.
- A process to receive applications that benefit conservation fund species was developed.
- A scoring framework to evaluate applications in accordance with the funding plans and the agency’s objectives was developed.
- The agency worked with the ministry to identify an initial list of potential recipients for funding and liaised with those organizations to invite them to apply for funding in the inaugural pilot grant round.
- A method for distributing funds to approved projects was developed.
- A framework to assess, manage and quantify progress for conservation fund species was developed.
Ensure transparency
- The agency submitted its 2023–2024 Annual Report and 2025–2028 Business Plan to the ministry for approval and public posting on Ontario.ca.
- Funding plans for Butternut and Bobolink and Eastern Meadowlark will be posted on Ontario.ca before funds are released.
- An updated MOU was signed in April 2024 and posted publicly on May 10, 2024.
- Frequent communication, which remains a cornerstone of the agency’s relationship with the ministry, was established and maintained.
- The agency initiated preparations for its first five-year report.
Meet provincial-wide agency commitments
- The board approved the policies to deliver on provincial diversity and inclusion goals, and data collection, sharing and use commitments:
- Anti-Racism Policy
- Respectful Workplace Policy
- Acceptable Use of IT Resources Policy
- Responsible Use of AI Policy
Impact of risk events on results achieved
An updated letter of direction received in November 2024 for the remainder of the fiscal year (November 2024 to March 2025) required the agency to adjust the implementation of scheduled business plan activities (see Appendix B). The main impact was the timing of the launch of the Species at Risk Conservation Fund Grant Program. The agency originally targeted the release of funds in support of projects benefitting conservation fund species by March 2025. The adjusted direction meant funds were planned to be released early in fiscal year 2025–2026.
Although optically this appeared to delay the release of funds by one fiscal year, in practice the release of funds would have been delayed by approximately two to three months. The agency continued to successfully move forward with the pilot launch of the grant program until direction was received to pause all grant related activities.
Board of Directors
The agency membership allows for 3 to 5 voting members, comprised of:
- one chair
- up to 2 vice-chairs
- up to 3 members
All members are appointed by the Lieutenant Governor in Council.
Agency board members are listed in the chart below with their tenure and total remuneration for the fiscal year 2024–2025. Appointees are remunerated according to Schedule A – Level 1 of the AAD.
| Board of directors (2024–2025 members) | Member since | Term | Total remuneration paid from April 1, 2024 to March 31, 2025 |
|---|---|---|---|
| Ian Barrett, Chair | August 31, 2023 | August 31, 2023 to August 30, 2026 | $3,375 |
| Dolf DeJong, Vice-Chair | January 27, 2022 | January 27, 2023 to January 26, 2026 | $700 |
| Sally Krigstin | January 27, 2022 | January 27, 2023 to January 26, 2026 | $825 |
| Paul Norris | January 27, 2022 | January 27, 2023 to January 26, 2026 | $750 |
| Samuel VanderVeer | March 16, 2023 | March 16, 2023 to March 15, 2026 | $0 |
Species at Risk Conservation Fund
As of March 31, 2025, $270,549 in charges had been received for Barn Swallow, $1,813,356 for Butternut and $3,721,069 for Bobolink and Eastern Meadowlark; these amounts are totals since inception. Annual amounts and totals are shown in the chart below. These totals are net amounts and include the following refunds that were issued during the 2024–2025 fiscal year: $38,195 refunded for Butternut and $114,907 refunded for Bobolink and Eastern Meadowlark.
| Species conservation charges revenue by species | Total since inception | April 1, 2024 to March 31, 2025 | April 1, 2023 to March 31, 2024 | April 1, 2022 to March 31, 2023 |
|---|---|---|---|---|
| Butternut | $1,813,357 | $344,217 | $716,285 | $752,855 |
| Bobolink and Eastern Meadowlark | $3,721,068 | $2,070,788 | $1,650,280 | $0.00 |
| Barn Swallow | $270,574 | $0.00 | $10,340 | $260,234 |
Financial performance
A total of $2,415,005 has been received by the agency for the fiscal year 2024–2025 from the payment of species conservation charges into the fund. In addition, $196,557 of interest revenue was generated.
In 2024–2025 the agency spent approximately 20% of its revenues on agency operations.
During its start-up operations, the ministry committed up to $702,500 to support the agency. As of March 31, 2025, $249,365 has been incurred. These start-up funds were scheduled to be repaid by the agency to the ministry by the end of fiscal year 2026–2027.
Following the minister’s directive to pause work and wind-up the agency, agency will transfer all its assets, rights, and obligations to the Crown in accordance with the AAD and within the timelines agreed upon between the agency and the ministry.
The board approved budget and actuals are shown in the table below. The audited financial statements for the year ended March 31, 2025 are shown in Appendix C.
2024–2025 budget vs actuals
| Statements | Approved budget | Actuals |
|---|---|---|
| Species conservation charges | $1,683,061 | $2,415,005 |
| Other possible revenues | $2,000,000 | $0.00 |
| Interest on bank account (1.95%) | $71,820 | $196,557 |
| Totals revenues | $3,754,881 | $2,611,562 |
| Statements | Approved budget | Actuals |
|---|---|---|
| Salary and wages | $325,601 | $358,417 |
| Administration | $159,000 | $114,658 |
| Funding plan development & project evaluation | $100,000 | $37,750 |
| Species-specific project funding distribution | $2,500,000 | $0.00 |
| Total expenses | $3,064,601 | $510,825 |
| Revenue over expenses | $690,280 | $2,100,737 |
Species conservation charges and interest received for the fiscal year 2024–2025 were higher than anticipated. However, because no additional revenue was received, total revenue was lower than budgeted.
Total expenses were lower than budgeted. Although salaries and wages were approximately 10% higher than forecasted, administration was 28% lower than forecasted, funding plan development and project evaluation were 62% lower than forecasted and species-specific project funding distribution did not occur.
It was budgeted that $2,500,000 would be spent on conservation funding for the fiscal year 2024–2025, however these expenses were not incurred. This deviation from the budget is a result of an updated letter of direction to the agency from the ministry dated November 26, 2024, which indicated that funds for the inaugural round of projects should be distributed beginning in fiscal year 2025–2026 rather than 2024–2025 as initially planned (see Appendix B).
Appendix A: minister’s letter of direction for fiscal year 2024–2025
October 30, 2023
Mr. Ian Barrett
Chair, Species Conservation Action Agency
Dear Mr. Barrett:
Thank you for recently taking on the leadership position as Chair of the Board of Directors (board) of the Species Conservation Action Agency (SCAA, agency). The board has been making progress towards the agency becoming operationally independent, including the ongoing acceptance of species conservation charges, the establishment of operational and governance policies and the completion of the first set of audited financial statements. To further advance and capitalize on these accomplishments, I am eager to share my expectations and priorities for the agency in the upcoming 2024–2025 period.
In your capacity as chair, your role is pivotal in guaranteeing that the agency fulfills its mandate effectively. It remains crucial that the agency’s objectives, goals and strategic undertakings continue to align with the priorities and guidance set forth by the Ontario government by acting in the best interests of the residents of Ontario and consistently delivering value for taxpayers' money.
I expect that you and the board will oversee the Species at Risk Conservation Fund (fund) as set out in the Endangered Species Act, 2007, (ESA) in a manner that is sustainable, transparent, responsible, and adaptable. This approach should be dedicated to restoring, protecting, and maintaining the needs of conservation fund species.
The agency’s operational and administrative finances are sustained by the fund and is separate and apart from finances of the Province of Ontario. It remains expected that the agency will fully reimburse the ministry for any initial startup funding for the agency administration and operation costs by the fiscal year 2026–2027.
Here are the specific priorities and expectations that I would like to see the agency focus on in the upcoming year:
A. Agency priorities and expectations
1. Become operationally and financially independent
- Hire and on-board a permanent CEO.
- Continue to take steps for the SCAA to become operationally and financially independent of the ministry, as provided in the memorandum of understanding between the SCAA and the ministry (MOU), including managing and administering the fund and developing and implementing operational policies and procedures.
- Continue to plan and implement resources to carry out the SCAAs objectives, including developing human resources plans or strategies, as appropriate, to attract and retain qualified employees to the SCAA.
- Implement the SCAAs 2024–2027 Business Plan and associated operational policy and deliver on other reporting requirements including completion of an Annual Report for 2024–2025 to ensure effective implementation of the SCAAs agency’s objectives. This should include implementing strategies identified in the 2024–2027 Business Plan and associated operational policy to minimize spending on administrative and operational costs from the fund to ensure the agency is spending funds on high value projects that will support the protection and recovery of conservation fund species.
- Execute and comply with any loan agreement terms and conditions with the Ontario Financial Authority or any lender authorized by the Minister of Finance, if such a loan agreement is authorized by the ministry.
2. Increase revenues for fund
- Collaborate with the ministry to identify ways to improve uptake of the fund option by proponent.
- Explore options to increase the fund’s revenues, including increasing donations, to enable the implementation of large-scale province-wide initiatives aimed at protecting and recovering eligible species and their habitats.
3. Develop and deliver species-specific funding plans
- Work with CEO to develop and finalize species-specific funding plans.
- Develop a transparent and equitable method for distributing funds in accordance with those plans, while taking into account agency obligations for oversight, monitoring and reporting.
- Spend funds on projects starting in the fiscal year 2024–2025 that will be beneficial to conservation fund species and ensure that funds are spent within a reasonable time and in accordance with the established species-specific funding plans and 2024–2027 Business Plan.
- Establish a framework to assess, manage and quantify progress for conservation fund species.
4. Ensure transparency
- SCAA is to maintain transparent and accessible communication with the ministry, stakeholders and the general public to ensure information is available on the agency’s progress and funded activities.
- Collaborate with the ministry on public communications and to ensure necessary updates are made to the agency’s website (such as publishing the SCAA annual report).
- The annual report should include a thorough evaluation of the agency's operational and financial achievements, as well as mitigative actions to be taken in case the performance measures and targets outlined in the business plan are not met.
B. Provincial government-wide agency commitments
In addition to the previously mentioned expectations, there are also provincial government-wide commitments applicable to board-governed provincial agencies, which SCAA is expected to fulfill. For more comprehensive information on each of these priorities, please refer to the guide.
These commitments include direction on:
- competitiveness, sustainability and expenditure management
- transparency and accountability
- risk management
- workforce/labour management
- diversity and inclusion
- data collection, sharing and use
- digital delivery and customer service
The ministry will work with the agency to ensure this direction is incorporated into the agency's business plans, policies and operations.
Finally, by delivering on these priorities, expectations and complying with province-wide commitments, we can help to ensure that the agency continues to fulfill its statutory mandate. I look forward to these priorities reflected in the agency’s 2024–27 Business Plan and in ongoing agency operations.
I greatly appreciate the support provided by you and your fellow board members. The hard work of the agency is instrumental in protecting and recovering species at risk and has a positive impact to the people of Ontario.
Should you have any questions, please feel free to contact my office.
Sincerely,
Andrea Khanjin
Minister of the Environment, Conservation and Parks
Enclosure
c: Serge Imbrogno, Deputy Minister, MECP
Christie Curley, Director (A), Species at Risk Branch, MECP
Agency Board of Directors
Appendix B: minister’s letter of direction for the remainder of fiscal year 2024–2025 and fiscal year 2025–2026
November 26, 2024
Mr. Ian Barrett Chair
Species Conservation Action Agency
Dear Mr. Barrett:
I am pleased to share our government's updated priorities for the remainder of 2024–2025 and our government's 2025–2026 priorities for the Species Conservation Action Agency (agency).
Agencies are a part of government and are expected to act in the best interests of the people of Ontario and ensure that they provide value for money to taxpayers. Agencies are also required to adhere to government policies and directives.
Per the requirements of the Agencies and Appointments Directive, agencies are required to align goals, objectives and strategic direction with our government's priorities and direction. As chair, you must ensure that the agency’s business plan demonstrates the agency's plans in fulfilling the expectations and government priorities below and that progress and achievements are reported through your annual report. Further, as chair you are required to submit attestation memos to the minister when submitting the agency's business plans and annual reports related to meeting government priorities. Compliance with these requirements is reported to Treasury Board/Management Board of Cabinet annually.
This letter sets out my expectations for 2025–2026 that the agency is innovative, sustainable and accountable through the following direction.
Innovative
- Simplify client/customer interactions
- Expand and optimize digital service offerings
- Improve client/customer satisfaction
- Share data with Supply Ontario, when requested, regarding procurement spending and planning, contract arrangements and vendor relations to support data-driven decision-making
Sustainable
- Strengthen public service delivery by optimizing organizational capacity and directing existing resources to priority areas.
- Use public resources efficiently.
- Operate within agency's financial allocations.
- Prudently and responsibly manage workforce size. Where an agency requires a material increase in workforce size, the agency must provide the minister with an HR plan for approval that provides the rationale based on government priorities and agency mandate.
Accountable
- Develop and report on outcome-focused performance measures to effectively monitor and measure performance.
- Protect individual, business or organization data by actively managing data and cybersecurity and reporting Artificial Intelligence uses.
- Report all high risks including effective mitigation plans.
- Develop and encourage diversity and inclusion initiatives by promoting an equitable, inclusive, accessible, anti-racist and diverse workplace.
These are the government-wide commitments for board-governed provincial agencies. Please see the guide for further details of each priority and the accompanying performance measures that can be utilized if measurements are not currently in place. I am also sharing several priorities specific to the agency for the remainder of 2024–2025 and for 2025–2026:
1. Standard agency operations
- Manage the Species at Risk Conservation Fund as ongoing species conservation charges are received.
- Implement the agency’s policies, plans, and administrative framework and manage human resources and activities, in accordance with the agency’s strategies and government requirements and as required by operational needs.
- Implement the 2025–2028 business plan, develop and submit the 2024–2025 annual report and complete other reporting requirements.
- Fully reimburse the ministry for initial startup funding for agency administration and operation costs with the total amount owing to be fully repaid by fiscal year 2026–2027.
2. Fund activities for conservation fund species
- Ensure funding plans are developed for all conservation fund species for which charges have been received.
- To support the first round of projects, please work with the ministry to identify an initial list of projects to fund and potential recipients to ensure the inaugural round of projects are successful and make meaningful impacts towards the protection and recovery of conservation fund species. It is expected that the funds for this inaugural round of projects will be distributed beginning in fiscal year 2025–2026, in accordance with regulatory requirements and the funding plans.
- Remain responsive and prepared to support the government's direction. including any change to the list of conservation fund species.
3. Support sustainability of the fund
- Continue to develop and implement an operational policy as part of the annual business plan in accordance with the Memorandum of Understanding, to operate in a manner that minimizes operational and administrative costs while adhering to applicable legislation and government directives.
- Provide input and feedback to the ministry on implementation of the fund, as requested, to inform any potential future improvements to the framework.
4. Ensure transparency and accountability
- Maintain regular communications and coordination with the ministry to support the ministry in providing information about the agency and its activities, accomplishments, and reports including annual reports, business plans, and funding plans with the public through Ontario.ca, in accordance with the legislation and government directives.
- Initiate preparations for the first five-year report by the agency as required by Ontario Regulation 656/21 (Five-year Report by Agency Regulation), which is due in 2026–2027, such as establishing and implementing frameworks for making defensible funding decisions and reporting on progress towards fulfilling the purpose of the fund.
At our next meeting, I would be pleased to discuss these priorities, and I look forward to hearing how they will be reflected in the agency's upcoming business plan and in ongoing agency operations.
I greatly appreciate the support provided by you and your fellow board members. The hard work of the agency is an integral part of the government's commitment to protecting and recovering species at risk.
Should you have any questions, please feel free to contact Travis Coulter, Director of the Species at Risk Branch.
Sincerely,
Todd McCarthy
Minister of the Environment, Conservation and Parks
Enclosure
c: Jonathan Lebi, Deputy Minister, MECP
Chloe Stuart, Assistant Deputy Minister, Land and Water Division, MECP
Travis Coulter, Director, Species at Risk Branch, MECP
Species Conservation Action Agency Board of Directors
Appendix C: fiscal year 2024–2025 audited financial statements
Financial statements of the Species at Risk Conservation Trust (known as Species Conservation Action Agency)
March 31, 2025
- Management’s responsibility for financial reporting
- Independent auditor’s report
- Statement of financial position
- Statement of operations and accumulated surplus
- Statement of changes in net financial assets
- Statement of cash flows
- Notes to the financial statements
Management’s responsibility for financial reporting
Management is responsible for the preparation and presentation of the accompanying financial statements, including responsibility for significant accounting judgements and estimates in accordance with Canadian public sector accounting standards. This responsibility includes selecting appropriate accounting policies and methods, and making decisions affecting the measurement of transactions in which objective judgement 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 is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in these statements. The board has the responsibility of meeting with management and auditors to discuss the internal controls over the financial reporting process, auditing matters and financial reporting issues. The board is also responsible for recommending the appointment of the agency’s external auditors.
The Office of the Auditor General of Ontario is appointed by the Board of Directors to audit the financial statements. The auditor’s responsibility is to express an opinion on whether the financial statements are fairly presented in accordance with Canadian public sector accounting standards. The Independent Auditor’s Report outlines the scope of the auditor’s examination and opinion.
September 23, 2025
On behalf of management:
Kathryn Gold
Chief Executive Officer
Species Conservation Action Agency
Independent auditor’s report
To the Species at Risk Conservation Trust
Opinion
I have audited the financial statements of the Species at Risk Conservation Trust (operating as the Species Conservation Action Agency) (SCAA, agency), which comprise the statement of financial position as at March 31, 2025, and the statements of operations and accumulated surplus, changes in net financial assets and cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the agency as of March 31, 2025, and the results of its operations, changes in its net financial assets and its cash flow for the year ended in accordance with Canadian public sector accounting standards.
Basis for opinion
I conducted my audit in accordance with Canadian generally accepted auditing standards. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the agency in accordance with the ethical requirements that are relevant to my audit of the financial statements in Canada, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.
I draw attention to notes 1 and 6 of the financial statements, which indicate that the province intends to wind up the agency. The agency is expected to remain operational until all remaining disbursements have been paid and any remaining funds are transferred to the province.
Material uncertainty related to going concern
I draw attention to notes 1 and 6 of the financial statements, which indicate that the province intends to wind up the agency. The agency is expected to remain operational until all remaining disbursements have been paid and any remaining funds are transferred to the province.
As stated in notes 1 and 6, these events of conditions indicate that a material uncertainty exists that may cast significant doubt on the agency’s ability to continue as a growing concern.
My opinion is not modified in respect of this matter
In the context of my audit of the financial statements as a whole, and informing my opinion thereon, I have concluded that management’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. My conclusions are based on the audit evidence obtained to date of my auditor’s report and are not a guarantee as to the agency’s ability to continue as a going concern.
Other information
Management is responsible for the other information. The other information comprises the information included in the Species Conservation Action Agency Annual Report Fiscal Year 2024–2025 but does not include the financial statements and my auditor’s report thereon.
My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon.
In connection with my audits of the financial statements, my responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or my knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work I have performed on this other information, I conclude that there is a material misstatement of this other information.
Responsibilities of management and those charges with governance for the financial statements
Management is responsible for the preparation and fair presentation of these 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 agency’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 the agency either intends to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the agency’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
My 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 my 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, I exercise professional judgement and maintain professional skepticism throughout the audit.
I 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 my 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 agency’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 agency’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the agency 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.
I 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 I identify during my audit.
Jeremy Blair, CPA, CA, LPA
Assistant Auditor General
Toronto, Ontario
September 23, 2025
Statement of financial position
Species at Risk Conservation Trust
Statement of financial position
As of March 31, 2025
| Statements | 2025 | 2024 |
|---|---|---|
| Cash | $5,531,175 | $3,494,706 |
| Interest receivable | $14,513 | $12,308 |
| GST/HST receivable | $2,978 | $3,630 |
| Total assets | $5,548,666 | $3,510,644 |
| Statements | 2025 | 2024 |
|---|---|---|
| Accounts payable & accrued liabilities | $16,681 | $84,833 |
| Due to Province of Ontario (note 3) | $249,365 | $243,928 |
| Totals | $266,046 | $328,761 |
| Net financial assets | $5,282,620 | $3,181,883 |
| Statements | 2025 | 2024 |
|---|---|---|
| Prepaid expenses | $2,888 | $2,888 |
| $2,888 | $2,888 | |
| Accumulated surplus | $5,282,620 | $3,184,771 |
The accompanying notes are an integral part of the financial statements.
Approved by the Board of Directors
Ian Barrett
Chair, Board of Directors
Statement of operations and accumulated surplus
Species at Risk Conservation Trust
Statement of Operations and Accumulated Surplus
For the year ended March 31, 2025
| Statements | Budget | 2025 | 2024 |
|---|---|---|---|
| Species conservation charges revenue (note 4) | $1,683,061 | $2,415,005 | $2,376,905 |
| Other revenues | $2,000,000 | $0.00 | $0.00 |
| Interest income | $71,820 | $196,557 | $99,333 |
| Totals | $3,754,881 | $2,611,562 | $2,476,238 |
| Statements | Budget | 2025 | 2024 |
|---|---|---|---|
| Payroll expenses | $325,601 | $358,417 | $58,214 |
| Legal and professional fees | $48,250 | $52,923 | $44,505 |
| Conservation funding plans and programs | $2,600,000 | $37,750 | $0.00 |
| IT expenses | $20,000 | $37,750 | $0.00 |
| Recruitment | $33,084 | $14,433 | $15,000 |
| Other general and administrative expenses | $15,000 | $6,244 | $2,408 |
| Board expenses | $8,500 | $5,650 | $5,460 |
| Insurance | $3,150 | $3,402 | $3,936 |
| Training and development | $7,500 | $1,610 | $0.00 |
| Travel | $3,000 | $1,439 | $0.00 |
| Dues and subscriptions | $0.00 | $717 | $3,411 |
| Bank charges | $516 | $542 | $247 |
| Totals | $3,064,601 | $510,825 | $133,181 |
| Annual operating surplus | $690,280 | $2,100,737 | $2,343,057 |
| Accumulated surplus, beginning of year | $3,184,771 | $3,184,771 | $841,714 |
| Accumulated surplus, end of year | $3,875,051 | $5,285,508 | $3,184,771 |
The accompanying notes are an integral part of the financial statements.
Statement of changes in net financial assets
Species at Risk Conservation Trust
Statement of Changes in Net Financial Assets
For the year ended March 31, 2025
| Statements | 2025 | 2024 |
|---|---|---|
| Annual operating surplus | $2,100,737 | $2,343,057 |
| Change in non-financial assets Prepaid expenses | $0.00 | $404 |
| Increase in net financial assets | $2,100,737 | $2,343,461 |
| Net financial assets, beginning of year | $3,181,883 | $838,422 |
| Net financial assets, end of year | $5,282,620 | $3,181,883 |
The accompanying notes are an integral part of the financial statements.
Statements of cash flows
Species at Risk Conservation Trust
For the year ended March 31, 2025
| Statements | 2025 | 2024 |
|---|---|---|
| Annual operating surplus | $2,100,737 | $2,343,057 |
| Statements | 2025 | 2024 |
|---|---|---|
| (Increase)/decrease in interest receivable | $(2,205) | $(8,242) |
| (Increase)/decrease in prepaid expenses | $0.00 | $404 |
| Increase/(decrease) in accounts payable and accrued liabilities | $(68,152) | $63,184 |
| (Increase)/decrease in GST/HST receivable | $652 | $(3,630) |
| Increase/(decrease) in due to Province of Ontario | $5,437 | $51,328 |
| Increase/(decrease) in working capital | $(64,268) | $103,044 |
| Cash provided by operating activities | $2,036,469 | $2,446,101 |
| Increase in cash | $2,036,469 | $2,446,101 |
| Cash, beginning of year | $3,494,706 | $1,048,605 |
| Cash, end of year | $5,531,175 | $3,494,706 |
The accompanying notes are an integral part of the financial statements.
Notes to the financial statements
Species at Risk Conservation Trust
Notes to the financial statements
For the year ended March 31, 2025
1. Nature of the agency
The Species at Risk Conservation Trust known as the Species Conservation Action Agency (SCAA, agency) is a board-governed provincial agency reporting to the Ministry of Environment, Conservation and Parks (ministry). The agency was established on September 16, 2021, under Ontario Regulation 651/21 under the ESA. Subsequent to year-end, on June 5, 2025, the Protect Ontario by Unleashing our Economy Act, 2025, received royal assent, which included provisions related to the wind-up of the agency; see note 6 for additional details.
The agency’s objectives as set out in the ESA are to manage the Species at Risk Conservation Fund (fund) in accordance with the fund’s purpose which is to provide for the funding of activities that are reasonably likely to protect or recover conservation fund species or support their protection or recovery. The agency must administer and manage the money in the fund including the receipt of species conservation charges, determine which activities are eligible for funding, enter into funding agreements to ensure funded activities are carried out in accordance with the purpose of the fund and perform the duties and exercise the powers assigned to the agency by the ESA and Ontario Regulation 651/21.
As a Crown agency of the Province of Ontario, the agency is exempt from federal and provincial income taxes under the Income Tax Act (Canada).
2. Summary of significant accounting policies
Basis of accounting
The Financial Statements are prepared by the management of the agency in accordance with the accounting standards established by the Public Sector Accounting Board and the Chartered Professional Accountants of Canada.
- Revenues
Species conservation charges revenue
Revenue is recognized when the agency receives a payment from the payor. Regulations under the ESA set out the circumstances under which a person registering an exemption may choose to pay a species conservation charge to the agency. The ministry is responsible for the administration and enforcement of the ESA. The agency receives the species conservation charge payment and issues a receipt to the proponent. All amounts received are deposited into the fund.
Interest income
Interest income is recorded on an accrual basis and recognized as earned.
Expenses
Expenses are reported on the accrual basis of accounting. The accrual basis of accounting recognizes expenses as they are incurred and measurable as a result of the receipt of goods or services and the creation of a legal obligation to pay.
Cash
Cash includes balances with banks. Interest earned on cash balances is recorded as interest income on the statement of operations and accumulated surplus.
Financial instruments
The agency’s financial assets are cash, GST/HST receivable and interest receivable. Liabilities are accounts payable, and due to province of Ontario. Cash, interest receivable, GST/HST receivable, accounts payable and due to province of Ontario are initially recognized at amortized cost, and subject to an insignificant risk of change in value so carrying value approximates fair value.
Related party transactions
Related party transactions are measured at the exchange amount, which is the amount of consideration established and agreed to by related parties.
Non-financial assets
Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the ordinary course of operations.
3. Related party transactions
The agency is a Crown agency of the province of Ontario and is therefore a related party to other organizations that are controlled by or subject to significant influence by the province.
Prior to January 1, 2024, the agency did not have employees to manage its day-to-day operations. To support the agency’s early operations, the ministry incurred start-up costs on behalf of the agency, with the exception of bank charges. In fiscal 2025, the ministry incurred expenses totaling $5,437 (2024: $51,358). The agency is obligated to reimburse the ministry for these start-up costs.
The due to the province balances are separately disclosed on the Statement of Financial Position.
Other related party transactions were $165,687 from the Ontario Ministry of Transportation (2024: $NIL) and $NIL from Ontario Power Generation (2024: $4,746) which was included in the Statement of Operations and Accumulated Surplus.
In addition, the ministry provided staff to manage the agency’s day-to-day operations. Salaries and benefits of ministry staff were absorbed by the ministry and are not included in the Statement of Operations and Accumulated Surplus.
4. Species conservation charges revenue
The following table details the disaggregation of agency’s species conservation charges revenue by designated conservation fund species:
| Statements | 2025 | 2024 |
|---|---|---|
| Bobolink and Eastern Meadowlark | $2,070,788 | $1,650,280 |
| Butternut | $344,217 | $716,285 |
| Barn Swallow | $0.00 | $10,340 |
| Totals | $2,415,005 | $2,376,905 |
As of January 23, 2023, Barn Swallow was down-listed on the Species at Risk in Ontario list from threatened to special concern. The species conservation charges received during fiscal 2024 related to activities that were in progress at the time of down-listing.
5. Financial instruments risk management
Liquidity risk is the risk that the agency will not be able to meet its cash flow obligations as they fall due. Amounts due to the province are non-interest bearing and are expected to be repaid by the end of fiscal year 2026–2027.
6. Subsequent event
On June 6, 2025, the province of Ontario Bill 5 which made legislative amendments to the ESA to halt the collection of funds for the fund and enable the ministry to take the necessary steps to wind up the agency and the fund.
As a result of these matters, there is a material uncertainty that may cast significant doubt upon the agency’s ability to continue as a going concern and therefore whether the agency might be unable to realize its assets and discharge its liabilities in the normal course of business at the amounts recorded in the financial statements.
The agency is in the process of working with the Ministry of Environment, Conservation and Parks to develop and implement a wind-up plan. Management has determined that the agency has sufficient assets to discharge all liabilities. Management plans to transfer any remaining net assets to the Ministry upon completion of the wind-up plan.
Management has prepared the financial statements on a going concern basis as it expects that the agency will be able to realize its assets and discharge its liabilities prior to the eventual wind up of the agency.