Auditors' Report

To the Directors of the Canadian Television Series Development Foundation

We have audited the balance sheet of the Canadian Television Series Development Foundation as at December 31, 1996 and the statements of income and Operating Fund balance and changes in financial position for the year then ended. These financial statements are the responsibility of the Foundation's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the Foundation as at December 31, 1996 and the results of its operations and the changes in its financial position for the year then ended in accordance with generally accepted accounting principles.
Ernst & Young

Canadian Television Series Development Foundation
Incorporated without share capital under the laws of Canada

Balance Sheet
As at December 31 1996
$		 1995
$
Assets
Cash
Other receivables
Accrued investment income receivable
Prepaid expenses
Loan receivalbe [note 4]
Investments, at cost [market value - $37,237,361 - $36,293,112
Fixed assets, net		 44,131
64,791
652,512
1,114
104,053
35,256,429
9,266
 36,251
96,405
605,648
483
150,000
34,453,675
11,521
36,132,296 35,352,983
Liabilities and Fund Balances
Accrued liabilities		 41,122 42,067
Commitments [note 5]
Fund balances [note 3]
Restricted Fund
Operating Fund		 30,070,000
6,021,174		 29,896,000
5,415,916
Total Fund Balances 36,091,174 35,311,916
36,132,296 35,353,983

See accompanying notes

Statement of Income and Operating Fund Balance
Year ended December 31
1996
$		 1995
$
Income
Investment
Recoupments		 3,961,551
210,069		 3,415,869
395,342
4,171,620 3,811,211
Expenses
Operating
Administrative		 183,043
206,025		 189,033
190,705
389,068 379,738
Operating income before funding distributions
Funding Distributions		 3,782,552
(3,177,294)		 3,431,473
(3,003,486)
Net increase in Operating Fund for the year
Operating Fund balance, begining of year		 605,258
5,415,916		 427,987
4,987,929
Operating Fund balance, end of year 6,021,174 5,415,916

See accompanying notes

Approved by the board

President Vice-President

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