COGECO Program Development Fund Financial Statements


To the Directors of Cogeco Program Development Fund

We have audited the balance sheets of Cogeco Program Development Fund as at August 31,1996 and 1995 and the statements of operations and fund balance for the years then ended. These financial statements are the responsibility of the Funds management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits 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 Fund as at August 31,1996 and 1995 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.
Samson Belair/Deloitte & Touche



Samson Bélair/Deloitte & Touche
Chartered Accountants
November 19, 1996

Statements of Operations
Year ended August 31,		 1996 1995
Revenue
Interests and dividends
Recovery of development advances

Expenses
Administrative
Development Advances

Exceess of revenue over expenses

 $ 236,232
69,000
305,232

25,542
175,000
198,542
$106,690

 $ 197,916
47,000
244,916

10,727
143,500
154,227
$90,689

Statements of Operating Fund Balance
Year ended August 31,		 Statements of Restricted Fund Balance
Year ended August 31,
1996 1995 1996 1995
Beginning of year
As previously reported
Adjustment(note 6)
As restated

Excess of revenue over expenses

Transfer to the Restricted Fund
of 50% of development advances
recoverd during the year.

End of year

 $351,111
(217,150)
133,961

106,690



(34,500)

$206,151

 $187,422
(120,650)
66,772

90,689



(23,500)

$133,961

 Beginning of year

Cogeco Cable Canada Inc.
contribution

Transfer from the Operating
Fund of 50% of development
advances recovered
during the year

End of year

$5,023,500

---


34,500




$5,058,000

$4,000,000

1,000,000


23,500




$5,023,500

PREVIOUS · NEXT

Guidelines · President's Message · Summary of Projects
Activities · Financial Statements · Balance Sheets