Statement of operations Year ended June 30 2020 2019 $ $ Revenue Fundraising [excluding bequests and funds raised for the Toronto Symphony Foundation], net [notes 7, 8, 12[a] and 12[b]] 7,840,508 7,680,210 Bequests, net [notes 12[a] and 12[b]] 125,538 3,271,890 Subscriptions and other tickets [note 10] 6,702,121 9,970, 146 Government grants [note 11] 6,626,768 5,499, 164 The Toronto Symphony Foundation [note 12[a]] 1,632,355 1,758,600 Fundraising special events 244,775 567,394 Toronto Symphony Volunteer Committee 110,000 139,028 Other 638,801 862,287 23,920,866 29,748,719 Expenses Production 16,005,080 18,576,378 Marketing 3,440,417 3,328,401 Administration 3,286,320 3,396,749 Fundraising [note 12[b]] 1,689,166 2,030,398 Fundraising special events 138,754 362,481 Interest [note 5) 37,242 123,241 24,596,979 27,817,648 Excess (deficiency) of revenue over expenses for the year (676,113) 1,931,071 See accompanying notesStatement of financial position As at June 30 2020 2019 $ $ Assets [note 5] Current Cash 825,040 Restricted cash [note 7] 225,000 Accounts receivable [note 3] 522, 139 11,197,457 Prepaid expenses 486,007 277,528 Total current assets 2,058, 186 11,474,985 Restricted cash [note 7] 651,125 Capital assets, net [note 4] 4,645,424 4,686,170 7,254,735 6, 161,155 Liabilities and net deficiency Current Bank indebtedness [note 5] 4,853,410 Accounts payable and accrued liabilities [notes 6, 9 and 12[a]] 2,033,850 8,910,945 Advanced ticket sales 3,829,221 3,825,312 Deferred contributions [note 7] 3,433,821 800,604 Total current liabilities 9,296,892 18,390,271 Deferred contributions [note 7] 551,125 Deferred capital contributions [note 8] 41, 191 27,483 Deferred lease inducements [note 9] 321,602 349,990 Advanced ticket sales 326,627 Total liabilities 10,537,437 18,767,744 Commitments [note 14] Net deficiency (3,282,702) (2,606,589) 7,254,735 16, 161,155Statement of changes in net deficiency Year ended June 30 2020 2019 $ $ Net deficiency, beginning of year (2,606,589) (4,537,660) Excess (deficiency) of revenue over expenses for the year (676,113) 1,931,071 Net deficiency, end of year (3,282,702) (2,606,589) See accompanying notesStatement of cash flows Year ended June 30 2020 2019 $ $ Operating activities Excess (deficiency) of revenue over expenses for the year (676,113) 1,931,071 Add (deduct) items not involving cash Amortization of capital assets 150,985 231,032 Amortization of deferred capital contributions (19,964) (18,322) Amortization of deferred lease inducements 28,388 28,388) (573,480) 2,115,393 Changes in non-cash working capital balances related to operations Accounts receivable 10,675,318 (9,721,318) Prepaid expenses (208,479) 117,541 Accounts payable and accrued liabilities (6,877,095) 6,743,478 Advanced ticket sales 330,536 408,049 Deferred contributions 2,633,217 954,355) Cash provided by (used in) operating activities 5,980,017 1,291,212) Investing activities Purchase of capital assets (110,239) (15,792) Increase in restricted cash (225,000) Cash used in investing activities 335,239) 15,792) Financing activities Increase (decrease) in bank indebtedness (4,853,410) 1,307,004 Contributions received for capital 33,672 Cash provided by (used in) financing activities (4,819,738) 1,307,004 Net increase in cash during the year 825,040 Cash, beginning of year Cash, end of year 825,040 See accompanying notes