2022-23 Audited Financial Statements

CALGARY, Alberta – The following message is from Katherine Henderson, president and chief government officer of Hockey Canada:

In line with the suggestions of the impartial governance overview led by the Hon. Thomas Cromwell, C.C., Hockey Canada’s audited monetary statements as at and for the 12 months ended June 30, 2023, have been authorized by the Hockey Canada Board of Directors final month and later introduced to our Members.

For us, it’s important that we’re clear, accountable and clear about our funds to Canadians, which incorporates acknowledging the numerous impression the final 4 difficult years have had on our monetary scenario, starting with the COVID-19 pandemic and the cancellation of many worldwide and nationwide occasions. We additionally elevated our funding in sport security throughout that interval, which we imagine is important to make sure that hockey is protected, welcoming and inclusive.

Within our monetary statements, you will note a modernized fund construction that displays the progress we now have made in monetary transparency and accountability, and a Note of Going Concern that outlines our present monetary actuality and deficit.

While Hockey Canada incurred vital deficits through the 2022-23 fiscal 12 months and the 12 months earlier, our new management staff is working expeditiously to rectify this by lowering discretionary spending, prioritizing applications that require ongoing expenditures at the moment to permit us to fulfil our obligations as a nationwide sport group and persevering with to work with our company and authorities companions to welcome them again and guarantee we’re assembly their expectations as we additional implement initiatives that prioritize the security and wellbeing of individuals.

The deficits during the last two years pressured us to attract considerably from our long-term investments with the intention to fund our operations and requisite applications, which is famous within the statements. Moving ahead, we have to guarantee our business mannequin helps work achieved in collaboration with our Members to develop the sport on the grassroots stage, the initiatives outlined in our Equity, Diversity and Inclusion Path Forward, and provoking Canadians by way of excellence.

Hockey in our nation must embody security, excellence and sport for all, and whereas that comes at a value, it will be important in our journey in direction of a cheerful, protected and wholesome sport. In the previous 12 months, we invested practically $2.5 million in sport security initiatives and we’re unwavering in our dedication to proceed to prioritize and make investments on this space.

With the approval and help of the transition Hockey Canada Board of Directors, our new management staff restructured the group’s fund construction to align with the suggestions from Mr. Cromwell’s report.

To enhance and guarantee monetary transparency, Hockey Canada has shifted from 9 funds and pillars to 5 funds: Operating Fund, Insurance Fund, Uninsured Risk Fund, International Event Hosting Support Fund and Strategic Plan Fund.

The board additionally applied written insurance policies of how every of the funds are used, which incorporates approving any cost from the Uninsured Risk Fund, according to the suggestions in Mr. Cromwell’s report.

There was a big quantity of labor that led to the modernization of our monetary construction, and we thank the audit and finance committee and your entire board for his or her enter and counsel, which was achieved with the objective of accelerating our monetary and operational transparency and to set the usual for governance of nationwide sport organizations.

In current months, with the return of our authorities funding and company companions, we now have made vital progress on the trail to monetary stability and we’re dedicated to doing so in a means that’s clear, clear and accountable to all of you who love our nationwide winter sport.