Supplementary statement

Public Accounts of Canada 2024 Volume I—Top of the page Navigation

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• Section 4: Table of contents: Section 4: Consolidated accounts as at March 31

Employment Insurance Operating Account

Management's responsibility for financial statements

The financial statements of the Employment Insurance Operating Account (the Account) are prepared in accordance with Canadian public sector accounting standards by the management of Employment and Social Development Canada (ESDC). The Canada Employment Insurance Commission, through the officers and employees of ESDC, is responsible for the delivery of the Employment Insurance program and the day-to-day administration of the Account. The Chairperson, as the Accounting Officer, and the Chief Financial Officer of ESDC are responsible for the preparation of these financial statements and the integrity and objectivity of the information contained within, including the amounts which must, of necessity, be based on best estimates and judgement. The significant accounting policies are identified in Note 2 to the financial statements.

To fulfill their accounting and reporting responsibilities, the management of ESDC has developed and maintains books of account, financial and management controls, information systems and management practices. These systems are designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Employment Insurance Act and regulations, the Canada Emergency Response Benefit Act as well as the Financial Administration Act and regulations.

The Auditor General of Canada, the external auditor of the Account, conducts an independent audit of the financial statements in accordance with Canadian generally accepted auditing standards and provides a report to the Minister of Employment, Workforce Development and Official Languages.

The financial statements of the Account are an integral part of the Public Accounts of Canada, which are tabled in the House of Commons and are referred to the Standing Committee on Public Accounts for examination purposes.

Paul Thompson
Deputy Minister
Employment and Social Development Canada
and Chairperson of the Canada Employment Insurance Commission

Karen Robertson, CPA
Chief Financial Officer
Employment and Social Development Canada

Gatineau, Canada
August 29, 2024

Independent Auditor’s Report

To the Minister of Employment, Workforce Development and Official Languages

Opinion

We have audited the financial statements of the Employment Insurance Operating Account (the Account), which comprise the statement of financial position as at 31 March 2024, and the statement of operations and accumulated deficit, statement of change in net debt and statement of cash flow for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Account as at 31 March 2024, and the results of its operations, changes in its net debt, and its cash flows for the year then ended in accordance with Canadian public sector accounting standards.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Account in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the 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 Account’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 management either intends to liquidate the Account or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Account’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our 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 our 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, we exercise professional judgment and maintain professional skepticism throughout the audit. We 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 our 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 Account’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 Account's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Account 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.

We 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 we identify during our audit.

Original signed by:

Mélanie Cabana, CPA
Senior Principal
for the Auditor General of Canada

Ottawa, Canada
29 August 2024

Employment Insurance Operating Account—continued

Approved by:

Paul Thompson
Deputy Minister
Employment and Social Development Canada
and Chairperson of the Canada Employment Insurance Commission

Karen Robertson, CPA
Chief Financial Officer
Employment and Social Development Canada

Gatineau, Canada
August 29, 2024

Notes to the financial statements for the year ended March 31, 2024

1. Authority, objective and responsibilities

The Canada Employment Insurance Commission (the Commission), a departmental corporation named in Schedule II to the Financial Administration Act, administers the Employment Insurance Act (the Act). The Commission is co-managed by Commissioners representative of the Government of Canada, workers and employers. The objective of the Act is to provide employment insurance (EI) benefits, employment programs and services to eligible workers. The financial transactions relating to this objective are reported through the Employment Insurance Operating Account (the Account).

The Account was established in the accounts of Canada by the Act. All amounts received under the Act are deposited in the Consolidated Revenue Fund and credited to the Account. The benefits and the costs of administration of the Act are paid out of the Consolidated Revenue Fund and charged to the Account. In the financial statements of the Account, the Consolidated Revenue Fund is represented by the Balance of the account with the Receiver General for Canada.

The Commission, through the officers and employees of the Department of Employment and Social Development Canada (ESDC), is responsible for the delivery of the Employment Insurance program and the day-to-day administration of the Account. The Commission sets the EI premium rate, the annual maximum insurable earnings and the employer’s premium reduction in respect of wage-loss plans, subject to the legislated parameters in the Act.

Starting with the 2017 EI premium rate, the Commission assumed responsibility for setting the EI premium rate for each year no higher than needed to cover the projected costs of the EI program over a seven-year period and eliminate any cumulative surplus/deficit in the Account. Annual changes to the premium rate are subject to a legislated limit of 5 cents. As a result of the economic impact of the COVID-19 pandemic, on September 14, 2020, the Government of Canada used its authority under the Act to temporarily limit the change in the premium rate to zero for 2021 and 2022 in order to freeze the EI premium rate at the 2020 level.

The Minister of National Revenue is responsible for collecting premiums from employers and employees and for administering and enforcing the provisions of the Act relating to benefit repayments receivable from higher income claimants.

The Act authorizes the Commission, with the approval of the Minister responsible for ESDC, to enter into Labour Market Development Agreements (LMDA) with each province and territory. Under these agreements, the Government of Canada provides contributions to provincial and territorial governments to be used to pay for all or a portion of the costs of their benefits and measures provided they are similar to the unemployment and self-employment benefits and support measures established under the Act. The contributions can also be used to pay for any administration costs incurred in providing these similar benefits and measures.

The Act also requires the Commission to make regulations to provide a system to reduce employers’ and employees’ premiums when payments under a provincial law would have the effect of reducing or eliminating the special benefits payable under the Act.

The COVID-19 Emergency Response Act, Part 2, enacted the Canada Emergency Response Benefit Act to authorize the income support payments to workers who suffer a loss of income for reasons related to COVID-19. Part 18 of the COVID-19 Emergency Response Act was used to create the EI emergency response benefit (EI-ERB). The EI-ERB was available from March 15, 2020 to October 3, 2020 with a deadline of December 2, 2020 to apply.

The Government of Canada introduced legislation under the Act to put in place a set of temporary measures in order to facilitate access to EI benefits. Bill C-30, an Act to implement certain provision of the Budget 2021 amended the Act to reduce the number of hours of insurable employment required to qualify for unemployment as well as increase the maximum number of weeks for sickness benefits. 

2. Significant accounting policies

The Account is a component of the Government of Canada reporting entity. In this context, its operations are consolidated with those of the Government of Canada and are presented in the financial statements of the Government of Canada.

a) Basis of accounting

These financial statements are prepared in accordance with Canadian public sector accounting standards (PSAS).

b) Premiums

The Employment Insurance Premiums, which include the employers and employees’ contributions, are revenues from recurring activities that do not create performance obligations, and result from non-exchange transactions that are levied under the provisions of the Act. 

Premiums are recognized as revenue in the period in which they are earned, when workers, through their employment, generate these premiums and the related employer’s contribution. Premiums earned in the fiscal year are measured from amounts assessed by the Canada Revenue Agency (CRA) and from estimates of amounts not yet assessed. Premium revenue also includes adjustments between actual and estimated premiums of previous years.

c) Funding from the Government of Canada—Employment Insurance Emergency Response Benefit

Pursuant to section 153.111 of the Act, the Account shall be credited an amount determined by the Minister of Finance that corresponds to the total cost of the EI-ERB, including all costs related to the benefit and its administration. Provision for this section came into force in September 2020. The funding from the Government of Canada is recognized in the period in which the transfer is authorized. Funding recognized is comprised of EI-ERB benefits established, incremental costs related to the administration of the EI-ERB, overpayments established and bad debts related expense.

d) Benefits and support measures

Unemployment and self-employment benefits

Unemployment and self-employment benefits are recorded when the recipients become entitled to the benefits. An estimate of the benefits earned by the recipients related to the current fiscal year but not yet paid are recorded as benefits payable. This estimate is based on actual payments made subsequent to year-end.

Unemployment and self-employment benefits provide temporary income support to claimants while they look for work. These benefits include self-employed fishers and work-sharing agreements for temporary work shortages. They also include special benefits such as maternity, parental, sickness, family caregiver and compassionate care benefits. Unemployment and self-employment benefit expenses represent the amounts paid and payable to claimants for the period relating to the fiscal year, for the weeks the claimants were entitled to the payments.

The rates for unemployment benefits are set on a calendar year basis. Effective January 1, 2024, the maximum rate is $668 per week, and $650 per week for January to December 2023 ($638 per week for 2022). Benefits are paid at the lesser of 55% of average insurable earnings and the maximum rate. For claimants who qualify as a low-income family with children, the rate may be increased up to the lesser of 80% of average insurable earnings and the maximum rate.

The verification of unemployment and self-employment benefit claims is conducted both prior to and after claimants have begun to receive benefits, using a combination of up front and automated control measures and post payment verification activities. Overpayments on unemployment and self-employment benefit claims established during the fiscal year are recognized as benefit overpayments receivable.

In order to measure the accuracy of unemployment and self‑employment benefit payments, ESDC has a program in place to verify annually a sample of benefit payouts. This verification results in an estimated annual payment accuracy rate, through statistical extrapolation of incorrect payouts identified through the sampling exercise. For benefits paid during the fiscal year, the estimated annual payment accuracy rate was 93.6% (94.5% in 2022‑2023).

The majority of estimated undetected incorrect payouts were related to overpayments but are not directly linked to the actual overpayments recorded and reported in Note 4. The annual verification is used by ESDC to assess the quality of decisions and the need, if any, to improve its systems and practices of processing claims.

Employment Insurance Emergency Response Benefit

A flat rate income support payment of $500 per week was provided to claimants who self-identified as workers who suffered a loss of income for reasons related to COVID-19 for EI claims received within the period beginning on March 15, 2020 and ending on October 3, 2020. EI-ERB payments may be increased by an amount for family supplement for claimants who qualify as a low-income family with one or more children. Overpayments established during the fiscal year are recognized as EI-ERB benefit overpayments receivable.

Transfer to provinces and territories related to Labour Market Development Agreements (LMDA)

Transfer payments to the provinces and territories under the LMDA are made pursuant to the Act. Similar to the unemployment and self-employment benefits, these transfer payments are recorded as expenses in the year in which the provinces/territories met the eligibility criteria and the transfers are authorized. Overpayments to provinces and territories are recovered when established.

Support measures

Support measures provide financial assistance, through government transfers, to eligible persons to help them re-integrate into the labour market and to third parties to help them provide employment assistance services to unemployed workers and employed persons if they are facing a loss of their employment. These expenses include the direct costs of financial and employment assistance programs and related measures provided to eligible persons and third parties. Government transfers are recognized in the fiscal year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement and the transfer is authorized.

Benefit repayments from higher income claimants

Claimants with income levels higher than those stated in the Act have to repay a portion of the benefits they receive other than special benefits and benefits for self-employed persons. Benefit repayments received and the estimated benefit repayments receivable are assessed by the CRA based on tax returns assessed and an estimate of tax returns not yet assessed. These benefit repayments are disclosed in the Statement of Operations and Accumulated Deficit and Schedule I as benefit repayments from higher income claimants. EI-ERB is not subject to these repayments.

e) Administration costs

Administration costs are charged to the Account in accordance with various memoranda of understanding. The Account does not have employees and ESDC administers the Act. In addition to ESDC, other federal government departments also provide services to the Account. Under all the various memoranda of understanding, the Account is charged at cost and transactions are measured at the exchange value.

Also, the administration costs paid to provinces and territories to administer the LMDA are included in the administration costs for the year according to the provisions of those agreements and are also measured at the exchange value.

f) Balance of the account with Receiver General for Canada

The Account operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by and credited to the Account is deposited to the CRF, and all cash disbursements made by and charged to the Account are paid from the CRF. The balance of the account with Receiver General for Canada is the difference between all cash receipts and all cash disbursements, including transactions with departments of the Government of Canada and those related to the funding of the Employment Insurance Emergency Response Benefit.

g) Employment Insurance Emergency Response Benefit overpayments receivable

A person who has received or obtained an EI-ERB payment is liable to repay benefits for which the person is not eligible, or in excess of the amount for which the person is eligible. EI-ERB overpayments receivable are recorded when established and when management has an appropriate basis of measurement. EI-ERB claims are subject to integrity measures post payment. Any detected overpayments are recognized as integrity measures are completed. An allowance for doubtful accounts is recorded for receivables where recovery is considered uncertain. The allowance for doubtful accounts represents management’s best estimate of uncollectable amount receivable. The allowance is determined based on an analysis of unemployment and self-employment benefits historic loss experience and an assessment of current economic conditions. Overpayments receivable balances are written off upon management’s determination that such overpayments are uncollectible.

h) Related party transactions

Inter-entity transactions

Inter-entity transactions are transactions between commonly controlled entities. The Account is a component of the Government of Canada reporting entity and is therefore related to all federal departments, agencies and Crown corporations. Inter-entity transactions are recorded on a gross basis and are measured at the carrying amount, except for the following:

1. Inter-entity transactions are measured at the exchange value when undertaken on similar terms and conditions to those adopted if the entities were dealing at arm's length, or where cost provided are recovered.
2. Goods or services received without charge between commonly controlled entities are not recorded.

Other related party transactions

Related parties include individuals who are members of key management personnel (KMP) or close family members of those individuals, and entities controlled by, or under shared control of, a member of KMP or a close family member of that individual. KMP are individuals having the authority and responsibility for planning, directing and controlling the activities of the Account. Related party transactions, other than inter-entity transactions, are recorded at the exchange value.

i) Measurement uncertainty

The preparation of financial statements in accordance with Canadian public sector accounting standards requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities as at the date of the financial statements and revenues and expenses during the reporting period. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant estimates are related to premium revenues and receivable, administration costs, benefits payable, benefit repayments from higher income claimants, allowance for doubtful accounts, estimated annual payment accuracy rate related to unemployment and self-employment benefits, contingent liabilities and the amounts presented in Schedule II. Actual results could differ significantly from those estimates. Management’s estimates are reviewed periodically and, as changes in estimates become necessary, they are recorded in the financial statements in the year they become known.

3. Adoption of a new accounting standard

Effective April 1, 2023, the Account adopted the new accounting standard for Revenue (PS 3400) issued by the Public Sector Accounting Board (PSAB). The Section addresses the recognition, measurement, presentation and disclosure of revenue, and introduces a distinction between transactions that include performance obligations (exchange transactions) and transactions that do not have performance obligations (non-exchange transactions). Premiums and penalties are categorized as non-exchange transactions. PS3400 does not apply to interest revenues.

In accordance with PS 3400, the Account applied changes to the financial statements prospectively from April 1, 2023, and prior periods have not been restated.

The implementation of the Section did not have a significant impact on the financial statements. 

4. Benefit overpayments and penalties receivable

An allowance for doubtful accounts is recorded for benefit overpayments and penalties receivable. The allowance is estimated by aging the balance of the accounts receivable outstanding and applying varying percentages based on past recovery experience to the aging categories with an adjustment for current economic conditions.

Penalties may be imposed on a claimant or an employer that provided false or misleading information. The Act sets the maximum amounts that may be imposed in these cases. Interest is charged on outstanding debts caused through misrepresentation. This includes overpayments and penalties. As per the Employment Insurance Regulations, the rate of interest charged to claimants, employers or third parties on outstanding debts is equal to 3% above the average bank rate.

Adjustments are reducing the benefit overpayments established and penalties imposed as result of a reconsideration or reassessment of the original establishment of a receivable.

5. Employment Insurance Emergency Response Benefit overpayments receivable

No penalty or interest may be imposed on any amount owing as result of an EI-ERB overpayment.

Adjustments are reducing the benefit overpayments established as result of a reconsideration or reassessment of the original establishment of a receivable.

6. Other accounts payable

7. Financial assets and liabilities

The fair values of the premiums receivable, benefit repayments receivable from higher income claimants, benefits payable and other accounts payable are considered by management to be comparable to their carrying values because of their short term maturity. These financial assets and liabilities should either be received or paid in the next fiscal year.

Benefit overpayments and penalties receivable and the EI-ERB overpayments receivable are usually recovered or expected to be recovered over a period longer than one year. As interest is only applicable to unemployment and self-employment benefit overpayments caused through misrepresentation and on penalties, and as the allowance for doubtful accounts reduces the carrying value, the benefit overpayments and penalties receivable and the EI-ERB overpayments receivable are assumed to approximate their fair values.

All financial assets and liabilities arose in the normal course of business.

8. Comparison of results against budget

The budget amounts included in the Statement of Operations and Accumulated Deficit, Statement of Change in Net Debt and Schedule I – Benefits and Support Measures are part of the amounts reported in Employment and Social Development Canada's Consolidated Future Oriented Statement of Operations, which is included in the 2023-2024 Departmental Plan.

9. Premiums receivable and revenues

Premiums for the fiscal year are collected and measured by the Canada Revenue Agency (CRA) based on amounts assessed and reassessed at the time of preparation of its financial statements and an estimate of premiums earned in the period but not yet assessed or reassessed. The Account holds a significant balance of premiums receivable which are due from CRA. CRA collects premiums from employers and employees on behalf of the Account. The premiums receivable are cashed on a monthly basis based on the forecasted premium revenue and are adjusted when actual amounts are known.

Premium revenue of $30,156 million ($27,422 million in 2022-2023) includes an estimate of premiums earned in the fiscal year but not yet assessed or reassessed at the time of preparation of the financial statements. Fiscal year 2023-2024 includes $10,167 million in forecasted premium revenue for the 3 - month period from January to March 2024 ($9,345 million in 2023), or approximately 32.71% (33.10% in 2023) of the total forecast premium revenue of $31,082 million for calendar year 2024 ($28,236 million for 2023), net of reductions and refunds. This estimate is based on the forecasted total insurable earnings of $862,573 million in calendar year 2024 ($802,781 million in 2023). The total insurable earnings forecasts are mainly dependent upon the projected growth in both employment (0.95% in 2024 and 0.58% in 2023) and average wages (2.84% in 2024 and 2.73% in 2023).

A variation in these assumptions would have an impact on the total insurable earnings forecasted and consequently, forecasted premium revenue. The sensitivity analysis below was determined based on changes to the respective assumptions while holding all other assumptions constant:

Actual premium revenue for calendar years 2023 and 2024 will only be known once the CRA has processed all employer declarations of premiums for these years. An adjustment for the difference between actual and estimated premiums will be recorded in the fiscal year in which the actual assessment or reassessment results are known. The difference between estimated and actual premium revenue for calendar year 2022, as known and recorded at the time of the preparation of these financial statements is an increase in revenue of $154.3 million ($130.7 million decrease for calendar year 2021 in 2022-2023 financial statements). 

For the 2024 calendar year, premium rate for each $100 of insurable earnings was set under the Act at 1.66 (1.63 in 2023 and 1.58 in 2022) for the employees who were residents of provinces without a provincial plan. For employees who were residents of provinces with a provincial plan, the premium rate was set at 1.32 for 2024 (1.27 in 2023 and 1.20 in 2022). The employers must pay 1.4 times the amount of the employee's premiums. The annual maximum insurable earnings for 2024 is $63,200 ($61,500 in 2023 and $60,300 in 2022). Employment Insurance premiums include the employer’s share of premiums paid by the federal government of $596.7 million ($508.4 million in 2022-2023).

10. Funding from the Government of Canada—Employment Insurance Emergency Response Benefit

The following table summarizes the total amount of Funding from the Government of Canada in relation to EI-ERB which was recognized on the Statement of Operations and Accumulated Deficit:

11. Administration costs

12. Contractual obligations

The nature of the Account activities can result in some large multi year agreements whereby the Account will be obligated to make future payments. Significant contractual obligations that can be reasonably estimated are summarized as follows:

Administration costs are charged to the Account in accordance with various memoranda of understanding (MOU) with related parties. The MOUs require written notification for cancellation and one of the more significant MOUs require one-year advanced notification. Therefore, the administration costs disclosed are an estimation of the costs that will be charged to the Account in the next fiscal year. Administration costs are expected to continue to be charged to the Account in the upcoming fiscal years, but cannot be reasonably estimated at this time.

LMDA with seven of the provinces and one territory require a two-year notice for cancellation of the agreements, other provinces and territories require a one-year notice. The obligations for 2026 cannot be reasonably estimated.

13. Related party transactions

The Account enters into transactions with federal government departments and entities in the normal course of business. Details of these transactions are provided in Note 6, Note 9 , Note 10, Note 11 and Note 12.

There have not been any significant transactions with key management personnel and their close family members occurring at a value different from that at which the transaction would have taken place had the parties not been related.

The Account receives audit services without charge from the Office of the Auditor General of Canada. The value of these audit services is not material for the purpose of the Account's financial statements and have not been recorded.

14. Contingent liabilities

In the normal course of the operations, numerous appeals against or by the Commission are presently outstanding.  The outcome of these appeals is not presently determinable. Any claims resulting from the resolution of these appeals will be accounted for as an expense in the period in which the outcome of the claim will be determinable.  However, in the opinion of management, the result of these appeals should not have a significant impact on the operations of the Account as the total contingent liability amount is estimated at $37.7 million as at March 31, 2024 ($59.5 million as at March 31, 2023).

15. Comparative information

Certain comparative figures have been reclassified to conform to the current year's presentation.

The amounts provided in this Schedule for calendar year 2023 which is prepared in accordance with Canadian public sector accounting standards are used by the Commission to establish the Employment Insurance premium rate for the following calendar year.

Public Accounts of Canada 2024 Volume I—Bottom of the page Navigation

• Previous page: Consolidated specified purpose accounts
• Section 4: Table of contents: Section 4: Consolidated accounts as at March 31