The Fund’s financial position as at December 31, 2002 was strong with an excess of revenue over expenditures of $1,053,000. The excess of revenue over expenditure was the result of the return of CLIA surplus subscribers’ equity in the amount of $2,198,000. Reviewing the Statement of revenue, Expenditures and Reserve, net revenue decreased by $870,000. This decrease was the result of the levy credits provided to members. Total claims and expenses increased by $122,000 and administration increased by $55,000.

Prior to taking the return of surplus subscribers’ equity from CLIA, the Fund had a deficiency of revenue over expenditures of $1,145,000. This is consistent with the Fund’s application of surplus to reduce members’ levy. Although the deficiency was greater than anticipated due in large part to the poor return on investments. The additional revenue, through return of excess subscribers’ equity, resulted in an increase in the reserve as at December 31, 2002 from $6,831,000 to $7,884,000.

NOVA SCOTIA BARRISTERS’ LIABILITY CLAIMS FUND
SUMMARY OF FINANCIAL HIGHLIGHTS
FROM DECEMBER 31, 2002 AUDITED FINANCIAL STATEMENTS

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