On behalf of the Board of Trustees for the First Nations Trust, I am pleased to present the 2021-2022 Annual Report.  The Annual Report covers all operations of the Trust for the fiscal period April 1, 2021 to March 31, 2022.  This marks the 19^th consecutive unqualified annual audit since the Trust’s creation on May 26, 2003.

The Covid-19 pandemic continued to have a significant impact on the gaming industry in Saskatchewan, which in turn impacted the distributions received by the First Nations Trust.  Fortunately, the Federation of Sovereign Indigenous Nations was again able to negotiate a Letter of Understanding with the Government of Saskatchewan to secure replacement funding for this fiscal year.  I was pleased to be part of that process.

During this fiscal year, the First Nations Trust received $28,452,800.00 to distribute among our beneficiaries plus an additional $250,000 to distribute to the First Nation Addiction Rehabilitation Foundation.  This is a significant reduction from the revenues received by the First Nations Trust in recent years and, unfortunately, resulted in a corresponding reduction in distributions to our beneficiaries at a time when they needed it most.

As Trustees, we take seriously our responsibility of fiscal openness, accountability and transparency and fulfilling our fiduciary responsibility to our beneficiaries – the First Nations of Saskatchewan.  That is why we are proud to fulfill our mandate of audit confirmations and oversight while maintaining efficient operations.  With focused diligence of our staff and the commitment of all Trustees to deal with matters in a timely, cost-effective manner, we are able to maximize the funds available for distribution to our beneficiaries.

We would like to thank the Leaders and staff of all the First Nations in Saskatchewan for their continued compliance with the Trust Indenture and Trust policies and procedures and we look forward to working with them for many years to come.