Sprott Physical Silver Trust Statements of financial position (in U.S. dollars) The accompanying notes are an integral part of these financial statements. As at  December 31, 2014 As at  December 31, 2013 $ $ Assets Current assets Cash  (note 6) 1,357,559 7,960,067 Silver bullion 773,942,786 959,551,049 Accounts receivable - 39,607 Total assets 775,300,345 967,550,723 Liabilities Current liabilities Accounts payable 284,666 - Total liabilities 284,666 - Equity  Unitholders' capital 1,453,426,490 1,453,477,140 Unit premium and reserves 58,480 56,470 Retained earnings (deficit) (616,001,435) (423,515,031) Underwriting commissions and issue expenses (62,467,856) (62,467,856) Total equity (note 8) 775,015,679 967,550,723 Total liabilities and equity 775,300,345 967,550,723 Total equity per Unit 6.09 7.60 12