2020 Annual Report

Annual Report 2020 107 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2020 2. Restatement of financial statements: During the year the Company determined that it had incorrectly interpreted the requirements for certain full-time employees, who had elected out of the Municipal Pension Plan (the “MPP plan”), and the requirement to enroll various part time employees in the MPP plan once certain conditions were met. These requirements date back to 2012. The Company has determined that prior year employer remittances due under the plan related to 2019 and prior years was $238,352 which amount is included in accounts payable as at December 31, 2019 and 2020 (see note 9). As a result of this error the following amounts as at and for the year ended December 31, 2019 have been restated in the current year: As originally stated Adjustment As restated Accounts payable $ 122,795 $ 238,352 $ 361,347 Total liabilities 580,507 238,352 818,859 Net financial assets 659,301 (238,352) 420,949 Staffing costs 757,741 37,695 795,436 Annual surplus 100,088 (37,695) 62,393 Surplus, beginning of year 629,703 (200,657) 429,046 Surplus, end of year 729,791 (238,352) 491,439 3. Inventories: 2020 2019 Flag shop inventory $ 14,549 $ 11,104 Maps, apparels and books 17,166 8,768 $ 31,715 $ 19,872 7 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended Dece er 31, 2020