108 City of Chilliwack TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2021 TOURISM CHILLIWACK INC. Consolidated Statement of Cash Flows Year ended December 31, 2021, with comparative information for 2020 2021 2020 Cash provided by (used in): Operating activities: Annual surplus $ 271,303 $ 111,208 Item not involving cash: Amortization of tangible capital assets 11,439 14,000 282,742 125,208 Changes in non-cash operating assets and liabilities: Accounts receivable (253,227) 49,892 Inventories (1,109) (11,843) Prepaid expenses and deposits (15,354) 8,592 Accounts payable and accrued liabilities (36,751) 32,229 Due to City of Chilliwack - (165,365) Deferred revenue 1,196,832 (185,842) 1,173,133 (147,129) Capital activities: Acquisition of tangible capital assets (660) (12,395) Investing activities: Decrease in investments - 230,660 Change in cash and cash equivalents 1,172,473 71,136 Cash and cash equivalents, beginning of year 941,902 870,766 Cash and cash equivalents, end of year $ 2,114,375 $ 941,902 See accompanying notes to financial statements. 4 Annual Report 2021 109 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2021 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements Year ended December 31, 2021 Basis of presentation: Tourism Chilliwack Inc. (the "Company") was incorporated on December 16, 2006 and began operations on January 1, 2007. The Company is wholly-owned by the City of Chilliwack. The mandate of the Company is to develop and promote the tourism industry as well as provide economic development programs and services aimed at growing the tourism industry in the City of Chilliwack. 1. Significant accounting policies: These financial statements are prepared in accordance with the CPA Canada Public Sector Accounting Handbook. The Company's significant accounting policies are as follows: (a) Basis of consolidation: The consolidated financial statements include all of the funds of the Company. Inter-fund transactions, fund balances and activities have been eliminated on consolidation. The funds of the Company include Facility Management, Tourism Services and Retail Services. (b) Cash and cash equivalents: Cash and cash equivalents consist of cash, bank balances and short-term investments with maturities of less than 90 days at acquisition. (c) Inventories: Inventories are measured at the lower of cost and net realizable value by using first-in, firstout costing methodology. The Company uses the same cost formula for all the inventories having a similar nature and use to the entity. When circumstances which previously caused inventories to be written down no longer exist the previous impairment is reversed. (d) Tangible capital assets: Tangible capital assets are stated at cost, less accumulated amortization. Amortization is provided using the declining balance method at the following annual rates: Asset Rate Furniture and fixtures 30% Computers 30% Leasehold improvements 30% Website 45% Works of art and cultural and historical assets are not recorded as assets in these financial statements. Purchased works of art are expensed in year acquired. 5
RkJQdWJsaXNoZXIy ODc2MA==