110 City of Chilliwack Page 3 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants Chilliwack, Canada March 14, 2023 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2022 TOURISM CHILLIWACK INC. Consolidated Statement of Financial Position December 31, 2022, with comparative information for 2021 2022 2021 Financial assets: Cash and cash equivalents $ 1,896,179 $ 2,114,375 Accounts receivable 323,958 341,717 2,220,137 2,456,092 Financial liabilities: Accounts payable and accrued liabilities 234,519 356,625 Due to City of Chilliwack (note 10) 108,873 1,200 Deferred revenue 1,018,550 1,302,137 1,361,942 1,659,962 Net financial assets 858,195 796,130 Non-financial assets: Inventories (note 2) 100,194 32,824 Prepaid expenses and deposits 23,637 21,850 Tangible capital assets (note 3) 16,092 17,026 Goodwill 6,120 6,120 146,043 77,820 Contingency (note 9) Accumulated surplus $ 1,004,238 $ 873,950 Represented by: Share capital (note 4) $ 1 $ 1 Unrestricted equity 988,145 856,923 Equity in tangible capital assets 16,092 17,026 $ 1,004,238 $ 873,950 See accompanying notes to financial statements. Director Director 1 Annual Report 2022 111
RkJQdWJsaXNoZXIy ODc2MA==