94 City of Chilliwack Page 3 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 Corporation'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 Corporation 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 15, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2022 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Financial Position Year ended December 31, 2022, with comparative information for 2021 2022 2021 Financial assets: Cash (note 2) $ 803,783 $ 224,196 Accounts receivable 220,966 75,663 Investments 395,242 934,613 1,419,991 1,234,472 Financial liabilities: Accounts payable and accrued liabilities 184,888 82,476 Unearned revenue 178,831 71,663 363,719 154,139 Net financial assets 1,056,272 1,080,333 Non-financial assets: Prepaid expenses 772,807 821,901 Property under development (note 3) 9,090,099 8,345,508 Tangible capital assets (note 4) 3,861,589 4,015,553 13,724,495 13,182,962 Accumulated surplus (note 5) $ 14,780,767 $ 14,263,295 See accompanying notes to financial statements. Director Director Annual Report 2022 95
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