CITY OF CHILLIWACK | 2024 Annual Report 106 107 2024 Annual Report | CITY OF CHILLIWACK CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2024 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 12, 2025 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Financial Position Year ended December 31, 2024, with comparative information for 2023 2024 2023 Financial assets: Cash (note 3) $ 495,163 $ 38,003 Accounts receivable 13,059 32,995 Investments 1,248,972 1,208,561 1,757,194 1,279,559 Financial liabilities: Accounts payable and accrued liabilities 412,142 135,608 Unearned revenue 191,669 21,044 Asset retirement obligation 80,868 77,215 684,679 233,867 Net financial assets 1,072,515 1,045,692 Non-financial assets: Prepaid expenses 697,069 745,664 Property under development (note 4) 10,214,554 9,754,271 Tangible capital assets (note 5) 3,690,875 3,781,679 14,602,498 14,281,614 Accumulated surplus (note 6) $ 15,675,013 $ 15,327,306 See accompanying notes to financial statements. Director Director 1
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