CITY OF CHILLIWACK | 2024 Annual Report 124 125 2024 Annual Report | CITY OF CHILLIWACK TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2024 Page 3 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 April 8, 2025 1 TOURISM CHILLIWACK INC. Consolidated Statement of Financial Position December 31, 2024, with comparative information for 2023 2024 2023 Financial assets: Cash and cash equivalents $ 1,036,546 $ 1,608,261 Accounts receivable 415,109 444,682 1,451,655 2,052,943 Financial liabilities: Accounts payable and accrued liabilities 204,497 311,210 Due to City of Chilliwack (note 11) 45,449 263,136 Deferred revenue 83,517 463,686 333,463 1,038,032 Net financial assets 1,118,192 1,014,911 Non-financial assets: Inventories (note 3) 69,634 96,431 Prepaid expenses and deposits 23,883 19,609 Tangible capital assets (note 4) 29,922 41,034 Goodwill 6,120 6,120 129,559 163,194 Contingency (note 10) Accumulated surplus $ 1,247,751 $ 1,178,105 Represented by: Share capital (note 5) $ 1 $ 1 Unrestricted equity 1,217,829 1,137,070 Equity in tangible capital assets 29,922 41,034 $ 1,247,752 $ 1,178,105 Director See accompanying notes to financial statements. Director
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