2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 106 107 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2023 5. Tangible capital assets: 2023 Initial asset 2023 opening retirement closing cost Additions obligation Disposals cost (note 2) Buildings $5,229,952 $ 3,815 $ 73,727 $ - $5,307,494 Leasehold improvements 158,905 - - - 158,905 Computer and office equipment 167,206 1,863 - - 169,069 Website 120,787 - - - 120,787 Telecommunication equipment 5,299 - - - 5,299 Land 196,196 - - - 196,196 $5,878,345 $ 5,678 $ 73,727 $ - $5,957,750 2023 2023 Opening Closing accumulated Amortization accumulated amortization Disposals expense amortization Buildings $ 1,715,920 $ - $ 143,622 $ 1,859,542 Leasehold improvements 44,630 - 7,843 52,473 Computer and office equipment 130,275 - 7,695 137,970 Website 120,632 - 155 120,787 Telecommunication equipment 5,299 - - 5,299 $ 2,016,756 $ - $ 159,315 $ 2,176,071 2023 2023 Opening net Closing net book value book value Buildings $ 3,514,032 $ 3,447,952 Leasehold improvements 114,275 106,432 Computer and office equipment 36,931 31,099 Website 155 - Telecommunication equipment - - Land 196,196 196,196 $ 3,861,589 $ 3,781,679 8 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) NOTES TO FINANCIAL STATEMENTS Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2023 6. Accumulated surplus: Accumulated surplus consists of the following: 2023 2022 Share capital (note 7) $ 100 $ 100 Equity in tangible capital assets and property under development 13,458,735 12,951,688 Unrestricted equity 1,868,471 1,828,979 $ 15,327,306 $ 14,780,767 7. Share capital: 2023 2022 Issued and authorized with no par value: 100 Common shares $ 100 $ 100 8. Related party transactions and economic dependence: During the year, the City provided $600,000 (2022 - $600,000) in revenue for economic development purposes. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the parties. The Corporation is wholly-owned by the City. During the year the Corporation paid $480,000 (2022 – nil) to a company controlled by a director of the Corporation for construction related costs for property under development. This transaction was based on the fair market value of the services provided. 9
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