2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 120 121 TOURISM CHILLIWACK INC. CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Consolidated Statement of Cash Flows Year ended December 31, 2023, with comparative information for 2022 2023 2022 Cash provided by (used in): Operating activities: Annual surplus $ 173,867 $ 130,288 Item not involving cash: Amortization of tangible capital assets 34,132 7,141 207,999 137,429 Changes in non-cash operating assets and liabilities: Accounts receivable (120,724) 17,759 Inventories 3,763 (67,370) Prepaid expenses and deposits 4,028 (1,787) Accounts payable and accrued liabilities 76,691 (122,106) Due to City of Chilliwack 154,263 107,673 Deferred revenue (554,864) (283,587) (228,844) (211,989) Capital activities: Acquisition of tangible capital assets (59,074) (6,207) Change in cash and cash equivalents (287,918) (218,196) Cash and cash equivalents, beginning of year 1,896,179 2,114,375 Cash and cash equivalents, end of year $ 1,608,261 $ 1,896,179 See accompanying notes to financial statements. 4 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements Year ended December 31, 2023 Basis of presentation: Tourism Chilliwack Inc. (the "Company") was incorporated on December 16, 2006 and began operations on January 1, 2007. The Company is wholly-owned by the City of Chilliwack. The mandate of the Company is to develop and promote the tourism industry as well as provide economic development programs and services aimed at growing the tourism industry in the City of Chilliwack. 1. Significant accounting policies: These financial statements are prepared in accordance with the CPA Canada Public Sector Accounting Handbook. The Company's significant accounting policies are as follows: (a) Basis of consolidation: The consolidated financial statements include all of the funds of the Company. Inter-fund transactions, fund balances and activities have been eliminated on consolidation. The funds of the Company include Facility Management, Tourism Services and Retail Services. (b) Cash and cash equivalents: Cash and cash equivalents consist of cash, bank balances and short-term investments with maturities of less than 90 days at acquisition. (c) Inventories: Inventories are measured at the lower of cost and net realizable value by using first-in, firstout costing methodology. The Company uses the same cost formula for all the inventories having a similar nature and use to the Company. When circumstances which previously caused inventories to be written down no longer exist the previous impairment is reversed. (d) Tangible capital assets: Tangible capital assets are stated at cost, less accumulated amortization. Amortization commences in the year that the asset is put into use and is provided using the declining balance method at the following annual rates: Asset Rate Furniture and fixtures 30% Computers 30% Leasehold improvements 30% Website 45% Works of art and cultural and historical assets are not recorded as assets in these financial statements. Purchased works of art are expensed in year acquired. 5
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