2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 122 123 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2023 1. Significant accounting policies (continued): (e) Revenue recognition: Grant revenues are recognized when the grants have been approved and the conditions required to earn the grants have been completed. Revenue from the sale of goods and other income is recorded at time of sale. Rental revenues are recognized in the period the facilities are occupied. Revenue received in advance of the fee being earned or the service being performed is deferred and recognized when the fee is earned or service performed. Advertising commission revenue is recognized when the related advertisement or commercial appears before the public. (f) Budget figures: Budget figures represent the budget approved by board of directors on November 29, 2022. (g) Use of estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Actual results could differ from those estimates. 2. Inventories: 2023 2022 Flag shop inventory $ 19,676 $ 18,505 Maps, apparels and books 76,755 81,689 $ 96,431 $ 100,194 6 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2023 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2023 3. Tangible capital assets: 2023 2023 Opening Closing Cost Additions Disposals Cost Furniture and fixtures $ 67,738 $ 2,840 $ - $ 70,578 Computers 71,702 18,707 - 90,409 Leasehold Improvements 127,915 - - 127,915 Website 87,222 37,528 - 124,750 $ 354,577 $ 59,075 $ - $ 413,652 2023 Opening 2023 Closing Accumulated Amortization Accumulated Amortization Disposals expense Amortization Furniture and fixtures $ 62,413 $ - $ 1,727 $ 64,140 Computers 63,939 - 13,282 77,104 Leasehold Improvements 125,966 - 756 126,722 Website 86,167 - 18,367 104,652 $ 338,485 $ - $ 34,132 $ 372,618 2023 Opening 2023 Closing Net book value Net book value Furniture and fixtures $ 5,325 $ 6,438 Computers 7,763 13,305 Leasehold Improvements 1,949 1,193 Website 1,055 20,098 $ 16,092 $ 41,034 Not included in tangible capital assets is $68,143 (2021 - $68,143) of works of art and cultural assets. During fiscal 2017, when these were purchased they were expensed on the statement of operations. 7
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