2023 Annual Report I CITY OF CHILLIWACK CITY OF CHILLIWACK I 2023 Annual Report 98 99 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 13, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION (CEPCO) STATEMENT OF FINANCIAL POSITION Year Ended December 31, 2023 CHILLIWACK ECONOMIC PARTNERS CORPORATION Statement of Financial Position Year ended December 31, 2023, with comparative information for 2022 2023 2022 Financial assets: Cash (note 3) $ 38,003 $ 803,783 Accounts receivable 32,995 220,966 Investments 1,208,561 395,242 1,279,559 1,419,991 Financial liabilities: Accounts payable and accrued liabilities 135,608 184,888 Unearned revenue 21,044 178,831 Asset retirement obligation (note 2) 77,215 - 233,867 363,719 Net financial assets 1,045,692 1,056,272 Non-financial assets: Prepaid expenses 745,664 772,807 Property under development (note 4) 9,754,271 9,090,099 Tangible capital assets (note 5) 3,781,679 3,861,589 14,281,614 13,724,495 Accumulated surplus (note 6) $ 15,327,306 $ 14,780,767 See accompanying notes to financial statements. Director Director 1
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