p17n63qg7jmbh1r4fin71pds1p454.pdf
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
A40<br />
A40<br />
| InVESTMEnT In SUBSIDIARIES|<br />
Unit Trust Corporation Annual Report 2012<br />
Trinidad and Tobago Unit Trust Corporation<br />
Notes<br />
to the Consolidated<br />
Financial Statements<br />
FOR THE YEAR ENDED<br />
31 DECEMBER, 2012<br />
Expressed in<br />
Trinidad and Tobago dollars<br />
Held-to-Maturity Financial<br />
Assets<br />
Available-for-Sale<br />
1,553,474 2,053,124<br />
Financial Assets 1,554,310 1,454,386<br />
Total 3,107,784 3,507,510<br />
34) INVESTMENT IN SUBSIDIARIES<br />
a) local subsidiaries<br />
The Corporation established three (3) wholly-owned local<br />
subsidiary companies incorporated under the Companies Act<br />
chapter 81:01 of Trinidad & Tobago as follows:<br />
Company<br />
UTC Financial Services<br />
%<br />
Interest<br />
Limited 100%<br />
UTC Trust Services Limited 100%<br />
UTC Property Holdings<br />
Limited<br />
100%<br />
Date of<br />
23 March,<br />
1999<br />
2 June,<br />
1999<br />
18 June,<br />
2002<br />
The UTC Financial Services Limited is a wholly-owned subsidiary of<br />
the Corporation and all the Directors of the company are Directors<br />
of the Corporation. The company carries on the business of a<br />
registrar and paying agent.<br />
The UTC Property Holdings Limited is a wholly-owned subsidiary<br />
of the Corporation and all the Directors of this company are<br />
Directors of the Corporation. It currently owns buildings<br />
constructed for rental to the Corporation to house its investment<br />
centres.<br />
The assets, liabilities and results of operations of these subsidiaries<br />
have been fully incorporated in these Financial Statements. UTC<br />
Trust Services Limited was activated on 31 December 2012 to<br />
account for two immaterial transactions. The auditor for UTC<br />
Property Holdings Limited and UTC Financial Services Limited is<br />
PricewaterhouseCoopers.<br />
b) foreign subsidiaries<br />
The Corporation has five (5) foreign subsidiaries. These are: