p17n63qg7jmbh1r4fin71pds1p454.pdf

Notes to the Consolidated Financial Statements
FOR THE YEAR ENDED 31 DECEMBER, 2012
Expressed in Trinidad and Tobago dollars
Loans to key management of the
Group:
Balance at beginning of year 957 1,004
Loans advanced during year 1,626 531
Loan repayments received during year (556) (578)
Interest income during year 50 28
Interest received during year (50) (28)
Balance at end of year 2,027 957
a) key management compensation:
Salaries and other short-term
benefits 17,583 15,785
b) Consultancy fees to Directors 1,527 1,820
36) RESTATEMENTS AND
RECLASSIFICATIONS
Certain changes in presentation have been made in these
Financial Statements. The changes had no effect on the operating
results or profit after tax for the previous year.
37) COMMITMENTS
At 31 December 2012, the Group had contractual obligations for
capital contributions under two contracts. Under the first contract
there was a capital commitment of $13.4 million payable over the
next five (5) years (2011: $14.6 million). Under the second contract
there was a contractual obligation in the amount of $20.5 million
(2011: $26.2 million).
38) CONTINGENT LIABILITIES
During 2011 a claim was instituted against the Corporation
with respect to the Dellis Cay Project. The statement of claim
stated that the Corporation owed a duty of care to all the project
investors (actual and potential) to ensure that the representations
made with respect to the financial health, progress and status of
the project were accurate.
Legal counsel has advised that though the claim has not been
quantified, it may be substantial. Counsel has advised however
that the claim has little probability of success.
Based on Counsel’s opinions and the opinion of the Senior Counsel
in this matter, the Corporation filed an application to strike out the
proceedings on the grounds that the claim disclosed no cause
of action against the Corporation. The plaintiffs are expected to
file their response to the strike out application in due course. In
the circumstances, no provision has been made in these Financial
Statements in respect of the claim.
39) APPROVAL OF THE FINANCIAL
STATEMENTS
These Financial Statements were approved by the Board of
Directors and authorized for issue on 21 February, 2013.
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Unit Trust Corporation Annual Report 2012
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