TTMA Annual Report 2016 E-mag

ANNUAL REPORT
2016Trinidad and Tobago
Manufacturers’ Association

CONTENTS
Vision and Mission 2
AboUt the TTMA 4
MESSAGE FROM THE PRESIDENT 6
MESSAGE FROM THE CEO 8
BOARD OF DIRECTORS 10
TTMA 2016 FINANCIAL STATEMENTS 12

Vision
To be the voice of manufacturers in Trinidad and Tobago, creating
value and providing world class service to our membership.
Mission
Increasing the value and growth of the manufacturing sector
in Trinidad and Tobago.
2 ANNUAL REPORT 2015

3 ANNUAL REPORT 2015

ABOUT THE
TTMA
We are the manufacturers’ association, assisting a number of companies to increase their competitive edge in a rapidly
evolving business climate.
The Trinidad and Tobago Manufacturers’ Association (TTMA) was established in 1956 with eight pioneer firms. Today
the TTMA stands strong with over three hundred and fifty (350) members. We are a powerful voice of the manufacturing
sector and the leading advocate for policies that assist in the growth and development of the domestic economy.
In keeping with our mandate to promote value and growth of the manufacturing sector of Trinidad and Tobago, in
the year 1999, the TTMA conceptualised and staged the first Trade and Investment Convention (TIC), to showcase
the high-quality products offered by this country’s manufacturers. We are proud to have successfully hosted TIC-the
TTMA’s annual flagship event- for the past 16 years.
TTMA believes that a modern, competitive and innovative manufacturing industry is central to Trinidad and Tobago’s
economic future. The manufacturing sector is now being viewed as another viable option for economic development.
The Association works with the Government, its agencies and regulatory bodies to address the challenges facing the
country’s manufacturers- competitiveness, access to regional and international markets and ease of doing business.
4 ANNUAL REPORT 2015

TTMA PROVIDES SUPPORT TO OUR MEMBERS THROUGH:
Advocacy
TTMA improves the business environment in which Trinidad and Tobago’s manufacturers operate. Mechanisms such
as conducting surveys, analysing membership data and research in the areas of trade, legislation, transport, logistics
and government regulations serve to enable the membership.
Business Development Research
The TTMA provides the material and technology providers for fast and effective research to support its advocacy
functions.
Trade Development & Facilitation
The secretariat provides a strong repository of primary and secondary research on all matters pertaining to trade
development, facilitation and market access. We represent members at various domestic, regional, hemispheric and
international trade negotiation meetings. Trade missions, seminars and workshops on trade and related matters serve
to propel the membership’s market growth.
Internal Committee Meetings
Committees have been established to address membership concerns. These committees are primarily multi-stakeholder
in nature, with representatives from various government agencies.
The committees are:
The Standing Committee on Trade and Related Matters
The Membership Service Committee
The Transport Logistics and Regulatory Committee
The Advocacy Committee
The Export Marketing Committee
The Trade and Investment Convention (TIC)
The TTMA hosts the largest business to business convention in the Caribbean. Each year the event attracts participation
from regional and international buyers and exhibitors.
5 ANNUAL REPORT 2015

6 ANNUAL REPORT 2015
THE PRESIDENT’S
MESSAGE
Dr. Rolph Balgobin, FRSA

The Trinidad and Tobago Manufacturers’ Association (TTMA) remains committed to serving its
membership and is encouraged by the economic stability which our members offer to the national
community in 2016.
The TTMA continues to strive to give our members first mover advantage in the area of trade. In this regard,
we hosted a trade mission to Cuba in March 2016 and assisted in facilitating our members to attend FIHAV
in Cuba in October 2016, an initiative of the Ministry of Trade. The focus on Latin American markets for
our manufacturers remains as we seek to further the reach of our manufacturers and in so doing, generate
foreign exchange for Trinidad and Tobago.
As part of its efforts to lobby support for our local manufacturers, TTMA launched its Think Local campaign
which sought to bring awareness to the superior quality of our local products and encourage persons to
think about the impact their choices as consumers have on the wider national economy. The theme of
“Think Local” was also highlighted at our Trade and Investment Convention (TIC) 2016 which saw the
largest number of visitors to TIC since inception. TIC continues to be a forum which presents opportunities
for both entrepreneurs and seasoned businesses alike. As the show continues to grow, so too does the value
which it offers as new additions are made with each passing year.
The TTMA will continue to offer every opportunity for the expansion and innovation of business to our
membership and being the united voice for our members for years to come.
7 ANNUAL REPORT 2015

8 ANNUAL REPORT 2015
THE CEO’s
MESSAGE
Dr. Mahindra Ramdeen

The year 2016 proved to be another stellar year for the Trinidad and Tobago Manufacturers’ Association as
we continued our lobbying efforts and being the voice of manufacturers. In the face of a challenging macroeconomic
environment, the TTMA continued to heed the call for the diversification of the economy. In light
of the difficulties/obstacles manufacturers faced in 2016 we have been inspired and encouraged by the resilience
displayed by the membership this past year.
The manufacturing fraternity is optimistic that with the right macro-economic policies being executed the economy
will inevitably turn around and so bring positive movements to the non-energy sector of the country. Manufacturing
has proven to be agile, dynamic and resilient and so we will continue to take the initiatives to move the economy
forward, working together with all our stakeholders, allowing for a sustainable future. Like true champions, the
business community will continually contribute to the economic growth and development and the overall well-being
of the citizenry of Trinidad and Tobago.
Indeed, The TTMA always seeks to foster an enabling environment for the manufacturers in the country. In this
regard the association, in 2016, hosted seminars, conferences and networking events connecting manufacturers to
policymakers, and exposing them to new business opportunities. One such event is our annual Trade and Investment
Convention (TIC). This past year saw the biggest incarnation of this event with over 200 exhibitors and over 10,000
visitors over the four day period. TIC continues to be a forum for local producers to highlight their products and
services to an international audience.
TTMA celebrated its 60th Anniversary this past year with two celebratory luncheons in north Trinidad at Jaffa at the
Oval and in south at Krave Restaurant. These events served both as a festive commemoration as well as a networking
event for CEOs and Mangers of some of our members.
As part of our mandate to increase business capacity for our members, TTMA also embarked on an initiative with
Venezuela where our manufacturers were able to export some of our local goods. This initiative has opened a market
for future exporting ventures.
Our resolve to make the manufacturing sector more dynamic and innovative is unwavering, and it is increasingly
important that the sector continues to play a pivotal role in stimulating economic recovery and in achieving balanced
and sustainable growth. The manufacturing sector’s contribution to GDP averaged 9% over the last year, is an earner
of significant foreign exchange and more importantly provides direct employment to approximately 60,000 citizens
and over 120,00 indirectly, yet its potential is far greater, and the TTMA will work to realize that potential.
The TTMA will continue its thrust to create value for our members, provide quality service and contribute to the
sustainable economic growth and development. I encourage all members to maximize their TTMA membership and
participate fully in the Secretariat’s initiatives to develop the sector.
9 ANNUAL REPORT 2015

BOARD OF
DIRECTORS
President
Dr. Rolph Balgobin
DIRECTOR
Mr. Christopher Alcazar
DIRECTOR
Mr. Robin Lewis
DIRECTOR
Mr. Roger Roach
DIRECTOR
Mr. Travis Ali
DIRECTOR
Dr. Mikaeel Mohammed
DIRECTOR
Mr. Colin S. Sabga
10 ANNUAL REPORT 2015

DIRECTOR
Ms. Franka Costelloe
DIRECTOR
Mr. Anthony Farah
DIRECTOR
Mr. Ashmeer Mohamed
DIRECTOR
Mr. Phillip Agostini
DIRECTOR
Mr. Michel Beneventi
Director
Mr. Ryan Lewis
Director
Mr. George Naime
11 ANNUAL REPORT 2015

12 ANNUAL REPORT 2015

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31st DECEMBER 2016
Auditors’ report 14
Statement of financial position 15
Statement of comprehensive income 16
Statement of changes in equity 17
Statement of cash flows 18
Accounting policies 19-21
Notes to the financial statements 22-27
13 ANNUAL REPORT 2015

independant Auditors’ report
To the members of
Trinidad & Tobago Manufacturers’ Association
Opinion
We have audited the accompanying financial statements of Trinidad and Tobago Manufacturers’ Association, which comprise
the statement of financial position as at 31 December, 2016, and the statement of comprehensive income, statement of changes
in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Trinidad
and Tobago Manufacturers’ Association as at 31 December, 2016, of its financial performance and its cash flows for the year
then ended in accordance with the International Financial Reporting Standard for small and medium-sized entities (IFRS for
SMEs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Association in accordance with International Ethics Standards Board for Accountants’ Code
of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance
with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Responsibilities of Management and Those Charged with
Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS for
SMEs, and for such internal control as management determines is necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Association’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Association or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Association’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Chartered Accountants
Port of Spain
Trinidad, West Indies
06/03/2017
14 ANNUAL REPORT 2015

Statement
of financial position
ASSETS
Non-current assets
NOTES
AS At 31 st DECEMBER
Property, plant and equipment 2 9,419,106 9,705,124
Deferred tax asset 3 - 297,493
9,419,106 10,002,617
Current assets
Cash and cash equivalents 4 2,846,248 1,825,814
Receivables and prepayments 5 900,518 671,171
Amounts due from related parties 6 86,970 2,750
3,833,736 2,499,735
Total assets 13,252,842 12,502,352
2016
$
2015
$
EQUITY AND LIABILITIES
Capital and reserves
Operational fund 11,019,494 10,050,913
Non-current liabilities
Borrowings 7 1,504,981 1,819,619
Current liabilities
Taxation payable 20,509 15,972
Borrowings 7 314,637 293,280
Subscriptions and deposits received in advance 8 179,669 156,557
Trade and other payables 9 213,552 166,011
728,367 631,820
Total liabilities 2,233,348 2,451,439
Total equity and liabilities 13,252,842 12,502,352
The accounting policies on pages 19 to 21 and the notes on pages 22 to 27 are an integral part of these
financial statements.
On 6th March 2017 the Board of Directors of Trinidad & Tobago Manufacturers’ Association authorised
these financial statements for issue.
____________________________ Director
____________________________ Director
15 ANNUAL REPORT 2015

Statement
of COMPREHENSIVE INCOME
NOTES
AS At 31 st DECEMBER
Revenue
Special events 4,982,713 5,631,860
Rental of building 1,615,027 1,620,713
Subscriptions from members 1,565,745 1,566,730
Grant – Trade 275,000 275,000
2016
$
2015
$
8,438,485 9,094,302
Direct costs
Special events (4,019,449) (5,064,006)
Gross surplus 4,419,035 4,030,296
Interest income 338 3,578
4,419,374 4,033,874
Expenses
Administrative (2,966,891) (2,614,183)
Operating surplus 10 1,452,483 1,419,691
Finance costs 11 (139,604) (159,511)
Net surplus before taxation 1,312,879 1,260,180
Taxation credit / (charge) 12 (344,298) 507,592
Net surplus after taxation 968,581 1,767,772
The accounting policies on pages 19 to 21 and the notes on pages 22 to 27 are an integral part of these
financial statements.
16 ANNUAL REPORT 2015

Statement
of changes in equity
Year ended 31 December 2015
Operational
fund
$
Balance at 1 January 2015 8,283,141
Net surplus for 2015 1,767,772
Balance at 31 December 2015 10,050,913
Year ended 31 December 2016
Balance at 1 January 2016 10,050,913
Net surplus for 2016 968,581
Balance at 31 December 2016 11,019,494
The accounting policies on pages 19 to 21 and the notes on pages 22 to 27 are an integral part of these
financial statements.
17 ANNUAL REPORT 2015

Statement
of cash flows
Cash flows from operating activities
Operating surplus 1,452,483 1,419,691
Adjustments for items not requiring an outlay of funds:
Depreciation 393,530 384,521
Interest income (338) (3,578)
Operating surplus before changes in working capital 1,845,675 1,800,634
Increase/ (decrease) in subscriptions and deposits received in advance 23,112 98,797
Increase/ (decrease) in trade and other payables 47,541 19,479
Increase in receivables and prepayments (229,347) (232,574)
Decrease in amounts due from related parties (84,220) 12,650
Cash generated from operations 1,602,761 1,698,986
Interest paid (139,604) (159,511)
Interest received 338 3,578
Taxation paid (42,268) (12,818)
Net cash from operating activities 1,421,227 1,530,235
Investing activities
Purchase of plant and equipment (107,511) (234,642)
Net cash used in investing activities (107,511) (234,642)
Financing activities
Repayment of borrowings (293,280) (267,358)
Net cash used in financing activities (293,280) (267,358)
Increase/ (decrease) in cash and cash equivalents 1,020,434 1,028,235
Cash and cash equivalents at beginning of YEAR 1,825,814 797,579
Cash and cash equivalents at end of year (note 4) 2,846,248 1,825,814
2016
$
YEAR ENDED
31 st DECEMBER
2015
$
The accounting policies on pages 19 to 21 and the notes on pages 22 to 27 are an integral part of these
financial statements.
18 ANNUAL REPORT 2015

Accounting policies
For the year ended 31ST December 2016
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies
have been consistently applied to all years presented.
a : Basis of preparation
These financial statements have been prepared in accordance with the International Financial Reporting Standard for Small
and Medium-sized Entities under the historical cost convention, as modified by the revaluation of available-for-sale investments.
The preparation of financial statements in conformity with the International Financial Reporting Standard for Small
and Medium-sized Entities requires the use of certain critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the company’s accounting policies.
b : Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, receivables, accounts
payables and borrowings, and are stated at their approximate fair values determined in accordance with the policy statements
disclosed.
c : Use of estimates
The preparation of financial statements in conformity with the International Financial Reporting Standard for Small and
Medium-sized Entities requires management to make estimates and assumptions that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ from those estimates.
d : Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation. Depreciation is calculated on the
straight-line basis at rates estimated to write off the cost of each asset to their residual values over their estimated useful lives, as
follows:
Building - 2%
Furniture, fittings and equipment - 10% - 33.3%
Land - 0%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.
Interest costs on borrowings to finance the construction of property are capitalised during the period of time that is required
to complete and prepare the asset for its intended use. Other borrowing costs are expensed to the statement of comprehensive
income.
Profits or losses on disposals of property, plant and equipment are determined by comparing proceeds with the carrying amount
and are included in administrative expenses in the statement of comprehensive income.
Property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of
the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price and value in use.
19 ANNUAL REPORT 2015

e : Revenue recognition
Members’ subscription income is recognised in the year to which it relates, with payments in advance being deferred to the
period to which they relate. Special events income is recognized at the time that the event is held. Interest income is recognised
on an effective yield basis.
f : Foreign currencies
Foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions are recognized in the statement of comprehensive
income. Monetary assets and liabilities denominated in foreign currencies are translated into Trinidad and Tobago dollars at
the exchange rates prevailing at the year end date. All exchange gains and losses are included in the statement of comprehensive
income when incurred.
g : Cash and cash equivalents
Cash and cash equivalents are carried in the statement of financial position at cost and comprise cash in hand, cash at bank and
funds held in Money Market Funds. Bank overdrafts are included within borrowings in current liabilities on the statement of
financial position. For the purposes of the cash flow statement, cash and cash equivalents also include bank overdrafts.
h : Trade receivables
Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision
for impairment of trade receivables is established when there is objective evidence that the Association will not be able to
collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between
the carrying amount and the recoverable amount. Provisions for impairment of receivables are included in the statement of
comprehensive income.
i : Pensions
The Association pays contributions to privately administered defined contribution pension schemes. A defined contribution
pension scheme is a plan which the Association pays fixed contributions into a separate fund. Once the contributions have been
paid, the Association has no further payment obligations. The regular pension contributions are included in staff costs in the
period in which they are due.
j : Leases
Leases of property, plant and equipment where the company has substantially transferred all the risks and rewards of ownership
are classified as finance leases. Finance leases are capitalised at the inception of the leases at the lower of the fair value of the
leased property or the present value of the minimum lease payments. Each lease payment is allocated between the liability and
finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of
finance charges, are included in other long-term payables.
The interest element of the finance cost is charged to the statement of comprehensive income over the lease period. The property,
plant and equipment acquired under finance leases is depreciated over the shorter of the useful life of the asset or the lease term.
Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases (e.g. property leases). Payments made under operating leases are charged to the statement of comprehensive income on a
straight-line basis over the period of the lease.
20 ANNUAL REPORT 2015

k : Borrowings
Borrowings are recognized initially at the proceeds received, net of transaction costs incurred. Borrowings are subsequently
stated at amortized cost using the effective yield method; any difference between proceeds (net of transaction costs) and the
redemption value is recognized in the statement of comprehensive income over the period of the borrowings.
l : Provisions
Provisions are recognized when the Association has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.
m : Grants
Grants are recognized at their fair value where there is a reasonable assurance that the grant will be received and the company
will comply with all attached conditions. Grants relating to costs are deferred and are included in liabilities. They are recognized
in the statement of comprehensive income over the period necessary to match them with the net expenditure for the
year, which they are intended to compensate.
n : Deferred income taxes
Deferred income taxes are provided in full, using the liability method, for all temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income taxes are determined
using tax rates that have been enacted or substantially enacted and are expected to apply when the related deferred income tax
asset is realized or the related deferred income tax liability is settled.
Under this method, a provision is made for deferred income taxes on the revaluation of certain non-current assets and, in relation
to an acquisition, on the difference between the fair values of the net assets acquired and their tax base.
The principal temporary differences arise from depreciation on property, plant and equipment and tax losses carried forward.
Deferred tax assets relating to the carry forward of unused tax losses are recognized to the extent that it is probable that future
taxable profit will be available against which the unused tax losses can be utilized.
21 ANNUAL REPORT 2015

Notes to the
financial statements
For the year ended 31 December 2016
1 :Incorporation and activities
The Association, limited by guarantee, is incorporated and domiciled in the Republic of Trinidad and Tobago with its
registered office located at #42 Tenth Street, Barataria. The Association’s activities are to promote and encourage the
development of local manufacturing operations and to assist in problems relating to manufacturing industries in Trinidad
and Tobago.
2 :Property, plant and equipmenT
BUILDING &
CARPARK
$
OFFICE
EQUIPMENT
$
Year ended 31 December 2016
Opening net book amount
LAND
$
2,437,352 7,038,978 228,794
TOTAL
$
9,705,124
Additions - - 107,511 107,511
Depreciation charge - (308,770) (84,760) (393,530)
Closing net book amount 2,437,352 6,730,208 251,546 9,419,106
At 31 December 2016
Cost 2,437,352 9,484,351 1,790,898 13,712,601
Accumulated depreciation - (2,754,143) (1,539,352) (4,293,495)
Net book amount 2,437,352 6,730,208 251,546 9,419,106
Year ended 31 December 2015
Opening net book amount 2,437,352 7,265,816 151,835 9,855,003
Additions - 80,655 153,987 234,642
Depreciation charge - (307,493) (77,028) (384,521)
Closing net book amount 2,437,352 7,038,978 228,794 9,705,124
At 31 December 2015
Cost 2,437,352 9,484,351 1,683,387 13,605,090
Accumulated depreciation - (2,445,373) (1,454,592) (3,899,965)
Net book amount 2,437,352 7,035,978 228,794 9,705,124
22 ANNUAL REPORT 2015

3 :Deferred tax asset/ (liability)
Deferred taxes are calculated in full on temporary differences under the liability method using a principal tax rate of
25%. Assets and liabilities are shown net to the extent that tax losses are expected to be utilized against future chargeable
profits. Deferred tax was written off since there are no foreseeable future chargeable profits to apply the existing deferred
tax asset against.
Accelerated tax depreciation
At 1 January 982,256 961,777
(Credit) / Debit to statement of comprehensive income (982,256) 20,479
Deferred tax liability - 982,256
Deferred tax asset arising from tax losses
At 1 January 1,279,749 735,420
(Debit) / Credit to statement of comprehensive income ( 1,279,749) 544,328
Deferred tax asset - 1,279,749
Net deferred tax asset - 297,493
2016
$
2015
$
4 :Cash and cash equivalents
Cash at bank 2,863,251 1,915,893
Cash in hand 17,164 20,560
Money market funds 3,410 3,071
Undeposited funds (37,577) (130,537)
Returned Items - 16,827
2,846,248 1,825,814
The Money Market Funds have been classified as a cash equivalent because management will be using the
accounts for working capital requirements within the next year. The interest rate at the year-end was 1.00%.
2016
$
2015
$
5 :Receivables and prepayments
Receivables 673,402 528,400
Less: Provision for bad debts (27,900) (27,900)
645,502 500,500
Prepayments 226,418 145,247
VAT refund 28,598 25,424
900,518 671,171
As at 31 December 2016, Trade Receivables of $645,502 (2015: $500,500) were fully performing.
Trade receivables are non interest bearing and due upon receipt or on 30 days term.
The ageing analysis of Receivables is as follows:
TOTAL
$
NEITHER PAST
DUE NOR
IMPAIRED
$
2016 645,502 224,077 127,258 22,498 271,669
2015 500,500 185,332 108,534 54,156 152,478
2016
$
PAST DUE BUT NOT IMPARIED
30-60 DAYS 60-90 DAYS
$
$
2015
$
>90 DAYS
$
23 ANNUAL REPORT 2015

6 :Related parties
Transactions which included related parties totalled $86,970 in 2016. This would have comprised of subscriptions
paid by the organisations affiliated with our current Board of Directors.
A. The value of transactions carried out during the year with related parties is as follows:
Advance Foam Limited 25,136 -
Aerogas Processors 50,027 -
Ansa Coatings Limited 37,711 -
Coconut Growers Association Limited 29,526 -
Cold Zone 3pl / Iceland Distributors 30,109 -
First Citizens Bank Limited 416,326 -
K.C. Confectionery Limited 15,526 -
Label House Group 25,678 20,889
Lifetime Solutions 32,931 -
MDCUM Limited 34,705 31,999
Nestle Trinidad & Tobago Limited 126,027 8,440
Quicksilver Convenience Limited 11,987 -
S M Jaleel & Company Limited 96,415 -
Vemco Limited 103,962 -
Key management compensation
Key management compensation amounted to $492,000 (2015 -$468,000)
B. The amounts due from related parties as at year end are as follows:
SALES
$
1,036,065 61,328
Advance Foam Limited 5,878 -
Aerogas Processors 2,750 -
Ansa Coatings Limited 2,750 -
Cold Zone 3pl / Iceland Distributors - 1,100
First Citizens Bank Limited 2,200 -
K.C. Confectionery Limited 550 -
Label House Group 1,100 -
MDCUM Limited 2,750 -
Nestle Trinidad & Tobago Limited 46,879 -
Quicksilver Convenience Limited 9,900 -
S M Jaleel & Company Limited 10,013 1,650
Vemco Limited 2,200 -
86,970 2,750
It was noted that 87% of the 2016 balance was collected as at the date these financial statements were authorised for issue.
Subscriptions revenue
Ordinary members 1,230,818 1,243,220
Associate members 334,927 323,510
2016
$
2016
$
PURCHASES
$
2015
$
2015
$
1,565,744 1,566,730
24 ANNUAL REPORT 2015

7 : Borrowings
Current
2016
$
2015
$
Bank loans 314,637 293,280
Non-current
Bank loan 1,504,981 1,819,619
Total borrowings 1,819,619 2,112,899
This represents a ten (10) year mortgage loan with FCB Bank Ltd, secured by a charge over the TTMA Building.
The effective interest rate of the mortgage is 7.05% fixed.
The maturity of the non-current bank loan is as follows:
Due between one and two years 337,550 314,637
Due between two and ten years 1,167,431 1,504,982
2016
$
2015
$
1,504,981 1,819,619
8 : Subscriptions and deposits received in advance
Members’ subscriptions received in advance 37,294 9,329
Deposits received in advance for TIC exhibits 142,374 147,228
179,669 156,557
2016
$
2015
$
9 : Trade and other payables
Trade payables 153,622 48,446
Accrued liabilities 59,930 117,565
213,552 166,011
2016
$
2015
$
10: Operating surplus
The Association’s operating surplus includes the following items:
2016
$
2015
$
Staff costs (note 13) 2,065,181 1,702,589
Depreciation 393,530 384,521
Telephone, electricity and utilities 185,997 192,894
Insurance 138,582 139,355
25 ANNUAL REPORT 2015

11: Finance costs
Interest expense 139,604 159,511
12: Taxation Credit
Deferred tax credit (297,493) 523,849
Prior year adjustment 8,270 --
Business levy – current year (29,759) (8,584)
Green fund levy – current year (25,316) (7,673)
Total tax (charge)/credit for the year (344,298) 507,592
The company’s effective tax rate differs from the statutory rate as a result of the differences shown below:
Profit before taxation 1,312,879 1,260,180
Corporation tax calculated at 25% (328,220) (315,020)
Effects of:
Tax exempt income 3,478,983 3,381,461
Effects of other charges and allowances (2,483,656) (3,075,000)
Deferred tax credit (297,493) 523,849
Green fund levy – current year (25,316) (7,673)
(344,298) 507,592
13: Staff costs
The total staff costs for the year were as follows:
Wages and salaries 1,902,568 1,563,029
Social security costs 130,453 107,000
Pension costs 32,160 32,560
At 31 December 2016, the Association had 18 employees (2015: 19).
2,065,181 1,702,589
26 ANNUAL REPORT 2015

Administrative
expenses
Salaries and other staff costs 2,065,181 1,702,588
Marketing 178,187 185,310
Travelling and subsistence 188,148 167,836
Telephone and postage 102,748 102,642
Depreciation 84,756 94,239
Insurance 88,550 88,281
Printing, stationery and general office 50,808 50,895
Audit fees 37,625 40,000
Medical and staff welfare 35,991 39,535
Computer expenses 33,827 31,107
Entertainment 34,627 27,611
Legal and professional fees 36,580 22,860
Contracted staff - 22,469
Bank charges 8,525 11,439
Accounting fees 8,495 10,100
Security 7,080 7,080
Subscriptions 6,232 5,632
Rental of equipment 2,922 2,164
Donations 2,320 2,000
Other (6,450) 391
Duties, freight and clearing 738 -
2016
$
2015
$
2,966,891 2,650,906
27 ANNUAL REPORT 2015

NOTES
28 ANNUAL REPORT 2015