Chamber Annual Report 2018

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Independent Auditor’s Report to the Members of Trinidad and Tobago Chamber of Industry and Commerce Cont’d Auditor’s responsibilities for the audit of the financial statements (Cont’d) As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Chamber’s internal control. 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 account and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Chamber’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 audit’s report. However, future events or conditions may cause the Chamber to cease to continue as a going concern. We 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. MICHAEL LEE KIM & CO. Chartered Accountants: Port of Spain TRINIDAD 27th February, 2019 20
Statement of Financial Position As at 31st December, 2018 Notes 2018 2017 $ $ ASSETS Non-current assets Property, plant and equipment 3 4,971,081 5,169,374 Current assets Accounts receivable and prepayments 869,802 889,585 Cash in hand and at bank and short term investments 4 3,777,012 4,934,021 Taxation refund due 19,918 20,128 4,666,732 5,843,734 Total assets 9,637,813 11,013,108 EQUITY AND LIABILITIES Capital and reserves Capital reserve 5 4,776,563 4,776,563 Retained earnings 1,279,321 2,974,542 Members’ funds 6,055,884 7,751,105 Non-current liabilities Deferred tax 6 754,455 625,399 Current liabilities Accounts payable and accruals 1,010,505 1,086,867 Payments received in advance 905,686 678,530 Project funds 7 911,283 871,156 Taxation payable – 51 2,827,474 2,636,604 Total equity and liabilities 9,637,813 11,013,108 The attached notes set out on pages 25 to 31 form an integral part of these financial statements. On 26th February, 2019, the Board of Directors authorised these financial statements for issue. President Chief Executive Officer A 21
Page 1 and 2: Together we make business better
Page 3 and 4: Contents Message from the President
Page 5 and 6: Message from the President Cont’d
Page 7 and 8: Message from the Chief Executive Of
Page 9 and 10: 2018 ANNUAL REPORT Activities
Page 11 and 12: Committees Cont’d This committee
Page 13 and 14: Events The events hosted by the Cha
Page 15 and 16: The Membership Value Added Programm
Page 17 and 18: The Dispute Resolution Centre Cont
Page 19 and 20: 18 19 21 22 23 24 25 32
Page 21: Independent Auditor’s Report to t
Page 25 and 26: Statement of Changes in Equity For
Page 27 and 28: Notes to the Financial Statements A
Page 29 and 30: Notes to the Financial Statements C
Page 35 and 36: Schedules to the Statement of Profi

Chamber Annual Report 2018

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