Chamber Annual Report 2018

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Statement of Cash Flows For the year ended 31st December, 2018 2018 2017 $ $ Cash flows from operating activities Net loss before taxation (1,501,003) (732,285) Adjustments for: Depreciation 352,285 379,345 Operating loss before working capital changes (1,148,718) (352,940) Decrease in accounts receivable and prepayments 19,783 123,501 (Decrease)/increase in accounts payable and accruals (76,362) 85,785 Increase/(decrease) in payments received in advance 227,156 (343,764) Increase in project funds 40,127 112,220 Cash used in operations (938,014) (375,198) Taxation paid (65,214) (84,622) Taxation refunded 211 – Net cash flow used in operating activities (1,003,017) (459,820) Cash flows used in investing activities Additions to property, plant and equipment (153,992) (113,270) Net cash flows used in investing activities (153,992) (113,270) Net decrease in cash and cash equivalents (1,157,009) (573,090) Cash and cash equivalents – At beginning of year 4,934,021 5,507,111 – At end of year 3,777,012 4,934,021 Represented by: Cash in hand and at bank and short term investments 3,777,012 4,934,021 The attached notes set out on pages 25 to 31 form an integral part of these financial statements. 124
Notes to the Financial Statements As at 31st December, 2018 1. Incorporation and principal activities The Chamber is an association limited by guarantee and was incorporated on 12th January 1891 and continued on 16th October 1998 under the Companies Act 1995 in the Republic of Trinidad and Tobago. The registered office of the Chamber is located at Site T, Columbus Circle, Westmoorings. Its principal activities are the promotion and protection of the trading interests of its members and the general trade of the company. The Dispute Resolution Centre was launched in 1996 by the Chamber. Its principal activities are the provision of professional facilitation and mediation services and training for the business and private sectors. At 31st December 2018, the Chamber employed 28 employees (2017: 35 employees). 2. Statement of significant accounting policies a) Basis of preparation The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and (IFRIC) interpretations, under the historical cost convention. The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Chamber’s accounting policies. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the Chamber’s carrying amounts of assets and liabilities within the next financial year. b) New standards, amendments and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31st December, 2018 reporting periods and have not been early adopted by the Chamber, in preparing these financial statements. None of these is expected to have a significant effect on the financial statements of the Chamber, except the following set out below: i) IFRS 9 – Financial Instruments IFRS 9, ‘Financial Instruments’ addresses the classification, measurement and de-recognition of financial assets and financial liabilities. In July 2014, the IASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. The standard is effective for accounting periods beginning on or after 1 January, 2018. Early adoption is permitted, however, but has not been exercised. The initial application of IFRS 9 will not have a material impact on the financial statements as the carrying value of total trade receivables reflect all contractual cash flows the Society expects to receive from its customers. 25
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 and 22: Independent Auditor’s Report to t
Page 23 and 24: Statement of Financial Position As
Page 25: Statement of Changes in Equity For
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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