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Annual Report 2021

The Trinidad and Tobago Chamber of Industry and Commerce Annual Report 2021

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TRANSFORMING TOMORROW...!

Contents

Vision, Mission, Core Values 2

Message from the President 4

Statement from the Chief Executive Officer 7

Board of Directors 10

Report from the Trade and Business Development Unit 12

Standing Committees 17

Events 19

NAPA Mass Vaccination Site 24

Tobago Division Report 26

Financial Statements 28

Columbus Circle, Westmoorings, P.O. Box 499,

Port of Spain, Trinidad, W.I.

Tel: 1 868 637 6966 • Fax: 1 868 637 7425

Email: chamber@chamber.org.tt

ANSA McAl Building, Milford Road,

Scarborough, Tobago, W.I.

Tel: 1 868 639 2669 • Fax: 1 868 639 3014

Email: tobagochamber@chamber.org.tt

Website: www.chamber.org.tt



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2021 ANNUAL REPORT

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Our Vision

We are the Voice of Business.

Our Mission

To be the champion of business

towards the development of a strong

and sustainable national economy.

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Vision, Mission, Core Values


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Core Values

MEMBERSHIP SATISFACTION

We are committed to understanding our

members’ needs and satisfying them

through value-added services.

PROFESSIONALISM

We are committed to being professional

in all that we do, grounded in the belief

in high standards of performance.

TRANSPARENCY

We are committed to being open and

equitable in all our dealings with all

our stakeholders as we work towards

the development of a strong and

sustainable national economy.

PRODUCTIVITY

We are committed to constantly

improving our work ethic/output for

the benefit of our members and other

stakeholders.

INDEPENDENCE

We are committed to being independent

in our views so that objective and

transparent representation of our

members’ interests comes first.

PERSONAL DEVELOPMENT

We are committed to the personal

development of our staff through

learning, feedback, coaching and

mentoring.

Vision, Mission, Core Values

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Message from the President

Mr. Charles Pashley

My first term as President of the T&T

Chamber was a unique experience, as

it began in the heart of a pandemic.

The pandemic remained the most

immediate threat to lives and livelihoods globally.

With no end in sight, businesses everywhere were

challenged by the uncertain environment, which

was overlaid upon an already rocky economic

phase for the country. Businesses of all sizes,

in every sector were expressing concern to the

Chamber about the way forward. The Chamber

was called upon to engage with members on the

transformation that is needed for a post-COVID

environment. I believe we were largely able to

meet what was required through dialogue with the

membership and collaboration with the State and

other stakeholders.

In April 2021, the T&T Chamber, along with the

Caribbean Chambers of Commerce (CARICHAM)

and the CARICOM Private Sector Organization

(CPSO), joined with the International Chamber of

Commerce in its ICC Global Vaccines campaign,

which was aimed at “making vaccines available

to everyone, everywhere”. The goal was to

sensitise stakeholders and key decision-makers

about the need for equality of access to vaccines

and widespread availability of doses.

In a major effort later on in July, at the request of

the Government of the Republic of Trinidad and

Tobago (GORTT) for private sector participation

in the vaccination effort, we partnered with the

American Chamber of Commerce (AMCHAM

T&T) and collaborated with the Trinidad and

Tobago Coalition of Service Industries (TTCSI)

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Message From The President


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in championing the establishment and management of a

mass vaccination site at NAPA (National Academy for the

Performing Arts). The entire process was funded by members

of the private sector and administratively resourced from

the aforementioned representative bodies, with the GORTT

providing medical supplies.

Over 33,000 vaccines were administered to the walk-in

public over the two-month period of the mass vaccination

initiative. I would like to use this medium to express my

deepest appreciation to the business community for providing

the financial support that made the project a feasible one. I

must of course also thank all of the volunteers, including the

medical professionals, the administrative and the general

services supporters, for giving of their time and effort to

ensure that the project achieved its objective. Due to the

combined contributions of all the institutions and individuals

who stepped forward on this very critical initiative, it was

highly successful.

Our efforts during the pandemic also included a public

awareness campaign entitled “Let’s Each Do Our Part”

that was put on by the Trinidad and Tobago Publishers

and Broadcasters Association (TTPBA) and the Advertising

Agencies Association of Trinidad and Tobago (AAATT).

This campaign proved extremely useful and beneficial and

we owe a debt of gratitude to these organisations for their

contributions.

As the impact of the pandemic unfolded, we continued to

advocate for methods to address vaccine hesitancy and to

encourage compliance by businesses to COVID protocols.

At the same time, we advocated strongly for a balanced

and reasoned approach to the institution and management

of health protocols, particularly as they applied to the SME

sector. The sad reality is that not all businesses have been able

to pivot, and others are still trying to work out a continuation

strategy. More than ever, the State will be called upon to

guide the recovery process and this means continuously

keeping the lines of communication open, particularly with

the private sector. No business wants to fold; we want to

continue to drive the economy and generate wealth and jobs.

In our role as advocates for business, we started an

educational series on industrial relations with the Industrial

Court of Trinidad and Tobago and we were able to advance

members’ concerns on customs and port clearances

through participation in the new multi-agency Joint Customs

Consultative Committee. Our standing committees also

continued to play a key role in the Chamber’s work by virtue

of their members’ yeoman service in reviewing a variety

of legislation and policies, and by representing the T&T

Chamber on a number of influential external committees

and boards.

Following on the last year’s pivot to a virtual template, we

were again able to deliver all of our Signature Events, thanks

to the sponsors who continued to see value in aligning their

brands to the Chamber. Moreover, our Committees and

Events Unit were also able to resume their own training

programmes, which enjoyed good attendance all around.

These ultimately helped us to achieve a turnaround even in

the midst of the pandemic.

There are a few small signs that we might be emerging from

the pandemic and we are optimistic that in the months ahead,

there will be increased easing of restrictions. However,

we will continue to face hurdles, many of which pre-date

COVID-19. The need to transition our country out of the

reliance on energy has not gone away. It is noted that there

is a legitimate expectation of an increase in earnings from

the energy sector due to higher commodity prices. However,

with uncertainty about the timeline over which this benefit

would be incurred, we should guard against reliance or

complacency and continue with the transformation initiatives

that have become recognised for the long term sustainability

of the Trinidad and Tobago economy. In this regard, even

as we continue to monetise our energy reserves, we must

simultaneously keep our sights on the target of instituting

plans for attracting investment in renewable energy projects

and focusing on the technical requirements that would be

needed to support the structural adjustment.

If the last two years have had any positive effect, it would be

that it forced us to take stock of the need for transformation

at both a business and country level. Technology will be,

without a doubt, the vehicle of choice. Already, it is forcing us

to employ digitisation in our strategic thinking. New business

solutions and businesses are being created every day as a

consequence of the technology revolution. The T&T Chamber

firmly believes that the pace of technology adoption must be

accelerated in both the private and public sector if we are

to prepare for the world of tomorrow.

Message From The President

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The T&T Chamber firmly

believes that the pace of

technology adoption must be

accelerated in both the private

and public sector if we are

to prepare for the world of

tomorrow.

Another of the positives of the last year has been the

commitment by our members to maintain their support for

the Chamber. In this regard, I once again commit that our

Board and the Secretariat will continue to be responsive in

the effort to ensure that our membership is fully satisfied with

the work and the reciprocal support of the Chamber. We will

ensure that our portfolio of services, training programmes

and events remain relevant and are supportive

of your needs. We will of course continue to

establish linkages between members and with

business visitors in the interest of ensuring that

the value of membership is optimised.

The last year has also seen the appointment of

our new Chief Executive Officer, Ian De Souza

and we bid farewell to Mr. Gabriel Faria as

our CEO. I offer my personal thanks and that

of the Board of Directors to Mr. Faria for his

dedication and unwavering commitment to the

Chamber’s goals, despite sometimes challenging

circumstances. I also look forward to working

with Mr. De Souza in ensuring continuity in the

delivery on our goals.

I must also thank the Chamber’s Board for

allowing me to serve a second term of office

as its President. It is an honour to serve under

this vibrant and committed team of Directors.

Equally, heartfelt thanks are due to our members who so

generously volunteer to serve on committees, our sponsors

and other contributors and the staff of the Secretariat.

Most of all, I thank our members who continue to support us.

Without you, there would be no Chamber, we are extremely

grateful for your partnership.

Charles Pashley

President

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Message From The President


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Statement from the

Chief Executive Officer

Mr. Ian R. De Souza

The continuation of the COVID-19 pandemic

into 2021 meant that Trinidad and

Tobago’s economy continued to struggle.

The Chamber was all too aware of the

challenges, as both members and non-members

reached out to us for advice and support as they

navigated the uncertainty of the times. COVID-19’s

impact on our economy was unprecedented; the

Chamber was therefore called upon to advocate

for and on behalf of business in a very unstable

economic climate. In spite of the challenges, I am

pleased to report that we were able to strengthen

our advocacy role and maintain services to our

membership.

ADVOCACY:

The Chamber’s raison d’etre is to be an advocate

for businesses. The issue of overdue Value Added

Tax (VAT) refunds and payments to suppliers

continued to receive our attention, particularly

in light of the negative effects it had on the cash

flow of the small and medium sized enterprises,

which account for well over 60 percent of our

membership. We were able to keep this in focus

and are happy that during 2021, a portion of the

existing debt was paid through VAT Bonds and

direct payments. The reality is, however, that this

is an ongoing issue that will require continued

communication with Government.

Open communication and collaboration are core

components of our advocacy strategy, and these

Statement From The Chief Executive Officer

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proved to be particularly valuable

in 2021. Our Trade and Business

Development Unit (TBDU), which forms

the core of the Chamber’s advocacy

efforts, was able to represent the

business sector in 10 key matters which

impact businesses at the local and

regional level. These included trade

agreements in the making, combating

illicit trade, legislative amendments,

market access opportunities for our

manufacturing and services sectors,

and various representations at the

CARICOM level. Many of these are

facilitated through ongoing dialogue

with the Government of the Republic of

Trinidad and Tobago. More details may

be seen in the report from the TBDU.

Notably, our representation to

the Ministry of Finance led to the

establishment in 2021 of the Joint

Customs Consultative Committee,

which will address ways to improve

the relationship between Customs and

Excise, the Ministry of Finance and the

private sector. The multi-stakeholder

committee is comprised of the Ministry

of Finance, Shipping Association of

Trinidad and Tobago (SATT), Trinidad

and Tobago Manufacturers’ Association

(TTMA), Energy Chamber of Trinidad

and Tobago, American Chamber

of Trinidad and Tobago (AMCHAM

T&T), Trinidad and Tobago Coalition of

Service Industries (TTCSI), and the T&T

Chamber, which provides Secretariat

services.

In collaboration with the Industrial

Court of Trinidad and Tobago, we also

embarked on a four-part series on Best

Practices in Industrial Relations. Two of

the sessions delivered thus far sought

to sensitise the business community on

proper industrial relations processes

and best practices, and to avoid matters

reaching the Industrial Court. The focus

also was on avoiding unsuccessful

actions which are usually costly and

time consuming.

The issues for which we advocate and

all others pertinent to the business

community form the content of our

weekly newspaper columns in the

Express Business and Newsday’s

Business Day. These are supplemented

by our electronic Member Notices and

Trade Bulletin which are disseminated

each Wednesday and Thursday

respectively. Our flagship Contact

magazine had to go into hiatus as a

result of pandemic. Efforts will be made

to reintroduce this publication in the nottoo-distant

future.

FINANCIAL PERFORMANCE

The Chamber’s main income streams

have traditionally been derived from

membership subscriptions, rental

of office spaces and events. Being

deemed non-essential during pandemic

restrictions, much of our activities were

curtailed and all income streams were

significantly impacted. We nevertheless

managed to close the year with a

modest surplus.

We are quite proud of the fact that

despite the prevailing environment

of caution and spending cuts, we

were able to present all of our usual

Signature Events, albeit in virtual form.

Our Annual Business Meeting, featured

speakers from the internationally

renowned McKinsey & Company and

we received extremely positive feedback

on The Post-Budget Forum. The year’s

events wound up with the nationallytelevised

Champions of Business - True

Stories Series and culminated with the

Champions of Business Gala Awards.

In 2021 two new award categories

– Green Agenda and Breakthrough

Exporter of the Year – were introduced.

The televised event was also streamed

live to international audiences.

Over the last year, we delivered 15

capacity-building events, a number of

which we were able to offer free of

charge to members or at significantly

discounted rates. Some were targeted

sessions intended to provide sectorspecific

support. These included

Business Insights (all of which may be

viewed by Members free of charge in

the Business Insights online library), our

Professional Development Series, the

Nova Committee’s ‘Lunch ‘n’ Learn’

meetings, sessions in dispute resolution

and a number of other events hosted by

various committees.

We were grateful for the ongoing

support from our Signature Platinum

Sponsors for another year - and we were

happy to bring on new sponsors, even

in the prevailing economic environment.

This surely stands as a testament to the

value of the Chamber’s brand. In terms

of rental income, a number of our office

spaces continue to be unoccupied,

which is largely a consequence of

the pandemic. However, the lease of

the ground floor space to RBC Royal

Bank (Trinidad) Limited has worked

positively in increasing that revenue

line. This helped in off-setting reductions

in other areas, such as venue rentals

for third-party events and functions. In

the coming months, we will continue to

actively seek to lease our office spaces

and to promote the use of our other

facilities.

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Statement From The Chief Executive Officer


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In the context of the COVID-impacted

economy, the Chamber focused on

membership retention during the course

of 2021 and we are happy to report

that our numbers remained stable.

We also used the time to update our

membership database, and undertook

the exercise of building a supplementary

Trade Database. This database captures

more detailed information on members’

various types of business activity. With

the deeper insight into our members’

businesses, the information gathered

will assist with membership engagement

for consultations and for our advocacy

role. It will also help to identify sessions

that are most relevant to our members’

needs when we develop our training and

meeting events.

The new world will be a world

driven by technology, economic

re-calibration and a deep focus

on the environment. We in

Trinidad and Tobago must be

prepared to take our place in that

world.

The Chamber is a unique organisation, even among like

organisations. There is tremendous capacity to influence

positive change, not just in the business context, but at the

national level. The commitment of the business community to

the well-being of the nation was unequivocally demonstrated

in their contributions to the joint effort by this Chamber,

AMCHAM T&T and TTCSI, in hosting the Mass Vaccination

Site at the National Academy for the Performing Arts. For

this, I must offer my thanks to the many helping hands that

reached out to make a success of the exercise.

In the post-COVID world, much of the old ways of doing

things will be gone. The new world will be a world driven

by technology, economic re-calibration and a deep focus

on the environment. We in Trinidad and Tobago must be

prepared to take our place in that world. The Chamber will

continue to work towards the goal of assisting our members

in adjusting to the new realities through our portfolio of

existing services, and new ones that we intend to develop.

period of his tenure, and also for his guidance during the

transition process. My appreciation is also extended to the

Management and Staff for their unfailing professionalism in

delivering on the Chamber’s mandate. Above all, my thanks

go out to our Membership for their continued support of the

Chamber. I look forward to being a very faithful servant to

you in the years ahead.

Ian De Souza

Chief Executive Officer

In closing, I must express my thanks to the Chamber’s Board

for the opportunity to join this esteemed organisation, which

has served our business community for over 143 years. I

also express appreciation to the Chamber’s former Chief

Executive Officer, Mr. Gabriel Faria, for his tireless and most

valuable work in developing the Chamber over the five-year

Statement From The Chief Executive Officer

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Board of Directors

Charles Pashley

President

Kiran Maharaj

Senior Vice President

Reyaz Ahamad

Immediate Past President

David Hadeed

Vice President

Karen Yip Chuck

Vice President

Camille Chatoor

Director

Ian Chinapoo

Director

10 Board Of Directors


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Sacha De Souza-Thompson

Director

Jason Julien

Director

Mark Laquis

Director

Marc Persaud

Director

Sonji Pierre-Chase

Director

Bryan Ramsumair

Director

Christian Stone

Director

Diane Hadad (Ex-officio)

Chair - Tobago Division

Ian De Souza (Ex-officio)

Chief Executive Officer

Board Of Directors

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Report from the

Trade and Business Development Unit

The Trade and Business Development Unit (TBDU)

directly supports the Chamber’s advocacy efforts on

behalf its members, championing issues that affect the

business community. The Unit provides the expertise

through its presence at organised stakeholder meetings and

by making recommendations on a variety of issues at the

governmental and regional level. In addition, the TBDU

provides support to the Chamber’s sector-specific committees

(standing and ad-hoc) on identified matters.

The last year saw a particularly active regulatory and

legislative environment which would have had varying

impacts on our members’ competitiveness. The Chamber

was deeply involved in advocacy and lobbying in several

areas, including:

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Report From The Trade And Business Development Unit


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1. CARICOM Council for

Trade and Economic

Development (COTED)

The Chamber attended two COTED

meetings held in May and November

2021, and made representation to the

Ministry of Trade and Industry (MTI)

on behalf of our members on various

issues including, but not limited

to, Common External Tariff (CET)

Suspensions in the following areas:

The JCCC also works to identify

areas where standard operating

procedures are required within

Customs and Excise and areas

in which increased digitisation to

improve trade facilitate can be

utilised.

I. Pharmaceuticals – Renewal of suspension approved

for decreased duties

II. List of Basic & Additional Items – Renewal of

yearly suspension approved for decreased duties

III. Public Health Supplies – Renewal of suspension

approved for decreased duties

IV. Pasta – Duty was increased to 60% to aid in the

development of local manufacturing

We also contributed the following agenda items for COTED

Meetings 2021 year: CET Suspensions Requests, Assessment

of Jamaica’s ability to supply condensed milk to the region

and Update on the Convening of the CARICOM-Colombia

Joint Council on Trade, Economic and Business Cooperation.

2. Working Group on Regional Trade in Sugar

The Chamber has established a technical working group

among the membership to develop a policy brief for the

Ministry of Trade and Industry with relevant recommendations

to be implemented which affects users of refined white

sugar in the region. The paper was submitted to the MTI in

November and further stakeholder consultations are pending.

3. Trade Facilitation Matters

Recognising the impact that efficiency at the border has on the

cost of doing business and ultimately impacts consumers, the

T&T Chamber, along with other BSOs made representation

to the Ministry of Finance and received approval for the

establishment of the Joint Customs Consultative Committee

(JCCC) to address ways to improve the relationship

between Customs and Excise, Ministry of Finance and the

private sector. The JCCC also works to identify areas where

standard operating procedures are required within Customs

and Excise and areas in which increased digitisation to

improve trade facilitate can be utilised.

The Chamber also participates in the National Trade

Facilitation Committee which is chaired by the Customs and

Excise Division.

4. Combatting Illicit Trade

The Chamber has been appointed as a member of the Anti-

Illicit Trade Task Force by the MTI. The Chamber chairs the

Working Group on Alcohol and participates in the Working

Groups on Pharmaceuticals and Tobacco.

The Chamber also presented at the Illicit Trade Seminar

Report From The Trade And Business Development Unit

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The power of collaboration

hosted by the British High Commission, highlighting the

impact of illicit trade on business, government revenue and

consumer health and safety, with recommendations to treat

with same.

5. Upcoming CARICOM-Colombia Joint

Council on Trade, Economic and Business

Cooperation

6. Upcoming Trinidad and Tobago-Chile Partial

Scope Trade Agreement

We have been undertaking consultations with members to

provide input into the negotiations underway with Chile as

it relates to Market Access for Goods, Trade Facilitation

Measures, Rules of Origin and Sanitary and Phytosanitary

Measures.

We provided input on updates toward Trade in Goods and

the expansion of the duty-free lists, trade in services interests

and initiatives on behalf of our members.

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Report From The Trade And Business Development Unit


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7. Front of Package Labeling

(FOPL):(Ongoing) Draft

CARICOM Regional Standard

(CRS)

Labelling of Pre-packaged foods and

the Nutritional Standard: Since 2018,

the Chamber has been monitoring

developments regarding the proposed

front of pack labelling requirements being

proposed by the CARICOM Regional

Organisation for Standards and Quality

(CROSQ).

The T&T Chamber acts as a

conduit between the Commission

and the private sector, providing

key input into research matters

and policy positions.

The private sector supports efforts

to reduce the incidence of Non-

Communicable Diseases through various

initiatives such a reduction of sugar

content in drinks and health education

programmes. The Chamber participates in the CARICOM

Private Sector Organisation’s Sub-Committee on Labelling

and supports its efforts in conducting the “CARICOM Impact

Assessment Study: Determination of an Appropriate Front

of Packaging Nutrition Labelling (FoPNL) Scheme and the

Identification of a Harmonized Approach for Implementation”.

8. National Committee on Comprehensive

Review of CARICOM Common External Tariff

(CET) and Rules of Origin (ROO)

The Chamber produced the relevant comments encapsulating

the private sector’s interest to the Ministry of Trade and

Industry as we seek to work collaboratively to accomplish

reform of the CARICOM Single Market and Economy (CSME)

in accordance with global developments.

9. Working with the T&T Fair Trading

Commission

The Chamber acts as a conduit between the Commission

and the private sector, providing key input into research

matters and policy positions. In 2021, the Commission

hosted a webinar entitled “Understanding existing and/or

emerging issues in the Pharmaceutical Industry in Trinidad

and Tobago” with presentations from key stakeholders. The

Chamber’s Pharmaceutical & Medical Suppliers Committee

was represented by Mr. Barry Tangwell.

The Chamber coordinated with its members and other

BSOs to review and submit comments on the Draft Merger

Guidelines issued by the Commission and participated in the

Virtual Stakeholder Session on Merger Guidelines.

10. Private Sector Consultation to modernise the

legal framework for Electronic Transactions

in Trinidad and Tobago

The Ministry of Trade and Industry (MTI) in collaboration

with the Ministry of Public Administration and Digital

Transformation (MPADT), has contracted the services of a

consultant to modernise the Legal Framework for Electronic

Transactions in Trinidad and Tobago. The Chamber has been

participating in ongoing consultations on behalf of members.

Report From The Trade And Business Development Unit

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Representation on external committees

and strengthening relationships with

regulatory agencies

The Chamber is frequently invited to sit on external committees

formed by Government and other BSOs/NGOs. Team

members from the TBDU often provide this representation,

particularly if it relates to regulatory or trade matters.

These include, but are not limited to:

• The Cabinet-Appointed National Quality Council

(NQC) which has oversight of the effective and efficient

implementation of the National Quality Policy. One of

the key functions of the Chamber is to facilitate feedback

from the private sector into the Council so we can build

a National Quality Infrastructure that enhances the

competitiveness of T&T exporters.

• The Cabinet-Appointed Bailiff Committee which has

been tasked with undertaking a national educational

programme and reviewing the current law regarding

bailiffs to identify if reform is necessary.

• The National Trade Facilitation Committee which was

established to focus on T&T’s Trade Facilitation Reforms

such as strengthening the Single Electronic Window

(TTBizLink), procedural simplifications, expediting

shipments, international standards for trade and transit

formalities.

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Report From The Trade And Business Development Unit


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Standing Committees

The standing committees play a key strategic role in the

Chamber’s advocacy while their training programmes are

on the pulse of business trends. Committees also provide an

avenue for members to effect positive change in their sectors

and businesses through volunteerism.

Currently, there are five standing committees, which are as

follows:

• Crime and Justice (C&J)

• Employment and Labour Relations (ELR)

• Environment, Health and Safety (EHS)

• Facilities Development & Management (FDMC)

• Nova

These committees are central to inquiry and examination of

matters related to their respective sectors.

The Employment and Labour Relations committee aims

to promote good industrial relations and effective human

resource management practices. It promotes a safe working

environment within its member organisations and the wider

business community by providing advisory and educational

services that are up-to-date and relevant. In 2021, as

businesses sought guidance to navigate the uncertain times,

the ELR Committee responded with a series of webinars that

addressed current workplace issues. The series started in

April with “Disciplinary Practices and Procedures”. Hosted by

Catherine Ramnarine, Partner at Hamel-Smith and Company,

the session gave participants a better understanding of the

changing dynamics of the ‘new normal’, and provided

insight on how to navigate cases involving senior managers,

employees and/or unions.

This was followed in August by “Effective Leadership for

Remote Teams” with presenters Jonathan Cumberbatch,

Lara Quentrall-Thomas and Shinelle Grant-Sealy. They

presented participants with methods

for leading remote teams along with

communication techniques to motivate

a virtual workforce. The final session

was “COVID-19 in the Workplace: The

Vaccination Dilemma” in November.

This allowed for open discussion

regarding COVID-19 vaccination

and administration within the office

environment. It was facilitated by

thought leaders, Ozzi Warwick, Chief

Education and Research Officer at

the Oilfields Workers Trade Union,

Harron Ramkaransingh, Director of

Legal Services at the Equal Opportunity

Commission and Martin Daly S.C.,

former Independent Senator and

weekly newspaper columnist.

The Nova Committee, with its focus on

promoting, supporting and advocating

for the interests of new and growing

MSMEs, hosted a regional conference,

“Bridging the Digital Divide – A Virtual

Conference for SMEs”. The prominent

Standing Committees

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keynote speakers included Mia Amor Mottley Q.C., M.P,

Prime Minister of Barbados and Lauri-Ann Ainsworth, CEO,

Branson Centre. Entrepreneurs in the Caribbean were able

to learn from each other about how they can achieve digital

transformation. The conference included breakout sessions for

MSMEs where they shared ideas, resources and skills to help

them grow through digital technology. The entrepreneurship

segment discussed the future of MSMEs in a digitised era.

Another key mandate of the Nova Committee is to facilitate

the transfer of knowledge and skills from experienced,

entrepreneurial business leaders to start-ups and small

business owners via business mentoring. This is done through

the ‘Lunch & Learn’ series, which began in 2017. This year’s

mentors included Kyle Maloney, founder of Tech Beach,

Stephanie Pemberton, Executive Producer of Planting Seeds,

Shaun Rampersad, CEO of Ramps Logistics and Nicholas Lok

Jack, Deputy Chairman and Group CEO of the Associated

Brands Group of Companies.

All of our standing committees have truly embraced the

new normal and continued to engage, inform and provide

added value to the business community via training sessions,

consultation meetings and legislative reviews, all utilising a

digital platform.

Organization 144 Tripartite Consultative Committee

• “Intimate Partner Violence and COVID-19: What Can

Employers Do?”

• The Industrial Relations Advisory Committee

• The National Training Agency

• National Manpower Planning - Labour Skills Needs

Assessment

• Recommendations for the finalisation of Draft Just

Transition Policy-3.03.21

• Advisory Committee for the Construction Sector

• National Committee on Sustainable Community

Development

• CARICHAM Business Continuity Plan (BCP) Template

• Comments on the Performance Monitoring and Reporting

Framework for the Water and Wastewater Sector –

January 2021 Universal Water

If you are a member of the Chamber and wish to join those

who are making that difference visit the Chamber’s website

at https://chamber.org.tt/committees.

Apart from serving on our standing committees, several

committee members also provide their professional time

and expertise by representing the Chamber on national

committees and Boards. They may also work with the

Chamber’s management to develop input or official

comments on legislation and policy. This helps to ensure

that the perspectives and concerns of our members reach

the ears of our policy makers. Some of the areas where

committees would have contributed over 2021 include:

• Comments on the Maternity Protection Act, Chapter

45:57

• Comments on the Minimum Wages Act, Chapter 88:04

• Dialogue Session on the Future of Work with Workers’

and Employers’ Organizations International Labour

18

Standing Committees


TRANSFORMING TOMORROW...!

Events

The Chamber hosts several types

of events each year which allow

both members and non-members

to access information which they

need to guide their strategic and decisionmaking

processes. These events include

the Annual Business Meeting, the Business

Forum, the Champions of Business Awards,

the Business Insights and the Professional

Development Series. The Business Insights

series provides “Training for Business

by Business” while the Professional

Development Series is targeted to nonexecutive

staff to keep abreast of business

management trends.

The Chamber also holds training seminars,

workshops and business forums, which

are developed on the basis of issues

raised by members or where the Chamber

identifies issues on which members would

need to be sensitized. Member meetings always provide

a forum for interaction which allows participants to share

perspectives and experiences.

In 2021, all events were presented virtually due to the

circumstances of the COVID-19 pandemic. The interactive

nature of the sessions provided value to the membership in

facilitating an understanding of the challenges that members

and the T&T business sector were facing.

In 2021, all events were

presented virtually due to the

circumstances of the COVID-19

pandemic. The interactive nature

of the sessions provided value to

the membership in facilitating an

understanding of the challenges

that members and the T&T

business sector were facing.

Events

19


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Business Insights

Despite the challenges brought on by the COVID-19

pandemic in 2021, the Chamber continued to host

its Business Insights Series (BI) in virtual format. Topics

covered were aligned to the business development

needs in Trinidad and Tobago and attracted an average

attendance of 100 persons per session.

Tagged as “Training for Business by Business”, BI was

developed with MSME stakeholders in mind. The series

seeks to add value to the business community by creating a

forum for sharing the knowledge and insights of successful

businesses by the people who run them.

The Business Insights On Demand portal was designed to

bridge the gaps of time and geography by allowing interested

persons to access past sessions at their convenience from

anywhere in the world. There are over 70 sessions available

in the BI On Demand Video Library, many of which can be

viewed for free. The rest of the content carries a nominal fee

and can be accessed through an online payment system.

Sessions for 2021 were:

• Best Practices in Industrial relations Parts 1 & 2

• Driving Export Led Growth – How to Get it Done

• How the Energy Transition Impacts You

• Helping You Navigate the Entrepreneurial Ecosystem

Business Insights was supported by the Chamber’s Signature

Sponsors in 2021. Platinum Sponsors were bmobile,

Eximbank Trinidad and Tobago Limited, The National Gas

Company of Trinidad and Tobago Limited, and The Trinidad

and Tobago Unit Trust Corporation. Bronze sponsors were:

Agostini’s Limited, Ramps Logistics Limited, The Trinidad

and Tobago Stock Exchange Limited, Southern Sales and

Service Company Limited, and Unicomer (Trinidad) Limited.

We also partnered with thought leaders in the corporate and

academic worlds who provided their services in support of

the Chamber’s work.

20

Events


TRANSFORMING TOMORROW...!

Professional Development Series

In 2018 the Chamber introduced its Professional

Development Series to engage businesses and keep

them current with industry trends. The Chamber saw this

as crucial for the development and sustainability of the

workforce, as it exposed employees to new best practices,

perspectives and techniques in conducting business.

Apart from enhancing practical knowledge, these sessions

are designed to boost the confidence and marketability of

participants, while offering networking opportunities. They

also assist with potential career advancement and increased

earning capacity.

The following sessions were delivered in 2021:

• Minute Taking and Memo Writing

• Critical Thinking Skills

• Supervisory Skills Workshop

• National Insurance and Future Financial Security

• Mediation Skills Workshops

• Practical Mediation Skills Workshops

• Disciplinary Practices and Procedures

The Professional Development Series is facilitated by highly

qualified and skilled experts, primarily sourced from among

our membership, with Certificates of Participation being

issued by the Chamber.

The Chamber takes this opportunity to thank all of its members

and the wider business community who supported these

training sessions. We look forward to delivering more

exciting content this year.

Events

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2021 ANNUAL REPORT

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Signature Events

Signature Events align broadly with the Chamber’s

strategic objectives and help to develop networks

within the business community. Last year, Signature

Events included the Annual Business Meeting, the

Post-Budget Analysis Meeting and the Champions of Business

Awards.

“Change that Matters: Defining Trends for 2021 and

Beyond”, was the title of the Annual Business Meeting held

on April 22. Newly installed Chamber President, Charles

Pashley, delivered his inaugural address, followed by keynote

addresses by representatives of McKinsey and Company

- Justin Sanders and Keith Martin. A panel of local and

regional industry experts, including Charles Pashley, Maria

Daniel (EY), Shaun Rampersad (Ramps Logistics) and John De

Silva (Lasco Distributors, Jamaica), added to the discussion.

The Post Budget Analysis Meeting, held on October 5,

followed the presentation of the National Budget on October

4. Themed, “Beyond the Budget: Transformation, Resilience,

Sustainability”, the panel included Dr. Marlene Attzs, Dr.

Terrence Farrell, Carina Cockburn, Brian Hackett, Vincent

Pereira and Charles Pashley; the session was moderated by

the Chamber CEO, Gabriel Faria.

The year culminated with the Champions of Business Awards

(COB), which was aptly themed “Nominate, Innovate,

Celebrate”. The 2021 event comprised of the Champions

of Business True Stories video series and a made-for-TV Gala

Awards Finale, which was streamed worldwide. Each year,

COB recognises businesses and businesspeople in categories

that reflect the wide spectrum of the business landscape. Last

year, two new categories were added: the Green Agenda

and Breakthrough Exporter of the Year awards. The 2021

award recipients in each category were:

• Entrepreneurship: Kyle Maloney of Tech Beach

Retreat Limited

• Business Technology: medl

• Green Agenda: Methanex Limited

• Internationally Known T&T Owned Company

of the Year: Angostura Limited

• Breakthrough Exporter of the Year: RHS

Marketing Limited (Karibbean Flavours)

• Business Hall of Fame: Two persons were Inducted:

Ms. Angela Lee Loy and Dr. Krishna Bahadoorsingh

Business Hall of Fame inductees 2021 Ms. Angela Lee Loy

and Dr. Krishna Bahadoorsingh

The full True Stories series and the Champions of Business

Gala Awards Finale can be viewed at https://chamber.org.

tt/cob2021.

Signature Events also align with a number of leading

companies who are deemed Signature Sponsors for the

particular year. For 2021 our Platinum sponsors were

bmobile, Eximbank Trinidad and Tobago Ltd., The National

Gas Company of Trinidad and Tobago Ltd., and the Trinidad

and Tobago Unit Trust Corporation. Our Bronze sponsors

were: Agostini’s Ltd., Southern Sales and Service Co.

Ltd., Ramps Logistics Ltd., The Trinidad and Tobago Stock

Exchange Ltd., and Unicomer (Trinidad) Ltd. Our Media

Partners were: Guardian Media Ltd. and Music Radio 97.1

FM.

22

Events


1

2

3

1. Annual Business Meeting e-flyer

2. Beyond The Budget e-flyer

3. Kyle Maloney - recipient of the 2021

Champions of Business award for

Entrepreneurship

4 5

4. Leiselle Harripersad collects the Green

Agenda Award on behalf of Methanex

Limited

5. Kiran Mathur Mohammed (left) and

Edward Inglefield of medl accept the

Business Technology Award

6. Ian Forbes (left) and Rahim Mohammed

of Angostura Limited receive the award

for Internationally Known...T&T Owned

Company of the Year on behalf of

Angostura Limited

7. Ravi Sankar Sankar of RHS Marketing

Limited (Karibbean Flavours), winner of

the Breakthrough Exporter Award

6 7 TRANSFORMING TOMORROW...!


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

NAPA Mass Vaccination Site

At the request of the Government of the

Republic Trinidad and Tobago (GORTT)

for private sector participation in the

vaccination effort, we partnered with

the American Chamber of Commerce (AMCHAM

T&T) and collaborated with the Trinidad and

Tobago Coalition of Service Industries (TTCSI) in

championing the establishment and management

of a mass vaccination site at NAPA (National

Academy for the Performing Arts). The entire

process was funded by members of the private

sector and administratively resourced from the

aforementioned representative bodies, with the

GORTT providing medical supplies.

Over 33,000 vaccines were administered to

the walk-in public over the two-month period of

the initiative. I would like to use this medium to

express my deepest appreciation to the business

community for providing the financial support

that made the project a feasible one. I must of

course also thank all of the volunteers, including

the medical professionals, the administrative and

the general services supporters, for giving of their

time and effort to ensure that the project achieved

its objective. Due to the combined contributions

of all the institutions and individuals who stepped

forward on this very critical initiative, it was highly

successful.

The Minister of Health talks with members of the public inside

NAPA

- Charles Pashley, President

Members of the public on their way to be

registered for vaccination

A volunteer registers a member of the public inside NAPA

24

Napa Mass Vaccination Site


TRANSFORMING TOMORROW...!

Representatives of AMCHAM T&T, TTCIC and TTCSI pose with the Minister of Health and Chief Medical Officer

at the Press Conference held on July 23 rd , 2021.

A volunteer poses with Dr. Terrence Deyalsingh and Charles

Pashley

Dr. Roshan Parasram addresses the

audience at the Press Conference.

Napa Mass Vaccination Site

25


2021 ANNUAL REPORT

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Tobago Division Report

Although in my chairmanship of the Tobago

Division I strive to seek out positives,

when I look back on 2021, there are

not many positives to which I could

point. The COVID-19 pandemic and attendant

restrictions – limited opening, travel curtailment for

international domestic tourists, etc., – continued to

keep the island’s business community in a state of

abeyance, similar to 2020. Although at the outset

the quest was to save both lives and livelihoods,

the unfortunate fact is that many livelihoods were

lost. Businesses continued to be negatively affected

not only by this, but by the general decline of

the Tobago economy which began several years

ago. Added to all this, the decision-making at the

administrative level was often stymied due to the

House of Assembly (THA) 6-6 tie in the Tobago

House of Assembly. Taken together, these factors

brought Tobago to a virtual standstill in the past

year.

Diane Hadad

One can only hope that in the months ahead a

glimmer of light may begin to show itself. Globally,

there are signs that we have turned the corner of

the pandemic, although new variants are being

identified periodically. Some airlines have returned

to the route and international travel is picking up.

Still, it very much remains to be seen what our

post-COVID economy would be, given what can

already be seen of the financial impact. Businesses

that have managed to weather the storm so far

are now trying to find balance and re-establish

themselves, even as they search for solutions on

the way forward.

One worrisome trend has been the increasing

reports which have been reaching the Division of

26

Tobago Division Report


TRANSFORMING TOMORROW...!

The Management Team of the Tobago Division

foreclosures of both commercial and residential properties. It

does not augur well for our economy. All efforts must be made

by our banks to ensure that they work diligently with affected

operators who are trying to hold on to their businesses.

“To whom much is given, much will be required,” goes the

saying. The new THA administration which took office by

a landslide win, now has the ability to function effectively,

and certainly our business community will be looking for

innovative leadership. The quest to transform the island needs

to be put into “first gear” at this stage so that we can capture

any favourable spin-offs after the pandemic. For example,

the overall agenda for digitisation by central government is

necessary and could be beneficial to SMEs, but one must be

assured that our country’s infrastructure supports a smooth

transformation.

The new vessels serving the Tobago sea-bridge were welcome,

given the collapse that happened just a few years ago. So far

there has been no negative feedback on performance, but

the mettle has not yet been truly tested given that there has

only been limited travel between the islands. How effectively

and efficiently the air and sea bridges are performing will

only begin to emerge when travel is fully restored.

Even with these challenges, my outlook is far from negative.

We are a resilient people and I fully believe that we can

triumph in the post-pandemic environment if we invest in and

plan realistically for the future – objectives that are entirely

reachable.

In closing, I would like to take this opportunity to welcome

our new Chief Executive Officer, Ian De Souza and to bid

farewell to Gabriel Faria. To both I offer my very best wishes

for success.

Diane Hadad

Chair

(Director, Ex-officio)

Tobago Division

Tobago Division Report

27


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

FINANCIAL STATEMENTS

For the year ended

31 December, 2021

28

Financial Statements


TRANSFORMING TOMORROW...!

Statement of Management’s Responsibilities

Independent Auditor’s Report

Statement of Financial Position

Statement of Profit or Loss

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements

30

31

33

34

35

36

37

Financial Statements

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2021 ANNUAL REPORT

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Statement of Management’s Responsibilities

Management is responsible for the following.

• Preparing and fairly presenting the accompanying

financial statements of Trinidad and Tobago Chamber

of Industry and Commerce (the “Chamber”), which

comprises the Statement of Financial Position as at

31 December 2021, the Statement of Profit or Loss,

Statement of Changes in Equity, the Statement of Cash

Flows for the year ended, and notes to the financial

statements, comprising significant accounting policies

and other explanatory information;

• Ensuring that the Chamber keeps proper accounting

records;

• Selecting appropriate accounting policies and applying

them in a consistent manner;

• Implementing, monitoring and evaluating the system of

internal control that assures security of the Chamber’s

assets, detection/prevention of fraud and the achievement

of the Chamber’s operational efficiencies;

• Ensuring that the system of internal control operated

effectively during the reporting period;

• Producing reliable financial reports that complies with

laws and regulations; and

• Using reasonable and prudent judgment in the

determination of estimates.

In preparing these financial statements, Management utilized

International Financial Reporting Standards for SMEs as

issued by the International Accounting Standards Board and

adopted by the Institute of Chartered Accountants of Trinidad

and Tobago. Where International Financial Reporting

Standards for SMEs presented alternative accounting

treatments, Management chose those considered most

appropriate in the circumstances.

Nothing has come to the attention of management to indicate

that the Chamber will not remain a going concern for the

next twelve (12) months from the reporting date, or up to

the date the accompanying financial statements have been

authorized for issue, if later. Management affirms that it has

carried out its responsibilities as outlined above.

Charles Pashley

President

2 nd March, 2022

Ian De Souza

Chief Executive Officer

2 nd March, 2022

30

Financial Statements


TRANSFORMING TOMORROW...!

Independent Auditor’s Report

To the Board of Management of

Trinidad and Tobago Chamber of Industry and Commerce

Report on the Audit of the Financial

Statements

Opinion

We have audited the financial statements of Trinidad and

Tobago Chamber of Industry and Commerce (the “Chamber”),

which comprise the Statement of Financial Position as at

31 December, 2021, the Statement of Profit or Loss, the

Statement of Changes in Equity and the 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 the

Chamber as at 31 December, 2021, and of its financial

performance and its cash flows for the year then ended in

accordance with International Financial Reporting Standards

for Small and Medium Sized Entities (“IFRSs 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 Chamber

in accordance with the International Ethics Standards

Board for Accountants’ Code of Ethics for Professional

Accountants (“IESBA Code”) and we have fulfilled our 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

IFRSs for SMEs, and for such internal control as management

determines is necessary to enable the preparation of

unconsolidated 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 Chamber’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 Chamber or to cease operations, or has no realistic

alternative but to do so. Those charged with governance are

responsible for overseeing the Chamber’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.

As part of an audit in accordance with ISAs, we exercise

professional judgment 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 for one resulting from error, as fraud

may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

Financial Statements

31


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Independent Auditor’s Report (continued)

To the Board of Management of

Trinidad and Tobago Chamber of Industry and Commerce

(continued)

• 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 accounting 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 auditor’s report. However, future events or

conditions may cause the Chamber to cease to continue

as a going concern.

• Evaluate the overall presentation, structure and content

of the unconsolidated financial statements, including the

disclosures, and whether the unconsolidated financial

statements represent the underlying transactions and

events in a manner that achieves fair presentation.

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.

Johnson Lee Tang & Co.

Chartered Accountants

119A Woodford Street

Newtown

Port of Spain

Trinidad

2 March, 2022

32

Financial Statements


TRANSFORMING TOMORROW...!

Statement of Financial Position

As at 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

Notes 2021 2020

ASSETS $ $

Current assets

Cash and short-term funds 4 7,682,609 5,993,710

Accounts receivable and prepayments 889,049 495,150

Taxation refundable 6 - 19,918

Total current assets 8,571,658 6,508,778

Non-current assets

Property, plant and equipment 5 4,413,341 4,685,480

Total non-current assets 4,413,341 4,685,480

Total assets 12,984,999 11,194,258

LIABILITIES AND EQUITY

Current liabilities

Accounts payable and accruals 982,738 1,352,381

Payments received in advance 559,703 853,320

Project funds 7 4,486,318 3,115,209

Taxation payable 8 9,034 -

Total current liabilities 6,037,793 5,320,910

Non-current liabilities

Deferred tax 9 730,274 750,192

Total non-current liabilities 730,274 750,192

Equity

Retained earnings 6,216,932 5,123,156

Total equity 6,216,932 5,123,156

Total liabilities and equity 12,984,999 11,194,258

The accompanying notes on pages 37 to 44 form an integral part of these financial statements.

On 2 March, 2022, the Board of Management of the Trinidad and Tobago Chamber of Industry and Commerce authorized

these financial statements for issue.

Charles Pashley

President

2 nd March, 2022

Ian De Souza

Chief Executive Officer

2 nd March, 2022

Financial Statements

33


2021 ANNUAL REPORT

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Statement of Profit or Loss

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

Income

Notes 2021 2020

$ $

Entrance fees and annual subscriptions 2,369,311 2,494,327

Functions, seminars, workshops 878,585 952,143

Interest received and investment income 94,277 97,485

Other income 102,289 108,031

Property rental income 2,759,876 1,864,284

Secretariat rentals 26,705 67,866

6,231,043 5,584,136

Expenses

Administrative expenses 10 (1,446,221) (1,723,168)

Depreciation 5 (288,185) (278,515)

Finance costs (25,934) (22,236)

Property costs 11 (575,481) (822,282)

Staff costs 12 (2,745,363) (3,323,509)

(5,081,184) (6,169,710)

Profit / (loss) before tax 1,149,859 (585,574)

Income tax expense 13 (56,079) (36,417)

Profit / (loss) for the year 1,093,776 (621,991)

The accompanying notes on pages 37 to 44 form an integral part of these financial statements.

34

Financial Statements


TRANSFORMING TOMORROW...!

Statement of Changes in Equity

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

Year ended 31 December, 2021

Capital

Reserves

Retained

Earnings

Total

$ $ $

Balance at 1 January, 2021 - 5,123,156 5,123,156

Profit for the year - 1,093,776 1,093,776

Balance at 31 December, 2021 - 6,216,932 6,216,932

Year ended 31 December, 2020

Balance at 1 January, 2020 4,776,563 968,584 5,745,147

Transfer to retained earnings * (4,776,563) 4,776,563 -

Restated balances - 5,745,147 5,745,147

Loss for the year - (621,991) (621,991)

Balance at 31 December, 2020 - 5,123,156 5,123,156

* In accordance with IFRS for SMEs, the decision was made by the Chamber’s Management in 2020 to transfer the

surplus that was realised on disposal of leasehold property at Hart Street, Port of Spain (represented in Capital Reserves

at $4,776,563) to Retained Earnings.

The accompanying notes on pages 37 to 44 form an integral part of these financial statements.

Financial Statements

35


2021 ANNUAL REPORT

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Statement of Cash Flows

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

Cash flows from operating activities

2021 2020

$ $

Profit / (loss) for the year 1,093,776 (621,991)

Adjustments to reconcile profit before tax to

net cash flows:

Depreciation of property, plant and equipment (note 5) 288,185 278,515

Loss on disposal of property, plant and equipment - 105,170

Changes in operating assets and liabilities:

(Increase) / decrease in accounts receivable and prepayments

(393,899) 252,299

(Decrease) / increase in accounts payable and accruals (369,643) 392,345

(Decrease) / increase in payments received in advance (293,617) 46,939

Increase in project funds 1,371,109 1,980,331

Increase / (decrease) in tax liabilities 9,034 (4,996)

Net cash from operating activities 1,704,945 2,428,612

Cash flows from investing activities

Additions to property, plant and equipment (note 5) (16,121) (373,416)

Proceeds from disposal of plant and equipment 75 6,326

Net cash flows used in investing activities (16,046) (367,090)

Net increase in cash and cash equivalents 1,688,899 2,061,522

Cash and cash equivalents at beginning of year 5,993,710 3,932,188

Cash and cash equivalents at end of year 7,682,609 5,993,710

The accompanying notes on pages 37 to 44 form an integral part of these financial statements.

36

Financial Statements


TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

1. Incorporation and principal activity

The Chamber is an association limited by guarantee and

was incorporated on 12 January, 1891 and continued on

16 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 31 December, 2021, the Chamber employed 22

employees (2020: 20 employees).

2. Basis of preparation and significant

accounting policies

a. Statement of compliance

The financial statements have been prepared in accordance

with the ‘International Financial Reporting Standards for

Small and Medium-sized Entities’ (IFRS for SMEs) issued by

the International Accounting Standards Board.

The preparation of the financial statements in conformity

with the IFRS for SMEs requires the use of certain critical

accounting estimates. It also requires Management to exercise

its judgment in the process of applying the Chamber’s

accounting policies. Areas involving a higher degree of

judgment of complexity, or areas where assumptions and

estimations are significant to the financial statements are

disclosed in note 3.

The principal accounting policies applied in the preparation

of these financial statements are set out below. These policies

have been consistently applied to all the years presented,

unless otherwise stated.

b. Use of estimates

The preparation of these financial statements in conformity

with IFRS for SMEs requires Management to make judgements,

estimates and assumptions that affect the application of

policies and reported amounts of assets, liabilities, income

and expenses. Actual results could differ from these estimates.

Estimates and underlying assumptions are reviewed on

an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimates are revised

and in any future periods affected.

The novel strain of coronavirus (“COVID-19”), declared

as a “Public Health Emergency of International Concern”,

by the World Health Organisation on 30 January, 2020,

has increased the estimation uncertainty in the preparation

of these financial statements. The estimation uncertainty is

associated with the extent and duration of disruption to

businesses and economies as a result of actions to contain the

spread of the outbreak. The Chamber has formed estimates

based on information that was available on 31 December,

2021, which was deemed to be reasonable in forming

these estimates. The extent of the impact of COVID-19 on

the Chamber’s operational and financial performance will

depend on certain developments, including the duration and

spread of the outbreak, and the impact on other stakeholders

is still uncertain. As a result, the related financial impact and

duration cannot be reasonably estimated at this time.

c. Functional and reporting currency

The financial statements are presented in Trinidad and

Tobago dollars, which is the Chamber’s functional currency.

d. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits

held at call with banks, and other short-term highly liquid

investments with original maturities of one year or less, which

are subject to an insignificant risk of changes in value.

Financial Statements

37


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

2. Basis of preparation and significant

accounting policies (continued)

e. Accounts receivable and prepayments

Accounts receivables are stated net of any allowances for

any uncollectible amounts. Any impairment loss is recognized

in surplus or deficit when collection of the full amount is no

longer probable.

Category

Computer equipment

Air condition units

Furniture and fixtures

Elevator

Building

Rate of depreciation

33% reducing balance basis

25% reducing balance basis

25% reducing balance basis

25% reducing balance basis

2% straight line basis

f. Accounts payable and accruals

Accounts payable and accruals are carried at cost, which

is the fair value of the consideration to be paid in the future

for goods and services received.

g. Taxation

Income and expenditure arising from mutual trading activities

are exempt from tax. Taxation is payable on other trading

activities.

Deferred taxes are provided for the expected future tax

consequences of temporary differences between the carrying

amounts and the tax bases of assets and liabilities using

current corporation tax rates.

h. Comparatives

When necessary, comparative figures are adjusted to

conform to changes in presentation in the current period.

i. Property, plant and equipment

Depreciation on assets is estimated at rates calculated to

write-off the cost of each asset to their residual values over

their estimated useful lives as follows:

Gains or losses on disposal of property, plant and equipment

are determined by comparing the proceeds with the carrying

amount and are included in the Statement of Profit or Loss.

Property, plant and equipment are reviewed for impairment

losses whenever events or changes in circumstances indicate

that the carrying amount may not be recoverable.

At the end of each reporting period, the entity reviews the

carrying amounts of its tangible assets to determine whether

there is any indication that those assets have suffered an

impairment loss. If any such indication exists, the recoverable

amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). If the recoverable

amount of an asset is estimated to be less than its carrying

amount, the carrying amount of the asset is reduced to its

recoverable amount. An impairment loss is recognized

immediately in the Statement of Profit or Loss.

The leasehold property is subject to a lease of ninety-nine

(99) years from 10 April, 1979. Amortisation is provided

by equal annual instalments over the un-expired portion of

the lease.

j. Impairment

The carrying amounts of the Chamber’s assets are reviewed

at each reporting date to determine whether there is any

indication of impairment. If such an indication exists, the

asset’s recoverable amount is estimated. An impairment loss

is recognized whenever the carrying amount of an asset

or its cash-generating unit exceeds its recoverable amount.

Impairment losses are recognized in surplus or deficit. The

recoverable amount of assets is the greater of their net selling

price and value in use.

38

Financial Statements


TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

2. Basis of preparation and significant

accounting policies (continued)

k. Financial instruments

Financial instruments carried on the Statement of Financial

Position include cash and cash equivalents, accounts

receivables and prepayments, and accounts payables and

accruals. The particular recognition methods adopted are

disclosed in the individual policy statements associated with

each item.

I. Cash and cash equivalents

Cash and cash equivalents are carried in the Statement of

Financial Position at cost and comprise cash in hand and

cash at bank and funds held in Money Market Funds.

II. Trade receivables

Trade and other receivables are stated at fair value based

on the original invoice amount less an allowance for any

uncollectible amounts. Provision is made when there is

objective evidence that the Chamber will not be able to collect

certain debts. Bad debts are written off when identified.

III. Trade and other payables

Trade and other payables are recognised initially at fair

value and subsequently measured at amortised cost using

the effective interest method.

l. Common area costs

Common area costs paid by the Chamber which include

expenses such as security and building maintenance costs

are shared between the Chamber and the tenants based on

the floor area rented. The Chamber charges the tenants a

service rent per month in order to recover the tenants’ share

of cost paid. The rate is determined by certifying the previous

year’s expenses.

m. Income

Income comprises the fair value of the consideration received

or receivable for services in the ordinary course of the

Chamber’s activities.

n. Pension fund

The Chamber has an insured pension scheme with Guardian

Life of the Caribbean Limited to cover all of its eligible

employees. The plan is a defined contribution plan with the

object of the scheme being to provide a pension for each

member at the normal retirement date. Contributions paid

and payable to the plan for the year have been accounted for,

as an expense and included in staff costs in the Statement of

Profit or Loss. The amount expensed for the year is $147,155

(2020 $167,600).

o. Foreign currency transactions

Foreign currency transactions are translated in the

measurement currency using the exchange rates prevailing

at the dates of the transactions. Foreign exchange gains

and losses resulting from the settlement of such transactions

and from the translation of monetary assets and liabilities

denominated in foreign currencies are recognised in the

Statement of Profit or Loss.

3. Critical judgments and the use of estimates

The preparation of financial statements in conformity with IFRS

for SMEs requires Management to make critical judgments

and use estimates and assumptions that affect the amounts

reported in the financial statements and related notes to

the financial statements. Actual results may differ from the

estimates and assumptions used. Key sources of uncertainty,

which requires the use of estimates, include:

Useful lives and residual values of property, plant and

equipment

The estimates of useful lives as translated into depreciation

rates are detailed in the property, plant and equipment policy

above. These rates and the residual lives of the assets are

Financial Statements

39


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

3. Critical judgments and the use of estimates (continued)

reviewed annually taking cognizance of the forecasted commercial and economic realities and through benchmarking of

accounting treatments within the industry.

Contingent liabilities

Management applies its judgment to the facts and advice it receives from its attorneys, advocates and other advisors in

assessing if an obligation is probable, more likely than not, or remote. Such judgment is used to determine if the obligation

is recognized as a liability or disclosed as a contingent liability.

Deferred tax liabilities

Deferred tax liabilities are recognized to the extent it is probable that the taxable expense will be available in future

against which they can be utilized. Future taxable profits are estimates based on business plans, which include estimates

and assumptions regarding economic growth, interest, inflation, taxation rates and competitive forces.

4. Cash and short-term funds

2021 2020

$ $

Cash in hand 8,110 11,000

JMMB Investments Ltd - Fixed Deposit 3,000,000 3,000,000

JMMB Investments Ltd– THA Account 450,000 450,000

RBC Royal Bank (T&T) Ltd – TT Account 2,741,277 1,245,271

RBC Royal Bank (T&T) Ltd – US Account 1,021,908 869,167

RBC Royal Bank Ltd - Roytrin Mutual Fund 135,814 136,956

Republic Bank Limited - THA Fund 1,295 1,295

Republic Bank Ltd - Tobago Branch Account 100,313 59,280

T&T Unit Trust Corp’n–Money Market Fund 223,892 220,741

7,682,609 5,993,710

40

Financial Statements


TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

5. Property, plant and equipment

Building Elevator Leasehold

land

Office

furniture

fittings and

equipment

Costs $ $ $ $ $

At 1 January, 2020 4,931,700 542,647 2,404,090 4,516,532 12,394,969

Additions 111,504 - - 261,912 373,416

Disposals - - - (480,758) (480,758)

At 31 December, 2020 5,043,204 542,647 2,404,090 4,297,686 12,287,627

Additions - - - 16,121 16,121

Disposals - - - (851) (851)

At 31 December, 2021 5,043,204 542,647 2,404,090 4,312,956 12,302,897

Total

Accumulated

depreciation

At 1 January, 2020 2,464,141 536,003 752,745 3,940,005 7,692,894

Charge for the year 99,192 1,661 28,965 148,697 278,515

Disposals - - - (369,262) (369,262)

At 31 December, 2020 2,563,333 537,664 781,710 3,719,440 7,602,147

Charge for the year 100,853 1,661 28,963 156,708 288,185

Disposals - - - (776) (776)

At 31 December, 2021 2,664,186 539,325 810,673 3,875,372 7,889,556

Net book amount

At 31 December, 2020 2,479,871 4,983 1,622,380 578,246 4,685,480

At 31 December, 2021 2,379,018 3,322 1,593,417 437,584 4,413,341

6. Taxation refundable

2021 2020

$ $

Business levy - 13,245

Green fund levy - 6,673

- 19,918

Financial Statements

41


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

7. Project Funds

2021 2020

$ $

Third parties 2,054,734 1,484,015

Trinidad and Tobago Chamber of Industry and Commerce 2,431,584 1,631,194

4,486,318 3,115,209

Project funds include monies obtained through fund raising activities and donations for specific projects and are to be used

for the purpose of aiding and funding these projects.

8. Taxation payable

2021 2020

$ $

Business levy 11,001 -

Green fund levy (1,967) -

9,034 -

9. Deferred tax liability

2021 2020

$ $

Balance brought forward 750,192 755,188

Decrease for the year (19,918) (4,996)

Balance carried forward 730,274 750,192

a. The liability arising from accelerated tax depreciation.

b. Deferred tax assets arising from accumulated tax losses have not been considered since in the opinion of

Management, in the near term, future taxable profit will not be available against which unused tax losses can be

utilised.

42

Financial Statements


TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

10. Administrative expenses

2021 2020

$ $

Bad debts - 123,981

Electricity 90,041 94,009

Equipment rental 29,870 38,695

General expenses 74,239 212,955

Insurance - 5,703

Legal and professional fess 811,097 634,616

Loss on disposal of plant and equipment - 105,170

Meeting expenses 1,500 2,144

Repairs and maintenance 103,395 187,476

Software 124,444 125,045

Stationery and printing 22,580 30,818

Subscriptions 11,134 8,570

Telephone, postage and internet 173,582 144,222

Travel and entertainment 4,339 9,764

1,446,221 1,723,168

11. Property costs

2021 2020

$ $

Building rental and maintenance 186,792 325,489

Electricity 41,095 59,902

Insurance 138,917 91,986

Lease rent 13,711 13,712

Rates and taxes 25,279 24,799

Security 169,687 306,394

575,481 822,282

Financial Statements

43


2021 ANNUAL REPORT

TRANSFORMING TOMORROW...!

Notes to the Financial Statements

For the year ended 31 December, 2021

(Expressed in Trinidad and Tobago dollars)

12. Staff costs

2021 2020

$ $

Salaries, wages and allowances 2,346,708 2,869,464

National insurance and medical plan 251,500 286,439

Pension expenses 147,155 167,606

2,745,363 3,323,509

13. Income tax expense

2021 2020

$ $

Business levy 37,386 22,202

Green fund levy 18,693 19,211

Deferred tax - (4,996)

56,079 36,417

Reconciliation:

Operating profit / (loss) before taxation 1,149,857 (585,574)

Exempt income (380,733) (2,798,635)

Expenses not deductible for tax 288,185 3,158,233

Adjusted profit / (loss) 1,057,309 (225,976)

Losses brought forward (4,541,072) (4,315,096)

Losses carried forward (3,483,763) (4,541,072)

14. Financial instruments and financial risk

management disclosures

The Chamber is exposed to foreign exchange risk arising from

the US Dollar financial instruments held. Foreign exchange

risk arises when future commercial transactions or recognized

assets or liabilities are denominated in a currency that is not

the entity’s functional currency.

The Chamber has no significant concentration of credit risk.

At 31 December, 2021, the carrying amounts of the following

assets and liabilities approximate to their fair values: cash

and short-term funds, accounts receivable and prepayments,

and accounts payable and accruals.

15. Capital commitments

The Board of Management has advised that the Chamber

has no capital commitments as at the reporting period ended

31 December, 2021.

16. Approval of financial statements

These financial statements were approved by the Board of

Management and authorized for issue on 2 March, 2022.

44

Financial Statements


Thank you

to our sponsors for 2021

PLATINUM

SPONSORS

BRONZE

SPONSORS

MEDIA

PARTNERS


Columbus Circle, Westmoorings, P.O. Box 499,

Port of Spain, Trinidad, W.I.

Tel: 1 868 637 6966 • Fax: 1 868 637 7425

Email: chamber@chamber.org.tt

ANSA McAl Building, Milford Road, Scarborough, Tobago, W.I.

Tel: 1 868 639 2669 • Fax: 1 868 639 3014

Email: tobagochamber@chamber.org.tt

Website: www.chamber.org.tt

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