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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...!<br />

Contents<br />

Vision, Mission, Core Values 2<br />

Message from the President 4<br />

Statement from the Chief Executive Officer 7<br />

Board of Directors 10<br />

<strong>Report</strong> from the Trade and Business Development Unit 12<br />

Standing Committees 17<br />

Events 19<br />

NAPA Mass Vaccination Site 24<br />

Tobago Division <strong>Report</strong> 26<br />

Financial Statements 28<br />

Columbus Circle, Westmoorings, P.O. Box 499,<br />

Port of Spain, Trinidad, W.I.<br />

Tel: 1 868 637 6966 • Fax: 1 868 637 7425<br />

Email: chamber@chamber.org.tt<br />

ANSA McAl Building, Milford Road,<br />

Scarborough, Tobago, W.I.<br />

Tel: 1 868 639 2669 • Fax: 1 868 639 3014<br />

Email: tobagochamber@chamber.org.tt<br />

Website: www.chamber.org.tt<br />

<br />

1


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Our Vision<br />

We are the Voice of Business.<br />

Our Mission<br />

To be the champion of business<br />

towards the development of a strong<br />

and sustainable national economy.<br />

2<br />

Vision, Mission, Core Values


TRANSFORMING TOMORROW...!<br />

Core Values<br />

MEMBERSHIP SATISFACTION<br />

We are committed to understanding our<br />

members’ needs and satisfying them<br />

through value-added services.<br />

PROFESSIONALISM<br />

We are committed to being professional<br />

in all that we do, grounded in the belief<br />

in high standards of performance.<br />

TRANSPARENCY<br />

We are committed to being open and<br />

equitable in all our dealings with all<br />

our stakeholders as we work towards<br />

the development of a strong and<br />

sustainable national economy.<br />

PRODUCTIVITY<br />

We are committed to constantly<br />

improving our work ethic/output for<br />

the benefit of our members and other<br />

stakeholders.<br />

INDEPENDENCE<br />

We are committed to being independent<br />

in our views so that objective and<br />

transparent representation of our<br />

members’ interests comes first.<br />

PERSONAL DEVELOPMENT<br />

We are committed to the personal<br />

development of our staff through<br />

learning, feedback, coaching and<br />

mentoring.<br />

Vision, Mission, Core Values<br />

3


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Message from the President<br />

Mr. Charles Pashley<br />

My first term as President of the T&T<br />

Chamber was a unique experience, as<br />

it began in the heart of a pandemic.<br />

The pandemic remained the most<br />

immediate threat to lives and livelihoods globally.<br />

With no end in sight, businesses everywhere were<br />

challenged by the uncertain environment, which<br />

was overlaid upon an already rocky economic<br />

phase for the country. Businesses of all sizes,<br />

in every sector were expressing concern to the<br />

Chamber about the way forward. The Chamber<br />

was called upon to engage with members on the<br />

transformation that is needed for a post-COVID<br />

environment. I believe we were largely able to<br />

meet what was required through dialogue with the<br />

membership and collaboration with the State and<br />

other stakeholders.<br />

In April <strong>2021</strong>, the T&T Chamber, along with the<br />

Caribbean Chambers of Commerce (CARICHAM)<br />

and the CARICOM Private Sector Organization<br />

(CPSO), joined with the International Chamber of<br />

Commerce in its ICC Global Vaccines campaign,<br />

which was aimed at “making vaccines available<br />

to everyone, everywhere”. The goal was to<br />

sensitise stakeholders and key decision-makers<br />

about the need for equality of access to vaccines<br />

and widespread availability of doses.<br />

In a major effort later on in July, at the request of<br />

the Government of the Republic of Trinidad and<br />

Tobago (GORTT) for private sector participation<br />

in the vaccination effort, we partnered with the<br />

American Chamber of Commerce (AMCHAM<br />

T&T) and collaborated with the Trinidad and<br />

Tobago Coalition of Service Industries (TTCSI)<br />

4<br />

Message From The President


TRANSFORMING TOMORROW...!<br />

in championing the establishment and management of a<br />

mass vaccination site at NAPA (National Academy for the<br />

Performing Arts). The entire process was funded by members<br />

of the private sector and administratively resourced from<br />

the aforementioned representative bodies, with the GORTT<br />

providing medical supplies.<br />

Over 33,000 vaccines were administered to the walk-in<br />

public over the two-month period of the mass vaccination<br />

initiative. I would like to use this medium to express my<br />

deepest appreciation to the business community for providing<br />

the financial support that made the project a feasible one. I<br />

must of course also thank all of the volunteers, including the<br />

medical professionals, the administrative and the general<br />

services supporters, for giving of their time and effort to<br />

ensure that the project achieved its objective. Due to the<br />

combined contributions of all the institutions and individuals<br />

who stepped forward on this very critical initiative, it was<br />

highly successful.<br />

Our efforts during the pandemic also included a public<br />

awareness campaign entitled “Let’s Each Do Our Part”<br />

that was put on by the Trinidad and Tobago Publishers<br />

and Broadcasters Association (TTPBA) and the Advertising<br />

Agencies Association of Trinidad and Tobago (AAATT).<br />

This campaign proved extremely useful and beneficial and<br />

we owe a debt of gratitude to these organisations for their<br />

contributions.<br />

As the impact of the pandemic unfolded, we continued to<br />

advocate for methods to address vaccine hesitancy and to<br />

encourage compliance by businesses to COVID protocols.<br />

At the same time, we advocated strongly for a balanced<br />

and reasoned approach to the institution and management<br />

of health protocols, particularly as they applied to the SME<br />

sector. The sad reality is that not all businesses have been able<br />

to pivot, and others are still trying to work out a continuation<br />

strategy. More than ever, the State will be called upon to<br />

guide the recovery process and this means continuously<br />

keeping the lines of communication open, particularly with<br />

the private sector. No business wants to fold; we want to<br />

continue to drive the economy and generate wealth and jobs.<br />

In our role as advocates for business, we started an<br />

educational series on industrial relations with the Industrial<br />

Court of Trinidad and Tobago and we were able to advance<br />

members’ concerns on customs and port clearances<br />

through participation in the new multi-agency Joint Customs<br />

Consultative Committee. Our standing committees also<br />

continued to play a key role in the Chamber’s work by virtue<br />

of their members’ yeoman service in reviewing a variety<br />

of legislation and policies, and by representing the T&T<br />

Chamber on a number of influential external committees<br />

and boards.<br />

Following on the last year’s pivot to a virtual template, we<br />

were again able to deliver all of our Signature Events, thanks<br />

to the sponsors who continued to see value in aligning their<br />

brands to the Chamber. Moreover, our Committees and<br />

Events Unit were also able to resume their own training<br />

programmes, which enjoyed good attendance all around.<br />

These ultimately helped us to achieve a turnaround even in<br />

the midst of the pandemic.<br />

There are a few small signs that we might be emerging from<br />

the pandemic and we are optimistic that in the months ahead,<br />

there will be increased easing of restrictions. However,<br />

we will continue to face hurdles, many of which pre-date<br />

COVID-19. The need to transition our country out of the<br />

reliance on energy has not gone away. It is noted that there<br />

is a legitimate expectation of an increase in earnings from<br />

the energy sector due to higher commodity prices. However,<br />

with uncertainty about the timeline over which this benefit<br />

would be incurred, we should guard against reliance or<br />

complacency and continue with the transformation initiatives<br />

that have become recognised for the long term sustainability<br />

of the Trinidad and Tobago economy. In this regard, even<br />

as we continue to monetise our energy reserves, we must<br />

simultaneously keep our sights on the target of instituting<br />

plans for attracting investment in renewable energy projects<br />

and focusing on the technical requirements that would be<br />

needed to support the structural adjustment.<br />

If the last two years have had any positive effect, it would be<br />

that it forced us to take stock of the need for transformation<br />

at both a business and country level. Technology will be,<br />

without a doubt, the vehicle of choice. Already, it is forcing us<br />

to employ digitisation in our strategic thinking. New business<br />

solutions and businesses are being created every day as a<br />

consequence of the technology revolution. The T&T Chamber<br />

firmly believes that the pace of technology adoption must be<br />

accelerated in both the private and public sector if we are<br />

to prepare for the world of tomorrow.<br />

Message From The President<br />

5


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

The T&T Chamber firmly<br />

believes that the pace of<br />

technology adoption must be<br />

accelerated in both the private<br />

and public sector if we are<br />

to prepare for the world of<br />

tomorrow.<br />

Another of the positives of the last year has been the<br />

commitment by our members to maintain their support for<br />

the Chamber. In this regard, I once again commit that our<br />

Board and the Secretariat will continue to be responsive in<br />

the effort to ensure that our membership is fully satisfied with<br />

the work and the reciprocal support of the Chamber. We will<br />

ensure that our portfolio of services, training programmes<br />

and events remain relevant and are supportive<br />

of your needs. We will of course continue to<br />

establish linkages between members and with<br />

business visitors in the interest of ensuring that<br />

the value of membership is optimised.<br />

The last year has also seen the appointment of<br />

our new Chief Executive Officer, Ian De Souza<br />

and we bid farewell to Mr. Gabriel Faria as<br />

our CEO. I offer my personal thanks and that<br />

of the Board of Directors to Mr. Faria for his<br />

dedication and unwavering commitment to the<br />

Chamber’s goals, despite sometimes challenging<br />

circumstances. I also look forward to working<br />

with Mr. De Souza in ensuring continuity in the<br />

delivery on our goals.<br />

I must also thank the Chamber’s Board for<br />

allowing me to serve a second term of office<br />

as its President. It is an honour to serve under<br />

this vibrant and committed team of Directors.<br />

Equally, heartfelt thanks are due to our members who so<br />

generously volunteer to serve on committees, our sponsors<br />

and other contributors and the staff of the Secretariat.<br />

Most of all, I thank our members who continue to support us.<br />

Without you, there would be no Chamber, we are extremely<br />

grateful for your partnership.<br />

Charles Pashley<br />

President<br />

6<br />

Message From The President


TRANSFORMING TOMORROW...!<br />

Statement from the<br />

Chief Executive Officer<br />

Mr. Ian R. De Souza<br />

The continuation of the COVID-19 pandemic<br />

into <strong>2021</strong> meant that Trinidad and<br />

Tobago’s economy continued to struggle.<br />

The Chamber was all too aware of the<br />

challenges, as both members and non-members<br />

reached out to us for advice and support as they<br />

navigated the uncertainty of the times. COVID-19’s<br />

impact on our economy was unprecedented; the<br />

Chamber was therefore called upon to advocate<br />

for and on behalf of business in a very unstable<br />

economic climate. In spite of the challenges, I am<br />

pleased to report that we were able to strengthen<br />

our advocacy role and maintain services to our<br />

membership.<br />

ADVOCACY:<br />

The Chamber’s raison d’etre is to be an advocate<br />

for businesses. The issue of overdue Value Added<br />

Tax (VAT) refunds and payments to suppliers<br />

continued to receive our attention, particularly<br />

in light of the negative effects it had on the cash<br />

flow of the small and medium sized enterprises,<br />

which account for well over 60 percent of our<br />

membership. We were able to keep this in focus<br />

and are happy that during <strong>2021</strong>, a portion of the<br />

existing debt was paid through VAT Bonds and<br />

direct payments. The reality is, however, that this<br />

is an ongoing issue that will require continued<br />

communication with Government.<br />

Open communication and collaboration are core<br />

components of our advocacy strategy, and these<br />

Statement From The Chief Executive Officer<br />

7


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

proved to be particularly valuable<br />

in <strong>2021</strong>. Our Trade and Business<br />

Development Unit (TBDU), which forms<br />

the core of the Chamber’s advocacy<br />

efforts, was able to represent the<br />

business sector in 10 key matters which<br />

impact businesses at the local and<br />

regional level. These included trade<br />

agreements in the making, combating<br />

illicit trade, legislative amendments,<br />

market access opportunities for our<br />

manufacturing and services sectors,<br />

and various representations at the<br />

CARICOM level. Many of these are<br />

facilitated through ongoing dialogue<br />

with the Government of the Republic of<br />

Trinidad and Tobago. More details may<br />

be seen in the report from the TBDU.<br />

Notably, our representation to<br />

the Ministry of Finance led to the<br />

establishment in <strong>2021</strong> of the Joint<br />

Customs Consultative Committee,<br />

which will address ways to improve<br />

the relationship between Customs and<br />

Excise, the Ministry of Finance and the<br />

private sector. The multi-stakeholder<br />

committee is comprised of the Ministry<br />

of Finance, Shipping Association of<br />

Trinidad and Tobago (SATT), Trinidad<br />

and Tobago Manufacturers’ Association<br />

(TTMA), Energy Chamber of Trinidad<br />

and Tobago, American Chamber<br />

of Trinidad and Tobago (AMCHAM<br />

T&T), Trinidad and Tobago Coalition of<br />

Service Industries (TTCSI), and the T&T<br />

Chamber, which provides Secretariat<br />

services.<br />

In collaboration with the Industrial<br />

Court of Trinidad and Tobago, we also<br />

embarked on a four-part series on Best<br />

Practices in Industrial Relations. Two of<br />

the sessions delivered thus far sought<br />

to sensitise the business community on<br />

proper industrial relations processes<br />

and best practices, and to avoid matters<br />

reaching the Industrial Court. The focus<br />

also was on avoiding unsuccessful<br />

actions which are usually costly and<br />

time consuming.<br />

The issues for which we advocate and<br />

all others pertinent to the business<br />

community form the content of our<br />

weekly newspaper columns in the<br />

Express Business and Newsday’s<br />

Business Day. These are supplemented<br />

by our electronic Member Notices and<br />

Trade Bulletin which are disseminated<br />

each Wednesday and Thursday<br />

respectively. Our flagship Contact<br />

magazine had to go into hiatus as a<br />

result of pandemic. Efforts will be made<br />

to reintroduce this publication in the nottoo-distant<br />

future.<br />

FINANCIAL PERFORMANCE<br />

The Chamber’s main income streams<br />

have traditionally been derived from<br />

membership subscriptions, rental<br />

of office spaces and events. Being<br />

deemed non-essential during pandemic<br />

restrictions, much of our activities were<br />

curtailed and all income streams were<br />

significantly impacted. We nevertheless<br />

managed to close the year with a<br />

modest surplus.<br />

We are quite proud of the fact that<br />

despite the prevailing environment<br />

of caution and spending cuts, we<br />

were able to present all of our usual<br />

Signature Events, albeit in virtual form.<br />

Our <strong>Annual</strong> Business Meeting, featured<br />

speakers from the internationally<br />

renowned McKinsey & Company and<br />

we received extremely positive feedback<br />

on The Post-Budget Forum. The year’s<br />

events wound up with the nationallytelevised<br />

Champions of Business - True<br />

Stories Series and culminated with the<br />

Champions of Business Gala Awards.<br />

In <strong>2021</strong> two new award categories<br />

– Green Agenda and Breakthrough<br />

Exporter of the Year – were introduced.<br />

The televised event was also streamed<br />

live to international audiences.<br />

Over the last year, we delivered 15<br />

capacity-building events, a number of<br />

which we were able to offer free of<br />

charge to members or at significantly<br />

discounted rates. Some were targeted<br />

sessions intended to provide sectorspecific<br />

support. These included<br />

Business Insights (all of which may be<br />

viewed by Members free of charge in<br />

the Business Insights online library), our<br />

Professional Development Series, the<br />

Nova Committee’s ‘Lunch ‘n’ Learn’<br />

meetings, sessions in dispute resolution<br />

and a number of other events hosted by<br />

various committees.<br />

We were grateful for the ongoing<br />

support from our Signature Platinum<br />

Sponsors for another year - and we were<br />

happy to bring on new sponsors, even<br />

in the prevailing economic environment.<br />

This surely stands as a testament to the<br />

value of the Chamber’s brand. In terms<br />

of rental income, a number of our office<br />

spaces continue to be unoccupied,<br />

which is largely a consequence of<br />

the pandemic. However, the lease of<br />

the ground floor space to RBC Royal<br />

Bank (Trinidad) Limited has worked<br />

positively in increasing that revenue<br />

line. This helped in off-setting reductions<br />

in other areas, such as venue rentals<br />

for third-party events and functions. In<br />

the coming months, we will continue to<br />

actively seek to lease our office spaces<br />

and to promote the use of our other<br />

facilities.<br />

8<br />

Statement From The Chief Executive Officer


TRANSFORMING TOMORROW...!<br />

In the context of the COVID-impacted<br />

economy, the Chamber focused on<br />

membership retention during the course<br />

of <strong>2021</strong> and we are happy to report<br />

that our numbers remained stable.<br />

We also used the time to update our<br />

membership database, and undertook<br />

the exercise of building a supplementary<br />

Trade Database. This database captures<br />

more detailed information on members’<br />

various types of business activity. With<br />

the deeper insight into our members’<br />

businesses, the information gathered<br />

will assist with membership engagement<br />

for consultations and for our advocacy<br />

role. It will also help to identify sessions<br />

that are most relevant to our members’<br />

needs when we develop our training and<br />

meeting events.<br />

The new world will be a world<br />

driven by technology, economic<br />

re-calibration and a deep focus<br />

on the environment. We in<br />

Trinidad and Tobago must be<br />

prepared to take our place in that<br />

world.<br />

The Chamber is a unique organisation, even among like<br />

organisations. There is tremendous capacity to influence<br />

positive change, not just in the business context, but at the<br />

national level. The commitment of the business community to<br />

the well-being of the nation was unequivocally demonstrated<br />

in their contributions to the joint effort by this Chamber,<br />

AMCHAM T&T and TTCSI, in hosting the Mass Vaccination<br />

Site at the National Academy for the Performing Arts. For<br />

this, I must offer my thanks to the many helping hands that<br />

reached out to make a success of the exercise.<br />

In the post-COVID world, much of the old ways of doing<br />

things will be gone. The new world will be a world driven<br />

by technology, economic re-calibration and a deep focus<br />

on the environment. We in Trinidad and Tobago must be<br />

prepared to take our place in that world. The Chamber will<br />

continue to work towards the goal of assisting our members<br />

in adjusting to the new realities through our portfolio of<br />

existing services, and new ones that we intend to develop.<br />

period of his tenure, and also for his guidance during the<br />

transition process. My appreciation is also extended to the<br />

Management and Staff for their unfailing professionalism in<br />

delivering on the Chamber’s mandate. Above all, my thanks<br />

go out to our Membership for their continued support of the<br />

Chamber. I look forward to being a very faithful servant to<br />

you in the years ahead.<br />

Ian De Souza<br />

Chief Executive Officer<br />

In closing, I must express my thanks to the Chamber’s Board<br />

for the opportunity to join this esteemed organisation, which<br />

has served our business community for over 143 years. I<br />

also express appreciation to the Chamber’s former Chief<br />

Executive Officer, Mr. Gabriel Faria, for his tireless and most<br />

valuable work in developing the Chamber over the five-year<br />

Statement From The Chief Executive Officer<br />

9


TRANSFORMING TOMORROW...!<br />

Board of Directors<br />

Charles Pashley<br />

President<br />

Kiran Maharaj<br />

Senior Vice President<br />

Reyaz Ahamad<br />

Immediate Past President<br />

David Hadeed<br />

Vice President<br />

Karen Yip Chuck<br />

Vice President<br />

Camille Chatoor<br />

Director<br />

Ian Chinapoo<br />

Director<br />

10 Board Of Directors


TRANSFORMING TOMORROW...!<br />

Sacha De Souza-Thompson<br />

Director<br />

Jason Julien<br />

Director<br />

Mark Laquis<br />

Director<br />

Marc Persaud<br />

Director<br />

Sonji Pierre-Chase<br />

Director<br />

Bryan Ramsumair<br />

Director<br />

Christian Stone<br />

Director<br />

Diane Hadad (Ex-officio)<br />

Chair - Tobago Division<br />

Ian De Souza (Ex-officio)<br />

Chief Executive Officer<br />

Board Of Directors<br />

11


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

<strong>Report</strong> from the<br />

Trade and Business Development Unit<br />

The Trade and Business Development Unit (TBDU)<br />

directly supports the Chamber’s advocacy efforts on<br />

behalf its members, championing issues that affect the<br />

business community. The Unit provides the expertise<br />

through its presence at organised stakeholder meetings and<br />

by making recommendations on a variety of issues at the<br />

governmental and regional level. In addition, the TBDU<br />

provides support to the Chamber’s sector-specific committees<br />

(standing and ad-hoc) on identified matters.<br />

The last year saw a particularly active regulatory and<br />

legislative environment which would have had varying<br />

impacts on our members’ competitiveness. The Chamber<br />

was deeply involved in advocacy and lobbying in several<br />

areas, including:<br />

12<br />

<strong>Report</strong> From The Trade And Business Development Unit


TRANSFORMING TOMORROW...!<br />

1. CARICOM Council for<br />

Trade and Economic<br />

Development (COTED)<br />

The Chamber attended two COTED<br />

meetings held in May and November<br />

<strong>2021</strong>, and made representation to the<br />

Ministry of Trade and Industry (MTI)<br />

on behalf of our members on various<br />

issues including, but not limited<br />

to, Common External Tariff (CET)<br />

Suspensions in the following areas:<br />

The JCCC also works to identify<br />

areas where standard operating<br />

procedures are required within<br />

Customs and Excise and areas<br />

in which increased digitisation to<br />

improve trade facilitate can be<br />

utilised.<br />

I. Pharmaceuticals – Renewal of suspension approved<br />

for decreased duties<br />

II. List of Basic & Additional Items – Renewal of<br />

yearly suspension approved for decreased duties<br />

III. Public Health Supplies – Renewal of suspension<br />

approved for decreased duties<br />

IV. Pasta – Duty was increased to 60% to aid in the<br />

development of local manufacturing<br />

We also contributed the following agenda items for COTED<br />

Meetings <strong>2021</strong> year: CET Suspensions Requests, Assessment<br />

of Jamaica’s ability to supply condensed milk to the region<br />

and Update on the Convening of the CARICOM-Colombia<br />

Joint Council on Trade, Economic and Business Cooperation.<br />

2. Working Group on Regional Trade in Sugar<br />

The Chamber has established a technical working group<br />

among the membership to develop a policy brief for the<br />

Ministry of Trade and Industry with relevant recommendations<br />

to be implemented which affects users of refined white<br />

sugar in the region. The paper was submitted to the MTI in<br />

November and further stakeholder consultations are pending.<br />

3. Trade Facilitation Matters<br />

Recognising the impact that efficiency at the border has on the<br />

cost of doing business and ultimately impacts consumers, the<br />

T&T Chamber, along with other BSOs made representation<br />

to the Ministry of Finance and received approval for the<br />

establishment of the Joint Customs Consultative Committee<br />

(JCCC) to address ways to improve the relationship<br />

between Customs and Excise, Ministry of Finance and the<br />

private sector. The JCCC also works to identify areas where<br />

standard operating procedures are required within Customs<br />

and Excise and areas in which increased digitisation to<br />

improve trade facilitate can be utilised.<br />

The Chamber also participates in the National Trade<br />

Facilitation Committee which is chaired by the Customs and<br />

Excise Division.<br />

4. Combatting Illicit Trade<br />

The Chamber has been appointed as a member of the Anti-<br />

Illicit Trade Task Force by the MTI. The Chamber chairs the<br />

Working Group on Alcohol and participates in the Working<br />

Groups on Pharmaceuticals and Tobacco.<br />

The Chamber also presented at the Illicit Trade Seminar<br />

<strong>Report</strong> From The Trade And Business Development Unit<br />

13


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

The power of collaboration<br />

hosted by the British High Commission, highlighting the<br />

impact of illicit trade on business, government revenue and<br />

consumer health and safety, with recommendations to treat<br />

with same.<br />

5. Upcoming CARICOM-Colombia Joint<br />

Council on Trade, Economic and Business<br />

Cooperation<br />

6. Upcoming Trinidad and Tobago-Chile Partial<br />

Scope Trade Agreement<br />

We have been undertaking consultations with members to<br />

provide input into the negotiations underway with Chile as<br />

it relates to Market Access for Goods, Trade Facilitation<br />

Measures, Rules of Origin and Sanitary and Phytosanitary<br />

Measures.<br />

We provided input on updates toward Trade in Goods and<br />

the expansion of the duty-free lists, trade in services interests<br />

and initiatives on behalf of our members.<br />

14<br />

<strong>Report</strong> From The Trade And Business Development Unit


TRANSFORMING TOMORROW...!<br />

7. Front of Package Labeling<br />

(FOPL):(Ongoing) Draft<br />

CARICOM Regional Standard<br />

(CRS)<br />

Labelling of Pre-packaged foods and<br />

the Nutritional Standard: Since 2018,<br />

the Chamber has been monitoring<br />

developments regarding the proposed<br />

front of pack labelling requirements being<br />

proposed by the CARICOM Regional<br />

Organisation for Standards and Quality<br />

(CROSQ).<br />

The T&T Chamber acts as a<br />

conduit between the Commission<br />

and the private sector, providing<br />

key input into research matters<br />

and policy positions.<br />

The private sector supports efforts<br />

to reduce the incidence of Non-<br />

Communicable Diseases through various<br />

initiatives such a reduction of sugar<br />

content in drinks and health education<br />

programmes. The Chamber participates in the CARICOM<br />

Private Sector Organisation’s Sub-Committee on Labelling<br />

and supports its efforts in conducting the “CARICOM Impact<br />

Assessment Study: Determination of an Appropriate Front<br />

of Packaging Nutrition Labelling (FoPNL) Scheme and the<br />

Identification of a Harmonized Approach for Implementation”.<br />

8. National Committee on Comprehensive<br />

Review of CARICOM Common External Tariff<br />

(CET) and Rules of Origin (ROO)<br />

The Chamber produced the relevant comments encapsulating<br />

the private sector’s interest to the Ministry of Trade and<br />

Industry as we seek to work collaboratively to accomplish<br />

reform of the CARICOM Single Market and Economy (CSME)<br />

in accordance with global developments.<br />

9. Working with the T&T Fair Trading<br />

Commission<br />

The Chamber acts as a conduit between the Commission<br />

and the private sector, providing key input into research<br />

matters and policy positions. In <strong>2021</strong>, the Commission<br />

hosted a webinar entitled “Understanding existing and/or<br />

emerging issues in the Pharmaceutical Industry in Trinidad<br />

and Tobago” with presentations from key stakeholders. The<br />

Chamber’s Pharmaceutical & Medical Suppliers Committee<br />

was represented by Mr. Barry Tangwell.<br />

The Chamber coordinated with its members and other<br />

BSOs to review and submit comments on the Draft Merger<br />

Guidelines issued by the Commission and participated in the<br />

Virtual Stakeholder Session on Merger Guidelines.<br />

10. Private Sector Consultation to modernise the<br />

legal framework for Electronic Transactions<br />

in Trinidad and Tobago<br />

The Ministry of Trade and Industry (MTI) in collaboration<br />

with the Ministry of Public Administration and Digital<br />

Transformation (MPADT), has contracted the services of a<br />

consultant to modernise the Legal Framework for Electronic<br />

Transactions in Trinidad and Tobago. The Chamber has been<br />

participating in ongoing consultations on behalf of members.<br />

<strong>Report</strong> From The Trade And Business Development Unit<br />

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<strong>2021</strong> ANNUAL REPORT<br />

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Representation on external committees<br />

and strengthening relationships with<br />

regulatory agencies<br />

The Chamber is frequently invited to sit on external committees<br />

formed by Government and other BSOs/NGOs. Team<br />

members from the TBDU often provide this representation,<br />

particularly if it relates to regulatory or trade matters.<br />

These include, but are not limited to:<br />

• The Cabinet-Appointed National Quality Council<br />

(NQC) which has oversight of the effective and efficient<br />

implementation of the National Quality Policy. One of<br />

the key functions of the Chamber is to facilitate feedback<br />

from the private sector into the Council so we can build<br />

a National Quality Infrastructure that enhances the<br />

competitiveness of T&T exporters.<br />

• The Cabinet-Appointed Bailiff Committee which has<br />

been tasked with undertaking a national educational<br />

programme and reviewing the current law regarding<br />

bailiffs to identify if reform is necessary.<br />

• The National Trade Facilitation Committee which was<br />

established to focus on T&T’s Trade Facilitation Reforms<br />

such as strengthening the Single Electronic Window<br />

(TTBizLink), procedural simplifications, expediting<br />

shipments, international standards for trade and transit<br />

formalities.<br />

16<br />

<strong>Report</strong> From The Trade And Business Development Unit


TRANSFORMING TOMORROW...!<br />

Standing Committees<br />

The standing committees play a key strategic role in the<br />

Chamber’s advocacy while their training programmes are<br />

on the pulse of business trends. Committees also provide an<br />

avenue for members to effect positive change in their sectors<br />

and businesses through volunteerism.<br />

Currently, there are five standing committees, which are as<br />

follows:<br />

• Crime and Justice (C&J)<br />

• Employment and Labour Relations (ELR)<br />

• Environment, Health and Safety (EHS)<br />

• Facilities Development & Management (FDMC)<br />

• Nova<br />

These committees are central to inquiry and examination of<br />

matters related to their respective sectors.<br />

The Employment and Labour Relations committee aims<br />

to promote good industrial relations and effective human<br />

resource management practices. It promotes a safe working<br />

environment within its member organisations and the wider<br />

business community by providing advisory and educational<br />

services that are up-to-date and relevant. In <strong>2021</strong>, as<br />

businesses sought guidance to navigate the uncertain times,<br />

the ELR Committee responded with a series of webinars that<br />

addressed current workplace issues. The series started in<br />

April with “Disciplinary Practices and Procedures”. Hosted by<br />

Catherine Ramnarine, Partner at Hamel-Smith and Company,<br />

the session gave participants a better understanding of the<br />

changing dynamics of the ‘new normal’, and provided<br />

insight on how to navigate cases involving senior managers,<br />

employees and/or unions.<br />

This was followed in August by “Effective Leadership for<br />

Remote Teams” with presenters Jonathan Cumberbatch,<br />

Lara Quentrall-Thomas and Shinelle Grant-Sealy. They<br />

presented participants with methods<br />

for leading remote teams along with<br />

communication techniques to motivate<br />

a virtual workforce. The final session<br />

was “COVID-19 in the Workplace: The<br />

Vaccination Dilemma” in November.<br />

This allowed for open discussion<br />

regarding COVID-19 vaccination<br />

and administration within the office<br />

environment. It was facilitated by<br />

thought leaders, Ozzi Warwick, Chief<br />

Education and Research Officer at<br />

the Oilfields Workers Trade Union,<br />

Harron Ramkaransingh, Director of<br />

Legal Services at the Equal Opportunity<br />

Commission and Martin Daly S.C.,<br />

former Independent Senator and<br />

weekly newspaper columnist.<br />

The Nova Committee, with its focus on<br />

promoting, supporting and advocating<br />

for the interests of new and growing<br />

MSMEs, hosted a regional conference,<br />

“Bridging the Digital Divide – A Virtual<br />

Conference for SMEs”. The prominent<br />

Standing Committees<br />

17


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

keynote speakers included Mia Amor Mottley Q.C., M.P,<br />

Prime Minister of Barbados and Lauri-Ann Ainsworth, CEO,<br />

Branson Centre. Entrepreneurs in the Caribbean were able<br />

to learn from each other about how they can achieve digital<br />

transformation. The conference included breakout sessions for<br />

MSMEs where they shared ideas, resources and skills to help<br />

them grow through digital technology. The entrepreneurship<br />

segment discussed the future of MSMEs in a digitised era.<br />

Another key mandate of the Nova Committee is to facilitate<br />

the transfer of knowledge and skills from experienced,<br />

entrepreneurial business leaders to start-ups and small<br />

business owners via business mentoring. This is done through<br />

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

mentors included Kyle Maloney, founder of Tech Beach,<br />

Stephanie Pemberton, Executive Producer of Planting Seeds,<br />

Shaun Rampersad, CEO of Ramps Logistics and Nicholas Lok<br />

Jack, Deputy Chairman and Group CEO of the Associated<br />

Brands Group of Companies.<br />

All of our standing committees have truly embraced the<br />

new normal and continued to engage, inform and provide<br />

added value to the business community via training sessions,<br />

consultation meetings and legislative reviews, all utilising a<br />

digital platform.<br />

Organization 144 Tripartite Consultative Committee<br />

• “Intimate Partner Violence and COVID-19: What Can<br />

Employers Do?”<br />

• The Industrial Relations Advisory Committee<br />

• The National Training Agency<br />

• National Manpower Planning - Labour Skills Needs<br />

Assessment<br />

• Recommendations for the finalisation of Draft Just<br />

Transition Policy-3.03.21<br />

• Advisory Committee for the Construction Sector<br />

• National Committee on Sustainable Community<br />

Development<br />

• CARICHAM Business Continuity Plan (BCP) Template<br />

• Comments on the Performance Monitoring and <strong>Report</strong>ing<br />

Framework for the Water and Wastewater Sector –<br />

January <strong>2021</strong> Universal Water<br />

If you are a member of the Chamber and wish to join those<br />

who are making that difference visit the Chamber’s website<br />

at https://chamber.org.tt/committees.<br />

Apart from serving on our standing committees, several<br />

committee members also provide their professional time<br />

and expertise by representing the Chamber on national<br />

committees and Boards. They may also work with the<br />

Chamber’s management to develop input or official<br />

comments on legislation and policy. This helps to ensure<br />

that the perspectives and concerns of our members reach<br />

the ears of our policy makers. Some of the areas where<br />

committees would have contributed over <strong>2021</strong> include:<br />

• Comments on the Maternity Protection Act, Chapter<br />

45:57<br />

• Comments on the Minimum Wages Act, Chapter 88:04<br />

• Dialogue Session on the Future of Work with Workers’<br />

and Employers’ Organizations International Labour<br />

18<br />

Standing Committees


TRANSFORMING TOMORROW...!<br />

Events<br />

The Chamber hosts several types<br />

of events each year which allow<br />

both members and non-members<br />

to access information which they<br />

need to guide their strategic and decisionmaking<br />

processes. These events include<br />

the <strong>Annual</strong> Business Meeting, the Business<br />

Forum, the Champions of Business Awards,<br />

the Business Insights and the Professional<br />

Development Series. The Business Insights<br />

series provides “Training for Business<br />

by Business” while the Professional<br />

Development Series is targeted to nonexecutive<br />

staff to keep abreast of business<br />

management trends.<br />

The Chamber also holds training seminars,<br />

workshops and business forums, which<br />

are developed on the basis of issues<br />

raised by members or where the Chamber<br />

identifies issues on which members would<br />

need to be sensitized. Member meetings always provide<br />

a forum for interaction which allows participants to share<br />

perspectives and experiences.<br />

In <strong>2021</strong>, all events were presented virtually due to the<br />

circumstances of the COVID-19 pandemic. The interactive<br />

nature of the sessions provided value to the membership in<br />

facilitating an understanding of the challenges that members<br />

and the T&T business sector were facing.<br />

In <strong>2021</strong>, all events were<br />

presented virtually due to the<br />

circumstances of the COVID-19<br />

pandemic. The interactive nature<br />

of the sessions provided value to<br />

the membership in facilitating an<br />

understanding of the challenges<br />

that members and the T&T<br />

business sector were facing.<br />

Events<br />

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<strong>2021</strong> ANNUAL REPORT<br />

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Business Insights<br />

Despite the challenges brought on by the COVID-19<br />

pandemic in <strong>2021</strong>, the Chamber continued to host<br />

its Business Insights Series (BI) in virtual format. Topics<br />

covered were aligned to the business development<br />

needs in Trinidad and Tobago and attracted an average<br />

attendance of 100 persons per session.<br />

Tagged as “Training for Business by Business”, BI was<br />

developed with MSME stakeholders in mind. The series<br />

seeks to add value to the business community by creating a<br />

forum for sharing the knowledge and insights of successful<br />

businesses by the people who run them.<br />

The Business Insights On Demand portal was designed to<br />

bridge the gaps of time and geography by allowing interested<br />

persons to access past sessions at their convenience from<br />

anywhere in the world. There are over 70 sessions available<br />

in the BI On Demand Video Library, many of which can be<br />

viewed for free. The rest of the content carries a nominal fee<br />

and can be accessed through an online payment system.<br />

Sessions for <strong>2021</strong> were:<br />

• Best Practices in Industrial relations Parts 1 & 2<br />

• Driving Export Led Growth – How to Get it Done<br />

• How the Energy Transition Impacts You<br />

• Helping You Navigate the Entrepreneurial Ecosystem<br />

Business Insights was supported by the Chamber’s Signature<br />

Sponsors in <strong>2021</strong>. Platinum Sponsors were bmobile,<br />

Eximbank Trinidad and Tobago Limited, The National Gas<br />

Company of Trinidad and Tobago Limited, and The Trinidad<br />

and Tobago Unit Trust Corporation. Bronze sponsors were:<br />

Agostini’s Limited, Ramps Logistics Limited, The Trinidad<br />

and Tobago Stock Exchange Limited, Southern Sales and<br />

Service Company Limited, and Unicomer (Trinidad) Limited.<br />

We also partnered with thought leaders in the corporate and<br />

academic worlds who provided their services in support of<br />

the Chamber’s work.<br />

20<br />

Events


TRANSFORMING TOMORROW...!<br />

Professional Development Series<br />

In 2018 the Chamber introduced its Professional<br />

Development Series to engage businesses and keep<br />

them current with industry trends. The Chamber saw this<br />

as crucial for the development and sustainability of the<br />

workforce, as it exposed employees to new best practices,<br />

perspectives and techniques in conducting business.<br />

Apart from enhancing practical knowledge, these sessions<br />

are designed to boost the confidence and marketability of<br />

participants, while offering networking opportunities. They<br />

also assist with potential career advancement and increased<br />

earning capacity.<br />

The following sessions were delivered in <strong>2021</strong>:<br />

• Minute Taking and Memo Writing<br />

• Critical Thinking Skills<br />

• Supervisory Skills Workshop<br />

• National Insurance and Future Financial Security<br />

• Mediation Skills Workshops<br />

• Practical Mediation Skills Workshops<br />

• Disciplinary Practices and Procedures<br />

The Professional Development Series is facilitated by highly<br />

qualified and skilled experts, primarily sourced from among<br />

our membership, with Certificates of Participation being<br />

issued by the Chamber.<br />

The Chamber takes this opportunity to thank all of its members<br />

and the wider business community who supported these<br />

training sessions. We look forward to delivering more<br />

exciting content this year.<br />

Events<br />

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<strong>2021</strong> ANNUAL REPORT<br />

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Signature Events<br />

Signature Events align broadly with the Chamber’s<br />

strategic objectives and help to develop networks<br />

within the business community. Last year, Signature<br />

Events included the <strong>Annual</strong> Business Meeting, the<br />

Post-Budget Analysis Meeting and the Champions of Business<br />

Awards.<br />

“Change that Matters: Defining Trends for <strong>2021</strong> and<br />

Beyond”, was the title of the <strong>Annual</strong> Business Meeting held<br />

on April 22. Newly installed Chamber President, Charles<br />

Pashley, delivered his inaugural address, followed by keynote<br />

addresses by representatives of McKinsey and Company<br />

- Justin Sanders and Keith Martin. A panel of local and<br />

regional industry experts, including Charles Pashley, Maria<br />

Daniel (EY), Shaun Rampersad (Ramps Logistics) and John De<br />

Silva (Lasco Distributors, Jamaica), added to the discussion.<br />

The Post Budget Analysis Meeting, held on October 5,<br />

followed the presentation of the National Budget on October<br />

4. Themed, “Beyond the Budget: Transformation, Resilience,<br />

Sustainability”, the panel included Dr. Marlene Attzs, Dr.<br />

Terrence Farrell, Carina Cockburn, Brian Hackett, Vincent<br />

Pereira and Charles Pashley; the session was moderated by<br />

the Chamber CEO, Gabriel Faria.<br />

The year culminated with the Champions of Business Awards<br />

(COB), which was aptly themed “Nominate, Innovate,<br />

Celebrate”. The <strong>2021</strong> event comprised of the Champions<br />

of Business True Stories video series and a made-for-TV Gala<br />

Awards Finale, which was streamed worldwide. Each year,<br />

COB recognises businesses and businesspeople in categories<br />

that reflect the wide spectrum of the business landscape. Last<br />

year, two new categories were added: the Green Agenda<br />

and Breakthrough Exporter of the Year awards. The <strong>2021</strong><br />

award recipients in each category were:<br />

• Entrepreneurship: Kyle Maloney of Tech Beach<br />

Retreat Limited<br />

• Business Technology: medl<br />

• Green Agenda: Methanex Limited<br />

• Internationally Known T&T Owned Company<br />

of the Year: Angostura Limited<br />

• Breakthrough Exporter of the Year: RHS<br />

Marketing Limited (Karibbean Flavours)<br />

• Business Hall of Fame: Two persons were Inducted:<br />

Ms. Angela Lee Loy and Dr. Krishna Bahadoorsingh<br />

Business Hall of Fame inductees <strong>2021</strong> Ms. Angela Lee Loy<br />

and Dr. Krishna Bahadoorsingh<br />

The full True Stories series and the Champions of Business<br />

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

tt/cob<strong>2021</strong>.<br />

Signature Events also align with a number of leading<br />

companies who are deemed Signature Sponsors for the<br />

particular year. For <strong>2021</strong> our Platinum sponsors were<br />

bmobile, Eximbank Trinidad and Tobago Ltd., The National<br />

Gas Company of Trinidad and Tobago Ltd., and the Trinidad<br />

and Tobago Unit Trust Corporation. Our Bronze sponsors<br />

were: Agostini’s Ltd., Southern Sales and Service Co.<br />

Ltd., Ramps Logistics Ltd., The Trinidad and Tobago Stock<br />

Exchange Ltd., and Unicomer (Trinidad) Ltd. Our Media<br />

Partners were: Guardian Media Ltd. and Music Radio 97.1<br />

FM.<br />

22<br />

Events


1<br />

2<br />

3<br />

1. <strong>Annual</strong> Business Meeting e-flyer<br />

2. Beyond The Budget e-flyer<br />

3. Kyle Maloney - recipient of the <strong>2021</strong><br />

Champions of Business award for<br />

Entrepreneurship<br />

4 5<br />

4. Leiselle Harripersad collects the Green<br />

Agenda Award on behalf of Methanex<br />

Limited<br />

5. Kiran Mathur Mohammed (left) and<br />

Edward Inglefield of medl accept the<br />

Business Technology Award<br />

6. Ian Forbes (left) and Rahim Mohammed<br />

of Angostura Limited receive the award<br />

for Internationally Known...T&T Owned<br />

Company of the Year on behalf of<br />

Angostura Limited<br />

7. Ravi Sankar Sankar of RHS Marketing<br />

Limited (Karibbean Flavours), winner of<br />

the Breakthrough Exporter Award<br />

6 7 TRANSFORMING TOMORROW...!


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

NAPA Mass Vaccination Site<br />

At the request of the Government of the<br />

Republic Trinidad and Tobago (GORTT)<br />

for private sector participation in the<br />

vaccination effort, we partnered with<br />

the American Chamber of Commerce (AMCHAM<br />

T&T) and collaborated with the Trinidad and<br />

Tobago Coalition of Service Industries (TTCSI) in<br />

championing the establishment and management<br />

of a mass vaccination site at NAPA (National<br />

Academy for the Performing Arts). The entire<br />

process was funded by members of the private<br />

sector and administratively resourced from the<br />

aforementioned representative bodies, with the<br />

GORTT providing medical supplies.<br />

Over 33,000 vaccines were administered to<br />

the walk-in public over the two-month period of<br />

the initiative. I would like to use this medium to<br />

express my deepest appreciation to the business<br />

community for providing the financial support<br />

that made the project a feasible one. I must of<br />

course also thank all of the volunteers, including<br />

the medical professionals, the administrative and<br />

the general services supporters, for giving of their<br />

time and effort to ensure that the project achieved<br />

its objective. Due to the combined contributions<br />

of all the institutions and individuals who stepped<br />

forward on this very critical initiative, it was highly<br />

successful.<br />

The Minister of Health talks with members of the public inside<br />

NAPA<br />

- Charles Pashley, President<br />

Members of the public on their way to be<br />

registered for vaccination<br />

A volunteer registers a member of the public inside NAPA<br />

24<br />

Napa Mass Vaccination Site


TRANSFORMING TOMORROW...!<br />

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

at the Press Conference held on July 23 rd , <strong>2021</strong>.<br />

A volunteer poses with Dr. Terrence Deyalsingh and Charles<br />

Pashley<br />

Dr. Roshan Parasram addresses the<br />

audience at the Press Conference.<br />

Napa Mass Vaccination Site<br />

25


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Tobago Division <strong>Report</strong><br />

Although in my chairmanship of the Tobago<br />

Division I strive to seek out positives,<br />

when I look back on <strong>2021</strong>, there are<br />

not many positives to which I could<br />

point. The COVID-19 pandemic and attendant<br />

restrictions – limited opening, travel curtailment for<br />

international domestic tourists, etc., – continued to<br />

keep the island’s business community in a state of<br />

abeyance, similar to 2020. Although at the outset<br />

the quest was to save both lives and livelihoods,<br />

the unfortunate fact is that many livelihoods were<br />

lost. Businesses continued to be negatively affected<br />

not only by this, but by the general decline of<br />

the Tobago economy which began several years<br />

ago. Added to all this, the decision-making at the<br />

administrative level was often stymied due to the<br />

House of Assembly (THA) 6-6 tie in the Tobago<br />

House of Assembly. Taken together, these factors<br />

brought Tobago to a virtual standstill in the past<br />

year.<br />

Diane Hadad<br />

One can only hope that in the months ahead a<br />

glimmer of light may begin to show itself. Globally,<br />

there are signs that we have turned the corner of<br />

the pandemic, although new variants are being<br />

identified periodically. Some airlines have returned<br />

to the route and international travel is picking up.<br />

Still, it very much remains to be seen what our<br />

post-COVID economy would be, given what can<br />

already be seen of the financial impact. Businesses<br />

that have managed to weather the storm so far<br />

are now trying to find balance and re-establish<br />

themselves, even as they search for solutions on<br />

the way forward.<br />

One worrisome trend has been the increasing<br />

reports which have been reaching the Division of<br />

26<br />

Tobago Division <strong>Report</strong>


TRANSFORMING TOMORROW...!<br />

The Management Team of the Tobago Division<br />

foreclosures of both commercial and residential properties. It<br />

does not augur well for our economy. All efforts must be made<br />

by our banks to ensure that they work diligently with affected<br />

operators who are trying to hold on to their businesses.<br />

“To whom much is given, much will be required,” goes the<br />

saying. The new THA administration which took office by<br />

a landslide win, now has the ability to function effectively,<br />

and certainly our business community will be looking for<br />

innovative leadership. The quest to transform the island needs<br />

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

any favourable spin-offs after the pandemic. For example,<br />

the overall agenda for digitisation by central government is<br />

necessary and could be beneficial to SMEs, but one must be<br />

assured that our country’s infrastructure supports a smooth<br />

transformation.<br />

The new vessels serving the Tobago sea-bridge were welcome,<br />

given the collapse that happened just a few years ago. So far<br />

there has been no negative feedback on performance, but<br />

the mettle has not yet been truly tested given that there has<br />

only been limited travel between the islands. How effectively<br />

and efficiently the air and sea bridges are performing will<br />

only begin to emerge when travel is fully restored.<br />

Even with these challenges, my outlook is far from negative.<br />

We are a resilient people and I fully believe that we can<br />

triumph in the post-pandemic environment if we invest in and<br />

plan realistically for the future – objectives that are entirely<br />

reachable.<br />

In closing, I would like to take this opportunity to welcome<br />

our new Chief Executive Officer, Ian De Souza and to bid<br />

farewell to Gabriel Faria. To both I offer my very best wishes<br />

for success.<br />

Diane Hadad<br />

Chair<br />

(Director, Ex-officio)<br />

Tobago Division<br />

Tobago Division <strong>Report</strong><br />

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FINANCIAL STATEMENTS<br />

For the year ended<br />

31 December, <strong>2021</strong><br />

28<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Statement of Management’s Responsibilities<br />

Independent Auditor’s <strong>Report</strong><br />

Statement of Financial Position<br />

Statement of Profit or Loss<br />

Statement of Changes in Equity<br />

Statement of Cash Flows<br />

Notes to the Financial Statements<br />

30<br />

31<br />

33<br />

34<br />

35<br />

36<br />

37<br />

Financial Statements<br />

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<strong>2021</strong> ANNUAL REPORT<br />

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Statement of Management’s Responsibilities<br />

Management is responsible for the following.<br />

• Preparing and fairly presenting the accompanying<br />

financial statements of Trinidad and Tobago Chamber<br />

of Industry and Commerce (the “Chamber”), which<br />

comprises the Statement of Financial Position as at<br />

31 December <strong>2021</strong>, the Statement of Profit or Loss,<br />

Statement of Changes in Equity, the Statement of Cash<br />

Flows for the year ended, and notes to the financial<br />

statements, comprising significant accounting policies<br />

and other explanatory information;<br />

• Ensuring that the Chamber keeps proper accounting<br />

records;<br />

• Selecting appropriate accounting policies and applying<br />

them in a consistent manner;<br />

• Implementing, monitoring and evaluating the system of<br />

internal control that assures security of the Chamber’s<br />

assets, detection/prevention of fraud and the achievement<br />

of the Chamber’s operational efficiencies;<br />

• Ensuring that the system of internal control operated<br />

effectively during the reporting period;<br />

• Producing reliable financial reports that complies with<br />

laws and regulations; and<br />

• Using reasonable and prudent judgment in the<br />

determination of estimates.<br />

In preparing these financial statements, Management utilized<br />

International Financial <strong>Report</strong>ing Standards for SMEs as<br />

issued by the International Accounting Standards Board and<br />

adopted by the Institute of Chartered Accountants of Trinidad<br />

and Tobago. Where International Financial <strong>Report</strong>ing<br />

Standards for SMEs presented alternative accounting<br />

treatments, Management chose those considered most<br />

appropriate in the circumstances.<br />

Nothing has come to the attention of management to indicate<br />

that the Chamber will not remain a going concern for the<br />

next twelve (12) months from the reporting date, or up to<br />

the date the accompanying financial statements have been<br />

authorized for issue, if later. Management affirms that it has<br />

carried out its responsibilities as outlined above.<br />

Charles Pashley<br />

President<br />

2 nd March, 2022<br />

Ian De Souza<br />

Chief Executive Officer<br />

2 nd March, 2022<br />

30<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Independent Auditor’s <strong>Report</strong><br />

To the Board of Management of<br />

Trinidad and Tobago Chamber of Industry and Commerce<br />

<strong>Report</strong> on the Audit of the Financial<br />

Statements<br />

Opinion<br />

We have audited the financial statements of Trinidad and<br />

Tobago Chamber of Industry and Commerce (the “Chamber”),<br />

which comprise the Statement of Financial Position as at<br />

31 December, <strong>2021</strong>, the Statement of Profit or Loss, the<br />

Statement of Changes in Equity and the Statement of Cash<br />

Flows for the year then ended, and notes to the financial<br />

statements, including a summary of significant accounting<br />

policies.<br />

In our opinion the accompanying financial statements present<br />

fairly, in all material respects, the financial position of the<br />

Chamber as at 31 December, <strong>2021</strong>, and of its financial<br />

performance and its cash flows for the year then ended in<br />

accordance with International Financial <strong>Report</strong>ing Standards<br />

for Small and Medium Sized Entities (“IFRSs for SMEs”).<br />

Basis for Opinion<br />

We conducted our audit in accordance with International<br />

Standards on Auditing (“ISAs”). Our responsibilities under<br />

those standards are further described in the Auditor’s<br />

Responsibilities for the Audit of the Financial Statements<br />

section of our report. We are independent of the Chamber<br />

in accordance with the International Ethics Standards<br />

Board for Accountants’ Code of Ethics for Professional<br />

Accountants (“IESBA Code”) and we have fulfilled our ethical<br />

responsibilities in accordance with the IESBA Code. We<br />

believe that the audit evidence we have obtained is sufficient<br />

and appropriate to provide a basis for our opinion.<br />

Responsibilities of Management and Those<br />

Charged with Governance for the Financial<br />

Statements<br />

Management is responsible for the preparation and fair<br />

presentation of the financial statements in accordance with<br />

IFRSs for SMEs, and for such internal control as management<br />

determines is necessary to enable the preparation of<br />

unconsolidated financial statements that are free from<br />

material misstatement, whether due to fraud or error.<br />

In preparing the financial statements, management is<br />

responsible for assessing the Chamber’s ability to continue<br />

as a going concern, disclosing, as applicable, matters related<br />

to going concern and using the going concern basis of<br />

accounting unless management either intends to liquidate<br />

the Chamber or to cease operations, or has no realistic<br />

alternative but to do so. Those charged with governance are<br />

responsible for overseeing the Chamber’s financial reporting<br />

process.<br />

Auditor’s Responsibilities for the Audit of the<br />

Financial Statements<br />

Our objectives are to obtain reasonable assurance about<br />

whether the financial statements as a whole are free from<br />

material misstatement, whether due to fraud or error, and to<br />

issue an auditor’s report that includes our opinion. Reasonable<br />

assurance is a high level of assurance but is not a guarantee<br />

that an audit conducted in accordance with ISAs will always<br />

detect a material misstatement when it exists. Misstatements<br />

can arise from fraud or error and are considered material if,<br />

individually or in the aggregate, they could reasonably be<br />

expected to influence the economic decisions of users taken<br />

on the basis of these financial statements.<br />

As part of an audit in accordance with ISAs, we exercise<br />

professional judgment and maintain professional skepticism<br />

throughout the audit. We also:<br />

• Identify and assess the risks of material misstatement of<br />

the financial statements, whether due to fraud or error,<br />

design and perform audit procedures responsive to those<br />

risks, and obtain audit evidence that is sufficient and<br />

appropriate to provide a basis for our opinion. The risk<br />

of not detecting a material misstatement resulting from<br />

fraud is higher than for one resulting from error, as fraud<br />

may involve collusion, forgery, intentional omissions,<br />

misrepresentations, or the override of internal control.<br />

Financial Statements<br />

31


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Independent Auditor’s <strong>Report</strong> (continued)<br />

To the Board of Management of<br />

Trinidad and Tobago Chamber of Industry and Commerce<br />

(continued)<br />

• Obtain an understanding of internal control relevant to<br />

the audit in order to design audit procedures that are<br />

appropriate in the circumstances, but not for the purpose<br />

of expressing an opinion on the effectiveness of the<br />

Chamber’s internal control.<br />

• Evaluate the appropriateness of accounting policies used<br />

and the reasonableness of accounting estimates and<br />

related disclosures made by Management.<br />

• Conclude on the appropriateness of Management’s use<br />

of the going concern basis of accounting and, based<br />

on the audit evidence obtained, whether a material<br />

uncertainty exists related to events or conditions that<br />

may cast significant doubt on the Chamber’s ability<br />

to continue as a going concern. If we conclude that<br />

a material uncertainty exists, we are required to draw<br />

attention in our auditor’s report to the related disclosures<br />

in the financial statements or, if such disclosures are<br />

inadequate, to modify our opinion. Our conclusions<br />

are based on the audit evidence obtained up to the<br />

date of our auditor’s report. However, future events or<br />

conditions may cause the Chamber to cease to continue<br />

as a going concern.<br />

• Evaluate the overall presentation, structure and content<br />

of the unconsolidated financial statements, including the<br />

disclosures, and whether the unconsolidated financial<br />

statements represent the underlying transactions and<br />

events in a manner that achieves fair presentation.<br />

We communicate with those charged with governance<br />

regarding, among other matters, the planned scope and<br />

timing of the audit and significant audit findings, including<br />

any significant deficiencies in internal control that we identify<br />

during our audit.<br />

Johnson Lee Tang & Co.<br />

Chartered Accountants<br />

119A Woodford Street<br />

Newtown<br />

Port of Spain<br />

Trinidad<br />

2 March, 2022<br />

32<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Statement of Financial Position<br />

As at 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

Notes <strong>2021</strong> 2020<br />

ASSETS $ $<br />

Current assets<br />

Cash and short-term funds 4 7,682,609 5,993,710<br />

Accounts receivable and prepayments 889,049 495,150<br />

Taxation refundable 6 - 19,918<br />

Total current assets 8,571,658 6,508,778<br />

Non-current assets<br />

Property, plant and equipment 5 4,413,341 4,685,480<br />

Total non-current assets 4,413,341 4,685,480<br />

Total assets 12,984,999 11,194,258<br />

LIABILITIES AND EQUITY<br />

Current liabilities<br />

Accounts payable and accruals 982,738 1,352,381<br />

Payments received in advance 559,703 853,320<br />

Project funds 7 4,486,318 3,115,209<br />

Taxation payable 8 9,034 -<br />

Total current liabilities 6,037,793 5,320,910<br />

Non-current liabilities<br />

Deferred tax 9 730,274 750,192<br />

Total non-current liabilities 730,274 750,192<br />

Equity<br />

Retained earnings 6,216,932 5,123,156<br />

Total equity 6,216,932 5,123,156<br />

Total liabilities and equity 12,984,999 11,194,258<br />

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

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

these financial statements for issue.<br />

Charles Pashley<br />

President<br />

2 nd March, 2022<br />

Ian De Souza<br />

Chief Executive Officer<br />

2 nd March, 2022<br />

Financial Statements<br />

33


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Statement of Profit or Loss<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

Income<br />

Notes <strong>2021</strong> 2020<br />

$ $<br />

Entrance fees and annual subscriptions 2,369,311 2,494,327<br />

Functions, seminars, workshops 878,585 952,143<br />

Interest received and investment income 94,277 97,485<br />

Other income 102,289 108,031<br />

Property rental income 2,759,876 1,864,284<br />

Secretariat rentals 26,705 67,866<br />

6,231,043 5,584,136<br />

Expenses<br />

Administrative expenses 10 (1,446,221) (1,723,168)<br />

Depreciation 5 (288,185) (278,515)<br />

Finance costs (25,934) (22,236)<br />

Property costs 11 (575,481) (822,282)<br />

Staff costs 12 (2,745,363) (3,323,509)<br />

(5,081,184) (6,169,710)<br />

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

Income tax expense 13 (56,079) (36,417)<br />

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

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

34<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Statement of Changes in Equity<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

Year ended 31 December, <strong>2021</strong><br />

Capital<br />

Reserves<br />

Retained<br />

Earnings<br />

Total<br />

$ $ $<br />

Balance at 1 January, <strong>2021</strong> - 5,123,156 5,123,156<br />

Profit for the year - 1,093,776 1,093,776<br />

Balance at 31 December, <strong>2021</strong> - 6,216,932 6,216,932<br />

Year ended 31 December, 2020<br />

Balance at 1 January, 2020 4,776,563 968,584 5,745,147<br />

Transfer to retained earnings * (4,776,563) 4,776,563 -<br />

Restated balances - 5,745,147 5,745,147<br />

Loss for the year - (621,991) (621,991)<br />

Balance at 31 December, 2020 - 5,123,156 5,123,156<br />

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

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

at $4,776,563) to Retained Earnings.<br />

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

Financial Statements<br />

35


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Statement of Cash Flows<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

Cash flows from operating activities<br />

<strong>2021</strong> 2020<br />

$ $<br />

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

Adjustments to reconcile profit before tax to<br />

net cash flows:<br />

Depreciation of property, plant and equipment (note 5) 288,185 278,515<br />

Loss on disposal of property, plant and equipment - 105,170<br />

Changes in operating assets and liabilities:<br />

(Increase) / decrease in accounts receivable and prepayments<br />

(393,899) 252,299<br />

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

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

Increase in project funds 1,371,109 1,980,331<br />

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

Net cash from operating activities 1,704,945 2,428,612<br />

Cash flows from investing activities<br />

Additions to property, plant and equipment (note 5) (16,121) (373,416)<br />

Proceeds from disposal of plant and equipment 75 6,326<br />

Net cash flows used in investing activities (16,046) (367,090)<br />

Net increase in cash and cash equivalents 1,688,899 2,061,522<br />

Cash and cash equivalents at beginning of year 5,993,710 3,932,188<br />

Cash and cash equivalents at end of year 7,682,609 5,993,710<br />

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

36<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

1. Incorporation and principal activity<br />

The Chamber is an association limited by guarantee and<br />

was incorporated on 12 January, 1891 and continued on<br />

16 October, 1998 under the Companies Act 1995 in the<br />

Republic of Trinidad and Tobago. The registered office of the<br />

Chamber is located at Site T, Columbus Circle, Westmoorings.<br />

Its principal activities are the promotion and protection of<br />

the trading interests of its members and the general trade<br />

of the company.<br />

The Dispute Resolution Centre was launched in 1996 by<br />

the Chamber. Its principal activities are the provision of<br />

professional facilitation and mediation services and training<br />

for the business and private sectors.<br />

At 31 December, <strong>2021</strong>, the Chamber employed 22<br />

employees (2020: 20 employees).<br />

2. Basis of preparation and significant<br />

accounting policies<br />

a. Statement of compliance<br />

The financial statements have been prepared in accordance<br />

with the ‘International Financial <strong>Report</strong>ing Standards for<br />

Small and Medium-sized Entities’ (IFRS for SMEs) issued by<br />

the International Accounting Standards Board.<br />

The preparation of the financial statements in conformity<br />

with the IFRS for SMEs requires the use of certain critical<br />

accounting estimates. It also requires Management to exercise<br />

its judgment in the process of applying the Chamber’s<br />

accounting policies. Areas involving a higher degree of<br />

judgment of complexity, or areas where assumptions and<br />

estimations are significant to the financial statements are<br />

disclosed in note 3.<br />

The principal accounting policies applied in the preparation<br />

of these financial statements are set out below. These policies<br />

have been consistently applied to all the years presented,<br />

unless otherwise stated.<br />

b. Use of estimates<br />

The preparation of these financial statements in conformity<br />

with IFRS for SMEs requires Management to make judgements,<br />

estimates and assumptions that affect the application of<br />

policies and reported amounts of assets, liabilities, income<br />

and expenses. Actual results could differ from these estimates.<br />

Estimates and underlying assumptions are reviewed on<br />

an ongoing basis. Revisions to accounting estimates are<br />

recognised in the period in which the estimates are revised<br />

and in any future periods affected.<br />

The novel strain of coronavirus (“COVID-19”), declared<br />

as a “Public Health Emergency of International Concern”,<br />

by the World Health Organisation on 30 January, 2020,<br />

has increased the estimation uncertainty in the preparation<br />

of these financial statements. The estimation uncertainty is<br />

associated with the extent and duration of disruption to<br />

businesses and economies as a result of actions to contain the<br />

spread of the outbreak. The Chamber has formed estimates<br />

based on information that was available on 31 December,<br />

<strong>2021</strong>, which was deemed to be reasonable in forming<br />

these estimates. The extent of the impact of COVID-19 on<br />

the Chamber’s operational and financial performance will<br />

depend on certain developments, including the duration and<br />

spread of the outbreak, and the impact on other stakeholders<br />

is still uncertain. As a result, the related financial impact and<br />

duration cannot be reasonably estimated at this time.<br />

c. Functional and reporting currency<br />

The financial statements are presented in Trinidad and<br />

Tobago dollars, which is the Chamber’s functional currency.<br />

d. Cash and cash equivalents<br />

Cash and cash equivalents include cash in hand, deposits<br />

held at call with banks, and other short-term highly liquid<br />

investments with original maturities of one year or less, which<br />

are subject to an insignificant risk of changes in value.<br />

Financial Statements<br />

37


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

2. Basis of preparation and significant<br />

accounting policies (continued)<br />

e. Accounts receivable and prepayments<br />

Accounts receivables are stated net of any allowances for<br />

any uncollectible amounts. Any impairment loss is recognized<br />

in surplus or deficit when collection of the full amount is no<br />

longer probable.<br />

Category<br />

Computer equipment<br />

Air condition units<br />

Furniture and fixtures<br />

Elevator<br />

Building<br />

Rate of depreciation<br />

33% reducing balance basis<br />

25% reducing balance basis<br />

25% reducing balance basis<br />

25% reducing balance basis<br />

2% straight line basis<br />

f. Accounts payable and accruals<br />

Accounts payable and accruals are carried at cost, which<br />

is the fair value of the consideration to be paid in the future<br />

for goods and services received.<br />

g. Taxation<br />

Income and expenditure arising from mutual trading activities<br />

are exempt from tax. Taxation is payable on other trading<br />

activities.<br />

Deferred taxes are provided for the expected future tax<br />

consequences of temporary differences between the carrying<br />

amounts and the tax bases of assets and liabilities using<br />

current corporation tax rates.<br />

h. Comparatives<br />

When necessary, comparative figures are adjusted to<br />

conform to changes in presentation in the current period.<br />

i. Property, plant and equipment<br />

Depreciation on assets is estimated at rates calculated to<br />

write-off the cost of each asset to their residual values over<br />

their estimated useful lives as follows:<br />

Gains or losses on disposal of property, plant and equipment<br />

are determined by comparing the proceeds with the carrying<br />

amount and are included in the Statement of Profit or Loss.<br />

Property, plant and equipment are reviewed for impairment<br />

losses whenever events or changes in circumstances indicate<br />

that the carrying amount may not be recoverable.<br />

At the end of each reporting period, the entity reviews the<br />

carrying amounts of its tangible assets to determine whether<br />

there is any indication that those assets have suffered an<br />

impairment loss. If any such indication exists, the recoverable<br />

amount of the asset is estimated in order to determine the<br />

extent of the impairment loss (if any). If the recoverable<br />

amount of an asset is estimated to be less than its carrying<br />

amount, the carrying amount of the asset is reduced to its<br />

recoverable amount. An impairment loss is recognized<br />

immediately in the Statement of Profit or Loss.<br />

The leasehold property is subject to a lease of ninety-nine<br />

(99) years from 10 April, 1979. Amortisation is provided<br />

by equal annual instalments over the un-expired portion of<br />

the lease.<br />

j. Impairment<br />

The carrying amounts of the Chamber’s assets are reviewed<br />

at each reporting date to determine whether there is any<br />

indication of impairment. If such an indication exists, the<br />

asset’s recoverable amount is estimated. An impairment loss<br />

is recognized whenever the carrying amount of an asset<br />

or its cash-generating unit exceeds its recoverable amount.<br />

Impairment losses are recognized in surplus or deficit. The<br />

recoverable amount of assets is the greater of their net selling<br />

price and value in use.<br />

38<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

2. Basis of preparation and significant<br />

accounting policies (continued)<br />

k. Financial instruments<br />

Financial instruments carried on the Statement of Financial<br />

Position include cash and cash equivalents, accounts<br />

receivables and prepayments, and accounts payables and<br />

accruals. The particular recognition methods adopted are<br />

disclosed in the individual policy statements associated with<br />

each item.<br />

I. Cash and cash equivalents<br />

Cash and cash equivalents are carried in the Statement of<br />

Financial Position at cost and comprise cash in hand and<br />

cash at bank and funds held in Money Market Funds.<br />

II. Trade receivables<br />

Trade and other receivables are stated at fair value based<br />

on the original invoice amount less an allowance for any<br />

uncollectible amounts. Provision is made when there is<br />

objective evidence that the Chamber will not be able to collect<br />

certain debts. Bad debts are written off when identified.<br />

III. Trade and other payables<br />

Trade and other payables are recognised initially at fair<br />

value and subsequently measured at amortised cost using<br />

the effective interest method.<br />

l. Common area costs<br />

Common area costs paid by the Chamber which include<br />

expenses such as security and building maintenance costs<br />

are shared between the Chamber and the tenants based on<br />

the floor area rented. The Chamber charges the tenants a<br />

service rent per month in order to recover the tenants’ share<br />

of cost paid. The rate is determined by certifying the previous<br />

year’s expenses.<br />

m. Income<br />

Income comprises the fair value of the consideration received<br />

or receivable for services in the ordinary course of the<br />

Chamber’s activities.<br />

n. Pension fund<br />

The Chamber has an insured pension scheme with Guardian<br />

Life of the Caribbean Limited to cover all of its eligible<br />

employees. The plan is a defined contribution plan with the<br />

object of the scheme being to provide a pension for each<br />

member at the normal retirement date. Contributions paid<br />

and payable to the plan for the year have been accounted for,<br />

as an expense and included in staff costs in the Statement of<br />

Profit or Loss. The amount expensed for the year is $147,155<br />

(2020 $167,600).<br />

o. Foreign currency transactions<br />

Foreign currency transactions are translated in the<br />

measurement currency using the exchange rates prevailing<br />

at the dates of the transactions. Foreign exchange gains<br />

and losses resulting from the settlement of such transactions<br />

and from the translation of monetary assets and liabilities<br />

denominated in foreign currencies are recognised in the<br />

Statement of Profit or Loss.<br />

3. Critical judgments and the use of estimates<br />

The preparation of financial statements in conformity with IFRS<br />

for SMEs requires Management to make critical judgments<br />

and use estimates and assumptions that affect the amounts<br />

reported in the financial statements and related notes to<br />

the financial statements. Actual results may differ from the<br />

estimates and assumptions used. Key sources of uncertainty,<br />

which requires the use of estimates, include:<br />

Useful lives and residual values of property, plant and<br />

equipment<br />

The estimates of useful lives as translated into depreciation<br />

rates are detailed in the property, plant and equipment policy<br />

above. These rates and the residual lives of the assets are<br />

Financial Statements<br />

39


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

3. Critical judgments and the use of estimates (continued)<br />

reviewed annually taking cognizance of the forecasted commercial and economic realities and through benchmarking of<br />

accounting treatments within the industry.<br />

Contingent liabilities<br />

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

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

is recognized as a liability or disclosed as a contingent liability.<br />

Deferred tax liabilities<br />

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

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

and assumptions regarding economic growth, interest, inflation, taxation rates and competitive forces.<br />

4. Cash and short-term funds<br />

<strong>2021</strong> 2020<br />

$ $<br />

Cash in hand 8,110 11,000<br />

JMMB Investments Ltd - Fixed Deposit 3,000,000 3,000,000<br />

JMMB Investments Ltd– THA Account 450,000 450,000<br />

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

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

RBC Royal Bank Ltd - Roytrin Mutual Fund 135,814 136,956<br />

Republic Bank Limited - THA Fund 1,295 1,295<br />

Republic Bank Ltd - Tobago Branch Account 100,313 59,280<br />

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

7,682,609 5,993,710<br />

40<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

5. Property, plant and equipment<br />

Building Elevator Leasehold<br />

land<br />

Office<br />

furniture<br />

fittings and<br />

equipment<br />

Costs $ $ $ $ $<br />

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

Additions 111,504 - - 261,912 373,416<br />

Disposals - - - (480,758) (480,758)<br />

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

Additions - - - 16,121 16,121<br />

Disposals - - - (851) (851)<br />

At 31 December, <strong>2021</strong> 5,043,204 542,647 2,404,090 4,312,956 12,302,897<br />

Total<br />

Accumulated<br />

depreciation<br />

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

Charge for the year 99,192 1,661 28,965 148,697 278,515<br />

Disposals - - - (369,262) (369,262)<br />

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

Charge for the year 100,853 1,661 28,963 156,708 288,185<br />

Disposals - - - (776) (776)<br />

At 31 December, <strong>2021</strong> 2,664,186 539,325 810,673 3,875,372 7,889,556<br />

Net book amount<br />

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

At 31 December, <strong>2021</strong> 2,379,018 3,322 1,593,417 437,584 4,413,341<br />

6. Taxation refundable<br />

<strong>2021</strong> 2020<br />

$ $<br />

Business levy - 13,245<br />

Green fund levy - 6,673<br />

- 19,918<br />

Financial Statements<br />

41


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

7. Project Funds<br />

<strong>2021</strong> 2020<br />

$ $<br />

Third parties 2,054,734 1,484,015<br />

Trinidad and Tobago Chamber of Industry and Commerce 2,431,584 1,631,194<br />

4,486,318 3,115,209<br />

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

for the purpose of aiding and funding these projects.<br />

8. Taxation payable<br />

<strong>2021</strong> 2020<br />

$ $<br />

Business levy 11,001 -<br />

Green fund levy (1,967) -<br />

9,034 -<br />

9. Deferred tax liability<br />

<strong>2021</strong> 2020<br />

$ $<br />

Balance brought forward 750,192 755,188<br />

Decrease for the year (19,918) (4,996)<br />

Balance carried forward 730,274 750,192<br />

a. The liability arising from accelerated tax depreciation.<br />

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

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

utilised.<br />

42<br />

Financial Statements


TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

10. Administrative expenses<br />

<strong>2021</strong> 2020<br />

$ $<br />

Bad debts - 123,981<br />

Electricity 90,041 94,009<br />

Equipment rental 29,870 38,695<br />

General expenses 74,239 212,955<br />

Insurance - 5,703<br />

Legal and professional fess 811,097 634,616<br />

Loss on disposal of plant and equipment - 105,170<br />

Meeting expenses 1,500 2,144<br />

Repairs and maintenance 103,395 187,476<br />

Software 124,444 125,045<br />

Stationery and printing 22,580 30,818<br />

Subscriptions 11,134 8,570<br />

Telephone, postage and internet 173,582 144,222<br />

Travel and entertainment 4,339 9,764<br />

1,446,221 1,723,168<br />

11. Property costs<br />

<strong>2021</strong> 2020<br />

$ $<br />

Building rental and maintenance 186,792 325,489<br />

Electricity 41,095 59,902<br />

Insurance 138,917 91,986<br />

Lease rent 13,711 13,712<br />

Rates and taxes 25,279 24,799<br />

Security 169,687 306,394<br />

575,481 822,282<br />

Financial Statements<br />

43


<strong>2021</strong> ANNUAL REPORT<br />

TRANSFORMING TOMORROW...!<br />

Notes to the Financial Statements<br />

For the year ended 31 December, <strong>2021</strong><br />

(Expressed in Trinidad and Tobago dollars)<br />

12. Staff costs<br />

<strong>2021</strong> 2020<br />

$ $<br />

Salaries, wages and allowances 2,346,708 2,869,464<br />

National insurance and medical plan 251,500 286,439<br />

Pension expenses 147,155 167,606<br />

2,745,363 3,323,509<br />

13. Income tax expense<br />

<strong>2021</strong> 2020<br />

$ $<br />

Business levy 37,386 22,202<br />

Green fund levy 18,693 19,211<br />

Deferred tax - (4,996)<br />

56,079 36,417<br />

Reconciliation:<br />

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

Exempt income (380,733) (2,798,635)<br />

Expenses not deductible for tax 288,185 3,158,233<br />

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

Losses brought forward (4,541,072) (4,315,096)<br />

Losses carried forward (3,483,763) (4,541,072)<br />

14. Financial instruments and financial risk<br />

management disclosures<br />

The Chamber is exposed to foreign exchange risk arising from<br />

the US Dollar financial instruments held. Foreign exchange<br />

risk arises when future commercial transactions or recognized<br />

assets or liabilities are denominated in a currency that is not<br />

the entity’s functional currency.<br />

The Chamber has no significant concentration of credit risk.<br />

At 31 December, <strong>2021</strong>, the carrying amounts of the following<br />

assets and liabilities approximate to their fair values: cash<br />

and short-term funds, accounts receivable and prepayments,<br />

and accounts payable and accruals.<br />

15. Capital commitments<br />

The Board of Management has advised that the Chamber<br />

has no capital commitments as at the reporting period ended<br />

31 December, <strong>2021</strong>.<br />

16. Approval of financial statements<br />

These financial statements were approved by the Board of<br />

Management and authorized for issue on 2 March, 2022.<br />

44<br />

Financial Statements


Thank you<br />

to our sponsors for <strong>2021</strong><br />

PLATINUM<br />

SPONSORS<br />

BRONZE<br />

SPONSORS<br />

MEDIA<br />

PARTNERS


Columbus Circle, Westmoorings, P.O. Box 499,<br />

Port of Spain, Trinidad, W.I.<br />

Tel: 1 868 637 6966 • Fax: 1 868 637 7425<br />

Email: chamber@chamber.org.tt<br />

ANSA McAl Building, Milford Road, Scarborough, Tobago, W.I.<br />

Tel: 1 868 639 2669 • Fax: 1 868 639 3014<br />

Email: tobagochamber@chamber.org.tt<br />

Website: www.chamber.org.tt

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