Annual Report 2021

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

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


Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.


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 />


<strong>2021</strong> ANNUAL REPORT<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


Core Values<br />


We are committed to understanding our<br />

members’ needs and satisfying them<br />

through value-added services.<br />


We are committed to being professional<br />

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

in high standards of performance.<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 />


We are committed to constantly<br />

improving our work ethic/output for<br />

the benefit of our members and other<br />

stakeholders.<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 />


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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 />


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


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


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 />



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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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


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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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


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 />



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 />


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


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 />


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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


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 />


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



For the year ended<br />

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

28<br />

Financial Statements


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 />


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


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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


<strong>2021</strong> ANNUAL REPORT<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


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 />


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



BRONZE<br />


MEDIA<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, 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

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!