Annual Report 2021

2021 ANNUAL REPORT
TRANSFORMING TOMORROW...!
Notes to the Financial Statements
For the year ended 31 December, 2021
(Expressed in Trinidad and Tobago dollars)
12. Staff costs
2021 2020
$ $
Salaries, wages and allowances 2,346,708 2,869,464
National insurance and medical plan 251,500 286,439
Pension expenses 147,155 167,606
2,745,363 3,323,509
13. Income tax expense
2021 2020
$ $
Business levy 37,386 22,202
Green fund levy 18,693 19,211
Deferred tax - (4,996)
56,079 36,417
Reconciliation:
Operating profit / (loss) before taxation 1,149,857 (585,574)
Exempt income (380,733) (2,798,635)
Expenses not deductible for tax 288,185 3,158,233
Adjusted profit / (loss) 1,057,309 (225,976)
Losses brought forward (4,541,072) (4,315,096)
Losses carried forward (3,483,763) (4,541,072)
14. Financial instruments and financial risk
management disclosures
The Chamber is exposed to foreign exchange risk arising from
the US Dollar financial instruments held. Foreign exchange
risk arises when future commercial transactions or recognized
assets or liabilities are denominated in a currency that is not
the entity’s functional currency.
The Chamber has no significant concentration of credit risk.
At 31 December, 2021, the carrying amounts of the following
assets and liabilities approximate to their fair values: cash
and short-term funds, accounts receivable and prepayments,
and accounts payable and accruals.
15. Capital commitments
The Board of Management has advised that the Chamber
has no capital commitments as at the reporting period ended
31 December, 2021.
16. Approval of financial statements
These financial statements were approved by the Board of
Management and authorized for issue on 2 March, 2022.
44
Financial Statements