Annual Report 2021

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2021 ANNUAL REPORT TRANSFORMING TOMORROW...! Notes to the Financial Statements For the year ended 31 December, 2021 (Expressed in Trinidad and Tobago dollars) 12. Staff costs 2021 2020 $ $ Salaries, wages and allowances 2,346,708 2,869,464 National insurance and medical plan 251,500 286,439 Pension expenses 147,155 167,606 2,745,363 3,323,509 13. Income tax expense 2021 2020 $ $ Business levy 37,386 22,202 Green fund levy 18,693 19,211 Deferred tax - (4,996) 56,079 36,417 Reconciliation: Operating profit / (loss) before taxation 1,149,857 (585,574) Exempt income (380,733) (2,798,635) Expenses not deductible for tax 288,185 3,158,233 Adjusted profit / (loss) 1,057,309 (225,976) Losses brought forward (4,541,072) (4,315,096) Losses carried forward (3,483,763) (4,541,072) 14. Financial instruments and financial risk management disclosures The Chamber is exposed to foreign exchange risk arising from the US Dollar financial instruments held. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not the entity’s functional currency. The Chamber has no significant concentration of credit risk. At 31 December, 2021, the carrying amounts of the following assets and liabilities approximate to their fair values: cash and short-term funds, accounts receivable and prepayments, and accounts payable and accruals. 15. Capital commitments The Board of Management has advised that the Chamber has no capital commitments as at the reporting period ended 31 December, 2021. 16. Approval of financial statements These financial statements were approved by the Board of Management and authorized for issue on 2 March, 2022. 44 Financial Statements
Thank you to our sponsors for 2021 PLATINUM SPONSORS BRONZE SPONSORS MEDIA PARTNERS
Page 3 and 4: TRANSFORMING TOMORROW...! Contents
Page 5 and 6: TRANSFORMING TOMORROW...! Core Valu
Page 7 and 8: TRANSFORMING TOMORROW...! in champi
Page 9 and 10: TRANSFORMING TOMORROW...! Statement
Page 11 and 12: TRANSFORMING TOMORROW...! In the co
Page 13 and 14: TRANSFORMING TOMORROW...! Sacha De
Page 15 and 16: TRANSFORMING TOMORROW...! 1. CARICO
Page 17 and 18: TRANSFORMING TOMORROW...! 7. Front
Page 19 and 20: TRANSFORMING TOMORROW...! Standing
Page 21 and 22: TRANSFORMING TOMORROW...! Events Th
Page 23 and 24: TRANSFORMING TOMORROW...! Professio
Page 25 and 26: 1 2 3 1. Annual Business Meeting e-
Page 27 and 28: TRANSFORMING TOMORROW...! Represent
Page 29 and 30: TRANSFORMING TOMORROW...! The Manag
Page 33 and 34: TRANSFORMING TOMORROW...! Independe
Page 39 and 40: TRANSFORMING TOMORROW...! Notes to
Page 45: TRANSFORMING TOMORROW...! Notes to

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