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TRANSFORMING TOMORROW...!<br />
Contents<br />
Vision, Mission, Core Values 2<br />
Message from the President 4<br />
Statement from the Chief Executive Officer 7<br />
Board of Directors 10<br />
<strong>Report</strong> from the Trade and Business Development Unit 12<br />
Standing Committees 17<br />
Events 19<br />
NAPA Mass Vaccination Site 24<br />
Tobago Division <strong>Report</strong> 26<br />
Financial Statements 28<br />
Columbus Circle, Westmoorings, P.O. Box 499,<br />
Port of Spain, Trinidad, W.I.<br />
Tel: 1 868 637 6966 • Fax: 1 868 637 7425<br />
Email: chamber@chamber.org.tt<br />
ANSA McAl Building, Milford Road,<br />
Scarborough, Tobago, W.I.<br />
Tel: 1 868 639 2669 • Fax: 1 868 639 3014<br />
Email: tobagochamber@chamber.org.tt<br />
Website: www.chamber.org.tt<br />
<br />
1
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Our Vision<br />
We are the Voice of Business.<br />
Our Mission<br />
To be the champion of business<br />
towards the development of a strong<br />
and sustainable national economy.<br />
2<br />
Vision, Mission, Core Values
TRANSFORMING TOMORROW...!<br />
Core Values<br />
MEMBERSHIP SATISFACTION<br />
We are committed to understanding our<br />
members’ needs and satisfying them<br />
through value-added services.<br />
PROFESSIONALISM<br />
We are committed to being professional<br />
in all that we do, grounded in the belief<br />
in high standards of performance.<br />
TRANSPARENCY<br />
We are committed to being open and<br />
equitable in all our dealings with all<br />
our stakeholders as we work towards<br />
the development of a strong and<br />
sustainable national economy.<br />
PRODUCTIVITY<br />
We are committed to constantly<br />
improving our work ethic/output for<br />
the benefit of our members and other<br />
stakeholders.<br />
INDEPENDENCE<br />
We are committed to being independent<br />
in our views so that objective and<br />
transparent representation of our<br />
members’ interests comes first.<br />
PERSONAL DEVELOPMENT<br />
We are committed to the personal<br />
development of our staff through<br />
learning, feedback, coaching and<br />
mentoring.<br />
Vision, Mission, Core Values<br />
3
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Message from the President<br />
Mr. Charles Pashley<br />
My first term as President of the T&T<br />
Chamber was a unique experience, as<br />
it began in the heart of a pandemic.<br />
The pandemic remained the most<br />
immediate threat to lives and livelihoods globally.<br />
With no end in sight, businesses everywhere were<br />
challenged by the uncertain environment, which<br />
was overlaid upon an already rocky economic<br />
phase for the country. Businesses of all sizes,<br />
in every sector were expressing concern to the<br />
Chamber about the way forward. The Chamber<br />
was called upon to engage with members on the<br />
transformation that is needed for a post-COVID<br />
environment. I believe we were largely able to<br />
meet what was required through dialogue with the<br />
membership and collaboration with the State and<br />
other stakeholders.<br />
In April <strong>2021</strong>, the T&T Chamber, along with the<br />
Caribbean Chambers of Commerce (CARICHAM)<br />
and the CARICOM Private Sector Organization<br />
(CPSO), joined with the International Chamber of<br />
Commerce in its ICC Global Vaccines campaign,<br />
which was aimed at “making vaccines available<br />
to everyone, everywhere”. The goal was to<br />
sensitise stakeholders and key decision-makers<br />
about the need for equality of access to vaccines<br />
and widespread availability of doses.<br />
In a major effort later on in July, at the request of<br />
the Government of the Republic of Trinidad and<br />
Tobago (GORTT) for private sector participation<br />
in the vaccination effort, we partnered with the<br />
American Chamber of Commerce (AMCHAM<br />
T&T) and collaborated with the Trinidad and<br />
Tobago Coalition of Service Industries (TTCSI)<br />
4<br />
Message From The President
TRANSFORMING TOMORROW...!<br />
in championing the establishment and management of a<br />
mass vaccination site at NAPA (National Academy for the<br />
Performing Arts). The entire process was funded by members<br />
of the private sector and administratively resourced from<br />
the aforementioned representative bodies, with the GORTT<br />
providing medical supplies.<br />
Over 33,000 vaccines were administered to the walk-in<br />
public over the two-month period of the mass vaccination<br />
initiative. I would like to use this medium to express my<br />
deepest appreciation to the business community for providing<br />
the financial support that made the project a feasible one. I<br />
must of course also thank all of the volunteers, including the<br />
medical professionals, the administrative and the general<br />
services supporters, for giving of their time and effort to<br />
ensure that the project achieved its objective. Due to the<br />
combined contributions of all the institutions and individuals<br />
who stepped forward on this very critical initiative, it was<br />
highly successful.<br />
Our efforts during the pandemic also included a public<br />
awareness campaign entitled “Let’s Each Do Our Part”<br />
that was put on by the Trinidad and Tobago Publishers<br />
and Broadcasters Association (TTPBA) and the Advertising<br />
Agencies Association of Trinidad and Tobago (AAATT).<br />
This campaign proved extremely useful and beneficial and<br />
we owe a debt of gratitude to these organisations for their<br />
contributions.<br />
As the impact of the pandemic unfolded, we continued to<br />
advocate for methods to address vaccine hesitancy and to<br />
encourage compliance by businesses to COVID protocols.<br />
At the same time, we advocated strongly for a balanced<br />
and reasoned approach to the institution and management<br />
of health protocols, particularly as they applied to the SME<br />
sector. The sad reality is that not all businesses have been able<br />
to pivot, and others are still trying to work out a continuation<br />
strategy. More than ever, the State will be called upon to<br />
guide the recovery process and this means continuously<br />
keeping the lines of communication open, particularly with<br />
the private sector. No business wants to fold; we want to<br />
continue to drive the economy and generate wealth and jobs.<br />
In our role as advocates for business, we started an<br />
educational series on industrial relations with the Industrial<br />
Court of Trinidad and Tobago and we were able to advance<br />
members’ concerns on customs and port clearances<br />
through participation in the new multi-agency Joint Customs<br />
Consultative Committee. Our standing committees also<br />
continued to play a key role in the Chamber’s work by virtue<br />
of their members’ yeoman service in reviewing a variety<br />
of legislation and policies, and by representing the T&T<br />
Chamber on a number of influential external committees<br />
and boards.<br />
Following on the last year’s pivot to a virtual template, we<br />
were again able to deliver all of our Signature Events, thanks<br />
to the sponsors who continued to see value in aligning their<br />
brands to the Chamber. Moreover, our Committees and<br />
Events Unit were also able to resume their own training<br />
programmes, which enjoyed good attendance all around.<br />
These ultimately helped us to achieve a turnaround even in<br />
the midst of the pandemic.<br />
There are a few small signs that we might be emerging from<br />
the pandemic and we are optimistic that in the months ahead,<br />
there will be increased easing of restrictions. However,<br />
we will continue to face hurdles, many of which pre-date<br />
COVID-19. The need to transition our country out of the<br />
reliance on energy has not gone away. It is noted that there<br />
is a legitimate expectation of an increase in earnings from<br />
the energy sector due to higher commodity prices. However,<br />
with uncertainty about the timeline over which this benefit<br />
would be incurred, we should guard against reliance or<br />
complacency and continue with the transformation initiatives<br />
that have become recognised for the long term sustainability<br />
of the Trinidad and Tobago economy. In this regard, even<br />
as we continue to monetise our energy reserves, we must<br />
simultaneously keep our sights on the target of instituting<br />
plans for attracting investment in renewable energy projects<br />
and focusing on the technical requirements that would be<br />
needed to support the structural adjustment.<br />
If the last two years have had any positive effect, it would be<br />
that it forced us to take stock of the need for transformation<br />
at both a business and country level. Technology will be,<br />
without a doubt, the vehicle of choice. Already, it is forcing us<br />
to employ digitisation in our strategic thinking. New business<br />
solutions and businesses are being created every day as a<br />
consequence of the technology revolution. The T&T Chamber<br />
firmly believes that the pace of technology adoption must be<br />
accelerated in both the private and public sector if we are<br />
to prepare for the world of tomorrow.<br />
Message From The President<br />
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<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
The T&T Chamber firmly<br />
believes that the pace of<br />
technology adoption must be<br />
accelerated in both the private<br />
and public sector if we are<br />
to prepare for the world of<br />
tomorrow.<br />
Another of the positives of the last year has been the<br />
commitment by our members to maintain their support for<br />
the Chamber. In this regard, I once again commit that our<br />
Board and the Secretariat will continue to be responsive in<br />
the effort to ensure that our membership is fully satisfied with<br />
the work and the reciprocal support of the Chamber. We will<br />
ensure that our portfolio of services, training programmes<br />
and events remain relevant and are supportive<br />
of your needs. We will of course continue to<br />
establish linkages between members and with<br />
business visitors in the interest of ensuring that<br />
the value of membership is optimised.<br />
The last year has also seen the appointment of<br />
our new Chief Executive Officer, Ian De Souza<br />
and we bid farewell to Mr. Gabriel Faria as<br />
our CEO. I offer my personal thanks and that<br />
of the Board of Directors to Mr. Faria for his<br />
dedication and unwavering commitment to the<br />
Chamber’s goals, despite sometimes challenging<br />
circumstances. I also look forward to working<br />
with Mr. De Souza in ensuring continuity in the<br />
delivery on our goals.<br />
I must also thank the Chamber’s Board for<br />
allowing me to serve a second term of office<br />
as its President. It is an honour to serve under<br />
this vibrant and committed team of Directors.<br />
Equally, heartfelt thanks are due to our members who so<br />
generously volunteer to serve on committees, our sponsors<br />
and other contributors and the staff of the Secretariat.<br />
Most of all, I thank our members who continue to support us.<br />
Without you, there would be no Chamber, we are extremely<br />
grateful for your partnership.<br />
Charles Pashley<br />
President<br />
6<br />
Message From The President
TRANSFORMING TOMORROW...!<br />
Statement from the<br />
Chief Executive Officer<br />
Mr. Ian R. De Souza<br />
The continuation of the COVID-19 pandemic<br />
into <strong>2021</strong> meant that Trinidad and<br />
Tobago’s economy continued to struggle.<br />
The Chamber was all too aware of the<br />
challenges, as both members and non-members<br />
reached out to us for advice and support as they<br />
navigated the uncertainty of the times. COVID-19’s<br />
impact on our economy was unprecedented; the<br />
Chamber was therefore called upon to advocate<br />
for and on behalf of business in a very unstable<br />
economic climate. In spite of the challenges, I am<br />
pleased to report that we were able to strengthen<br />
our advocacy role and maintain services to our<br />
membership.<br />
ADVOCACY:<br />
The Chamber’s raison d’etre is to be an advocate<br />
for businesses. The issue of overdue Value Added<br />
Tax (VAT) refunds and payments to suppliers<br />
continued to receive our attention, particularly<br />
in light of the negative effects it had on the cash<br />
flow of the small and medium sized enterprises,<br />
which account for well over 60 percent of our<br />
membership. We were able to keep this in focus<br />
and are happy that during <strong>2021</strong>, a portion of the<br />
existing debt was paid through VAT Bonds and<br />
direct payments. The reality is, however, that this<br />
is an ongoing issue that will require continued<br />
communication with Government.<br />
Open communication and collaboration are core<br />
components of our advocacy strategy, and these<br />
Statement From The Chief Executive Officer<br />
7
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
proved to be particularly valuable<br />
in <strong>2021</strong>. Our Trade and Business<br />
Development Unit (TBDU), which forms<br />
the core of the Chamber’s advocacy<br />
efforts, was able to represent the<br />
business sector in 10 key matters which<br />
impact businesses at the local and<br />
regional level. These included trade<br />
agreements in the making, combating<br />
illicit trade, legislative amendments,<br />
market access opportunities for our<br />
manufacturing and services sectors,<br />
and various representations at the<br />
CARICOM level. Many of these are<br />
facilitated through ongoing dialogue<br />
with the Government of the Republic of<br />
Trinidad and Tobago. More details may<br />
be seen in the report from the TBDU.<br />
Notably, our representation to<br />
the Ministry of Finance led to the<br />
establishment in <strong>2021</strong> of the Joint<br />
Customs Consultative Committee,<br />
which will address ways to improve<br />
the relationship between Customs and<br />
Excise, the Ministry of Finance and the<br />
private sector. The multi-stakeholder<br />
committee is comprised of the Ministry<br />
of Finance, Shipping Association of<br />
Trinidad and Tobago (SATT), Trinidad<br />
and Tobago Manufacturers’ Association<br />
(TTMA), Energy Chamber of Trinidad<br />
and Tobago, American Chamber<br />
of Trinidad and Tobago (AMCHAM<br />
T&T), Trinidad and Tobago Coalition of<br />
Service Industries (TTCSI), and the T&T<br />
Chamber, which provides Secretariat<br />
services.<br />
In collaboration with the Industrial<br />
Court of Trinidad and Tobago, we also<br />
embarked on a four-part series on Best<br />
Practices in Industrial Relations. Two of<br />
the sessions delivered thus far sought<br />
to sensitise the business community on<br />
proper industrial relations processes<br />
and best practices, and to avoid matters<br />
reaching the Industrial Court. The focus<br />
also was on avoiding unsuccessful<br />
actions which are usually costly and<br />
time consuming.<br />
The issues for which we advocate and<br />
all others pertinent to the business<br />
community form the content of our<br />
weekly newspaper columns in the<br />
Express Business and Newsday’s<br />
Business Day. These are supplemented<br />
by our electronic Member Notices and<br />
Trade Bulletin which are disseminated<br />
each Wednesday and Thursday<br />
respectively. Our flagship Contact<br />
magazine had to go into hiatus as a<br />
result of pandemic. Efforts will be made<br />
to reintroduce this publication in the nottoo-distant<br />
future.<br />
FINANCIAL PERFORMANCE<br />
The Chamber’s main income streams<br />
have traditionally been derived from<br />
membership subscriptions, rental<br />
of office spaces and events. Being<br />
deemed non-essential during pandemic<br />
restrictions, much of our activities were<br />
curtailed and all income streams were<br />
significantly impacted. We nevertheless<br />
managed to close the year with a<br />
modest surplus.<br />
We are quite proud of the fact that<br />
despite the prevailing environment<br />
of caution and spending cuts, we<br />
were able to present all of our usual<br />
Signature Events, albeit in virtual form.<br />
Our <strong>Annual</strong> Business Meeting, featured<br />
speakers from the internationally<br />
renowned McKinsey & Company and<br />
we received extremely positive feedback<br />
on The Post-Budget Forum. The year’s<br />
events wound up with the nationallytelevised<br />
Champions of Business - True<br />
Stories Series and culminated with the<br />
Champions of Business Gala Awards.<br />
In <strong>2021</strong> two new award categories<br />
– Green Agenda and Breakthrough<br />
Exporter of the Year – were introduced.<br />
The televised event was also streamed<br />
live to international audiences.<br />
Over the last year, we delivered 15<br />
capacity-building events, a number of<br />
which we were able to offer free of<br />
charge to members or at significantly<br />
discounted rates. Some were targeted<br />
sessions intended to provide sectorspecific<br />
support. These included<br />
Business Insights (all of which may be<br />
viewed by Members free of charge in<br />
the Business Insights online library), our<br />
Professional Development Series, the<br />
Nova Committee’s ‘Lunch ‘n’ Learn’<br />
meetings, sessions in dispute resolution<br />
and a number of other events hosted by<br />
various committees.<br />
We were grateful for the ongoing<br />
support from our Signature Platinum<br />
Sponsors for another year - and we were<br />
happy to bring on new sponsors, even<br />
in the prevailing economic environment.<br />
This surely stands as a testament to the<br />
value of the Chamber’s brand. In terms<br />
of rental income, a number of our office<br />
spaces continue to be unoccupied,<br />
which is largely a consequence of<br />
the pandemic. However, the lease of<br />
the ground floor space to RBC Royal<br />
Bank (Trinidad) Limited has worked<br />
positively in increasing that revenue<br />
line. This helped in off-setting reductions<br />
in other areas, such as venue rentals<br />
for third-party events and functions. In<br />
the coming months, we will continue to<br />
actively seek to lease our office spaces<br />
and to promote the use of our other<br />
facilities.<br />
8<br />
Statement From The Chief Executive Officer
TRANSFORMING TOMORROW...!<br />
In the context of the COVID-impacted<br />
economy, the Chamber focused on<br />
membership retention during the course<br />
of <strong>2021</strong> and we are happy to report<br />
that our numbers remained stable.<br />
We also used the time to update our<br />
membership database, and undertook<br />
the exercise of building a supplementary<br />
Trade Database. This database captures<br />
more detailed information on members’<br />
various types of business activity. With<br />
the deeper insight into our members’<br />
businesses, the information gathered<br />
will assist with membership engagement<br />
for consultations and for our advocacy<br />
role. It will also help to identify sessions<br />
that are most relevant to our members’<br />
needs when we develop our training and<br />
meeting events.<br />
The new world will be a world<br />
driven by technology, economic<br />
re-calibration and a deep focus<br />
on the environment. We in<br />
Trinidad and Tobago must be<br />
prepared to take our place in that<br />
world.<br />
The Chamber is a unique organisation, even among like<br />
organisations. There is tremendous capacity to influence<br />
positive change, not just in the business context, but at the<br />
national level. The commitment of the business community to<br />
the well-being of the nation was unequivocally demonstrated<br />
in their contributions to the joint effort by this Chamber,<br />
AMCHAM T&T and TTCSI, in hosting the Mass Vaccination<br />
Site at the National Academy for the Performing Arts. For<br />
this, I must offer my thanks to the many helping hands that<br />
reached out to make a success of the exercise.<br />
In the post-COVID world, much of the old ways of doing<br />
things will be gone. The new world will be a world driven<br />
by technology, economic re-calibration and a deep focus<br />
on the environment. We in Trinidad and Tobago must be<br />
prepared to take our place in that world. The Chamber will<br />
continue to work towards the goal of assisting our members<br />
in adjusting to the new realities through our portfolio of<br />
existing services, and new ones that we intend to develop.<br />
period of his tenure, and also for his guidance during the<br />
transition process. My appreciation is also extended to the<br />
Management and Staff for their unfailing professionalism in<br />
delivering on the Chamber’s mandate. Above all, my thanks<br />
go out to our Membership for their continued support of the<br />
Chamber. I look forward to being a very faithful servant to<br />
you in the years ahead.<br />
Ian De Souza<br />
Chief Executive Officer<br />
In closing, I must express my thanks to the Chamber’s Board<br />
for the opportunity to join this esteemed organisation, which<br />
has served our business community for over 143 years. I<br />
also express appreciation to the Chamber’s former Chief<br />
Executive Officer, Mr. Gabriel Faria, for his tireless and most<br />
valuable work in developing the Chamber over the five-year<br />
Statement From The Chief Executive Officer<br />
9
TRANSFORMING TOMORROW...!<br />
Board of Directors<br />
Charles Pashley<br />
President<br />
Kiran Maharaj<br />
Senior Vice President<br />
Reyaz Ahamad<br />
Immediate Past President<br />
David Hadeed<br />
Vice President<br />
Karen Yip Chuck<br />
Vice President<br />
Camille Chatoor<br />
Director<br />
Ian Chinapoo<br />
Director<br />
10 Board Of Directors
TRANSFORMING TOMORROW...!<br />
Sacha De Souza-Thompson<br />
Director<br />
Jason Julien<br />
Director<br />
Mark Laquis<br />
Director<br />
Marc Persaud<br />
Director<br />
Sonji Pierre-Chase<br />
Director<br />
Bryan Ramsumair<br />
Director<br />
Christian Stone<br />
Director<br />
Diane Hadad (Ex-officio)<br />
Chair - Tobago Division<br />
Ian De Souza (Ex-officio)<br />
Chief Executive Officer<br />
Board Of Directors<br />
11
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
<strong>Report</strong> from the<br />
Trade and Business Development Unit<br />
The Trade and Business Development Unit (TBDU)<br />
directly supports the Chamber’s advocacy efforts on<br />
behalf its members, championing issues that affect the<br />
business community. The Unit provides the expertise<br />
through its presence at organised stakeholder meetings and<br />
by making recommendations on a variety of issues at the<br />
governmental and regional level. In addition, the TBDU<br />
provides support to the Chamber’s sector-specific committees<br />
(standing and ad-hoc) on identified matters.<br />
The last year saw a particularly active regulatory and<br />
legislative environment which would have had varying<br />
impacts on our members’ competitiveness. The Chamber<br />
was deeply involved in advocacy and lobbying in several<br />
areas, including:<br />
12<br />
<strong>Report</strong> From The Trade And Business Development Unit
TRANSFORMING TOMORROW...!<br />
1. CARICOM Council for<br />
Trade and Economic<br />
Development (COTED)<br />
The Chamber attended two COTED<br />
meetings held in May and November<br />
<strong>2021</strong>, and made representation to the<br />
Ministry of Trade and Industry (MTI)<br />
on behalf of our members on various<br />
issues including, but not limited<br />
to, Common External Tariff (CET)<br />
Suspensions in the following areas:<br />
The JCCC also works to identify<br />
areas where standard operating<br />
procedures are required within<br />
Customs and Excise and areas<br />
in which increased digitisation to<br />
improve trade facilitate can be<br />
utilised.<br />
I. Pharmaceuticals – Renewal of suspension approved<br />
for decreased duties<br />
II. List of Basic & Additional Items – Renewal of<br />
yearly suspension approved for decreased duties<br />
III. Public Health Supplies – Renewal of suspension<br />
approved for decreased duties<br />
IV. Pasta – Duty was increased to 60% to aid in the<br />
development of local manufacturing<br />
We also contributed the following agenda items for COTED<br />
Meetings <strong>2021</strong> year: CET Suspensions Requests, Assessment<br />
of Jamaica’s ability to supply condensed milk to the region<br />
and Update on the Convening of the CARICOM-Colombia<br />
Joint Council on Trade, Economic and Business Cooperation.<br />
2. Working Group on Regional Trade in Sugar<br />
The Chamber has established a technical working group<br />
among the membership to develop a policy brief for the<br />
Ministry of Trade and Industry with relevant recommendations<br />
to be implemented which affects users of refined white<br />
sugar in the region. The paper was submitted to the MTI in<br />
November and further stakeholder consultations are pending.<br />
3. Trade Facilitation Matters<br />
Recognising the impact that efficiency at the border has on the<br />
cost of doing business and ultimately impacts consumers, the<br />
T&T Chamber, along with other BSOs made representation<br />
to the Ministry of Finance and received approval for the<br />
establishment of the Joint Customs Consultative Committee<br />
(JCCC) to address ways to improve the relationship<br />
between Customs and Excise, Ministry of Finance and the<br />
private sector. The JCCC also works to identify areas where<br />
standard operating procedures are required within Customs<br />
and Excise and areas in which increased digitisation to<br />
improve trade facilitate can be utilised.<br />
The Chamber also participates in the National Trade<br />
Facilitation Committee which is chaired by the Customs and<br />
Excise Division.<br />
4. Combatting Illicit Trade<br />
The Chamber has been appointed as a member of the Anti-<br />
Illicit Trade Task Force by the MTI. The Chamber chairs the<br />
Working Group on Alcohol and participates in the Working<br />
Groups on Pharmaceuticals and Tobacco.<br />
The Chamber also presented at the Illicit Trade Seminar<br />
<strong>Report</strong> From The Trade And Business Development Unit<br />
13
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
The power of collaboration<br />
hosted by the British High Commission, highlighting the<br />
impact of illicit trade on business, government revenue and<br />
consumer health and safety, with recommendations to treat<br />
with same.<br />
5. Upcoming CARICOM-Colombia Joint<br />
Council on Trade, Economic and Business<br />
Cooperation<br />
6. Upcoming Trinidad and Tobago-Chile Partial<br />
Scope Trade Agreement<br />
We have been undertaking consultations with members to<br />
provide input into the negotiations underway with Chile as<br />
it relates to Market Access for Goods, Trade Facilitation<br />
Measures, Rules of Origin and Sanitary and Phytosanitary<br />
Measures.<br />
We provided input on updates toward Trade in Goods and<br />
the expansion of the duty-free lists, trade in services interests<br />
and initiatives on behalf of our members.<br />
14<br />
<strong>Report</strong> From The Trade And Business Development Unit
TRANSFORMING TOMORROW...!<br />
7. Front of Package Labeling<br />
(FOPL):(Ongoing) Draft<br />
CARICOM Regional Standard<br />
(CRS)<br />
Labelling of Pre-packaged foods and<br />
the Nutritional Standard: Since 2018,<br />
the Chamber has been monitoring<br />
developments regarding the proposed<br />
front of pack labelling requirements being<br />
proposed by the CARICOM Regional<br />
Organisation for Standards and Quality<br />
(CROSQ).<br />
The T&T Chamber acts as a<br />
conduit between the Commission<br />
and the private sector, providing<br />
key input into research matters<br />
and policy positions.<br />
The private sector supports efforts<br />
to reduce the incidence of Non-<br />
Communicable Diseases through various<br />
initiatives such a reduction of sugar<br />
content in drinks and health education<br />
programmes. The Chamber participates in the CARICOM<br />
Private Sector Organisation’s Sub-Committee on Labelling<br />
and supports its efforts in conducting the “CARICOM Impact<br />
Assessment Study: Determination of an Appropriate Front<br />
of Packaging Nutrition Labelling (FoPNL) Scheme and the<br />
Identification of a Harmonized Approach for Implementation”.<br />
8. National Committee on Comprehensive<br />
Review of CARICOM Common External Tariff<br />
(CET) and Rules of Origin (ROO)<br />
The Chamber produced the relevant comments encapsulating<br />
the private sector’s interest to the Ministry of Trade and<br />
Industry as we seek to work collaboratively to accomplish<br />
reform of the CARICOM Single Market and Economy (CSME)<br />
in accordance with global developments.<br />
9. Working with the T&T Fair Trading<br />
Commission<br />
The Chamber acts as a conduit between the Commission<br />
and the private sector, providing key input into research<br />
matters and policy positions. In <strong>2021</strong>, the Commission<br />
hosted a webinar entitled “Understanding existing and/or<br />
emerging issues in the Pharmaceutical Industry in Trinidad<br />
and Tobago” with presentations from key stakeholders. The<br />
Chamber’s Pharmaceutical & Medical Suppliers Committee<br />
was represented by Mr. Barry Tangwell.<br />
The Chamber coordinated with its members and other<br />
BSOs to review and submit comments on the Draft Merger<br />
Guidelines issued by the Commission and participated in the<br />
Virtual Stakeholder Session on Merger Guidelines.<br />
10. Private Sector Consultation to modernise the<br />
legal framework for Electronic Transactions<br />
in Trinidad and Tobago<br />
The Ministry of Trade and Industry (MTI) in collaboration<br />
with the Ministry of Public Administration and Digital<br />
Transformation (MPADT), has contracted the services of a<br />
consultant to modernise the Legal Framework for Electronic<br />
Transactions in Trinidad and Tobago. The Chamber has been<br />
participating in ongoing consultations on behalf of members.<br />
<strong>Report</strong> From The Trade And Business Development Unit<br />
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<strong>2021</strong> ANNUAL REPORT<br />
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Representation on external committees<br />
and strengthening relationships with<br />
regulatory agencies<br />
The Chamber is frequently invited to sit on external committees<br />
formed by Government and other BSOs/NGOs. Team<br />
members from the TBDU often provide this representation,<br />
particularly if it relates to regulatory or trade matters.<br />
These include, but are not limited to:<br />
• The Cabinet-Appointed National Quality Council<br />
(NQC) which has oversight of the effective and efficient<br />
implementation of the National Quality Policy. One of<br />
the key functions of the Chamber is to facilitate feedback<br />
from the private sector into the Council so we can build<br />
a National Quality Infrastructure that enhances the<br />
competitiveness of T&T exporters.<br />
• The Cabinet-Appointed Bailiff Committee which has<br />
been tasked with undertaking a national educational<br />
programme and reviewing the current law regarding<br />
bailiffs to identify if reform is necessary.<br />
• The National Trade Facilitation Committee which was<br />
established to focus on T&T’s Trade Facilitation Reforms<br />
such as strengthening the Single Electronic Window<br />
(TTBizLink), procedural simplifications, expediting<br />
shipments, international standards for trade and transit<br />
formalities.<br />
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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 />
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<strong>2021</strong> ANNUAL REPORT<br />
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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 />
While standing committees may have objectives specific<br />
to their respective industries, there are instances where<br />
collaboration is essential. For example, the Environment,<br />
Health and Safety Committee joined forces with the Facilities<br />
Development and Management Committee to treat with<br />
the issue of safety in the workplace and together hosted<br />
a four-day training session titled, “Workplace Safety is No<br />
Accident”, which was delivered in September.<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 />
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 />
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 />
18<br />
Standing Committees
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Events<br />
The Chamber hosts several types<br />
of events each year which allow<br />
both members and non-members<br />
to access information which they<br />
need to guide their strategic and decisionmaking<br />
processes. These events include<br />
the <strong>Annual</strong> Business Meeting, the Business<br />
Forum, the Champions of Business Awards,<br />
the Business Insights and the Professional<br />
Development Series. The Business Insights<br />
series provides “Training for Business<br />
by Business” while the Professional<br />
Development Series is targeted to nonexecutive<br />
staff to keep abreast of business<br />
management trends.<br />
The Chamber also holds training seminars,<br />
workshops and business forums, which<br />
are developed on the basis of issues<br />
raised by members or where the Chamber<br />
identifies issues on which members would<br />
need to be sensitized. Member meetings always provide<br />
a forum for interaction which allows participants to share<br />
perspectives and experiences.<br />
In <strong>2021</strong>, all events were presented virtually due to the<br />
circumstances of the COVID-19 pandemic. The interactive<br />
nature of the sessions provided value to the membership in<br />
facilitating an understanding of the challenges that members<br />
and the T&T business sector were facing.<br />
In <strong>2021</strong>, all events were<br />
presented virtually due to the<br />
circumstances of the COVID-19<br />
pandemic. The interactive nature<br />
of the sessions provided value to<br />
the membership in facilitating an<br />
understanding of the challenges<br />
that members and the T&T<br />
business sector were facing.<br />
Events<br />
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Business Insights<br />
Despite the challenges brought on by the COVID-19<br />
pandemic in <strong>2021</strong>, the Chamber continued to host<br />
its Business Insights Series (BI) in virtual format. Topics<br />
covered were aligned to the business development<br />
needs in Trinidad and Tobago and attracted an average<br />
attendance of 100 persons per session.<br />
Tagged as “Training for Business by Business”, BI was<br />
developed with MSME stakeholders in mind. The series<br />
seeks to add value to the business community by creating a<br />
forum for sharing the knowledge and insights of successful<br />
businesses by the people who run them.<br />
The Business Insights On Demand portal was designed to<br />
bridge the gaps of time and geography by allowing interested<br />
persons to access past sessions at their convenience from<br />
anywhere in the world. There are over 70 sessions available<br />
in the BI On Demand Video Library, many of which can be<br />
viewed for free. The rest of the content carries a nominal fee<br />
and can be accessed through an online payment system.<br />
Sessions for <strong>2021</strong> were:<br />
• Best Practices in Industrial relations Parts 1 & 2<br />
• Driving Export Led Growth – How to Get it Done<br />
• How the Energy Transition Impacts You<br />
• Helping You Navigate the Entrepreneurial Ecosystem<br />
Business Insights was supported by the Chamber’s Signature<br />
Sponsors in <strong>2021</strong>. Platinum Sponsors were bmobile,<br />
Eximbank Trinidad and Tobago Limited, The National Gas<br />
Company of Trinidad and Tobago Limited, and The Trinidad<br />
and Tobago Unit Trust Corporation. Bronze sponsors were:<br />
Agostini’s Limited, Ramps Logistics Limited, The Trinidad<br />
and Tobago Stock Exchange Limited, Southern Sales and<br />
Service Company Limited, and Unicomer (Trinidad) Limited.<br />
We also partnered with thought leaders in the corporate and<br />
academic worlds who provided their services in support of<br />
the Chamber’s work.<br />
20<br />
Events
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Professional Development Series<br />
In 2018 the Chamber introduced its Professional<br />
Development Series to engage businesses and keep<br />
them current with industry trends. The Chamber saw this<br />
as crucial for the development and sustainability of the<br />
workforce, as it exposed employees to new best practices,<br />
perspectives and techniques in conducting business.<br />
Apart from enhancing practical knowledge, these sessions<br />
are designed to boost the confidence and marketability of<br />
participants, while offering networking opportunities. They<br />
also assist with potential career advancement and increased<br />
earning capacity.<br />
The following sessions were delivered in <strong>2021</strong>:<br />
• Minute Taking and Memo Writing<br />
• Critical Thinking Skills<br />
• Supervisory Skills Workshop<br />
• National Insurance and Future Financial Security<br />
• Mediation Skills Workshops<br />
• Practical Mediation Skills Workshops<br />
• Disciplinary Practices and Procedures<br />
The Professional Development Series is facilitated by highly<br />
qualified and skilled experts, primarily sourced from among<br />
our membership, with Certificates of Participation being<br />
issued by the Chamber.<br />
The Chamber takes this opportunity to thank all of its members<br />
and the wider business community who supported these<br />
training sessions. We look forward to delivering more<br />
exciting content this year.<br />
Events<br />
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Signature Events<br />
Signature Events align broadly with the Chamber’s<br />
strategic objectives and help to develop networks<br />
within the business community. Last year, Signature<br />
Events included the <strong>Annual</strong> Business Meeting, the<br />
Post-Budget Analysis Meeting and the Champions of Business<br />
Awards.<br />
“Change that Matters: Defining Trends for <strong>2021</strong> and<br />
Beyond”, was the title of the <strong>Annual</strong> Business Meeting held<br />
on April 22. Newly installed Chamber President, Charles<br />
Pashley, delivered his inaugural address, followed by keynote<br />
addresses by representatives of McKinsey and Company<br />
- Justin Sanders and Keith Martin. A panel of local and<br />
regional industry experts, including Charles Pashley, Maria<br />
Daniel (EY), Shaun Rampersad (Ramps Logistics) and John De<br />
Silva (Lasco Distributors, Jamaica), added to the discussion.<br />
The Post Budget Analysis Meeting, held on October 5,<br />
followed the presentation of the National Budget on October<br />
4. Themed, “Beyond the Budget: Transformation, Resilience,<br />
Sustainability”, the panel included Dr. Marlene Attzs, Dr.<br />
Terrence Farrell, Carina Cockburn, Brian Hackett, Vincent<br />
Pereira and Charles Pashley; the session was moderated by<br />
the Chamber CEO, Gabriel Faria.<br />
The year culminated with the Champions of Business Awards<br />
(COB), which was aptly themed “Nominate, Innovate,<br />
Celebrate”. The <strong>2021</strong> event comprised of the Champions<br />
of Business True Stories video series and a made-for-TV Gala<br />
Awards Finale, which was streamed worldwide. Each year,<br />
COB recognises businesses and businesspeople in categories<br />
that reflect the wide spectrum of the business landscape. Last<br />
year, two new categories were added: the Green Agenda<br />
and Breakthrough Exporter of the Year awards. The <strong>2021</strong><br />
award recipients in each category were:<br />
• Entrepreneurship: Kyle Maloney of Tech Beach<br />
Retreat Limited<br />
• Business Technology: medl<br />
• Green Agenda: Methanex Limited<br />
• Internationally Known T&T Owned Company<br />
of the Year: Angostura Limited<br />
• Breakthrough Exporter of the Year: RHS<br />
Marketing Limited (Karibbean Flavours)<br />
• Business Hall of Fame: Two persons were Inducted:<br />
Ms. Angela Lee Loy and Dr. Krishna Bahadoorsingh<br />
Business Hall of Fame inductees <strong>2021</strong> Ms. Angela Lee Loy<br />
and Dr. Krishna Bahadoorsingh<br />
The full True Stories series and the Champions of Business<br />
Gala Awards Finale can be viewed at https://chamber.org.<br />
tt/cob<strong>2021</strong>.<br />
Signature Events also align with a number of leading<br />
companies who are deemed Signature Sponsors for the<br />
particular year. For <strong>2021</strong> our Platinum sponsors were<br />
bmobile, Eximbank Trinidad and Tobago Ltd., The National<br />
Gas Company of Trinidad and Tobago Ltd., and the Trinidad<br />
and Tobago Unit Trust Corporation. Our Bronze sponsors<br />
were: Agostini’s Ltd., Southern Sales and Service Co.<br />
Ltd., Ramps Logistics Ltd., The Trinidad and Tobago Stock<br />
Exchange Ltd., and Unicomer (Trinidad) Ltd. Our Media<br />
Partners were: Guardian Media Ltd. and Music Radio 97.1<br />
FM.<br />
22<br />
Events
1<br />
2<br />
3<br />
1. <strong>Annual</strong> Business Meeting e-flyer<br />
2. Beyond The Budget e-flyer<br />
3. Kyle Maloney - recipient of the <strong>2021</strong><br />
Champions of Business award for<br />
Entrepreneurship<br />
4 5<br />
4. Leiselle Harripersad collects the Green<br />
Agenda Award on behalf of Methanex<br />
Limited<br />
5. Kiran Mathur Mohammed (left) and<br />
Edward Inglefield of medl accept the<br />
Business Technology Award<br />
6. Ian Forbes (left) and Rahim Mohammed<br />
of Angostura Limited receive the award<br />
for Internationally Known...T&T Owned<br />
Company of the Year on behalf of<br />
Angostura Limited<br />
7. Ravi Sankar Sankar of RHS Marketing<br />
Limited (Karibbean Flavours), winner of<br />
the Breakthrough Exporter Award<br />
6 7 TRANSFORMING TOMORROW...!
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
NAPA Mass Vaccination Site<br />
At the request of the Government of the<br />
Republic Trinidad and Tobago (GORTT)<br />
for private sector participation in the<br />
vaccination effort, we partnered with<br />
the American Chamber of Commerce (AMCHAM<br />
T&T) and collaborated with the Trinidad and<br />
Tobago Coalition of Service Industries (TTCSI) in<br />
championing the establishment and management<br />
of a mass vaccination site at NAPA (National<br />
Academy for the Performing Arts). The entire<br />
process was funded by members of the private<br />
sector and administratively resourced from the<br />
aforementioned representative bodies, with the<br />
GORTT providing medical supplies.<br />
Over 33,000 vaccines were administered to<br />
the walk-in public over the two-month period of<br />
the initiative. I would like to use this medium to<br />
express my deepest appreciation to the business<br />
community for providing the financial support<br />
that made the project a feasible one. I must of<br />
course also thank all of the volunteers, including<br />
the medical professionals, the administrative and<br />
the general services supporters, for giving of their<br />
time and effort to ensure that the project achieved<br />
its objective. Due to the combined contributions<br />
of all the institutions and individuals who stepped<br />
forward on this very critical initiative, it was highly<br />
successful.<br />
The Minister of Health talks with members of the public inside<br />
NAPA<br />
- Charles Pashley, President<br />
Members of the public on their way to be<br />
registered for vaccination<br />
A volunteer registers a member of the public inside NAPA<br />
24<br />
Napa Mass Vaccination Site
TRANSFORMING TOMORROW...!<br />
Representatives of AMCHAM T&T, <strong>TTCIC</strong> 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 />
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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 />
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Tobago Division <strong>Report</strong>
TRANSFORMING TOMORROW...!<br />
The Management Team of the Tobago Division<br />
foreclosures of both commercial and residential properties. It<br />
does not augur well for our economy. All efforts must be made<br />
by our banks to ensure that they work diligently with affected<br />
operators who are trying to hold on to their businesses.<br />
“To whom much is given, much will be required,” goes the<br />
saying. The new THA administration which took office by<br />
a landslide win, now has the ability to function effectively,<br />
and certainly our business community will be looking for<br />
innovative leadership. The quest to transform the island needs<br />
to be put into “first gear” at this stage so that we can capture<br />
any favourable spin-offs after the pandemic. For example,<br />
the overall agenda for digitisation by central government is<br />
necessary and could be beneficial to SMEs, but one must be<br />
assured that our country’s infrastructure supports a smooth<br />
transformation.<br />
The new vessels serving the Tobago sea-bridge were welcome,<br />
given the collapse that happened just a few years ago. So far<br />
there has been no negative feedback on performance, but<br />
the mettle has not yet been truly tested given that there has<br />
only been limited travel between the islands. How effectively<br />
and efficiently the air and sea bridges are performing will<br />
only begin to emerge when travel is fully restored.<br />
Even with these challenges, my outlook is far from negative.<br />
We are a resilient people and I fully believe that we can<br />
triumph in the post-pandemic environment if we invest in and<br />
plan realistically for the future – objectives that are entirely<br />
reachable.<br />
In closing, I would like to take this opportunity to welcome<br />
our new Chief Executive Officer, Ian De Souza and to bid<br />
farewell to Gabriel Faria. To both I offer my very best wishes<br />
for success.<br />
Diane Hadad<br />
Chair<br />
(Director, Ex-officio)<br />
Tobago Division<br />
Tobago Division <strong>Report</strong><br />
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FINANCIAL STATEMENTS<br />
For the year ended<br />
31 December, <strong>2021</strong><br />
28<br />
Financial Statements
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Statement of Management’s Responsibilities<br />
Independent Auditor’s <strong>Report</strong><br />
Statement of Financial Position<br />
Statement of Profit or Loss<br />
Statement of Changes in Equity<br />
Statement of Cash Flows<br />
Notes to the Financial Statements<br />
30<br />
31<br />
33<br />
34<br />
35<br />
36<br />
37<br />
Financial Statements<br />
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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
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Independent Auditor’s <strong>Report</strong><br />
To the Board of Management of<br />
Trinidad and Tobago Chamber of Industry and Commerce<br />
<strong>Report</strong> on the Audit of the Financial<br />
Statements<br />
Opinion<br />
We have audited the financial statements of Trinidad and<br />
Tobago Chamber of Industry and Commerce (the “Chamber”),<br />
which comprise the Statement of Financial Position as at<br />
31 December, <strong>2021</strong>, the Statement of Profit or Loss, the<br />
Statement of Changes in Equity and the Statement of Cash<br />
Flows for the year then ended, and notes to the financial<br />
statements, including a summary of significant accounting<br />
policies.<br />
In our opinion the accompanying financial statements present<br />
fairly, in all material respects, the financial position of the<br />
Chamber as at 31 December, <strong>2021</strong>, and of its financial<br />
performance and its cash flows for the year then ended in<br />
accordance with International Financial <strong>Report</strong>ing Standards<br />
for Small and Medium Sized Entities (“IFRSs for SMEs”).<br />
Basis for Opinion<br />
We conducted our audit in accordance with International<br />
Standards on Auditing (“ISAs”). Our responsibilities under<br />
those standards are further described in the Auditor’s<br />
Responsibilities for the Audit of the Financial Statements<br />
section of our report. We are independent of the Chamber<br />
in accordance with the International Ethics Standards<br />
Board for Accountants’ Code of Ethics for Professional<br />
Accountants (“IESBA Code”) and we have fulfilled our ethical<br />
responsibilities in accordance with the IESBA Code. We<br />
believe that the audit evidence we have obtained is sufficient<br />
and appropriate to provide a basis for our opinion.<br />
Responsibilities of Management and Those<br />
Charged with Governance for the Financial<br />
Statements<br />
Management is responsible for the preparation and fair<br />
presentation of the financial statements in accordance with<br />
IFRSs for SMEs, and for such internal control as management<br />
determines is necessary to enable the preparation of<br />
unconsolidated financial statements that are free from<br />
material misstatement, whether due to fraud or error.<br />
In preparing the financial statements, management is<br />
responsible for assessing the Chamber’s ability to continue<br />
as a going concern, disclosing, as applicable, matters related<br />
to going concern and using the going concern basis of<br />
accounting unless management either intends to liquidate<br />
the Chamber or to cease operations, or has no realistic<br />
alternative but to do so. Those charged with governance are<br />
responsible for overseeing the Chamber’s financial reporting<br />
process.<br />
Auditor’s Responsibilities for the Audit of the<br />
Financial Statements<br />
Our objectives are to obtain reasonable assurance about<br />
whether the financial statements as a whole are free from<br />
material misstatement, whether due to fraud or error, and to<br />
issue an auditor’s report that includes our opinion. Reasonable<br />
assurance is a high level of assurance but is not a guarantee<br />
that an audit conducted in accordance with ISAs will always<br />
detect a material misstatement when it exists. Misstatements<br />
can arise from fraud or error and are considered material if,<br />
individually or in the aggregate, they could reasonably be<br />
expected to influence the economic decisions of users taken<br />
on the basis of these financial statements.<br />
As part of an audit in accordance with ISAs, we exercise<br />
professional judgment and maintain professional skepticism<br />
throughout the audit. We also:<br />
• Identify and assess the risks of material misstatement of<br />
the financial statements, whether due to fraud or error,<br />
design and perform audit procedures responsive to those<br />
risks, and obtain audit evidence that is sufficient and<br />
appropriate to provide a basis for our opinion. The risk<br />
of not detecting a material misstatement resulting from<br />
fraud is higher than for one resulting from error, as fraud<br />
may involve collusion, forgery, intentional omissions,<br />
misrepresentations, or the override of internal control.<br />
Financial Statements<br />
31
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Independent Auditor’s <strong>Report</strong> (continued)<br />
To the Board of Management of<br />
Trinidad and Tobago Chamber of Industry and Commerce<br />
(continued)<br />
• Obtain an understanding of internal control relevant to<br />
the audit in order to design audit procedures that are<br />
appropriate in the circumstances, but not for the purpose<br />
of expressing an opinion on the effectiveness of the<br />
Chamber’s internal control.<br />
• Evaluate the appropriateness of accounting policies used<br />
and the reasonableness of accounting estimates and<br />
related disclosures made by Management.<br />
• Conclude on the appropriateness of Management’s use<br />
of the going concern basis of accounting and, based<br />
on the audit evidence obtained, whether a material<br />
uncertainty exists related to events or conditions that<br />
may cast significant doubt on the Chamber’s ability<br />
to continue as a going concern. If we conclude that<br />
a material uncertainty exists, we are required to draw<br />
attention in our auditor’s report to the related disclosures<br />
in the financial statements or, if such disclosures are<br />
inadequate, to modify our opinion. Our conclusions<br />
are based on the audit evidence obtained up to the<br />
date of our auditor’s report. However, future events or<br />
conditions may cause the Chamber to cease to continue<br />
as a going concern.<br />
• Evaluate the overall presentation, structure and content<br />
of the unconsolidated financial statements, including the<br />
disclosures, and whether the unconsolidated financial<br />
statements represent the underlying transactions and<br />
events in a manner that achieves fair presentation.<br />
We communicate with those charged with governance<br />
regarding, among other matters, the planned scope and<br />
timing of the audit and significant audit findings, including<br />
any significant deficiencies in internal control that we identify<br />
during our audit.<br />
Johnson Lee Tang & Co.<br />
Chartered Accountants<br />
119A Woodford Street<br />
Newtown<br />
Port of Spain<br />
Trinidad<br />
2 March, 2022<br />
32<br />
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Statement of Financial Position<br />
As at 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
Notes <strong>2021</strong> 2020<br />
ASSETS $ $<br />
Current assets<br />
Cash and short-term funds 4 7,682,609 5,993,710<br />
Accounts receivable and prepayments 889,049 495,150<br />
Taxation refundable 6 - 19,918<br />
Total current assets 8,571,658 6,508,778<br />
Non-current assets<br />
Property, plant and equipment 5 4,413,341 4,685,480<br />
Total non-current assets 4,413,341 4,685,480<br />
Total assets 12,984,999 11,194,258<br />
LIABILITIES AND EQUITY<br />
Current liabilities<br />
Accounts payable and accruals 982,738 1,352,381<br />
Payments received in advance 559,703 853,320<br />
Project funds 7 4,486,318 3,115,209<br />
Taxation payable 8 9,034 -<br />
Total current liabilities 6,037,793 5,320,910<br />
Non-current liabilities<br />
Deferred tax 9 730,274 750,192<br />
Total non-current liabilities 730,274 750,192<br />
Equity<br />
Retained earnings 6,216,932 5,123,156<br />
Total equity 6,216,932 5,123,156<br />
Total liabilities and equity 12,984,999 11,194,258<br />
The accompanying notes on pages 37 to 44 form an integral part of these financial statements.<br />
On 2 March, 2022, the Board of Management of the Trinidad and Tobago Chamber of Industry and Commerce authorized<br />
these financial statements for issue.<br />
Charles Pashley<br />
President<br />
2 nd March, 2022<br />
Ian De Souza<br />
Chief Executive Officer<br />
2 nd March, 2022<br />
Financial Statements<br />
33
<strong>2021</strong> ANNUAL REPORT<br />
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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
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Statement of Changes in Equity<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
Year ended 31 December, <strong>2021</strong><br />
Capital<br />
Reserves<br />
Retained<br />
Earnings<br />
Total<br />
$ $ $<br />
Balance at 1 January, <strong>2021</strong> - 5,123,156 5,123,156<br />
Profit for the year - 1,093,776 1,093,776<br />
Balance at 31 December, <strong>2021</strong> - 6,216,932 6,216,932<br />
Year ended 31 December, 2020<br />
Balance at 1 January, 2020 4,776,563 968,584 5,745,147<br />
Transfer to retained earnings * (4,776,563) 4,776,563 -<br />
Restated balances - 5,745,147 5,745,147<br />
Loss for the year - (621,991) (621,991)<br />
Balance at 31 December, 2020 - 5,123,156 5,123,156<br />
* In accordance with IFRS for SMEs, the decision was made by the Chamber’s Management in 2020 to transfer the<br />
surplus that was realised on disposal of leasehold property at Hart Street, Port of Spain (represented in Capital Reserves<br />
at $4,776,563) to Retained Earnings.<br />
The accompanying notes on pages 37 to 44 form an integral part of these financial statements.<br />
Financial Statements<br />
35
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Statement of Cash Flows<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
Cash flows from operating activities<br />
<strong>2021</strong> 2020<br />
$ $<br />
Profit / (loss) for the year 1,093,776 (621,991)<br />
Adjustments to reconcile profit before tax to<br />
net cash flows:<br />
Depreciation of property, plant and equipment (note 5) 288,185 278,515<br />
Loss on disposal of property, plant and equipment - 105,170<br />
Changes in operating assets and liabilities:<br />
(Increase) / decrease in accounts receivable and prepayments<br />
(393,899) 252,299<br />
(Decrease) / increase in accounts payable and accruals (369,643) 392,345<br />
(Decrease) / increase in payments received in advance (293,617) 46,939<br />
Increase in project funds 1,371,109 1,980,331<br />
Increase / (decrease) in tax liabilities 9,034 (4,996)<br />
Net cash from operating activities 1,704,945 2,428,612<br />
Cash flows from investing activities<br />
Additions to property, plant and equipment (note 5) (16,121) (373,416)<br />
Proceeds from disposal of plant and equipment 75 6,326<br />
Net cash flows used in investing activities (16,046) (367,090)<br />
Net increase in cash and cash equivalents 1,688,899 2,061,522<br />
Cash and cash equivalents at beginning of year 5,993,710 3,932,188<br />
Cash and cash equivalents at end of year 7,682,609 5,993,710<br />
The accompanying notes on pages 37 to 44 form an integral part of these financial statements.<br />
36<br />
Financial Statements
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
1. Incorporation and principal activity<br />
The Chamber is an association limited by guarantee and<br />
was incorporated on 12 January, 1891 and continued on<br />
16 October, 1998 under the Companies Act 1995 in the<br />
Republic of Trinidad and Tobago. The registered office of the<br />
Chamber is located at Site T, Columbus Circle, Westmoorings.<br />
Its principal activities are the promotion and protection of<br />
the trading interests of its members and the general trade<br />
of the company.<br />
The Dispute Resolution Centre was launched in 1996 by<br />
the Chamber. Its principal activities are the provision of<br />
professional facilitation and mediation services and training<br />
for the business and private sectors.<br />
At 31 December, <strong>2021</strong>, the Chamber employed 22<br />
employees (2020: 20 employees).<br />
2. Basis of preparation and significant<br />
accounting policies<br />
a. Statement of compliance<br />
The financial statements have been prepared in accordance<br />
with the ‘International Financial <strong>Report</strong>ing Standards for<br />
Small and Medium-sized Entities’ (IFRS for SMEs) issued by<br />
the International Accounting Standards Board.<br />
The preparation of the financial statements in conformity<br />
with the IFRS for SMEs requires the use of certain critical<br />
accounting estimates. It also requires Management to exercise<br />
its judgment in the process of applying the Chamber’s<br />
accounting policies. Areas involving a higher degree of<br />
judgment of complexity, or areas where assumptions and<br />
estimations are significant to the financial statements are<br />
disclosed in note 3.<br />
The principal accounting policies applied in the preparation<br />
of these financial statements are set out below. These policies<br />
have been consistently applied to all the years presented,<br />
unless otherwise stated.<br />
b. Use of estimates<br />
The preparation of these financial statements in conformity<br />
with IFRS for SMEs requires Management to make judgements,<br />
estimates and assumptions that affect the application of<br />
policies and reported amounts of assets, liabilities, income<br />
and expenses. Actual results could differ from these estimates.<br />
Estimates and underlying assumptions are reviewed on<br />
an ongoing basis. Revisions to accounting estimates are<br />
recognised in the period in which the estimates are revised<br />
and in any future periods affected.<br />
The novel strain of coronavirus (“COVID-19”), declared<br />
as a “Public Health Emergency of International Concern”,<br />
by the World Health Organisation on 30 January, 2020,<br />
has increased the estimation uncertainty in the preparation<br />
of these financial statements. The estimation uncertainty is<br />
associated with the extent and duration of disruption to<br />
businesses and economies as a result of actions to contain the<br />
spread of the outbreak. The Chamber has formed estimates<br />
based on information that was available on 31 December,<br />
<strong>2021</strong>, which was deemed to be reasonable in forming<br />
these estimates. The extent of the impact of COVID-19 on<br />
the Chamber’s operational and financial performance will<br />
depend on certain developments, including the duration and<br />
spread of the outbreak, and the impact on other stakeholders<br />
is still uncertain. As a result, the related financial impact and<br />
duration cannot be reasonably estimated at this time.<br />
c. Functional and reporting currency<br />
The financial statements are presented in Trinidad and<br />
Tobago dollars, which is the Chamber’s functional currency.<br />
d. Cash and cash equivalents<br />
Cash and cash equivalents include cash in hand, deposits<br />
held at call with banks, and other short-term highly liquid<br />
investments with original maturities of one year or less, which<br />
are subject to an insignificant risk of changes in value.<br />
Financial Statements<br />
37
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
2. Basis of preparation and significant<br />
accounting policies (continued)<br />
e. Accounts receivable and prepayments<br />
Accounts receivables are stated net of any allowances for<br />
any uncollectible amounts. Any impairment loss is recognized<br />
in surplus or deficit when collection of the full amount is no<br />
longer probable.<br />
Category<br />
Computer equipment<br />
Air condition units<br />
Furniture and fixtures<br />
Elevator<br />
Building<br />
Rate of depreciation<br />
33% reducing balance basis<br />
25% reducing balance basis<br />
25% reducing balance basis<br />
25% reducing balance basis<br />
2% straight line basis<br />
f. Accounts payable and accruals<br />
Accounts payable and accruals are carried at cost, which<br />
is the fair value of the consideration to be paid in the future<br />
for goods and services received.<br />
g. Taxation<br />
Income and expenditure arising from mutual trading activities<br />
are exempt from tax. Taxation is payable on other trading<br />
activities.<br />
Deferred taxes are provided for the expected future tax<br />
consequences of temporary differences between the carrying<br />
amounts and the tax bases of assets and liabilities using<br />
current corporation tax rates.<br />
h. Comparatives<br />
When necessary, comparative figures are adjusted to<br />
conform to changes in presentation in the current period.<br />
i. Property, plant and equipment<br />
Depreciation on assets is estimated at rates calculated to<br />
write-off the cost of each asset to their residual values over<br />
their estimated useful lives as follows:<br />
Gains or losses on disposal of property, plant and equipment<br />
are determined by comparing the proceeds with the carrying<br />
amount and are included in the Statement of Profit or Loss.<br />
Property, plant and equipment are reviewed for impairment<br />
losses whenever events or changes in circumstances indicate<br />
that the carrying amount may not be recoverable.<br />
At the end of each reporting period, the entity reviews the<br />
carrying amounts of its tangible assets to determine whether<br />
there is any indication that those assets have suffered an<br />
impairment loss. If any such indication exists, the recoverable<br />
amount of the asset is estimated in order to determine the<br />
extent of the impairment loss (if any). If the recoverable<br />
amount of an asset is estimated to be less than its carrying<br />
amount, the carrying amount of the asset is reduced to its<br />
recoverable amount. An impairment loss is recognized<br />
immediately in the Statement of Profit or Loss.<br />
The leasehold property is subject to a lease of ninety-nine<br />
(99) years from 10 April, 1979. Amortisation is provided<br />
by equal annual instalments over the un-expired portion of<br />
the lease.<br />
j. Impairment<br />
The carrying amounts of the Chamber’s assets are reviewed<br />
at each reporting date to determine whether there is any<br />
indication of impairment. If such an indication exists, the<br />
asset’s recoverable amount is estimated. An impairment loss<br />
is recognized whenever the carrying amount of an asset<br />
or its cash-generating unit exceeds its recoverable amount.<br />
Impairment losses are recognized in surplus or deficit. The<br />
recoverable amount of assets is the greater of their net selling<br />
price and value in use.<br />
38<br />
Financial Statements
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
2. Basis of preparation and significant<br />
accounting policies (continued)<br />
k. Financial instruments<br />
Financial instruments carried on the Statement of Financial<br />
Position include cash and cash equivalents, accounts<br />
receivables and prepayments, and accounts payables and<br />
accruals. The particular recognition methods adopted are<br />
disclosed in the individual policy statements associated with<br />
each item.<br />
I. Cash and cash equivalents<br />
Cash and cash equivalents are carried in the Statement of<br />
Financial Position at cost and comprise cash in hand and<br />
cash at bank and funds held in Money Market Funds.<br />
II. Trade receivables<br />
Trade and other receivables are stated at fair value based<br />
on the original invoice amount less an allowance for any<br />
uncollectible amounts. Provision is made when there is<br />
objective evidence that the Chamber will not be able to collect<br />
certain debts. Bad debts are written off when identified.<br />
III. Trade and other payables<br />
Trade and other payables are recognised initially at fair<br />
value and subsequently measured at amortised cost using<br />
the effective interest method.<br />
l. Common area costs<br />
Common area costs paid by the Chamber which include<br />
expenses such as security and building maintenance costs<br />
are shared between the Chamber and the tenants based on<br />
the floor area rented. The Chamber charges the tenants a<br />
service rent per month in order to recover the tenants’ share<br />
of cost paid. The rate is determined by certifying the previous<br />
year’s expenses.<br />
m. Income<br />
Income comprises the fair value of the consideration received<br />
or receivable for services in the ordinary course of the<br />
Chamber’s activities.<br />
n. Pension fund<br />
The Chamber has an insured pension scheme with Guardian<br />
Life of the Caribbean Limited to cover all of its eligible<br />
employees. The plan is a defined contribution plan with the<br />
object of the scheme being to provide a pension for each<br />
member at the normal retirement date. Contributions paid<br />
and payable to the plan for the year have been accounted for,<br />
as an expense and included in staff costs in the Statement of<br />
Profit or Loss. The amount expensed for the year is $147,155<br />
(2020 $167,600).<br />
o. Foreign currency transactions<br />
Foreign currency transactions are translated in the<br />
measurement currency using the exchange rates prevailing<br />
at the dates of the transactions. Foreign exchange gains<br />
and losses resulting from the settlement of such transactions<br />
and from the translation of monetary assets and liabilities<br />
denominated in foreign currencies are recognised in the<br />
Statement of Profit or Loss.<br />
3. Critical judgments and the use of estimates<br />
The preparation of financial statements in conformity with IFRS<br />
for SMEs requires Management to make critical judgments<br />
and use estimates and assumptions that affect the amounts<br />
reported in the financial statements and related notes to<br />
the financial statements. Actual results may differ from the<br />
estimates and assumptions used. Key sources of uncertainty,<br />
which requires the use of estimates, include:<br />
Useful lives and residual values of property, plant and<br />
equipment<br />
The estimates of useful lives as translated into depreciation<br />
rates are detailed in the property, plant and equipment policy<br />
above. These rates and the residual lives of the assets are<br />
Financial Statements<br />
39
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
3. Critical judgments and the use of estimates (continued)<br />
reviewed annually taking cognizance of the forecasted commercial and economic realities and through benchmarking of<br />
accounting treatments within the industry.<br />
Contingent liabilities<br />
Management applies its judgment to the facts and advice it receives from its attorneys, advocates and other advisors in<br />
assessing if an obligation is probable, more likely than not, or remote. Such judgment is used to determine if the obligation<br />
is recognized as a liability or disclosed as a contingent liability.<br />
Deferred tax liabilities<br />
Deferred tax liabilities are recognized to the extent it is probable that the taxable expense will be available in future<br />
against which they can be utilized. Future taxable profits are estimates based on business plans, which include estimates<br />
and assumptions regarding economic growth, interest, inflation, taxation rates and competitive forces.<br />
4. Cash and short-term funds<br />
<strong>2021</strong> 2020<br />
$ $<br />
Cash in hand 8,110 11,000<br />
JMMB Investments Ltd - Fixed Deposit 3,000,000 3,000,000<br />
JMMB Investments Ltd– THA Account 450,000 450,000<br />
RBC Royal Bank (T&T) Ltd – TT Account 2,741,277 1,245,271<br />
RBC Royal Bank (T&T) Ltd – US Account 1,021,908 869,167<br />
RBC Royal Bank Ltd - Roytrin Mutual Fund 135,814 136,956<br />
Republic Bank Limited - THA Fund 1,295 1,295<br />
Republic Bank Ltd - Tobago Branch Account 100,313 59,280<br />
T&T Unit Trust Corp’n–Money Market Fund 223,892 220,741<br />
7,682,609 5,993,710<br />
40<br />
Financial Statements
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
5. Property, plant and equipment<br />
Building Elevator Leasehold<br />
land<br />
Office<br />
furniture<br />
fittings and<br />
equipment<br />
Costs $ $ $ $ $<br />
At 1 January, 2020 4,931,700 542,647 2,404,090 4,516,532 12,394,969<br />
Additions 111,504 - - 261,912 373,416<br />
Disposals - - - (480,758) (480,758)<br />
At 31 December, 2020 5,043,204 542,647 2,404,090 4,297,686 12,287,627<br />
Additions - - - 16,121 16,121<br />
Disposals - - - (851) (851)<br />
At 31 December, <strong>2021</strong> 5,043,204 542,647 2,404,090 4,312,956 12,302,897<br />
Total<br />
Accumulated<br />
depreciation<br />
At 1 January, 2020 2,464,141 536,003 752,745 3,940,005 7,692,894<br />
Charge for the year 99,192 1,661 28,965 148,697 278,515<br />
Disposals - - - (369,262) (369,262)<br />
At 31 December, 2020 2,563,333 537,664 781,710 3,719,440 7,602,147<br />
Charge for the year 100,853 1,661 28,963 156,708 288,185<br />
Disposals - - - (776) (776)<br />
At 31 December, <strong>2021</strong> 2,664,186 539,325 810,673 3,875,372 7,889,556<br />
Net book amount<br />
At 31 December, 2020 2,479,871 4,983 1,622,380 578,246 4,685,480<br />
At 31 December, <strong>2021</strong> 2,379,018 3,322 1,593,417 437,584 4,413,341<br />
6. Taxation refundable<br />
<strong>2021</strong> 2020<br />
$ $<br />
Business levy - 13,245<br />
Green fund levy - 6,673<br />
- 19,918<br />
Financial Statements<br />
41
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
7. Project Funds<br />
<strong>2021</strong> 2020<br />
$ $<br />
Third parties 2,054,734 1,484,015<br />
Trinidad and Tobago Chamber of Industry and Commerce 2,431,584 1,631,194<br />
4,486,318 3,115,209<br />
Project funds include monies obtained through fund raising activities and donations for specific projects and are to be used<br />
for the purpose of aiding and funding these projects.<br />
8. Taxation payable<br />
<strong>2021</strong> 2020<br />
$ $<br />
Business levy 11,001 -<br />
Green fund levy (1,967) -<br />
9,034 -<br />
9. Deferred tax liability<br />
<strong>2021</strong> 2020<br />
$ $<br />
Balance brought forward 750,192 755,188<br />
Decrease for the year (19,918) (4,996)<br />
Balance carried forward 730,274 750,192<br />
a. The liability arising from accelerated tax depreciation.<br />
b. Deferred tax assets arising from accumulated tax losses have not been considered since in the opinion of<br />
Management, in the near term, future taxable profit will not be available against which unused tax losses can be<br />
utilised.<br />
42<br />
Financial Statements
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
10. Administrative expenses<br />
<strong>2021</strong> 2020<br />
$ $<br />
Bad debts - 123,981<br />
Electricity 90,041 94,009<br />
Equipment rental 29,870 38,695<br />
General expenses 74,239 212,955<br />
Insurance - 5,703<br />
Legal and professional fess 811,097 634,616<br />
Loss on disposal of plant and equipment - 105,170<br />
Meeting expenses 1,500 2,144<br />
Repairs and maintenance 103,395 187,476<br />
Software 124,444 125,045<br />
Stationery and printing 22,580 30,818<br />
Subscriptions 11,134 8,570<br />
Telephone, postage and internet 173,582 144,222<br />
Travel and entertainment 4,339 9,764<br />
1,446,221 1,723,168<br />
11. Property costs<br />
<strong>2021</strong> 2020<br />
$ $<br />
Building rental and maintenance 186,792 325,489<br />
Electricity 41,095 59,902<br />
Insurance 138,917 91,986<br />
Lease rent 13,711 13,712<br />
Rates and taxes 25,279 24,799<br />
Security 169,687 306,394<br />
575,481 822,282<br />
Financial Statements<br />
43
<strong>2021</strong> ANNUAL REPORT<br />
TRANSFORMING TOMORROW...!<br />
Notes to the Financial Statements<br />
For the year ended 31 December, <strong>2021</strong><br />
(Expressed in Trinidad and Tobago dollars)<br />
12. Staff costs<br />
<strong>2021</strong> 2020<br />
$ $<br />
Salaries, wages and allowances 2,346,708 2,869,464<br />
National insurance and medical plan 251,500 286,439<br />
Pension expenses 147,155 167,606<br />
2,745,363 3,323,509<br />
13. Income tax expense<br />
<strong>2021</strong> 2020<br />
$ $<br />
Business levy 37,386 22,202<br />
Green fund levy 18,693 19,211<br />
Deferred tax - (4,996)<br />
56,079 36,417<br />
Reconciliation:<br />
Operating profit / (loss) before taxation 1,149,857 (585,574)<br />
Exempt income (380,733) (2,798,635)<br />
Expenses not deductible for tax 288,185 3,158,233<br />
Adjusted profit / (loss) 1,057,309 (225,976)<br />
Losses brought forward (4,541,072) (4,315,096)<br />
Losses carried forward (3,483,763) (4,541,072)<br />
14. Financial instruments and financial risk<br />
management disclosures<br />
The Chamber is exposed to foreign exchange risk arising from<br />
the US Dollar financial instruments held. Foreign exchange<br />
risk arises when future commercial transactions or recognized<br />
assets or liabilities are denominated in a currency that is not<br />
the entity’s functional currency.<br />
The Chamber has no significant concentration of credit risk.<br />
At 31 December, <strong>2021</strong>, the carrying amounts of the following<br />
assets and liabilities approximate to their fair values: cash<br />
and short-term funds, accounts receivable and prepayments,<br />
and accounts payable and accruals.<br />
15. Capital commitments<br />
The Board of Management has advised that the Chamber<br />
has no capital commitments as at the reporting period ended<br />
31 December, <strong>2021</strong>.<br />
16. Approval of financial statements<br />
These financial statements were approved by the Board of<br />
Management and authorized for issue on 2 March, 2022.<br />
44<br />
Financial Statements
Thank you<br />
to our sponsors for <strong>2021</strong><br />
PLATINUM<br />
SPONSORS<br />
BRONZE<br />
SPONSORS<br />
MEDIA<br />
PARTNERS
Columbus Circle, Westmoorings, P.O. Box 499,<br />
Port of Spain, Trinidad, W.I.<br />
Tel: 1 868 637 6966 • Fax: 1 868 637 7425<br />
Email: chamber@chamber.org.tt<br />
ANSA McAl Building, Milford Road, Scarborough, Tobago, W.I.<br />
Tel: 1 868 639 2669 • Fax: 1 868 639 3014<br />
Email: tobagochamber@chamber.org.tt<br />
Website: www.chamber.org.tt