Trinidad and Tobago Association of Retired Persons

Trinidad and Tobago Association of Retired Persons

Financial Statements 31 December 2013

Brian Fletcher & Co

Chartered Accountants

Brian Fletcher & Co

Chartered Accountants

Independent Auditors' Report

To the members of Trinidad and Tobago Association of Retired Persons

Report on the financial statements

We have audited the accompanying financial statements of Trinidad and Tobago Association of Retired Persons, which comprise the statement of financial position as of 31 December 2013 and the statement of comprehensive income and accumulated fund and statement of cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.

Management's responsibility for the financial statements

Management is responsible for the preparation and the fair presentation of these financial statements in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), and for such internal control relevant as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of Trinidad and Tobago Association of Retired Persons as of 31 December 2013, and its financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

Maraval

TRINIDAD

16 September 2014

Trinidad and Tobago Association of Retired Persons Financial Statements for the year ended 31 December 2013

Contents

Page

Independent Auditors' Report

2

Statement of Financial Position

3

Statement of Comprehensive Income and Accumulated Fund

4

Statement of Cash Flows

5

Notes to the Financial Statements

6 - 12

1

Trinidad and Tobago Association of Retired Persons

Statement of Financial Position

As at 31 December 2013 (Expressed in Trinidad and Tobago dollars)

ASSETS

Notes

2013

2012

Non-current assets Property, plant and equipment

4

3,036,747 3,101,626

3,036,747 3,101,626

Current assets Sundry debtors and prepayments Fixed deposit Cash at bank and in hand

Total Assets

MEMBERS FUND AND LIABILITIES

5

205,023

256,809

6

15,000

15,000

7

1,562,266 1,109,698

1,782,289 1,381,507

$4,819,036 $4,483,133 ======= =======

Members fund

Accumulated fund

3,613,162 3,613,162

3,274,279 3,274,279

Non-current liabilities

Secured loan Grant deferred

8

645,960

754,238

9

74,456

99,275

720,416

853,513

Current liabilities Accounts payable Accrued expenses Current portion of secured loan Current portion of grant deferred Bank overdraft

78,434

21,568

190,052

35,517

8

108,274

101,318

9

24,819

33,092

83,879

163,846

485,458

355,341

Total Liabilities

1,205,874 1,208,854

Total Members Fund and Liabilities

$4,819,036 =======

$4,483,133 =======

The accompanying notes on pages 6 to 12 form an integral part of these financial statements.

On 16 September 2014 the Board of Directors authorised these financial statements for issue.

Director

Director

Trinidad and Tobago Association of Retired Persons

Statement of Comprehensive Income and Accumulated Fund

for the year ended 31 December 2013 (Expressed in Trinidad and Tobago dollars)

2013

2012

Revenue Membership and admission fees Administration fees Functions Interest on investments Grant

1,865,541 53,355

1,995,460 9,214

33,091 3,956,661

1,639,209 90,002

936,263 11,132 44,122

2,720,728

Expenses Administration fees Advertising and promotion Audit and accounting fees Bank charges Depreciation Functions and meetings General expenses Insurance Legal and professional fees Mortgage interest Postage Printing and stationery Rent Security Telephone Utilities

386,100 562,406

34,615 5,669

64,880 1,941,574

39,429 9,736 903

68,841 280,859 105,952

54,000 -

51,293 11,521 3,617,778

416,972 447,194

46,035 6,191

77,362 890,074

44,443 19,878 14,488 76,960 156,284 97,711 54,000

5,345 56,663 12,430 2,422,030

Surplus for the year

338,883

298,698

Accumulated fund at start of year

3,274,279

2,975,581

Accumulated fund at end of year

$3,613,162 =======

$3,274,279 =======

The accompanying notes on pages 6 to 12 form an integral part of these financial statements.

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