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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