Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A56
35) RELATED-PARTY TRANSACTIONS
Related parties are persons or entities that are related to the Corporation. A person is related to the Corporation
when that person or a close member of that person’s family either:
i. has significant influence over the Corporation or
ii. is a key member of the management of the Corporation.
An entity is related to the Corporation because the entity is a subsidiary of the Corporation, is an associate of the
Corporation, is in a joint venture with the Corporation or participates in a post employment benefit plan of either
the Corporation or one of its related entities.
Balances and transactions between the Corporation and its subsidiaries have been eliminated on consolidation
and are not disclosed in this note. Details of transactions between the Group and other related parties are
disclosed below.
a) Loans
2012
$’000
2011
$’000
Key management personnel
2,027
957
Loans to key management of the Group:
Balance at beginning of year
957
1,004
Loans advanced during year
1,626
531
Loan repayments received during year
(556)
(578)
Interest income during year
50
28
Interest received during year
(50)
(28)
Balance at end of year
2,027
957
b) Key management compensation:
Salaries and other short-term benefits
17,583
15,785
c) Consultancy fees to Directors
1,527
1,820
Unit Trust Corporation
Annual Report 2012
