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
A20
The movement in deferred tax assets and liabilities during the year was as follows:
Deferred Tax Liability
Accelerated Tax
Depreciation
$’000
Balance at 1 January 2011
5,253
Charged to the Consolidated Statement of Income 2011
664
Balance as at 31 December 2011
5,917
Charged to the Consolidated Statement of Income 2012
561
Balance as at 31 December 2012
6,478
Deferred Tax Asset
Tax Losses
$’000
Balance at 1 January 2011
(3,009)
Charged to the Consolidated Statement of Income 2011
241
Balance as at 31 December 2011
(2,768)
Charged to the Consolidated Statement of Income 2012
499
Balance as at 31 December 2012
(2,269)
10) SINKING FUND LIABILITY
The Corporation is contractually obligated to generate minimum returns on two (2) sinking funds that
it manages. The sum of $13.6 million represents the shortfall of the actual balances with respect to the
targeted balances as at 31 December, 2012 (2011 $7.8 million). The liability on one Sinking Fund ($5.7
million) crystallises in December 2013.
11) RETIREMENT BENEFITS
Prior to 1 January, 2001 the Unit Trust Corporation Pension Fund Plan (
the Plan
) had been a defined
benefit plan. The Plan received formal approval during 2002 for conversion to a defined contribution plan
with effect from 1 January, 2001 with pre 1 January, 2001 benefits guaranteed. Retirement benefits are
currently paid out of the Fund and are guaranteed for life. The defined benefits comprise a small portion
of Plan benefits.
(a) Changes in the present value of the defined benefit obligations are as follows:
2012
2011
$’000
$’000
Opening present value of defined benefit obligation
109,100
-
Current service costs
7,865
-
Plan participant contributions
3,595
-
Interest cost
8,693
-
Actuarial Losses
10,618
-
Benefit paid
(3,573)
-
Closing present value of defined benefit obligation
136,298
-
9) DEFERRED TAX
(continued)
Unit Trust Corporation
Annual Report 2012
