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
A28
24) ADMINISTRATIVE EXPENSES
Administrative expenses comprised:
2012
$’000
2011
$’000
Audit fees
763
732
Bank charges
2,062
2,005
Building maintenance
4,522
4,704
Directors’ fees
2,037
1,939
General administration
45,277
45,833
Insurance
2,410
2,278
Impairment loss - non-financial assets
5,085
-
Marketing and advertising
12,640
11,940
Professional services
30,359
19,415
Rental of premises
5,702
5,885
Security
12,732
12,423
Staff costs (Note 25)
98,882
94,559
TOTAL
222,471
201,713
25) STAFF COSTS
2012
$’000
2011
$’000
Salaries and benefits
87,882
81,610
Pension costs
7,536
9,619
National insurance
3,464
3,330
Total
98,882
94,559
Number of employees
495
516
26) FINANCE CHARGES
2012
$’000
2011
$’000
Long-term bonds (Note 7)
235
324
27) DISTRIBUTIONS
2012
$’000
2011
$’000
Growth and Income Fund
73,758
88,896
TT$ Income Fund
143,848
188,313
US$ Income Fund
41,253
77,561
Total
258,859
354,770
a) Growth and Income Fund
The Growth and Income Fund paid $73.8 million to its unit holders
in respect of its June 2012 and December 2012 distributions
(2011: $88.9 million). Included in the $73.8 million, referred to, are
distributions to Initial Capital Contributors of $0.3 million (2011:
$0.4 million).
b) TT$ Income Fund
Distributions in the TT$ Income Fund are made quarterly in
February, May, August and November. Income accrued as at 31
December, 2012 for distribution in the quarter ending February
2013 amounted to $12.6 million (2011: $12.8 million).
c) US$ Income Fund
Distributions in the US$ Income Fund are paid by calendar quarters.
Unit Trust Corporation
Annual Report 2012
