Trinidad and Tobago NGL : 01 Apr 2022 – Trinidad and Tobago NGL Limited – Audited Financial Statements for the year ended December 31st, 2021 (FULL)

Trinidad and Tobago NGL Limited

Financial statements

31 December 2021

Trinidad and Tobago NGL Limited
Contents	Page
Statement on management's responsibilities
1
Independent auditors' report	2-4
Statement of financial position	5
Statement of profit or loss and other comprehensive income	6
Statement of changes in equity	7
Statement of cash flows	8
Notes to the financial statements	9 - 34

Trinidad and Tobago NGL Limited

Statement of Management's Responsibilities

Management is responsible for the following:

• • Preparing and fairly presenting the accompanying financial statements of Trinidad and Tobago

  NGL Limited, ('the Company') which comprise the statement of financial position as at 31

  December 2021, the Statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information;

• • Ensuring that the Company keeps proper accounting records;

• • Selecting appropriate accounting policies and applying them in a consistent manner;

• • Implementing, monitoring and evaluating the system of internal control that assures security of the

  Company's assets, detection/prevention of fraud, and the achievement of the Company's operational efficiencies;

• • Ensuring that the system of Internal control operated effectively during the reporting period;

• • Producing reliable financial reporting that complies with laws and regulations; and

• • Using reasonable and prudent judgement in the determination of estimates.

In preparing these financial statements, management utilised the International Financial Reporting Standards, as issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting Standards presented alternative accounting treatments, management chose those considered most appropriate in the circumstances.

Nothing has come to the attention of management to indicate that the Company will not remain a going concern for the next twelve months from the reporting date; or up to the date; the accompanying non-consolidated financial statements have been authorised for issue, if later.

Management affirms that it has carried out its responsibilities as outlined above.

________________________________ Director

____________________________________ Chief Financial Officer

1

Deloitte & Touche 54 Ariapita Avenue Woodbrook, Port of Spain 170309

Trinidad and Tobago

Tel: [phone] Fax:[phone]www.deloitte.com/tt

Independent auditors' report

To the shareholders of Trinidad and Tobago NGL Limited

Opinion

We have audited the financial statements of Trinidad and Tobago NGL Limited (the 'Company'), which comprise the statement of financial position as at 31 December 2021, and the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing ('ISAs'). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ('IESBA Code'), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter	Summary of the key audit matter	Our audit response
Impairment assessment of investment in joint venture	The Company's investment in joint venture asset comprises approximately 96% of its total assets. The asset was recognised in the statement of financial position resulting from a series of transactions as disclosed in note 5 to the financial statements. Impairment was initially recognised on the investment in joint venture in 2014 and since then, as required by IFRS, management conducts annual impairment tests to assess the recoverability of its carrying value. This is performed using a discounted cash flow model. In the current year this resulted in a reversal of impairment loss of $302.067 million in the statement of profit or loss and other comprehensive income. As disclosed in notes 4 and 11, there are several key judgements and assumptions made in the assessment, including: • forecasted revenue (including projected sales volumes and selling prices) • forecasted expenditure	Our audit procedures included: • Reviewing the Company's process for performing the impairment assessment. • Testing the design and implementation of the key controls around the Company's impairment assessment. • Engaging our internal specialists to assist with: ‐ evaluating whether the model used by management complies with the requirements of IAS 36 Impairment of Assets. ‐ Critically challenging the key assumptions and judgements, including assessing the sensitivity of the impairment determination to reasonable changes in the key assumptions and judgements.

Continued…

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please seewww.deloitte.com/about or a more detailed description of DTTL and its member firms. Deloitte & Touche is an affiliate of DCB Holding Ltd., a member firm of Deloitte Touche Tohmatsu Limited.

2

Independent auditors' report (continued)

To the shareholders of Trinidad and Tobago NGL Limited

Key audit matter	Summary of the key audit matter	Our audit response
Impairment assessment of investment in joint venture (continued)	• the discount rate applied to the financial projections. Management engaged a specialist to assist with the determination of the discount rate used in the assessment. It also relies on the integrity of the data used in the model. The impairment assessment is a matter of key audit significance because of its materiality to the financial statements and its use of significant management assumptions and judgments	‐ Assessed the estimates for indication of possible fraudulent management bias. • Testing the completeness and accuracy of data input to the model. • Agreeing the output from the model to the adjustments made to the underlying accounting records and the year end reported balance. • Assessing the appropriateness and completeness of the disclosures in accordance with IFRS.

Information Other than the Financial Statements and Auditors' Report

Management is responsible for the other information. The other information obtained at the date of this auditors' report comprises the information included in the summary financial statements but does not include the financial statements and other auditors' report thereon. It also includes the information included in the annual report, which is expected to be made available to us after the date of this auditors' report.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information obtained prior to the date of this auditors' report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Continued… 3