Trinidad and Tobago NGL : 14 Aug 2023 – Trinidad and Tobago NGL Limited – Audited Financial Statements for the year ended December 31st, 2022 (Full)

Trinidad and Tobago NGL Limited

Financial statements

31 December 2022

(Expressed in thousands of Trinidad and Tobago dollars)

Trinidad and Tobago NGL Limited

Contents	Page
Statement of Management's Responsilities	1
Independent auditors' report	2-7
Statement of Financial Position	8
Statement of Profit or Loss and Other Comprehensive Income	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 - 41

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 2022, 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
28 July 2023	28 July 2023

(1)

Independent auditor's report

To the Shareholders of Trinidad and Tobago NGL Limited

Report on the audit of the financial statements

Our opinion

In our opinion, the financial statements present fairly, in all material respects, the financial position of Trinidad and Tobago NGL Limited (the Company) as at 31 December 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

What we have audited

The Company's financial statements comprise:

• the statement of financial position as at 31 December 2022;
• the statement of profit or loss and other comprehensive income for the year then ended;
• the statement of changes in equity for the year then ended;
• the statement of cash flows for the year then ended; and
• the notes to the financial statements, which include significant accounting policies and other explanatory information.

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 Auditor's responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA Code.

PricewaterhouseCoopers, PO Box 550, 11-13 Victoria Avenue, Port of Spain, 100902, Trinidad, West Indies T: [phone], F: [phone], www.pwc.com/tt

Our audit approach

Overview

Materiality

Audit

scope

Key audit

matters

• Overall materiality: TT$15,885,880, which represents 1% of investment in joint venture.
• In addition to determining materiality, we also assessed, amongst other factors, the following in designing our audit:
• • the risk of material misstatement in the financial statements
  • significant accounting estimates
  • the risk of management override of internal controls
• Impairment of investment in joint venture

Audit scope

As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where management made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.

We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Company, the accounting processes and controls, and the industry in which the Company operates.

Materiality

The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the financial statements as a whole.

Overall materiality

How we determined it

Rationale for the materiality benchmark applied

TT$15,885,880

1% of investment in joint venture

We chose investment in joint venture as the benchmark as this is the Company's most significant asset. The Company's principal activity is holding a 39% investment in the joint venture. This asset forms the basis for income generation for the Company and as a result, the users of the financial statements are focused on the carrying amount of this asset. We chose 1% which is within a range of acceptable benchmark thresholds.

We agreed with the Audit Committee that we would report to them misstatements identified during our audit above TT$415,450, as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.

(3)