Page 62 - UTC Annual Report 2011

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Unit Trust Corporation
Annual Report 2011
For the year ended 31 December, 2011
Expressed in Trinidad & Tobago Dollars
Trinidad & Tobago Unit Trust Corporation
a2
Consolidated Statement of
Income
Notes
31-Dec-11
31-Dec-10
$ '000
$ '000
CONTINUING OPERATIONS
INCOME
Investment Income -
Growth & Income Fund
176,437
155,395
TT$ Income Fund
360,604
456,816
Universal Retirement Fund
8,292
9,522
US$ Income Fund
150,694
158,781
Net Investment Income - Group Operations
17
19,879
120,732
Initial Charge
7,191
5,530
Other Income
18
13,229
16,148
Total Income
736,326
922,924
EXPENSES
Commissions
(15,851)
(16,773)
Impairment
19
-
(180,329)
Administrative
20
(201,713)
(205,439)
Depreciation and amortisation
(20,535)
(19,017)
Provision for Sinking Fund Liability
9
(7,805)
-
Total Expenses
(245,904)
(421,558)
Net Income before Finance Charges
490,422
501,366
Finance Charges
22
(132)
(2,213)
Net Income after Finance Charges
490,290
499,153
Undistributed Income/(Loss) at beginning of year
1,423
(82,768)
Distributions
23
(354,770)
(330,954)
Transfer from Investment Funds to Reserves
(23,565)
(22,613)
Income Capitalized
(4,475)
(6,220)
Undistributed Income at end of year
(7,443)
(1,423)
Net Income before Taxation from Continuing Operations
101,460
55,175
Taxation
33
(5,802)
(3,606)
Net Income after taxation from Continuing Operations
95,658
51,569
DISCONTINUED OPERATIONS
Net Loss from Discontinued Operations
24
(24,825)
-
Net Income for the year
70,833
51,569
Net Income Attributable to:
Owners of the Parent
79,959
46,503
Non-controlling Interest
(9,126)
5,066
70,833
51,569