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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010 (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated) (Continued) 15. Employee benefits asset (continued) b) Movement in the pension plan benefit asset in the statement of financial position: (continued) The plan’s financial funding position is assessed by means of triennial actuarial valuations carried out by an independent actuary. The last funding valuation was carried out as at 31 December 2009 and revealed that Readymix (West Indies) Limited’s section of the plan was in surplus to the extent of $1.4 million. The current rate of company contributions is 15.7% of salaries, which is at least sufficient to maintain the surplus. A roll forward valuation in accordance with IAS 19 ‘Employee Benefits’ using assumptions indicated above was done as at 31 December 2010 for the sole purpose of preparing these financial statements. 16. Deferred taxation 2010 2009 $ $ (a) Movement in deferred taxation (net) Balance as at 1 January 5,023 4,621 (Credit)/charge to income (46) 402 Balance at 31 December 4,977 5,023 (b) Components of deferred tax assets/(liabilities) Tax losses 785 677 Provisions 315 282 Deferred tax assets 1,100 959 Accelerated depreciation (4,903) (4,946) Finance leases (625) (644) Post retirement asset (549) (392) Deferred tax liabilities (6,077) (5,982) Net balance at 31 December 4,977 5,023 Tax losses available for set off against future taxable profit amounted to $5.2 million (2009:$4.5 million) but are yet to be agreed with the tax authorities. 17. Stated capital Authorised An unlimited number of ordinary shares of no par value Issued and fully paid 2010 2009 $ $ 12 million (2009: 12,000,000) ordinary shares of no par value 12,000 12,000 34 BUILD TO LAST FOR GENERATIONS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010 (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated) (Continued) 18. Related party disclosures Related party balances arose from transactions with fellow companies of the Trinidad Cement Limited Group. Management believes that these transactions were consummated on terms no less favourable than those that could have been obtained from other parties providing those goods and services. (a) Related party balances Amounts due from related parties (Note 10): 2010 2009 $ $ Trinidad Cement Limited 15,669 5,975 TCL Ponsa Manufacturing Limited 14 14 15,683 5,989 The amount due from the parent company, Trinidad Cement Limited, includes advances amounting to $14.8 million which bear interest at rates ranging from 7.5% to 9.75% per annum (2009: 6%). These advances carry a duration of 90 days. At the year end date one of the advances due on 8 November 2010 and was rolled over by the Group. Amounts due to related parties (Note 13): 2010 2009 $ $ Trinidad Cement Limited 4,083 12,570 TCL Trading Limited – 1,508 Caribbean Cement Company Limited 4 4 Arawak Cement Company Limited 1,340 1,363 5,427 15,445 (b) Related party transactions 2010 2009 $ $ Purchases of goods 32,794 46,767 Cash advanced to Trinidad Cement Limited 42,752 5,000 Management fees 1,938 1,763 Interest income 597 390 Compensation of key management personnel: Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. 2010 2009 $ $ Short-term employment benefits 4,460 4,187 Pension plan benefits 176 154 In 2010, the total directors’ fees were $0.298 million (2009: $0.286 million). 35 BUILD TO LAST FOR GENERATIONS
Page 2 and 3: One of the most famous sites in the
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Page 6 and 7: (L-R) 1 Mr. Richard Dash (Materials
Page 8 and 9: CHAIRMAN’S REVIEW - 2010 RML Grou
Page 10 and 11: DIRECTORS’ & SUBSTANTIAL INTEREST
Page 12 and 13: CONSOLIDATED STATEMENT OF FINANCIAL
Page 14 and 15: CONSOLIDATED STATEMENT OF COMPREHEN
Page 16 and 17: CONSOLIDATED STATEMENT OF CASH FLOW
Page 18 and 19: NOTES TO THE CONSOLIDATED FINANCIAL
Page 48 and 49: REPUBLIC OF TRINIDAD AND TOBAGO The
Page 50 and 51: Fold here Affix STAMP Here To Regis
Page 52: Build to last for Generations

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