WIAOTT Financial Statement 2020

Women in Art Organisation of Trinidad and Tobago Financial Statements July 1, 2020

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO Page FINANCIAL STATEMENTS 2 FOR THE YEAR ENDED 1 July 2020 3 CONTENTS 4 5 Accountant ‘s Report 6 7 Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Equity Statement of Cash Flow Notes to the Financial Statements 1

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) ACCOUNTANT’S REPORT To WOMEN IN ART ORGANISATION OF TRINIDAD AND TOBAGO We have prepared the accompanying Statement of Financial Position of Women in Art Organisation of Trinidad and Tobago as at July 1st 2020, the Statement of Comprehensive Income and the Statement of Cash Flows for the year then ended from the accounting records of the business and from explanations and representations provided by the directors. In order to prepare the financial statements, we have undertaken a general review, consisting primarily of independent third-party confirmations, inquiry, comparison and discussion, of the business accounting records and other information supplied. In accordance with the terms of our engagement, we have not performed an audit and consequently do not express an opinion on the financial statements. Arima Accountant October 4, 2020 2

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Notes 2020 2019 TTD TTD Fixed Assets Fixtures, Fittings & Equipmen 2.7 3,193 437 Current Assets 3 (7,570) 7,927 Cash in Hand & Bank (4,377) 8,364 Total Assets (6,222) 1,212 1,313 - Liabilities & Equity 1,313 - Capital and Reverses 532 7,152 Reverses (4,377) 8,364 Current Liabilities Trade Payables and Accruals Total Current Liabilities Opening Equity Total Fund and Liabilities Director: The accompanying notes on pages 7 to 10 form an integral part of these financial statements. 3

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Notes 2020 2019 TTD TTD Revenue Membership 6,710 12,814 Submission Fee 3,250 7,340 Merchanting Sales 1,739 Workshops 14,279 Event-CSEC - 500 Sponsors - Total Revenue 15,702 1,300 27,401 16,890 53,123 Expeneses 5 (23,403) Direct expenses 5 (11,026) (41,399) Administrative expenses (10,544) Finance Charges (406) Total expenditure (34,835) (402) (52,345) General Fund (7,434) 778 Accumulated fund at beginning of year 1,212 Accumulated fund at end of year (6,222) 434 1,212 The accompanying notes on pages 7 to 10 form an integral part of these financial statements. 4

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Balance at June 30, 2019 Shares Total Trust Equi ty Movement during 2019: Operating Net Profit 8,364 8,364 Adjustments to Fund in Trust (7,434) (7,434) (5,306) (5,306) Balance at July 1, 2020 (4,377) (4,377) Balance at June 30, 2018 Shares Total Trust Equi ty Movement during 2019 Adjustments to Fund in Trust 7,594 7,594 - Balance at July 1, 2019 778 778 (10) (10) 8,364 8,364 The accompanying notes on pages 7 to 10 form an integral part of these financial statements. 5

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO STATEMENT OF CASH FLOW FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Cash Flows from Operating Activities 2020 2019 General Fund TTD TTD Depreciation (Decrease) / Increase in receivable (7,434) 778 (Decrease)/ Increase in account payables and accruals 200 49 Net cash inflow from operating activities - - - - (7,234) 827 - Investing Activities (3,000.00) Payments for fixed assets (5,263) - Working Capital (7) (15,497) Net increase in cash and cash equivalents 819 Movement in cash and cash equivalents 7,927 7,108 At beginning of the year: - - Cash at bank Cash on hand (7,570) 7,927 - - At end of the year Cash at bank 819 Cash on hand Net increase in cash and cash equivalents (15,497) The accompanying notes on pages 8 to 12 form an integral part of these financial statements 6

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) 1. Incorporation and principal activities The company was registered under the laws of the Republic of Trinidad and Tobago on 24th August 2012 The company’s registered office is at Opposite LP 52 Union Road Diego Martin. Its principal activity is creating opportunities for women artists to explore. 2. Significant accounting policies (a) Basis of preparation These financial statements are expressed in Trinidad and Tobago dollars and have been prepared under the historical cost convention in conformity with International Financial Reporting Standards for Small and Medium Sized Entities (IFRS for SMEs). (b) Use of estimates The preparation of financial statements, in conformity with International Financial Reporting Standards for SMEs, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. (c) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and bank balances and overdrafts that are readily convertible to known amounts of cash which are subject to insignificant risk of change in value. (d) Foreign currency Transactions in foreign currencies are translated into Trinidad and Tobago dollars at the exchange rates prevailing at the dates of the transactions. Current assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the balance sheet date. Profits and losses arising are dealt with in the statement of income. (e) Revenue Revenue is recognised on an accrual basis and is recognized when the significant risks and rewards of ownership of the goods has passed to the buyer. Revenue is measured at fair value of the consideration received, excluding any discounts, rebates and sales taxes. 7

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) 2. Significant accounting policies (continued) (f) Property, plant and equipment Property and equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Institute adds to the carrying amount of an item of property and equipment the cost of replacing parts of such item when that cost is incurred if the replacement part is expected to provide incremental future benefits to the Institute; the carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the statement of comprehensive income during the period in which they are incurred. Depreciation on other assets is charged so as to allocate the cost over their estimated lives as follows: Accounting software 25% Furniture fixtures and fittings 10% Office equipment 10% The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. An asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the statement of comprehensive income. (g) Inventory The inventory is valued by the Director and is stated at lower of cost or net realizable value. Inventory consists of Office Supplies and data forms. (h) Accounts payable Accounts payable are obligations on the basis of normal credit terms and do not bear interest. (i) Accounts receivable Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. All collections from sales are expected in one year or less and are classified as current assets. 8

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) 2. Significant accounting policies (continued) Accounts receivable are initially recognized at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for impairment of accounts receivable is established when there is objective evidence that the company will not be able to recover all amounts due according to the original terms of the receivables. (j) Taxation The company is subject to corporation tax based on the stipulated rate for the respective year of income, currently 25%, Business Levy at 0.6% of gross sales and Green Fund Levy at the rate of 0.3% of gross sales. 3. Cash and cash equivalents 2020 2019 $ $ 7,927 (4,570) Cash and cash equivalents consist of cash on hand and balances with banks. Cash and cash equivalents included in the statement of cash flows comprise the following statement of financial position amounts. Cash represents cash and cash equivalents are held in current account and is liquid. 9

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) 4. Fixed Assets Furniture Office and Equipment Fixture Total Cost - 437 437 At 30th June 2019 - 3,000 3,000 Additions - 3,437 3,437 At 1st July 2020 - 44 44 Depreciation - 200 200 At 30th June 2019 - 244 244 Additions At 1st July 2020 - 3,193 3,193 - 437 437 Net Book value At 1st July 2020 At 1st July 2019 5. Accounts receivable and prepayments 2020 2019 $ $ Accounts receivable -- This represent a client’s payment in advance for a service rendered in subsequent period. 6. Accounts payable and accruals 2020 2019 $ $ Trade payables 1,313 - This balance is current and due within 30 days. 10

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) 6. Events after the Report Date There are no significant events occurring after the reporting date affecting the financial performance, position or changes therein for the reporting period presented in these annual financial statements . 7. Contingent Liabilities There are no contingent liabilities as at the reporting date. 11

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Direct Expenses 2020 2019 Workshops 5,810 - Venue 1,100 14,870 Advertisement/Markeing Art Supplies 554 600 Art Exhibition 12,403 1,000 Art Décor 1,527 24,929 Tokens/Medals 1,559 Waiters/Bartenders Servers - 450 - - 23,403 41,399 12

WOMEN IN ART ORGANISATION OF TRINIDAD AND TOGAGO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1ST JULY 2020 (Expressed in Trinidad and Tobago dollars) Administrative Expenses 2020 2019 Accounting services 2,140 - Annual Returns - - AGM-Meeting 1,575 Legal Fees 2,500 420 Depreciation 120 49 Meals & Entertainment 244 - Donation 2,500 Office Expenses 4,222 - Petty Cash - - Web-Site - 6,000 1,800 - 11,026 10,544 13